Major International Business Headlines Brief::: 10 March 2022

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Major International Business Headlines Brief::: 10 March 2022 

 


 

 


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

 


 

 


ü  Oil prices plunge as UAE supports supply boost

ü  IMF approves $1.4bn emergency funding

ü  Use Russian money to rebuild Ukraine, says bank chief

ü  Distributors warn fuel price spike will hit food bills

ü  Huawei board members resign over silence on Ukraine

ü  Chancellor faces tough calls over households' income hit, says IFS

ü  Will the US crack down on cryptocurrency?

ü  Asian shares rally as Russia-Ukraine talks buoy sentiment

ü  Variant that combines Delta and Omicron identified; dogs sniff out virus
with high accuracy

ü  Oil prices fall most in 2 years as UAE supports output hike

ü  Food crisis grows as spiralling prices spark export bans

ü  Nestle, tobacco groups, gamemaker Sony join move away from Russia

ü  World shares rise, oil falls 13% on diplomacy, OPEC nation's pledge

ü  Amazon announces 20-for-1 stock split, $10 bln share buyback

ü  Tesla hikes China, U.S. prices for Model 3 and Model Y cars 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Oil prices plunge as UAE supports supply boost

Oil prices have plunged after the United Arab Emirates said it supported
increasing production.

 

Brent crude, an international benchmark, fell more than 17% at one point
after the statement by the UAE, a member of the powerful oil cartel Opec.

 

The fall follows weeks of skyrocketing prices due to supply disruptions
sparked by Russia's invasion of Ukraine.

 

The rising prices have put a financial squeeze on families around the world.

 

President Joe Biden and other leaders have pledged to try to ease the price
pressures for households. Officials from the US have been in talks with oil
producers aimed at boosting supply.

 

"We favour production increases and will be encouraging Opec to consider
higher production levels," Ambassador Yousuf Al Otaiba said in a statement
tweeted by the UAE Embassy in Washington.

 

Energy prices have been soaring for more than a year amid a rapid rebound in
demand for oil, which had collapsed during the pandemic.

 

Could the world survive without Russian oil and gas?

Russia's invasion of Ukraine added new price pressures, as sanctions make it
hard for the country - typically the producer of about 7% of global supplies
- to find buyers for its oil.

 

The US and Canada have also announced bans on Russian oil imports, while the
UK said it would phase them out by the end of the year.

 

Oil prices have jumped more than 30% since 24 Feb, touching $139 (£105) at
one point this week before falling back. Oil prices settled down about 12%
in US trade, at about $112 a barrel.

 

Brent crude moved higher in Asia trade, to stand at around $115 a barrel by
Thursday lunchtime.

 

The International Energy Agency (IEA) also recently agreed to release 60
million barrels of oil from strategic national reserves, but that move is
not enough to respond to the recent run-up in prices.

 

The agency said on Wednesday that oil reserves may be tapped further.

 

"If there's a need, if our governments decide so, we can bring more oil to
the markets, as one part of the response," said EIA chief Faith Birol.

 

The UAE statement comes just one week after Opec rebuffed calls to raise
production levels, saying it would stick to an earlier plan to gradually
increase output.

 

Stocks in Asia jumped following gains in the US and Europe. Japan's Nikkei
index was 3.9% higher in morning trade, while the Hang Seng in Hong Kong was
up by almost 1%.-BBC

 

 

 

IMF approves $1.4bn emergency funding

The International Monetary Fund (IMF) has approved $1.4bn (£1.1bn) of
emergency funding for Ukraine, as it fights against a Russian invasion.

 

It comes as the IMF predicts Ukraine will see a deep recession this year.

 

More than 2m people are estimated to have left the country since the war
started two weeks ago.

 

Earlier this week, the World Bank approved a $732m financial package for
Ukraine and is planning more economic assistance for the coming months.

 

"The Russian military invasion of Ukraine has been responsible for a massive
humanitarian and economic crisis," IMF managing director Kristalina
Georgieva said in a statement.

 

Ms Georgieva said the money was aimed to meet the country's urgent spending
needs and help ease the huge economic impact of the war.

 

"The tragic loss of life, huge refugee flows, and immense destruction of
infrastructure and productive capacity is causing severe human suffering and
will lead to a deep recession this year. Financing needs are large, urgent,
and could rise significantly as the war continues," she added.

 

The funds will be disbursed under IMF's Rapid Financing Instrument. This
means it will largely come without conditions that are usually placed on
borrower countries.

 

The IMF financing comes on top of a $723m World Bank economic package, which
was announced earlier this week.

 

That package was made up of grants and loans, including a $100m pledge from
the UK.

 

The World Bank said it was continuing to work on a $3bn package of support
for the coming months.

 

It also promised extra help for neighbouring countries that are taking in
the estimated 2m refugees - who are mostly women, children and the elderly -
fleeing Ukraine.

 

In recent days Ukraine's government has taken other steps to support its
war-torn economy.

 

Last week, the country raised $270m through the sale of war bonds and said
it planned to issue non-fungible tokens to help fund its armed forces.-BBC

 

 

 

Use Russian money to rebuild Ukraine, says bank chief

Frozen Russian assets should be used to rebuild Ukraine after the war, the
governor of Ukraine’s Central Bank has told the BBC.

 

Kyrylo Shevchenko called for an extensive list of extra sanctions, from
cutting card payments to suspending Russian access to the IMF.

 

Every day that sanctions are delayed "is costing the lives of civilians and
children", he said in an interview.

 

For security reasons, he answered questions sent by email.

 

Mr Shevchenko, Governor of the National Bank of Ukraine, said that Russia
should eventually be made to pay to repair the damage caused during the
invasion.

 

“The need for money will be huge,” he told the BBC. “It could be fulfilled
through loans and grants from multinational organisations and direct help
from other countries. However a large share of financing is needed to be
obtained as a reparation from the aggressor, including funds that are
currently frozen in our allied countries.”

 

Much of Russia’s $630bn of foreign exchange reserves are thought to be held
outside the country, and effectively frozen by sanctions in the US, the EU
and other places.

 

That would make billions available for reconstruction – if Ukraine is able
to access it once the war is over.

 

Mr Shevchenko welcomed the financial sanctions already imposed by the
international community, but said the world should go much further. He
called on governments, institutions and companies to impose an extensive
list of further financial sanctions, targeting every corner of Russia's
economy.

 

He called on:

 

·         Trading and financial data platforms Refinitiv and Bloomberg to
terminate access for Russian and Belarusian clients.

·         US and EU to instruct their banks to sever correspondent
relationships with Russian banks.

·         The central banks’ organisation, the Bank for International
Settlements, to expel Russia's central bank.

·         The International Monetary Fund to suspend Russia and Belarus from
its meetings, block their access to assets issued by the IMF called Special
Drawing Rights, “as these funds may be used to finance military action
against our country.”

·         China’s UnionPay card payment system (similar to Mastercard and
Visa) to stop servicing payment cards issued by Russian banks.

·         Armenia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkey and Vietnam to
block the Russian payment system, Mir.

·         International money transfer operator Western Union to cease
deliveries of cash to Russian and Belarusian banks.

·         “We already see the effect [of sanctions] on the aggressor’s
financial system, but we are still waiting for more to be done. I would like
to underline that every day that sanctions are delayed is costing the lives
of civilians and children,” Mr Shevchenko said.

 

“These are the lives of Ukrainians who have chosen the European way and are
now defending not only their own country, but also the entire system of
values that lies at the core of the Western civilization.”

 

What is clear from the testimony of the Ukraine's version of Andrew Bailey
is that in this war they are leaving no stone uncovered in their targeting
of the Russian financial system.

 

Every pipeline of cash into the "aggressor" has been identified, even as Mr
Shevchenko's team tries to keep the cash flowing in the Ukrainian financial
system and to its millions of refugees, and even set his country's monetary
policy from a bunker.

 

The IMF, the Bank for International Settlements, Western Union, Chinese
credit card payment systems, former Soviet nations' use of Russia's payments
system, all are the subject of Kyiv's lobbying to subject the Russian
financial system to an unprecedented squeeze.

 

Above all, that targeting of Russia's Central Bank, agreed by G7 nations,
has disarmed its warchest of foreign exchange reserves and halved the value
of the rouble.

 

I asked him if he was worried about the precedent being set here for
institutions normally given sovereign immunity. He pauses. "I can answer
from the bottom of my heart. We see that the Central Bank of Russia supports
military invasion and thus is also guilty, responsible in deaths of
civilians in Ukraine".

 

11bn hryvnia ($350m, £280m) has been paid in to the two special accounts set
up by the National Bank of Ukraine to receive donations for the military and
for humanitarian causes, Mr Shevchenko told the BBC.

 

The account for the military was set up on 24 February to accept
international and local donations in multiple currencies.

 

A similar account for humanitarian purposes was set up on 1 March.

 

Western countries have wrestled with the difficulties of suspending
purchases of Russian energy. While the cash Moscow receives for oil and gas
exports is a vital lifeline, European governments have decided that they
can’t live without vital Russian supplies, at least for now.

 

Mr Shevchenko said: “Today we can see that Russia is using its energy
resources capacities to put economic pressure on Europe. Energy is also one
of the leading narratives in the Russian media. They are using it to
misinform the Russian public about the West’s unwillingness to take tougher
measures, out of fear of losing access to Russian oil and gas.

 

“We realise how difficult this decision is for our Western partners. We
understand the cost of such a step. But we must work together to find and
use all possible tools to stop the killing and the suffering that Russia is
increasingly causing in Ukraine.”

 

Mr Shevchenko also described some of the challenges of keeping the country’s
financial system running during a war.

 

His staff are working round the clock, he said, many sheltering from
bombardment in underground bunkers.

 

But he said electronic payments and ATMs were still working, and cash was
being delivered to everywhere but active combat zones.

 

“I can proudly say that Ukrainian banking system remains stable and liquid
even under martial law.”

 

“This is extremely difficult time for every Ukrainian - for the people and
the country,” he said. “The National Bank of Ukraine is doing everything in
its power to support Ukraine, its defenders, and the population affected by
Russian aggression.”-BBC

 

 

Distributors warn fuel price spike will hit food bills

Increased fuel prices will lead to people paying more for food in shops and
restaurants, an industry trade body has said.

 

The high cost of diesel will end up being passed on to customers, the
Federation of Wholesale Distributors said.

 

Surging fuel prices come on top of other pressures on shops including labour
shortages, retailers said.

 

Households are facing a cost of living crisis as inflation soars.

 

With fuel prices hitting record levels, the trade body for UK wholesalers
has told the BBC that its members will pass on increased transportation
costs to their food shops and restaurant customers, who will in turn pass on
those costs to consumers.

 

"Food price inflation is already happening, but this is going to make it
worse, because there'll be charges passed on to customers and then obviously
to end users as well," said James Bielby, chief executive of the Federation
of Wholesale Distributors.

 

"So, people buying food and drink in shops, when they're eating out, will be
paying more because the cost of distributing those goods to the outlet has
gone up so much."

 

Fuel prices are rising amid fears of a global economic shock from Russia's
invasion of Ukraine.

 

The prices are mainly determined by the price of crude oil and the dollar
exchange rate, as agreements are made in dollars.

 

At one point this week oil jumped to $139 a barrel at one point, the highest
level for almost 14 years, before slipping slightly.

 

Philip de Ternant is managing director of Creed Food Service. His 80 lorries
make 3,500 food deliveries per week to restaurants, cafes, pubs, care homes
and schools across England and Wales

 

The cost of diesel has become a major headache. The business is paying
£13,200 a week more than it was at the start of the year.

 

"We buy on card at fuel stations, but the majority is fuelled up on site
with bunkered fuel. We're buying 33,000 litres a week on average.

 

"In January 2021, we were buying at 92p a litre. This January, we were
buying on average £1.17 a litre. In February, on average it was £1.21."

 

This week, he was shocked at the cost. "We've bought at £1.55, and I've been
told by our fuel wholesaler it could be £1.70 next week. "

 

Mr de Ternant said some diesel suppliers had told him they could not deliver
until next Wednesday at the earliest, and could not say what the price would
be.

 

He said the cost could not be absorbed in what is a low-margin industry.

 

"We will have to find a mechanism, whether it's a price increase on
everything, or a surcharge on every delivery - and I have to do it quick."

 

He acknowledges not all customers will be happy, but believes all his
competitors will be having the same conversations.

 

"I'm exhausted. None of us saw this coming. It has been relentless, the last
two years, for every leader of a foodservice business."

 

Surging costs

The Federation of Wholesale Distributors represents 600 firms that deliver
food and drink to retail, hospitality and the public sector, such as schools
and care homes.

 

Some firms get diesel for their vehicles delivered in bulk to their
premises, but others buy at forecourts.

 

Mr Bielby said: "If you're distributing goods around the network, fuel costs
will be 25% to 30% of your distribution costs.

 

"Those wholesalers who are buying on what's known as the spot market are
seeing their costs go up by as much as 50% per litre. So it's a huge impact,
and that then leads to a surcharge on customers."

 

He said some larger businesses who had hedged, or bought their fuel in
advance, weren't yet as affected, but were likely to feel the impact when
current contracts came to an end.

 

He said the latest fuel rises were adding to existing cost pressures.

 

"When you're thinking about all of the other pressures in the supply chain
which have been going on for the last two years and beyond, it makes it
really, really difficult.

 

"And that ultimately means that consumers are having to spend more on food
on drink at a time when their energy bills are going up, at a time when the
cost of living is going up hugely."

 

Mr Bielby said that if prices remained high, operators which bought fuel on
the spot would also choose to fill up tanks only partially, for cashflow
reasons. This could mean some harder-to-reach areas would be supplied less
frequently.

 

"So if they get deliveries every other day, that might go to once a week.
This would mean the choice and range of products they get will go down.

 

"That would be typically be areas at the end of the distribution line, so
rural communities or coastal towns," he said.

 

Many wholesalers had already been bracing for added costs from April, when
they would no longer be allowed to use cheaper red diesel to run their
refrigeration units or freezers, he added.

 

'It's a massive problem'

It's not only distribution and haulage firms who are feeling the impact.
Olivia Bell runs Countrywide Coaches in Buckinghamshire with her husband.

 

Their 14 coaches are used for a variety of work including day trips, and a
council home-to-school transport contract.

 

Countrywide has just been quoted just over £14,000 for their standard 6,000
litre delivery, which would be expected to last about a week. That's nearly
double what they would have paid in September.

 

"It's a massive problem, it seems to be swallowing all of our money. We've
only just got over Covid, just starting to pick up again, then we've been
hit with this. There's no respite."

 

"We've got no choice but to put some prices up", she says, "because it's not
sustainable".

 

But she adds there's no room for manoeuvre when it comes to the council
contract.

 

Fuel price rises are coming on top of cost pressures that retailers are
already facing, said industry body the British Retail Consortium.

 

Labour shortages, higher prices for raw materials, and higher energy prices
mean that consumers are likely to continue to pay more until those pressure
ease, it said..

 

Andrew Opie, director of food and sustainability at the BRC, said: "Rising
fuel prices are putting further pressure on retail supply chains, pushing up
the cost of shipping, heavy goods transport, and final mile delivery.-BBC

 

 

Huawei board members resign over silence on Ukraine

Two non-executive directors of Huawei UK have resigned over the company's
stance on the conflict in Ukraine.

 

The BBC understands Sir Andrew Cahn and Sir Ken Olisa felt the firm's
failure to quickly condemn the Russian invasion had made their positions
untenable.

 

Huawei UK thanked both men for their "invaluable guidance".

 

Asked by BBC News if Huawei would continue to do business with Russia, the
company said: "We are not commenting any further."

 

Strong support

The BBC understands both directors felt Huawei should have quickly condemned
the invasion of Ukraine by Russia.

 

It is believed that both felt that, although this was a complex situation
for the company, the firm's stance was at odds with their expectations as UK
board directors.

 

 

A Huawei official said: "Sir Andrew Cahn and Sir Ken Olisa brought
considerable experience from the world of business and technology to Huawei
UK's board of directors when they were appointed, in 2015 and 2018
respectively.

 

"Both have shown strong support for Huawei's commitment to the UK and have
helped uphold the highest standards of corporate governance."

 

'Devastating' action

News of the resignations comes as the US warned Chinese companies not to
breach restrictions on technology exports to Russia.

 

China abstained on a United Nations resolution condemning Russia's invasion
but its government has also recently expressed "regret" about the military
action, saying it was extremely concerned about the harm to civilians.

 

Commerce Secretary Gina Raimondo told the New York Times Washington could
take "devastating" action against Chinese companies that defied Russian
sanctions, prohibiting the use of US equipment and software needed to make
their products.

 

Russia "is certainly going to be courting other countries to do an end run
around our sanctions and export controls", Ms Raimondo told the newspaper.

 

The threats echo measures taken against Huawei in 2020, when Donald Trump's
administration added the company to its "entity list", which bans it from
acquiring technology from US companies without government approval.

 

The US government said at the time it believed Huawei posed a national
security threat, something the company strongly denied.

 

But the restrictions hit the company's earnings hard and deprived it of
access to key technologies.-BBC

 

 

 

Chancellor faces tough calls over households' income hit, says IFS

Chancellor Rishi Sunak faces a "huge judgment call" over whether to borrow
more or allow household budgets to be squeezed, new research suggests.

 

The Institute for Fiscal Studies (IFS) says the soaring cost of living and
war in Ukraine present fresh challenges ahead of the Spring Statement.

 

Without extra protection, many households will struggle to keep up with
bills, it suggests.

 

The cost of living recently hit a 30-year high.

 

Prices surged by 5.5% in the 12 months to January, up from 5.4% in December,
due to rising energy, fuel and food prices.

 

Inflation, which measures how quickly the cost of living increases over
time, is now rising faster than wages and is expected to climb above 7% this
year.

 

As Vladimir Putin's invasion of Ukraine pushes energy costs, fuel and other
commodities even higher, the IFS says Chancellor Rishi Sunak faces three big
decisions.

 

UK inflation rate chart

The first is whether to borrow billions more or allow household incomes to
take a bigger hit than at any time since at least the financial crisis. The
government has already increased borrowing in recent years to pay for
Covid-related measures such as the furlough scheme.

 

Mr Sunak must also weigh whether to allow inflation to impose effective pay
cuts on teachers, nurses and other public sector workers - or to spend less
than anticipated on other parts of public services, if borrowing is not an
option.

 

Public sector workers face an average pay cut of about £1,750 once inflation
is taken into account, the IFS research says.

 

And as war in Ukraine continues, the chancellor will have to decide whether
to allow defence spending to fall over the next three years, or to borrow to
boost it.

 

"At the Spring Statement, Rishi Sunak has to make a huge judgment call," IFS
director Paul Johnson said.

 

"Will he do more to protect households from the effects of energy prices,
which have risen even further in the last two weeks?

 

"If he doesn't, then many on moderate incomes will face the biggest hit to
their living standards since at least the financial crisis... If he does,
then there will be another big hit to the public finances."

 

If Mr Sunak wants to achieve the same level of protection for households'
budgets as he announced earlier this year, he will need to find an extra
£12bn, the IFS suggests.

 

While the chancellor might have had little choice in spending billions to
protect the economy during the extraordinary circumstances of the pandemic,
Mr Johnson suggests the chancellor's response to the cost of living crisis
will reveal more about how he sees the government's role in protecting
consumers from external events.

 

The boss of energy regulator Ofgem Jonathan Brearley, for example, has said
that households are heading for an "almost inevitable" rise in energy bills
in the autumn.

 

Spikes in wholesale gas prices, which were rising even before Russia's
invasion of Ukraine, will be passed on to consumers, he warned on Tuesday.

 

A Treasury spokesperson said the government was already providing over £20
billion to help people with the cost of living and would continue to monitor
the economic impact of the conflict.

 

"Russia's devastating invasion of Ukraine will have a huge impact on lives
and livelihoods around the world and the effects will be felt across this
country," the spokesperson said.

 

"It is right that we do all we can to show solidarity with the people of
Ukraine and work with our allies and partners to impose the most punishing
sanctions to inflict maximum and lasting pain on Russia."

 

Shadow Chancellor, Labour MP Rachel Reeves, accused the government of
allowing "the cost of living crisis to spiral out of control since
September".

 

She called on the chancellor to reconsider "unfair" National Insurance
contributions, which are due to go up in April to fund social care in
England and help the NHS recover after the pandemic.

 

The Labour party has proposed the introduction of a one-off "windfall" tax
on oil and gas producers, which would then be used to cut energy costs for
consumers.-BBC

 

 

 

Will the US crack down on cryptocurrency?

The US is moving to craft new rules to govern cryptocurrencies amid rising
concerns that the fast-growing industry is a haven for criminals and poses
risks to financial stability.

 

The White House said its goal was to protect consumers, while maintaining
America's technological leadership.

 

The executive order comes as investment in digital assets such as Bitcoin
has exploded, up from an estimated $14bn to more than $3tr in five years.

 

Some fear regulation has not kept pace.

 

More than 100 countries, including China, are currently exploring or
piloting the use of digital currencies by central banks, for use both
domestically and in cross-border transactions. White House officials said
this had "implications for the centrality of the US dollar in the global
financial system".

 

While different parts of the US government have studied the issue, including
the central bank, there has been little action.

 

 

An executive order signed by President Joe Biden on Wednesday calls for
officials to develop proposals within 180 days.

 

"This is a way to organise ourselves with urgency so that we have a coherent
and coordinated view on digital assets," administration officials said in a
briefing with reporters.

 

Officials said they want stronger anti-money laundering protections and
controls, among other changes.

 

The US Treasury Department has also signalled it wants to see greater
oversight of firms that offer digital currencies that bill themselves as
backed by the dollar.

 

Surveys suggest that one in 16 Americans has invested in cryptocurrency -
about 40 million people - including many in minority communities who have
historically had less access to banks.

 

The issue has also gained urgency amid the Ukraine war, as politicians raise
concerns that cryptocurrency could be used to evade financial sanctions on
Russia.

 

Many in the industry have pushed for the government to clarify what kind of
rules and regulation might be coming, while hoping to shape whatever may
come.

 

Jeremy Allaire, chief executive of Circle - one of the biggest companies
involved in trading dollar-backed digital coins - wrote on Twitter on
Wednesday that the order marked a turning point in US policy and
"opportunity to engage".

 

"The proverbial doors of policymakers are WIDE OPEN, this is now a NATIONAL
conversation in the US," he said.

 

Some analysts say the threat of a crackdown has weighed on crypto prices in
recent weeks. On Wednesday, Bitcoin's value surged more than 8%, and other
cryptocurrencies also gained.

 

On Twitter, the founder of crypto trading company Abra Global, Bill Barhydt,
called the order "a big nothing burger with a side of psychobabble. So
Bitcoin is rallying".

 

While stopping short of action, the order does provide some clarity on which
part of the government will be regulating what, said Gina Pieters, a
lecturer at the University of Chicago who studies crypto.

 

It also provides more insight into what kind of activity is likely to be
targeted as illegal in the future, she said. The threat of a future
crackdown will look be different depending on what kind of crypto activity
is in question, she noted.

 

"This is going to potentially start laying the groundwork so that people
stop thinking about crypto as this gelatinous blob and start thinking about
this as different market segments with different amounts of regulation put
in place," she said.

 

While some countries have moved faster to regulate, she said the US has
benefited from a slower wait-and-see approach that has allowed the industry
to mature, she added.

 

"The industry is still very rapidly growing ... but I think we can see the
form and shape of it now in a way that might not have been obvious four
years ago," she said.-BBC

 

 

 

Asian shares rally as Russia-Ukraine talks buoy sentiment

(Reuters) - Asian shares surged on Thursday, tracking Wall Street's gains as
planned diplomatic talks between Russia and Ukraine buoyed risk-on
sentiment, although analysts warned the rally could be susceptible to a
sharp reversal.

 

Oil prices also regained some footing, having fallen more than 12% on the
previous session as the market weighed whether major producers would boost
supply to help plug the gap in output from Russia due to sanctions for its
invasion of Ukraine.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
gained 1.6%, pulling away from the lowest level since November 2020. Japan's
Nikkei (.N225) rallied 3.8%, the most in nearly 21 months.

 

Chinese blue chips (.CSI300) rose 1.75% while Hong Kong's Hang Seng index
(.HSI) was up 0.6%.

 

In Europe, stock futures point to a stronger open. Euro Stoxx 50 were up
0.35%, although German DAX futures were 0.55% higher and FTSE futures gained
0.48% in early deals.

 

Wall Street futures were slightly lower. S&P 500 futures fell 0.13% and
Nasdaq futures were 0.21% lower.

 

Traders and investors now await a meeting of the European Central Bank later
in the day for any signs of how Russia's invasion of Ukraine will affect
monetary policy in the region. U.S. inflation figures are also due, which
could further guide expectations for the Federal Reserve's meeting next
week.

 

Mansoor Mohi-uddin, chief economist at Bank of Singapore, said financial
markets rallied on hopes that Ukraine and Russia may start to negotiate more
seriously on their differences.

 

"The reaction, however, is unlikely to prove sustainable as the two
countries have major differences still and the military conflict looks set
to intensify with Russia aiming to capture Ukraine’s key cities."

 

Russia's foreign minister Sergei Lavrov arrived in Turkey ahead of planned
talks on Thursday with his Ukrainian counterpart Dmytro Kuleba for what will
be the first meeting between the two since Russia invaded Ukraine two weeks
ago. 

 

Adding to the uncertainties, Russia on Wednesday accused the United States
of declaring an economic war on the country, and put Washington on notice it
was considering its response to a ban on Russian oil and energy. 

 

European Union leaders will phase out buying Russian oil, gas and coal, a
draft declaration showed on Thursday, as the bloc seeks to reduce its
reliance on Russian sources of energy, following a ban from the United
States. 

 

Brent crude futures were up 3% on Thursday, at $114.64 a barrel, and U.S.
crude rose 1.73% to $110.58 a barrel, after comments from the UAE Energy
Minister Suhail al-Mazrouei that his country is committed to the existing
agreement by OPEC nations to ramp up oil supply.

 

Previously, prices slumped after UAE's ambassador to Washington said the
country will be encouraging OPEC to consider higher output to fill the
supply gap due to sanctions on Russia.

 

Higher energy prices will reinforce expectations that the U.S. Federal
Reserve will raise interest rates by 25 basis points at its policy meeting
next week, with data due later in the day expected to show U.S. consumer
inflation racing at a 7.9% annualised clip in February.

 

"U.S. equities could be in a holding pattern with higher levels of
volatility as investors assess the impact of the Ukraine conflict on
inflation and possible Fed actions," said David Chao, Hong Kong-based global
market strategist at Invesco.

 

U.S. stocks surged overnight, led by financial and tech shares. The Nasdaq
Composite (.IXIC) added 3.59% while the Dow Jones Industrial Average (.DJI)
rose 2%.

 

Amazon.com Inc said on Wednesday its board approved a 20-for-1 split of the
e-commerce giant's common stock and authorised a $10 billion buyback plan,
sending the company's shares up 7% in extended trading. 

 

In currency markets, the euro was trading at $1.1054 after jumping 1.6% on
Wednesday, its best day since June 2016, along with gains in European stocks
and a sell off in bonds, while the safe haven yen , slipped to a one-month
low of 116 per dollar.

 

The dollar index was at 98.144, after tumbling 1.2% overnight amid the
euro's surge, and hurt, along with the yen, by a rise in sentiment towards
riskier assets like equities.

 

Gold was slightly lower, with spot gold easing 0.6% to $1,977.89 per ounce.

 

The yield on benchmark 10-year Treasury notes dropped slightly to 1.9409%
compared with its U.S. close of 1.948% on Wednesday.

 

The two-year yield , which rises with traders' expectations of higher Fed
fund rates, touched 1.6638% compared with a U.S. close of 1.678%.

 

The Thomson Reuters Trust Principles.

 

 

 

Variant that combines Delta and Omicron identified; dogs sniff out virus
with high accuracy

(Reuters) - The following is a summary of some recent studies on COVID-19.
They include research that warrants further study to corroborate the
findings and that has yet to be certified by peer review.

 

"Deltacron" with genes of Delta and Omicron found

 

Hybrid versions of the coronavirus that combine genes from the Delta and
Omicron variants - dubbed "Deltacron" - have been identified in at least 17
patients in the United States and Europe, researchers said.

 

Because there have been so few confirmed cases, it is too soon to know
whether Deltacron infections will be very transmissible or cause severe
disease, said Philippe Colson of IHU Mediterranee Infection in Marseille,
France, lead author of a report posted on Tuesday on medRxiv ahead of peer
review. His team described three patients in France infected with a version
of SARS-CoV-2 that combines the spike protein from an Omicron variant with
the "body" of a Delta variant. Another two unrelated Deltacron infections
have been identified in the United States, according to an unpublished
report by genetics research company Helix that has been submitted to medRxiv
and seen by Reuters. On virus research bulletin boards, other teams have
reported an additional 12 Deltacron infections in Europe since January - all
with an Omicron spike and a Delta body.

 

Genetic recombinations of human coronaviruses have been known to happen when
two variants infect the same host cell. "During the SARS-CoV-2 pandemic, two
or more variants have co-circulated during same periods of time and in same
geographical areas... This created opportunities for recombination between
these two variants," said Colson, adding that his team has designed a PCR
test that "can quickly test positive samples for the presence of this...
virus."

 

Dogs sniff out coronavirus with high accuracy

 

New research adds to evidence that trained dogs could help screen crowds to
identify people infected with the coronavirus.

 

At two community screening centers in Paris, 335 volunteers getting
traditional PCR tests also provided sweat samples. Overall, 78 people with
symptoms and 31 people without symptoms tested positive by PCR. Given the
sweat samples to smell, the dogs were 97% accurate at detecting the infected
patients, and 100% accurate at detecting infection in the asymptomatic
patients, according to a report posted on Tuesday on medRxiv ahead of peer
review. They also were 91% accurate at identifying volunteers who were not
infected, and 94% accurate at ruling out the infection in people without
symptoms.

 

"Canine testing is non-invasive and provides immediate and reliable
results," the authors said. "Further studies will be focused on direct
sniffing by dogs to evaluate sniffer dogs for mass pre-test in airports,
harbors, railways stations, cultural activities or sporting events."

 

Future variants-of-concern likely lurk in today's patients

 

The many coronavirus particles inside an infected person likely include some
mutated ones that may turn out to be early examples of important variants,
new findings suggest.

 

Closely analyzing virus particles obtained from 10 people with infections
attributed to the Alpha variant in Spain in April 2021, researchers
identified some mutated particles resembling the Omicron variant, which was
not formally identified until seven months later. They also found mutations
characteristic of a form of Delta and Iota, according to a report published
on Tuesday in the Journal of Clinical Investigation. While identifying an
individual patient's dominant variant may be sufficient for diagnostic
purposes, the "ultra deep" genetic sequencing used in this study could help
scientists track mutations in SARS-CoV-2 particles that might evolve into
variants of concern, the researchers said.

 

"The virus that replicates in each infected patient is in reality a mixture
of slightly different SARS-CoV-2 viruses," and these different viruses
account for varying proportions of the full "ensemble," said coauthor Celia
Perales of Universidad Autonoma de Madrid. Minority variants in one infected
individual can become dominant in someone else, either by chance, or due to
a selective advantage related to the presence or absence of drugs, vaccines,
or other factors, she said.

 

The Thomson Reuters Trust Principles.

 

 

 

Oil prices fall most in 2 years as UAE supports output hike

(Reuters) - Global oil prices fell on Wednesday by the most in nearly two
years after OPEC member the United Arab Emirates said it supported pumping
more oilinto a market roiled by supply disruptions due to sanctions on
Russia after it invaded Ukraine.

 

Brent crude futures settled down $16.84, or 13.2%, at $111.14 a barrel,
their biggest one-day decline since April 21, 2020. U.S. crude futures ended
down $15.44, or 12.5%, at $108.70, their biggest daily decline since
November.

 

"We favor production increases and will be encouraging OPEC to consider
higher production levels," Ambassador Yousuf Al Otaiba said in a statement
tweeted by the UAE Embassy in Washington. 

 

The UAE and neighbour Saudi Arabia are among the few members of the
Organization of the Petroleum Exporting Countries with spare capacity that
could increase output.

 

The United States has called on oil producers worldwide to increase
production if they can.

 

"In this moment of crisis we need more supply," U.S. Energy Secretary
Jennifer Granholm told attendees at an industry event in Houston.

 

"Right now we need oil and gas production to rise to meet current demand."

 

Additional supply from OPEC could compensate for some supply shortfalls
created by disruption to Russia's oil sales by economic sanctions imposed by
the United States and other governments. 

 

"That (potential output hike) is not nothing. They (UAE) can probably bring
about 800,000 barrels to the market very quickly, even immediately, bringing
us one-seventh of the way there in replacing Russian supply," said Bob
Yawger, director of energy futures at Mizuho.

 

OPEC's language shifted this week when its Secretary General Mohammed
Barkindo said supply is increasingly lagging behind demand. 

 

Just a week ago, the group and its allies, known as OPEC+, blamed surging
prices on geopolitics rather than any lack of supply and decided against
increasing output any faster. OPEC+, which includes Russia, has been
targeting an increase in output of 400,000 barrels per day every month, and
had resisted demands from the United States and other consuming countries to
pump more.

 

Russia is the world's top exporter of crude and fuel, shipping around 7
million bpd or 7% of global supplies.

 

Oil prices had already fallen during the session after the International
Energy Agency said crude reserves could be tapped further. 

 

"If there's a need, if our governments decide so, we can bring more oil to
the markets, as one part of the response," said IEA chief Faith Birol.

 

Birol said the IEA decision last week to release 60 million barrels of oil
from strategic reserves was "an initial response."

 

U.S. Strategic Petroleum Reserve levels fell last week to their lowest since
July 2002, as the Biden administration had already approved releases in
November as part of a larger effort to boost the U.S. fuel supply. 

 

The Thomson Reuters Trust Principles.

 

 

 

Food crisis grows as spiralling prices spark export bans

(Reuters) - A global food crisis sparked by Russia's invasion of Ukraine
escalated on Wednesday as Indonesia tightened curbs on palm oil exports,
adding to a growing list of key producing countries seeking to keep vital
food supplies within their borders.

 

The conflict in Ukraine is threatening global grain production, the supply
of edible oils and fertiliser exports, sending basic commodity prices
rocketing and mirroring the crisis in energy markets.

 

Palm oil is the world's most widely used vegetable oil and is used in the
manufacture of many products including biscuits, margarine, laundry
detergents and chocolate. Palm oil prices have risen by more than 50% this
year.

 

Indonesia's Trade Minister Muhammad Lufti said the export curbs aimed to
ensure that cooking oil prices at home remain affordable to consumers. 

 

The rise in prices comes at a time when affordability of food is a major
challenge as economies seek to recover from the coronavirus crisis and is
also helping to fuel a broader surge in inflation across the globe.

 

Russia and Ukraine are also important suppliers of edible oils as well as
contributing nearly 30% of global wheat exports.

 

Ukraine announced on Wednesday it had banned a wide range of agricultural
exports including barley, sugar and meat until the end of the year. 

 

The conflict has not only disrupted shipments from the Black Sea region but
is also jeopardising prospects for harvests as fertilizer prices soar and
supplies shrink in response to a sharp rise in the cost of natural gas - a
key component in the manufacturing process for many products.

 

World food prices rose to a record high in February to post a year-on-year
increase of 20.7%, according to the United Nations food agency, while many
markets have continued to climb this month. 

 

Malaysian palm oil futures rose to an all-time high following Indonesia's
announcement while soybean oil prices jumped to a 14-year peak.

 

Soybean oil prices have climbed by almost 40% this year.

 

SCRAMBLING FOR SUPPLIES

 

Russia and Ukraine are both major producers of sunflower oil and the two
countries account for almost 80% of global exports, leaving customers such
as India scrambling to secure supplies of alternatives such as palm oil and
soyoil. 

 

Chicago wheat futures have climbed around 60% so far this year, threatening
to raise the cost of key food staples such as bread.

 

The loss of two major exporters in Ukraine and Russia has been compounded by
news that the condition of the wheat crop in the world's top producer,
China, may be the "worst in history" according to the country's agriculture
minister. 

 

Poor growing conditions in drought-affected parts of the U.S. Plains look
set to further tighten supplies.

 

Serbia announced on Wednesday it will ban exports of wheat, corn, flour and
cooking oil as of Thursday to counter price increases while Hungary banned
all grain exports last week.

 

Bulgaria has also announced it will increase its grain reserves and might
restrict exports until it has carried out planned purchases.

 

Grain supplies in Romania, a major exporter, have also tightened as
international buyers seek alternatives to Russia or Ukrainian supplies
although there are currently no plans to restrict shipments.

 

Global grain production could also decline as the production of fertilizers,
which help to boost crop yields, is curtailed following a rise in natural
gas prices.

 

Yara (YAR.OL), one of the world's largest fertiliser makers, said on
Wednesday it was curtailing its ammonia and urea output in Italy and France.

 

The Norwegian company warned last week that the conflict was threatening
global food supplies. 

 

Russia, which calls its actions in Ukraine a "special operation" rather than
an invasion, had been a major supplier of fertilisers but the country's
trade and industry ministry recommended on Friday that producers temporarily
halt exports.

 

The Thomson Reuters Trust Principles.

 

 

 

Nestle, tobacco groups, gamemaker Sony join move away from Russia

(Reuters) - Nestle (NESN.S), Philip Morris (PM.N) and video gamemaker Sony
(6758.T) joined the list of multinationals stepping back from Russia on
Wednesday as pressure mounts from consumers in the West to take a stand
against the invasion of Ukraine.

 

Nestle, the world's biggest packaged foods group, and Mondeleze
International, followed actions by rivals Procter & Gamble (PG.N) and
Unilever (ULVR.L) in halting investment in Russia.

 

But the four companies will continue providing essentials, with Mondelez
aiming to help to maintain "continuity" of the Russian food supply.

 

Similarly, while cigarette maker Imperial Brands (IMB.L) suspended
operations in Russia, rival Philip Morris only said it would scale down
manufacturing, and Camel maker British American Tobacco Plc (BATS.L) said
its business in Russia continued to operate, even though it had suspended
capital investment.

 

Sony, whose movie studio has already stopped releases in Russia, took
additional action on Wednesday, saying its PlayStation gaming unit would
stop shipments and operations in Russia. "Sony Interactive Entertainment
joins the global community in calling for peace in Ukraine," it said.

 

Many businesses face difficulty working in Russia due to sanctions and a
lack of shipping, in addition to pressure from consumers and investors, and
describe ending work in Russia in more practical terms, without blaming the
Russian government for attacking Ukraine.

 

Heavy equipment maker Deere & Co (DE.N), saying it was "deeply saddened by
the significant escalation of events in Ukraine," announced it had ended
shipments to Russia two weeks ago, and subsequently to Belarus, and said it
would follow U.S. and international sanctions. Caterpillar Inc (CAT.N) said
it was suspending business as supply chain disruptions and sanctions made
business difficult and 3M (MMM.N) followed suit after reassessing its
business in Russia.

 

Still, pressure in the West is building.

 

A Rio Tinto (RIO.L) executive early in the day said the miner was working to
maintain supplies of Russian fuel to its Mongolian copper mine, but the
company later announced it was terminating all commercial relationships with
Russian businesses. 

 

Hotel companies Hilton Worldwide Holdings (HLT.N) and Hyatt Hotels Corp
(H.N) said they would suspend development in Russia. 

 

Coca-Cola Co (KO.N) and McDonald's Corp (MCD.N) halted sales in Russia on
Tuesday in symbolically potent gestures. A senior member of the Russian
ruling party has warned that foreign firms that close down could end up
having their operations nationalised. 

 

McDonald's said the temporary closure of its 847 stores in the country would
cost it $50 million a month. 

 

Sportswear firm Adidas (ADSGn.DE) also quantified the cost of scaling back
its operations, saying it would take a hit to sales of up to 250 million
euros ($277 million). 

 

Yum Brands Inc (YUM.N), parent of fried chicken giant KFC, said it was
pausing investments in Russia, a market that helped it achieve record
development last year. 

 

Carlsberg (CARLb.CO) said it was suspending Russian brewing of its namesake
brand of beer while keeping its Russian Baltika brand operating.

 

"We feel a moral obligation to our Russian colleagues who are an integral
part of Carlsberg, and who are not responsible for the actions of the
Government," Carlsberg said, adding it was withdrawing financial guidance
for the year.

 

E-commerce company Shopify Inc (SHOP.TO) joined the crowd, saying it would
suspend Russian operations and collect no fees from Ukrainian merchants,
citing millions of Ukrainian refugees needing support. 

 

'LAWS OF WAR'

 

In response to the exodus, Andrei Turchak, secretary of the ruling United
Russia party's general council, warned Moscow might nationalise idled
foreign assets.

 

"United Russia proposes nationalising production plants of the companies
that announce their exit and the closure of production in Russia during the
special operation in Ukraine," Turchak wrote in a statement published on the
party's website on Monday. 

 

The statement named Finnish privately owned food companies Fazer, Valio and
Paulig as the latest to announce closures.

 

"We will take tough retaliatory measures, acting in accordance with the laws
of war," Turchak said.

 

SANCTIONS

 

Moscow, which calls its invasion of Ukraine a "special military operation,"
has been hit by sweeping Western sanctions that have choked trade, led to
the collapse of the rouble and further isolated the country.

 

Banks and billionaires have also been targeted, with the European Commission
preparing new sanctions targeting additional Russian oligarchs and
politicians, and three Belarusian banks, Reuters reported. 

 

While the war in Ukraine and the sanctions have bolstered prices for
commodities that Russia exports such as oil, natural gas and titanium, those
sanctions have largely barred Moscow from taking advantage of the high
prices.

 

On Tuesday the United States banned Russian oil imports. 

 

U.S. oilfield services company Schlumberger (SLB.N), which derives about 5%
of its revenue from Russia, said the ongoing conflict would likely hurt
results this quarter. 

 

Global commodities trader Trafigura Group raised a $1.2 billion revolving
credit facility from banks to help address soaring energy and commodity
prices. 

 

Norway's Yara (YAR.OL), a top fertiliser maker, said on Wednesday it would
curtail ammonia and urea output in Italy and France due to surging gas
prices.

 

($1 = 0.9037 euro)

 

The Thomson Reuters Trust Principles.

 

 

 

 

World shares rise, oil falls 13% on diplomacy, OPEC nation's pledge

(Reuters) - Global stock markets rallied on Wednesday and oil prices fell by
more than 12% as Ukraine and Russia looked to resume diplomatic talks and
the United Arab Emirates said it supports hiking oil output to ease mayhem
in energy markets.

 

Russia's foreign minister Sergei Lavrov arrived in Turkey ahead of planned
talks on Thursday with his Ukrainian counterpart Dmytro Kuleba for what will
be the first meeting between the two since Russia invaded Ukraine two weeks
ago. 

 

Moscow warned it was considering a response to the U.S. ban on Russian oil
and energy imports, saying the U.S. has declared economic war on Russia. 

 

Global oil prices fell by the most in nearly two years after the UAE said it
will be encouraging Organization of the Petroleum Exporting Countries (OPEC)
to consider higher output. 

 

The MSCI world equity index (.MIWD00000PUS), which tracks shares in 50
countries, was up 2.6% by 5:12 p.m. EST.

 

The Dow Jones Industrial Average (.DJI) rose 653.61 points, or 2%, the S&P
500 (.SPX) gained 107.18 points, or 2.57% and the Nasdaq Composite (.IXIC)
added 460.00 points, or 3.59%.

 

The pan-European STOXX 600 gained 4.68% (.STOXX).

 

Brent crude futures settled down $16.84, or 13.2%, at $111.14 a barrel,
their biggest one-day decline since April 21, 2020. U.S. crude futures ended
down $15.44, or 12.5%, at $108.70, their biggest daily decline since
November. 

 

Analysts said the rally in equities was in line with historic data that
shows the impact of geopolitical events tends to wane quickly on markets.

 

"Most conflicts have not had a lasting impact on equity markets. Share
prices tend to rise after a period and even become less volatile," said
Melissa Brown, managing director of applied research at Qontigo.

 

If the talks between Ukraine and Russia lead to de-escalation of the war,
investors will refocus their attention on "the prices of oil and other
commodities, and whether central banks will have to change course."

 

The European Central Bank meets on Thursday. Economists expect that fears of
stagflation - when prices soar and growth slows - will lead the ECB to delay
hiking interest rates until later this year.

 

The Russian invasion and ensuing sanctions are exacerbating supply chain
problems created by the pandemic and have caused commodities prices to soar.

 

In Europe, German carmakers Porsche, Volkswagen and BMW have all curtailed
output because of a lack of supplies. 

 

After trading above $2,000 earlier in the week, spot gold fell 3% to
$1991.49.

 

Palladium , used by carmakers, fell 7.5% to $2,940.72 per ounce after
hitting a record high of $3,440.76 on Monday.

 

Nickel is not expected to resume trading until Friday after the London Metal
Exchange halted trading on Tuesday when prices rocketed to over $100,000 a
tonne. 

 

But it is elevated oil prices that could cause further slowing in global
economic growth, said a World Bank official who estimated Russia's invasion
could cut a full percentage point off economies such as China, Indonesia,
South Africa and Turkey.

 

The dollar index fell 1.159%, with the euro down 0.03% to $1.1072.

 

The yield on 10-year Treasury notes was up 7.3 basis points at 1.944% after
touching 1.95%, its highest level since Feb. 25. The three-day streak of
gains in the yield is the longest in a month.

 

Elsewhere, bitcoin rose 9.1% to $42,280, on track for its largest percentage
gain since Feb. 28, after U.S. President Joe Biden signed an executive order
requiring government agencies to assess the benefits and risks of creating a
central bank digital dollar. 

 

The Thomson Reuters Trust Principles.

 

 

 

Amazon announces 20-for-1 stock split, $10 bln share buyback

(Reuters) - Amazon.com Inc said on Wednesday its board approved a 20-for-1
split of the e-commerce giant's common stock and authorized a $10 billion
buyback plan, sending the company's shares up 7% in extended trading.

 

This is the first stock split by Amazon since 1999 and will give investors
19 additional shares for every share they hold. Trading based on the new
share price will begin on June 6.

 

Amazon's share split is similar to the one announced by Google parent
Alphabet Inc (GOOGL.O) last month. Several mega cap companies such as Apple
Inc (AAPL.O), Tesla (TSLA.O) and Nvidia (NVDA.O) have split their stocks
since 2020.

 

Amazon's stock, which closed at $2,785.58 on Wednesday, has nearly doubled
over the last two years, when demand for both its e-commerce and cloud
computing business surged in the wake of the COVID-19 pandemic.

 

"This split would give our employees more flexibility in how they manage
their equity in Amazon and make the share price more accessible for people
looking to invest in the company," an Amazon spokesperson said.

 

The stock buyback replaces the previous $5 billion stock repurchase
authorized by Amazon's board in 2016, under which the company had
repurchased $2.12 billion of its shares.

 

After shares declined about 16% amid a tech rout this year, the company's
market capitalization stood at roughly $1.4 trillion as of last close.

 

The Thomson Reuters Trust Principles.

 

 

 

Tesla hikes China, U.S. prices for Model 3 and Model Y cars

(Reuters) - Electric-car maker Tesla Inc (TSLA.O) on Wednesday raised prices
of its U.S. Model Y SUVs and Model 3 Long Range sedans by $1,000 each and
some China-made Model 3 and Model Y vehicles by 10,000 yuan ($1,582.40),
according to its website.

 

The company increased prices for the most affordable versions of Model 3 and
Model Y about a dozen times last year in the United States, according to
data tracked by Reuters. 

 

The U.S. price of the EV maker's Model Y Long Range car has jumped 20% from
January 2021, along with a 10.6% hike for its Model 3 Long Range sedan
during the same period.

 

The move comes amid surging raw material costs, made worse by Russia's
invasion of Ukraine, and could set back the dream of Tesla Chief Executive
Elon Musk and other auto executives to roll out more affordable electric
vehicles. 

 

Rising prices of nickel, lithium and other materials threaten to slow and
even temporarily reverse the long-term trend of falling costs of batteries —
the most expensive part of EVs — hampering the broader adoption of the
technology, said Gregory Miller, an analyst at industry forecaster Benchmark
Mineral Intelligence.

 

($1 = 6.3195 Chinese yuan)

 

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
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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