Major International Business Headlines Brief::: 15 November 2022

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Major International Business Headlines Brief::: 15 November 2022 

 


 

 


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ü  Cost of living: Japan economy unexpectedly shrinks after yen slide

ü  UK unemployment rate rises slightly to 3.6%

ü  Elon Musk Tesla pay package heads to court

ü  Amazon 'prepares mass job cuts' as sales slow - reports

ü  Biggest crypto exchange Binance urges new industry rules

ü  London loses position as most valuable European stock market

ü  Amazon founder Jeff Bezos pledges to give away most of his wealth

ü  Investment cuts could threaten levelling up, warns infrastructure tsar

ü  The fall of the FTX ‘King of Crypto’ Sam Bankman-Fried

ü  Biggest crypto exchange Binance urges new industry rules

ü  Kenyans Urged to Submit 2023/24 Budget Proposals

ü  Nigeria: Naira Redesign - CBN Moves to Protect Unbanked, Vulnerable in
Rural Communities

ü  South Africa: BBBEE Here to Stay - President Ramaphosa

ü  Africa: Worker Organisations Can Survive the Digital Age. Here's How

ü  South Africa: Grant Funding Also Needed for Energy Transition

 


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Cost of living: Japan economy unexpectedly shrinks after yen slide

Japan's economy has unexpectedly shrunk for the first time in a year as the
rising cost of living hit consumer spending growth.

 

Gross domestic product (GDP) fell by an annualised 1.2% in the three months
to the end of September.

 

People reined in spending amid fears of a global slowdown and as the weak
yen made imports more expensive.

 

However, economists expect the world's third biggest economy to avoid
recession as it bounces back this year.

 

"We are expecting a flip back into expansion" by the end of 2022, Darren
Tay, Japan economist at Capital Economics said in a note to investors.

 

The Japanese economy "will benefit from a rebound in inbound tourism and a
stronger trade balance. But virus risks and rising inflation will limit the
extent of the recovery," he added.

 

Along with global economy slowing and inflation rising around the world,
Japan has struggled as its currency fell in value against the US dollar this
year.

 

Last month the yen hit fresh 32-year lows against the dollar, which has made
the cost of imported goods - from oil to food - more expensive for Japan's
households and businesses.

 

The yen's slide in recent months has been driven by the difference between
interest rates in Japan and the US.

 

Since March, the US Federal Reserve has aggressively raised its main
interest rate as it tries to tackle the rising cost of living.

 

Meanwhile, the Bank of Japan has kept its key rate below zero.

 

Higher interest rates tend to make a currency more attractive to investors.

 

As a result there is less demand for currencies from countries with lower
rates and those currencies fall in value.

 

However, EY's Nobuko Kobayashi highlighted that the currency's slide is good
news for Japanese companies that sell their goods abroad.

 

"For the exporters, a weaker yen is definitely positive as it pushes down
the cost. For those who produce and locally serve overseas markets, the
profit converted into yen is inflated because of cheaper yen. Thus,
automotive and electronics sectors benefit from weaker yen," she said.

 

Ms Kobayashi added that the weak yen may also be good for Japan's economy as
it could help to attract investment from overseas.-BBC

 

 

 

UK unemployment rate rises slightly to 3.6%

The UK unemployment rate rose slightly to 3.6% in the three months to
September, up from 3.5% in August, official figures show.

 

Pay rose at its fastest rate outside the pandemic but continues to lag
behind the cost of living.

 

When adjusted for rising prices, wages fell by 2.7% in the year to
September.

 

The Bank of England has predicted that the UK is facing its longest
recession since records began as inflation soars in part due to the war in
Ukraine.

 

On Thursday, the chancellor will set out his plans to shore up the public
finances, with spending cuts and tax rises expected.

 

Commenting on the latest unemployment figures, Jeremy Hunt said joblessness
remained near record lows, but added "people's hard-earned money isn't going
as far as it should".

 

"Tackling inflation is my absolute priority and that guides the difficult
decisions on tax and spending we will make on Thursday."

 

But Labour's shadow chancellor, Rachel Reeves, said the UK was paying for
"12 years of Tory economic mistakes".

 

"Real wages have fallen again, thousands of over-50s have left the labour
market and a record number of people are out of work because they're stuck
on NHS waiting lists or they're not getting proper employment support."

 

The Office for National Statistics (ONS) said the proportion of people
neither working nor looking for work rose again, in the three months to
September.

 

Graphic showing unemployment rate

Older workers continued to leave the labour market, the ONS said, with the
number of people classed as long-term sick increasing to a fresh record in
the quarter.

 

"However, in the most recent quarter the main contribution has actually come
from younger groups," added Darren Morgan, director of labour and economic
statistics at the ONS.

 

"August and September saw well over half a million working days lost to
strikes, the highest two-month total in more than a decade, with the vast
majority coming from the transport and communications sectors."

 

He added: "With real earnings continuing to fall, it's not surprising that
employers we survey are telling us most disputes are about pay."-BBc

 

 

 

Elon Musk Tesla pay package heads to court

The eye-popping $56bn pay package that Tesla granted boss Elon Musk in 2018
is being contested in a US court.

 

A shareholder has asked a US judge to rescind the award, which was seen as
the biggest on record when the electric carmaker announced it four years
ago.

 

The package tied Mr Musk's compensation to performance targets, such as
Tesla's share price and profitability.

 

But the lawsuit says the company misled investors, suggesting that the goals
were difficult when they were not.

 

Mr Musk, whose rank as the world's wealthiest person is tied to his Tesla
shareholdings, is due to appear on Wednesday to defend the package.

 

The outcome of the case may not be known for months.

 

When Tesla put forward the 10-year pay package in 2018, it attracted
widespread public attention.

 

Several shareholder advisory groups advised voting against the plan, saying
it was overly generous. The package is six times bigger than the salaries of
America's top 200 chief executives combined in 2021, according to recent
calculations by research firm Equilar.

 

At the time, Tesla was under pressure and burning cash as it struggled to
ramp up the rollout of the Tesla sedan, which was meant to introduce the
company to a wider market.

 

Musk: I will pay $11bn in taxes this year

Ten days of Twitter chaos

Tesla boss in line for mega-pay deal

Approval of the remuneration package, which allowed Mr Musk to purchase
Tesla stock at a deep discount if the firm met targets, was seen as a vote
of confidence in Mr Musk.

 

Ira Ehrenpreis, a Tesla board member since 2007, told the court on Monday
that the package was designed to keep Mr Musk engaged at Tesla, instead of
leaving for other pursuits.

 

The package won approval from more than 70% of Tesla shareholders - although
the lawsuit says many of those shares belonged to people closely tied to Mr
Musk.

 

The lawsuit has been brought by Richard Tornetta, a minor shareholder who
has a business selling car parts for stereo systems. He also says Tesla
misled the public by suggesting its targets were difficult when, in fact,
the company had always expected to meet them.

 

The trial is being overseen by the judge that oversaw the lawsuit between Mr
Musk and Twitter. That dispute ended before coming to trial when Mr Musk
agreed to buy the social media site for $44bn as originally promised.

 

Analysts say Mr Musk has better odds of winning this time.

 

Boards have wide authority to set pay, although they face a higher bar if
the employee involved is a major shareholder.

 

The lawsuit says that Tesla's board was too closely tied to Mr Musk to be
considered independent, being filled with the entrepreneur's friends and his
brother.-BBC

 

 

 

Amazon 'prepares mass job cuts' as sales slow - reports

Amazon is preparing to cut thousands of office jobs amid slowing sales and
concerns about an economic downturn, according to reports.

 

The reductions could affect roughly 3% of office staff at the e-commerce
giant - or about 10,000 people - US media reported, citing anonymous
sources.

 

The cuts are expected to affect divisions such as personal devices and
e-commerce.

 

Amazon did not respond to a request for comment.

 

The company had already introduced a hiring freeze and halted some of its
warehouse expansions, warning it had over-hired during the pandemic. It has
also taken steps to shut some parts of its business, cancelling projects
such as a personal delivery robot.

 

Last week, the company said that reducing expenses would be a focus in its
annual review of business operations.

 

"As part of this year's review, we're of course taking into account the
current macro-environment and considering opportunities to optimize costs,"
the company said in a statement then.

 

The exact number of jobs that will be cut remains fluid, according to media
reports.

 

Amazon has been grappling with a slowdown in online sales after business
boomed during the pandemic.

 

Though overall revenue rose 15% in the most recent quarter, the firm has
remained cautious about the outlook as the slowdown expands into other
areas, including its cloud computing unit, Amazon Web Services, which has
long powered its profits.

 

Founder Jeff Bezos, who has stepped down as chief executive but remains
chairman of the board, has said on social media that it was a time to
"batten down the hatches".

 

Amazon joins a string of other tech companies that have announced job cuts,
warning of a downturn in the economy. The list includes Meta, parent of
Facebook, Instagram and WhatsApp, who also recently said it would cut 11,000
jobs - the biggest reduction in its history or roughly 13% of its workforce.

 

Overall US-based tech companies shed more than 28,000 jobs so far this year,
more than double a year earlier according to a report by Challenger, Gray &
Christmas, which tracks such announcements.-BBC

 

 

 

 

Biggest crypto exchange Binance urges new industry rules

The head of the world's biggest cryptocurrency exchange has told global
leaders new regulations are needed.

 

Binance chief Changpeng Zhao was speaking at a conference in Bali,
Indonesia, attended by heads of the G20 group of nations.

 

The company has also announced plans for a recovery fund to help struggling
crypto businesses.

 

It follows the bankruptcy of the FTX exchange, which shook the industry and
wiped billions off the crypto market.

 

The failure of the rival exchange, founded by Sam Bankman-Fried, has left
many small investors worried they face big losses.

 

'Protect consumers'

"We're in a new industry, we've seen in the past week, things go crazy in
the industry," Mr Zhao, known as CZ, said, according to the Reuters news
agency.

 

"We do need some regulations, we do need to do this properly, we do need to
do this in a stable way."

 

But crypto companies also had responsibilities, Mr Zhao said.

 

"The industry collectively has a role to protect consumers, to protect
everybody. So it's not just regulators," he said.

 

In many countries, cryptoassets are lightly regulated compared with other
financial sectors, with few protections for consumers.

 

The UK government has previously announced plans to regulate stablecoins,
which, as the name suggests, are designed to have a stable value linked to
traditional currencies or assets such as gold.

 

Mr Zhao said the recovery fund - for otherwise strong companies unable to
find enough cash, or assets that can be easily converted into cash, to cover
their immediate needs - would reduce the risk of "cascading negative
effects" following FTX's bankruptcy.

 

Binance's announcement it would offload its holdings of FTX's
cryptocurrency, FTT, and its subsequent abandonment of a rescue deal for the
troubled exchange - after carrying out due diligence checks - were factors
in FTX's collapse, which wiped an estimated $200bn (£170bn) off the crypto
market in a matter of days.

 

And it is now feared other crypto businesses could be at risk, as investors
withdraw funds.

 

Rescue plan

Meanwhile UK MPs on the Commons Treasury Select Committee were able to quiz
business figures, including Binance, as part of their inquiry into the
cryptoasset industry.

 

Daniel Trinder, Binance vice-president of government affairs in Europe,
denied that the company's actions had contributed to the collapse of FTX.

 

That, he alleged, was caused by "failures around governance, around risk
management, around excessive leverage, about, if we believe the reports,
inappropriate use of clients' assets".

 

Instead Binance had been trying to rescue FTX, realising the implications
for the wider industry.

 

He told MPs that the exchange "started that due diligence process and
realised something was very wrong and we pulled out of it".

 

The incident, he argued, showed the need for regulation.-BBC

 

 

 

London loses position as most valuable European stock market

Britain's stock market has lost its position as Europe's most-valued, with
France taking the top spot, data shows.

 

A weak pound, fears of recession in the UK and surging sales at French
luxury goods makers are thought to be behind the shift, according to data
from Bloomberg.

 

It's the first time Paris has overtaken London since records began in 2003.

 

It comes as the UK is expected to fall into recession this year, although
the French economy is also under pressure.

 

The combined value of British shares is now around $2.821 trillion (£2.3
trillion), while France's are worth around $2.823 trillion, Bloomberg
calculates.

 

It marks a huge reversal of fortunes for the London Stock Exchange, which
was worth about $1.4 trillion more than its Parisian rival back in 2016.

 

France has been catching up for some time but shares in the UK's medium
sized companies have been doing particularly badly this year, as consumers
cut back their spending and businesses struggle with higher costs.

 

London's FTSE 250 share index - which is made up of medium sized companies
focused on the UK - has slumped by almost 17% in the last 12 months.

 

One of the biggest fallers has been pub chain Mitchells and Butlers, which
lost over 37% of its share value in the past year. Gambling company 888 has
fallen 70% and retailer Marks & Spencer is down 40%.

 

UK firms have also been hit by a fall in the pound since Liz Truss's
mini-Budget, which has made it more expensive to import goods and raw
materials.

 

The euro has also fallen against the dollar but less sharply than the pound.
The French stock market has also been boosted by its luxury goods makers,
which have seen a bounce-back in demand from China.

 

Shares in LVMH, which owns fashion brand Louis Vuitton, have surged 22% in
the last six months, while Hermès is up 37%.

 

Chinese shoppers accounted for around 35% of global demand for luxury goods
before the pandemic, according to Bloomberg data.

 

"London's loss of the top spot by stock market valuation to Paris will be
seen as a blow to the City's prestige," Russ Mould from AJ Bell investors
told the BBC.

 

"Since the [Brexit] vote in June 2016, Paris' CAC-40 index is up 47% and
London's FTSE 100 has advanced by just 16% - but the gap is not down to
Brexit alone. The London market is more heavily exposed to unpredictable
sectors such as miners and oils; ones that have struggled in a zero-interest
rate environment such as banks and insurers; and ones which can be seen as
dour plodders, such as utilities and telecoms," Mr Mould added.

 

Recession looms

As in other countries, energy and food prices have soared in the UK this
year in part due to the war in Ukraine.

 

Many British homeowners have also seen a sharp rise in mortgage rates after
the mini-Budget drove up UK borrowing costs.

 

It has put pressure on consumer spending and added to existing problems in
the economy, experts say, including weaker trade since Brexit. The UK is the
only G7 nation whose economy is still smaller than it was before the
pandemic.

 

Between July and September, the economy shrunk by 0.2% and the Bank of
England has warned the country faces its longest recession since records
began.

 

Last year Amsterdam ousted London as the largest financial trading centre in
Europe, although this was based on the total value of traded shares rather
than companies.

 

"International companies, which make up the bulk [value] of all major
exchanges, choose where to list and can vary that choice swiftly and with
little apparent reason," Brian Tora, consultant to wealth managers, JM Finn,
said in a note to the BBC.

 

"The future will depend more on London retaining its edge in professional
services in terms of money raising and attracting international businesses
to list in London. The jury, post Brexit, is still out on that."-BBC

 

 

 

Amazon founder Jeff Bezos pledges to give away most of his wealth

Amazon founder Jeff Bezos has said he plans to give away most of his $124bn
(£107bn) fortune during his lifetime.

 

The businessman told news network CNN he would donate his wealth to fighting
climate change and reducing inequality.

 

He has previously been criticised for not promising to dedicate his fortune
to charity.

 

Investor Warren Buffett, Microsoft founder Bill Gates and Mr Bezos's ex-wife
MacKenzie Scott have all promised to give their money away.

 

Mr Bezos revealed his plans after donating $100m to the country music star
and philanthropist Dolly Parton to use for charitable causes.

 

Asked by CNN whether he intended to give away most of his wealth within his
lifetime, Mr Bezos told the network: "Yeah, I do."

 

He declined to provide details on where he would spend or donate the money,
but said: "The hard part is figuring out how to do it in a levered way."

 

Previous philanthropy

The multi-billionaire previously pledged $10bn to the Bezos Earth Fund,
which he launched in 2020 to help fight climate change.

 

The move came after Mr Bezos and other entrepreneurs were criticised for
spending vast amounts of money on trips into space instead of solving
problems on Earth. Amazon had also been criticised in the past by its
workers over its record on climate change.

 

Mr Bezos became one of the richest people on the planet after Amazon, the
internet retailer he founded in 1994, became a global phenomenon.

 

He stepped down as Amazon chief executive in 2021 but remains chairman of
its board. He also owns the Washington Post newspaper and space tourism
company Blue Origin.

 

On Sunday Mr Bezos gave Dolly Parton the Bezos Courage & Civility Award,
which recognises leaders who "pursue solutions with courage and civility".

 

Ms Parton, who has supported causes such as child literacy, will be able to
donate the cash to the charities of her choice.

 

Dolly Parton speaks on stage during the 37th Annual Rock & Roll Hall Of Fame
Induction Ceremony.

IMAGE SOURCE,GETTY IMAGES

"We couldn't have thought of someone better than to give this award to
Dolly, and we know she's going to do amazing things with it," Ms Sanchez
told CNN.

 

In a video of the ceremony posted online, Ms Parton said "Wow! Did you say
$100m?"

 

She added: "I think people who are in a position to help should put their
money where their heart is. I will do my best to do good things with this
money."

 

Mr Bezos launched the award in 2021, with prizes going to activist Van Jones
and chef and humanitarian Jose Andres, who established World Central
Kitchen, which provides food in disaster-stricken countries.

 

Ms Parton - a singer-songwriter, actress, businesswoman and philanthropist -
was inducted into the Rock & Roll Hall of Fame earlier this month.

 

She has been a high-profile supporter of charities and founded the Dollywood
Foundation, which has given books to children around the world.-BBC

 

 

 

Investment cuts could threaten levelling up, warns infrastructure tsar

The government's targets for "levelling up" and "net zero" are at risk if
too much investment spending is cut in the Autumn Statement, its top adviser
on infrastructure has warned.

 

The head of the National Infrastructure Commission told the BBC it was
crucial the government stuck to its policies.

 

Sir John Armitt said cutting back on the HS2 rail route would be "silly".

 

Last week, the government confirmed that much infrastructure spending was
under review.

 

On Thursday, Chancellor Jeremy Hunt will unveil his Autumn Statement - a
Budget in all but name - and he has already said that he faces decisions of
"eye-watering difficulty".

 

Speaking to the BBC, Sir John said: "Clearly we're in a very difficult
situation. The chancellor has real challenges and therefore one can
understand there might be some pressure on infrastructure.

 

"On the other hand infrastructure is seen as being the economic driver for
many parts of the country, particularly those parts of the country which are
looking to level up.

 

"It's so important that government doesn't flip flop, it sticks to its
ambition, it sticks to its policies, so that the private sector will bring
in a lot of capital, which creates jobs and opportunity.

 

"To cut back on HS2 would be frankly very silly," he added. "I think you've
got massive investment, which has happened in Birmingham ahead of HS2 - it
just shows what can happen. And Manchester of course equally is now seeing
investment off the back of HS2. I think that would be a very strange
decision."

 

He said that scheme and the Integrated Rail Review were "very important for
levelling up".

 

Some economists anticipate that the government will squeeze investment
spending on Thursday because in history it has been seen as the easiest "big
ticket" spending item for the Treasury to delay.

 

There has also been a relative boost to investment spending at the very
beginning of this Parliament under the initial premiership of Boris Johnson
up to above £70bn a year in public sector net investment.

 

But Sir John disputed the idea there had been an infrastructure boom,
saying: "If you look at the numbers, there's been a decrease in investment
in the last couple of years, not a ramp up. There's been talk of a ramp up
and that's why it's important to maintain that belief that there needs to be
a ramp up."

 

With COP27 climate talks still ongoing, Sir John also expressed concern
about the delivery of investment required to hit net zero targets for carbon
emissions, saying the UK risked falling behind other countries.

 

"If everybody stuck to the policies, we'd get to net zero. The actual
delivery is where we're falling down. So we can't afford to take our foot
off the pedal, we've got to keep going, otherwise we will not get to net
zero."-BBC

 

 

 

The fall of the FTX ‘King of Crypto’ Sam Bankman-Fried

It took fewer than eight days for Sam Bankman-Fried to go from being
nicknamed the "King Of Crypto" to his company filing for bankruptcy and him
stepping down as chief executive, facing federal investigations into how he
handled the company's finances.

 

Over the last few years, the internet has been flooded with long interviews
with him, speaking over video chat from his office desk in the Bahamas.

 

In some of them, there's a distracting clicking noise.

 

As his interviewees listen intently to his incredible story of how he became
a multibillionaire in five years, the sound is persistent and clearly coming
from the American entrepreneur's mouse.

 

"Click, click, click," it goes, in rapid, on-off bursts.

 

Meanwhile, Mr Bankman-Fried's eyes dart around the screen.

 

It's not clear from the videos what he's doing on his computer, but his
tweets can give us a pretty good clue.

 

"I'm (in)famous for playing League of Legends while on phone calls," he
tweeted in February 2021.

 

Mr Bankman-Fried - the former boss of embattled cryptocurrency exchange FTX
- is an avid gamer. And in a series of tweets to his nearly one million
followers, he explained why. Playing the team fantasy battle game was his
way to get his mind to switch off from running two companies trading
billions of dollars a day.

 

"Some people drink too much; some gamble. I play League," he said.

 

Since the 30-year-old's cryptocurrency empire collapsed this week in
dramatic fashion, another anecdote about his gaming has resurfaced online.

 

According to a blog post from venture capital giant Sequoia Capital, Mr
Bankman-Fried played an intense League of Legends battle during a high-level
video call with their investment team.

 

It didn't seem to put them off at all, though. The group proceeded to invest
$210m in Mr Bankman-Fried's company FTX.

 

This week, Sequoia Capital deleted that gushing blog post and announced it
is now writing off their FTX investment as a loss.

 

The firm is not the only investor to have lost eye-watering amounts of money
since Mr Bankman-Fried's $32bn empire collapsed.

 

FTX had an estimated 1.2 million registered users who were using the
exchange to buy cryptocurrency tokens such as Bitcoin and thousands of
others.

 

>From large traders to everyday crypto fans, many are left wondering if they
will ever get back their savings trapped in FTX's digital wallets.

 

It's a dizzying downfall and the rise of Mr Bankman-Fried is also its own
dramatic story of risks, rewards and beanbags.

 

Mr Bankman-Fried went to Massachusetts Institute of Technology (MIT) - a
prestigious US research university where he studied physics and maths.

 

But the young bright undergraduate says it was lessons learned in the
student dorms that led him on his path to getting rich.

 

In a BBC radio interview last month, he recalled being swept up in the
"effective altruism" movement. Effective altruism is a community of people
"trying to figure out what practical things you can do with your life to
have as much positive impact as you can on the world", he said.

 

So, as Mr Bankman-Fried recalls, he decided to get into banking to make as
much money as he could to give it back to good causes.

 

He learned to trade stocks during a short stint at trading firm Jane Street
in New York before he got bored and decided to experiment with Bitcoin.

 

He noticed the variations in the value of Bitcoin across different
cryptocurrency exchanges and started arbitraging - buying Bitcoin from
places selling it cheap and selling to other places where it was trading for
more.

 

Are crypto-currencies the future of money?

 

After a month of making modest profits, he got together with some college
friends and started a trading business called Alameda Research.

 

Mr Bankman-Fried says it wasn't easy and took months of perfecting
techniques about how to move money in and out of banks and across borders.
But after around three months, he and his small team hit the jackpot.

 

"We were super-dogged," he said to the Jax Jones and Martin Warner Show
podcast a year ago. "We just kept going. If someone throws another
roadblock, we would be creative, and if our system couldn't handle that, we
would just build a new system to get us through that hoop."

 

By January 2018, his team were making $1m every day.

 

A business reporter at CNBC asked him recently how that felt.

 

Intellectually and according to his methodology, he said, "it made perfect"
sense. "But viscerally, it surprised me every day," he said.

 

Sam Bankman-Fried became an official billionaire in 2021, thanks to his
secondary and more high-profile business, FTX. The crypto exchange grew to
be the second largest in the world and a titan of the industry, seeing
$10-$15bn traded a day.

 

In early 2022, FTX was valued at $32bn and a household name, with an NBA
stadium named after the company and endorsements from celebrity backers such
as the NFL's Tom Brady.

 

All the while, Mr Bankman-Fried seemingly delighted in giving his Twitter
followers an insight into his lifestyle. He mainly sleeps on a beanbag next
to his desk in the office, he said, with a picture of him lying next to his
staff at their trading terminals.

 

In another, he posted in the early hours of the morning. "Couldn't sleep.
Back to the office," he wrote.

 

Mr Bankman-Fried's dream of giving away vast amounts of money to charity was
also well under way. In the BBC radio interview last month, he claimed he
had given away "a few hundred million as of now".

 

And his generosity didn't just extend to charities. In the last six months,
the "King of Crypto" was given another nickname - "Crypto's White Knight".

 

With the price of cryptocurrencies falling in 2022, the so-called "Crypto
Winter" is in full swing. While other companies in the industry faltered, Mr
Bankman-Fried was handing out bailout cash in the hundreds of millions.

 

Asked why he was trying to prop up failing crypto firms, he told CNBC: "It's
not going to be good long-term if we have real pain and real blow outs. And
it's not fair to customers."

 

He also claimed, in the same interview, to have $2bn in reserve that he
could use to help failing crypto companies.

 

But last week, he was going around the same industry himself, trying to
raise money to save his own company and customers.

 

Questions about the real financial stability of FTX began swirling after an
article on the CoinDesk website suggested that much of Mr Bankman-Fried's
trading giant Alameda Research rests on a foundation largely made up of a
coin that a sister company of FTX invented, not an independent asset.

 

Further accusations that Alameda Research used FTX's customer deposits as
loans for trading were made in the Wall Street Journal.

 

The beginning of the end came though when FTX's main competitor - Binance -
publicly sold off all its crypto tokens linked to FTX a few days later.

 

Binance chief executive Changpeng Zhao told his 7.5 million followers his
company would be selling off the holdings "in light of recent revelations".

 

It sparked a run on FTX, with panicked customers withdrawing billions of
dollars from the cryptocurrency exchange.

 

Withdrawals were halted and Mr Bankman-Fried tried to get a bailout, with
Binance at one stage publicly considering a buyout before walking away.

 

Binance said reports of "mishandled customer funds and alleged US agency
investigations" had swayed its decision.

 

A day later, FTX was declared bankrupt.

 

Mr Bankman-Fried apologised in a series of tweets saying: "I'm really sorry,
again, that we ended up here.

 

"Hopefully things can find a way to recover. Hopefully this can bring some
amount of transparency, trust and governance to them."

 

He also said he "was shocked to see things unravel the way they did".

 

So was, and is, the crypto world. The price of Bitcoin has fallen to a
two-year low and many are wondering - if FTX can go down along with its
talismanic leader, what could fall next?-BBC

 

 

 

 

Biggest crypto exchange Binance urges new industry rules

The head of the world's biggest cryptocurrency exchange has told global
leaders new regulations are needed.

 

Binance chief Changpeng Zhao was speaking at a conference in Bali,
Indonesia, attended by heads of the G20 group of nations.

 

The company has also announced plans for a recovery fund to help struggling
crypto businesses.

 

It follows the bankruptcy of the FTX exchange, which shook the industry and
wiped billions off the crypto market.

 

The failure of the rival exchange, founded by Sam Bankman-Fried, has left
many small investors worried they face big losses.

 

'Protect consumers'

"We're in a new industry, we've seen in the past week, things go crazy in
the industry," Mr Zhao, known as CZ, said, according to the Reuters news
agency.

 

"We do need some regulations, we do need to do this properly, we do need to
do this in a stable way."

 

But crypto companies also had responsibilities, Mr Zhao said.

 

"The industry collectively has a role to protect consumers, to protect
everybody. So it's not just regulators," he said.

 

In many countries, cryptoassets are lightly regulated compared with other
financial sectors, with few protections for consumers.

 

The UK government has previously announced plans to regulate stablecoins,
which, as the name suggests, are designed to have a stable value linked to
traditional currencies or assets such as gold.

 

Mr Zhao said the recovery fund - for otherwise strong companies unable to
find enough cash, or assets that can be easily converted into cash, to cover
their immediate needs - would reduce the risk of "cascading negative
effects" following FTX's bankruptcy.

 

Binance's announcement it would offload its holdings of FTX's
cryptocurrency, FTT, and its subsequent abandonment of a rescue deal for the
troubled exchange - after carrying out due diligence checks - were factors
in FTX's collapse, which wiped an estimated $200bn (£170bn) off the crypto
market in a matter of days.

 

And it is now feared other crypto businesses could be at risk, as investors
withdraw funds.

 

Rescue plan

Meanwhile UK MPs on the Commons Treasury Select Committee were able to quiz
business figures, including Binance, as part of their inquiry into the
cryptoasset industry.

 

Daniel Trinder, Binance vice-president of government affairs in Europe,
denied that the company's actions had contributed to the collapse of FTX.

 

That, he alleged, was caused by "failures around governance, around risk
management, around excessive leverage, about, if we believe the reports,
inappropriate use of clients' assets".

 

Instead Binance had been trying to rescue FTX, realising the implications
for the wider industry.

 

He told MPs that the exchange "started that due diligence process and
realised something was very wrong and we pulled out of it".

 

The incident, he argued, showed the need for regulation.-BBC

 

 

 

Kenyans Urged to Submit 2023/24 Budget Proposals

Nairobi — The National Treasury and Economic Planning Cabinet Secretary
Njuguna Ndung'u has urged Kenyans to submit proposals on tax policy measures
to the National Treasury for consideration in the preparation of the Finance
Bill, 2023.

 

Ndung'u said government departments and agencies, the private sector,
non-governmental organizations, and individuals are also among those
required to submit proposals on tax policy measures for consideration for
the Fiscal Budget for the Financial year 2023/24.

 

He said the proposals should be submitted in writing to the Cabinet
Secretary of National Treasury and Economic Planning and a soft copy sent
through the email budgetproposals at treasury.go.ke by December 16.

 

 

In a press statement, the CS said the proposals sent should be in line with
Economic Recovery Strategy and the country's economic blueprint Vision 2030.

 

"We are encouraging Kenyans to submit tax proposals that will facilitate
achievement of the government objectives in agriculture, micro, small, and
medium enterprise economy, housing and settlement, healthcare, digital
superhighway, and creative economy," said Ndung'u.

 

He said the proposal may include measures on regulatory reforms, revenue
administration reforms, and other measures that may enhance macroeconomic
stability and reposition the economy on an inclusive and sustainable growth
trajectory.

 

"The submission should be specific on the proposed amendment to the tax law,
supported by a statement on the issue to be addressed and a clear
justification for the proposed amendment," he stated.

 

He said the invitation to Kenyans to submit the proposals aims at ensuring
openness and accountability in financial matters as spelt out in Article 201
of the Constitution.

 

-Capital FM.

 

 

 

Nigeria: Naira Redesign - CBN Moves to Protect Unbanked, Vulnerable in Rural
Communities

The Central Bank of Nigeria (CBN) yesterday reiterated its commitment to the
seamless implementation of the naira redesign project to achieve its
fundamental objectives.

 

It also pledged to shield vulnerable Nigerians from any negative impact that
may arise from the execution of the project.

 

The apex bank stated this in a statement made available to THISDAY.

 

It also noted the positive response of the banking public to the policy
through increased currency deposits across banks and other financial
institutions.

 

 

In addition, it noted that the progressive increase in financial access
points and alternative banking channels including electronic/internet
banking, mobile apps, ATM, Cards/PoS, eNaira, agent banking, among others,
may not be evenly distributed across all geopolitical zones and in some
rural areas.

 

In this regard, the central bank said it was collaborating with relevant
agencies and other stakeholders in the financial system in the execution of
the redesign policy to particularly ensure that vulnerable citizens are not
disenfranchised.

 

The CBN explained that the banking public in rural and/or underserved areas
may access CBN branches in the 36 states of the federation to enquire about
options for depositing their current N200, N500, and N1,000 notes,
wallet/account opening processes, financial access points among others.

 

 

It stated that due to the policy, the agents have also been accorded
priority to enable them to deposit cash collections through bank branches
across the federation.

 

The bank also restated its commitment to continue to monitor developments
and issue updates to the banking public on the implementation of the naira
redesign policy as may be necessary.

 

President Muhammadu Buhari last week declared that his government would not
go back on the planned redesign of the banknotes. The president, who spoke
in London, had said the policy announced by the CBN Governor, Godwin
Emefiele last month has come to stay.

 

"No going back," Buhari had said of the decision to redesign the three naira
notes.

 

The president said enough time had been given by the CBN for Nigerians to
deposit the present naira notes at banks in exchange for the newly
redesigned ones which would be issued by December 15, 2022.

 

 

His words: "On this change of currency, there will be a lot of money but
time has been given from October to December, three months is enough for
whatever money you have, to get it changed through the legal system. So, I
don't know why people are complaining about it."

 

The central bank had urged Nigerians to support the currency redesign
project which is in their overall interest and the economy at large.

 

The bank had further insisted that it followed the law and due process to
carry out the redesigning exercise, which is 12 years due.

 

Emefiele had on October 26, announced a redesign of the currency in the
variation of N200, N500 and N1,000.

 

The CBN governor, who pointed out that the change was sequel to the approval
of President Muhammadu Buhari, said circulation of the new banknotes would
commence on December 15, 2022.

 

He said the development was also aimed at checking the increasing ease and
risk of currency counterfeiting evidenced by several security reports, and
the increased risk to financial stability as well as the worsening shortage
of clean and fit currency, with the attendant negative perception of the
central bank.

 

Emefiele had said there was significant hoarding of naira notes by members
of the public, with statistics showing that over 80 per cent of the currency
in circulation was outside the vaults of the commercial banks.

 

He said as of September 2022, a total of N3.2 trillion was in circulation,
of which N2.73 trillion was outside the vaults of the banks, describing the
development as unacceptable.

 

Emefiele explained that the new and existing notes would remain legal tender
and circulate together until January 31, 2023, when the existing currencies
shall seize to be legal tender.

 

As a result, he said all banks currently holding the existing denominations
of the currency might begin returning the notes to the CBN immediately,
adding that the newly designed currency would be released to the banks on a
first come, first served basis.

 

The CBN governor also urged bank customers to begin paying into their bank
accounts the existing currency notes to enable them to withdraw the new
banknotes once circulation begins in mid-December 2022.

 

He said all banks were expected to keep open their currency processing
centers from Monday to Saturday so as to accommodate all cash that would be
returned by their customers.

 

The CBN governor also said for the purpose of the transition from existing
to new notes, bank charges for cash deposits had been suspended with
immediate effect. He added that no bank customer should bear any charges for
cash returned/paid into their accounts.

 

The CBN boss had emphasised that in the meantime, the present notes remained
legal tender and should not be rejected as a means of exchange for the
purchase of goods and services. He had reassured the public that the CBN
would continue to monitor both the financial system, in particular, and the
economy, in general, and always act in good faith for the achievement of the
bank's objectives and the betterment of the country.

 

Further providing the rationale for the apex bank's decision, Emefiele said
there had been concerns about the management of the current series of
banknotes as well as currency in circulation, particularly those outside the
banking system in the country. He said currency management remained a key
function of the CBN, as enshrined in Section 2 (b) of the CBN Act 2007.

 

He stressed that the integrity of a local legal tender, the efficiency of
its supply, as well as its efficacy in the conduct of monetary policy were
some of the hallmarks of a great central bank.

 

Emefiele pointed out that in recent times, currency management had faced
several daunting challenges that had continued to grow in scale and
sophistication with attendant and unintended consequences for the integrity
of both the CBN and the country.

 

He said recent developments in photographic technology and advancements in
printing devices had also made counterfeiting relatively easier, stressing
that in recent years, the CBN has recorded significantly higher rates of
counterfeiting, especially at the denominations of N500 and N1, 000
banknotes.

 

Emefiele had explained, "On the basis of these trends, problems, and facts,
and in line with Sections 19, Subsections a and b of the CBN Act 2007, the
Management of the CBN sought and obtained the approval of President
Muhammadu Buhari to redesign, produce, and circulate new series of banknotes
at N200, N500, and N1,000 levels."

 

He added, "So first of all, what we want to do is mop up the N3.2 trillion
back into the CBN so we can take control of the money supply. Again, this
would help to rein inflation and it would have a positive impact on
inflation."

 

On the concerns for people in rural areas following the currency redesign,
Emefiele said, "It would impact on the people in the rural areas,
particularly those who do not have bank accounts and that is the reason I
said in a session on the anniversary of our eNaira, that we would be
introducing a number of tokens where people in the rural areas who don't
have a bank account should be able to conduct banking services without
having a bank account.

 

"However, if you are carrying cash, you can go to the nearest bank branch
near you, they will take your cash and open an account for you for the
purpose of returning the old naira into the banks' vaults and then
collecting the new naira."

 

The CBN governor also said, "We are going to continue fine-tuning this
programme to see to it that it is in the interest of more Nigerians, we
don't want to make life more difficult for Nigerians.

 

"But you all must agree that the trend of lots of money in circulation out
of the bank vaults is unacceptable, you can imagine, doubling the size of
naira in circulation from N1.46 trillion in 2015 to N3.23 trillion in
September 2022 is unacceptable and it takes the control of money supply out
of the hands of the central bank."

 

-This Day.

 

 

 

South Africa: BBBEE Here to Stay - President Ramaphosa

President Cyril Ramaphosa says government remains committed to
transformation of the economy and empowerment.

 

He was addressing the nation through his weekly newsletter.

 

The President's assertion follows a week where the National Treasury
published a new set of Preferential Procurement Regulations.

 

"The new regulations are not 'a victory for sound business practices' as one
interest group has claimed. What is unsound, unsustainable and, above all,
immoral, is an economy that benefits the few at the expense of the many.

 

"Put plainly, we remain as committed as ever to broad-based black economic
empowerment, meeting our localisation objectives and transforming an economy
that, despite our best efforts, is still largely controlled by a minority.
There should be no mistake or misunderstanding: broad-based black economic
empowerment (BBBEE) is not under threat and is not being reconsidered," he
said on Monday.

 

 

Earlier this year, the Constitutional Court ruled that the then Finance
Minister overreached when he prescribed the old regulations in 2017.

 

"[The Constitution] says that when public bodies contract for goods and
services, they must do so in a manner that is fair, equitable, transparent,
competitive and cost-effective. It also says the state must implement a
preferential procurement policy that advances people who have been
disadvantaged by unfair discrimination. In South Africa, this refers to
black people, women and persons with disabilities.

 

"It is in this context that the new Preferential Procurement Regulations
published by the National Treasury last week need to be understood.
Government remains wholly committed to transformation and empowerment as
envisioned in the Constitution," he said.

 

 

President Ramaphosa said the new regulations comply with section 217 of the
Constitution "in that they empower organs of state to develop and implement
preferential procurement policies when contracting for goods and services"
and will not hinder Broad Based Black Economic Empowerment (BBBEE).

 

"These regulations are an interim measure pending the enactment of the
Public Procurement Bill, which the National Treasury will soon submit to
Cabinet and Parliament. The Public Procurement Bill will maximise both
value-for-money and preferential procurement objectives to enable the
delivery of services and transformation.

 

"The new regulations have no effect on the Broad Based Black Economic
Empowerment Act, as all organs of state must fully comply with this Act when
developing their procurement policies. This Act remains in force as one of
the most transformative pieces of legislation to come out of democratic
South Africa," he said.

 

 

Mischaracterisation

 

President Ramaphosa said the purpose and effect of the new regulations have
been "mischaracterised" with "commentary... [claiming] that this government
is back-tracking on its commitment to broad-based black economic
empowerment".

 

"This claim is far from the truth. Government's policy framework has not
changed with the introduction of these regulations, nor has our commitment
to service delivery and black economic empowerment.

 

"Empowerment criteria will still be applied in government contracting and
organs of state must comply with the BBBEE Act when developing their
procurement policies. What has changed is that organs of state will be able
to set and apply specific 'goals' when evaluating a tender under a
preferential procurement policy," he said.

 

The President reflected that "we are certainly not as far as we had hoped to
be with economic transformation" despite Constitutional provision and
regulatory efforts.

 

"As I told the inaugural meeting of the newly formed Presidential
Broad-Based Black Economic Empowerment Advisory Council in July, we need to
develop a new vision for black economic empowerment that builds on
successes, learns from shortcomings, and that responds to local and global
economic realities.

 

"As we reflect on 20 years since the passage of the BBBEE Act, as we remedy
the shortcomings that exist and chart a new course, we call on business,
labour and civil society to join us on this journey.

 

"We have come a long way since the days when only whites were allowed to own
businesses and provide goods and services to the state. Where black
businesses did exist, they were confined to townships, rural areas and the
so-called homelands. We can and must do more to advance economic
transformation," President Ramaphosa said.

 

-SAnews.gov.za.

 

 

 

Africa: Worker Organisations Can Survive the Digital Age. Here's How

There is a widespread view that labour has become irrelevant as a force for
change. The argument goes that the proliferation of digital labour platforms
- and the rise in job insecurity this brings - means that worker resistance
is increasingly futile.

 

The problem with this pessimistic "end of labour thesis" is that it gives
globalisation and the digital age a logic and coherence that they do not
have. The result is the decentring of workplace struggles over the
conditions of work and an obscuring of relations of exploitation. The
outcome is that capital is let off the hook.

 

We argue that worker organising and public policy can play an important role
in shaping the terms of digitisation.

 

In South Africa, Uber Eats workers have demonstrated their structural power
by collectively logging off the app. In Colombia, Rappi delivery workers
have successfully organised transnational strikes with support from
established unions and social movements.

 

 

When it comes to policy, the Biden administration recently showed that
platform business models can be changed. It proposed a rule which would
reclassify platform workers as employees, extending labour and social
protection to precarious workers.

 

We argue that unions continue to be important. But we also argue that, in
the face of a decline in traditional union membership, it's critical to
focus on where resistance is taking place, rather than where it is not.
While we are witnessing a decline in a particular form of worker
organisation, worker organisation is still very much alive and effective.

 

The end of labour thesis

 

There is significant evidence in support of the "end of labour thesis". Over
the last decades there has been a decline in union membership globally.
Established trade unions are particularly reluctant to organise platform
workers because it's a difficult sector to organise.

 

 

Platform workers are geographically dispersed and work in an individualised
manner, which makes collective claim-making difficult. The elusive nature of
algorithmic management muddies the nature of demands. And the
misclassification of platform workers as self-employed means that it is not
always clear who they should make claims from.

 

This ambiguity over platform workers' class location raises difficult
questions for union organisers. Who is a worker? Is a food courier who owns
one scooter a worker? What about someone who owns two scooters and hires
someone to ride the second one?

 

The picture is blurred further by how big technology giants are using data
to manage workers. Data tracking has become critical to what is being called
algorithmic management. It's used to make decisions about recruitment and
allocation of work, ratings and remuneration and even termination. One of
the consequences of this is what's been termed algorithmic insecurity - the
fact that workers are aware that their performance is assessed on the basis
of arbitrary ratings.

 

 

As Anita Gurumurthy, executive director of IT for Change, notes, demands for
the extension of labour protections need to include demands over data
ownership.

 

In defence of labour

 

Despite the challenge of organising platform workers, labour protests have
grown. The Leeds Index of Platform Labour Protest shows that platform worker
organisation, mobilisation and resistance have spread rapidly across the
globe.

 

Indeed, platforms seem to be a breeding ground for self-organisation, as
digital management methods strengthen workers' associational power.

 

Protests do not always fit established frameworks for labour relations. Some
workers are organised in trade unions, such the Movimiento Nacional de
Repartidores de Plataformas Digitales in Colombia, founded with support from
the main union federation and social movements. The Transport and Allied
Workers' Union in Kenya is another.

 

However, our research also points to the proliferation of self-organised
groups, which blur the boundaries between traditional unionism and informal
workers' associations or cooperatives. These range from mutual aid
associations like the Brothers of Melville in South Africa to women-owned
worker cooperatives like Senoritas Courier in Brazil.

 

As labour scholar Maurizio Atzeni argued during a policy dialogue hosted by
the Southern Centre for Inequality Studies, the processes that create
conditions of exploitation also foster resistance.

 

The relationship between capital and labour

 

A key question is whether emerging forms of worker organisation have the
power to reclaim control from digital capital and push back against
"algorithmic insecurity".

 

While emerging cooperatives may offer insights into alternatives to platform
capitalism, they alone cannot transform platform capitalism, media and
communications expert Rafael Grohman notes.

 

At the centre of platform capitalism are unprecedented levels of power in
the hands of a few corporates, namely Facebook, Apple, Amazon, Microsoft,
Netflix, Google and Spotify. Despite a drop in share prices with the
potential introduction of regulatory reforms, they account for 20% of the US
stock market.

 

Control and power is concentrated in a small, mathematically proficient
elite dominating decision-making and policy by owning and controlling the
"algorithm" in ways that generate even greater inequalities. Global IT
giants have become more powerful than most countries and governments. They
evade corporate governance codes, laws and policies, including anti-trust,
competition and tax collection.

 

As Gururmurthy notes, data has become a new frontier of capital
accumulation. It has also become a source of value in and of itself, to be
bought and sold along the data value chain.

 

The role of the state

 

In the absence of an adequate regulatory framework for platform work, two
broad pathways can be identified.

 

One involves a deepening of the domination of foreign-owned tech giants with
no national or global agreement on how to operate. This could be described
as a form of re-colonisation of the global south. This could create more
jobs, but workers would be stuck in low-wage drudgery with none of the
protections or benefits of formal employment.

 

An alternative pathway could be a "digital social compact" created with the
active participation of platform workers and their organisations. This would
involve coherent global and national policies, including legislation to
protect workers.

 

This optimistic path opens the possibility of the extension of labour and
social protections to informalised platform workers.

 

The Future of Work(ers) Research Programme at the Southern Centre for
Inequality Studies, University of the Witwatersrand is hosting a seven-part
dialogue series. The aim is to generate public debate on the relationship
between digital technologies, the changing nature of work(ers) and the
implications for inequality.

 

Edward Webster, Distinguished Research Professor, Southern Centre for
Inequality Studies, University of the Witwatersrand

 

Ruth Castel-Branco, Research Manager, University of the Witwatersrand

 

 

 

 

South Africa: Grant Funding Also Needed for Energy Transition

Presidential spokesperson Vincent Magwenya says South Africa will need
funding in the form of grants in order to implement the Just Energy
Transition.

 

He was speaking during the weekly presidential media briefing in Pretoria on
Sunday.

 

Magwenya revealed that South Africa will need at least R1.4 trillion over
five years to transition from high to low carbon emissions.

 

"This money will need to come from various sources including the funding
that industrialised countries have promised to developing countries and from
commercial financial institutions.

 

"At the UN Climate Change Summit last year, France, Germany, UK, US and the
European Union pledged around R140 billion to support the just transition.
An initial amount of R10.7 billion has been received in low-interest loans
from Germany and France.

 

"While South Africa welcomes low-interest (or concessional) loans, a
substantial portion of this funding needs to be in the form of grants," he
said.

 

 

Magwenya said the move towards lower carbon emissions is imperative as the
toll will begin to weigh heavily on South Africa's economy.

 

"South Africa's exports need to remain competitive in a global economy where
goods from countries with high carbon emissions will soon attract high
tariffs. Unless we reduce our emissions, many of the goods we seek to export
will find key markets closed to them. Thus, South Africa's economy will
struggle to grow and create jobs.

 

"We need to access finance for infrastructure development and
industrialisation when more and more banks are not investing in high
emission industries. Our companies will struggle to get financing for
infrastructure, factories and other projects," Magwenya said.

 

The spokesperson emphasised government's position that a Just Energy
Transition must bear in mind the socioeconomic consequences of moving
towards lower carbon emissions.

 

"A just transition is needed to ensure that the shift to a low-carbon
economy does not negatively affect workers, communities and broader society.
For example, new jobs and opportunities need to be created for workers in
the old power stations that are being decommissioned and those in the coal
mines that supply them. They need to be skilled and reskilled to take up
positions in new industries.

 

"Affected communities need to benefit from the building of new renewable
energy plants and new industries that produce materials for renewable
energy, electric vehicles, green hydrogen and mining for minerals needed in
the new economy. Community members should be able to participate directly in
these industries and indirectly through the businesses that will support new
economic activity," he said.

 

-SAnews.gov.za.

 

 

 

 


 


 


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

 


 

 


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