Major International Business Headlines Brief::: 19 September 2022

Mon Sep 19 09:40:29 CAT 2022

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Major International Business Headlines Brief::: 19 September 2022 

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ü  Porsche IPO: Luxury car maker valued at up to $75bn in share sale

ü  eBay bans sale of Queen lying-in-state wristbands

ü  Pakistan floods put pressure on faltering economy

ü  IHG hack: 'Vindictive' couple deleted hotel chain data for fun

ü  Germany takes control of stakes in Rosneft oil refineries

ü  Uber investigating hack on its computer systems

ü  Nigeria: MTN Launches 5G in Lagos, Targets Six More Cities

ü  Nigeria: MPR Hike - 13 Banks Generates N2.04trn Interest From Customers Loans, Securities Investment

ü  Nigeria: Bank Seeks Urgent Solutions to Bridge $30bn Healthcare Financing Gaps

ü  Nigeria Hosts Global Investment Forum in New York

ü  Nigeria: Road Transport - Minister Wants Alcohol Banned At Motor Parks

ü  Nigeria: How Nigeria Got UK, 5 Others On 461mw Azura Power Project - CEO

ü  Nigeria: Probe Nigeria Air Project

ü  Nigeria: Fitch Upgrades FBN Holdings, First Bank to 'B', Stable Outlook

ü  South Africa: Darker and Darker Days Into an Uncertain Future

ü  Nigeria Moves to Attract Foreign Investment to Economy

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Porsche IPO: Luxury car maker valued at up to $75bn in share sale

German car making giant Volkswagen (VW) has said it is aiming for a valuation of up to 75 billion euros ($75bn; £65.8bn) for Porsche when the luxury brand is floated on the stock market.

Trading in the shares is due to start in Frankfurt on 29 September.

A prospectus will be published on Monday, after which investors can subscribe to Porsche shares.

The share sale is set to be Germany's second-largest ever initial public offering (IPO).

"We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors," VW's chief financial officer Arno Antlitz said.

VW said in a statement to investors that it will price preferred shares in the flotation of Porsche at 76.50 euros to 82.50 euros per share, which would give the sportscar maker a stock market valuation of 70bn euros to 75bn euros.

At the upper end of the range it would be Europe's third-largest IPO on record.

However, the figures announced on Sunday fell short of an earlier valuation target - as much as 85bn euros - amid investor concerns over rising interest rates and a potential global recession.

VW said it will raise as much as 9.4bn euros from the share sale, which will help pay for its shift to electric vehicles and spending on software development.

If the IPO goes ahead, VW said it will hold a meeting for investors in December when it plans to propose distributing a special dividend - 49% of the total gross proceeds - from the share sale to shareholders.

The deal comes even as relatively few companies have listed shares in Europe this year as the region faces an energy crisis, high inflation and rate hikes.

Under the IPO plan, the Porsche-Piech family - which lost control of the iconic brand to VW over a decade ago - will pay a premium to purchase shares that will hand back to it significant decision-making power.-BBC

eBay bans sale of Queen lying-in-state wristbands

eBay is removing sales listings for wristbands for the queue to see the Queen lying-in-state in London.

Sellers were offering the paper coloured bands, which mark mourners' place in the queue as memorabilia.

The bands are marked as non-transferable and do not guarantee entry into Westminster Hall to file past the Queen's coffin.

A spokesperson for the auction website said: "These items are against our policies and we are removing them."

A few of the wristbands remained on the site under the header "new listing" on Sunday morning but did not link to an active auction or buy-it-now page.

Some used wristbands were attracting bids of up to £70,000 before they were removed, the Guardian has reported. However, it is not known whether the bids were genuine.

eBay allows tickets to past events such as concerts or sports fixtures to be sold as memorabilia. However its policy states it may prohibit the sale of tickets to events that are free to the public.

Its policy also says tickets for yet-to-take place events such as concerts, festivals, sports or theatre cannot be listed on the site.

People are being warned not to travel to join the queue to "avoid disappointment".

A decision about what time the line to see the lying in state at Westminster Hall with be closed is expected to be taken this afternoon, the Department for Digital, Culture, Media and Sport (DCMS) tweeted.

Government officials also said the current wait time is at least 13 hours.

Public viewing of the Queen lying in state will officially close at 06:30 BST on Monday, four and a half hours before the late monarch's state funeral is due to begin at Westminster Abbey.

-BBC

Pakistan floods put pressure on faltering economy

The calls are growing louder. Pakistan desperately needs help after its worst floods in years, and it needs it fast.

"This climate calamity couldn't have come at a worse time, when Pakistan's economy was already struggling with a balance of payments crisis, rising debt, and soaring inflation," Maleeha Lodhi, former Pakistan ambassador to the UN and the UK, told the BBC.

If the country doesn't get debt relief, she added, the economy risks "tanking".

Catastrophic rain linked to climate change has submerged large parts of the country, killing nearly 1,500 people and affecting roughly 33 million people.

Homes, roads, railways, crops, livestock and livelihoods have been washed away in the extreme weather event.

With agriculture making up nearly a quarter of Pakistan's economy, officials now say the unprecedented floods may have cost up to $40bn (£35bn).

Pakistan dengue cases soaring after record floods

Across the country, an estimated 800,000 cattle - a key source of income for rural families - have been lost in the floods.

Farmers who have not had their crops and livestock washed away are now reportedly running low on feed for their cattle.

There will likely be more pain ahead with a food crisis looming.

Map showing damage done by monsoon rains

Roughly 70% of the onion harvest, along with rice and corn, has been destroyed, according to Pakistan's climate change minister, Sherry Rehman.

Pakistan is the world's fourth largest rice exporter, with markets in Africa and China.

Almost all of Pakistan's households are consumers of wheat, but with so much agricultural land damaged, the wheat harvest could be at risk too.

Food prices are already under pressure because of the post-pandemic supply chain disruption and the war in Ukraine, which is a major global supplier of key crops.

Pakistan's inflation rate was more than 24% before the floods, according to reports, and some costs have climbed by 500%.

Authorities may need to import food to feed people and raw materials for industry, but the country's foreign reserves were running low even before the crisis..

Pakistan is also a producer of cotton, which is used in the country's textile industry - a major employer. Manufacturers are bracing for a shortage of that too.

On Sunday, Pakistan's finance minister Miftah Ismail said the country would "absolutely not" default on its debt payments despite the floods.

Mr Ismail also said that external financing sources had been secured, including more than $4bn (£3.5bn) from the Asian Development Bank, Asian Infrastructure Investment Bank and World Bank.

About $5bn of investments from Qatar, the United Arab Emirates and Saudi Arabia would be made in the current financial year, he added.

At the same time, Pakistan's central bank announced that Saudi Arabia's development authority had extended a deposit of $3bn, which had been due for repayment in December, by one year.

Also on Sunday, the International Monetary Fund (IMF) said it would work with countries around the world international community to support Pakistan's relief and reconstruction efforts.

Last month, an IMF bailout package was approved but conditions were attached, like raising taxes and applying austerity measures.

Andrew Wood, an analyst at S&P Global Ratings, flagged "high inflation, a weaker currency, and tighter fiscal and monetary conditions" as affecting growth in a recent briefing. He added that the agency estimated the government's debt position was around 74% of GDP.

"Financial support from the IMF and other multilateral and bilateral partners is critical, in our view... Structural reforms that support Pakistan's business environment and macroeconomic stability would be important pillars of an enduring economic recovery," Mr Wood said.

The floods were caused by record rainfall during the monsoon season and melting glaciers in the mountains.

The South Asian nation received nearly 190% more rain than the 30-year average, in July and August. The southern province of Sindh received 466% more rain than average.

When UN Secretary General António Guterres visited Pakistan last week, he blamed climate change for the disaster and said the country needed massive financial support.

"I have seen many, many humanitarian disasters in the world. But I have never seen climate carnage on this scale. I have simply no words to describe what I have seen today, a flooded area that is three times the total area of my own country, Portugal," Mr Guterres said.

Aid agencies are now assessing the scale of the reconstruction effort, and with entire villages underwater, a public health crisis is inevitable.

Weather officials say more rain is expected in the coming days, putting thousands of displaced people at further risk.

-BBC

IHG hack: 'Vindictive' couple deleted hotel chain data for fun

Hackers have told the BBC they carried out a destructive cyber-attack against Holiday Inn owner Intercontinental Hotels Group (IHG) "for fun".

Describing themselves as a couple from Vietnam, they say they first tried a ransomware attack, then deleted large amounts of data when they were foiled.

They accessed the FTSE 100 firm's databases thanks to an easily found and weak password, Qwerty1234.

An expert says the case highlights the vindictive side of criminal hackers.

UK-based IHG operates 6,000 hotels around the world, including the Holiday Inn, Crowne Plaza and Regent brands.

On Monday last week, customers reported widespread problems with booking and check-in.

For 24 hours IHG responded to complaints on social media by saying that the company was "undergoing system maintenance".

Then on the Tuesday afternoon it told investors that it had been hacked.

"Booking channels and other applications have been significantly disrupted since yesterday," it said in an official notice lodged with the London Stock Exchange.

The hackers, calling themselves TeaPea, contacted the BBC on the encrypted messaging app, Telegram, providing screenshots as evidence that they had carried out the hack.

The images, which IHG has confirmed are genuine, show they gained access to the company's internal Outlook emails, Microsoft Teams chats and server directories.

"Our attack was originally planned to be a ransomware but the company's IT team kept isolating servers before we had a chance to deploy it, so we thought to have some funny [sic]. We did a wiper attack instead," one of the hackers said.

A wiper attack is a form of cyber-attack that irreversibly destroys data, documents and files.

Cyber-security specialist Rik Ferguson, vice-president of security at Forescout, said the incident was a cautionary tale as, even though the company's IT team initially found a way to fend them off, the hackers were still able to find a way to inflict damage.

"The hackers' change of tactic seems born out of vindictive frustration," he said. "They couldn't make money so they lashed out, and that absolutely betrays the fact that we are not talking about 'professional' cybercriminals here."

IHG says customer-facing systems are returning to normal but that services may remain intermittent.

The hackers are showing no remorse about the disruption they have caused the company and its customers.

"We don't feel guilty, really. We prefer to have a legal job here in Vietnam but the wage is average $300 per month. I'm sure our hack won't hurt the company a lot."

The hackers say no customer data was stolen but they do have some corporate data, including email records.

TeaPea say they gained access to IHG's internal IT network by tricking an employee into downloading a malicious piece of software through a booby-trapped email attachment.

They also had to bypass an additional security prompt message sent to the worker's devices as part of a two-factor authentication system.

The criminals then say they accessed the most sensitive parts of IHG's computer system after finding login details for the company's internal password vault.

"The username and password to the vault was available to all employees, so 200,000 staff could see. And the password was extremely weak," they told the BBC.

Surprisingly, the password was Qwerty1234, which regularly appears on lists of most commonly used passwords worldwide.

"Sensitive data should only be available to employees who need access to that data to do their job, and they should have the minimum level of access [needed] to use that data," said Mr Ferguson, after seeing the screenshots.

"Even a highly complex password is just as insecure as a simple one if it is left exposed."

An IHG spokeswoman disputed that the password vault details were not secure, saying that the attacker had to evade "multiple layers of security", but would not give details about the extra security.

"IHG employs a defence-in-depth strategy to information security that leverages many modern security solutions," she added.-BBC

Germany takes control of stakes in Rosneft oil refineries

The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft.

The move by the government puts it in charge of Rosneft's stakes in three refineries in the country.

This includes a key facility in the northeast of the country which supplies around 90% of Berlin's fuel, and in which Rosneft held a majority stake.

Germany's economy ministry said the move was necessary to counteract an impending threat to energy security.

In a similar move in April, Germany took control of subsidiaries of Russian gas giant Gazprom.

On Friday, the German government handed control of the PCK Schwedt refinery in Brandenburg to the national energy regulator, along with stakes in two other refineries in the south of the country.

The economy ministry said the move was necessary because critical service providers and customers were no longer willing to work with Rosneft, putting the continued operation of the refineries under threat.

The Schwedt refinery is Germany's fourth-largest and is the main supplier of petrol, diesel and aviation fuel for Berlin and the surrounding area. Rosneft has a 54% stake in the facility.

The refinery has received all its crude from Russia via the Druzhba pipeline since it was built in the 1960s. Parts of western Poland are also supplied by Schwedt.

It's less than a year since Rosneft agreed to buy out Shell's holding in PCK, a move that would have given it more than 90% ownership of the vital Schwedt refinery.

That deal was scuppered by the Ukraine war. Now the German government has control - a symbol of the vast changes imposed on Europe's energy sector by the conflict.

In happier times, the refinery would take in vast quantities of crude brought from central Russia through the Druzbha pipeline, and pump out refined products for Berlin and Brandenburg.

But with Germany having pledged to boycott Russian oil, even though the pipeline itself is not covered by the EU's forthcoming embargo, new sources of supply will have to be found.

With Rosneft in charge that was seen as an impossible task. There were concerns in Berlin that the Russian firm would simply suspend operations at the plant, rather than use non-Russian oil.

That headache has now been removed - although it's not yet clear where alternative supplies will come from.

Rosneft Deutschland, which accounts for about 12% of German oil processing capacity, will fall under the trusteeship of the Federal Network Agency regulator, which said the original owner no longer had authority to issue instructions. The regulator was also handed control of Rosneft subsidiary RN Refining and Marketing.

"With the trusteeship, the threat to the security of energy supply is countered and an essential foundation stone is set for the preservation and future of the Schwedt site," Germany's economy ministry said.

It claimed critical suppliers such as insurance companies, IT providers and banks were no longer willing to work with Rosneft, either with the subsidiaries themselves or through the refineries.

The Federal Network Agency has also taken control of Rosneft Deutschland's shares in the MiRo refinery in Karlsruhe and Bayernoil refinery in Vohburg. Rosneft owns 28% and 24% stakes respectively.

Germany needs to stop Russian oil imports by the end of the year under European sanctions imposed over Russia's invasion of Ukraine.

The ministry said Friday's move included a package to ensure the Schwedt refinery could receive oil from alternative routes.

It is unclear who could step in to replace Rosneft as operator of the refinery. Shell, which owns a 37.5% stake in Schwedt, has wanted to withdraw for some time.

Germany said this week it would step up lending to energy firms at risk of being crushed by soaring gas prices after Russia cut supplies to Europe in retaliation for Western sanctions.

German utility Uniper said on Wednesday that the government might take a controlling stake, saying an earlier state rescue package worth €19bn euros was no longer enough.

The government has also put SEFE, formerly known as Gazprom Germania, under trusteeship after Russian energy giant Gazprom ditched it in April.-BBC

Uber investigating hack on its computer systems

Uber's computer network has been hacked.

The ride-hailing company said it was investigating after several internal communications and engineering systems had been compromised.

The New York Times first reported the breach after the hacker sent images of email, cloud storage and code repositories to the newspaper.

Uber staff were told not use the workplace messaging app Slack, the report said, quoting two employees.

Shortly before the Slack system was taken offline, Uber employees received a message that read: "I announce I am a hacker and Uber has suffered a data breach."

It appeared that the hacker was later able to gain access to other internal systems, posting an explicit photo on an internal information page for employees.

Uber said it was in touch with authorities about the breach.

There has been no indication that Uber's fleet of vehicles, its customers or payment data have been affected by the hack.

Bug bounty hunters

Uber pays a subscription fee to HackerOne, a bug bounty platform based in California. Bug bounty programs are used by a lot of big businesses - essentially they pay ethical hackers to identify bugs.

Sam Curry, one of the bug bounty hunters, communicated with the Uber hacker. "It seems like they've compromised a lot of stuff," he said.

Mr Curry said he spoke to several Uber employees, who said they were "working to lock down everything internally" to restrict the hacker's access.

He said there was no indication that the hacker had done any damage or was interested in anything more than publicity.

Chris Evans, chief hacking officer for HackerOne, told the BBC: "We're in close contact with Uber's security team, have locked their data down, and will continue to assist with their investigation."

Who is responsible?

The BBC has seen messages from someone who claims that various Uber admin accounts are under their control.

The New York Times reports the hacker is 18 years old, has been working on his cyber-security skills for several years and hacked the Uber systems because "they had weak security".

In the Slack message that announced the breach, the person also said Uber drivers should receive higher pay.

The saying goes in cyber-security that "humans are the weakest link", and once again this hack shows that it was an employee being fooled that let the criminals in.

Although the saying is true, it's also extremely unkind.

The fuller picture emerging here shows that this hacker was highly skilled and highly motivated.

As we saw with recent breaches of Okta, Microsoft and Twitter, young hackers with plenty of time on their hands and a devil-may-care attitude can persuade even the most careful employees into making cyber-security mistakes.

This form of hacking through social engineering is even older than computers themselves - just ask infamous former hacker Kevin Mitnick, who was sweet-talking his way around telephone networks back in the 70s.

The difference today is that hackers are able to combine the gift of the gab with very sophisticated and easy-to-use software to make their job even easier.-BBC

Nigeria: MTN Launches 5G in Lagos, Targets Six More Cities

MTN Nigeria Communications Plc yesterday launched its commercial 5G network in Lagos, with a promise to launch the network in six other cities.

The cities are Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri.

The Lagos 5G commercial launch came on the heels of its 5G pilot launch three weeks ago, as mandated by the telecoms industry regulator, the Nigerian Communications Commission (NCC).

During the pilot launch, MTN had promised to carry out 5G commercial launch in six cities, beginning from Lagos.

Speaking during the launch in Lagos yesterday, its Chief Executive Officer, Mr. Karl Toriola, said the event was in fulfillment of MTN's earlier promise to begin 5G commercial launch in cities, within one month of 5G rollout.

The advanced 5G technology promises to extend the reach and capacity of MTN Nigeria's data network in Nigeria and enable much faster speeds and lower latency, giving customers near-instant access to the things they care about and downloads that take seconds, instead of minutes.

According to MTN, to access the 5G network and enjoy its benefits, customers would need compatible devices, such as routers and mobile phones, which can be pre-ordered from designated MTN walk-in stores and online via the MTN Nigeria website and e-marketplace. The pre-ordered devices could be picked up or would be delivered to customers at designated location.

MTN showed its readiness to offer Nigerians the best of service with 5G technology, when it became the first telecom operator to roll out 5G technology services on its network on August 24, 2022. MTN Nigeria kicked off an open 5G pilot in the lead-up to its highly anticipated commercial launch.

The spectrum issued to MTN Nigeria as one of the two successful winners of the 5G license bid holds a promising future for technology in Nigeria, and is projected to contribute $2.2 trillion to the global economy by 2034, according to a recent GSMA Intelligence report -'The Mobile Economy.'

The implementation of 5G was expected to accelerate the actualisation of the national targets in the Nigerian National Broadband Plan, the National Digital Economy Policy and Strategy, as well as other sectoral policies designed to enhance Nigeria's digital transformation.

With the MTN commercial 5G launch, leveraging the largest spectrum dedicated to 5G in Africa, Nigeria will join a handful of African countries that have rolled out the 5G network.

-This Day.

Nigeria: MPR Hike - 13 Banks Generates N2.04trn Interest From Customers Loans, Securities Investment

A total of 13 banks generated N2.04trillion interest from customers loans, Securities investments, among others in first half year ended June 30, 2022 on the back of Central Bank of Nigeria (CBN) hike in the Monetary Policy Rate (MPR) to 13 per cent as at June from 11.5 per cent in January 2022.

This represents an increase of 23 per cent from N1.66trillion generated by these 13 banks in the corresponding half year ended June 30, 2021.

In response to happenings in major global economies, Central Bank of Nigeria (CBN) joined other African economies to raise their benchmark rate to curb inflationary pressures.

The MPR was moved to 14 per cent in July 2022.

The World economy is experiencing increased levels of inflation due to rising energy and food prices. Global economy is projected to slow down to 2.9per cent in 2022 amidst heightening geopolitical tensions, attendant supply chain disruptions, and persistently high inflation.

Analysts noted that major global economies remain fragile post-COVID-19 pandemic, stressing that the first half of 2022 saw a slew of Central Bank rate hikes adopting monetary tightening measures amidst heightened inflationary pressures.

China has adopted a precautionary stance against negative spillover from other Central Bank's actions.

THISDAY analysis revealed that the 13 banks generated N1.37trillion interest on loans & advances to customers in H1 2022 from N1.09trillion in H1 2021.

The 13 banks are: United Bank for Africa Plc (UBA), Access Holdings Plc, Zenith Bank Plc, FBN Holdings, Guaranty Trust Holdings Plc (GTCO), and Ecobank Transnational Incorporated (ETI).

Others are: Fidelity Bank Plc, Stanbic IBTC Holdings, FCMB Group Plc, Wema Bank Plc, Sterling Bank Plc, Union Bank of Nigeria Plc and Jaiz Bank Plc.

Most of the Tier-1 banks benefitted from interest hike in African countries where they operate. Specifically, ETI reported N317.23billion interest income in H1 2022 from N282.75billion in H1 2021, while its interest on loans & advances to customers increased to N168.72billion in H1 2022, representing an increase of 16.3 per cent from N145.08billion in H1 2021.

Another pan-African bank, Access Holdings reported N372.3billiion interest income in H1 2022, representing an increase of 16.5per cent from N319.7billion in H1 2022. Access Holdings also grew interest on loans & advances to customers by 37 per cent to N238.9billion in H1 2022 from N174.43billion in H1 2021.

Also, Zenith Bank grew its interest income by 19 per cent to N241.73billion in H1 2022 from N203.9billion in H1 2021, while UBA's interest income rose by 16 per cent to N257.36billion from N222.63billion in H1 2021.

In addition, GTCO's closed H1 2022 with N147.2billion interest income, representing an increase of 17 per cent from N126.09billion in H1 2021. The Holdings raked N103.3billion from loans to customers in H1 2022, representing an increase of 13.06 per cent from N91.37billion in H1 2021.

GTCO in a presentation to investors/analysts attributed increase in interest income to 17per cent growth in average volumes of Earning Assets.

Further checks showed that the prime lending rate in the banking sector hit 12.29 per cent in June, the highest in 17-month, while the maximum lending rate dropped to 27.61 per cent in June 2022 from 27.65 per cent reported in January 2022.

Prime lending rates are the interest rate that commercial banks charge their most creditworthy customers, generally large corporations as maximum lending rate refers to interest charged by banks for lending to customers with a low credit rating.

The breakdown of June's 2022 general maximum interest rate include: Access Holdings, 28.50 per cent; Ecobank Nigeria, 30.00 per cent, First Bank of Nigeria Limited, 24.00 per cent; FCMB 42per cent; Fidelity bank, 24per cent and Guaranty Trust Bank, 28 per cent.

Others are: Stanbic IBTC Bank, 1.3; Sterling Bank, 18; UBA, 19 per cent; Union Bank, 19.16 per cent; Unity Bank, 17 per cent; Wema Bank 25 per cent and Zenith Bank, 13.33 per cent.

Speaking with THISDAY, the vice president, Highcap Securities Limited, Mr. David Adnori, explained that, "Most customers are only able to obtain loans at a rate higher than the prime rate mostly because they are more likely to default on a loan.

"An increase in the MPR by the MPC will result in an increase in the price (interest rate) you pay for borrowing and vice versa. Banks responded to this hike by jacking up their lending rate as well. The consequence of this is that borrowers would have to pay more when they borrow from the bank."

He added that the recent decision by the MPC to hold MPR at 14per cent, implies that businesses looking to borrow to from banks to fund their operations would only be able to get loan facilities from banks at rates above 14per cent

"That is, the cost of borrowing would still remain on the high side. At MPR as high as 14per cent, businesses would continue to face high cost of borrowing and limited fund for local production," he added.

Analysts at Vetiva research explained that, "we expect cost pressures and FX liquidity issues to persist throughout the year and this may dampen the anticipated price stability as industry players may have to pass the increased cost to consumers.

"Also, the recent hike in interest rates by the CBN will make borrowings more expensive and may weigh on investments in the real estate sector.

"Although the rising interest rate may affect demand, the ongoing construction activities by the public and private sectors would support cement demand through the remainder of the year."

Analysts at FSDH Capital in a report titled, "Nigeria Macroeconomic Update 2022 Q2: Navigating through Bumpy Political Season and Tough Economic Headwinds," explained that the aggressive inflationary pressure has necessitated the need for a higher interest rate in Nigeria and other countries.

They noted that the increase on the backdrop of the threat to the fragile recovery of the economy from the COVID-19-induced recession.

-This Day.

Nigeria: Bank Seeks Urgent Solutions to Bridge $30bn Healthcare Financing Gaps

FSDH Merchant Bank Limited has called for conversations around the urgency of healthcare financing in Nigeria, and the importance of digitization in supporting industry operations.

Studies conducted by International Finance Corporation (IFC) estimated that over the next decade, $25-$30 billion in new investment will be needed to meet Africa's health care demand.

The bank which hosted key healthcare stakeholders to brainstorm sessions noted that healthcare in most of Sub-Sahara Africa remains the worst in the world as few countries in the region are able to spend the $34-$40 a year per person that the World Health Organization considers the minimum for basic health care.

Speaking at the event themed "Financing healthcare in Nigeria," Managing Director of the bank, Mrs. Bukola Smith said that its array of financial solutions could boost revenue and promote financing in the healthcare sector.

While addressing how the bank will impact health businesses and grow the economy, the Group Head of Corporate Banking & Branches, Stella-Marie Omogbai said "FSDH identified the healthcare industry as an area of interest, and we put together a team of doctors and professionals who understand the business of healthcare finance. We set up a health desk manned by some of the most experienced doctors and practitioners and since then, we have gone ahead to finance healthcare projects, support several hospitals, HMOs as well as partnerships with the private and public sectors including the Lagos State Government"

The Hon Commissioner for Health, Lagos state, Prof Akin Abayomi, while delivering his address said that the state government will continue to drive policies to make healthcare and health insurance more accessible and favourable to citizens.

-Daily Trust.

Nigeria Hosts Global Investment Forum in New York

The federal government, in collaboration with the Africa Business Roundtable, is organising the second edition of the Nigeria International Economic Partnership Forum (NIEPF), a global economic investment platform, this time in New York, United States.

The Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement issued on Sunday, said this high-level event is scheduled for Thursday, September 22, 2022, on the sidelines of the 77th United Nations General Assembly taking place in the American city.

He said the forum was organised by the government in its continued bid to further open up the country's economy to international capital and attract foreign investment.

Shehu said the NIEPF, holding alongside the annual global gathering, is expected to draw the presence of world leaders in politics, economy, media as well as civil society organisations and international media to focus on the vast economic potential of Nigeria, Africa's leading economy.

President Muhammadu Buhari will deliver the keynote address at the event and will also host a high-level presidential session with fellow presidents and heads of delegations on issues that need joint action for African countries on development drives such as the post-COVID-19 recovery and financing priorities; Africa's investment climate and market as well as de-risking the continent.

"In view of the wide spectrum of personalities attending the forum, there will be cluster thematic sessions on (i) Growing Nigeria's Agriculture for Food Security & Access to Export Market with special focus on Impact of the Russia-Ukraine War which presents opportunities for G7/G20-Nigeria Partnerships in Agriculture; (ii) Scaling Up International Resources for Financing Education in Africa with emphasis on Making facilities to Link Government, Deal Sponsors and International Pools of Capital in Education; and (iii) Nigeria's Oil and Gas Sector: Reforms, Results and the Road focusing on Scaling Up Investment into the Gas Market--Plants, Parks, Cylinders, Reinjection.

"Speakers and panellists at the event include Aliko Dangote, President of Dangote Group; Bill Gates, Co-Founder of Bill and Melinda Gates Foundation; Satya Nadella, Chairman Business Council of the United States and Chief Executive Officer Microsoft Corp; Antony Blinken, Secretary of State of the United States, Florie Liser, President of the Corporate Council on Africa, and Members of the Business Council of International Understanding.

Also scheduled for attendance are Geoffrey Onyeama, Minister of Foreign Affairs; Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning; John Kerry, US Special Presidential Envoy for Climate; and Abdul Samad Rabiu, Executive Chairman of BUA Group, who is also the President of the France-Nigeria Business Council.

"Others are Mark Zuckerberg, Chief Executive Officer of Facebook, Dr. Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, Dr. Akinwumi Adesina, President of the African Development Bank and Amina J. Mohammed, Deputy Secretary General of the United Nations, to mention but a few," the statement added.

-Daily Trust.

Nigeria: Road Transport - Minister Wants Alcohol Banned At Motor Parks

The Minister of State for Transportation, Prince Ademola Adegoroye, has said alcohol should not be sold in motor parks and any driver who needs to take medications or relax should do so when he is not going to drive.

The minister made this call when the leadership of the National Union of Road Transport Workers (NURTW) paid him a courtesy call in Abuja.

He said commercial driving in Nigeria has to be professionalised and regulated as obtained in some other countries.

The national president of the union, Mr Tajudeen Ibikunle Baruwa, stated this when he led some national officers of the union on a courtesy visit to the minister to endorse the plan by the Federal Ministry of Transportation for a mass transit scheme that would make available new vehicles for commercial drivers in the country.

The Federal Ministry of Transportation had recently set up a committee for the implementation of a proposed special scheme for mass transit to be driven by transport operators for ease of road transportation across the country.

He also told the union to curb individual recklessness by training its members against drunk driving and drug abuse.

The NURTW president said commercial drivers across the country heaved a sigh of relief when the news of the proposed scheme filtered, noting that the union would do everything possible to partner with the federal government for the actualization of the scheme.

-Daily Trust.

Nigeria: How Nigeria Got UK, 5 Others On 461mw Azura Power Project - CEO

Engineer Edu Okeke is the Managing Director of Azura Power West Africa, the operator of the 461 megawatts Azura Edo Power, near Benin, Edo State. In this interview, he speaks about the rationale behind investments in the company by six countries - the United Kingdom, United States, Germany, Sweden, The Netherlands and France-with support from the World Bank.

The Azura Edo power plant is the latest facility in Nigeria, what is its capacity?

The installed capacity of the plant is 461MW but given the conditions in Nigeria and the national grid system, our actual capacity test is 452MW and we have continually delivered this to the grid. By next year, we will do the major inspection and Siemens will dismantle the blade and do the maintenance which happens every four years.

We act as a stabiliser for the grid and if we turn off the Primary Frequency Influencer (PFI), TCN transmission grid will collapse. We are one of the few Generation Companies (GenCos) that have this frequency manager. The grid frequency should be at 50 Hertz and if load goes high, it can go up and if load drops, it can go down so what the PFI does is to manage this grid by increasing generation or reduce generation automatically to stabilise the grid.

So instead of taking 452MW, the turbine could slow to 440MW or rise to 452MW, and TCN appreciates this. TCN relies on us because Azura is the most efficient of all this. We are producing 452MW every time but the turbine reacts in the stability of the grid and so NBET pays our capacity charge of 452MW while we get paid energy charge of the generation we have supplied, like this 440MW.

The Azura power project is said to be backed by the World Bank, who are the financiers?

Azura was developed by lots of people because every agency of the government signed off and it went through the legal means and the final process was the legal opinion which initially ran into a hitch. After all the contracts, Nigeria is supposed to issue a Legal Opinion and among the 1,700 people that worked on the Azura project.

The financiers involved include the Development Finance Institutions (DFI) of the United Kingdom, the United States, Germany, France, Sweden, the Netherlands and World Bank.

The developed countries were interested in the functioning of Nigeria and they realized that building Nigeria's economy starts with power and they were ready to fill the energy gap, so they invested in Azura as a model for subsequent projects.

What was the process for the Azura power project?

We started the process in 2010 and finished all paperwork in 2014 after signing loads of contracts with lenders. There was the need for a legal opinion from the government. NBET had to provide a legal opinion backing the contracts, and for the contracts signed by the Minister of Finance, the Minister of Justice and Attorney General of the Federation would need to issue a legal opinion.

President Goodluck Jonathan came to do the groundbreaking ceremony of the project but our lenders could not release money because we did not get the legal opinion in 2014 until Jonathan left office. When the present administration came in, they verified the issues and by then because there were no ministers in 2015, we received our legal opinion around October 2015 by the Solicitor General.

We took off on January 4, 2016 for the construction and it was supposed to be 36 months, but because of the efficiency of the project, we finished eight months ahead of the completion timeline, which was in May 2018. That was when the commercial operation started. And finishing eight months ahead of time was the first of such in Nigeria and without variation of contract.

It is reported that Azura gets $30m monthly without commensurate generation. What is the rationale behind such hefty payment?

Let me say that it begins with the Take or Pay gas obligation; that means a plant must pay for gas whether it uses it or not. Azura is not the only one that has such an agreement; there are five plants with active Power Purchase Agreements (PPAs) comprising Okpai, Afam, Azura, Omotosho and Olorunsogo.

Every power GenCo is made of two charges which is the energy charge and the capacity charge and only the five GenCos with active PPAs get the capacity charge; it is not only Azura.

The energy charge is 50 per cent of the entire bill and the only difference for Azura is that because of the contract signed and Partial Risk Guarantee (PRG) with the government, we are paid our amount fully in time but they could delay the payment of the other plants.

So, the $30m is made up of these things; some payment goes to gas for NNPC Ltd-NPDC/Seplat/NGC, and the biggest of our lenders is the Central Bank of Nigeria through the Bank of Industry and we pay them from this invoice when we collect the money monthly, and we pay our taxes regularly.

So, we get $30m monthly as our payment, but 40% goes back to the government by way of gas and loan repayment and because the World Bank guarantees payment, we do not have a problem with the executive arm of government except for the National Assembly.

Why is the ministry of finance involved in payments to Azura?

If the Distribution Companies (DisCos) pay their invoices 100% to the electricity market, there will be no need for the Ministry of Finance to call up our invoice differential and pay us, but the remittance to the Nigerian Bulk Electricity Trading (NBET) is low.

So, the government should ensure that DisCos are improving and pay their energy invoices 100% and there will be no need for guarantees.

Do you receive invoice payment in dollars, too?

When the project was being developed, there were foreign finance sources and local financing and we raised foreign exchange (forex) to match the foreign cost and raised local funds through the Bank of Industry (BOI) from the Central Bank of Nigeria (CBN).

>From the $30m invoice, we submit it in two components: the dollar and the naira components, and even gas is priced in dollars but we pay in naira. NBET now converts the dollar component and pays everything in naira to us, it is left for us to go to the CBN to seek forex and pay back our foreign loans.

Just like every other GenCo, we get our payment in naira; NBET does not accept to pay us in dollars.

Have you engaged the lawmakers to clarify this process?

We have explained these things to the Senate Committee on Power and the House of Representatives on Power and even brought the House members to the plant to see for themselves. I have been warned by our financiers that if I do anything untoward, I will go to jail and so we follow all legal processes. But then, it is now the House Committee on Finance and they did not invite us but we are making effort to meet them.

The unit energy cost of Azura is higher than old GenCos, what caused this?

Our unit cost may be the most expensive in Nigeria but compared with other new plants in West Africa in the last six years, Azura is the cheapest. When the government sold the PHCN power plants during privatisation, the tariffs were low and the bids were low. For instance, Egbin, which is the largest power plant, was sold for less than half of the cost of the Azura plant because the investors were made to commit to investing in it and recovering its capacity, but Azura is a brand new plant with optimum capacity.

Does the management have plans for expansion?

Right now, we are doing a feasibility study for phase two of the plant, but we are looking at the electricity market policies. For us, it will be easier for us to expand because we have gone through the processes, but the policies matter. We spent close to $900 million on the Azura project and we believe the government will tackle the policy inconsistency for more investments to come in. However, we are grateful to this administration.

On our platform, we have the names of President Muhammadu Buhari, former President Goodluck Jonathan and all other officials that worked on the project.

-Daily Trust.

Nigeria: Probe Nigeria Air Project

A new national carrier was billed to be a legacy project for President Muhammadu Buhari, as in London on February 21, 2015, the then presidential candidate of All Progressives Congress (APC) declared: "We intend for instance, to bring back our national carrier, the Nigerian Airways. We shall do this by bringing all the aircraft in the presidential fleet into the Nigerian Airways and within a year increase the fleet into about 20."

But the establishment of the new national carrier has been bedevilled with delays, shifting of timelines and pure policy somersault. After assuming office in 2015, the president set up a committee headed by the rector of Nigerian College of Aviation Technology (NCAT), Zaria, Mr Mohammed Abdulsalam, to establish a national carrier.

And six months as minister of transportation, Mr Rotimi Amaechi and minister of state for aviation, Captain Hadi Sirika, affirmed that the president was bent on delivering a wholly government-owned national carrier. Few months later, they changed position, switching to private-public ownership.

Two years later, they changed focus again, hinting that the government was looking for investors that would fund the national carrier.

Then, on July 18, 2018, with fanfare, Nigeria Air was unveiled as the national carrier at the London Farnborough Air Show. The unveiling was after the transaction advisers completed the Outline Business Case (OBC) Report and the Infrastructure Concession Regulatory Commission reviewing and issuing OBC Certificate of Compliance.

With a scheduled take-off date of December 2018 and a logo encompassing the flowing green white and green ribbon, Sirika, now Minister of Aviation, said he was already in talks with aircraft leasing and manufacturing companies.

Yet, on September 19, 2018, Sirika, after a Federal Executive Council (FEC) meeting, announced the immediate and indefinite suspension of the widely publicised national carrier. Later in May 2019, Sirika announced the approval of N47 billion for take-off of Nigeria Air. The minister added that President Buhari had directed that the Viability Gap Funding (VGF) of $155 million for the project should be provided for in the 2019 Appropriation; which the National Assembly did.

On May 19, 2021, Sirika announced that, "This airline will pick up and start, by God's grace, in or before April 2022." He explained that it would be run by a company in which the Nigerian government will hold a 5% stake, Nigerian entrepreneurs holding 46%, while the remaining 49% will be reserved for yet-to-be assigned strategic equity partners, including foreign investors.

In addition, the envisaged national carrier obtained Air Transport Licence (ATL) which is to run for a period of five years (June 3rd, 2022 to June 2nd, 2027). The ATL is a forerunner to the Air Operator Certificate (AOC) which will fully guarantee 'Nigeria Air' the right to begin air services.

Now, the minister has shifted the date for kicking off the national carrier to October 2022.

This is not Nigeria's first journey to owning a national carrier. The first began in 1958, with the establishment of defunct Nigeria Airways Ltd. The company was founded by the federal government after the dissolution of West African Airways Corporation (WAAC).

It retained the name, WAAC Nigeria, until 1971, when it was rebranded Nigeria Airways. Nigeria owned 51 per cent of shares in the company up to 1961, when it boosted its participation to 100 per cent and made it the national carrier. Then, plagued by mismanagement, corruption and overstaffing, Nigeria Airways was liquidated in 2003 under former President Olusegun Obasanjo.

Attempts were made to have a new national carrier in 2000, when British billionaire, Richard Branson, set up a domestic and international carrier, Virgin Nigeria. But he pulled out in 2010 in frustration at what he labelled interference by politicians and regulators.

The airline he created, which was later rebranded to Air Nigeria, closed in 2012, after collapsing with about N35 billion debt.

For over seven years, Sirika has been making promises and failing on same. Now Nigerians, exacerbated by the recurring sloppiness, have sarcastically tagged the existence of the Nigeria Air project only on the minister's 'Twitter Space.'

The development has led to deficiency of integrity as Nigeria Air now looks like a white elephant project. Indeed, the credibility deficit in the execution of this project has become a national embarrassment. Its unending flip-flop history has become worrisome.

Therefore, there is need for an immediate probe of the project, to know where Nigeria stands and if the country has been shortchanged so far, such funds must be recovered. The propriety of every expenditure should be affirmed.

In fact, it appears as if the Ministry of Aviation and the minister of aviation have been taking Nigerians for a long ride. It is offensive to the expectations of the citizens to be fixing timelines and breaking them at will. This must stop. The October timeline must not be shifted again and the whole transactions should be made transparent. At this point, when international carriers are treating Nigerians with levity, Nigeria Air could have filled the void and given citizens and the country a lease of respect. Considering that this was part of promises made by the president even before he assumed office, this should not be happening. We, therefore, urge him to step in and ensure delivery.

-Daily Trust.

Nigeria: Fitch Upgrades FBN Holdings, First Bank to 'B', Stable Outlook

Fitch Ratings has upgraded FBN Holdings Plc's (FBNH) and First Bank of Nigeria Limited's (FBN) long-term issuer default ratings (IDRs) to 'B' from 'B-'.

The global rating agency in a statement at the weekend also assigned stable outlooks on the holding company and its subsidiary, just as it upgraded their viability ratings (VR) to 'b' from 'b-'.

The upgrade of the long-term IDRs followed that of the VRs, reflecting that corporate governance irregularities publicly raised by the Central Bank of Nigeria (CBN) in April 2021, including two longstanding related-party exposures, have largely been addressed and risks to capitalisation have receded, helped by strong internal capital generation since the irregularities were raised.

"Fitch has withdrawn FBNH's and FBN's Support Ratings and Support Rating Floors as they are no longer relevant to the agency's coverage following the publication of its updated Bank Rating Criteria on November 12, 2021.

"In line with the updated criteria, we have assigned Government Support Ratings (GSR) of 'no support' (ns) to both issuers.

"FBNH is a non-operating bank holding company. Its VR is equalised with the group VR, derived from the consolidated risk assessment of the group, due to the absence of double leverage and high fungibility of capital and liquidity," it added.

Commenting on the governance irregularities that had been addressed in the institutions, it stated: "According to management, the two related-party exposures highlighted by the CBN, which included equity and credit exposures to two companies of whom FBNH's previous chairman was also chairman, have largely been disposed of and repaid. "Fitch understands from management that FBNH and FBN have not been subject to penalties in relation to irregularities raised by the CBN in April 2021 and no further irregularities have been raised.

"FBN is the third-largest bank in Nigeria, representing 11 per cent of domestic banking-system assets at end-2021. A strong franchise supports a stable funding profile and a low cost of funding.

"Revenue diversification is strong, with non-interest income representing 48 per cent of operating income in 2021," it added.

In term of material credit concentrations, it noted that single-borrower credit concentration was material, with

the 20-largest loans representing 157 per cent of Fitch Core Capital (FCC) at the end of the first half of 2022.

"Oil and gas exposure (30% of net loans at end-2021) is higher than the banking-system average and weighted towards higher-risk upstream and services sub-segments.

"Improved Asset Quality: FBN's impaired loans (Stage 3 loans under IFRS 9) ratio has declined significantly to 5.6 per cent at the end of the first half of 2022 from a peak of 25 per cent at end-2018 as a result of sizeable write-offs, successful restructurings and recoveries and, more recently, the flattering effect of strong loan growth."

Furthermore, it stated that FBNH delivers healthy profitability, as indicated by an operating return on risk-weighted assets (RWAs) averaging 2.6 per cent over the past four years (4% in 2021, underpinned by large recoveries on a previously written-off loan).

Earnings benefit from a low cost of funding and strong non-interest income but were constrained by a high cost-to-income ratio (74% in 2021) and significant loan impairment charges (LICs) in recent years.

-This Day.

South Africa: Darker and Darker Days Into an Uncertain Future

The future looks gloomy for South Africans after Eskom announced on Sunday morning that stage 6 will remain in place indefinitely.

And Eskom chief executive Andre de Ruyter said there is a risk that load shedding may be extended beyond stage 6.

"We will definitely have a high stage of load shedding for the week," he said during a virtual media briefing on Sunday morning.

De Ruyter promised that, "all hands are on deck" as the competent Eskom staffers are trying to prevent a total collapse of the system.

Stage 6 was implemented early on Sunday morning after the tripping of a generation unit at Kusile and Kriel power stations in the early hours of Sunday morning.

De Ruyter said the Eskom board and Public Enterprises Minister Pravin Gordhan had a meeting and decided to approach Independent Power Producers (IPPs) for 1,000 megawatts of electricity needed to bring stability to the power supply.

But he said not all of that will be immediately available, which could plunge the country into more darkness.

He said there is no evidence that the cause for the recurring power outages is sabotage.

The announcement of stage 6 triggered an immediate backlash against Dr Ruyter and the entire Eskom board.

Many South Africans took to social media and called for De Ruyter to step down amid the current crisis. He was appointed in 2019.

Eskom chief operating officer Jan Oberholzer said they are working to ensure that 18 generators return to service this week.

He would, however, not be drawn into making a commitment to South Africans as to when the current stage of load shedding will ease.

The power utility promised to keep South Africans updated on the status of the utility in the coming days.

-Scrolla.

Nigeria Moves to Attract Foreign Investment to Economy

Nigeria, in collaboration with the Africa Business Roundtable, will this week hold the second edition of the Nigeria International Economic Partnership Forum (NIEPF), a global economic investment platform, in New York, the United States of America.

The Forum, according to a release issued Sunday by presidential spokesman, Mallam Garba Shehu, is part of federal government's moves to further open up the country's economy to international capital and attract foreign investment.

The high-level event is scheduled for Thursday, September 22, 2022, on the sidelines of the 77th United Nations General Assembly taking place in the American city.

Holding alongside the annual global gathering, the NIEPF is expected to draw the presence of world leaders in politics, economy, media, as well as civil society oganisations and international media to focus on the vast economic potentials of Nigeria and Africa's leading economy.

Most significantly, President Muhammadu Buhari will deliver the keynote address at the event and will also host a high-level presidential session with fellow presidents and heads of delegations on Issues That Need Joint Action for African Countries on the Development Drive such as the post COVID-19 recovery and financing priorities; Africa's Investment Climate and Market, as well as de-risking the continent.

The NIEPF will bring together top Nigerian government functionaries, as well as renowned and highly respected global public and private sector players rubbing minds on Nigeria's Economic Outlook, focusing on Nigeria in the global economy; and International Partnership for Nigeria on the Development Drive.

In view of the wide spectrum of personalities attending the forum, there will be cluster thematic sessions on: (i) Growing Nigeria's Agriculture for Food Security & Access to Export Market with special focus on Impact of the Russia-Ukraine war, which presents opportunities for G7/G20-Nigeria Partnerships in Agriculture; (ii) Scaling Up International Resources for Financing Education in Africa with emphasis on making facilities to Link Government, Deal Sponsors and International Pools of Capital in Education; and (iii) Nigeria's Oil and Gas Sector: Reforms, Results and the Road focusing on Scaling Up Investment into the Gas Market--Plants, Parks, Cylinders, Reinjection.

Other issues slated for discussion include: Scaling Up International Resources for Healthcare in Africa bordering on: Upgrading and expanding Nigeria's Healthcare Infrastructure towards making Nigeria the "healthcare hub" for Africa; Climate Change and Paths to Clean Environment with emphasis on Paths to Clean Economy, Clean Energy and Clean Development; and Financing Nigeria's Infrastructure with emphasis on developing infrastructures such as farm to market corridor, farm to ports corridor, export transport corridor, railway network, road network upgrade and expansion, airport upgrade, including dedicated airports for exports, power generation, transmission and distribution.

Speakers and panelists at the event include Aliko Dangote, President of Dangote Group; Bill Gates, Co-Founder of Bill and Melinda Gates Foundation; Satya Nadella, Chairman Business Council of the United States and Chief Executive Officer Microsoft Corp; Antony Blinken, Secretary of State of the United States; Florie Liser, President of the Corporate Council on Africa, and members of the Business Council of International Understanding, Geoffrey Onyeama, Minister of Foreign Affairs; Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning; John Kerry, US Special Presidential Envoy for Climate; and Abdul Samad Rabiu, Executive Chairman of BUA Group, who is also the President of the France-Nigeria Business Council.

Others are Mark Zuckerberg, Chief Executive Officer of Facebook; Dr. Ngozi Okonjo-Iweala, Director General of the World Trade Organisation; Dr. Akinwumi Adesina, President of the African Development Bank and Amina J. Mohammed, Deputy Secretary General of the United Nations, among others.

-This Day.

Invest Wisely!

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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 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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