Major International Business Headlines Brief::: 03 November 2022

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Major International Business Headlines Brief::: 03 November 2022 

 


 

 


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

 


 

 


 

ü  The Fed hikes US interest rates to fresh 14-year high

ü  China Covid: Panic and fear drove iPhone factory breakout

ü  CVS and Walgreens agree to pay $10bn to settle opioids lawsuits

ü  Tinder: More pay for dating app despite cost-of-living crisis

ü  Russian U-turn allows grain deal to resume

ü  House prices: What happens when they fall?

ü  Warning of fewer rental properties as landlords squeezed

ü  Why are so many workers going on strike?

ü  UK battery firm staff agree to November pay cut

ü  Four areas added to banking hubs waiting list

ü  Morrisons to close 132 McColl's stores putting jobs at risk

ü  Kenya: Power Outages Reported in Nairobi, Mt Kenya and Coast Regions

ü  South Africa: Passport Costs Go Up - South African News Briefs - November
2, 2022

ü  Uganda: Govt Seeks to Borrow Shs3.5 Trillion to Finance Budget

ü  Uganda Breweries Trains Riders On Road Safety, Gives Them Safety Gear

 


 <mailto:info at bulls.co.zw> 

 


 

The Fed hikes US interest rates to fresh 14-year high

The US central bank has approved another sharp rise in interest rates as it
wrestles to rein in fast rising prices.

 

The Federal Reserve said it was raising its key interest rate by 0.75
percentage points, lifting it to its highest rate since early 2008.

 

The bank hopes pushing up borrowing costs will cool the economy and bring
down price inflation.

 

But critics are worried the moves could trigger a serious downturn.

 

The latest increase takes the bank's benchmark lending rate to 3.75% - 4%, a
range that is the highest since January 2008.

 

Federal Reserve chairman Jerome Powell warned that rates were likely to move
up again, saying that speculation that the bank might pause was "premature".

 

"We still have some ways to go," he said at a press conference following the
announcement.

 

The US's actions come as many other countries also raise rates in response
to their own inflation problems, which have been fuelled by a mixture of
factors, including higher energy prices as a result of the war in Ukraine.

 

In the UK, the Bank of England started raising rates last year but has so
far opted for smaller hikes than the Fed. The Bank of England is expected to
announce its own 0.75 percentage point hike on Thursday - the biggest such
move since 1989.

 

The sharp rise in borrowing costs has already started to cool some parts of
the economy, such as housing.

 

'Stay the course'

But many analysts say more economic slowdown is necessary if inflation is to
return to the 2% level considered healthy.

 

"There is always the hope of painless, immaculate disinflation," said
economist Willem Buiter, a former member of the Monetary Policy Committee of
the Bank of England who is now an independent economic advisor.
"Unfortunately there are very few historical episodes that fit that
picture".

 

"This is not going to be a pleasant year," he added.

 

Inflation - the rate at which prices rise - hit 8.2% in the US last month.
That is down from June when it rose to 9.1%, the highest rate since 1981.

 

A decline in energy prices has helped ease the pressures, but the cost of
groceries, medical bills and many other items is still rising.

 

That is adding hundreds of dollars to the monthly expenses of typical
households as wages - while increasing - have not kept pace.

 

Mr Powell said restoring price stability was key to maintaining a healthy
economy and said that he saw few signs, as yet, that the price pressures
were easing consistently.

 

While it remains unclear how high rates will ultimately need to go, Mr
Powell said they look likely to end up higher than banking policymakers had
previously expected.

 

"We will stay the course until the job is done," he said.

 

Policy error risk

Already, the Fed's actions have raised borrowing costs at the fastest pace
in decades.

 

Such moves make it less likely that people will spend on big ticket items,
such as homes, cars or business expansions. That fall in demand is, in turn,
expected to curb price increases.

 

But there is growing concern among some analysts in the US about job losses
- another expected outcome.

 

Liz Shuler, head of the AFL-CIO labour union, said on Wednesday that the
Fed's moves would be "direct and harmful on working people", and that it was
failing to address the root causes of the inflation problem.

 

"Working people should not be the target of lowering inflation - it should
be corporations that are earning record profits," she said.

 

In a statement accompanying their decision, Fed policymakers said they were
conscious that there would be a lag before the economy would feel the full
impact of their policies, and pledged to factor that in to their decision
making.

 

Stock markets initially jumped, interpreting that message as a sign that
rate rises might slow - or even pause in coming months. But they swung lower
again during the press conference, after Mr Powell appeared keen to counter
those expectations.

 

The Dow Jones ended the day down 1.5%, while the S&P 500 sank 2.5% and the
Nasdaq fell 3.3%.

 

"Not much has really changed and it seems markets are looking for any
apparent dovish reason to lift higher," said Charles Hepworth, investment
director of GAM Investments. "We do not expect a pivot yet but the '2023'
pause is obviously not far off".

 

The Fed has been able to move relatively quickly compared with the UK, where
the Bank of England is contending with more immediate risk of a recession,
as well as financial instability risks, said Ryan Sweet, chief US economist
at Oxford Economics.

 

But, Mr Sweet warned, "The risk of policy error is very very elevated across
the world, because central banks want to tame inflation and they're going to
do whatever it takes to bring it down."

 

Fed Chair Jay Powell got a lot of criticism for responding too slowly to
inflation when it first reappeared in 2020.

 

No one can deny he's moving quickly now.

 

Four 0.75 percentage point hikes in a row is lightning fast in the world of
monetary policy. As Mr Powell alluded to in his press conference, none of
his predecessors - from Alan Greenspan, to Ben Bernanke, to current US
Treasury Secretary Janet Yellen - have had to hike rates that fast.

 

But as the race to beat inflation continues, the question for everyone is:
will Mr Powell and his colleagues on the FOMC really keep up this pace?

 

As he said in the press conference: there's still more ground to cover. That
sounds like another rate hike is likely in December.

 

But in its statement, for the first time in this tightening cycle, the Fed
did explicitly acknowledge that slowing the pace will be warranted at some
point, since it takes a long time for the effect of rate hikes to show up in
economic data.

 

So for now the ferocious pace of rate rises continues. Even if, for those
paying close attention, there are one or two signs that Jerome Powell's fast
moving Fed might slow down soon.

 

-BBC

 

 

 

China Covid: Panic and fear drove iPhone factory breakout

China's leader Xi Jinping insists there will be no swerving from zero-Covid
- but the ongoing chaos which his government's policy is delivering is there
for all to see at the Foxconn plant in the city of Zhengzhou.

 

What drove the mass breakout at the world's largest assembly line for Apple
computers was fear, panic and ignorance.

 

Foxconn, the company which runs this enormous factory, must shoulder a
portion of the blame for this but really the root cause is this country's
inflexible, strict, zero-Covid approach.

 

The BBC has spoken to workers there who paint a picture of an urgent need to
escape for their own safety. It may not be rational, but some say they
feared for their lives.

 

Take a 21-year-old Foxconn worker who had been hearing the rumours for a
while. The more the stories and speculation continued, the more extreme they
were becoming.

 

It didn't help that her immediate bosses at Foxconn were saying that there
were no Covid infections in the factory while the company was telling the
media that there were no "symptomatic" infections. And yet there were plenty
of known examples of staff who had tested positive.

 

Hundreds of thousands of staff had been ordered not to leave this huge
industrial complex. After workers were confined to only the worker
dormitories and other parts of the factory, the rumour mill stepped up
another gear.

 

This young factory worker heard that the army was going to come in and take
control so as to enforce a type of giant "living with Covid" experiment
which involved allowing everyone in that part of Zhengzhou city to get sick.

 

According to these rumours, the plan was to see how many of them would die.
Then, if the carnage wasn't too bad, this would provide a guide as to
whether the rest of China could open up or not.

 

Sentiments were spreading on their chat groups like: "Foxconn is going to
take my life."

 

She clearly wasn't the only one hearing this and workers started busting
out. On Saturday night footage went round of a yellow barrier fence being
pushed down to allow some to escape.

 

By the next morning, she already had word from some of her friends that
they'd made it all the way back to their hometowns.

 

Half those in her eight-person dormitory had gone. She packed a bag but
couldn't take everything.

 

Rapid Covid spread

Another worker told us she too suddenly panicked before leaving. "To be
honest, I did not think it would be that bad at first," she said.

 

"But then people around me started getting infected. Positive cases in other
dorms were not being taken away to quarantine for several days. Those I know
who kept working, all started confirming as positive."

 

Apart from the Foxconn workers, because most of Zhengzhou city is currently
under some form of lockdown, phone app health codes will not permit anyone
to leave, at least officially.

 

This means that, even if public transport was operating, you would not be
allowed on board and this includes taxis.

 

The solution for workers at Foxconn - jump over the fence and simply start
walking. For some, this has meant travelling on foot with whatever they can
carry for more than 100km.

 

You don't have to search hard to see images with extended lines of mostly
young people dragging luggage along the sides of highways.

 

Ordinary people driving through have taken pity and picked up workers,
ferrying them as far as possible.

 

In scenes reminiscent of the great depression a century ago, workers have
been piling onto the backs of trucks, sometimes lighting small fires to keep
warm.

 

The footage of this has kept coming, first spreading around Henan Province
then across China and around the world.

 

This is full tilt zero-Covid economic disruption.

 

A key problem has been widespread ignorance about the nature of the illness.
In much of China, people are as terrified of catching the virus as if it
were cancer.

 

The Chinese government has done little to alter these misunderstandings and,
in fact, has often made them worse.

 

The narrative from those in charge here has been that elsewhere, Covid has
been cutting a swathe through the population, but Chinese people should
consider themselves lucky because they have the Communist Party to protect
them with the zero-Covid approach.

 

It is true that this strategy has stopped the country's hospitals from being
swamped and it is true that Covid has resulted in a tragic loss of lives.

 

However, it is also true that - for the vast majority of infected people who
have been vaccinated - catching the virus means a few days sick at home and
nothing more.

 

This last point is something that many in China are completely unaware of.

 

So when the workers of Foxconn made it to their hometowns and were put into
hastily constructed quarantine facilities at local high schools, for them
this was not as bad as the Covid hell they imagined was descending upon them
back at their factory.

 

Staff the BBC has spoken to say they don't know if they will be able to
return to work at Foxconn; or if they will be able to even retrieve their
remaining belongings in their dorms. They expect that they have lost their
work attendance bonuses which boost pay after you do a certain number of
days at work in a row. However, again, none of this matters as much as
feeling safe.

 

Naturally, the sight of workers fleeing their place of employment has caused
an outcry and Foxconn has responded.

 

The company announced that those who want to go will be allowed to leave on
secure buses which have now been organised in coordination with other towns
and which will take people directly to quarantine sites, thus ensuring a
much more calm and orderly process.

 

It has also announced the quadrupling of bonuses for staff who remain on
site and don't take leave.

 

In an announcement, Foxconn said that this was part of an effort to
"gradually resume orderly production".

 

As an official lockdown has been re-imposed on the entire Zhengzhou Airport
Economic Zone, the exodus from the factory appears to have slowed to a
trickle for the time being.

 

One volunteer, who has been distributing food and water along the roads,
told us that what looked like thousands getting away last weekend had
reduced to dozens at a time and even less by the middle of this week.

 

If Foxconn can't properly manage this crisis, in the short term, it will hit
global supply chains for Apple and other products.

 

But, in the long run, this shows a much bigger problem for China.

 

The government's system of controlling Covid is not capable of operating
without causing significant disruption, not only to people's lives, but
potentially to key sectors of economy.

 

For China's leader Xi Jinping, this may not be as important as maintaining
political control. But there are only two paths ahead - alter the zero-Covid
approach or see more Foxconn-style upheaval in the future.-BBC

 

 

 

 

CVS and Walgreens agree to pay $10bn to settle opioids lawsuits

Two of America's biggest pharmacies have agreed to pay more than $10bn to
resolve thousands of lawsuits over their roles in the US opioid crisis.

 

The proposed deals with CVS and Walgreens mark the latest chapter of a long
legal saga, in which firms have faced claims they helped drive the abuse of
addictive painkillers.

 

Settlements with drugmakers and distributors have already brought in more
than $30bn.

 

The pharmacies have denied wrongdoing.

 

But they have lost some high-profile, smaller legal battles recently, with a
judge ordering the two firms and Walmart to pay more than $650m (£567m) to
two Ohio counties.

 

CVS chief executive Karen Lynch said on a call with analysts that the
settlement was in the "best interests of all parties and helps put a
decades-old issue behind us".

 

Local governments, Native American tribes and others behind the total of
more than 3,000 lawsuits will now decide whether or not to accept the
settlement. It would allow them to funnel money to help them address the
local costs of a crisis that the US says has claimed more than 560,000 lives
since 1999.

 

Pharmacies ordered to pay $650m in US opioids suit

Sacklers to pay $6bn for role in US opioid crisis

Lawyers for the plaintiffs that helped negotiate the deal called the
proposal an "important step" to holding the pharmacies "accountable".

 

"Once effectuated, these agreements will be the first resolutions reached
with pharmacy chains and will equip communities across the country with the
much-needed tools to fight back against this epidemic and bring about
tangible, positive change," the legal team said in a statement.

 

Since former US President Donald Trump declared the opioids epidemic a
national emergency in 2017, the situation has worsened.

 

Overdoses involving opioids jumped 30% in 2020 and another 15% last year,
with illegally manufactured fentanyl driving the recent crisis, according to
the US Centers for Disease Control and Prevention.

 

The situation has strained public resources, with the economic toll of the
opioid crisis in 2020 alone mounting to $1.5tn, according to a congressional
report last month.

 

Advocate, author and recovering addict Ryan Hampton said many are ready for
the years of legal fighting to end, but that the settlements have fallen
short of early hopes. He warned that policymakers will need to commit more
resources if they hope to do more than make a dent in the crisis.

 

"It is my hope that these dollars are put to use immediately on the ground,
100% of them," he said. "That's my hope. My fear is that when the dollar are
distributed... that yes, it's not nothing but it's nowhere near enough."

 

While the settlements often outline how the funds should be spent - sending
funds to facilities that offer treatment programmes, for example - Mr
Hampton said the jury is still out on the overall impact.

 

"They're much needed but are we really just plugging a hole in the dam at
this point?" he said. "We're going to need massive federal investment that
goes beyond litigation dollars if we're going to get anywhere near
preventing these tragic overdose deaths."

 

In the lawsuits brought by local communities, Native American tribes and
other parties since 2017, the pharmacy chains were accused of ignoring red
flags while handling prescriptions for the drugs.

 

CVS said it would pay about $5bn over 10 years to settle the claims, while
Walgreens Boots Alliance has agreed to pay $5.7bn over 15 years.

 

Walmart has also reached a $3.1bn deal, Reuters reported. Walmart declined
to comment.-BBC

 

 

 

Tinder: More pay for dating app despite cost-of-living crisis

Consumers are spending less on everything from video streaming to food
shopping as the cost of living rises, but it appears many are not ready to
cut back on dating just yet.

 

The owner of Tinder says the number of paid subscriptions to the dating app
rose 7% globally in July-September.

 

Match Group, which also owns Hinge and OkCupid, said overall sales rose to
$810m (£704m) in the quarter.

 

But it warned the global economic slowdown was starting to take its toll.

 

In particular, it said weaker economic conditions are weighing on brands
such as Plenty of Fish, which cater to people with lower incomes, while
people were starting to make fewer in-app purchases on its platforms.

 

Tinder, which is one of the world's most popular dating apps, saw its sales
and user numbers grow in the three months to September.

 

The firm, which offers a free version of its service, said it had been
helped by the return of a feature that lets users swipe right and left from
their desktops.

 

Taken as a whole, Match has around 100 million active users, of which Tinder
accounts for the lion's share.

 

However, although subscriptions for the dating app were up, it said Tinder
users were spending less on one-off features such as "Super Likes" and
"Boosts" that make your profile more visible.

 

Match is also forecasting revenue growth at Tinder to be flat in the last
three months of the year.

 

Overall Match, which says hundreds of millions of people have used its apps,
said it had 16.5 million paying customers across its brands worldwide in the
quarter.

 

That was up from 16.3 million in the three months to July, although most of
the growth came from outside its core US and European markets where numbers
actually fell slightly.

 

It comes after a rocky period for Tinder, which has been hit by a number of
management changes, including the departure of its chief executive Renate
Nyborg in August after less than a year.

 

Match said it continued to look for a new chief executive for the app. It
also said it was focused on improving the user experience at Tinder for
women, after the app faced scrutiny over abusive interactions on the
service.

 

The results from Match come after a number of tech giants were hit by fears
of a global economic slowdown.

 

Last week, both Apple and Amazon warned that their sales are being hit as
consumers cut back their spending.

 

Both said the rising cost of living was eroding consumer buying power.

 

Meanwhile, shares in Facebook owner Meta fell more than 20% last week after
a downbeat set of results from the tech giant.

 

Shares in Match, which have been weak this year, rose 16% on Tuesday after
its results.-BBC

 

 

 

Russian U-turn allows grain deal to resume

Days after Russia suspended support for grain exports through the Black Sea,
it has agreed with Turkey to restart its participation in the agreement.

 

Russia accused Ukraine on Saturday of using a safety corridor for grain
ships to attack its fleet in Crimea.

 

However, the UN, Turkey and Ukraine continued sending ships even after
Russia halted its support for the deal.

 

Now, Russia's defence ministry says Kyiv has given written assurances not to
use the route for military action.

 

But Germany's foreign minister said it showed what the international
community could achieve if it refused to be blackmailed by Russia.

 

The deal was brokered by the UN and Turkey in July, bringing to an end a
five-month Russian blockade of Ukrainian ports that trapped millions of
tonnes of grain and sunflower oil and sent food prices soaring.

 

Under the agreement, ships are allowed to sail through a safe corridor
before being inspected by a special co-ordination team in Turkey and then
heading on through the Bosphorous Strait.

 

The deal ends on 19 November and those involved still have to agree
extending it. According to the UN, 9.8m tonnes of grain, oil and soya beans
have been transported in more than 400 shipments around the world since the
operation began on 3 August.

 

How much grain has been shipped from Ukraine?

Russia had for some time threatened to end its involvement before announcing
last Saturday that it was halting its support, blaming Ukraine for a drone
attack on the Black Sea fleet based at Sevastopol in Crimea.

 

The UN stressed that there had been no ships in the safe corridor on the
night of the Sevastopol attack and Ukraine dismissed the move as a "false
pretext".

 

Russia had warned that continuing with the deal without its involvement
would be dangerous. Nevertheless, ships continued to use the route, to the
extent that a record 354,000 tonnes left Ukrainian ports on Monday alone.

 

Four days after Russia suspended its part in the deal, its U-turn was
revealed by Turkish President Recep Tayyip Erdogan, after a call between
Russia's defence minister and his counterpart in Ankara. "The grain
transports will continue as agreed before as of noon today (09:00GMT)," he
said.

 

Shortly afterwards, Russian news agencies confirmed his remarks. Defence
ministry spokesman Igor Konashenkov told state TV that Russia had received
"written guarantees" from Kyiv that both the safe corridor and Ukrainian
ports "will not be used for conducting military operations against the
Russian Federation". Russia considered those guarantees were sufficient at
the moment, he added.

 

The UN official co-ordinating the grain deal, Amir Abdulla, praised Turkey's
role in the talks and welcomed Russia's decision. However, German Foreign
Minister Annalena Baerbock emphasised that Moscow had backed down.

 

"Russia has again tried to use hunger as a weapon, to use grain as a
weapon," she told German website Die Welt.

 

"The world community has made clear: No, we don't believe your lies, we will
continue to send ships... so the poorest in the world do not have to suffer
so massively from this war of aggression."

 

A day before the Russian change of heart, the Kremlin said President
Vladimir Putin had spoken to the Turkish leader insisting on a thorough
investigation into the attack on the Black Sea fleet before the grain deal
could resume. Russia's defence minister Sergei Shoigu had also discussed the
deal for the second day running.

 

Outside Russia, political commentator Tatiana Stanovaya said the Kremlin had
fallen into a trap from which it did not know how to get out: "It turned out
that the Kremlin does not have the leverage to stop grain exports," she
tweeted.

 

The price of wheat, corn and rapeseed fell on news of Russia lifting its
suspension on Wednesday, reversing increases seen in the futures market
since Monday.-BBC

 

 

 

House prices: What happens when they fall?

The Bank of England is expected to increase interest rates above 2.25% on
Thursday, feeding through into higher mortgage costs.

 

Some lenders are already reporting house price falls, but is this just a
blip or the start of a bigger drop?

 

What happens when house prices fall?

Falling house prices have the biggest immediate effect on people who want to
move.

 

Fewer properties are available and would-be movers, who already own a home,
may have less purchasing power.

 

Meanwhile, first-time buyers may find that properties are more affordable,
allowing them to get a foot on the ladder - assuming they can get a
mortgage.

 

But a drop in prices can also send shudders through the finances of
homeowners who are staying put.

 

At the most extreme, households can end up in negative equity - where the
amount they have borrowed is greater than the current value of their home.

 

And with about a third of household wealth tied up in home values, falling
prices can make people feel less secure, resulting in them saving rather
than spending.

 

Less spending can make an economic slowdown even worse.

 

How high could interest rates go?

Why does the Bank of England change interest rates?

After the mini-budget, financial markets were forecasting that the Bank of
England's interest rate would rise above 6% in 2023.

 

However, traders now expect the peak to be under 5%. You can use the
calculator above to see how big an effect those kinds of changes can have on
monthly repayments.

 

Line chart showing market expectations for the Bank of England's base rate
of interest

In the early 2000s property boom, 100% mortgages and cashback offers were
not uncommon.

 

But after the 2008 financial crash, mortgage lending rules were tightened.

 

As a result, loans leave more room for prices to fall before borrowers are
stuck with negative equity. Most recent borrowers have also had their
ability to pay checked against interest rates even higher than the ones
we're seeing at the moment.

 

At the start of the pandemic, when many people's earnings were cut, banks
allowed people to defer their mortgage payments for up to six months.

 

Repossessions were suspended from March 2020 to April 2021 and, even in the
year since restarting, have remained below 4,000. That compares with more
than 20,000 in the years just before the 2008 crash.

 

What has happened to house prices?

In the last two years, prices rose steeply - by about a quarter - across
most of the UK.

 

That pace of growth is much faster than that seen after the 2008 global
financial crisis, where houses lost about a sixth of their value and it took
five years, on average, for prices to recover.

 

In Scotland and the north of England prices kept dropping for a few years -
and stalling in Wales - meaning the recovery took longer.

 

In the north-east of England, prices only returned to their pre-crash levels
at the end of 2020.

 

Meanwhile, in Northern Ireland, house prices still remain below their
pre-crisis peak.

 

House price trends in each UK nation and region

Recent price growth has been much slower in London than the rest of England,
with prices dipping slightly during the pandemic. Despite this, the capital
has comfortably seen the largest rises over the last 10 years as a whole.

 

Will house prices fall in the UK?

Data from Nationwide and Halifax, which give an earlier hint than the Land
Registry figures shown above, have started to show month-on-month falls.

 

Monthly changes can be blips, but the UK's largest lender, Lloyds, is
planning for an 8% price fall next year.

 

Big jumps in interest rates put pressure on the amount people can afford to
offer for houses, and that means less demand.

 

Some sellers may also delay putting their homes on the market. There have
been fewer sales than in the year leading up to last summer's surge in
prices before the temporary stamp duty reduction ended.

 

But if interest rates stay high, an increasing number of people will come
off fixed-price mortgages (about 100,000 each month) to new, higher rates.

 

Some home owners will find higher monthly payments unaffordable, making them
more likely to sell.

 

The number of people in arrears peaked during the financial crisis, but has
not risen significantly during the pandemic, helped by lenders granting
payment holidays.

 

Line chart showing that the number of people in mortgage arrears peaked in
2009

In the worst case, payment difficulties can lead to the bank repossessing
someone's home, although lenders try to avoid this. More than 200,000 were
repossessed in the five years after the financial crash.

 

Mortgage affordability depends on other cost-of-living pressures like energy
bills, wages and job security. The future of house prices depends on the
economy as a whole.

 

The worry is that falling house prices and a stuttering economy start to
reinforce each other.-BBC

 

 

 

Warning of fewer rental properties as landlords squeezed

Renters could find it more difficult to find properties in the next year or
two as landlords struggle with higher mortgage rates, MPs have heard.

 

Ray Boulger, from mortgage broker John Charcol, said landlords would be more
reluctant to buy "buy-to-let" properties which could have a "serious impact"
on the availability of homes.

 

He said the situation was particularly acute in London and South East
England.

 

The Commons Treasury Committee has been hearing from mortgage experts.

 

The session was designed to review the state of the market during and
following the upheaval of recent weeks, partly as a result of former
chancellor Kwasi Kwarteng's mini-budget.

 

New fixed-rate mortgages have risen sharply in cost during the year, and
jumped in the aftermath of the mini-budget, when investors were spooked by
big tax cut pledges that were set out without specifying how they would be
paid for.

 

Chart on how mortgage rates have risen this year

Mr Boulger said that the buy-to-let sector was likely to see more "stress"
than other areas of the mortgage market.

 

He said that some landlords would find it difficult in some areas to secure
a mortgage of more than 50% or 60% of a property's value.

 

That, added to tax changes which have led some landlords to consider selling
up, would reduce availability for tenants, he said.

 

About 40% of landlords have a mortgage on their rental properties.

 

Prices set to fall

Earlier this week, the Nationwide Building Society said that UK house prices
fell by 0.9% month-on-month in October, the first monthly decline in 15
months.

 

The drop was the largest since June 2020, at the height of the pandemic, the
mortgage lender said.

 

Chris Rhodes, chief finance officer from the Nationwide, said that the
outlook for the housing market was "very uncertain".

 

Mr Boulger forecast a 10% to 15% drop in house prices from peak to trough,
partly because the ability to borrow was being curtailed.

 

Joanna Elson, chief executive of debt charity the Money Advice Trust, called
for a public awareness campaign to urge people to seek help if they were
struggling to make mortgage repayments.

 

She also called for some of the requirements on financial support to help
with mortgage payments to be eased.

 

There is also significant pressure on renters, which made up the majority of
those seeking help from the charity, she told MPs.

 

People tended to prioritise paying for "the roof over their heads", she
said.

 

Figures seen recently by the BBC suggest that people under 30 are now
spending more than 30% of their pay on rent - marking a five-year high.

 

Experts said this level of rental costs is unaffordable and warned that
younger tenants could face a difficult winter as costs and energy bills
mount.

 

-BBC

 

 

Why are so many workers going on strike?

Tens of thousands of workers have downed tools this year to request pay
deals that keep up with the rising cost of living.

 

It has left the public having to deal with train strikes, overflowing bins,
gridlock in the courts and disruption to other services such as mail
deliveries.

 

There could be further strikes through the winter and next year, as doctors,
nurses and teachers are in dispute with employers over pay.

 

Why are the strikes happening?

Though most disputes involve a range of issues, the main one is pay.

 

Prices are rising at over 10% per year, the fastest rate for 40 years.

 

That means workers are seeing their living costs rising faster than their
wages, leaving them worse off.

 

Why are prices rising so quickly?

Workers in many industries belong to trade unions, which are organisations
that represent their interests to management and negotiate on their behalf
about pay, jobs and conditions.

 

Where those unions have not been able to get a pay deal they feel is fair,
and haven't been able to agree a compromise, they vote on whether to take
industrial action.

 

At the most extreme, this means going on strike where workers refuse to do
their jobs to try to persuade their employers to give in.

 

Workers can also take less drastic measures to put pressure on their bosses,
such as refusing overtime. Doctors and nurses won't completely stop work as
that would put lives at risk.

 

Industrial disputes have definitely been rising since the pandemic. In 2019,
on average 19,500 days a month were lost to strike action. In July, the
figure was 87,600, according to the Office for National Statistics.

 

The most high-profile strikes include:

 

·         The railways have been disrupted by a series of strikes since
June. Members of three rail unions - the RMT, the TSSA, and ASLEF - are
taking part in a series of one-day strikes which have brought parts of the
rail network to a virtual standstill. The next strikes are planned for 5
November.

·         Workers at Royal Mail have held strikes since August, and have
another 19 days of walk-outs planned between October and December. Around
115,000 members of the Communication Workers' Union are taking part in the
strikes.

·         Around 40,000 workers at telecoms companies BT and Openreach went
on strike for the first time in over 30 years in July, seeking a better pay
deal, with further strike action expected soon.

·         Some 4,000 staff at 23 further education colleges walked out over
pay in October. Some colleges have made agreements with staff though the
dispute is ongoing at others.

·         Dock workers at Felixstowe and Liverpool are also in dispute over
pay.

·         Who is considering going on strike?

·         The Royal College of Nursing (RCN) is balloting all of its members
in the UK for the first time in its 106-year history. They are requesting a
pay rise of 5% plus inflation. A ballot at the Royal College of Midwives
starts on 11 November.

·         A ballot of 70,000 members of the Universities and College Union
at 150 universities voted in favour of strike action in two separate
disputes: one on pay, one on pensions.

·         Junior doctors in England, represented by the British Medical
Association, are planning to ballot in January on industrial action over a
pay deal which will give them 2% this year.

·         Some 350,000 health workers in England, Wales and Northern Ireland
belonging to Unison began a vote on industrial action on 27 October. A vote
in Scotland was suspended following a new offer from employers.

·         Around 18,000 ambulance workers belonging to GMB and Unite are
voting on strike action.

·         The NASUWT teachers' union is balloting around 162,000 members
over industrial action, while the NEU teachers union is expected to announce
a ballot too.

·         Does the public support strike action?

A number of polls have asked whether the general public support strikes.

 

A poll at the end of October by Savanta ComRes found that 60% generally
support workers taking industrial action, with 33% opposed.

 

Asked about strikes over pay and conditions, support varied widely between
different industries, with nurses and teachers attracting the most.

 

Graph of support for strikes over pay by industry, with nurses receiving the
most support and barristers the least.

IMAGE SOURCE,GETTY IMAGES

In the summer, polls on the rail strike from Ipsos and Opinium found roughly
equal numbers supporting and opposing it.

 

What do employers say?

Staff wages are a major cost for most businesses and some of the companies
which are in dispute with their workers say they do not have enough money to
give pay rises.

 

Royal Mail and the rail companies say they want to agree new working
practices alongside the pay award, which has proved another point of
dispute.

 

Doctors, nurses, and the striking lawyers are paid by the government. Their
salary is set by a review process which published its findings in July,
presenting millions of workers with below-inflation pay rises.

 

The new Prime Minister Rishi Sunak has warned of a "profound economic
crisis" with "difficult decisions to come" - which will make it hard to make
a more generous pay offer to public sector workers.

 

The Bank of England worries that if workers win big pay rises, their
employers will have to put prices up. That pushes up inflation, causing
workers to request bigger pay rises, creating a "wage-price" spiral which
could lead to a sustained period of inflation.

 

However, workers are in a strong position as unemployment is extremely low.
There are more vacancies than people looking for work and many employers are
short of workers.

 

The Trades Union Congress argues that on average workers earn less than they
did in 2008 - the longest period without an increase for 200 years.

 

Nurses join a cost of living protest in June

 

Pay varies hugely between industries, job roles and how senior workers are.

 

Figures from the Office for National Statistics found that railway workers
earn an average of £43,000. Train drivers earn the most - average £59,000 -
while travel assistants earn £33,000.

 

Nurses in England earn from £27,000 to £55,000, with the average nurse
earning around £32,000 according to the RCN.

 

Has anyone managed to get big pay rises?

A number of disputes have been resolved this year, with some workers being
awarded pay rises of 10% or more.

 

Criminal barristers in England and Wales accepted a 15% pay rise in October,
after a strike which began in June.

Refuse workers in Eastbourne, negotiated a deal worth over 11% in January
after going on strike.

Train drivers in Scotland agreed a 5% pay deal in June.

2000 bus drivers in North London won an 11% pay deal after threatening a
strike.

480 bus drivers in Kent won a pay deal worth nearly 14% after six days of
strike action.

In July BA staff at Heathrow accepted a pay deal worth 13% after threatening
to strike.-BBC

 

 

 

UK battery firm staff agree to November pay cut

Staff at the UK battery firm Britishvolt have agreed to take a "significant"
pay cut as the company battles to stay afloat.

 

The future of the start-up was thrown into doubt over fears it could run out
of money after the government rejected a £30m advance in funding on Monday.

 

But the firm has raised enough money from an unnamed investor to keep going
until early December.

 

To make the money go further around 300 staff will take a pay cut for
November.

 

Executives at the firm will not take any pay at all for the month.

 

Britishvolt, which has been championed by the government, wants to build a
factory in Blyth in Northumberland, which would build batteries for electric
vehicles but has struggled to find investors.

 

The £3.8bn plant had been expected to create 3,000 jobs but has already been
delayed several times, which has led to doubts over whether it will become a
reality.

 

The government had committed £100m in total to Britishvolt for the project
but when the firm on Monday wanted to draw down a third of the cash early,
ministers refused.

 

The BBC understands that the firm had to meet set milestones, including
attracting a certain level of funding from the private sector, to be able to
access the government grant.

 

Since early September, the firm has had 26 meetings with government
officials from the Department for Business, Energy and Industrial Strategy.

 

UK battery firm averts collapse as funding secured

As first reported by the Financial Times, Britishvolt will now spend the
next five weeks trying to find long-term funding. If it fails it will face
the renewed prospect of bankruptcy before Christmas.

 

Britishvolt chairman Peter Rolton told the Financial Times he was
"confident" the company would be able to raise the cash in time.

 

"We're nudging along, we are improving the position, but the interest is
definitely there," he told the newspaper.

 

The FT said the sum raised on Tuesday was in the "single-digit" millions of
pounds, according to sources, adding that Britishvolt previously said it
needed to raise £200m to keep the business running until next summer.

 

'Exploring more funding streams'

In a statement, the company said it was exploring "both short and long-term
funding streams" to build its so-called gigafactory, with several
"international investors" making approaches in the past few days.

 

"While the weakening economic situation is negatively impacting much
business investment at present, at Britishvolt we are continuing to pursue
positive ongoing discussions with potential investors," the company added.

 

The project had been heralded by ministers as an example of "levelling up" -
a Conservative aim of investing in communities to reduce economic imbalances
in the country - with Blyth being one of Labour's seats to turn blue in the
2019 General Election.

 

At the time, then Prime Minister Boris Johnson hailed the investment as a
"levelling up opportunity", while then Business Secretary Kwasi Kwarteng
said the factory and the jobs it was forecast to create was "exactly what
levelling up looks like".

 

The £100m government pledge to Britishvolt is aimed at helping to build its
battery plant, as well as attracting more private investment for the
development.

 

However, Britishvolt has been forced to delay the start of production at the
plant several times, with the latest company announcement stating it would
be delayed again until the middle of 2025.-BBC

 

 

 

Four areas added to banking hubs waiting list

Four more communities have been earmarked for shared banking hubs - becoming
the latest on a list of 27 areas waiting for services to begin.

 

At these hubs, customers of any bank will be able to access their accounts,
deposit cash and cheques, and withdraw money at any time.

 

Only two have opened so far, while hundreds of bank branches have closed.

 

Fears have been raised that local businesses and vulnerable residents would
struggle without cash services.

 

The four new locations which will receive hubs are: Bury Park in
Bedfordshire, Haslemere in Surrey, Prestatyn in Denbighshire, and Welling in
south east London.

 

Residents and local politicians requested the hubs come to their areas owing
to previous closures of bank premises.

 

Teresa O'Neill, leader of Bexley Council, said she was thrilled a hub was
coming to Welling.

 

"Since losing our last banks almost a year ago, the community has not had
convenient access to cash, meaning that residents have had to travel for
basic banking needs.

 

"This is also damaging to businesses who rely on banks to cash their takings
too. We look forward to the change it will make within the town."

 

What happens when all the banks leave town?

Saving cash: A customer said we'd changed her life

The BBC visited a prototype shared banking hub in Rochford, Essex, and was
told it had been "a lifeline" for many people living in the area after the
last branch in town closed.

 

Running costs are the same as a small branch, but are shared between
different banking groups that use it.

 

However, there is concern that regular bank branches are closing at a rapid
rate. Consumer group Which? said that 587 branches have closed this year,
with another 75 scheduled to shut by the end of 2022, on top of hundreds in
previous years.

 

Bank closures graphic

There is little chance of these new hubs replacing many of these closed
banks at the moment.

 

Difficulties in opening the new hubs have included finding suitable
premises, and making it fully accessible and secure enough for banking
services.

 

Natalie Ceeney, who chairs the Cash Action Group and Banking Hub Company,
said: "We are expecting a couple more to be live before Christmas. We are
making good progress with all hubs and expect a significant number to open
in early 2023.

 

"When we are visiting locations that will get a hub, we are looking for
buildings that are the right size, located in an appropriate location and
have the facilities to support all customers. We then often need to make
changes to the building to make them suitable for a banking hub, some of
which need us to get planning permission. This process has not always been
easy, but we are making good progress.

 

"What is important is this time last year, if a community lost their last
branch, there was no solution. Over the next couple of years, we expect to
be supporting hundreds of communities across the UK."

 

Jenny Ross, money editor at Which?, said: "Banking hubs could play an
important role in ensuring the cash needs of local communities are met.
However, the rollout is taking far too long and the hubs must open as soon
as possible so consumers can benefit."

 

In addition to the hubs, more withdrawal and deposit machines - which are
unstaffed but can allow businesses to cash in their takings - will be placed
in premises such as libraries and community centres and available during
their opening hours.

 

They will be located in Bingley in West Yorkshire, Finchley in north London,
Leigh-on-Sea in Essex, Melksham in Wiltshire, Plympton in Devon, and
Sandbach in Cheshire.-BBC

 

 

 

Morrisons to close 132 McColl's stores putting jobs at risk

Morrisons says it plans to close 132 of its loss-making McColl's convenience
stores, putting 1,300 jobs at risk.

 

It comes after the supermarket chain agreed to buy McColl's out of
administration in May.

 

Workers who could be made redundant will be offered jobs elsewhere in the
business, the grocer said.

 

Morrisons now plans to convert most of its remaining McColl's stores into
Morrisons Daily shops as it tries to revive the chain's fortunes.

 

There are currently 1,164 McColl's stores trading, 286 of which operate
under the Morrisons Daily brand.

 

Morrisons said all of the stores set to close were "loss-making" and had "no
realistic prospect" of recovering soon.

 

The shops are distributed around England, Scotland and Wales.

 

Mother wins £60,000 over Morrisons discrimination

Co-op launches trial to cut back use of lighting

The majority will be closed "in an orderly fashion" over the rest of this
year, it added.

 

The grocer said workers at risk of redundancy "will be offered alternative
employment at a nearby McColl's store, Morrisons store, logistics operation
or food-making centre".

 

Out of the stores that will close, 55 have a Post Office counter.

 

Morrisons said it would will delay the closure of these stores until next
year to let them serve local communities during Christmas "and to allow the
Post Office additional time to make alternative arrangements".

 

Last week competition regulators cleared Morrisons to buy McColl's.

 

The supermarket chain had already said it would sell 28 McColl's stores to
overcome competition concerns.

 

McColl's is a business "of significant scale", Morrisons added, with an
annual turnover of £1.2bn. It accounts for about 0.8% of the UK grocery
market, it added.

 

It said no further store closures were currently being considered but it
remains in talks with "a number of landlords of challenged stores".

 

Morrisons' chief executive David Potts said after the green light from the
competition watchdog, the retailer was "now able to begin the urgent journey
to transform McColl's into a viable, well-invested and growing operation".

 

Mr Potts added that following the store conversions, there would be more
than 1,000 Morrisons Daily stores trading within two years.

 

Joseph Sutton, the director of Morrisons wholesale, said: "We very much
regret the proposed closure of 132 loss-making stores but it is, very sadly,
an important step towards the regeneration of the business."-BBC

 

 

 

Kenya: Power Outages Reported in Nairobi, Mt Kenya and Coast Regions

Nairobi — Power outages have been reported in Nairobi, Mt Kenya and Coast
areas, affecting thousands of businesses.

 

A spot-check by Capital Business revealed that building in Nairobi Town were
out of power, forcing businesses to use generators.

 

Outages means that many businesses will be impacted economically as a
majority of them depend on electricity to run their operations.

 

Kenya Power and Lightning Company (KPLC) said in a statement that the
outages occurred at 11:09AM.

 

"... ... .we lost power supply due to a system disturbance, affecting parts
of Nairobi, Coast, and Mt Kenya regions," KPLC said.

 

"We are working, in collaboration with other sector players, to restore the
power supply as soon as possible. Any update on the restoration progress
will be issued in due course," it added.

 

Kenya has been experiencing power disruption for a long period of time,
causing immense destructions on big and small firms, attributed to vandalism
on electricity lines, among others.

 

"We apologise to our customers for the inconvenience caused," the utility
firm said.

 

-Capital FM.

 

 

 

South Africa: Passport Costs Go Up - South African News Briefs - November 2,
2022

It's official. South Africans will have to pay more passport applications -
that's now R400 to R600 for a standard passport. Replacing a lost or damaged
passport will now cost R1,200, The Department of Home Affairs announced in
September that, for the first time since 2011, it would be increasing the
prices of travel documents.

 

South Africans Brace for Another Interest Rate Shocker

 

The South African Reserve Bank says there is still some room to raise the
interest rates ahead of November's announcement, Eye Witness News reports.
The repo rate, which was raised in September 2022, is currently at 6.25%.
Reserve Bank Governor Lesetja Kganyago said the central bank will continue
to rely on interest rates to bring down inflation.

 

Are The Men Who Perpetrate Violence Against Women and Children Ashamed?

 

 

President Cyril Ramaphosa has said that South African men who perpetrate
violence against women and children should be ashamed of themselves. Close
to 2,000 Activists, NGOs and survivors of gender-based violence have
gathered in Midrand, eNCA reports. The president blames the slow
implementation of the government's National Strategic Plan for the the
escalation of crimes against women and children. Latest crime stats indicate
that over 800 women and 200 children were killed between April and June this
year. In 2021,  Statistics South Africa released a report,  Crimes Against
Women in South Africa , indicating that one in five women (21%) had
experienced physical violence by a partner.

 

Water Restrictions Lifted In Gauteng But Concerns Remain

 

Gauteng residents are still concerned about the province's ailing water
infrastructure despite restrictions being lifted. Rand Water announced the
removal of water restrictions across three metropolitans in Gauteng, with
immediate effect. The water utility was forced to implement restrictions
after high consumption and rolling power cuts crippled its pumping systems.

 

 

Uganda: Govt Seeks to Borrow Shs3.5 Trillion to Finance Budget

Kampala, Uganda — The Finance State Minister, Henry Musasizi has asked
Members of Parliament to approve up to Shs3.5 trillion to finance the
Shs48.1 trillion budget.

 

The first loan request which is up to US$464 million translating to about
Shs1.7 trillion, is to be sourced from the Standard Chartered Bank.

 

In documents which now stand referred to Parliament's Committee on National
Economy, Standard Chartered Bank will merely be an agent for two financial
institutions that will actually supply the cash, should Parliament approve
the loan request.

 

 

Whereas Musasizi said Standard Chartered Bank "emerged the best bidder with
the lowest cost of financing provided to government," £272 million of the
loan will be sourced from Nippon Export and Investment Insurance (NEXT), a
Japanese trade and investment insurance firm, while £182.7 million will be
picked from the Islamic Corporation for the Insurance of Investment and
Export Credits (ICIEC).

 

Standard Chartered Bank's role in the borrowing will be that of "agent and
mandated lead arranger for the loan."

 

Musasizi defended the loan, saying it is intended to "help pay outstanding
infrastructure certificates among others to avoid accumulating arrears
during the financial year".

 

He also said because of financial constraints, government managed to only
finance seven per cent of the different votes' development expenditure,
which he said will have an effect on budget performance and economic
recovery.

 

NEXT will charge an interest of 2.9 per cent on their facility, whereas
their counterpart the ICIEC will reap 3.5 per cent from their credit.

 

The loan's maturity period is 10 years, with an additional grace period of
four years.

 

Separately, Musasizi also tabled a US$140 million loan request to be picked
from the International Development Association, a facility that comes with a
US$60 million grant.

 

This, he said, will finance the Uganda Digital Acceleration Project (UDAP).

 

Musasizi said the project is intended to "expand access to high speed
internet, improve efficiency of Digital Government Services, and strengthen
the digital inclusion of the host communities and refugees [where the
project will be implemented]".

 

Another loan request to be sourced from the same agency is a US$331.5
million loan, which comes with a grant totalling to US$276.5 million.

 

This particular facility will be used to "finance the electricity access
scale-up projects".

 

Minister Musasizi said the loan is critical in electricity access expansion
across the country.

 

"[This loan facility] seeks to facilitate at least one million electricity
connections covering households, commercial enterprises, industrial parks,
mining centres and public institutions," said Musasizi.

 

The two facilities together add up to US$471 million, which is merged with
the US$464 Standard Chartered Bank arranged facility totals up to about
Shs3.5 trillion.

 

The committee will be expeditiously processing the requests to inform
Parliament's decision to approve or reject the loan requests.

 

-Independent (Kampala).

 

 

Uganda Breweries Trains Riders On Road Safety, Gives Them Safety Gear

Kampala, Uganda — In a bid to promote road safety on roads and reduce
injuries and deaths as a result of motorcycle accidents, Uganda Breweries
Limited (UBL) donated safety gear to 200 boda boda operators.

 

The donation was part of the planned engagements as UBL marked Safety
Awareness Week to promote the culture of safety among employees. The Boda
Boda cyclists received helmets and reflector jackets to ensure safety during
their day-to-day work.

 

According to the Uganda Police 2021 Annual Crime Report, the fatalities
among motorcyclists and their passengers were 1,918, reflecting 46% of all
road accident fatalities. The total number of road fatalities countrywide
was 4,159, a 14% increase from 3,663 cases in 2020.

 

 

According to the United Nations Road Safety Performance Review, conducted by
United Nations Economic Commissions for Europe (UNECE) and Africa (ECA), the
overall annual cost of road crashes is currently estimated at approximately
UGX 4.4 trillion ($1.2 billion), representing 5% of Uganda's gross domestic
product (GDP).

 

Speaking at the Road Safety awareness event, UBL Managing Director Andrew
Kilonzo said the road safety awareness event is in line with the UBL
'Society 2030' sustainability strategy that charts UBL's path to contribute
to sustainable development.

 

"We consider health and safety as a fundamental human right. UBL often finds
ways to make an impact in society through sharing our best practices,
awareness creation, and safety gear donations," said Kilonzo.

 

Kilonzo added: "I am glad that participants have also taken part in our
'Wrong Side of The Road' training that seeks to advocate against drinking
and driving by educating drivers on the potential risks. This, we think will
greatly improve safety on our roads."

 

The Kampala Capital City Authority (KCCA) Deputy Executive Director Eng.
David Luyimbazi said that in Kampala, at least one fatal crash occurs on the
city's road network daily.

 

In a move to reduce the number of road crashes from Kampala, he said KCCA
with support from Government and International partners has in place a Road
Safety Strategy for 2021-2030 to reduce the number of road crashes in the
city by 50% by the year 2030.

 

"With reduced road crashes, we shall be able to achieve the UN Sustainable
Development Goals 3 and 11 that respectively seek to halve the number of
global deaths and injuries from road accidents by 2030 and provide access to
safe, affordable, accessible, and sustainable transport systems for all,
"said Luyimbazi.

 

Kilonzo applauded KCCA for spearheading the development of policies, laws,
and regulations, that promote road safety in Kampala. He asked Boda Boda
cyclists to ensure proper that the donated safety gear to proper use.

 

Eng David Luyimbazi - Deputy Executive Director - of Kampala Capital City
Authority also revealed that in December or January 2022, if they have
reached the target of about 15,000 Boda bodas with driving permits, "we
shall close down the city."

 

KCCA is currently evaluating the Boda Boda riders who took part in the
just-concluded census in order to be allowed to operate in the capital city.

 

Accordingly, those registered would be trained, given a security code, and
jackets and would operate from gazetted stages.

 

-Independent (Kampala).

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
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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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