Major International Business Headlines Brief::: 20 January 2022

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Major International Business Headlines Brief::: 20 January 2022 

 


 

 


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

 


 

 


ü  Property shares in Hong Kong jump after China cuts key mortgage rate

ü  Boss behind mass Zoom firing back in charge

ü  Brewdog flouted US laws over beer imports

ü  Why high energy costs will push up your phone bill

ü  US and UK finally sit down on steel tariffs

ü  Millionaires ask to pay more tax

ü  Donald Trump investigation reveals new details of alleged fraud

ü  Inflation: Seven reasons why the cost of living is going up around the
world

ü  Asian shares break losing streak as China cuts key mortgage rate

ü  China cuts key rates, stepping up monetary stimulus effort to underpin
economy

ü  Japan's Dec exports, imports hit record high by value as supply
bottlenecks ease

ü  United Airlines cuts capacity forecast, flags cost pressure on Omicron
turmoil

ü  ECB's Lagarde: Inflation drivers will ease gradually in 2022

ü  Deliveroo reports 36% rise in gross value of orders in Q4

ü  Disney names Rebecca Campbell as international content group lead

ü  India, Tesla in 'weird stalemate' on tax cut demands with no investment
pledge-sources

ü  Singapore lists first SPAC as Asia investors warm up to blank check firms

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Property shares in Hong Kong jump after China cuts key mortgage rate

Shares of Chinese property developers have jumped in Hong Kong as China's
central bank cut a key mortgage rate for the first time in almost two years.

 

The decision comes as concerns grow about a slowdown in the world's second
largest economy amid Omicron outbreaks.

 

At the same time major Chinese property firms, like crisis-hit Evergrande,
are struggling to make debt repayments.

 

On Monday, China surprised markets by cutting rates on medium-term loans for
the first time since April 2020.

 

On Thursday, the People's Bank of China (PBOC) cut its five-year loan prime
rate, which is the reference rate used for mortgages, from 4.65% to 4.6%.

 

It was the first such cut since April 2020, at the height of the coronavirus
pandemic in China.

 

The PBOC also cut its benchmark lending rates for corporate and household
loans for the second month in a row.

 

In Hong Kong, the benchmark Hang Seng Index rose by 3% on the news.

 

In Hong Kong, the share prices of property developers rose sharply,
reversing some of the losses they have seen in recent months.

 

Chinese real estate firms Sunac China, Shimao China and Logan Group saw
their stock prices rise by more than 10%, while crisis-hit Evergrande's
shares were 5.8% higher.

 

Investors were also reacting to reports that Chinese regulators may ease
restrictions on their access to pre-sale funds.

 

The PBOC's moves come as Beijing tries to protect the country's economy from
amid growing signs that growth is slowing.

 

On Monday, official figures showed that gross domestic product grew by 4%
for the last three months of 2021 from a year earlier.

 

That was better than most economists had predicted but was a lot slower than
the previous quarter.

 

In another sign of weakness retail sales growth for December fell to 1.7%.

 

Some economists also highlighted that the growth data, which was the slowest
in a year and a half, has yet to take into account the effect of the latest
coronavirus outbreaks. -BBC

 

 

 

Boss behind mass Zoom firing back in charge

On the call Mr Garg told 900 staff: "Your employment here is terminated.
Effective immediately."

The US boss who sparked outrage after sacking 900 staff in an online Zoom
meeting has returned as the company's chief executive.

 

Vishal Garg took a "break" from his duties at mortgage start-up Better.com
in December, after his handling of the affair drew widespread criticism.

 

At the time, Mr Garg apologised for his insensitive delivery but maintained
the job cuts were necessary.

 

Better's board said it had confidence in Mr Garg, who founded the start-up.

 

"As you know, Better's CEO Vishal Garg has been taking a break from his
full-time duties to reflect on his leadership, reconnect with the values
that make Better great and work closely with an executive coach,"
Better.com's board said in an email to staff on Tuesday.

 

"We are confident in Vishal and in the changes he is committed to making to
provide the type of leadership, focus and vision that Better needs at this
pivotal time."

 

Boss says sorry for 'blundered' mass Zoom firing

Mr Garg faced heavy criticism in December after he fired 900 staff - about
15% of his workforce - via Zoom.

 

"If you're on this call you're part of the unlucky group being laid off," Mr
Garg told staff. "Your employment here is terminated. Effective
immediately."

 

A recording of the call was shared on social media, prompting comments that
sacking people this way was "cold", "harsh" and "a horrible move",
especially in the run up to Christmas.

 

He swiftly apologised. Though the sackings were necessary, Mr Garg said, he
accepted he had "blundered the execution" and "embarrassed" staff.

 

"I failed to show the appropriate amount of respect and appreciation for the
individuals who were affected," he said in a letter on the firm's website.

 

"I am deeply sorry and am committed to learning from this situation and
doing more to be the leader that you expect me to be," he said.

 

A few day's later, the board said Mr Garg was "taking time off" after the
"regrettable events".

 

Mr Garg's management style had been criticised before, after the magazine
Forbes obtained an email that he sent to staff last year.

 

In it Mr Garg wrote: "You are TOO DAMN SLOW. You are a bunch of DUMB
DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING
ME."

 

In the letter to staff on Tuesday, Better's board said it was adding three
new leadership positions, including the role of president, a new chairman of
the board and a new head of human resources.

 

It said the firm planned workplace training to ensure a respectful work
environment and would conduct a review of company culture in six months.

 

New York-based Better.com, which aims to use technology to make the
house-buying process easier, confirmed last year that it planned to float
the company on the stock market.

 

A deal could value the business - which Mr Garg founded in 2015 - at between
$6.9bn (£5.2bn) and $7.7bn.-BBC

 

 

 

Brewdog flouted US laws over beer imports

Scottish beer giant Brewdog sent multiple shipments of beer to the US, in
contravention of US federal laws, a BBC investigation has found.

 

Staff at its Ellon brewery told the BBC they were put under pressure in 2016
and 2017 to ship beer with ingredients that had not been legally approved.

 

One US-based importer said they had been deceived by Brewdog.

 

In a social media post on Wednesday, Brewdog CEO James Watt admitted to
"taking shortcuts" with the process.

 

BBC Scotland's Disclosure programme has been told that staff at the Ellon
brewery in Aberdeenshire knew that two of its flagship products, Elvis Juice
and Jet Black Heart, contained extracts which would not be approved in the
US.

 

One former worker told the investigation: "The pressure was enormous. 'Just
make it happen', that was the culture. It was clear to us this was coming
from the top - from James [Watt]."

 

Another said: "We were continually told to ship beer to the USA, despite
everyone knowing the beers hadn't been approved.

 

"Everyone was worried they'd be [fired] if they didn't do what was asked."

 

The BBC has seen evidence that suggests US treasury officials from the
Alcohol and Tobacco Tax and Trade Bureau (TTB) were given false information
on at least five occasions during a six-month period, which meant that
potentially hundreds of kegs of beer were sent with incorrect labelling - a
violation of TTB laws.

 

All beer imported to the US needs to be declared to the TTB and given an
official label before being shipped.

 

UK breweries provide the details of their beers to a US-based importer, who
make the label application on the brewery's behalf.

 

If the beer has any unusual ingredients, like flavourings or extracts, these
need to be declared so that a special label, referencing the beer's formula,
can be approved before it can be shipped.

 

Each extract needs to be deemed safe for consumption in the US before an
approval is granted, and this process can sometimes take months.

 

False information provided to the TTB can be prosecuted under US perjury
laws.

 

Brewdog sources have told the BBC that the only way to have shipped Elvis
Juice and Jet Black Heart to the US in that period was to not declare the
extracts.

 

Former TTB labelling specialist Battle Martin said: "I think it's serious.
There's a lot of people out there putting a lot of effort into complying
with the regulations.

 

"There has been a deception here," he said. "In my view, based on the number
of products and based on the number of times this has happened, I think it
warrants further investigation, because it shows a pattern."

 

The claims are to be broadcast as part of a 60-minute documentary on BBC One
Scotland on Monday 24 January at 19:00.

 

The BBC wrote to Brewdog last week detailing its allegations.

 

In a LinkedIn post on Wednesday - entitled My Biggest Mistakes As Brewdog
CEO - Mr Watt said: "We made some mistakes with the paperwork on the first
few shipments [to the US] 
all taxes were paid in full, but the paperwork
was not always correct."

 

"In hindsight, there were oversights ... due to the fact we were trying to
run a growing business on one side of the Atlantic and start a new business
on the other."

 

Mr Watt said the company self-reported the issue to the TTB, who told
Brewdog there would be no further action taken.

 

It is not clear if Brewdog self-reported the issue at the time, or after the
BBC wrote to them.

 

The TTB told the BBC that a three-year statute of limitations prevented any
enforcement action being taken, and in any case, it would have to have been
initiated against the US-based importer, who is legally responsible for the
shipments.

 

Importers face losing their import licence for serious breaches of TTB
regulations.

 

Mr Watt said Brewdog had consulted a lawyer who believed the errors made
would not risk an importer's licence.

 

Daniel Shelton, who imported one shipment for Brewdog, said he was deceived
by the company.

 

He said: "I was misled. I had every reason to believe that they would tell
the truth.

 

"We believed what we were told and we weren't told what was actually going
on.

 

"They did lead somebody in my company to falsify documents. And, of course,
I'm not happy about that; I don't respect that, I don't like it."

 

Another importer, Massachusetts-based MHW, told the BBC: "Our focus is to
comply with all Federal and State laws and we rely on all our suppliers for
whom we import to provide truthful and accurate information as to all the
ingredients in their products so we can determine the required Federal
compliance processes to be executed.

 

"Regarding the two products in question, we executed the Federal compliance
based on the information provided by the supplier at the time, which we
believed to be truthful and accurate."-BBC

 

 

 

Why high energy costs will push up your phone bill

When you see your mobile bill rise this year, you probably won't blame
Russia for deploying 100,000 troops at its border with Ukraine.

 

But the two events are linked by Germany's refusal to approve a new Russian
gas pipeline.

 

And we had proof of the impact on Wednesday. The Office for National
Statistics revealed that UK inflation hit 5.4% in the 12 months to December,
a sign that these huge geopolitical events are starting to affect our
personal finances at home.

 

And their impact emerges in an unexpected location: at the mouth of the
River Medway in Kent.

 

In the 17th century, a chain stretched across the river to defend the region
against invading ships from Europe - although the county's history, as the
last place in the UK to have been occupied by a foreign army, perhaps
suggests the defence was not all that effective.

 

Today, it is on the frontline of a very different type of invasion from
overseas: high prices.

 

It is the most visible entry point for a wave of inflation that has now
reached a 30-year high. What does that inflation look like? Huge tankers,
each carrying enough liquid natural gas to meet a third of the UK's needs
for a day.

 

This valuable cargo will be unloaded at London Thamesport and delivered to
energy companies which have paid record prices for the gas, much of which
was fracked in the US. In fact, one of these ships was on its way across the
Pacific to China, having passed through the Panama Canal, when it was
rediverted to the UK where buyers were willing to pay 25% more for its
cargo.

 

And that premium will be passed on to us, energy customers; if not now, then
in April when the energy price cap is increased.

 

So what has this got to do with the build up of Russian troops on its border
with Ukraine - and how will it affect your phone bill?

 

Well, while the UK actually sources very little of its gas from Russia, that
is not the case for the EU, which gets about half of its gas from the
country. Most of the rest comes from Norway and Algeria.

 

But that gives Russia control of the market, which means it can effectively
set the price that the rest of us have to pay. A new pipeline, Nord Stream
2, has been built to increase the amount of gas Russia can send to Europe.
But even though construction has been completed, gas has not started to flow
because that would require regulatory clearance from Germany and the EU.

 

However, Germany has warned that it could block that approval if Russia
re-invaded Ukraine, an invasion many in the international community fear
Vladimir Putin may be preparing for - although Moscow denies it.

 

Meanwhile, energy prices are continuing to rise, pushing inflation well
above the Bank of England's 2% target. And by April, when the energy price
cap increases, it is likely to be more than three-times higher than that
target.

 

And that will impact your phone bill.

 

Buried in the small print of your contract is a clause that allows the
network provider to increase prices in line with the old retail price index,
which is already at 7.5%.

 

And the price increases can be felt elsewhere too. Kati Ramsden runs Bare
Bazaar independent food store in Ashford, 40 miles away from the mouth of
the River Medway, where those cargo vessels are unloading. She has been
forced to relabel a lot of the products she sells to account for the price
rises from her suppliers.

 

"This morning I had to put up demerara sugar from 25p to 38p [per 100g] just
to suck up the price increase," she said.

 

Meanwhile, the cost of a bag of pasta had increased from £1.50 to nearly
£2.00, she said.

 

"It could make a difference to a customer because their wages aren't going
up," she said.

 

So while these vast global currents cause sea changes abroad, the ripples
are being felt much closer to home.-BBC

 

 

 

US and UK finally sit down on steel tariffs

The US and UK have begun formal negotiations over Trump-era tariffs on UK
steel and aluminium exports.

 

Trade officials in both countries said they were committed to an
"expeditious outcome" that would help preserve metals manufacturers in both
markets.

 

The trade dispute has been a longstanding thorn in relations between the two
allies.

 

The US reached a deal to remove border taxes on European metals shipments
last year.

 

Under the Trump administration, the US imposed a 25% duty on foreign steel
and 15% tax on foreign aluminium, setting off a firestorm of criticism -
especially from allies, including the UK, who imposed tariffs on some US
goods, such as whiskey, in retaliation.

 

The US has since lifted some of the measures, which were supported by many
steel-makers in the US.

 

Under President Joe Biden, it has reached a deal with Europe and has started
negotiations on the issue with Japan.

 

But British exporters continue to face the border taxes.

 

One UK steel exporter has already said it is shifting production to Spain as
a result. United Cast Bar Limited told the BBC it was unlikely to move
production back to the UK once it had been moved, unless an agreement was
reached with the US very quickly.

 

In a statement announcing the start of talks, UK and US trade officials
said: "Both parties are committed to working towards an expeditious outcome
that ensures the viability of steel and aluminium industries in both markets
against the continuing shared challenge of global excess capacity and
strengthens their democratic alliance."

 

The statement followed a virtual meeting between UK Secretary of State for
International Trade Anne-Marie Trevelyan and United States Secretary of
Commerce Gina Raimondo. United States Trade Representative Katherine Tai
also signed onto the statement.

 

Ms Trevelyan called Wednesday's meeting "productive", and said "we want a
resolution as soon as possible which supports UK businesses and further
strengthens our trading relationship".

 

The UK steel lobby welcomed the news. It said the existing tariffs had
reduced UK exports by nearly 50%.

 

"That a few weeks into 2022 a resolution appears to be in sight is hugely
welcome news to the steel sector and steelworkers across the UK," UK Steel
said.

 

"Given the competitive disadvantage created by the EU deal, it is vital that
these talks are concluded swiftly to limit any additional damage to UK
producers."

 

The industry body added that it hoped the UK would be able to get an even
better deal with the US than the European Union as it "put its new
independent trade powers to full use".

 

American whiskey-makers, whose exports to the UK have dropped by more than
half since UK retaliatory tariffs came into effect in 2018, also said they
hoped a deal would come soon.

 

"Securing the immediate removal of the UK's 25% tariff on American whiskeys
helps support U.S. jobs as the economy seeks to recover from the harsh
economic impacts and significant supply chain disruptions caused by the
COVID-19 pandemic," said Rob Maron of the Distilled Spirits Council of the
United States.

 

The statement from the US and UK said joint measures to address
over-production in China would be a focus of future discussions. They blamed
the country for creating "excess capacity", which they said had created
"distortions that...pose a serious threat to market-oriented steel and
aluminium industries in the United Kingdom and the United States, and to the
workers in those industries".

 

They said the talks were focused on finding a way to partner "to promote
high standards, address shared concerns and hold countries that practise
harmful market-distorting policies to account".

 

After this ministerial meeting, talks between UK and US officials begin on
Thursday and the UK side is keen for them to progress at pace and be wrapped
up in weeks, not months.

 

The joint statement gives them something to work on. It puts the blame for
global excess capacity in the steel and aluminium industries "largely" on
China, and says the distortion that causes poses a problem for companies and
workers in both the UK and the US.

 

Neither side wants their trade dispute to worsen, so pointing a finger at a
rival third party is one way out.

 

UK steel companies are also desperately keen to get the 25% tariffs on their
exports removed as soon as possible - it puts them at a significant
competitive disadvantage compared to their EU counterparts.

 

But there are other political considerations. There is still concern in
Washington about the entirely separate negotiations on Northern Ireland
between the UK and the EU, and British threats to suspend parts of the
Northern Ireland Protocol.

 

Put it this way: if the talks on Northern Ireland take a negative turn, that
will certainly not make a resolution of the steel dispute any easier.

 

So, it will be interesting to see whether the Americans share the British
desire to get this sorted within weeks. If they do, that will be welcome
news in London. If they don't, pressure on the UK government to step up its
retaliatory measures will intensify.-BBC

 

 

 

Millionaires ask to pay more tax

A group of more than 100 of the world's richest people have called on
governments to make them pay more tax.

 

The group, named the Patriotic Millionaires, said the ultra-wealthy were not
being forced to pay their share towards the global economic recovery from
the coronavirus pandemic.

 

"As millionaires, we know that the current tax system is not fair," they
said in an open letter.

 

The signatories included Disney heiress Abigail Disney and Nick Hanauer.

 

Mr Hanauer is a US entrepreneur and an early investor in online retail giant
Amazon.

 

"Most of us can say that, while the world has gone through an immense amount
of suffering in the last two years, we have actually seen our wealth rise
during the pandemic - yet few if any of us can honestly say that we pay our
fair share in taxes," the signatories said in the letter to the World
Economic Forum.

 

Earlier at the forum, which is being held virtually due to Covid rather than
in its normal home at Davos, charity Oxfam said the pandemic made the
world's wealthiest far richer, while also leading to more people living in
poverty.

 

Its report said lower incomes for the world's poorest contributed to the
death of 21,000 people each day, but added the world's 10 richest men had
more than doubled their collective fortunes since March 2020.

 

Research by Credit Suisse has also found that in 2020, the number of
millionaires increased by 5.2 million to a total of 56.1 million globally.

 

The UK branch of Patriotic Millionaires said analysis by the Fight
Inequality Alliance, the Institute for Policy Studies, Oxfam and itself
found a wealth tax starting at 2% annually for those with more than $5m, 3%
for people with more than $50m, and 5% for billionaires could generate $2.52
trillion a year.

 

The group claimed taxing the UK's wealthiest 119,000 people at such rates
would raise £43.71bn a year.

 

They suggested such funds could be used to eliminate planned National
Insurance tax rises to fund social care in England, pay for the salaries of
50,000 nurses and a permanent increase of Universal Credit.

 

It said globally, $2.52tn could lift 2.3 billion people out of poverty and
make enough vaccines for the world.

 

Gemma McGough, British entrepreneur and founding member of Patriotic
Millionaires, UK said: "For all our well-being - rich and poor alike - it's
time we right the wrongs of an unequal world. It's time we tax the rich."

 

Ms McGough added: "At a time when simply living will cost the average
household a further £1,200 a year, our government cannot expect to be
trusted if it would rather tax working people than wealthy people.

 

"If they do anything in the next few months, they should do this: rather
than raising National Insurance, tax the rich - tax us - instead."

 

In the open letter, the signatories said business and political leaders were
"not going to find the answer in a private forum" and were "part of the
problem".-BBC

 

 

 

Donald Trump investigation reveals new details of alleged fraud

Donald Trump's family business misrepresented the value of some of its
biggest assets by hundreds of millions of dollars, according to documents
filed by the New York attorney general.

 

Letitia James accuses the Trump Organization of using "fraudulent or
misleading asset valuations" to get loans, insurance and tax breaks.

 

It is Ms James' strongest language yet, as she tries to get Mr Trump to
testify in her civil investigation.

 

Mr Trump denies any wrongdoing.

 

The former president, a Republican, has called the investigation into his
business practices a politically motivated witch-hunt by Ms James, who is a
Democrat.

 

She opened a civil inquiry in 2019 into claims that - before he took office
- Mr Trump had inflated the value of his assets to banks when seeking loans.

 

Mr Trump's lawyers are trying to stop Ms James from questioning the former
US president and his children, and he has sued her to try to halt the probe.

 

Ms James's civil case is separate to an ongoing criminal investigation in
Manhattan into the organisation's business practices.

 

Her latest court filing on Tuesday is the first time the allegations being
levelled at the Trump Organization have been detailed with specific
examples.

 

They involve six of his properties in New York and Scotland, and the "Trump
brand".

 

For example, his large property in Westchester county, north of Manhattan,
was valued by the Trump Organization at $291m in 2012 (£189m at the time),
however an appraisal in 2016 valued it far lower, at just $56m, the court
filing says.

 

The attorney general also alleges that Mr Trump's lavish three-storey
penthouse in New York's Trump Tower was valued based on a size of 30,000 sq
ft (2,800 sq m), but it is in fact 10,996 sq ft.

 

The court filing claims that at least two false statements were made to the
Internal Revenue Service (IRS) - the main tax body in the US - that
"substantially overstated" the value of two properties to get a tax break.

 

Ms James says this is evidence that the Trump Organization "used fraudulent
or misleading asset valuations to obtain a host of economic benefits,
including loans, insurance coverage, and tax deductions."

 

The latest court documents are part of legal action the New York attorney
general is taking against the former president, his eldest son Donald Trump
Jr and his daughter Ivanka Trump to force them to testify and answer
questions as part of the civil investigation.

 

In a statement, Ms James said "the Trumps must comply with our lawful
subpoenas... because no one in this country can pick and choose if and how
the law applies to them."

 

The initial summons prompted Mr Trump's lawyers to sue Ms James in an
attempt to stop the investigation, accusing her of violating his
constitution rights by pursuing a partisan inquiry.

 

Ms James says she wants to question his children in particular because
Donald Trump Jr helps to run the family business and has certified the
company's financial statements, while Ivanka Trump "negotiated and secured
financing" for Trump properties.

 

She has already questioned another of Mr Trump's sons, Eric Trump, who
partly took over control of the company when his father became president in
2017.

 

The latest court filings by New York Attorney General Letitia James detail
some of the most specific allegations yet being levelled at Donald Trump's
family business

Letitia James's inquiry into Donald Trump's dealings is a civil
investigation, meaning it could result in a fine or lawsuit.

 

The criminal investigation into the Trump Organization is now being run by
the new Manhattan District Attorney, Alvin Bragg. He is using some of the
evidence Ms James's team says it has uncovered.

 

In July, the Trump Organization and its finance chief, Allen Weisselberg,
were charged over an alleged 15-year-long scheme of helping executives evade
taxes by giving benefits, such as rent and school fees, that were hidden
from the authorities.

 

Lawyers for the firm and Mr Weisselberg have pleaded not guilty to tax
fraud.-BBC

 

 

 

Inflation: Seven reasons why the cost of living is going up around the world

>From buying groceries to heating our homes, the cost of living is rising
sharply - not just in the UK but around the world.

 

Global inflation - the rate at which prices rise - is at its highest since
2008. Here are some of the reasons why.

 

Oil prices slumped at the start of the pandemic, but demand has rocketed
back since, and this week they hit a seven-year high.

 

In the US gasoline currently costs an average of $3.31 a gallon - up from
$2.385 a gallon a year ago. It's a similar story in the UK and the EU.

 

The price of gas has also shot up, leaving people around the world with
eye-watering central heating bills.

 

Demand from Asia has driven up prices, along with a cold winter in Europe
last year, which depleted gas reserves.

 

 

Petrol prices: Are we paying too much at the pump?

2. Goods shortages

 

Nike - and other companies - have raised prices due to supply chain costs

The price of many everyday consumer goods jumped during the pandemic.

 

Consumers stuck at home during lockdown last year splashed out on household
goods and home improvements because they couldn't go to restaurants or on
holiday.

 

Manufacturers in places such as Asia - many of which faced shutdowns due to
Covid restrictions - have struggled to keep up with demand since then.

 

It's led to shortages of materials such as plastic, concrete and steel,
driving up prices. Timber cost as much as 80% more than usual in 2021 in the
UK and reached more than twice its typical price in the US.

 

Major US retailers Nike and Costco have put up their prices because of
higher supply chain costs.

 

And there's a shortage of microchips, which are vital components in cars,
computers and other household goods.

 

3. Shipping costs

 

 

Global shipping companies - which move goods around the world - have been
overwhelmed by surging demand after the pandemic.

 

It's meant retailers have had to pay a lot more to get those goods into
stores. As a result, prices have been passed on to consumers.

 

Sending a single 40ft container from Asia to Europe currently costs $17,000
(£12,480) - more than 10 times than the year before, when it was $1,500
(£1,101).

 

It's been accompanied by a rise in air freight fees and made worse by a
lorry driver shortage in Europe.

 

Transport bottlenecks appeared to be easing in December, with the US
starting to get on top of record congestion at its ports.

 

But Omicron and the emergence of future Covid variants could reverse these
gains.

 

How Covid disrupted our Christmas toy deliveries

4. Rising wages

Many people quit the workforce or changed jobs during the pandemic.

 

In the US, April saw more than four million people quit their jobs,
according to the Department of Labor - the biggest spike on record.

 

As a result, firms are having problems recruiting staff such as drivers,
food processors and restaurant waiters.

 

A survey of 50 major US retailers by research firm Korn Ferry found that 94%
were having trouble filling empty roles.

 

As a result companies are having to put up wages or offer signing-on bonuses
to attract and retain staff. McDonald's and Amazon are offering hiring
bonuses ranging from $200 to $1,000.

 

Those extra employer costs are again being passed on to consumers. Global
clothing brand Next have blamed planned price rises for 2022 partly on
climbing wage costs.

 

An Amazon worker at the company's Orlando, Florida, warehouse

 

 

Amazon are offering hiring bonuses in an attempt to attract workers

5. Climate impact

Extreme weather in many parts of the world has contributed to inflation.

 

Global oil supplies took a hit from hurricanes Ida and Nicholas passing
through the Gulf of Mexico and damaging US oil infrastructure.

 

And problems meeting the demand for microchips were worsened after a fierce
winter storm closed major factories in Texas last year.

 

The cost of coffee has also jumped after Brazil, the world's largest
producer, had a poor harvest following its most severe drought in almost a
century.

 

Texas power lines

 

 

6. Trade barriers

More costly imports are also contributing to higher prices. New post-Brexit
trading rules are estimated to have reduced imports from the EU to the UK by
about a quarter in the first half of 2021.

 

Roaming charges are returning for many UK travellers visiting Europe this
year.

 

Separately, US import tariffs on Chinese goods have almost entirely been
passed on to US customers in the form of higher prices.

 

Chinese telecoms giant Huawei said last year that sanctions imposed on the
company by the US in 2019, were impacting US suppliers and global customers.

 

7. The end of pandemic support

Woman shopping for fresh groceries in supermarket. She is shopping with a
cotton mesh eco bag.

 

 

Governments worldwide are unwinding support given businesses to help with
the impact of coronavirus.

 

Public spending and borrowing increased across the world during the
pandemic. This led to tax rises that have contributed to the cost-of-living
squeeze, while most people's wages remain unchanged.

 

Many developed economies have had policies designed to protect workers -
such as furlough - and welfare policies to protect the lowest paid.

 

Some economists suggest these policies could also push inflation higher as
the support measures draw to a close.-BBC

 

 

 

Asian shares break losing streak as China cuts key mortgage rate

(Reuters) - Asian share markets broke a five-day slide, pushing higher on
Thursday as China underscored its diverging monetary and economic picture by
cutting benchmark mortgage rates.

 

The rise was set to continue in Europe, where strong earnings helped to
support gains a day earlier. In early deals, pan-region Euro Stoxx 50
futures were up 0.32%, German DAX futures were 0.2% higher and FTSE futures
rose 0.46%.

 

Despite the bounce, analysts at ING said geo-political risks, notably the
possibility of Russia invading Ukraine, could continue to weigh on global
shares, adding to existing pressure from the rising rates outlook.

 

"Markets may soon start to take into account a greater risk of a conflict
flare-up between Russia and Ukraine, which is one reason why stocks may
continue to sell and why Treasury yields aren't on a one-way ticket higher."

 

U.S. President Joe Biden predicted on Wednesday that Russia will make a move
on Ukraine, saying a full-scale invasion would be "a disaster for Russia"
but suggesting there could be a lower cost for a "minor incursion." read
more

 

Expectations that the U.S. Federal Reserve will move more quickly to hike
interest rates to combat inflation hit technology shares particularly hard
overnight, pushing the Nasdaq down more than 1% into correction territory.

 

The sell-off hit bonds as well, pushing U.S. Treasury yields to two-year
highs on Wednesday, and taking Germany's 10-year yield into positive
territory for the first time since May 2019 as investors bet policymakers
will curb years of stimulus in order to fight rising inflation exacerbated
by supply chain disruption.

 

"There comes a point when you've offloaded, you might want to stop
offloading. If bonds start to rally a little bit, and you saw yields ease
off yesterday in the U.S., it kind of feels like ... we might actually not
get a follow-through," said Matt Simpson, senior market analyst at City
Index in Sydney.

 

In stark contrast with the global move toward tighter policy and higher
rates, China on Thursday cut its mortgage reference rate for the first time
in nearly two years. The move followed a surprise cut to the central bank's
rate for one-year medium-term loans on Monday. read more

 

Chinese monetary authorities have signalled that they will take more easing
steps this year to shore up slowing growth in the world's second-largest
economy. read more Data released on Monday showed weakness in consumption
and the property sector darkening the outlook despite a strong headline
growth figure. read more

 

China's blue-chip CSI300 index (.CSI300) rose more than 1% on Thursday and
Hong Kong's Hang Seng was up nearly 3% in afternoon trading. Shares of
Chinese property developers boosted gains in the broad index amid hopes that
government measures would help ease a funding squeeze in the embattled
sector, even as another developer warned of default. read more

 

The rise in Chinese shares lifted MSCI's broadest index of Asian shares
outside Japan (.MIAPJ0000PUS) 1% higher.

 

Seoul's Kospi (.KS11) rose 0.68% and Australian shares (.AXJO) gained 0.14%.
In Tokyo, the Nikkei (.N225) added 1.11%.

 

The gains in Asia came after investors on Wall Street looked past robust
earnings at the outlook for inflation and rate rises.

 

The Dow Jones Industrial Average (.DJI) fell 0.96% and the S&P 500 (.SPX)
lost 0.97%. The Nasdaq Composite (.IXIC) dropped 1.15%, putting it more than
10% below its Nov. 19 record closing high to confirm a correction.

 

In the Asian session, U.S. yields edged up, but remained below their highs
in the previous session. The benchmark 10-year yield rose to 1.8540% from a
U.S. close of 1.827%, and the policy-sensitive two-year yield touched
1.0555% compared with a U.S. close of 1.025%.

 

The pause in Treasury yields' march higher kept the greenback in check, with
the dollar index which measures the greenback against six major peers at
edging down to 95.553 as commodity currencies benefited from high oil
prices.

 

The Aussie dollar was 0.26% higher.

 

The U.S. dollar edged up 0.17% against the Japanese yen to 114.50 and the
euro rose 0.07% to $1.1349.

 

In commodity markets, oil prices remained elevated after touching their
highest levels since 2014 on Wednesday on strong demand and short-term
supply disruptions. Global benchmark Brent crude was last down 0.1% at
$88.36 per barrel and U.S. crude rose 0.36% to $87.27 per barrel.

 

Gold paused after marking its best session in three months a day earlier.
Spot gold gave up 0.08% to $1,838.40 an ounce.

 

The Thomson Reuters Trust Principles.

 

 

 

China cuts key rates, stepping up monetary stimulus effort to underpin
economy

(Reuters) - China stepped up its monetary easing efforts to prop up a
slowing economy this week by lowering a set of key policy rates and lending
benchmarks, and markets believe Beijing could ease further before growth
bottoms out.

 

With the property downturn seen persisting into 2022 and fast-spreading
Omicron variant dampening consumer activity, many analysts expect more
easing measures will be necessary, despite other major economies, including
the United States, appearing set to tighten their monetary policies this
year.

 

The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.70%
from 3.80%. And the five-year LPR was reduced by 5 basis points to 4.60%
from 4.65%, the first reduction since April 2020.

 

The LPR cuts were expected after official comments called for more monetary
easing to prop up the broad economy.

 

All 43 participants in a snap Reuters poll predicted a cut to the one-year
LPR for a second straight month. Among them, 40 respondents also forecast a
reduction to the five-year LPR rate. read more

 

The cut to the 5-year LPR suggested that "the Chinese authorities are keen
to lower the cost of credit lending, so the total credit growth is expected
to rebound after the Spring Festival to ease the pressure on macro economy,"
said Marco Sun, chief financial analyst at MUFG.

 

"China's monetary policy still has some room for easing in the first half of
this year, depending on the policy transmission effect and the growth target
set by annual parliamentary meeting in March."

 

China's central bank "should hurry up, make our operations forward-looking,
move ahead of the market curve, and respond to the general concerns of the
market in a timely manner," People's Bank of China Vice Governor Liu
Guoqiang said on Tuesday, heightening market expectations for more stimulus
to help economic stability. read more

 

Sheana Yue, China economist at Capital Economics, expects a further 20 basis
point cut to the one-year LPR during the first half of this year.

 

Liu's comments followed unexpected cuts to borrowing costs for short- and
medium-term loans this week, after December economic data showed further
weakening in consumption and the troubled property sector, both major growth
drivers. read more

 

Interest rates on medium-term lending facilities (MLF) now serve as a guide
to the LPR. Market participants believe moves to the LPR should mimic
adjustments to MLF rates.

 

Most new and outstanding loans in China are based on the one-year LPR. The
five-year rate influences the pricing of mortgages.

 

The Thomson Reuters Trust Principles.

 

 

 

Japan's Dec exports, imports hit record high by value as supply bottlenecks
ease

(Reuters) - Japan's exports and imports in December hit record highs in
terms of their value in yen, data showed on Thursday, as supply bottlenecks
eased at the end of 2021 amid rising prices.

 

However, a persistent semiconductor shortage remained a headache for
Japanese firms such as automaker Toyota (7203.T), which slashed its
near-term output target this week, in addition to uncertainties around the
Omicron variant. read more

 

"There're considerable uncertainties" from Omicron, Takeshi Minami, chief
economist at Norinchukin Research Institute said, adding it could derail
various aspects of Japan's economy from firms' overseas supply chains to
domestic consumption.

 

Exports in December rose 17.5% from a year earlier, Ministry of Finance data
showed, outstripping a 16.0% gain expected by economists in a Reuters poll
but below a 20.5% rise in November.

 

Yen-denominated exports and imports hit records of 7,881.4 billion yen ($69
billion) and 8,463.8 billion yen, respectively, biggest since comparable
data became available in January 1979, largely as rising inflation affected
both flows.

 

Steel exports rose 75.1% year-on-year by value, but the gain in export
volume was 10.2%, suggesting soaring commodity prices pushed up values of
made-in-Japan goods sold overseas.

 

Exports to the United States rose 22.1%, with car shipments marking their
first year-on-year rise in five months at 11.9% as Japan's factory output
rebounded. read more

 

Shipments to China, Japan's biggest trade partner, grew 10.8% in December
from a year earlier.

 

ANNUAL TRADE DEFICIT

 

Imports by the world's No.3 economy surged 41.1% in December on higher raw
material costs and a weak yen, versus expectations of a rise of 42.8% and
growth of 43.8% in the previous month.

 

The led to a trade deficit of 582.4 billion yen ($5.09 billion) in December,
versus expectations of 784.1 billion yen.

 

For the full year 2021, Japan reported a trade deficit of 1,472.2 billion
yen, the first in two years and following a 388.3 billion surplus in 2020,
amid higher fuel import costs.

 

"The rise of import costs is common among advanced economies, but (Japan's)
problem is weak pass-through of import costs to domestic prices,"
Norinchukin's Minami said.

 

"The recent combination of a weak yen and high fuel costs has brought
considerable damage to Japan's economy."

 

The Bank of Japan has said a weak yen is likely to continue to positively
impact Japan's economy, even though rising import good prices hurt
households. read more

 

Japan is expected to have grown by an annualised 6.5% in the last quarter of
2021 thanks to a strong rebound in consumption, the latest Reuters poll
shows. read more

 

But policymakers have been wary of risks from the rapidly spreading Omicron
variant, as Japan recorded its largest daily COVID-19 infections this week.
read more

 

($1 = 114.2100 yen)

 

The Thomson Reuters Trust Principles.

 

 

 

United Airlines cuts capacity forecast, flags cost pressure on Omicron
turmoil

(Reuters) - United Airlines Holdings on Wednesday trimmed its capacity
forecast and warned of higher costs, after posting a smaller-than-expected
fourth-quarter loss, citing turbulence from the Omicron coronavirus variant.

 

The Chicago-based carrier said the latest wave of the health crisis has
depressed near-term demand even as bookings for the spring and beyond remain
strong.

 

United said its priority is to match capacity with demand. As a result, its
2022 capacity is now projected to be lower than in 2019, instead of growing
5% as estimated earlier.

 

It expects to restore 82% to 84% of pre-pandemic capacity in the quarter
through March, with revenue recovering to just 75% to 80% of 2019 levels.

 

Costs this year are now expected to be higher than in 2019, instead of going
down.

 

United's shares declined about 2.5% to $43.31 in extended trading.

 

Rival Delta Air Lines (DAL.N) last week forecast a current-quarter loss due
to the Omicron variant's impact on travel.

 

Winter storms and an increase in COVID-19 infections among employees have
led to mass flight cancellations. In one day alone, nearly one-third of
United's workforce at Newark Liberty International Airport called in sick.
Last week, the carrier said 3,000 employees were infected with the virus.
read more

 

In response, carriers have cut their flight schedules and are offering crew
members not scheduled to work incentives to pick up additional shifts and
trips.

 

To ease staffing issues, United is offering its pilots premium pay through
the end of the month.

 

The incentives and flight cancellations are further inflating industry
costs, which have gone up in the past year with efforts to ramp up
operations.

 

United estimated current-quarter costs to be 14% to 15% higher than in the
same period in 2019.

 

Analysts at Jefferies said cost pressures are expected to be a "significant
headwind" for the carrier.

 

United said its Boeing (BA.N) 777-200 planes equipped with Pratt & Whitney
(PW) engines would begin to return to service in the current quarter.

 

It had to ground the wide-body jets after a United flight to Honolulu
suffered an engine failure and made an emergency landing last year in
Denver.

 

On an adjusted basis, the carrier reported a loss of $1.60 per share for the
quarter through December, compared with a loss of $7.00 per share a year
ago. Analysts surveyed by Refinitiv, on average, had expected a quarterly
loss of $2.11 per share.

 

Fourth-quarter revenue came in at $8.19 billion, compared with $3.4 billion
a year ago, beating the consensus estimate of $7.97 billion.

 

United will discuss the results on a call with analysts and investors on
Thursday morning.

 

The Thomson Reuters Trust Principles.

 

 

 

ECB's Lagarde: Inflation drivers will ease gradually in 2022

(Reuters) - Inflation in the euro zone will decrease gradually over the year
as its main drivers, such as surging energy prices and supply bottlenecks,
are expected to ease, European Central Bank (ECB) head Christine Lagarde
told France Inter radio.

 

Asked on her policy to counter price pressures, Lagarde reiterated that the
ECB did not need to act as boldly as the U.S. Federal Reserve because of a
different economic situation.

 

"The cycle of the economic recovery in the U.S. is ahead of that in Europe.
We thus have every reason not to act as rapidly and as brutally that one can
imagine the Fed would do," she said.

 

The Thomson Reuters Trust Principles.

 

 

 

Deliveroo reports 36% rise in gross value of orders in Q4

(Reuters) - Food delivery company Deliveroo (ROO.L) said the gross
transactional value of orders on its platform rose 36% year-on-year in the
fourth quarter, resulting in it hitting the top of its guidance range with a
70% rise for the year.

 

The British company said on Thursday that the number of orders grew 10% in
the quarter, and the average value stabilised, up by 1% in constant currency
to 21.40 pounds.

 

The Thomson Reuters Trust Principles.

 

 

 

Disney names Rebecca Campbell as international content group lead

(Reuters) - Walt Disney Co (DIS.N) on Wednesday named company executive
Rebecca Campbell to lead its new hub for international content creation to
expand regional content for its streaming services.

 

Campbell will oversee the creation of more locally produced content to fuel
the growth of Disney+, Hulu and Star+, as the video streaming services
expand globally.

 

Since the launch of Disney+ in late 2019, the company's streaming business
has expanded rapidly, with its service amassing 179 million subscribers
through the end of fiscal 2021. The company plans to double the number of
countries where its flagship Disney+ service is available to 160 by the end
of fiscal 2023.

 

Disney's announcement that it would invest in local content mirrors Netflix
Inc's strategy. Dominant streaming service Netflix has capitalized on the
global popularity of series developed outside the United States, including
its most recent hit, the dystopian South Korean drama "Squid Game."

 

Burbank, California-based Disney has been taking tentative steps in the same
direction.

 

Last October, Disney announced a slate of content from the Asia-Pacific
region, including a documentary on the chart-topping South Korean girl group
BlackPink, a romantic melodrama series starring Korean actor Jung Hae, and
"Tokyo MER", a Japanese medical drama starring award-winning actors Ryohei
Suzuki and Kento Kaku.

 

At the time, Disney said it planned to commission more than 50 productions
by 2023. In November, the first Disney+ original series produced in Latin
America, “Disney Intertwined” (“Entrelazados”), debuted.

 

Campbell will continue overseeing Disney's international media teams, in
addition to her expanded role as chair of international content and
operations, the company said. She will report to Chief Executive Bob Chapek.

 

Another Disney executive, Michael Paull, was promoted to the newly created
role of president of Disney Streaming, overseeing Disney+, Hulu, ESPN+ and
Star+. He joined Disney in 2017 after the acquisition of the streaming
technology company Bamtech Media, where he was CEO.

 

Joe Earley, who previously served as executive vice president of marketing
and operations for Disney+, has been named President of Hulu, reporting to
Paull.

 

The Thomson Reuters Trust Principles.

 

 

 

India, Tesla in 'weird stalemate' on tax cut demands with no investment
pledge-sources

(Reuters) - Talks between India and Tesla Inc (TSLA.O) over potential tax
benefits are deadlocked as the government is not keen to give the company
any breaks without a commitment to manufacture locally, people familiar with
the discussions told Reuters.

 

Tesla is desperate to import and sell its electric vehicles in India and has
for nearly a year lobbied officials in New Delhi to reduce tariffs, which
the company's billionaire CEO Elon Musk says are among the highest in the
world.

 

But Indian official sources said they have been unconvinced by Tesla's
lobbying as the company has not yet shared any firm plan to invest in the
country, something that would be in line with Prime Minister Narendra Modi's
"Make in India" vision to boost local manufacturing and create jobs.

 

A third person with direct knowledge of Tesla's thinking said the
discussions with the Indian government have reached a "weird stalemate
situation".

 

"Things are not moving ahead (for Tesla)," said the person.

 

The sources declined to be identified as the discussions are private.

 

The apparent deadlock could upset the electric carmaker's ambitions for the
South Asian country as it was pinning hopes on lower import taxes to make
its cars more affordable and the business viable.

 

Currently, India levies an import tax of as high as 100% on electric
vehicles which have a so-called landing cost -- a car's price plus inbound
shipping charges -- of $40,000 or more.

 

This would make India the most expensive market for Tesla cars in the world,
putting them well out of reach for most Indian consumers.

 

The third source said Tesla has told officials it is open to sourcing more
auto components locally and eventually moving towards manufacturing, but the
government sources have indicated they want firm commitments.

 

"If they do not want to invest anything here, how is that model going to
work," said one senior Indian government official, who added that a cut in
the import duty was "highly unlikely" anytime soon.

 

Tesla did not respond to a request for comment.

 

Modi's office and India's ministries of finance and industries, which are
all reviewing Tesla's demands, did not respond to a request for comment.

 

HARDLINE APPROACH

 

Tesla, though, has pinned its hopes on the upcoming federal budget on Feb. 1
- when such tax changes are typically announced - to see if its lobbying
yields any result, or then rethink how it wants to approach the Indian
market, the third source and a fourth person aware of the company's plans
said.

 

In its latest push, Tesla recently met officials from India's tax and
customs department, the fourth source said. It has previously met Modi's
officeand sought a meeting for Musk with the prime minister to discuss its
plansfor India.

 

Modi's government has in the past taken a hardline approach against demands
by foreign companies as it focuses on boosting local production. In 2017,
Apple sought tax concessions, including lower import duties, to make iPhones
locally, but many of its demands were rejected by Modi's officials.

 

Musk has previously said on Twitter that Tesla could consider building cars
in India if it succeeds in selling imported ones. He tweeted last week the
company was "still working through a lot of challenges with the government."

 

The Thomson Reuters Trust Principles.

 

 

 

Singapore lists first SPAC as Asia investors warm up to blank check firms

(Reuters) - A small blank-check firm backed by state investor Temasek made
its Singapore debut on Thursday, marking the first such local listing as
Singapore steps up a drive to emerge as a key venue for listings of this
type.

 

This came four months after Singapore Exchange allowed special purpose
acquisition companies (SPACs) or shell firms to list, easing proposed rules
in response to market feedback. read more

 

The listing of Vertex Venture's SPAC also marks the first major debut of
such vehicles in Asia since the frenzy seen in the United States in early
2021 prior to regulatory changes there. read more

 

"As the first SPAC in Singapore, we had to tread through difficult and
unchartered waters," Chua Kee Lock, CEO of Vertex Venture, a Temasek
subsidiary, told company executives, bankers and lawyers at a listing
ceremony.

 

With an eye on sectors such as cyber security and fintech, Vertex Technology
Acquisition Corp raised S$200 million ($148 million), with 13 cornerstone
investors such as Temasek-linked entities and a fund operated by Dymon Asia,
contributing 55%.

 

The SPAC last traded little changed from its offer price of S$5 per unit
after being heavily oversubscribed.

 

Vertex Venture, the sponsor, which manages $5.1 billion of assets with a
portfolio of 200-plus companies, has up to two years to find a target.

 

"The point is to attract high-growth technology companies which
conventionally would not have considered this market and now they have
sponsors who can take over the risk also," Chua told Reuters this week.

 

SPACs raise money in public offerings, put it in a trust and then aim to
merge with a private company and take it public, typically offering shorter
listing timeframes and strong valuations.

 

Another SPAC, Pegasus Asia, backed by European asset manager Tikehau Capital
(TKOO.PA) and a holding firm of LVMH's chairman, among others, raised S$150
million and plans to invest in tech-enabled sectors. It lists on Friday.
read more

 

A S$150 million SPAC sponsored by Southeast Asian industrial and technology
buyout fund Novo Tellus Capital Partners, got investment from a Temasek unit
and others. It lists next week.

 

Southeast Asia is seeing a boom in start-up funding as investors bet on
post-pandemic technology plays.

 

SGX is offering a regulatory framework similar to that in the United States,
including allowing participation of retail investors but also requires
sponsors to invest in SPACs.

 

Analysts say risks include SPACs overvaluing companies and not finding ideal
targets.

 

'HERE TO STAY'

 

"While there will always be gyrations in the market, we believe the SPAC
framework is here to stay and complements the traditional IPO route,"
Mohamed Nasser Ismail, SGX's head of equity capital markets, told Reuters.

 

By focusing on sponsors' track records and ensuring their compulsory
investment in SPACs, SGX is optimistic about SPAC listings.

 

While considered one of Asia's leading financial and business hubs,
Singapore has not captured big IPOs. Last year, fundraising on SGX halved to
$565 million, a six-year low, with just eight listings, Refinitiv data
shows.

 

Hong Kong, home to large Chinese listings, is also allowing SPAC listings
from this year but bars participation from retail investors. read more

 

Eng-Kwok Seat Moey, DBS' head of capital markets, said SPACs are being
accepted by many investors as an alternative to gain access to start-ups
which typically tap private equity markets.

 

"Several Singaporean and regional companies in high-growth, high-tech
sectors will be mature for listing on public markets in the coming years,"
she said, adding that these would emerge as business combination targets for
SPACs listed on SGX.

 

Credit Suisse and DBS are the joint issue managers on the Vertex SPAC, and
joint global coordinators, with Morgan Stanley.

 

($1 = 1.3500 Singapore dollars)

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 

 

 

 

 

 


 


 


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
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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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