Major International Business Headlines Brief::: 07 February 2022

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Major International Business Headlines Brief::: 07 February 2022 

 


 

 


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ü  Climate change: Top companies exaggerating their progress - study

ü  Amazon and Nike exploring Peloton takeover, reports say

ü  Nigeria's renters may no longer have to pay a year in advance

ü  North Korea: Missile programme funded through stolen crypto, UN report
says

ü  Backlash after Bank boss says don't ask for big pay rise

ü  EXCLUSIVE U.S. calls for 'concrete action' from China to meet Phase 1
purchase commitments

ü  Asia shares slip as U.S. jobs stunner hammers bonds

ü  Samsung, Blue Ocean launch U.S. stock trading during South Korean
business hours

ü  China could take further measures to rein in yuan- former regulator

ü  Toshiba now plans to split into two, boosts shareholder return targets

ü  Column: Rio's dreadful workplace report may boost cost of energy
transition: Russell

ü  S.Korea fines Mercedes $16.9 mln over emission rules breach

ü  Indonesia's Q4 GDP accelerates on easing COVID-19 curbs, high exports

ü  Musk's SpaceX working to restore Tonga's internet - Fiji official

ü  Credit Suisse faces money laundering charges in trial of Bulgarian
cocaine traffickers

ü  Rwanda: World Bank - DRC Is Rwanda's Most Promising Trade Partner

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Climate change: Top companies exaggerating their progress - study

Many of the world's biggest companies are failing to meet their own targets
on tackling climate change, according to a study of 25 corporations.

 

They also routinely exaggerate or misreport their progress, the New Climate
Institute report says.

 

Google, Amazon, Ikea, Apple and Nestle are among those failing to change
quickly enough, the study alleges.

 

Corporations are under pressure to cut their environmental impact as more
consumers want green products.

 

Some of the companies told BBC News they disagreed with some of the methods
used in the report and said they were committed to taking action to curb
climate change.

 

The firms analysed account for 5% of global greenhouse-gas emissions, the
report says - which means although they have a huge carbon footprint, they
have enormous potential to lead in the effort to limit climate change.

 

 

"The rapid acceleration of corporate climate pledges, combined with the
fragmentation of approaches, means that it is more difficult than ever to
distinguish between real climate leadership and unsubstantiated," the study
says.

 

Study author Thomas Day told BBC News his team originally wanted to discover
good practices in the corporate world, but they were "frankly surprised and
disappointed at the overall integrity of the companies' claims".

 

Amazon said in its statement: "We set these ambitious targets because we
know that climate change is a serious problem, and action is needed now more
than ever. As part of our goal to reach net-zero carbon by 2040, Amazon is
on a path to powering our operations with 100% renewable energy by 2025."

 

And Nestle commented: "We welcome scrutiny of our actions and commitments on
climate change. However, the New Climate Institute's Corporate Climate
Responsibility Monitor (CCRM) report lacks understanding of our approach and
contains significant inaccuracies."

 

The Corporate Climate Responsibility Monitor was conducted by non-profit
organisations New Climate Institute and Carbon Market Watch.

 

It looked at firms' publicly stated strategies to reduce greenhouse-gas
emissions in order to reach net zero.

 

Net zero, a target scientists say the world must reach by 2050 to limit
global temperature rises, means not adding to the amount of greenhouse gases
in the atmosphere.

 

Achieving it means reducing emissions as much as possible, as well as
balancing out any that remain by removing an equivalent amount.

 

Companies set their own targets. For example, Google promises to be
carbon-free by 2030, while Ikea pledges to be "climate-positive" by 2030.

 

Emissions are created by anything from transporting goods, to energy used in
factories or shops. The carbon footprint of growing crops or cutting down
trees also counts.

 

The study gave each firm an "integrity" rating. It found that some were
doing relatively well in reducing emissions but that all corporations could
improve. None was given a rating of "high integrity".

 

It assessed factors like annually disclosing emissions; giving a breakdown
of emission sources; and disclosing information in an understandable way.

 

Ratings of companies' climate change strategies. .  .

It concluded that overall, the strategies in place - if implemented - would
reduce emissions by 40% at most, not the 100% implied in the term "net
zero".

 

Just three of the 25 companies are clearly committed to removing 90% of
carbon emissions from their production and supply chains, it says. Those are
Maersk, Vodafone and Deutsche Telekom.

 

The way that businesses talk about their climate pledges is also a big
problem, the study says. There is a large gap between what companies say and
the reality, Mr Day says - and consumers are likely to find it difficult to
determine the truth.

 

"Companies' ambitious-sounding headline claims all too often lack real
substance," he explains. "Even companies that are doing relatively well
exaggerate their actions."

 

A really simple guide to climate change

Mr Day, whose team spent weeks poring over documents, said the average
person trying, for example, to choose a piece of furniture, technology or
buy food in the supermarket would struggle to make an informed decision.

 

He said one of the most controversial areas was what are known as downstream
or upstream emissions - ones that are created by activity indirectly linked
to a company.

 

For example, the report says 70% of Apple's climate footprint is created by
upstream emissions, including the consumption of electricity by consumers
using Apple phones, laptops and other products.

 

Many companies did not include these emissions in their climate plans.

 

Ikea told BBC News it welcomed "dialogue and scrutiny" of companies' climate
commitments and goals, to ensure that they were "aligned with the science of
1.5°C".

 

"The new report by New Climate Institute is a constructive addition to
this."

 

And Unilever commented: "While we share different perspectives on some
elements of this report, we welcome external analysis of our progress and
have begun a productive dialogue with the New Climate Institute to see how
we can meaningfully evolve our approach.

 

Google told BBC News: "We clearly define the scope of our climate
commitments and regularly report on our progress in our annual Environmental
Report, where our energy and greenhouse gas emissions data is assured by
Ernst & Young."

 

At the time of publication, Apple had not responded to a request for
comment.

 

The Corporate Climate Responsibility Monitor will continue to assess
companies' pledges, releasing findings annually.

 

The full list of companies analysed is: Maersk, Apple, Sony, Vodafone,
Amazon, Deutsche Telekom, Enel, GlaxoSmithKline, Google, Hitachi, Ikea,
Vale, Volkswagen, Walmart, Accenture, BMW Group, Carrefour, CVS Health,
Deutsche Post DHL, E.On SE, JBS, Nestle, Novartis, Saint-Gobain,
Unilever.-BBC

 

 

 

Amazon and Nike exploring Peloton takeover, reports say

Home fitness firm Peloton Interactive is turning the heads of potential
buyers such as e-commerce giant Amazon and sports brand Nike, reports say.

 

Peloton is deciding whether to accept any bids, according to the reports.

 

Sales of its exercise bikes and treadmills soared during the pandemic as
people stayed at home but demand has slowed after lockdowns were eased.

 

The company has also faced a number of other challenges in recent months,
sending its shares sharply lower.

 

Amazon declined to confirm or deny whether it is considering making an offer
for the US exercise equipment maker.

 

"We don't comment on rumours and speculation," a spokesperson told the BBC.

 

Peloton and Nike did not immediately respond to requests for comment.

 

The firm's shares surged in extended trading after the reports first
emerged.

 

The once-stock market favourite has seen its shares slump in recent months,
losing more than 80% of its value in the last year.

 

As the pandemic saw gyms close in 2020 demand for Peloton's exercise
equipment and remote workout classes jumped, sending its share price
soaring.

 

However, as lockdowns eased the appetite for its bikes and treadmills has
dwindled.

 

In August, the firm cut the price of its flagship bike by 20% to $1,495
(£1,105), as it revealed that its losses had widened and revenue growth had
slowed.

 

In the same month the US Department of Justice and the Department of
Homeland Security said they were investigating the company after a child was
pulled under one of its treadmills and killed, while other customers had
reported injuries.

 

In November, Peloton warned investors that it expected revenue to slow in
the year ahead.

 

"The primary drivers of our reduced forecast are a more pronounced tapering
of demand related to the ongoing opening of the economy, and a richer than
anticipated mix of sales to our original bike," it said in a recent letter
to shareholders.

 

Last month, investment firm Blackwells Capital called for Peloton's chief
executive John Foley to be removed from his post and the business to be put
up for sale.

 

Peloton and its customer base are "extremely attractive" to companies like
Nike, Apple, Disney and Sony, that are looking to boost their presence in
the home, health and wellness and media spaces, Blackwells said in a letter
to Peloton's board.

 

The company also made headlines after two television dramas, the Sex and the
City revival And Just Like That and Billions, featured story lines in which
characters suffered heart attacks while using Peloton bikes.

 

Peloton is due to publish its second quarter earnings on Tuesday.-BBC

 

 

 

Nigeria's renters may no longer have to pay a year in advance

Finding a decent place to live can be a daunting task anywhere, but finding
12 months' rent in advance is an additional burden faced by millions of
Nigerians.

 

Landlords prefer large upfront payments as it reduces the chances of tenants
defaulting. It is better to chase a tenant once rather than 12 times a year,
goes the thinking.

 

But this system might be about to change.

 

Lawmakers are debating a law to make yearly upfront rents illegal in the
capital, Abuja, while authorities in the biggest city, Lagos, are opting for
a voluntary scheme beginning next month.

 

The Lagos state government is hoping that by acting as a guarantor in a new
payments system, landlords will be encouraged to switch to accepting monthly
rents.

 

Many residents, especially young people setting out to start a family, like
the idea of monthly rents.

 

 

Tunde Omotayo, who is getting married in April, is faced with raising
600,000 to 800,000 naira ($1,500-$2,000; £1,000-£1,400) for a "decent
apartment" in mainland Lagos as he plans to move out of his friend's house
after his wedding.

 

For someone on a monthly salary of 300,000 naira that is extremely
difficult.

 

"I thought my salary could conveniently take care of my rent but I'm
shocked. At this point, I won't mind paying my rent monthly because as
things stand I am distressed," he told the BBC.

 

If he is enrolled on the new system he would only have to pay about 50,000
naira a month, which he reckons would make his life much easier with a
wedding just around the corner.

 

Houses don't come cheap in Lagos

As one of the world's fastest-growing cities, demand for housing in Lagos
increases every day, and houses don't come cheap.

 

Two-bedroom apartments close to the city's main business district, Victoria
Island, go for between $11,000 and $22,000 a year while low-to-middle-income
housing can cost anywhere between $500 and $5,000 on the city's mainland.

 

It is left up to the tenants to raise the funds, and the majority of
working-class Nigerians have had to master the art of putting aside money
every month to pay the annual rent.

 

Some of those that have difficulty saving borrow from loan sharks with
interest charges as high as 28% per month, while a fraction receive
no-interest loans from their employers to cover the rent.

 

Flat-sharing has also become popular for young middle-class people in Lagos
so they can pool their resources to pay the huge annual rent.

 

Many others have moved into neighbouring Ogun state where rent is more
affordable, but they face a long daily commute to work in Lagos.

 

Pam Christopher, who has just moved to Lagos from Jos, in central Nigeria
where rents are far lower, could not believe the $2,400 rent demanded
upfront for a two-bedroom apartment on mainland Lagos.

 

"[A] house is gold here," he told the BBC.

 

"I needed the two-bed because I plan to move my family here and now it looks
like I can't afford it," he said.

 

He is currently living with a friend and is looking forward to the
government's intervention, which state Governor Babajide Sanwo-Olu said was
"designed to make people pay their rents according to their monthly
earnings".

 

But as businessman Tosin Emmanuel found out when he broached the idea of
paying rent monthly, it takes more than a speech by the governor to sway a
Lagos landlord.

 

"The landlord asked if it was the government that bought the land and built
the house for him. He said no government can determine how he collects his
rent.

 

"The man said I should go and meet [Governor] Sanwo-Olu to give me a house,"
Mr Emmanuel told the BBC.

 

Retirement funds

For the scheme to be a success, the government is relying on the support of
Lagos' powerful landlords. But that may not be forthcoming.

 

"Yearly rents should not be debated because many house-owners depend on it
for survival," landlord Ayem Ojie told the BBC.

 

Mr Ojie owns flats in Lagos' Ikorodu suburb and said he and many other
house-owners built their properties to fund their retirement. "Financial
planning is easy when the funds are in bulk," he said.

 

The word "bulk" comes up a lot in discussions with landlords.

 

"Maintaining a building demands bulk capital, not piecemeal," said Lekan Ade
who owns a house in the middle-class Illupeju area on the mainland.

 

Demand for housing outstrips supply in Lagos, and the rental sector is seen
as a sellers' market, where those with the property can set the terms that
tenants need to follow.

 

Although the government says it has built 14 public housing schemes since
2019, where civil servant occupants pay low rents, there is still a large
housing deficit that has been left to private developers to fill.

 

Nigerians used to paying upfront

They build what they want and charge what they want in a sector that is
barely regulated.

 

But many tenants who have already got a home are not so keen to change the
system.

 

Nigerians are used to paying upfront for things; cars, phones, school fees,
and there are few mortgage facilities available for those who want to buy
their own homes.

 

Adaobi Asuoha, who lives in the middle-class Ajah district of Lagos Island,
prefers to pay her rent annually as it allows her to be more financially
flexible for the rest of the year.

 

"The monthly rental fees is good but yearly payment [takes] the pressure off
you. There are some months when I would need my entire earnings for
something else," she told the BBC.

 

She gathers her rent by saving a percentage of her salary each month, Ms
Asuoha said.

 

This mindset of saving large amounts is a reflection of a Nigerian culture
of upfront payments, says banker Kayode Omosebi.

 

He believes that Nigerians are not culturally wired for monthly bills or
paying in instalments, and that people see rents as an investment.

 

"In a place where job security and other bills are not guaranteed, people
don't want to joke with their shelter," he said. If they have paid for a
year in advance, that is something they don't have to worry about for
another 12 months.

 

But he believes that if more Nigerians open their minds to monthly payments,
"things are bound to get easier".

 

Even the government realises that its ambitious monthly payments plan is at
the mercy of the powerful landlords and might be dead on arrival.

 

"We know we cannot enforce monthly rent collection on landlords," said Toke
Benson-Awoyinka, special adviser to the Lagos governor on housing.

 

But the government says its new scheme was designed after consultations with
all stakeholders and sees no reason why it cannot work.-BBC

 

 

 

North Korea: Missile programme funded through stolen crypto, UN report says

North Korean cyber-attacks have stolen millions of dollars worth of
cryptocurrency to fund the country's missile programmes, a UN report briefed
to media says.

 

Between 2020 and mid-2021 cyber-attackers stole more than $50m (£37m) of
digital assets, investigators found.

 

Such attacks are an "important revenue source" for Pyongyang's nuclear and
ballistic missile programme, they said.

 

The findings were reportedly handed to the UN's sanctions committee on
Friday.

 

The cyber-attacks targeted at least three cryptocurrency exchanges in North
America, Europe and Asia.

 

The report also referenced a study published last month by the security firm
Chainalysis that suggested North Korean cyberattacks could have netted as
much as $400m worth of digital assets last year.

 

And in 2019, the UN reported that North Korea had accumulated an estimated
$2bn for its weapons of mass destruction programmes by using sophisticated
cyber-attacks.

 

North Korea has been banned by the UN Security Council from carrying out
nuclear tests and launching ballistic missiles.

 

However the UN report says that despite crippling sanctions, North Korea has
been able to continue developing its nuclear and ballistic missile
infrastructure.

 

It has also continued to seek material, technology and knowhow overseas,
including through cyber means and joint scientific research.

 

The sanctions monitors said there had been a "marked acceleration" of
missile testing by Pyongyang.

 

The US said on Friday that North Korea - formally known as the Democratic
People's Republic of Korea (DPRK) - carried out nine missile tests last
month alone. .

 

"DPRK demonstrated increased capabilities for rapid deployment, wide
mobility (including at sea), and improved resilience of its missile forces,"
the sanctions monitors said.

 

On Friday, China and Russia refused to sign onto a statement condemning the
proliferation of North Korea's missile launches.

 

On Sunday, the US announced that its special representative for North Korea
would meet with Japanese and South Korean officials later this week to
discuss the situation.

 

The UN report also found that the humanitarian situation in North Korea was
continuing to worsen. It said this was likely to be the result of the
country's decision to close its borders during the pandemic.

 

A lack of information from North Korea meant it was hard to determine how
much suffering was being caused by international sanctions, it said.-BBC

 

 

 

Backlash after Bank boss says don't ask for big pay rise

Unions have reacted with fury after the Bank of England boss urged workers
not to ask for big pay rises, to help stop prices rising out of control.

 

Andrew Bailey told the BBC wage rises needed to be moderate with firms
showing "restraint" in pay talks.

 

When asked whether the Bank was asking workers not to demand big pay rises,
Mr Bailey, said: "Broadly, yes."

 

Downing Street and the Treasury distanced themselves from Mr Bailey's
comments.

 

The GMB union branded the comments a "sick joke", while the TUC said calls
for pay restraint were "ill-founded".

 

"Telling the hard-working people who carried this country through the
pandemic they don't deserve a pay rise is outrageous. It's a sick joke,"
said Gary Smith, GMB's general secretary.

 

 

TUC head of economics Kate Bell said increasing pay at a slower rate would
"make the squeeze on family budgets even tighter".

 

"Energy prices are pushing up inflation - not wage demands. Britain needs a
pay rise - not another decade of lost pay and living standards," she added.

 

And Unite lead Sharon Graham said workers did not need "lectures" from Mr
Bailey "on exercising pay restraint".

 

"Let's be clear, pay restraint is nothing more than a call for a national
pay cut."

 

When asked about Mr Bailey's comments, the prime minister's official
spokesman said: "Well, it's not something the prime minister is calling for.
We obviously want a high growth economy and we want people's wages to
increase."

 

Chancellor Rishi Sunak said on Thursday that it was not his job to set
private sector wages, and that the right way to achieve higher wages was
through greater productivity.

 

Inflation, the rate at which prices are rising, is on course to rise above
7% this year and average close to 6% in 2022.

 

This means prices are expected to climb faster than pay, putting the biggest
squeeze on household finances in decades, with workers set to experience the
biggest hit to their take-home income since 1990.

 

Workers are currently getting pay rises of just below 5% on average.

 

Mr Bailey was paid £575,538 including pension, in the year from 1 March
2020, more than 18 times higher the median annual pay of £31,285 for
full-time employees.

 

He said that while it would be "painful" for workers to accept that prices
would rise faster than their wages, he added that some "moderation of wage
rises" was needed to prevent the rise in the cost of living becoming
entrenched.

 

"I'm not saying don't give yourself a pay rise. This is about the size of it
[any rise]... we do need to see restraint," he added.

 

The Treasury supported Mr Bailey, with chief secretary Simon Clarke saying
it was "important that pay restraint is observed".

 

The boss of British Gas owner Centrica, Chris O'Shea, told the BBC he could
see both sides.

 

"If this is a temporary spike in inflation and wages rise to meet that
temporary spike, then the people paying those wages have to pass on that
cost and that's where you get into the wage price inflation spiral.

 

"But if you are trying to figure out how to pay for your groceries at Aldi,
then its not enough to sit and say well I'm not going to do this... you are
worried about paying your bills, you're worried about feeding your family,
you're worried about heating your home. "

 

Meanwhile, the High Pay Centre think tank said Mr Bailey's comments "while
not ill intentioned" were "frankly absurd" and "insulting".

 

It said the cost of living hike followed more than a decade of wages
stagnating, during which the top executives were paid 86 times more than the
average worker.

 

"It's time that those with the broadest shoulders genuinely start to take on
more of the burden of the economic challenges we face," it said.

 

Certain industries and professions are seeing bigger pay increases due to
labour shortages. For example, lorry drivers, who are in high demand, have
received wage hikes of up to 20%.-BBC

 

 

 

EXCLUSIVE U.S. calls for 'concrete action' from China to meet Phase 1
purchase commitments

(Reuters) - U.S. officials called on Monday for "concrete action" from China
to make good on its commitment to purchase $200 billion in additional U.S.
goods and services in 2020 and 2021 under the "Phase 1" trade deal signed by
former President Donald Trump.

 

The officials said Washington was losing patience with Beijing, which had
"not shown real signs" in recent months that it would close the gap in the
two-year purchase commitments that expired at the end of 2021.

 

The comments come a day before the U.S. government is due to release
full-year trade data that analysts expect to show a significant shortfall in
China's pledge to increase purchases of U.S. farm and manufactured goods,
energy and services.

 

Through November, China had met only about 60% of the goal, according to
trade data compiled by Peterson Institute for International Economics senior
fellow Chad Bown.

 

U.S. President Joe Biden has said the trade deal did not address the core
problems with China's state-led economy, but U.S. officials have pressed
Beijing to make good on the deal as signed.

 

"Because we inherited this deal, we engaged the (People's Republic of China)
on its purchase commitment shortfalls, both to fight for U.S. farmers,
ranchers and manufacturers and give China the opportunity to follow through
on its commitments. But our patience is wearing thin," said one of the
officials.

 

China continued to engage with U.S. officials on the issue, but Washington
was seeking "concrete action", not "talks for the sake of talking," the
official added.

 

U.S. officials said they would continue to press China to show "serious
intent" to reach an agreement on their purchase commitments, but conceded
the framework of the deal offered them little leverage to enforce the
purchase commitments.

 

Regardless of how the negotiations wind up, U.S. officials said they would
continue to target the core problems of China's state-led economy, while
working to boost U.S. competitiveness by diversifying markets and working
with allies and partners.

 

Deputy U.S. Trade Representative Sarah Bianchi told a trade conference on
Tuesday that China had failed to meet its purchase commitments under the
deal and the conversations between Washington and Beijing had been "very
difficult."

 

The agreement, signed by Trump in January 2020, defused a nearly three-year
trade war between the world's two largest economies, but left in place
tariffs on hundreds of billions of dollars of imports on both sides of the
Pacific.

 

A spokesperson for China's Embassy in Washington last week said Beijing has
worked to implement the Phase 1 agreement "despite the impact of COVID-19,
global recession and supply chain disruptions."

 

The Thomson Reuters Trust Principles.

 

 

 

Asia shares slip as U.S. jobs stunner hammers bonds

(Reuters) - Asian share markets mostly eased on Monday after stunningly
strong U.S. jobs data soothed concerns about the global economy but also
added to the risk of an aggressive tightening by the Federal Reserve.

 

Geopolitics also remained a worry as the White House warned Russia could
invade Ukraine any day and French President Emmanuel Macron prepared for a
trip to Moscow. read more

 

The cautious mood saw MSCI's broadest index of Asia-Pacific shares outside
Japan (.MIAPJ0000PUS) dip 0.1% in early trade. Japan's Nikkei (.N225) fell
0.9% and South Korea (.KS11) 0.8%.

 

 

Chinese markets returned from the Lunar New Year break with a bounce, with
the blue-chip CSI300 (.CSI300) and Shanghai Composite (.SSEC) both up about
2% in morning trade, catching up with last week's gains in world equities.
The Hang Seng (.HSI), which returned from the break on Friday, was flat.

 

S&P 500 futures and Nasdaq futures both eased slightly, after last week's
market turmoil saw Amazon.com Inc gain almost $200 billion while
Facebook-owner Meta Platforms Inc (FB.O) lost just as much.

 

 

BofA analyst Savita Subramanian noted company guidance for 2022 had weakened
significantly with most stocks falling following earnings reports.

 

"Commentaries suggested worsening labour shortages and supply chain issues,
with a bigger headwind expected in Q1 than in Q4," Subramanian said in a
note. With wages being the biggest cost component for companies, margin
pressure was set to continue.

 

The January payrolls report showed annual growth in average hourly earnings
climbed to 5.7%, from 4.9%, while payrolls for prior months were revised up
by 709,000 to radically change the trend in hiring. read more

 

"The report not only indicated that payrolls were way more than anyone could
have imagined, but there was exceptional strength in earnings which has to
add growing concern among Fed officials about upward pressure on inflation,"
said Kevin Cummins, chief U.S. economist at NatWest Markets.

 

Consumer price figures for January are due on Thursday and could well show
core inflation accelerating to the fastest pace since 1982 at 5.9%.

 

As a result, markets moved to price in a one-in-three chance the Fed might
hike by a full 50 basis points in March and the real prospect of rates
reaching 1.5% by year end.

 

That sent two-year yields up 15 basis points for the week, the biggest rise
since late 2019, and they were last standing at 1.327%.

 

In currency markets, the euro continued to bask in the glow of a newly
hawkish European Central Bank as markets brought forward the likely timing
of a first rate rise and sent bond yields sharply higher.

 

Klaas Knot, the Dutch Central Bank President and a member of the ECB's
governing council, said on Sunday he expects a hike in the fourth quarter of
this year. read more

 

The single currency was taking in the view at $1.1456 , having shot up 2.7%
last week in its best performance since early 2020. Technically, a break of
resistance around $1.1482 would open the way to $1.1600 and higher.

 

The dollar fared better on the Japanese yen as the market still sees little
chance the Bank of Japan will tighten this year. It was steady at 115.27 yen
, while the euro was up at 132.06 yen having climbed 2.7% last week.

 

The wild swing in the euro left the U.S. dollar index down at 95.436 , after
shedding 1.8% last week.

 

Gold was a shade firmer at $1,808 an ounce , but has been struggling in the
face of higher bond yields.

 

Oil prices were up near seven-year highs amid concerns about supply given by
frigid U.S. weather and ongoing political turmoil among major world
producers.

 

Brent added another 32 cents to $92.97 a barrel, while U.S. crude rose 42
cents to $91.89.

 

The Thomson Reuters Trust Principles.

 

 

 

Samsung, Blue Ocean launch U.S. stock trading during South Korean business
hours

(Reuters) - Asian investors can now buy and sell U.S. stocks during Korean
business hours in real time through a partnership between Samsung Securities
(016360.KS) and U.S.-based off-exchange trading venue operator Blue Ocean
Technologies LLC, the companies said on Monday.

 

"This is the first time in the history of the U.S. markets where Asia
Pacific investors, and Korean investors, are going to have the ability to
trade U.S. stocks before U.S. investors," said Brian Hyndman, president of
Blue Ocean.

 

"The U.S. day is going to start in Seoul."

 

The new service began on Monday and enables the real-time trading of all
8,000 U.S. National Market System stocks and exchange-traded products
between 10 a.m. and 6 p.m. Seoul time, through Samsung Securities, the
brokerage subsidiary of Samsung Group, which partnered with Blue Ocean.

 

Blue Ocean also facilitates overnight stock trading in the United States for
various brokerages, including Cowen (COWN.O), Charles Schwab Corp's TD
Ameritrade and Morgan Stanley's (MS.N) E*Trade, and is also connected to
market makers Virtu Financial (VIRT.O) and Jane Street Capital, Hyndman
said.

 

Asian investors buying stocks during Seoul business hours through Samsung
will be able to trade with each other, as well as against the U.S. Blue
Ocean order flow, he added.

 

Blue Ocean is owned by multiple investors, with the biggest being Urbana
Corp (URB.TO), which is also the largest shareholder in the Canadian
Securities Exchange.

 

The Thomson Reuters Trust Principles.

 

 

 

China could take further measures to rein in yuan- former regulator

(Reuters) - The Chinese government could take further measures if needed to
keep the yuan stable, potentially putting downward pressure on the currency,
a former foreign exchange regulator said.

 

Policymakers could increase yuan's flexibility, expand capital outflows, or
control capital inflows to rein in the yuan, which could deviate from
economic fundamentals in the short term, wrote Guan Tao, global chief
economist at BOC International and a former official at the State
Administration of Foreign Exchange (SAFE).

 

The yuan also faces downward pressure from several market factors, including
further strengthening of the dollar index, the shrinking spread between U.S.
and Chinese yields, and the narrowing difference in the growth between the
two economies, Guan wrote in an article published in the Shanghai Securities
News on Monday.

 

Guan, who previously headed SAFE's balance of payments department, said that
the yuan is already losing some momentum, citing shrinking trading volumes
in the interbank forex market.

 

China's yuan hit a near four-year-high against the dollar on Jan. 26 and an
index tracking yuan's value against a basket of currencies (.CFSCNYI) is
flirting with the highest level since late 2015.

 

China has already taken some measures, including directing financial
institutions to hold more foreign exchange in reserve, to slow down yuan's
rapid appreciation.

 

The Thomson Reuters Trust Principles.

 

 

 

Toshiba now plans to split into two, boosts shareholder return targets

(Reuters) - Toshiba Corp (6502.T) said it now aims to break up into two
companies instead of three and also unveiled a big boost to planned
shareholder returns in an effort to appease angry investors.

 

Its revised plan is still expected, however, to face much pushback from
foreign hedge funds, many of whom have been opposed to any kind of split and
would prefer that the scandal-ridden Japanese conglomerate be taken private.

 

Under the new restructuring, Toshiba will just split off its device
business, including the power chip unit. Previously it had aimed to split
into three companies - one for energy and infrastructure, one for devices
and one for flash memory chips.

 

The industrial conglomerate now also plans to increase shareholder returns
to 300 billion yen ($2.6 billion) over the next two years which compares to
an earlier target for returns of 100 billion yen.

 

It also plans to begin the sale process for its elevator and lighting
business and added that it no longer sees Toshiba Tec Corp (6588.T), which
makes point-of-sale systems and copiers, as a core business. Toshiba has
also asked that Kioxia, the chip business in which it holds an 40.6% stake,
conduct an IPO as soon as possible. It is also looking at a potential sale
of its stake in Kioxia.

 

The two-way break-up would save costs compared to a three-way split,
although some investors suspect the new plan is designed to allow Toshiba to
avoid a shareholder vote that would have required two-thirds approval.

 

An official at a top-15 shareholder, who declined to be identified, told
Reuters on Friday he believed management had changed the plan to "suit
themselves". The two-way split would only require board approval under
recent legislation designed to expedite the break-up of companies.

 

Legal experts say break-ups require support of two-thirds of shareholders
when the book value of the assets being spun off accounts for more than a
fifth of the total assets.

 

Toshiba is nearly 30% owned by foreign funds, many of which appear to oppose
the split. The two-thirds threshold could have forced the conglomerate to
ditch its plan.

 

Earlier it announced that it will sell almost all of its 60% stake in its
air conditioning unit to its U.S. joint venture partner Carrier Global Corp
(CARR.N) for $870 million.

 

($1 = 115.2800 yen)

 

The Thomson Reuters Trust Principles.

 

 

Column: Rio's dreadful workplace report may boost cost of energy transition:
Russell

(Reuters) - Rio Tinto's decision to go public with a self-damning report
into its workplace culture should be a watershed moment for a wider mining
industry aiming to be seen as the "good guys", helping to drive the world's
energy transition.

 

It was no doubt a courageous decision by Rio (RIO.AX), the world's biggest
miner of iron ore and a top copper producer, to release a report that makes
extremely uncomfortable reading, unveiling a culture riddled with sexual
harassment, bullying and racism.

 

But the big question for Rio, and its peers such as BHP Group (BHP.AX),
Anglo American (AAL.L), Glencore (GLEN.L) and Vale (VALE3.SA), is what the
industry does to tackle the issues, and how will it build a future workforce
that sees itself as being proud to part of the solution to climate change.

 

And the issue for the wider commodities markets is that no matter how the
miners respond, the likelihood is that any solution will be costly,
eventually feeding into the prices of metals such as copper, lithium and
nickel, all vital for the renewable energies needed to reach net-zero carbon
emissions.

 

Rio Tinto Chief Executive Jakob Stausholm called the Feb. 1 report
"disturbing," and pledged to implement all 26 recommendations by former
Australian sex discrimination commissioner Elizabeth Broderick.

 

The report showed that nearly half of all employees who responded to the
external review of workplace culture had been bullied, while nearly 30% of
women and about 7% of men experienced sexual harassment, with 21 women
reporting actual or attempted rape and sexual assault. read more

 

It is obvious that the short-term implication is going to be an intense
focus on improving Rio's workplace culture, especially at remote mine sites
such as the Pilbara part of Western Australia state, home to the company's
major iron ore mines.

 

But the longer-term implications are likely to be more profound.

 

It would be reasonable to assume that the issues raised are not limited to
just Rio, and that the mining industry in general suffers the same problems.

 

This means that the chief executives of Rio's peers and competitors are
probably already scrambling to see just how out of order their own houses
are, and develop action plans to change their own workplace problems.

 

The issue is now firmly on the radar screens of investors, with pointed
questions likely to flow at shareholder meetings.

 

How the industry is seen to respond will be vital, and there is little doubt
the Rio report is a hammer blow to its image.

 

This could not have come at a worse time, as mining companies try
desperately to attract young people into the industry.

 

LABOUR THE KEY

 

A simple internet search for "lack of mining engineering students" throws up
a plethora of articles, stretching back several years, but becoming more
prevalent in recent times.

 

One such article by the Australian Broadcasting Corporation from August last
year highlighted the steps mining companies are prepared to take, including
offering free bar tabs to students at the School of Mines in Western
Australia.

 

One student said he had six job offers and eventually settled for a position
paying more than A$110,000 ($78,100) a year for a eight-day on, six-day off
roster with a gold mining company.

 

This starting salary compares to the median annual income of A$83,000 for an
Australian with a post-graduate degree in 2020.

 

In other words, mining companies are have to pay handsomely to get the few
students are available.

 

Yes, they can put more money into scholarships and pay even bigger salaries,
but ultimately young graduates are going to go to work for companies with a
culture and mission they can identify with.

 

This is the biggest challenge for mining companies, convincing potential
employees that they are employers of choice and an integral part of the
march towards global net-zero carbon emissions.

 

A recent report by the International Energy Agency estimated that meeting
the targets of the Paris climate accord will require, over the next two
decades, that clean energy's share of metal demand rise to more than 40% for
copper and rare earth elements, 60% to 70% for nickel and cobalt, and almost
90% for lithium.

 

This implies the mining industry is going to have to ramp up its activities
considerably in coming years, and it is likely that labour shortages will
climb the list of top concerns for chief executives.

 

The questions for the industry, and for the wider community driving the
energy transition, is what will be the cost of attracting workers to mining,
how can it be done, and what happens if the industry continues to fall short
in creating workplaces of choice?

 

The Thomson Reuters Trust Principles.

 

 

 

S.Korea fines Mercedes $16.9 mln over emission rules breach

(Reuters) - South Korea's antitrust regulator said on Monday it decided to
fine German carmaker Mercedes-Benz and its Korean unit 20.2 billion won
($16.9 million) for false advertising tied to gas emissions of its diesel
passenger vehicles.

 

The Korea Fair Trade Commission (KFTC) said Mercedes had tampered with
pollution mitigation devices by installing illegal software in its vehicles,
making them perform at lower levels in ordinary driving conditions than
during certification tests. A total of 15 Mercedes models had such software
installed, it said.

 

"It is meaningful to impose sanctions against the country's No.1 imported
car sales operator for obstructing consumers' rational purchase choices with
false and deceptive advertisements about its emission reduction performance
even after the Dieselgate scandal," the KFTC said in a statement.

 

The German carmaker also falsely advertised that their vehicles' emissions
remained at a minimum level and met the Euro 6 emission standards between
August 2013 and December 2016, according to the KFTC.

 

Mercedes was not immediately available for comment outside business hours
when contacted by Reuters.

 

Last year, the KFTC imposed a fine or ordered corrective actions for
Audi-Volkswagen (VOWG_p.DE) Korea, Nissan Motor Corp , Stellantis (STLA.MI)
Korea and Porsche AG for similar emissions rigging incidents.

 

($1 = 1,198.5600 won)

 

The Thomson Reuters Trust Principles.

 

 

 

Indonesia's Q4 GDP accelerates on easing COVID-19 curbs, high exports

(Reuters) - Indonesia's economic growth accelerated in the final quarter of
last year following the easing of anti-virus mobility restrictions and
record high exports, which were driven by stronger commodity prices.

 

Southeast Asia's largest economy grew 5.02% on a yearly basis in the
October-December quarter, compared with 3.51% growth in the previous
quarter, data from Statistics Indonesia showed on Monday. A Reuters poll had
expected fourth-quarter growth of 4.90%.

 

For the whole of 2021, gross domestic product expanded 3.69% annually,
compared with a 2.07% contraction the year before, as the country recovered
from the impact of the COVID-19 pandemic.

 

However, the outlook for this year is clouded by rising COVID-19 cases,
potential financial market volatility due to a global monetary tightening
and Indonesia's own rollback of monetary and fiscal stimulus.

 

"Because our COVID cases were high in the third quarter, people's mobility
was restricted and economic activity slowed down ... all activities, by the
government and the private sector, resumed in the fourth quarter," said
Margo Yuwono, head of Statistics Indonesia.

 

Yuwono also noted that high prices of Indonesia's main commodities, such as
palm oil, coal and nickel, had driven exports in the October-December
quarter.

 

Indonesia was hit by a deadly wave of COVID-19 cases in July-August, but
mobility curbs eased towards the end of August as infections fell.

 

COVID-19 cases are currently rising again in Indonesia due to the spread of
the Omicron variant, with Sunday's 36,057 new cases the highest since
August. However, authorities have not reimposed strict anti-virus measures.

 

($1 = 14,373.0000 rupiah)

 

The Thomson Reuters Trust Principles.

 

 

 

Musk's SpaceX working to restore Tonga's internet - Fiji official

(Reuters) - Elon Musk's satellite internet venture is helping to restore
connectivity to the Pacific Island nation of Tonga, according to an official
in Fiji where the work is underway.

 

Tonga's sole optic-fibre link to the internet and the rest of the world was
severed by a volcanic eruption on Jan. 15 and only limited connectivity has
been possible since. read more

 

"A SpaceX team is now in Fiji establishing a Starlink gateway station to
reconnect Tonga to the world," Fiji's Attorney-General Aiyaz Sayed-Khaiyum
said on Twitter.

 

Starlink is a division of Tesla (TLSA.O) boss Musk's SpaceX aerospace
company and in January Musk himself had taken to Twitter to mention that
Starlink may be able to help.

 

The Hunga Tonga-Hunga Ha'apai volcano eruption triggered a tsunami that
destroyed villages and resorts and blanketed the capital of the nation of
about 105,000 people in ash, as well as cutting the fibre-optic
communications cable. read more

 

The timing of SpaceX's work is not clear, although the Fijian Broadcasting
Corporation, citing Sayed-Khaiyum, said engineers would operate a ground
station in Fiji for six months.

 

SpaceX did not immediately respond to an emailed request for comment.
Tonga's prime minister's office and state telecom Tonga Communications
Corporation could not immediately be reached by phone or email.

 

Refinitiv shipping data shows cable repair ship Reliance has been off the
coast of Tonga's main island for nearly a week as it seeks to fix the
damaged subsea cable.

 

Any improvement in communications is likely to be a relief for Tongans who
have struggled to stay in touch with relatives abroad and to assist recovery
efforts that have also been hampered by a COVID-19 lockdown. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Credit Suisse faces money laundering charges in trial of Bulgarian cocaine
traffickers

(Reuters) - Credit Suisse will face charges in a Swiss court on Monday of
allowing an alleged Bulgarian cocaine trafficking gang to launder millions
of euros, some of it stuffed into suitcases.

 

Swiss prosecutors say the country's second-biggest bank and one of its
former relationship managers did not take all necessary steps to prevent the
alleged drug traffickers from hiding and laundering cash between 2004 and
2008.

 

 

"Credit Suisse unreservedly rejects as meritless all allegations in this
legacy matter raised against it and is convinced that its former employee is
innocent," the bank said in a statement to Reuters.

 

In the first criminal trial of a major bank in Switzerland, prosecutors are
seeking around 42.4 million Swiss francs in compensation from Credit Suisse
(CSGN.S), which added that it would "defend itself vigorously in court".

 

 

The case has attracted intense interest in Switzerland, where it is seen as
a test for a potentially tougher stance by prosecutors against the country's
banks.

 

The indictment runs to more than 500 pages, and centres on relationships
that Credit Suisse and its ex-employee had with former Bulgarian wrestler
Evelin Banev and multiple associates, two of whom are charged in the case. A
second indictment in the case charges a former relationship manager at
Julius Baer with facilitating money laundering.

 

A legal representative for the ex-Credit Suisse employee, who cannot be
named under Swiss privacy laws, said the case was unjustified and his client
denied wrongdoing.

 

A lawyer for the two alleged gang members, who face charges of multiple
counts of misappropriation, fraud and forgery of documents in the Swiss
federal court but cannot be named under Swiss privacy laws, declined to
comment. A lawyer for the former relationship manager at Julius Baer did not
respond to requests for comment.

 

Banev, who does not face charges in Switzerland, was convicted of drug
trafficking in Italy in 2017 and then in Bulgaria in 2018 for being part of
a criminal organisation active in trafficking tonnes of cocaine from Latin
America.

 

He vanished, but was arrested in September in Ukraine, from where Bulgarian
prosecutors are seeking his extradition to face charges of setting up an
organised criminal group and drug trafficking, Interpol's red list of wanted
persons shows.

 

Banev and his legal representatives could not be reached for comment. A
lawyer who represented Banev in his Bulgarian trial said she was no longer
representing him.

 

Julius Baer (BAER.S), which is not facing charges, declined to comment on
the case.

 

CASH IN CASES

 

The former Credit Suisse employee brought at least one Bulgarian customer
who was an associate of Banev with her when she joined Credit Suisse in
2004, prosecutors allege in the indictment.

 

The customer, who was later shot dead as he left a restaurant with his wife
in Sofia, Bulgaria in 2005, had begun placing suitcases full of cash in a
safe deposit box at Credit Suisse, the indictment says.

 

Prosecutors allege the gang used so-called smurfing, where a large sum of
money is broken down into smaller amounts which are below the anti-money
laundering alert threshold, to launder money, putting millions of euros in
small-value bills into safety deposit boxes and later transferring them into
accounts.

 

Although Swiss private banks have since adopted much tougher anti-money
laundering so-called know-your-client checks after international pressure,
the defendants said this was standard practice at the time the deposits were
made.

 

The prosecutors allege the former relationship manager, who left Credit
Suisse in 2010 after being detained for two weeks by police in 2009, helped
conceal the criminal origins of money for the clients by carrying out more
than 146 million Swiss francs in transactions, including 43 million francs
in cash.

 

"Our client is being unfairly accused, because Swiss law requires that a
person be implicated in order to condemn a bank," attorneys at law firm
MANGEAT LLC, representing the ex-employee, told Reuters. "She is innocent,
outraged by the accusations. We will plead for her full and complete
acquittal."

 

Credit Suisse disputes the illegal origin of the money, a source familiar
with its thinking told Reuters, saying that Banev and his circle operated
legitimate businesses in construction, leasing and hotels.

 

The Swiss bank, which the indictment says considered Bulgaria as a high-risk
country at the time, plans to draw attention to calls made by its compliance
department to Swiss prosecutors after Banev was temporarily arrested in
Bulgaria in April 2007, the source added.

 

Credit Suisse is hoping that the court will view that its compliance
department's move was a sign of the bank taking its anti-money laundering
obligations seriously and of cooperating with prosecutors in the matter.

 

In June 2007, the prosecutors asked Credit Suisse for information on
accounts held by Banev and his associates in response to a request from
Bulgaria, the source added.

 

Noticing a series of withdrawals, the bank's compliance department asked
prosecutors whether to freeze the accounts, but were told not to do so in
order not to tip the clients off, according to the source.

 

By the time prosecutors gave Credit Suisse the go-ahead, much of the money
had been withdrawn.

 

The prosecutors' office declined to comment on Friday, saying the matter was
now in the hands of the court.

 

The second indictment filed by federal prosecutors against the former
relationship manager at Julius Baer, which is being tried in the same court
case, alleges some of the funds were transferred to another Swiss bank.

 

The former relationship manager, who left a few months after the transfers
took place, is charged with facilitating money laundering.

 

The bank had refused to accept a suitcase filled with cash from the
defendants, the indictment says.

 

The Thomson Reuters Trust Principles.

 

Rwanda: World Bank - DRC Is Rwanda's Most Promising Trade Partner

The neighbouring Democratic Republic of Congo has great trade potential with
Rwanda, with data from recent years showing growing trade and currently is
Rwanda's biggest regional trading partner.

 

The latest World Bank report on Rwanda themed 'Boosting regional trade
integration in the post-Covid era' observed that DRC is a growing trade
opportunity for Rwanda.

 

Exports have grown considerably in the last decade, analysts said adding
that Rwanda exports to DRC are more than to East African Community countries
combined.

 

By 2019, Rwanda had exported more goods to the DRC than to the EAC. The main
exports to the DRC include livestock and crops, but cross-border trade in
services, such as finance, transportation, and wholesale trading, are also
important, the report noted in part.

Non-EAC neighboring markets have proved to be more dynamic in recent years,
the report noted, adding that it's expected to grow especially in the advent
of the African Continental Free Trade Area.

 

This is also at a time when statistics from the World Bank show that since
2012 Rwanda's exports to the East African Community have somewhat stagnated.

 

Data shows that when Rwanda joined the EAC customs union in 2009, exports of
goods to EAC partners more than doubled in the following three years to 23
per cent of the country's total goods exports.

 

However, since 2012 Rwanda's exports to the EAC have almost stagnated with
Rwanda's total exports increasing substantially on average 17 per cent per
year from 2010-19.

Analysts say that this has seen the country not be able to benefit from
regional integration beyond price reduction conferred by tariff reduction.

 

Among the reasons for such outcomes is the similarities of export products
among EAC partners as most countries export almost the same set of products.

 

However, experts noted that exports to EAC partners is a unique opportunity
for Rwanda to learn to export relatively sophisticated products through
value addition to bigger markets.

 

Calvin Djiofack, World Bank's Senior Economist for Rwanda said that data
shows a growing opportunity in neighbouring DRC where Rwanda exports more
than to EAC countries combined.

 

Non-EAC neighboring markets have proved to be more dynamic in recent years,
the report noted, adding that it's expected to grow especially in the advent
of the African Continental Free Trade Area.

"Rwanda's trade with other sub-Saharan African countries (beyond EAC and
DRC) has been low, declining from 7 per cent of Rwanda's exports in 2010 to
just 2 per cent in 2019. This underscores the importance of the opportunity
that AfCFTA represents for Rwanda," the report read in part.

 

Djiofack called for rethinking Rwanda's Regional trade noting that it had
been impacted more than exports to global partners during the crisis.

 

"The pandemic severely depressed Rwanda's trade in 2020. Total exports of
goods and services fell by 14.4 percent by value in 2020, despite the 130
per cent increase in gold exports following the establishment in Rwanda of
Aldango Ltd,"

 

"Rwanda regional trade of goods was less resilient in 2020 compared to its
trade with global partners. While Rwanda's merchandise exports to the world
increased by 40 per cent in 2020 compared to 2019 (thanks to the
unprecedented increase in gold exports), exports with EAC partners actually
declined by 41 per cent," the World Bank report noted in part.

 

Antoine Kajangwe Director General Trade and Investment Ministry of Trade and
Industry that the similarity in exports from the region had had a negative
impact on the competitiveness on Rwandan exports to EAC.

 

He noted that Rwanda's response to the challenge involves value addition and
high value products that can compete in the region and beyond. These sectors
he said include electronics, textiles, pharmaceuticals and medical products
among others.

 

"We have started to see investments in these high value products. We have
also seen an opportunity in value addition of minerals, we are already
seeing demand in Gold, Tin and Cobalt," he said.

 

Another sector that bears opportunity is specialized services such as ICT,
Finance sector, he added.

 

Kajangwe added that the DRC-Rwanda border offers a great opportunity for
cross border trade and a huge opportunity diversification and upgrading
exports.

 

"We also have an opportunity in continuing to pursue standards as it will
set us apart in accessing and retaining markets," he said.

 

Rwandan businessman Dennis Karera, who is the East African Business Council
(EABC) Vice Chairman said that the pandemic showed that EAC still has
challenges in integration as trade was severely affected across the bloc. He
said that the severe trade interruptions across the bloc was proof that much
could be adjusted regionally to improve trade.

 

Other aspects that he called for include the operationalization of a
regional dispute resolution mechanisms which could affect the pace of
business, trade and integration as well as inclusion of the role of the
regional legislative assembly.

 

Karera added that liberalization of regional skies would be impactful to
trade in the region including for Rwanda but added that the concern has been
pending for years unresolved.

 

Amina Rwakunda the Chief Economist at the Ministry of Finance said that
other plans underway that could impact Rwanda's regional trade outcomes
include establishing a foreign based multi-services centre targeting the
country's point of entry like Dar es Salaam and Mombasa, continued
investment towards becoming a regional trade hub as well as reprioritizing
and restrategizing following the pandemic.

 

Among the key recommendations by the World Bank Group is that Rwanda should
continue its efforts to develop, improve efficiency in and strengthen
coordination across the trade logistical infrastructure required for a
regional logistic hub.

 

Other recommendations include improvements that could significantly reduce
both external and internal trade costs include improving the efficiency of
trucking firms and capitalizing on the potential for increased handling of
transit trade to and from Democratic Republic of Congo.- New Times.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


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
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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
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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