Major International Business Headlines Brief::: 22 March 2022

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com         <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments        <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts        <http://www.twitter.com/BullsBears2010> Twitter         <https://www.facebook.com/BullsBearsZimbabwe> Facebook           <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn          <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp         <mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 22 March 2022 

 


 

 


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

 


 

 


ü  Boeing jets under 'surveillance' after China crash

ü  Shell reconsiders its exit from oil field off Shetland

ü  New P&O crew on less than £2 an hour, union claims

ü  Moscow stock market reopens for some bond trading

ü  Saudi Aramco ramps up investment to boost production

ü  How Ikea tweaked its products to woo India's shoppers

ü  Free-range eggs no longer available in UK due to bird flu

ü  Burger King Russia partner 'refuses' to shut shops

ü  Ukraine: Conflict puts £20m Scottish fish market in jeopardy

ü  Cryptoverse: Remember when bitcoin was 'anonymous'?

ü  Miners lead gains, oil jumps as war and rate hikes rattle nerves

ü  Alibaba increases share buyback size to record $25 bln

ü  Pfizer recalls some lots of blood pressure drug due to potential carcinogen

ü  Fed will raise rates more aggressively if needed, Powell says

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Boeing jets under 'surveillance' after China crash

India's aviation regulator has placed the country's fleet of Boeing 737 planes under "enhanced surveillance" after a jet crashed in China.

 

It said it has sent out teams "to monitor flight procedures, air worthiness and operations".

 

On Monday, a China Eastern Airlines Boeing 737-800 crashed in southern China with 132 people onboard.

 

Rescue teams are working at the site but it is not yet known what caused the incident.

 

The flight was travelling from Kunming to Guangzhou when it plunged to the ground and caught fire. China Eastern Airlines has grounded all its 737-800s.

 

"Flight safety is serious business and we are closely studying the situation," said Arun Kumar, chief of India's Directorate General of Civil Association.

 

"In the interim, we are focusing on enhanced surveillance of our 737 fleet." India's SpiceJet, Vistara and Air India Express all have Boeing 737 aircraft in their fleets.

 

The BBC has approached regulators in the US, Europe and China for comment.

 

US plane-maker Boeing said it was assisting investigations in China and communicating with the US National Transportation Safety Board.

 

 

Boeing's chief executive David Calhoun said: "We have been in close communication with our customer and regulatory authorities since the accident, and have offered the full support of our technical experts to the investigation led by the Civil Aviation Administration of China."

 

He added that the company would do "everything we can to support our customer and the accident investigation during this difficult time, guided by our commitment to safety, transparency, and integrity at every step".

 

There are 4,208 Boeing 737-800 passenger planes in service, according to aviation analytics firm Cirium, with over a quarter of them based in China.

 

Boeing 737-800s, which were first produced in the late 1990s, have a strong safety record. The plane involved in Monday's incident was less than seven years old.

 

Investigators are still determining the reason for the crash in a wooded area of the Guangxi hills and will be searching for the plane's "black box" flight recorders for information.

 

Boeing has been attempting to recover from two fatal crashes involving its 737 MAX aircraft which claimed the lives of 346 passengers and crew.

 

Cai von Rumohr, an analyst at investment bank Cowen, said: "Given Boeing's problems with the 737 MAX, there is some chance that consumers may not want to fly on a 737 until the cause of the China Eastern crash is determined not to be a design or manufacturing issue.

 

"Hence, isolating the cause of the crash will be critical."

 

Boeing's share price fell by 3.5% in New York on Monday.

 

China Eastern Airlines has set up a hotline for people seeking information about those on board. It expressed "its deep condolences for the passengers and crew members who died". The company's share price fell by more than 6% in Shanghai on Tuesday.-BBC

 

 

 

Shell reconsiders its exit from oil field off Shetland

Energy giant Shell is reconsidering its recent decision to pull investment from a large new UK oil field, the BBC understands.

 

In December, Shell said the economic case - along with possible regulatory delays - meant it was withdrawing from the Cambo oil field, which is 75 miles off the west coast of Shetland.

 

At the time the price of crude oil was under $70 a barrel.

 

It has since touched double that price and has consistently been over $100.

 

Oil prices are volatile because of fears that Russian oil will either be shunned, or cut off.

 

The desire to reduce European dependence on Russian exports has also made the UK government willing to fast track investment in domestic fossil fuels.

 

Shell has not yet sold its interests in the field. Sources close to the matter said that, while the company's official position had not changed, it did acknowledge that the economic, political and regulatory environment had changed enormously since the decision was announced just three months ago.

 

Shell last week resubmitted an application to develop the Jackdaw North Sea gas field - off the east coast of Scotland - having had it turned down in October by environmental regulators.

 

The company said it had modified the chemical processes involved in the gas extraction to meet regulatory requirements.

 

The UK government said investment decisions are a commercial matter for the companies involved, but it remains committed to the domestic offshore oil and gas sector as the UK transitions to net zero greenhouse gas emissions.

 

What does net zero mean?

The UK's North Sea regulator plans later this year to hold the first oil and gas licensing round for new fields since 2020.

 

Shell's decision last December to pull out of the project was taken two weeks after COP26 - a high profile global climate conference in Glasgow - and was roundly welcomed by environmental campaigners, who described Shell's decision as a hammer blow to the project.

 

Tessa Khan, director of environmental group Uplift, said new oil and gas assets like Cambo would not help bring down prices or secure UK energy security of supply.

 

"Contrary to what [Business Secretary] Kwasi Kwarteng has said, this isn't 'our oil'," she said.

 

"It belongs to Shell who will sell it abroad to the highest bidder. According to the government's own figures, 80% of North Sea oil is put in tankers and exported.

 

"What it will do is produce carbon emissions equivalent to 18 coal-fired power stations, when we are already experiencing the impacts of the climate crisis. Cambo makes as little sense today as it did last year."

 

The government is due to unveil its energy supply strategy early next week.-BBC

 

 

 

New P&O crew on less than £2 an hour, union claims

Indian agency workers hired to replace P&O Ferries crews in Dover are being paid £1.81 an hour, a union claims.

 

The Rail, Maritime and Transport union (RMT) said the low pay was a "shocking exploitation" and "a betrayal of those who have been sacked".

 

P&O said the figure was inaccurate but said it could not comment on how much agencies pay workers on ferries.

 

Some of P&O's ferries are registered in Cyprus, meaning they do not have to pay the minimum wage required by UK law.

 

Firms using UK ports often register ships in other countries, allowing them to pay lower wages.

 

The minimum wage in the UK for people aged 23 and above is £8.91 per hour.

 

Transport Secretary Grant Shapps told Parliament: "Maritime employees have not, in this country, indeed throughout much of the world, received some of the same benefits and protections that exist otherwise for workers and this simply not good enough and it's a practice we have been seeking to end."

 

He said ships in UK waters operated under international law governed by treaties, so UK law did not always apply.

 

"These complications allow for employers to take advantage in a way that we've seen I think with P&O Ferries," Mr Shapps added.

 

Shadow transport secretary Louise Haigh said government ministers had "completely failed to act" and the reported rates of pay were "nothing short of a betrayal of the workers who protected this country's supply chain during the pandemic".

 

'Experienced seafarers'

A spokesman for P&O said safety was the utmost priority and the new crewing management model was used by many competitors.

 

"They have recruited high-quality experienced seafarers, who will now familiarise themselves with the ships, going through all mandatory training requirements set out by our regulators," he said.

 

Mr Shapps said the government was reviewing all of its contracts with P&O Ferries.

 

He had asked the insolvency service whether P&O had followed rules for redundancies - and if they had not, "that would be a matter for criminal prosecution and unlimited fines".

 

Mr Shapps also told MPs P&O Ferries should remove British references from their ships if they replace sacked workers with non-UK staff.

 

The Spirit of Britain, Pride of Canterbury and Pride of Hull are among the names used for the operator's ferries.

 

The Transport Secretary told MPs it would be "completely inappropriate" for the company to "attach themselves to this country" without having British workers.

 

Protests

Protests took place close to Parliament and also outside the London offices of P&O owners, DP World on Monday.

 

John, a former seafarer with P&O Ferries based in Dover said the redundancies were "a catastrophe" for all crew involved and he wants the company's chief executive to resign.

 

"A company who had built up its reputation over 180 years just to be trashed in one single morning of madness by those responsible.

 

"It's not just a job, it's a home and to be kicked off the ship in the most unceremonious way...it's a catastrophe for all our lives," John, who did not want to give his surname, added.

 

He expects to lose his severance pay for speaking out to media, but said he "knew the difference between right and wrong".

 

RMT general secretary Mick Lynch said P&O staff were "being replaced by exploited workers, vulnerable workers from overseas".

 

"We have no beef with those people. We want those people to be paid the wages that we've negotiated for in this country," he said.

 

The union has called for a boycott of P&O services and is urging the government to look at legal options to reinstate the sacked workers.

 

Ferries between Liverpool and Dublin have restarted and other routes are expected to follow by the end of the week.

 

Services were stopped on Thursday after P&O announced in a video call that 800 staff were being sacked with immediate effect.

 

The M20 in Kent will close between junctions 8 and 9 from 20:00 GMT while a barrier system is put in place to manage any disruption caused by P&O freight, National Highways said.

 

The motorway is expected to reopen at 06:00 GMT on Tuesday when lorries heading for the Port of Dover or the Eurotunnel will use the coastbound carriageway on the M20, where it will be queued if necessary.

 

All other traffic - including local freight and car drivers headed for the continent - should follow the signs and cross over to enter the contraflow on the M20 London bound carriageway, National Highways said.-BBC

 

 

 

Moscow stock market reopens for some bond trading

The Moscow stock exchange has partially reopened after a nearly month-long suspension over the war in Ukraine.

 

Only bonds issued by the Russian government can be traded as part of a phased re-opening of the market.

 

The exchange closed hours after Russian President Vladimir Putin sent thousands of troops into Ukraine on 24 February.

 

Andrei Braginsky, a spokesman for the Moscow Exchange, said he hoped that trading in stocks would be able to start again soon.

 

"Technically everything is ready, and we are hoping this will resume in the near future," he said.

 

The market reopened at 13:00 (10:00 GMT) but only for OFZ bonds - the Russian acronym for Federal Loan Obligations.

 

 

In pre-market trading, yields on those government bonds rose by almost 20% - the highest on record. A higher yield means the government will have to pay more to borrow and indicates the investment is more risky. The yield later settled close to 13% after trading began.

 

Burger King Russia partner 'refuses' to shut shops

Central Bank governor Elvira Nabiullina said on Friday the bank would maintain its key interest rate at 20% and would purchase government bonds to limit volatility.

 

Meanwhile, oil prices jumped more than $3 on Monday, with Brent crude climbing above $111 a barrel.

 

Prices moved higher after reports that the EU was considering whether to join the US in imposing an oil embargo on Russia. The European Commission said earlier this month it aimed to make Europe independent from Russian fossil fuels "well before 2030".

 

The invasion of Ukraine, and sanctions imposed by western governments, are taking a toll on the Russian economy.

 

The Russian rouble was steady against the dollar on Monday, trading at 104.83 RUB. However, it is down by about a quarter since the start of the invasion.

 

Some supermarkets are rationing sales of basic goods such as salt and cooking oil.

 

Thee central bank more than doubled interest rates to 20% four days after the start of Moscow's military action in Ukraine. The continuation of the conflict and ratcheting up of sanctions have undermined confidence further.

 

There have been concerns about Russia defaulting on its debt, but it paid $117 million in interest on two dollar-denominated bonds last week.-BBC

 

 

 

Saudi Aramco ramps up investment to boost production

The state-owned oil giant Saudi Aramco plans to sharply increase the amount it invests in energy production, after it reported a doubling of profits in 2021.

 

The firm aims to boost output significantly over the next five years.

 

Energy prices have soared in recent months as demand has outstripped supplies of oil and gas.

 

The war in Ukraine and a reluctance to rely on Russia for energy has added to the pressure to find additional sources of energy.

 

Saudi Aramco's move is likely to be welcomed by political leaders worried about the impact of high energy prices, although the boost to investment is aimed at increasing output over the course of the next five to eight years.

 

Last week prime minister Boris Johnson visited Saudi Arabia to try to persuade the country to release more oil into world markets in the short term.

 

Saudi Arabia is the largest producer in the oil cartel Opec (Organization of the Petroleum Exporting Countries) and by raising production it could help to reduce energy prices which are currently at 14-year highs.

 

However, the country has been condemned for a range of human rights abuses: its involvement in the conflict in neighbouring Yemen, the murder in 2018 of journalist Jamal Khashoggi, for jailing dissidents and for widespread use of capital punishment.

 

The Labour Party accused the government of going "cap in hand" from one dictator to another to tackle the energy crisis.

 

The chancellor, Rishi Sunak, said the prime minister was "absolutely right" to engage with Saudi Arabia over increasing energy supplies.

 

"It would be wrong if we weren't exploring all the avenues we could to bring cheaper energy and more secure energy to people in this country," Rishi Sunak told the BBC.

 

The prime minister had "constructive dialogue" about human rights abuses during the visit, he said.

 

Shadow chancellor, Rachel Reeves, said the UK should be focusing on boosting domestic production of energy through new nuclear and on and off-shore wind generation, to reduce reliance on states like Russia and Saudi Arabia.

 

"Getting to net zero is the mission of our generation," she said.

 

"We've got to do more to reduce our reliance on fossil fuels, which is why investment in homegrown electricity is so important."

 

Energy markets have been volatile during the pandemic, as sudden changes in economic activity have influenced both supply and demand.

 

In 2020 Saudi Aramco's profits dropped sharply as the world economy slowed.

 

But a reopening in many countries led to a sharp rise in energy prices in 2021. That boosted revenues at all the large energy generating companies.

 

Saudi Aramco said it planned to increase its capital expenditure to $45-$50bn this year with further increases until the middle of the decade. Last year capital expenditure was $31.9bn.

 

It would raise its crude oil "maximum sustainable capacity" to 13 million barrels a day by 2027, the company said. It also aims to increase gas production by more than 50% by 2030. Saudi Arabia produced just over 10 million barrels of oil per day in February.

 

The oil company more-than doubled its net profit to $110bn in 2021, up from $49bn in 2020.

 

The price of a barrel of Brent crude oil increased by around 50% in 2021 and, with energy prices remaining high, analysts expect profit to increase further in 2022.

 

Saudi Aramco said it planned to develop a significant hydrogen export capability and become a global leader in carbon capture and storage technology.-BBC

 

 

 

How Ikea tweaked its products to woo India's shoppers

When Neha Mandlik moved to India's western city of Ahmedabad in October, she bought Ikea furniture and bric-a-brac for her new home.

 

Ms Mandlik ordered study tables, stools, lamps, a carpet, dishes and glassware for her one-bedroom apartment. The Swedish furniture giant, which opened in India in 2018, operates large-format stores in two cities and offers online shopping in seven, including Ahmedabad.

 

When guests come, Ms Mandlik joins the two study tables to make a dining table for eight. White, beige and grey dominate the colour palette of her new home. It reminds her of the 18 months she spent in London in a shared Kensington apartment, pursuing a masters in design research from the Royal College of Art.

 

"My tastes in furniture have changed completely over the years. And for some reason, Ikea seems to fit my new aesthetics," says Ms Mandlik, an architect who teaches at India's prestigious National Institute of Design.

 

She grew up in a sprawling joint family home in the western city of Aurangabad. Most of the furniture was heavy: teakwood sofas and chairs, glass-top dining tables, bulky metal folding chairs. Bric-a-brac picked up by her parents during holidays - lamps, baubles, miniature wooden boats, masks - also took up space. "Now families and spaces are getting smaller, and mobility has gone up. The way my generation looks at furniture has changed," the 35-year-old architect says.

 

This was possibly one reason that encouraged Ikea to set sail for one of the world's most complex furniture markets. Here antique furniture is handed down as a family heirloom; bespoke furniture continues to be made by carpenters; and tens of thousands of unorganised small outlets offer a more modern range that they assemble and deliver swiftly.

 

India's $40bn (£29bn) "home and living" market - of which furniture and furnishings is a big component - is mainly powered by the country's middle class. Ikea believes it is slowly making inroads - many of the 8,500-odd products on sale at its two 430,000 sq ft stores in Hyderabad and Mumbai, and online, are tailored and tweaked to suit Indian consumers. "Ikea is not in a hurry. They are all about creating and expanding an organised, price-sensitive, modern retail furniture market for India," said Ankur Bisen, senior vice-president at Technopak, a consultancy.

 

A third of Ikea's range in India changes every year and a quarter of its products on sale are locally sourced, according to Kavitha Rao, Ikea India's chief commercial officer. "As a market, India always holds surprises for any global retailer. It is price-sensitive and you have to work across consumers in each category."

 

Will the first Ikea in India succeed?

So, Ikea here sells its cheapest sofa at 10,000 rupees ($134; £98) and its most expensive one at 125,000 rupees. A 19-rupee set of colourful spoons for children and a 99-rupee whiskey glass are among the lowest-priced items.

 

To better understand Indian consumers, Ikea visited more than 2,000 households with varying incomes in different cities. It placed furniture, home furnishing accessories and kitchens in many homes and tested them to see how they fared in the country's hot, humid and dusty cities.

 

They found a splintered, heterogenous market.

 

A woman shops inside IKEA"s first city store in Mumbai, India, December 8, 2021.

 

 

The average home in Hyderabad, for example, was double that of a home in Mumbai. So Ikea offered more vertical storage options in Mumbai, which has a lot of "small-space living". Here, consumers were also more likely to buy a sofa-cum-bed - a sofa which can be converted into a bed.

 

In Hyderabad, consumers were likely to buy bigger sofas and more beds. The bedrooms on display at the stores in Hyderabad and Mumbai reflected these differences in space and size, according to Ms Rao. "Preferences and solutions are different in every Indian city," she said.

 

Indians also preferred closed storage because of dust, so Ikea trimmed its vast range of open storage items and instead offered glass cabinets and cupboards.

 

Will the first Ikea in India succeed?

The Indian kitchen threw up some surprises. Families typically eat four to five meals a day and use much more water while cleaning up in the kitchen. The retailer found that a lot of water was dripping off worktops in their modular kitchens, ruining the fronts of cabinets. So they came up with a "counter top block" or a slim ledge to stop the water from spilling over.

 

Just like Ikea made a lot of paella pans in Spain, it offered a range of pans, woks and stainless steel idli (steamed rice cake) steamers and cookers adapted to Indian cooking. Indians eat fairly elaborate lunches at work, so the retailer offered lunch boxes with three containers, and a combination pack, which included a water bottle.

 

The bedroom threw up a different challenge. Indians preferred to sleep on harder beds, so the retailer sold mainly locally made mattresses, some stuffed with coconut coir. A queen-size firm mattress - worth 19,000 rupees - is one of Ikea's biggest selling products in India.

 

But with a growing number of middle class Indians travelling abroad, consumers are also warming up to Ikea's ethos. Although the retailer hires assemblers, more and more shoppers are taking flatpacks home and proudly recording their efforts at assembling on Instagram. Ikea has been catering to local taste buds - biryanis, samosas, vegetarian meatballs - in its popular cafeterias from the start. But the salmon filet in red curry and the salmon biryani are also a big draw. "We call it the Swedish desi-food," Ms Rao muses.

 

More stores are expected to come up in Bangalore and in Delhi, and their suburbs, as the furniture giant steams ahead with its $1.5bn investment in India. Footfalls have risen to several million a year, and up to 60 million visitors shopped online in 2021.

 

Ikea launched online in Mumbai in 2019, the first time the furniture giant had done so before opening a store in any city in the world. Today, a fourth of its sales are online. While sales have grown, profits are some distance away. Ikea believes it wants to know more about how Indians socialise, entertain, sleep and eat. "This is a journey with no end," Ms Rao said. "We have just about scratched the surface in India."

 

Shoppers have been enthusiastic. Jayasree Anumolu, a 67-year-old Hyderabad-based homemaker, has taken her 95-year-old wheelchair-bound mother shopping to Ikea. "She was so excited!" Ms Anumolu said. At the store, they picked up knives, spoons, pots, pans, gift boxes and bowls. "We picked up things for ourselves, we picked up stuff to gift to others."

 

Ms Anumolu also chose the furniture for her teenage grand-daughter's room - "One of the tables has eight drawers. Eight!" she exulted. When her friends come visiting from out of town, they want to go on a three-hour-long jaunt of the local Ikea store rather than visit the magnificent ruins of the city's iconic Golconda Fort. "Ikea is a craze!".-BBC

 

 

 

Free-range eggs no longer available in UK due to bird flu

People can no longer buy free-range eggs in the UK due to the length of time hens have been kept indoors following outbreaks of bird flu.

 

The eggs in shops will be labelled as "barn eggs" due to birds being kept inside for more than 16 weeks.

 

The country is experiencing its largest ever outbreak of avian influenza and measures are in place to prevent the virus from spreading.

 

About 55% of all eggs produced in the UK are free-range, says the RSPCA.

 

It means they come from birds that, during the daytime, enjoy unlimited access to outdoor pastures.

 

Signs will be put in supermarkets to inform shoppers of the change from Monday, and free-range labelling will only return when hens are permitted to go outside again.

 

Human case of bird flu detected in the UK

Birds culled amid multiple outbreaks of avian flu

Aimee Mahony, chief poultry adviser at the National Farmers' Union, said the government's advice was that there was "still a high level of risk" to birds of catching flu.

 

"This is an incredibly difficult time for all bird owners and vigilance remains vital," she added.

 

Ms Mahony said farmers were following "stringent biosecurity measures" and adapting hen houses to make birds more comfortable.

 

Both "barn" and "free range" eggs meet the RSPCA's welfare standards, because the hens that lay them have freedom and space to move around, along with perches for roosting and nest boxes.

 

The difference is that for barn hens, this all happens inside, whereas free-range hens can access to the outside through "popholes" - although bird flu restrictions have put a stop to this.

 

The RSPCA says consumers buy more boxes of free range and barn eggs than those from caged hens.

 

However, the charity says a large proportion of eggs used as ingredients in products like mayonnaise, cakes and sandwiches are still from hens kept in cages.

 

It says such cages provide less than the size of an A4 piece of paper of space per bird and have limited facilities for perching, nesting and scratching and do not meet its welfare standards.

 

The charity says about 35% of egg-laying hens are still kept in cages.

 

line

Case numbers of the H5N1 strain of bird flu began rising in November last year. The virus - which is highly contagious and can destroy poultry flocks - was first discovered in North Yorkshire.

 

It poses an extremely low risk to humans, according to the NHS, although several people have been infected around the world and a number have died.

 

The outbreaks have resulted in the government enforcing an Avian Influenza Prevention Zone which made it a legal requirement for all bird keepers across the UK - whether they have pet birds, commercial flocks or just a few birds in a backyard flock - to keep them indoors and follow strict biosecurity measures.

 

Under such restrictions egg farmers have a 16-week "grace period" to maintain their free-range status, but this ended on Monday.

 

Andrea Martinez-Inchausti, assistant director of food at the British Retail Consortium, said shops and supermarkets would "continue to support British farmers".

 

In a statement the government said it would work with farmers and retailers to implement the branding changings.

 

A spokesman added: "We are experiencing our largest ever outbreak of avian flu and housing measures remain in force to protect poultry and other birds from this highly infectious and unpleasant disease."-BBC

 

 

 

Burger King Russia partner 'refuses' to shut shops

The owner of Burger King said the operator of its 800 stores in Russia has "refused" to close the sites despite demands to suspend trading.

 

Restaurant Brands said it had contacted local partner, Alexander Kolobov, to shut the shops amid the war in Ukraine.

 

But it said "complicated" contracts with overseas partners mean it is unable to "walk away" from these deals.

 

Mr Kolobov told the BBC he does not have the "authority or power" to stop Burger King operations in Russia.

 

But he said any closure must be approved by all investors in the business.

 

"The decision to terminate and suspend operations of the franchisee which employs about 25,000 persons must be taken by all shareholders considering impact it may have on the employees and their families," he said.

 

Many Western firms have shut or suspended their Russian businesses because of the country's invasion of Ukraine.

 

However a small number, including Burger King and UK retailer Marks and Spencer (M&S), have been unable to do so because their stores are run by franchise partners under "complex" legal arrangements.

 

In a letter to staff, Restaurant Brands International president David Shear said: "We contacted the main operator of the business and demanded the suspension of Burger King restaurant operations in Russia.

 

"He has refused to do so."

 

Mr Shear added that making any changes to its local Burger King business "would ultimately require the support of Russian authorities on the ground and we know that will not practically happen anytime soon".

 

Burger King entered the Russian market 10 years ago. It trades there through a joint venture partnership with Mr Kolobov - who is the main day-to-day operator of the business - as well as with Russia's VTB Capital and a Ukrainian investment firm.

 

VTB Capital is an affiliate of VTB Bank, Russia's second largest financial institution which has been sanctioned by the US, UK and other European countries.

 

Mr Kolobov said he owns a 30% stake in the joint venture."Since the date of the establishment (of) the joint venture-franchisee... my share has always been far below control," he said.

 

Mr Shear said Restaurant Brands owns a minority stake of 15% in the Russian joint venture which it is in the process of unwinding.

 

"While we would like to do this immediately, it is clear that it will take some time to do so based on the terms of our existing joint venture agreement," he said.

 

Restaurant Brands has stopped supporting the supply chain, operations and marketing for Russia. It will also reject new pitches for investment and expansion in Russia.

 

Western companies remain under pressure to withdraw from Russia following its attack on Ukraine. On Thursday, a group of four Ukrainian MPs highlighted to UK prime minister Boris Johnson that M&S is still open in Russia.

 

Honoured to meet Ukrainian MPs @lesiavasylenko, @Aly_shkrum, @mezentseva_dep, and Olena Khomenko in Downing Street today.

 

Putin’s barbaric invasion of Ukraine is a clear violation of the democracy each of them represent. Ukraine's freedom & independence must be restored 🇺🇦🇬🇧 pic.twitter.com/hprk5KOfPP

 

MP Alona Shkrum said: "It is very important to put Putin in isolation and for him to know he will not be getting a handshake from the world, he will not be getting a handshake from business, there will be no support for him because he has killed children in Ukraine."

 

Complex franchise agreements have prevented some Western brands from shutting their stores in Russia. They have, however, publicly shunned the country over its invasion of Ukraine.

 

Marks & Spencer stores are operated by a Turkish company called FiBA, which has held the rights to sell the retailer's products across Eastern Europe, since 1999.

 

M&S said it has suspended shipments of its goods to FiBA which runs Marks' 48 stores in Russia.

 

Meanwhile, German carmaker Audi has warned that the war in Ukraine will cause "tremendous interference" to supply chains.

 

"We will see tremendous interference with all the supply chains, not just the chip business, but any supply chains internationally," said Audi executive Hildegard Wortmann.

 

 

 

Ukraine: Conflict puts £20m Scottish fish market in jeopardy

The effects of the war in Ukraine are stretching as far as the Scottish fishing industry, as it faces the loss of lucrative exports.

 

Millions of pounds worth of mackerel and herring cannot be exported due to the conflict, and there are also new tariffs on Russian white fish.

 

Herring and mackerel weighing about 12,000 tonnes is shipped from Scotland to Ukraine and Belarus every year.

 

The war means it cannot arrive, putting a market worth about £20m at risk.

 

Peterhead in Aberdeenshire is the biggest white fish port in Europe.

 

At fish and freezing firm Lunar, lorries should be taking mackerel to Ukraine, however they are not able to get through.

 

Pallets of fish are piled high inside a cold store at -20C.

 

Coming up on #bbcgms

 

Pallets of mackerel due for the £20m Ukrainian export market on hold, lorries stopped on route or being returned due to the war.

 

In this cold store the food is ready to go, but there’s no way to get it there.

 

(It’s -20 in there, hence the workwear) pic.twitter.com/uQPtnfO2KN

 

Lunar general manager Sinclair Banks said it was an uncertain time.

 

"At this point in time there are challenges to face, in terms of what do we do with product that is reserved for Ukraine," he told BBC Scotland.

 

"Do we decide that market is now too uncertain to supply, but then there are humanitarian issues.

 

"The difficulty is deciding whether you hold that stock hoping that things improve and the customers that are in the Ukraine are able to take the product.

 

"There is also the possibility that government could intervene along with the Ukrainian government and find a way of entry into Ukraine, for what is a vital food source for the Ukrainian people.

 

"They need to eat."

 

It is not just that export market being hit.

 

New tariffs mean firms relying on imported white fish could struggle.

 

Although Peterhead's white fish market is a major player on the European stage, the UK still imports thousands of tonnes of white fish every year from overseas, particularly from Russia.

 

'Whole lot more expensive'

In 2020 the UK imported nearly 50,000 tonnes.

 

That import market is now the subject of the latest round of sanctions.

 

It could see price rises at fish and chip shops - the cost of potatoes, peas and the energy to cook them with have all soared too.

 

"Like we're seeing as you go to the fuel pump or go to the supermarket, your fish Friday is going to be a whole lot more expensive now," said Jimmy Buchan, chief executive of Scottish Seafood Association, which represents processors.

 

Peterhead

"Such is the demand from the United Kingdom public to eat fish, the amount of fish we land here locally just does not satisfy that need.

 

"Sanctions for some is going to be very bad. I think for our own fishing fleet I think it will be a help because it may put a bit more demand they need at this time to offset the fuel prices.

 

"But equally I've got to look at it from the point of view that these factories need a constant supply, they employ a lot of people, and without that supply of raw material they could get into financial difficulty."

 

So the impact of tariffs may well soon affect the price of what goes on to dinner plates.

 

And for those who rely on selling fish overseas, difficult decisions lie ahead on whether to wait for a safe route to Ukraine, or sell elsewhere.-BBC

 

 

 

Cryptoverse: Remember when bitcoin was 'anonymous'?

(Reuters) - Bitcoin just isn't anonymous enough for a growing cohort of crypto users who are seeking greater seclusion.

 

A volatile class of crypto known as privacy coins, created with the primary aim of masking the identity of users and details of transactions, has quietly been gaining ground this month as maturing bitcoin inches towards mainstream finance.

 

Monero and Zcash, among the most popular, have respectively gained 7.6% and 46% since March 1, according to CoinMarketCap data, even as bitcoin has lost about 5%.

 

The pair has gained 4.7% and 16% in the past week. An index tracking privacy coins more broadly, compiled by research firm Macro Hive, has risen 4%.

 

This could be a blip in the wild ride of privacy coins, which conceal more information about transaction amounts and parties through differences in their underlying blockchains.

 

In the past five years, Monero's market cap - the total value of all the coin out there - has pinballed from $100 million to $6.8 billion to $3.4 billion now, according to CoinMarketCap data.

 

Yet the interest in crypto privacy coincides with bitcoin's diminishing function as an anonymous currency. It also comes against the backdrop of war in Europe, a tightening sanctions dragnet and strong noises from policymakers in the United States, EU and Japan about regulating the crypto market.

 

Aidan Arasasingham and Gerard DiPippo, of the Washington-based Center for Strategic and International Studies, note that bitcoin is not truly anonymous, but rather pseudonymous, where coins can be held in wallets opened under alternative or false names.

 

"If a wallet can be linked to an entity or person, the actor can be identified," they wrote in a report in the context of the possibility of crypto being used in Russia and Ukraine to move funds. "Their transactions and wallets can be traced."

 

Volatility aside, though, there are several obstacles that keep privacy coins from being a top-tier altcoin, or alternative to bitcoin, which has a market cap of around $776 billion.

 

Some major crypto exchanges do not list privacy coins due to their potential for illicit activity, for example. Daily trading volumes for Monero have mostly been under $250 million this month while altcoin Ripple sees more than $1.5 billion changing hands each day.

 

"Privacy coins will probably grow. The challenge is that you have to do a lot of things do make them anonymous that make for a horrible user experience and adds big transaction costs," said Dave Siemer, CEO at asset management firm Wave Financial in Los Angeles who owns some Monero coins.

 

TRACING THE LAST SATOSHI

 

Privacy coins have evolved in recent years as the ability of authorities to track blockchain activity for bitcoin and other major cryptocurrencies has become more advanced.

 

"Coins can, with some effort, be traced back to the very last "satoshi", bitcoin's smallest unit," Teunis Brosens, head economist of digital finance and regulation at ING, said in a note.

 

"Recent reports of ransomware money being recaptured, and arrests made for crypto exchange hacks made years ago, attest to this progress."

 

Large regulators have the crypto market in the sights, with efforts intensified by concerns that Russian oligarchs and other sanctioned people could use bitcoin to clandestinely move money.

 

U.S. senators have introduced a bill that could give the president power to sanction foreign cryptocurrency firms. The European Union has also voted in favor of comprehensive digital asset legislation. Japan's Financial Services Agency has said it will punish anyone making unauthorized payments to those targeted by the sanctions. read more

 

SO HOW'S BITCOIN MOVING?

 

Bitcoin's movements have been contained in part by the Ukraine conflict and the Federal Reserve's hawkishness.

 

The crypto kingpin has been stuck between $35,000 and $45,000 since mid-January, unable to reach the $50,000 level it held at the end of 2021. A bitcoin long-to-short positions ratio on Binance is at 1.5, the same level it was at on Feb. 24 when Russia invaded.

 

Meanwhile data from Glassnode shows a jump in the proportion of bitcoin supply being absorbed by entities with a low statistical history of spending it.

 

Marcus Sotiriou, analyst at UK-based digital asset broker GlobalBlock, sees this as "suggesting a bullish market structure for the medium-long term".

 

"Bitcoin is consolidating under $41,000, as the percentage of long-term holders in the market continues to increase," Sotiriou said.

 

The Thomson Reuters Trust Principles.

 

 

Miners lead gains, oil jumps as war and rate hikes rattle nerves

(Reuters) - Gains in banks, energy and mining stocks lifted Asian equities a little higher on Tuesday as investors braced for aggressive U.S. rate hikes and war disrupting oil supplies.

 

Oil futures rose nearly 3% to a two-week high in Asia.

 

The yen fell through the key 120 level against the dollar for the first times since 2016 and Treasuries extended losses after U.S. Federal Reserve Chairman Jerome Powell on Monday flagged a more aggressive tightening of monetary policy than previously anticipated.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.1% led by gains in Australia's miner-and-bank heavy index (.AXJO), which hit a two-month high.

 

Japan's Nikkei (.N225) rose 1.5%. The benchmark advanced for a sixth straight session on Tuesday, heading for its best winning run since September, as energy shares got a boost from strong oil prices while financials gained on higher global bond yields.

 

In early European trade, the pan-region Euro Stoxx 50 futures fell 0.5% to 3,784. German DAX futures edged down 0.45% to 14,302 and FTSE futures lost 0.05% to 7,392.

 

"This very sharp spike in commodity prices is actually having relatively mixed impacts ... because we have some notable commodity exporters in this region, who would possibly stand to benefit," said Manishi Raychaudhuri, Asia-Pacific equity strategist at BNP Paribas.

 

Meanwhile, "investors are coming to terms with the fact that the developed markets' central banks would normalise monetary policy," he said.

 

Powell had sparked a bond rout overnight after he told the National Association for Business Economics the U.S. central bank was prepared to do what it takes to combat inflation and that bigger-than-usual hikes would be deployed if needed. read more

 

Treasuries and U.S. stock futures remained on edge, with S&P 500 futures down 0.3% and rates-sensitive Nasdaq 100 futures down 0.4%.

 

The benchmark 10-year Treasury yield was at 2.3333% by early afternoon in Hong Kong, which is close to the nearly three-year high of 2.3460% reached earlier in the day.

 

Fed funds futures are now pricing a two-third chance of a 50-basis-point rate hike in May.

 

The Japanese yen , also sensitive to rising U.S. rates, fell past 120-per-dollar briefly and last bought 120.4.

 

Chinese markets, on the other hand, are awaiting policy easing after it was flagged by authorities last week.

 

China's blue chip index (.CSI300) slid 0.1% while Hong Kong's benchmark Hang Seng Index (.HSI) added 1.2%.

 

Onshore-listed shares of China Eastern Airlines (600115.SS) slumped 6.5% while those trading in Hong Kong tumbled 5.8%,after its Boeing 737-800 with 132 people on board crashed in mountains in southern China on Monday. read more

 

Tech stocks in Hong Kong (.HSTECH) extended a recent rebound, led by a 9% gain for Alibaba Group (9988.HK) after the company expanded a stock buyback. read more

 

Meanwhile, a lack of progress in the Russia-Ukraine peace negotiations continued to weigh on sentiment. Conflict raged on as Ukraine said on Monday it would not obey ultimatums from Russia after Moscow demanded it stop defending besieged Mariupol.

 

Oil futures extended gains on Tuesday morning on news that some European Union members were considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market.

 

Brent crude rose 2.9% to $118.93 per barrel. U.S. crude ticked up 2.2% to $114.76 a barrel.

 

In other currency trade the euro was down 0.2% on the day at $1.0987, having lost 2.07% in a month, while the dollar index , which tracks the greenback against a basket of currencies of other major trading partners, was up at 98.778.

 

Gold was slightly lower at $1934.63 per ounce.

 

The Thomson Reuters Trust Principles.

 

 

 

Alibaba increases share buyback size to record $25 bln

(Reuters) - Alibaba raised its share buyback programme to $25 billion on Tuesday, the largest ever repurchase plan by the e-commerce giant, to prop up its battered shares as it fights off regulatory scrutiny and concerns about slowing growth.

 

The plan comes amid a tech stock rally in the past few days after Chinese Vice Premier Liu He said that Beijing will roll out more measures to boost the economy as well as favourable policy steps for capital markets. read more

 

This is the second time Alibaba Group Holding Ltd has expanded its buyback programme in a year. It had hiked the programme from $10 billion to $15 billion last August.

 

Shares of the company (9988.HK) have cratered more than 50% in the past year.

 

"The upsized share buyback underscores our confidence in Alibaba's long-term, sustainable growth potential and value creation," Deputy Chief Financial Officer Toby Xu said.

 

"Alibaba's stock price does not fairly reflect the company's value given our robust financial health and expansion plans."

 

Alibaba's shares rose 4.8% in Hong Kong after the news. In the United States, its shares closed down 4.3% on Monday.

 

Alibaba's buyback decision makes sense given how Beijing's measures against monopolistic behaviour and the "disorderly expansion of capital" will limit its opportunities for new investments, said Rukim Kuang, founder of Beijing-based Lens Company Research.

 

"Internet giants will start to re-focus on their main business in the future. As a result, it's not necessary for companies like Alibaba to keep such large amounts of cash on their books," he added.

 

Alibaba said it had $75 billion in cash, cash equivalent and short term investments as of end-December.

 

The company has been under pressure since late 2020 when its billionaire founder, Jack Ma, publicly criticised China's regulatory system.

 

Authorities subsequently halted the planned blockbuster IPO of its financial arm Ant Group and slapped Alibaba with a record $2.8 billion fine for anti-competitive behaviour, triggering a long slide in its shares.

 

Growing competition from rivals, slowing consumption, and a maturing e-commerce market have also hit its performance.

 

In its last earnings release, Alibaba posted a 10% year-on-year revenue growth, its slowest quarter since going public in 2014 and the first time growth fell below 20%. read more

 

The company is currently preparing to layoff tens of thousands of staffers, Reuters reported in March. read more

 

Alibaba said it had re-purchased about $9.2 billion of its U.S.-listed shares as of March 18 under its previously announced programme, which was slated to last until the end of this year.

 

The current $25 billion programme will be effective for a two-year period through March 2024.

 

Alibaba named Weijian Shan, the executive chairman of investment group PAG, as an independent director to its board, and said Borje Ekholm, the CEO of Ericsson (ERICb.ST), will retire from Alibaba's board on March 31.

 

The Thomson Reuters Trust Principles.

 

 

 

Pfizer recalls some lots of blood pressure drug due to potential carcinogen

(Reuters) - Pfizer Inc said on Monday it was recalling some lots of blood pressure drug Accuretic and two authorized cheaper versions of the drug due to the presence of elevated levels of a nitrosamine, a potential cancer-causing impurity.

 

Pfizer said it has not received any reports of adverse events related to the drug till date.

 

Nitrosamines are common in water and foods, including cured and grilled meats, dairy products and vegetables. Exposure to the impurities above acceptable levels over long periods of time could increase the risk of cancer.

 

However, there is no immediate risk to patients taking the drug, Pfizer said.

 

Patients currently taking the products should consult with their doctor about alternative treatment options, the drugmaker said.

 

Pfizer Canada earlier this month recalled Accuretic due to the presence of the same impurity. read more

 

Last year, the drugmaker also recalled its anti-smoking treatment, Chantix, due to high levels of a nitrosamine in the pills. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Fed will raise rates more aggressively if needed, Powell says

(Reuters) - Federal Reserve Chair Jerome Powell on Monday delivered his most muscular message to date on his battle with too-high inflation, saying the central bank must move "expeditiously" to raise rates and possibly "more aggressively" to keep an upward price spiral from getting entrenched.

 

In remarks that sent financial markets scrambling to recalibrate for a higher probability of the Fed lifting interest rates by a half-percentage point at one or more of its remaining meetings this year, Powell signaled an urgency to the central bank's inflation challenge that was less visible than just a week ago, when the Fed delivered its first rate hike in three years.

 

 

"The labor market is very strong, and inflation is much too high," Powell told a National Association for Business Economics conference. "There is an obvious need to move expeditiously to return the stance of monetary policy to a more neutral level, and then to move to more restrictive levels if that is what is required to restore price stability."

 

In particular, he added, "if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so."

 

 

AIG's global head of strategy, Constance Hunter, called it Powell's "the buck stops here" speech.

 

U.S. stocks fell, and traders -- already betting on at least a quarter-point interest rate increase at each of the year's remaining six Fed meetings -- moved to price in a better-than even chance of half-point interest rate increases at each of the Fed's next two meetings in May and June.

 

That would lift the short-term policy rate - pinned for two years near zero - to a range of 2.25% to 2.5% by the end of the year, higher than the 1.9% that Fed policymakers just last week anticipated. read more

 

Most Fed policymakers see the "neutral" level as somewhere between 2.25% and 2.5%.

 

Powell repeated on Monday that the Fed's reductions to its massive balance sheet could start by May, a process that could further tighten financial conditions.

 

"This is not just going to be a near-term tactical phenomenon," said Kevin Flanagan, head of fixed income strategy at WisdomTree Investments in New York. "This is a more strategic type of messaging, I think, from the Fed."

 

A consensus for more aggressive tightening - or at least an openness to it - appears to be growing.

 

Atlanta Fed President Raphael Bostic, who expects a slightly gentler path of rate increases than most of his colleagues, said earlier on Monday he is open to bigger-than-usual rate hikes "if that's what the data suggests is appropriate." read more

 

Speaking on Friday, Fed Governor Chris Waller said he would favor a series of half-percentage point rate increases to have a quicker impact on inflation. read more

 

TIGHT LABOR MARKET, INFLATION RISKS

 

The U.S. unemployment rate currently is at 3.8% and per-person job vacancies are at a record high, a combination that's pushing up wages faster than is sustainable.

 

"There’s excess demand," Powell said, adding that "in principle" less accommodative monetary policy could reduce pressure in the labor market and help stabilize inflation without pushing up unemployment, generating a "soft landing" rather than a recession.

 

Inflation by the Fed's preferred gauge is three times the central bank's 2% goal, pushed upward by snarled supply chains that have taken longer to fix than most had expected and that could get worse as China responds to new COVID-19 surges with fresh lockdowns.

 

Adding to the pressure on prices, Russia's war in Ukraine is pushing up the cost of oil, threatening to move inflation even higher. The United States, now the world's biggest oil producer, is better able to withstand an oil shock now than in the 1970s, Powell noted.

 

Although the Fed in normal times would not likely tighten monetary policy to address what in the end may be a temporary spike in commodity prices, Powell said, "the risk is rising that an extended period of high inflation could push longer-term expectations uncomfortably higher."

 

Last year, the Fed repeatedly forecast that supply chain pressures would ease and then was repeatedly disappointed.

 

"As we set policy, we will be looking to actual progress on these issues and not assuming significant near-term supply-side relief," Powell said on Monday. Policymakers began this year expecting inflation would peak this quarter and cool in the second half of the year.

 

"That story has already fallen apart," Powell said. "To the extent it continues to fall apart, my colleagues and I may well reach the conclusion we'll need to move more quickly and, if so, we'll do so."

 

Fed policymakers hope to rein in inflation without stomping on growth or sending unemployment back up, and their forecasts released last week suggest they see a path for that, with the median view for inflation falling to 2.3% by 2024 but unemployment still at 3.6%.

 

Powell said he expects inflation to fall to "near 2%" over the next three years, and that while a "soft landing" may not be straightforward, there is plenty of historical precedent.

 

"The economy is very strong and is well-positioned to handle tighter monetary policy," he said, adding that he doesn't expect a recession this year.

 

It is a difficult trick to finesse, analysts said.

 

Powell was "reasonably forthcoming that there’s uncertainty," said Seth Carpenter, chief global economist at Morgan Stanley. "If you keep going until you see the outcome that you desire, chances are you’ve gone too far."

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:            <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

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.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220322/ea7ca2c2/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220322/ea7ca2c2/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 233707 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220322/ea7ca2c2/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220322/ea7ca2c2/attachment-0001.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220322/ea7ca2c2/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65553 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220322/ea7ca2c2/attachment-0001.obj>