Major International Business Headlines Brief::: 16 December 2022

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Major International Business Headlines Brief::: 16 December 2022 

 


 

 


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

 


 

 


 

ü  Twitter bans some journalists who cover Elon Musk

ü  Former US President Donald Trump launches $99 NFT collection

ü  Skilled tech workers snapped up despite downturn

ü  Climate boss Carney's firm linked with deforestation

ü  UK interest rates raised to highest level for 14 years

ü  TikTok tests landscape videos in major shake-up

ü  Denmark's new government drops public holiday to boost defence budget

ü  US-China chip war: How the technology dispute is playing out

ü  Black Friday fails to boost retail sales

ü  Business units could replace old greyhound stadium

ü  Nigeria, Kenya Missing From $150m Frontier Market Inflow - Analyst

ü  South Africa: Eskom Load Shedding Reduced - South African News Briefs -
December 15, 2022

ü  The OCP Group dedicates 4 million tonnes of fertilizers to strengthen
food security in Africa

ü  South Africa: Leaked Report Shows How Lottery School Toilet Project Was
Hijacked

 


 

 


 <mailto:marketing at willdale.co.zw> 

Twitter bans some journalists who cover Elon Musk

Twitter accounts belonging to several prominent journalists covering the
company's owner, Elon Musk, have had their accounts abruptly suspended.

 

Reporters for The New York Times, CNN and Washington Post are among those
who found themselves locked out of their accounts on Thursday evening.

 

A Twitter spokeswoman told tech website The Verge that the ban was related
to the live sharing of location data.

 

It comes after Mr Musk vowed to sue the owner of a profile that tracks his
jet.

 

The list of banned journalists also includes The Intercept's Micha Lee,
Mashable's Matt Binder, and independent journalists Aaron Rupar, and Tony
Webster.

 

A spokesman for The New York Times called the suspensions "questionable and
unfortunate", and said neither the paper nor reporter Ryan Mac received any
explanation for the action.

 

CNN said the "impulsive and unjustified suspension of a number of
reporters...is concerning but not surprising". It has asked Twitter for an
explanation and will "reevaluate our relationship based on that response".

 

CNN's Donie O'Sullivan, whose account was among those suspended, said the
move was significant for "the potential chilling impact" it could have for
journalists, particularly those who cover Mr Musk's other companies.

 

Mr Musk did not comment directly on the suspensions, but said in a tweet
that "criticising me all day long is totally fine, but doxxing my real-time
location and endangering my family is not".

 

He added that accounts engaged in doxxing, which refers to the release of
private information about individuals online, receive a temporary seven-day
suspension.

 

Twitter's head of trust and safety, Ella Irwin, told The Verge that bans are
related to a new rule introduced on Wednesday that prohibits "live location
information, including information shared on Twitter directly or links to
3rd-party URL(s) of travel routes."

 

"Without commenting on any specific accounts, I can confirm that we will
suspend any accounts that violate our privacy policies and put other users
at risk," Mrs Irwin told the outlet.

 

"We don't make exceptions to this policy for journalists or any other
accounts."

 

On Wednesday, Twitter suspended the account @ElonJet, as well as other
accounts using publicly available information to track his private plane.

 

The owner of @ElonJet, Jack Sweeney, 20, also had his personal account
blocked. Mr Musk has since vowed to take legal action against him, as well
as "organizations who supported harm to my family".

 

Mr Musk said a "crazy stalker" had used live location sharing to find and
accost a vehicle carrying his children in Los Angeles.

 

Twitter also suspended the official account of Mastodon, which has emerged
as an alternative to Twitter since Musk bought it for $44bn in October.

 

It came after Mastodon used Twitter to promote Mr Sweeney's new account on
Thursday, according to The New York Times.-BBC

 

 

 

 

Former US President Donald Trump launches $99 NFT collection

Former US President Donald Trump has launched a collection of digital
trading cards depicting him in various guises including a superhero,
astronaut and Nascar driver.

 

Mr Trump said: "These limited edition cards feature amazing ART of my Life &
Career!"

 

Last month, the billionaire launched his third bid for the White House.

 

He triggered speculation this week after saying he would make a "major
announcement".

 

Some commentators had expected him to potentially name a running mate for
his presidential campaign.

 

Instead, Mr Trump posted a promotional video on his social-media platform,
Truth Social.

 

The clip featured an animated version of the former president in front of
the Trump Tower in New York, who rips open his shirt to reveal a superhero
costume emblazoned with the letter T as lasers shoot from his eyes.

 

Later on Truth Social Mr Trump said the non-fungible tokens (NFTs) were
"very much like a baseball card, but hopefully much more exciting".

 

He added that the cards, costing $99 (£81) each, "would make a great
Christmas gift".

 

Buyers will also be entered into a sweepstake, with the chance of winning
prizes including a gala dinner or a game of golf with Mr Trump.

 

NFTs have been touted as the digital answer to collectables, but critics
have warned about risks in the market.

 

The "one-of-a-kind" assets in the digital world can be bought and sold like
any other piece of property, but have no tangible form of their own.

 

They can be thought of as certificates of ownership for virtual or physical
assets.

 

Move mocked

The announcement has been criticised by social media users, with
high-profile Republicans also speaking out.

 

"I can't do this anymore," Steve Bannon, a right-wing media commentator and
former chief strategist for Mr Trump, said about the NFTs on his podcast.

 

Anyone involved in the project "ought to be fired today," he added.

 

In an apparent jibe at Mr Trump, US President Joe Biden said on Twitter that
he had "some MAJOR ANNOUNCEMENTS the last couple of weeks too".

 

He said this included easing inflation and signing a marriage protection
bill.

 

Others speculated that sale of NFTs was to help fund the legal battles that
Mr Trump is embroiled in.

 

The funds would not be put towards his presidential campaign, according to
the website for the NFTs.

 

"These Digital Trading Cards are not political and have nothing to do with
any political campaign," it said.

 

"NFT INT LLC is not owned, managed or controlled by Donald J. Trump, The
Trump Organization, CIC Digital LLC or any of their respective principals or
affiliates," it added.-BBC

 

 

 

Skilled tech workers snapped up despite downturn

Jaydeep Vacchani, a software developer in Toronto, began to hunt for a new
job just as the surge of layoffs in the technology sector spread across the
world.

 

Mr Vacchani found that his expertise in automation and cloud technology was
in demand, and in October he had five interviews on the go.

 

Using cloud technology involves shifting data storage and processing to a
third party like Amazon's AWS or Microsoft Azure. Meanwhile automation, in
this case, means building software that streamlines labour-intensive work,
like processing paperwork.

 

By November Mr Vacchani had found a "perfect fit" at sherpa°, a remote-only
tech firm offering customers a way to secure travel visa documentation
online.

 

"I like to work with a company that is focused on the user experience,
especially when it comes to a product I can relate to, since I also had a
challenging time trying to get the right visa paperwork when I moved to
Canada from India," says Mr Vacchani, who is now a developer at the
company's automation team.

 

He says this wave of heavy layoffs didn't phase him because of the demand
for his skills: coding in the Javascript language, and managing the
infrastructure for products and data housed in the cloud.

 

When Alex Gogan, VP of Engineering at sherpa°, seeks qualified candidates
for software developer roles, he looks for a "sweet spot of those who enjoy
creative and collaborative work, and are really good at it, too."

 

While the start-up first wanted to grow by hiring generalists in the tech
sector, Mr Gogan says today they are seeking specialists who can focus on
scaling the company and help others who may need mentoring.

 

It is a good time to be hiring workers with those kinds of skills.

 

More than 900 tech companies have laid off 143,500 employees in 2022 alone,
according to Layoffs.fyi which has been tracking layoffs in the tech sector
since 2020.

 

The major tech firms have been slimming their workforces since the height of
the pandemic.

 

Meta, which owns Facebook and Instagram, laid off more than 11,000
employees, and in November Amazon began letting go more than 10,000
staffers.

 

Some experts see these moves as a self-correction from the bloated
workforces created during the pandemic, when tech companies such as Amazon
and Shopify prospered during months when other businesses suffered.

 

"The money spigot is not flowing at the same rate as it used to be," says
Margaret O'Mara, author of The Code: Silicon Valley and the Remaking of
America.

 

"There's been a real softening of external capital resources, like VC
(venture capital) funds, that had been propping up companies in Silicon
Valley and beyond," she says.

 

The rise in tech worker layoffs is also indicative of two other trends in
this market, according to Lu Zhang, managing director of VC firm Fusion Fund
in California. "Companies now feel an urgency to reserve cash, and founders
see those high salaries they once offered as not being very cost-efficient."

 

As for the tech skills in high demand now, in Silicon Valley she sees demand
for engineers experienced in artificial intelligence (AI) tech and data
science.

 

Those areas are sought-after because companies are focusing on collecting
and processing data, to better organise their business and learn more about
their customers.

 

An OECD report echoes Ms Zhang: Job postings for digital roles in the US
increased by 24% between 2018 and 2021, led by a 116% increase in adverts
for data engineers.

 

Ms O'Mara sees another set of skillshiring tech companies find desirable:
compassion and empathy. "While there has been such a relentless focus on
engineering skills, companies want to ensure that there are voices in the
room that understand the sociology of the products they produce and the
impact they have on various geographies and political systems," she says.

 

She adds, "With the money engine slowing done, I'd like to see more large,
influential companies enter that stage of maturity."

 

Craig Freedberg, from UK-based specialist recruitment firm, Robert Half,
says businesses will still have a need for tech resources and software
development projects.

 

However, he thinks companies will be reluctant to expand their workforces
and will instead turn to temporary tech workers.

 

"We've seen similar scenarios in other economic downturns and are already
beginning to experience this shift in balance," he says.

 

What may also shift in the coming months is a ripple effect from the boom in
remote work caused by the pandemic.

 

According to a recent report from Deloitte, most Gen Z (75%) and millennials
(76%) would prefer to split home work with office work, or work full-time at
home.

 

Could this erode Silicon Valley's attraction for ambitious software
engineers and developers? After all, other cities like Lisbon and Toronto
are offering attractive tax breaks in the hope of attracting tech
entrepreneurs.

 

Author Margaret O'Mara does not see a big exodus. "Companies come here for
the talent, to recruit the best people, and that's still happening in
Silicon Valley," she notes.

 

But venture capitalist Lu Zhang views it another way. "The new normal will
be to rely on the core values within Silicon Valley to help founders get
started and create their initial products and learn about market fit, but
then to expand outside those borders to leverage talent outside Silicon
Valley and remotely hire from other tech hubs."-BBC

 

 

 

 

Climate boss Carney's firm linked with deforestation

UN Climate envoy and ex-Bank of England boss Mark Carney's firm sold farms
in Brazil linked to deforestation claims.

 

The move comes despite his call on owners to fix rather than sell
climate-damaging assets.

 

Canadian giant Brookfield deforested 9,000 hectares of the important Cerrado
savanna region, according to analysis by campaign group Global Witness.

 

Brookfield said it decided to sell several years ago and it's working on
ways to retire damaging investments.

 

Before the end of his term as Governor of the Bank of England, the Canadian
banker Mark Carney began to establish a new role as one of the world's
leading advocates for action to tackle climate change.

 

He was appointed UN Special Envoy on Climate Action and Finance in 2019, and
in 2021 he helped to launch the Glasgow Financial Alliance for Net Zero
(GFANZ), a vast coalition of more than 500 financial institutions working on
ways to decarbonise the economy.

 

He also has a lower-profile job. In 2020 he joined Brookfield, one of
Canada's largest businesses, with over $700bn (£5.8bn) of assets under
management.

 

These range from energy and infrastructure to real estate and even music -
it recently bought the rights to a number of Whitney Houston songs.

 

Mr Carney started as vice chair and environmental transition lead, and this
month he was made chair of the asset management arm of the firm.

 

Among Brookfield's collection of assets was 267,000 hectares in Brazil,
producing soybeans, sugar, corn and cattle - and the management and disposal
of that land is apparently at odds with the policies he advocates in his
role as climate leader.

 

A report by the campaign group Global Witness linked deforestation alerts
from Brazil's National Institute for Space Research to companies owned or
controlled by Brookfield.

 

It estimates that between 2012 and 2021 Brookfield's subsidiaries deforested
around 9,000 hectares on eight large farms in the Cerrado region of Brazil,
an vast area bordering the Amazon rainforest.

 

The World Wide Fund for Nature describes the Cerrado as "the world's most
biodiverse savanna," whose preservation is essential to keeping global
warming below 1.5%.

 

According to Global Witness, the deforested areas were converted to soybean
farms, which Brookfield sold in 2021.

 

The report estimates that 600,000 tonnes of CO2 was emitted by deforesting
these areas, the equivalent of 1.2 million flights from London to New York.

 

A spokesperson for Brookfield said: "Brookfield made limited investments in
Brazil's agriculture sector during the last decade. The decision to sell
these businesses was taken several years ago because the fund they were held
in was reaching the end of its life, and we therefore had an obligation to
return capital to investors."

 

Global Witness claims that this decision to sell clashes with public
statements subsequently made by Mr Carney as a global leader on climate
policy, which call upon companies not to sell off climate-damaging assets,
but to hold onto them and either clean them up or close them down.

 

'You have to have ownership of the problem'

On 24 October Mr Carney told the House of Commons Environmental Audit
Committee that "in many respects the easiest thing for an institution to do
if they have exposure in an emerging economy to coal or something like that

is to sell it, is to walk away. What we're looking to do
 is to have
responsibility for the institution to have a managed phase-out."

 

Carney reiterated this view at the COP27 environment conference in Egypt,
saying at a panel on Forest and Climate Leadership, "You have to have
ownership of the problem. Don't divest your way out of the problem."

 

Veronica Oakeshott, forests campaign lead at Global Witness, said: "We
believe that rather than simply selling off the farms that they deforested,
Brookfield should have reforested that land.

 

"In order to meet climate targets and limit global warming to no more than
1.5 degrees we absolutely have to halt deforestation. But we also have to
reverse it."

 

However, Brookfield's argument is that there was no way to restore the
vegetation without making a loss, because the financial mechanisms to
compensate them weren't in place - though they are part of the coalition at
GFANZ working to develop them for the future.

 

"The debate around phasing out carbon-intensive assets is very new and most
participants recognise that innovative forms of financing are required to
support the early retirement of such assets. Brookfield is working alongside
policymakers and financial institutions around the world to help develop
this thinking," the spokesman said.

 

Mr Carney's role at Brookfield involves raising a $15bn "transition fund" to
invest in decarbonisation projects such as renewable and nuclear energy and
battery storage. Brookfield says it no longer holds any investments in
mining, forestry or agriculture in Brazil.-BBC

 

 

 

UK interest rates raised to highest level for 14 years

The Bank of England has raised UK interest rates to their highest level for
14 years as it battles to stem soaring prices.

 

It increased them to 3.5% from 3%, marking the ninth time in a row it has
hiked interest rates.

 

The rise will mean higher mortgage payments for some homeowners and those
with loans at a time when many people are struggling with the cost of
living.

 

It should also benefit savers, if banks pass on the higher rate to
customers.

 

The Bank of England has been attempting to calm rising prices since the end
of last year.

 

Inflation - the rate at which prices rise - has been increasing at its
fastest rate for 40 years as the cost of food and energy soars.

 

Raising interest rates should, in theory, encourage people to borrow and
spend less and save more. This should help bring down the rate of inflation.

 

At 10.7%, the inflation rate remains more than five times higher than the
Bank's 2% target, but it eased slightly in November.

 

Bank of England Governor Andrew Bailey said it was the "first glimmer" that
soaring price rises were starting to come down but there was still "a long
way to go".

 

Announcing its latest rise, the Bank indicated it was likely to continue to
increase interest rates next year.

 

It means that homeowners with variable rate mortgages or first-time buyers
looking to get on the property ladder could face higher costs.

 

Following the most recent rate rise, people on a typical tracker mortgage
will pay about £49 more a month while homeowners with a standard variable
rate mortgage face a £31 jump.

 

'My mortgage has gone up by £120'

Clive Turner

Clive Turner, who works in customer services, is one of many borrowers hit
by rising rates as their fixed rate mortgage deal comes to an end.

 

He and his partner were paying a rate of 3.48% before their five-year deal
expired, amounting to payments of around £628 a month.

 

But the 48-year-old is now paying 5.76% on a new fixed-rate deal with
payments of £750 a month - a £120 increase. His gas and electricity bills
have also gone up, he said.

 

"I just wanted to fix it, take the hit, and hopefully at the end of the five
years we will get something better," he said.

 

Mr Bailey said: "I know that high interest rates have a real impact on
people's lives but by raising interest rates we can bring inflation down
sooner."

 

The Bank's rate-setting committee expects inflation to fall "quite sharply"
by the middle of next year. "Raising rates is the best way we have of making
sure that happens," he said.

 

The Bank of England has to balance increasing borrowing costs without
causing the economy to slow too much.

 

The UK is already believed to be in recession due to the impact of soaring
prices on businesses and consumers.

 

Rates chart

A recession is defined as when a country's economy shrinks for two
three-month periods - or quarters - in a row.

 

Typically, companies make less money, pay falls and unemployment rises. This
means the government receives less money in tax to use on public services
such as health and education.

 

However, the Bank said it believed the economy would perform better than
expected between October and December - shrinking by 0.1% in the final three
months of the year rather than 0.3% as previously thought.

 

It comes as millions of people are under pressure as the cost of living
rises and wages fail to keep up.

 

Regular pay grew by 6.1% in the three months to October, according to the
latest official figures. But taking inflation into account, wages actually
fell by 2.7%.

 

'Tough times'

Chancellor Jeremy Hunt said high inflation was a global problem and
indicated raising public sector pay could make the situation worse. Anger
over how it has lagged behind soaring prices has led to widespread strikes.

 

"I know this is tough for people right now, but it is vital that we stick to
our plan, working in lockstep with the Bank of England as they take action
to return inflation to target," he said.

 

"The sooner we grip inflation the better. Any action which risks permanently
embedding high prices into our economy will only prolong the pain for
everyone, stunting any prospect of economic recovery."

 

But Labour's shadow chancellor Rachel Reeves said today's rate hike was
further evidence the government had lost control of the economy.

 

She accused the Conservatives of "harming growth, and leaving millions of
working people paying a Tory mortgage penalty for years to come".

 

Defending its latest rate hike, the Bank said it had seen evidence of firms
raising wages to recruit workers and warned if this continued it would
require it to raise interest rates faster and further.

 

In total six of the nine Monetary Policy Committee members who decide on
interest rates voted in favour of the rise to 3.5%.

 

However, two others said it was now time to halt rate rises entirely, while
one argued for an even sharper increase.

 

Other countries have also been putting up interest rates to tackle soaring
inflation.

 

On Wednesday, the US central bank increased the target range for its
benchmark rate by 0.75 percentage points to 4.25%-4.5% - the highest it has
been in 15 years.

 

And on Thursday, the European Central Bank put up rates for countries that
use the euro by half a percentage point to 2.5%.

 

While rates are set to go higher, there is a sense from the Bank of
England's deliberations that the medicine is starting to work, so they have
lowered the dosage.

 

The Bank has followed its US counterpart in raising rates by half a
percentage point, but did not choose its path of four consecutive 0.75%
rises before that. Britain had a brief one-off experience of such jumbo rate
hikes last month.

 

What does that tell us? That the final resting level of interest rates in
the UK will be closer to 4%. It will likely be reached in the middle of next
year, and stay there for some time.

 

However, the stark impact of higher rates is already being felt. The Bank
noted some sharp monthly falls in house prices, and that fixed mortgage
rates - while down from their mini-budget crisis highs - remained
elevated.-BBC

 

 

 

 

TikTok tests landscape videos in major shake-up

Video-sharing platform TikTok has started testing a new landscape mode with
select users around the world.

 

Some experts say the feature will help it directly compete with rival video
platforms like YouTube.

 

Viral videos filmed in portrait mode have helped make TikTok the world's
fastest-growing social media app.

 

However, there have been calls in countries such as the US and Australia to
ban it over allegations of national security threats.

 

'Younger demographic'

This year TikTok said it would host videos that were up to 10 minutes long.

 

The Chinese-owned platform previously only allowed videos that were three
minutes in length or shorter.

 

Paul Triolo, a technology expert at the Albright Stonebridge Group
consultancy, told the BBC: "TikTok has been moving into YouTube territory
for some time now, with the longer version 10-minute videos, and
consistently outranks YouTube among a younger demographic.

 

"The goal here seems to be to appeal to a more mature audience of the type
that uses YouTube for informational and learning videos, where a full-screen
mode would be more desirable."

 

TikTok v YouTube

Carolina Milanesi, founder of The Heart of Tech consultancy, said the new
feature will make TikTok more appealing to content creators.

 

"Shorts have become a big part of YouTube's recent engagement, and TikTok
must be worried about creators turning to YouTube for at least part of their
content," she told the BBC.

 

Meanwhile, Jonathon Hutchinson, a senior lecturer at the University of
Sydney, believes both YouTube and TikTok will continue to thrive.

 

"YouTube has significantly higher production values and takes users longer
to align with those production aesthetics," he said.

 

"TikTok will remain the go-to out-of-pocket film production platform for
shorter and arguably more engaging content production."

 

TikTok is the most popular app among young people globally, and has been
downloaded almost four billion times.

 

The app has come under intense scrutiny in several countries.

 

This week US lawmakers proposed a ban on TikTok as they cited concerns about
national security.

 

The bill is the latest move in the US against the platform, which is owned
by Chinese technology giant ByteDance.

 

Calls to ban TikTok have also surfaced in countries such as Australia, while
Taiwan recently moved to ban it from public devices. India blocked it in
2020 amid a military dispute.

 

-BBC

 

 

 

 

Denmark's new government drops public holiday to boost defence budget

Denmark's new coalition government is set to scrap a bank holiday to boost
defence spending.

 

It is one of the first measures agreed by the unusual coalition between
centre-left and centre-right parties - the first since the 1970s.

 

The centre-left Social Democrat party, the centre-right Liberal Party and
the centrist Moderate party are all part of the new government.

 

Incumbent Social Democrat PM Mette Frederiksen will carry on in the job.

 

In October, Ms Frederiksen called a snap election following outrage after a
highly critical report of her government's handling of a country-wide mink
cull at fur farms at the height of the pandemic was released over the
summer.

 

After last month's vote, Ms Frederiksen handed in her government's
resignation to Queen Margrethe despite her party winning the most votes, as
she said she wanted to form a broader coalition.

 

An agreement with her historical rivals was found when the Liberals and the
Moderates agreed to drop calls for an independent legal inquiry into the
mink cull.

 

The result was the Social Democrat-Liberal-Moderate coalition unveiled on
Thursday, as the handover of power from the previous government took place.

 

Former prime minister and Moderates leader Lars Lokke Rasmussen has been
appointed foreign minister and Liberal leader Jakob Ellemann-Jensen becomes
deputy prime minister and defence minister.

 

One of the coalition's priorities is to reach Nato's target of 2% of GDP for
defence spending three years ahead of schedule. The issue of defence has
been at the forefront of Danish political debate since Russia's invasion of
Ukraine earlier this year.

 

To this end, Ms Frederiksen has announced the government will scrap one of
Denmark's 11 public holidays, in the hope of boosting productivity and
economic activity.

 

The axe is likely to fall on Store Bededag (the "Great Prayer Day"), which
falls every year on the Friday before the fourth Sunday after Easter and was
introduced as a public holiday in 1686.

 

The measure has sparked some criticism, starting with Denmark's religious
community.

 

The president of the clergy association, Pernille Vigso Bagge, told Danish
newspaper Berlingske that she was "saddened" by the prospect of losing the
day, and said that scrapping it left both priests and people waiting to be
confirmed "in a logistical nightmare" as the Store Bededag is traditionally
a big confirmation day.

 

The Dean of Roskilde Cathedral, Sophie Olander, told TV2: "We need holidays,
as gathering times to get down to speed and have time for prayer and
reflection. It is a shame to have a society where you think it is not
important."

 

Business owners are concerned too: baker Iver Hansen told outlet TV SYD the
day was a large source of income for his business, and he stood to lose
around 20,000-30,000 Danish kroner (£2,300-£3,460) in revenue if the holiday
was scrapped.

 

Asked about the decision to scrap the holiday, Ms Frederiksen said: "There
is war in Europe, and we need to strengthen our defences... And that will
require everyone to contribute a little more."-BBC

 

 

 

 

US-China chip war: How the technology dispute is playing out

The US is rapidly ramping up efforts to try to hobble China's progress in
the semiconductor industry - vital for everything from smartphones to
weapons of war.

 

In October, Washington announced some of the broadest export controls yet -
requiring licences for companies exporting chips to China using US tools or
software, no matter where they're made in the world.

 

Washington's measures also prevent US citizens and green card holders from
working for certain Chinese chip companies. Green card holders are US
permanent residents who have the right to work in the country.

 

It is cutting off a key pipeline of American talent to China which will
affect the development of high-end semiconductors.

 

Why is the US doing this?

Advanced chips are used to power supercomputers, artificial intelligence and
military hardware.

 

The US says China's use of the technology poses a threat to its own national
security.

 

Alan Estevez, undersecretary at the US Commerce Department announced the
rules, saying his intention was to ensure the US was doing everything it
could to prevent "sensitive technologies with military applications" from
being acquired by China.

 

"The threat environment is always changing and we are updating our policies
today to make sure we're addressing the challenges," he said.

 

Meanwhile, China has called the controls "technology terrorism".

 

Countries in Asia that produce chips - such as Taiwan, Singapore and South
Korea - have raised concerns about how this bitter battle is affecting the
global supply chain.

 

And there were three significant developments in the chip conflict over the
past week.

 

More Chinese firms on 'entity list'

The Biden administration has added 36 more Chinese companies, including
major chipmaker YMTC to Washington's "entity list".

 

It means American companies will need government permission to sell certain
technologies to them, and that permission is difficult to secure.

 

The US restrictions have broad implications. Last week, UK-based computer
chip designer Arm confirmed that it was not selling its most advanced
designs to Chinese firms including tech giant Alibaba because of US and UK
controls.

 

Arm said it was "committed to adhering to all applicable export laws and
regulations in the jurisdictions in which it operates."

 

China complains to WTO

China has filed a complaint against the US with the World Trade Organization
(WTO) over its export controls on semiconductors and other related
technology.

 

This is the first WTO case Beijing has brought against the US since
President Joe Biden took office in January 2021.

 

In its WTO filing, China alleged that the US is abusing export controls to
maintain "its leadership in science, technology, engineering and
manufacturing sectors".

 

It added that US actions threatened "the stability of the global industrial
supply chains".

 

The US said in response that the trade body was "not the appropriate forum"
to settle concerns related to national security.

 

US Assistant Secretary of Commerce for Export Administration Thea Kendler
said "US national security interests require that we act decisively to deny
access to advanced technologies."

 

WTO says Trump's steel tariffs broke trade rules

Why is there a chip shortage?

The complaint specifies that the US has imposed restrictions on the export
of approximately 2,800 Chinese goods, but only 1,800 of these were allowed
under international trade rules.

 

The United States has 60 days to try to resolve the matter. If not, China
will be allowed to request for a panel to review its case.

 

Earlier this month, the WTO ruled that US tariffs on steel and aluminium
that were imposed by the US under former President Donald Trump violated
global trade rules.

 

Two-thirds of all the goods China sells to the US are subject to tariffs.

 

The US said it "strongly rejects" the ruling and has no intention of
removing the measures.

 

Talks with Japan and the Netherlands

Japan and the Netherlands could possibly impose export controls on China -
limiting the ability of Japanese and Dutch companies to sell advanced
products to the Chinese market.

 

On Monday, White House national security advisor Jake Sullivan said the US
had discussions with the two major suppliers of chip making equipment around
adopting similar US controls on Beijing.

 

"I'm not going to get ahead of any announcements," Mr Sullivan told
reporters. "I will just say that we are very pleased with the candour, the
substance and the intensity of the discussions."

 

The US controls do not only target chipmakers. They also affect
manufacturers of chip making equipment.

 

Big companies in Japan or the Netherlands could lose out on a large and
lucrative buyer of their high end machines.

 

Peter Wennink, the chief executive of Dutch chip equipment maker ASML
Holding NV, questioned if the Netherlands should restrict exports to China.

 

Mr Wennink said that the Dutch government, in response to US pressure, had
already stopped ASML from selling its most advanced lithography machines to
China since 2019.

 

"Maybe [the US thinks] we should come across the table, but ASML has already
sacrificed," he told Dutch media.

 

What lies ahead

Chipmakers are also under pressure to make more advanced chips to support
new products.

 

For instance, Apple's new laptop will contain chips from industry leader
Taiwan Semiconductor Manufacturing Company measuring 3 nanometres. To put
that into perspective - a human hair measures roughly 50,000 to 100,000
nanometres.

 

Analysts say US controls could put China further behind other chip producing
countries, even though Beijing has openly said it wants to prioritise the
manufacture of semiconductors and become a superpower in the sector.

 

The US has already significantly isolated China's chip industry, even though
the latest measures are not as sweeping as those announced in October.-BBC

 

 

 

Black Friday fails to boost retail sales

Retail sales fell last month after Black Friday failed to give its expected
boost to online trade, official figures indicate.

 

Sales volumes dropped 0.4% in November, much weaker than expected, as
shoppers remained under pressure from the rising cost of living.

 

However, there were signs people had started buying Christmas food early.

 

Sales at food stores rose 0.9% last month, the Office for National
Statistics (ONS) said.

 

ONS director of economic statistics Darren Morgan said: "Retail sales fell
overall in November, driven by a notable drop for online retailers, with
Black Friday offers failing to provide their usual lift in this sector.

 

But he pointed out that department stores had reported better sales, with
bosses saying a longer Black Friday sales period had drawn in more
customers.

 

"Food and alcohol sales were also up, with consumers stocking up early to
try to spread the cost of Christmas festivities," he added.

 

Sales at clothing stores rose by 2.1% last month mainly due to a better
performance from shoe stores.

 

The figures suggest shoppers are "focusing on essentials like food and
footwear", said Kevin Bright, an analyst at McKinsey & Co.

 

The UK is predicted to face its biggest drop in living standards on record
as wages struggle to keep up with rising prices, which has seen many
households cutting back.

 

Figures out this week showed prices went up by 10.7% in the year to
November, indicating the cost of living is still rising at its fastest pace
for about 40 years.

 

Although online trading saw a boost during pandemic lockdowns, retail sales
volumes are still below pre-Covid levels, according to the ONS.

 

Speaking to the BBC's Today programme, the boss of the Waterstones bookshop
chain, James Daunt, said most retailers are still "probably expecting 2023
to be a time to baton down and concentrate on the basics because it is going
to be tough".

 

Shoppers have less money to spend because they are dealing with higher
energy bills and higher interest rates, he added.

 

"If you're a retailer that means you're going to be selling less," Mr Daunt
said.

 

"In our case, books do very well and continue to be resilient but we also
rely on our neighbours being full of people and the general health of retail
footfall. When everything is going down, everyone suffers a bit."

 

Non-store sales - which mainly covers online retailers - fell by 2.8% last
month, the ONS said. This figure has been declining for some time since
Covid restrictions were lifted and people could return to shops, although
online sales overall remain well above pre-pandemic levels.

 

But the chairman of toy retailer The Entertainer, Gary Grant, told the BBC
that worries over postal strikes and the weather had led to "a swing from
the web sales to our shops".

 

"If I was buying anything for my grandchildren this Christmas, I think I'd
be strolling down the High Street and walking out of the shop with it under
my arm knowing there's no worry about the carton arriving," he said.

 

Earlier this week, one retail group advised people to use stores rather than
rely on online shopping if they want to get Christmas gifts on time.-BBC

 

 

 

Business units could replace old greyhound stadium

A former greyhound stadium that operated for about 89 years could be
demolished to make way for a number of business premises.

 

Fengate Holdings Ltd, which owns Peterborough Greyhound Stadium, has
submitted plans to Peterborough City Council, external for nine units to be
built on the site, which shut in May 2020.

 

The application said it would "create new job opportunities and support and
strengthen the role of the Fengate area as an employment hub within the city
of Peterborough".

 

It is expected the application could take more than 20 weeks to be
considered.

 

The site was formally owned by the Perkins family, who took it over in 1945

 

The Fengate site had hosted racing since 1931.

 

The planning application includes nine commercial units with car parking and
would see all existing buildings knocked down, as first reported by the
Peterborough Telegraph, external.

 

The site is currently being used informally by a number of businesses
largely operating within the vehicle industry, it added.-BBC

 

 

 

Nigeria, Kenya Missing From $150m Frontier Market Inflow - Analyst

An analyst at EFG Hermes Research has disclosed that Nigeria and Kenya are
missing from the $150million frontier markets inflow in the last three weeks
over the scarcity of foreign exchange.

 

Speaking recently at the company's virtual media roundtable event, the MD,
Head of Strategy at EFG Hermes Research, Mr. Simon Kitchen disclosed that
foreign investors are finding it hard to get their foreign exchange out of
both frontier markets.

 

He noted that stocks in both African countries are the cheapest since the
global financial crisis that happened in 2017/2018, stressing that their
valuations are too good to ignore.

 

 

According to him, "In Nigeria, foreign exchange is a long-standing problem.
Foreign Exchange has been scarce since 2020 and foreigners are just
impossible to take money out of the Nigerian economy if they sell stocks. In
Kenya, it has become a problem.

 

"Nigeria and Kenya together make up more than 10per cent of that frontier
market index and that means that the $150 million that came in the past
three weeks, $15 million should have gone into Nigeria and Kenya markets.

 

"What it means is foreigners just aren't putting that money in and so I
think, from a foreign investor point of view, it is absolutely critical that
authorities in these two countries fix the FX situation."

 

He expressed optimism about Nigeria's foreign exchange market in 2023 amid
the change in political leadership with the forthcoming general elections.

 

He stated that, "The change in leadership could create an opportunity for
the new government to draw a line under the years of orthodox policies and
take the right decision in fixing the foreign exchange crisis and fix
finances on a sustainable growth."

 

 

He noted that once foreign exchange challenges are tackled, Nigeria would
witness an inflow of foreign funds.

 

On how to drive stock market growth, he urged pension funds in Nigeria and
Kenya to invest more money in stocks, calling on regulators to change
incentives.

 

Speaking also, the Director, Sub-Saharan, EFG Hermes, Ronak Gadhia
highlighted that pre/post-election friendly business environment in Nigeria
could drive banks' Return on Equity (ROE) and credit growth.

 

"The Nigerian Banks around the back end of 2019 have witnessed earnings and
ROE come under significant pressure. That's because of the unorthodox policy
of the Central Bank of Nigeria (CBN) and also the macroeconomic challenges
in Nigeria.

 

"We have seen some recovery this year but if we do see a more
business-friendly environment come through next year, which then translates
to a more friendly CBN, then, in turn, we should continue to see asset yield
increase further which will have a positive effect on banks' margins.

 

"Banks could benefit next year if the CBN eventually devalues the local
currency. We have found out that most banks have a long position on the
dollar. If the naira wants to devalue, we should see significant revolution
gains for the likes of Guaranty trust and Zenith bank.

 

"Of course, we see a friendly environment, we should start to see credit
growth. It might not happen immediately, because obviously, banks will be
very conservative given the economic shock that Nigeria's economy will face
because of these reforms. Over a period of 12-18 months, we should start to
see credit growth and drivers for banks' earnings and profitability."

 

-This Day.

 

 

 

South Africa: Eskom Load Shedding Reduced - South African News Briefs -
December 15, 2022

Cape Town — Eskom Load Shedding Reduced, CEO De Ruyter Resigns

 

Eskom has downgraded power cuts to Stage 4 until Sunday morning. It's hoped
it will then be downgraded even further to Stage 3. The utility said that
generating units at Grootvlei, Camden, Kriel, and Majuba have been returned
to service. The system remains constrained because the utility is still
working on five units at various power stations, EyeWitness News reports.
Meanwhile, Eskom CEO Andre de Ruyter resigned yesterday but has agreed to
stay on beyond the 30-day notice period to ensure continuity.

 

Western Cape Crops Suffer Damage After Heavy Rainfall

 

This week's heavy rainfall has been welcomed by some Western Cape farmers
but others have been hit hard by the inclement weather, eNCA reports. Agri
Western Cape CEO Jannie Strydom said between 20 and 110 millimetres were
reported across the province on December 13.

 

Is It Time for Gwede Mantashe to Go?

 

 

Gwede Mantashe remaining at the helm of the African National Congress (ANC)
as national chairperson is in doubt as activists and party members are
calling for his head. At 67 years of age, Mantashe says he is not yet ready
to leave politics despite some in the ANC are calling for a changing of the
guard. Mantashe is also the minerals and energy minister. He is one of three
leaders who have made the ballot ahead of the ANC's 55th national
conference, but is trailing behind Limpopo's Stan Mathabatha, EyeWitness
News reports.

 

Minister Dlamini-Zuma Faces Disciplinary Action Over Phala Phala Vote

 

The ANC has issued a letter to co-operative governance and traditional
affairs minister Nkosazana Dlamini-Zuma indicating she faces disciplinary
action over her defiance by not rejecting the section 89 report, which
probed the multi-million rand robbery at President Cyril Ramaphosa's Phala
Phala farm in Limpopo in 2020, TimesLive reports. Dlamini-Zuma was the first
ANC MP to act counter to the party's instruction that its 230 lawmakers
reject the report. The party's letter read: "According to the report, you
voted ... contrary to the position of the (national executive committee) and
the ANC caucus for the adoption of the report ... Furthermore, [the party's
constitution] provides that any member, office bearer or public
representative who fails, refuses and/or neglects to abide by the provisions
of the constitution of the ANC, its standing orders, rules, regulations,
resolutions and policies adopted or made in terms of the constitution shall
be liable to be disciplined in terms of this constitution.”

 

Lesotho Parliament to Discusses Motion of Reclaiming Parts of South Africa

 

According to News24, the Parliament of the Kingdom of Lesotho's National
Assembly will deliberate over a motion to reclaim parts of South Africa. The
"reclamation of Lesotho territory" will be discussed after the Christmas
holidays with territories targeted to be annexed being the whole of the Free
State, parts of the Northern Cape, parts of the Eastern Cape, parts of
Mpumalanga and parts of KwaZulu-Natal.

 

 

 

 

The OCP Group dedicates 4 million tonnes of fertilizers to strengthen food
security in Africa

Working with a broad range of international partners, OCP is addressing both
the immediate and longer-term drivers of food insecurity on the continent.

 

Yesterday, OCP Group Chairman & CEO, Mostafa Terrab announced at the World
Bank Annual Meetings that the OCP Group, a global leader in plant nutrition
and the world’s largest producer of phosphate-based fertilizers, has
committed to reserve over 4 million tonnes of fertilizers for African
farmers in 2023. This is more than double OCP’s supply to the continent in
2021 and represents over a quarter of OCP’s expected total output.

 

In line with OCP’s farmer-centric approach, this fertilizer supply program
will include training and capacity building alongside local partners. This
allocation ensures that the right fertilizers will be available to the whole
continent, helping to boost yields for 44 million farmers across 35
countries, including Morocco, where the company is based.

 

OCP has heavily invested in the development of eco-responsible fertilizer
production capacity, reaching 15 MT of finished product by 2023, from a base
of 3MT in 2008. This permits us to respond to Africa’s urgent needs while
also supporting farmers around the world.

 

The OCP Group promotes a holistic approach that brings together partners
throughout the value chain to provide the support that farmers need to be
successful and to ensure that the continent’s vast farming potential is
unlocked for the benefit of Africa and the world.

 

This current effort builds upon our long-term engagement by OCP in Africa.
Our subsidiary OCP Africa has developed a comprehensive farmer-centric
approach, which has already reached more than 2 million farmers with
fertilizer customization, soil mapping, training, field trials and market
linkages.

 

Mostafa Terrab, Chairman & CEO, OCP Group, said: “The current geopolitical
situation reveals deeper systemic fragilities in global agricultural
systems. We have to address the challenges facing African farmers, from
infrastructure to knowledge to market access to financing. We are glad to be
able to do our part and we are thankful for the excellent dialogue and
collaboration with the World Bank, IFC, USAID, as well as other multilateral
and development agencies involved in this effort, given their demonstrated
leadership and long-term commitment to African development”

 

 

OCP Group

Standard, fortified and soluble fertilizers - We use rock phosphate and
phosphoric acid as a base for plant nutrition products used by farmers
across the globe.

About OCP Group

 

OCP plays an important role in feeding a growing global population by
providing essential elements for soil fertility and plant growth. With a
century of experience and revenues reaching US$ 9.4 billion in 2021, OCP is
a leader in plant nutrition and the world’s largest producer of
phosphate-based fertilizers. .

 

Headquartered in Morocco and present on five continents, OCP works in close
partnership with more than 350 customers across the world. Closer to home,
OCP is committed to accelerating Africa’s environmental and social
development and implement sustainable and prosperous agriculture through
continuous innovation. The Group is firmly convinced that leadership and
profitability are necessarily synonymous with social responsibility and
sustainable development. Its strategic vision is rooted in the meeting of
these two dimensions.

 

Learn more: www.ocpgroup.ma

 

About OCP Africa

 

Created in 2016, OCP Africa, a subsidiary of the OCP Group, aims to
contribute to the development of integrated agricultural ecosystems in
Africa.

 

OCP Africa works hand in hand with farmers to help grow the agricultural
potential of the African continent through solutions adapted to local
conditions and to the needs of soils and crops. In partnership with a
network of partners, including governments, non-profit organizations, and
companies, OCP Africa works continuously to put all the necessary conditions
for the benefit of farmers.

 

OCP Africa has local offices in many African countries (Côte d’Ivoire,
Senegal, Cameroon, Kenya, Ghana, Nigeria, Zambia, Benin, Tanzania, Ethiopia,
Burkina Faso, and Rwanda) and is present on the ground in many others. It is
also helping to secure the production of competitive fertilizers near major
agricultural regions, to strengthen its logistical capacities and to develop
new local distribution networks.

Learn more: www.ocpafrica.com

 

Media Contact:

 

OCP Group

International Media Relations

E-mail: international.media at ocpgroup.ma

 

 

 

 

South Africa: Leaked Report Shows How Lottery School Toilet Project Was
Hijacked

Forensic probe reveals details of National Lotteries Commission fiasco in
Eastern Cape and Limpopo

 

A 2020 report by auditors SekelaXabiso (SkX) has revealed how millions of
rands intended for school toilets were hijacked.

The report, commissioned by the National Lotteries Commission, shows that
two non-profit companies controlled by lawyer Lesley Ramulifho each received
R10-million in grants to build new toilets.

One company was to construct ten new toilet blocks in Limpopo and the other
was to construct new toilets at 15 schools in the Eastern Cape.

SkX's report found that toilets were built at only seven Limpopo schools and
only four Eastern Cape schools, and that the workmanship and materials used
were of poor quality.

 

A leaked forensic report has revealed details of the way millions of rands
intended to build toilets at rural Eastern Cape and Limpopo schools were
hijacked by Lottopreneurs.

 

GroundUp and the Limpopo Mirror first exposed the dodgy dealings in the
R30-million toilet project in 2019. This spurred the National Lotteries
Commission (NLC) to appoint audit firm SekelaXabiso (SkX) to investigate.

 

The report by SkX is one of several commissioned by the NLC in 2020
following allegations of malfeasance. SkX handed the report to the NLC in
2020, but the new NLC board, the Department of Trade, Industry and
Competition, and the Special Investigations Unit (SIU) only received the
report this year. The NLC lied to Parliament in 2021 about supposed delays
in finishing the report.

 

 

The report confirms that two non-profit companies controlled by lawyer
Lesley Ramulifho - Zibsifusion and Dinosys - each received R10-million in
grants to build new toilets. Ramulifho has been involved in several dodgy
lottery deals and has received more than R60-million in lottery grants.

 

One company, Zibsifusion, was to construct ten new toilet blocks in Limpopo
and the other, Dinosys, was to construct new toilets at 15 schools in the
Eastern Cape. SkX's report found that toilets were built at only seven
Limpopo schools and only four Eastern Cape schools, and that the workmanship
and materials used were of poor quality.

 

Two other companies, T2 Tech and SRSQS, received almost R10-million to
conduct quality assurance on behalf of the NLC. This brings the total
expenditure on the project to close to R30-million. SkX's quantity surveyor
said the project should have cost about R9-milllion, not R20-million, and
that the fees charged by T2 Tech and SRSQS were "overly inflated".

 

 

During site visits both in Limpopo and the Eastern Cape, SkX found
discrepancies between progress reports submitted to the NLC and the reality
on the ground. Where new sanitation facilities had been constructed, they
were of inconsistent quality. Some schools identified as needing sanitary
facilities were found to already have them.

 

The scope of the Eastern Cape project was reduced from the construction of
15 new toilets to the construction of four new toilets and the renovation of
16 blocks of toilets. This deviation was never requested or approved by the
Department of Education, SkX found.

 

SkX also visited several Eastern Cape schools that already had toilets and
found that the schools had been approached by a company called East London
Sanitation, who said they were instructed to conduct maintenance services on
their EnviroLoo sanitation facilities. The schools were told to pay 50% of
the service fees.

 

Upon further investigation, SkX found that East London Sanitation had an
agreement with Lesley Ramulifho, on behalf of Dinosys, to provide the
services. Half of the cost would be paid by the schools and the rest by
Dinosys. East London Sanitation invoiced Dinosys for the fees, but was never
paid. The schools SkX visited were unaware of the link between East London
Sanitation and the NLC project.

 

According to the report, the bank statements for Zibsifusion showed that
R2-million was paid to Ramulifho and that R110,000 was sent to Rebotile
Malomane. Malomane is former NLC Commissioner Phillemon Letwaba's second
wife and is the mother of three of his children. Her company received
millions in Lottery money.

 

SkX found several irregularities in the grant application processes of
Zibsifusion and Dinosys. Marubini Ramatsekisa, a risk manager at NLC at the
time, was found by SkX to have pushed through documents with incorrect
information, to have neglected to carry out due diligence, and to have
compiled some documents himself that were said to have been compiled by
other officials in the NLC.

 

Ramatsekisa later became Head of Risk, one of the most important and senior
roles at the NLC. He was suspended earlier this year.

 

SkX found that the proposal for the project, asking for R10-million for each
province, contained no cost breakdown. In some instances, payments were
processed without supporting documents having been provided, the report
says.

 

No evidence was provided of any criteria used to select Zibsifusion and
Dinosys. Several documents in the application process are potentially
fraudulent, the report says.

 

The report also mentions that Dinosys identified "Mr T Monare" as the
representative for the Eastern Cape Education Department. Monare does work
for the department, according to spokesperson Malibongwe Mtima, as a
director in one of the infrastructure sections. But when SkX tried to call
Monare on the cellphone number supplied, the call was answered by Ofentse
Modibane, a project manager for Zibsifusion and Dinosys.

 

Progress reports submitted by SRSQS and T2 Tech were misleading, SkX found.
In one case, pictures purportedly showing progress at several sites were in
fact of the same structure at the same school.

 

SRSQS did not carry out any geotechnical services and only conducted a
geotechnical desktop study. This was "improper as they were appointed to
provide geotechnical services on behalf of the NLC" the report found. There
were also changes in the scope of the project in the Eastern Cape but there
was no evidence that the Eastern Cape Department of Education had requested
or approved the changes.

 

SRSQS submitted invoices to the NLC for quality assurance for the
construction of facilities at 20 public schools. They were paid the whole
amount, despite only four schools having received sanitation facilities.

 

Recommendations

 

SkX recommended:

 

that all other "pro-active" grant funded projects be probed. "Pro-active"
funding, where the NLC could identify projects considered worthy of funding,
was used to defraud the NLC of millions. The new board placed a moratorium
on pro-active grant funding this year;

that disciplinary charges be instituted against Ramatsekisa for
misrepresentation and submitting untruthful information;

that Letwaba should face disciplinary charges for dereliction of duty;

that funds should be recovered from SRSQS, T2 Tech, Dinosys and Zibsifusion;

and that criminal charges should be laid against Lesley Ramulifho,
Zibsifusion and Dinosys.

-GroundUp.

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <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.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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