Major International Business Headlines Brief::: 30 September 2022

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Major International Business Headlines Brief::: 30 September 2022 

 


 

 


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ü  US points finger at Russia over gas pipeline sabotage

ü  Nike feels squeeze from strong dollar and discounts

ü  Google to close Stadia cloud service and refund gamers

ü  Cost of living: Energy bills set to rise but help cushions blow

ü  Mini-budget: PM to meet head of OBR following market turmoil

ü  Government is undercutting UK institutions, says former Bank governor

ü  Nigeria Air - More Questions, Doubts As Govt Unveils Ethiopian Airlines
As Core Investor

ü  Kenya: KAM - Spare Kenyans the Pain of Inflation Adjustment

ü  Kenya: Accelerating Digital Transformation With IPv6 Migration Offers
Kenya Huge Potential

ü  Nigeria: Fidelity Bank, SMEDAN Sign MOU to Bridge $158.1bn SMEs Financing
Gap

ü  Nigeria: Southern Nigeria Cocoa Farmers to Benefit From $22m U.S. Support

ü  Nigeria: Kogi Govt Demands 10% Share of Dangote Cement Company

ü  Nigeria: Unpaid Debt - Telecoms Threaten Withdrawal of Services to
Financial Institutions

 


 <mailto:info at bulls.co.zw> 

 


 

US points finger at Russia over gas pipeline sabotage

The US has said it "seems" Russia is to blame for this week's leaks in the
Nord Stream gas pipelines.

 

US Energy Secretary Jennifer Granholm told the BBC an investigation was
being carried out into the cause of what she called "an act of sabotage".

 

"It is highly unlikely that these incidents are coincidence," she said,
without offering evidence to support the claim.

 

Russia has dismissed suggestions that it was to blame.

 

It said suggestions it had damaged the pipelines were "stupid and absurd".

 

President Putin described the damage as "unprecedented sabotage, in fact, an
act of international terrorism" during a phone call with Turkey's President
Erdogan, according to the Kremlin, which added Russia plans to bring it up
for "urgent discussion" at the UN Security Council.

 

Earlier Russia's Foreign Ministry suggest it was the US that stood to
benefit from the pipeline being out of action because it would be able to
increase its own natural gas sales.

 

The White House has dismissed such suggestions.

 

"It's probably most likely some form of sabotage," according to Mike Fulwood
of the Oxford Institute for Energy Studies.

 

"If there was one incident of a pipeline rupture of leak then accidental
damage could be a possibility, it is very rare.

 

"The most likely cause of accidental damage is an anchor being dropped and
dragging across the pipeline".

 

He added that with multiple leaks in a short period of time "doesn't sound
like it could be accidental, although theoretically it could be".

 

The high water pressure at the bottom of sea makes a detonation difficult,
according to energy engineering expert Professor Russell Johns of Penn State
University.

 

He says "it is not likely that the Russians detonated their own pipeline.
They could have simply cut-off gas to the pipeline entrance" if they wanted
to stop supplies.

 

The money Russia continues to receive for its fossil fuels is helping fund
its invasion of Ukraine.

 

"Unreliable energy partner"

The gas escaping from the pipeline near the Danish island of Bornholm has
been in the pipe since the beginning of September when Moscow closed it off,
saying repairs were needed to a vital artery in supplying Europe's energy
needs.

 

Ms Granholm suggested the energy relationship between Russia and Europe was
being consigned to history.

 

"I think Russia has proven itself to be an unreliable energy partner," she
said.

 

"No country wants to take the risk of putting a significant amount of its
energy demand to Russia's supply. I think this accelerates the EU's push to
become energy independent through clean energy".

 

Map showing the route of the Nord Stream pipelines between Russia and
Germany as well as the borders of the economic zones in the Baltic sea.

The war in Ukraine has had a profound impact in pushing up global energy
prices. They've been the biggest contributor to soaring inflation in the UK,
Eurozone and US, something which is threatening to reduce global economic
growth.

 

The increasing cost of living has made political leaders around the world
re-evaluate where they get their energy from, according to Ms Granholm, who
was speaking from the International Atomic Energy Agency's Ministerial
Conference in Vienna.

 

"Every country is looking at the risks associated with putting too many eggs
in one basket or putting too many eggs in the basket of petro-dictators and
the volatility of the fossil fuels that accrue from that. Everyone is
looking to how they can become energy independent."

 

Wind, solar and nuclear energy are among the alternatives many countries are
trying to increase as they also aim to meet the Paris climate change
targets.

 

However an analysis by Columbia University suggests that Russia has a 46%
share of global enrichment capacity for nuclear fuel, and the International
Energy Agency warned in July that China has an 80% share "in all the key
manufacturing stages of solar panels".

 

When asked how the US and others don't end up overly reliant on such
alternatives Ms Granholm replied that "this move to clean energy could be
part of a great peace plan" and that such a move "helps people's
pocketbooks, helps the economy, and helps energy security".

 

This year's steep increases in the price of oil and gas have benefitted the
energy giants who get them to consumers. In the first half of this year the
combined profit of five of the biggest western energy firms, BP, Shell,
Total, Chevron and Exxon almost tripled to just over $95.2bn with much of it
going to shareholders.

 

Ms Granholm said President Biden's administration wanted to see such
companies lower prices at petrol pumps "so that citizens are not hurting".

 

Despite acknowledging that oil is traded on a free market she called on them
to help, "at least the American companies as good American citizens" and
warned they could face a windfall tax similar to what has been seen in the
UK.

 

"We don't want that huge amount of profit to end up triggering consequences,
either Congressionally or elsewhere, that will not be in their interest.

 

"We want them to be responsible and not be buying back shares instead of
increasing production, production that would ultimately reduce prices
because of increasing supply. We are looking at legislative tools as well as
otherwise pressuring them."

 

The war in Ukraine has led higher fuel prices for consumers and boost oil
company profits

One other way the US could help increase the supply of oil to global markets
is by lifting some of the sanctions imposed on Venezuela by President Trump.

 

The South American country has the world's largest oil reserves but has been
exporting minimal amounts of oil because of the restrictions. They were
enacted because of alleged corruption and the political fallout from 2019's
contested election.

 

An increase in supplies would be likely to push down global oil prices. When
asked if it was time to lift the sanctions, Ms Granholm didn't dismiss the
idea, replying: "I'm not going to get ahead of the White House on that."

 

Short presentational grey line

You can watch Jennifer Granholm's interview in full on Talking Business with
Aaron Heslehurst this weekend.

 

Viewers in the UK can watch the show at 15:30 on the BBC News Channel, and
afterwards on BBC iPlayer.

 

In other countries, it will be on BBC World News on Saturday at 23:30 GMT,
Sunday at 05:30 and 16:30 GMT and Monday at 16:30 GMT.-BBC

 

 

Nike feels squeeze from strong dollar and discounts

Nike has warned that its profits will continue to be squeezed by the strong
dollar and discounts aimed at cutting its stockpile of goods.

 

The sportswear giant, which makes over half of its revenue outside North
America, doubled how much it thinks the soaring dollar will hit its annual
revenue to $4bn (£3.6bn).

 

Meanwhile, the firm's inventories rose more than 40% compared to a year ago.

 

After the announcement Nike shares fell by more than 9% in extended trading.

 

"Headwinds from foreign exchange shifted significantly in the last 90 days
as the trend of US dollar strengthening has accelerated," Nike's finance
chief Matthew Friend said.

 

In its quarterly update to investors, the company said net income fell to
$1.5bn in the three months to the end of August, down 22% compared to a year
ago.

 

The firm said profit margins had been hit by increased transport costs and
higher markdowns.

 

At the same time overall inventories rose by 44% to $9.7bn as the amount of
goods in transit increased due to supply chain issues.

 

However, the company reported that its revenues rose to $12.7bn for the same
period, beating Wall Street forecasts.

 

Analysts said demand for Nike's brands including Jordan and Converse had
slowed as shoppers cut back on spending due to the cost-of-living crisis.

 

"Higher inflation is definitely driving up costs and reducing margins and
discouraging consumers, especially now on splashing on highly discretionary
items," Hianyang Chan from consultancy Euromonitor International told the
BBC.

 

Rival sportwear maker Under Armour and major US retailers like Target have
also offered heavy discounts as their inventories rose in recent months.-BBC

 

 

Google to close Stadia cloud service and refund gamers

Google has announced plans to shut down its Stadia cloud gaming service and
refund players.

 

Stadia was touted as a "Netflix for games" when it launched in November
2019, allowing players to stream games online without owning a console.

 

But the service will now come to an end on 18 January 2023 because of a lack
of "traction" with gamers.

 

Google has promised refunds to players who purchased its Stadia controller,
as well as any games or add-on content.

 

It said it estimates those refunds will be completed by mid-January.

 

Media caption,

WATCH: Cloud gaming services, including Stadia, put to the test

 

Stadia games run on servers at Google data centres around the world, with
the video footage streamed to a TV or mobile device.

 

Phil Harrison, vice-president and general manager of Stadia, said in a blog
post: "A few years ago, we also launched a consumer gaming service, Stadia.

 

"And while Stadia's approach to streaming games for consumers was built on a
strong technology foundation, it hasn't gained the traction with users that
we expected so we've made the difficult decision to begin winding down our
Stadia streaming service."

 

Google is pretty ruthless about culling products that don't work out - head
to the website Killed by Google and you can immerse yourself in a long list
of dearly departed Google brands (many of which you've probably never heard
of).

 

Stadia launched to great fanfare in 2019 and was clearly Google's attempt to
muscle in on the lucrative gaming market.

 

Stadia went beyond simply streaming games and even came with its own bespoke
hardware.

 

But taking on the games giants is tough - even when you're a giant in your
own right. What works for Xbox and PlayStation is difficult to replicate
when their customers have already shelled out on consoles and subscriptions
- and the firms behind them, Microsoft and Sony, have lucrative deals in
place with the world's biggest games publishers.

 

It's perhaps no huge surprise that Phil Harrison said Stadia hadn't "gained
the traction" that Google anticipated - marketing speak for "not enough bums
on seats".

 

 

Google's decision comes as Netflix announced a more traditional move into
the gaming market - establishing a studio to make games.-BBC

 

 

Cost of living: Energy bills set to rise but help cushions blow

Energy prices will rise for millions of households on Saturday, but the
increase has been cushioned by a government cap on the cost per unit.

 

It stepped in after an 80% increase in domestic gas and electricity bills
was earmarked for the first half of winter.

 

A typical annual bill will go up from £1,971 to £2,500 but will be further
mitigated by cost-of-living payments.

 

But prices will still be twice as high as last winter, and charities say
that will leave many struggling.

 

The squeeze will be particularly acute for those on prepayment meters, who
pay for energy as they use it, and so have largely been unable to smooth out
increased bills over the year.

 

"The most vulnerable, including children, will be cold and hungry as energy
prices spiral, despite government support," said Adam Scorer, from charity
National Energy Action.

 

People paying by direct debit tend to build up credit during the warmer,
lighter summer months which then funds some of their extra use during the
winter.

 

Jaqueline Jones in Urmston in Manchester says she and her husband Joe are
already taking steps to cut down on their energy bills.

 

"We're only filling the kettle to the amount we need, watching how often we
put the washing machine on - little things like that," she said.

 

They are also hanging washing indoors and finishing it off for 10 minutes in
the dryer, as opposed to using the dryer more often.

 

They are on a standard variable tariff for their electricity and energy
bills, but haven't received an updated bill recently to know whether the
measures are making a big difference as of yet.

 

"Hopefully when the actual bill does come in it won't be too much,"
Jacqueline says, adding that she is now watching their smart metre every
time they make a cup of tea.

 

"I watch the numbers every time I put the kettle on - oh my goodness how it
whizzes around!"

 

But she says the situation overall is frightening for the couple who are
retired and rent a Victorian property.

 

"We're both pensioners and we don't have a great pension other than the
government one, so we have to make sure it's going to last out, along with
the bit of savings we do have.

 

"We'll just have to see and play it by ear... but we are trying our best."

 

line

New price cap

Every household pays for the energy it uses. There is no absolute cap on the
total cost.

 

Under the government's two-year price guarantee, the average unit price for
dual fuel customers paying by direct debit on variable deals will be limited
to 34p per kilowatt hour (kWh) for electricity and 10.3p per kWh for gas.

 

With standing charges added, it means a typical household - one that uses
12,000 kWh (kilowatt hours) of gas a year, and 2,900 kWh of electricity a
year - will not pay more than £2,500 a year for energy from Saturday.

 

Without this intervention, that annual bill would have been £3,549 a year,
rising from the current and soon-to-expire level of £1,971 a year. Those on
prepayment meters pay slightly more.

 

The chancellor, Kwasi Kwarteng said that the government's "energy
intervention" meant that people across the country were protected.

 

Household energy use graphic

However, last winter, the price cap - governed by the energy regulator Ofgem
- meant the same typical household paid £1,277 a year.

 

That doubling of a typical energy bill is why millions of households have
cut back on their energy use, according to a survey by the consumer group
Which?.

 

Its findings, which it shared with BBC News, suggested that 58% of those
asked reported reducing their usage of lights and appliances around the
home. More than four in 10 said they had reduced hot water consumption,
including taking fewer and shorter showers.

 

Given the wider context of rising prices, the consumer group also said that
60% of those surveyed had bought cheaper food products than usual and 36%
had planned meals more, for example by batch cooking.

 

Which? has launched a campaign calling on supermarkets, telecoms and energy
businesses to offer more support to customers facing financial difficulty,
such as ensuring cheaper social broadband tariffs and value-range food is
equally accessible to shoppers across the country.

 

"While government intervention is necessary, we also believe businesses
across essential services can and should do more to help," said Rocio
Concha, its director of policy and advocacy.

 

Cost-of-living payments

The government's earlier package of cost-of-living payments is continuing.

 

The next stage begins from Saturday when everyone's energy bill will
eventually be cut by £400. The discount will be applied over six months,
with a reduction of £66 in October and November, and £67 every month between
December and March 2023.

 

The discount will be made automatically by energy suppliers in England,
Scotland and Wales, with plans for the equivalent to be paid in Northern
Ireland.

 

Chart showing how you get your £400

There will be further payments later in the winter for people who receive
benefits and are on low incomes, and pensioners.

 

The energy plans were in place ahead of last Friday's tax-cutting
mini-budget which has been followed by days of turmoil on the markets.

 

The government has said its energy guarantee would cost £60bn for the first
six months.

 

However, industry analysis suggests the total bill could be between £130bn
and £150bn.

 

The cost will be met by an increase in government borrowing, but the likely
cost of this has soared after financial markets reacted badly to the
chancellor's plans to introduce tax cuts worth £45bn.

 

There are also fears that the upheaval might affect the housing market.

 

Hundreds of mortgage products have been pulled since Friday, and are likely
to return at higher costs, amid fears the Bank of England will have to raise
interest rates much more sharply than previously expected.-BBC

 

 

 

Mini-budget: PM to meet head of OBR following market turmoil

The prime minister will meet the head of Britain's independent forecaster
later after days of market turmoil.

 

In an unusual move, Liz Truss and Chancellor Kwasi Kwarteng will meet the
chairman of the Office for Budget Responsibility's (OBR) to discuss the
fallout after last week's mini-budget.

 

The watchdog offered to prepare a draft forecast in time for the mini-budget
but it was not taken up.

 

A group of MPs has called for the forecast to be released "immediately".

 

The Treasury Select Committee said the lack of this forecast before last
Friday's mini-budget had "in some part driven the lack of confidence in the
markets".

 

News of the meeting with OBR chairman Richard Hughes came as a new poll gave
Labour a 33 percentage point lead over the Tories.

 

Government sources have dismissed suggestions the talks with the independent
forecaster, announced late on Thursday and first reported by the Guardian,
amounted to an "emergency meeting".

 

It is understood the forecast process will be discussed, as well as economic
and fiscal developments since March.

 

Financial Secretary to the Treasury Andrew Griffith told the BBC: "I think a
meeting between the prime minister, the chancellor and the OBR shows the
importance of getting that forecast right, and it's a very welcome thing to
see."

 

He added that the chancellor has asked the OBR to report back to him by 23
November - the date of his next financial statement.

 

Earlier on Thursday, the prime minister and chancellor defended their policy
after a dramatic week that saw the pound slump against the dollar and the
Bank of England forced to step in and take action.

 

Forecasts of the UK's economic outlook by the OBR are usually published when
the government makes major financial announcements, for example on Budget
day.

 

In the letter on Thursday, Conservative MP Mel Stride - who chairs the
cross-party Treasury Select Committee said the lack of an OBR forecast had
left some people with the impression the government was trying to avoid
scrutiny.

 

He said the next forecast should be brought forward, and that the
chancellor's next planned financial statement on 23 November should also be
moved forward "to as early a date as possible", given "the continued
uncertainty within markets".

 

The OBR publicly confirmed on Thursday that it had sent the chancellor a
forecast when he took office in September - and also offered to update it in
line with any planned government announcements but was not commissioned to
do so.

 

The intervention from the committee comes after the prime minister gave
interviews to a number of BBC outlets on Thursday in which she insisted the
tax cuts outlined in the mini-budget were the "right plan".

 

Speaking later on BBC Question Time, Local Government Minister Paul Scully
acknowledged that "things had been really difficult" since last week, but
said the government had "had to go further" than simply limiting the rise in
energy bills.

 

"We need to make sure that the economy can grow," he said. "There's no way
we can just have more of the same, tax your way out of a relatively stagnant
economy."

 

Media caption,

Listen to key moments from the prime minister's eight morning interviews

 

Forecasts from the independent OBR give an indication of the health of the
nation's finances and there have been calls for a forecast to be published
in the last week.

 

In defending his policies to Conservative MPs, Mr Kwarteng said they were
needed to stop a collapse in consumer spending - and that he was working at
pace to show markets he had a "clear plan".

 

He pledged that reforms "on childcare, business regulations, financial
services, agriculture and more" would be set out in the next six weeks.

 

The message on WhatsApp contained a list of "talking points" to defend the
government's handling of the economy, including that the "government needed
to act urgently".

 

Speaking to BBC Two's Newsnight, Conservative MP Geoffrey Clifton-Brown said
the government had so far failed to "reassure the international markets that
we actually really know what we want to do with the economy".

 

"It's all very well getting the fiscal side of it, but you need the
expenditure side to balance that," he said. "They need to [say] what the
debt-to-GDP ratio will be this year, next year, and in five years' time."

 

Since it was announced at the end of last week, the mini-budget has faced
widespread criticism, with the International Monetary Fund and former Bank
of England governor Mark Carney disparaging the plan.

 

On Tuesday the Bank of England said it would buy up to £65bn worth of
government bonds to prevent the collapse of some pension funds.

 

Across all polls Labour have opened up an average 19.5% lead over the
Conservatives since Ms Truss became prime minister three weeks ago.

 

A new poll, by YouGov for The Times and carried out on Wednesday, found
Labour had a 33-point lead.-BBC

 

 

 

 

Government is undercutting UK institutions, says former Bank governor

Mark Carney said the government was "working at cross-purposes with the
Bank"

 

Former Bank of England governor Mark Carney has accused the government of
"undercutting" the UK's key economic institutions.

 

Mr Carney told the BBC the government's tax-cutting measures were "working
at some cross-purposes" with the Bank.

 

He also pointed to a decision not to publish economic forecasts by the
Office for Budget Responsibility (OBR) alongside Friday's "mini-budget".

 

The mini-budget sparked turmoil on financial markets and hit the pound.

 

Investors had been demanding a much higher return for investing in
government bonds, causing some to halve in value. Pension funds, which
invest in bonds, were forced to start selling, sparking fears of a fresh
market downturn.

 

The Bank of England was forced to step in to calm markets and on Wednesday,
said it would buy £65bn of government bonds over the next fortnight in an
attempt to restore stability.

 

 

Sterling hit a record low against the US dollar of around $1.03 on Monday.
It has since risen to around $1.08 after the Bank's announcement and
remained there after Prime Minister Liz Truss said she would stand by the
measures announced in the mini-budget.

 

The cost of government borrowing, however, edged higher and the interest
paid - or yield - on 10-year government debt rose.

 

Speaking to the BBC's Today programme, Mr Carney said that while the
government was right to want to boost economic growth: "There is a lag
between today and when that growth might come."

 

He said: "There was an undercutting of some of the institutions that
underpin the overall approach - so not having an OBR forecast is
much-commented upon and the government, I think, has accepted the need for
that but that was important."

 

Pound dollar graphic

The OBR provides independent forecasts of the impact of government's plans
on the economy as well as on public finances. The Treasury decided not to
publish its forecasts on Friday, which fuelled market turmoil.

 

"Unfortunately having a partial budget, in these circumstances - tough
global economy, tough financial market position, working at cross-purposes
with the Bank - has led to quite dramatic moves in financial markets," Mr
Carney said.

 

The Treasury has subsequently said the OBR will release a full forecast when
Mr Kwarteng announces his medium-term fiscal plan on 23 November.

 

Tax cuts are right plan for economy, says Truss

Bank's £65bn move driven by pension fund fears

Treasury rejects U-turn on mini-budget despite turmoil

Mr Carney also said that the government's mini-budget showed it was "working
at some cross-purposes with the Bank in terms of short-term support for the
economy".

 

Chancellor Kwasi Kwarteng unveiled the country's biggest tax package in 50
years on Friday. But the £45bn-worth of tax cuts has sparked concerns that
government borrowing could surge along with rising interest rates.

 

The Bank has a target to keep inflation at 2%. But prices are rising at
their fastest rate in four decades and the Bank has been lifting interest
rates to cool inflation.

 

Since the mini-budget, some economists believe interest rates could rise
faster and higher, to as much as 6% by next May.

 

 

Analysis box by Dharshini David, global trade correspondent

At the helm of the Bank of England until 2020, Mark Carney was charged with
rebuilding the reputation of British financial systems after the crash of
2008.

 

While it is not usual for former governors to comment on current issues, his
stark words will be a further blow to the government as it defends its tax
cuts. Mr Carney has indicated that the fall-out from these plans, by
contributing to market turmoil, has consequences that may damage rather than
enhance prosperity.

 

The Bank of England has been forced to inject billions of pounds into bond
markets. That is after a plunge in their value threatened the viability of
the pensions funds that manage workers' retirement pots.

 

During times such as the the financial crisis to the pandemic, the Bank of
England has, on occasion, provided emergency help to ease global shocks.
Doing so to offset the consequences of domestic government policy is far
more rare.

 

With the markets remaining uneasy, analysts say an emergency interest rate
hike can't be ruled out.

 

 

Ms Truss insisted that the government's plan was "right".

 

In her first remarks since Friday's announcement, Ms Truss told the BBC: "Of
course there are elements of controversy, as there always are."

 

But she said: "This is the right plan that we've set out."

 

On Wednesday, Treasury Minister Andrew Griffith said that every major
country "is dealing with exactly the same issues" as the UK such as Russia's
war with Ukraine and the effect on energy prices.

 

But while Mr Carney conceded that the global economy is "going through some
difficulties", he said that over the last week "developments have centred
around the UK" and that recent financial turmoil was a response to the
government's mini-budget.

 

Mr Carney was the governor of the Bank of England for almost seven years,
from July 2013 to March 2020.

 

Before that he led Canada's central bank for five years, where he is seen as
having played a major role in helping the country avoid the worst effects of
the 2008 global financial crisis.

 

His successor as governor, Andrew Bailey, declined to comment on Thursday on
whether the Bank would make further interventions.

 

Some economists - including former deputy governor Sir Charlie Bean -
suggested that the Bank's Monetary Policy Committee call an emergency
meeting and raise interest rates before a scheduled meeting on 3 November,

 

Mr Carney said it was "important that the system functions" but added:
"We're talking about an interest rate meeting five weeks from now and it is
important to see the persistence of the exchange rate moves, it is important
to see what else the government does and take that into account."

 

He added: "This is a robust system, this is a resilient system, it has had a
big knock but it will move forward."

 

The Bank is widely expected to raise interest rates before Mr Kwarteng
announces his fiscal plan in late November.

 

This should set out how the government intends to follow its own fiscal
rules. The current fiscal rules state that debt should be falling as a share
of the UK's gross domestic product - which is all the goods and services
that the country produces - by 2024-25.

 

The rules also dictate that by that same financial year, daily public
spending should be balanced by revenues.

 

But it is possible that Mr Kwarteng could set out his own rules in November,
changing those drawn up by his predecessor Rishi Sunak in November 2021.-BBC

 

 

Nigeria Air - More Questions, Doubts As Govt Unveils Ethiopian Airlines As
Core Investor

The unveiling of Ethiopian Airlines as the core investor for Nigeria's
national carrier, Nigeria Air, is generating misgivings in the aviation
industry.

 

Experts and stakeholders in the industry say the process has raised more
questions than answers and it is shrouded in secrecy.

 

Minister of Aviation, Senator Hadi Sirika had while giving an update on the
process of establishing Nigeria Air unveiled Ethiopian Airlines, the largest
airline in Africa, as the core investor for the airline.

 

He gave the equity ownership structure of Nigeria Air as Ethiopian Airlines
49%, Nigerian private investors (SAHCO, MRS and other institutional
investors) 46% and the federal government 5%.

 

While giving the update, he said the ministry on 10th June 2022 received a
closed bid by the Ethiopian Airline Consortium.

 

He added, "Few others attempted to submit, but unfortunately could not meet
the deadline. Since we did not collect the bids, we are not in a position to
say who they are."

 

 

According to him, the Ethiopian Airline Consortium was declared the
preferred bidder and the evaluation team will proceed with contract
negotiation and other processes, which he hopes to complete by mid-November.

 

The selection of Ethiopian Airlines came after initial denials by the
minister as far back as 2018 when the project had missed several targets.

 

A source who spoke to our correspondent said ET became the preferred bidders
due to "apathy" from other foreign investors amidst the commitment of the
minister to deliver the project before the end of the administration.

 

In August 2018, the former Group CEO of Ethiopian Airlines, Tewolde
Gebremariam had hinted that Africa's largest airline had entered into a
discussion with the Nigerian government to run the national carrier.

 

 

At the time, the minister debunked the claim and said discussions were
ongoing with prospective partners and investors ranging from development
finance institutions, airlines and original equipment manufacturers (OEMs).

 

"I don't know about ET or any other prospective investors being favourites
or frontrunners to establish and manage Nigeria Air," Sirika had said at the
time.

 

With ET being selected, the minister said, "It is the overall share capital
of around $300m provided by the preferred bidder that will launch Nigeria
Air to its full size of 30 aircraft and international operation within the
next two years."

 

Daily Trust reports that Ethiopian Airlines owned 100 per cent by the
Ethiopian government commands the lion's share of the Pan African passenger
and cargo network operating the youngest and most modern fleet to more than
130 international passenger and cargo destinations across five continents.

 

 

Ethiopian's fleet of over 120 planes includes Airbus A350, Boeing 787-8,
Boeing 787-9, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200, Boeing
737-800, Boeing 737-8, Freighter, Bombardier Dash 8-400 double cabin.

 

Currently, the airline owns 45% of Zambia Airways, 49% of Guinea Airways,
100% of Ethiopia-Mozambique Airlines, 49% of Chad Airlines and 49% of Air
Malawi.

 

If the ET's contract works, the airline would further control 49 percent of
Nigeria Air, making Nigeria the sixth airline under ET's management.

 

Findings by Daily Trust revealed that ET is expected to provide technical
support with equipment and personnel and not any kind of funding.

 

"With over 120 planes in its fleet, the ET can easily provide the number of
aircraft required to start but I can tell you ET is not committing any money
into the project. The aircraft to be provided would be in a form of a wet
lease as the aircraft would come with its crew," a source said.

 

While querying the wisdom behind the selection of Ethiopian Airlines, other
stakeholders demanded the identities of other institutional investors that
make up the 46 per cent alongside SAHCO and MRS.

 

An aviation analyst, Prof. Anthony Kila asked if Ethiopian Airlines is a
technical partner or investor, adding, "We are wondering about things we
should not be wondering about because the contour, the promoters of the
venture should have been upfront in releasing information. At this moment,
there are more questions than answers."

 

A former CEO of one of the aviation agencies who spoke on the condition of
anonymity said, "Everything is shrouded in a lot of secrecy and a lot of
enigma. So it makes it very difficult to comment."

 

Former President of the National Association of Aircraft Pilots and
Employees (NAAPE), Engr. Isaac Balami in a chat with our correspondent said
the planned national carrier would have been more beneficial if Nigeria had
owned over 80 per cent of the airline.

 

He said, "I would have wanted this thing to be at least 80 per cent
Nigeria-owned. As it is, the largest chunk of the stake is going to a
country and an airline that ordinarily should be under us or we should be
ahead of them.

 

"I just pray that one day we would correct the wrongs and get Nigerian
businessmen that would look inward and invest and not allow foreign airlines
to come and take everything out of this country.

 

"I don't know the nitty-gritty, I have not gone through the contract but
anything that is not going to empower Nigerians is not good enough."

 

Also speaking, Group Capt. John Ojikutu, (rtd), expressed reservation with
the choice of ET as a core investor.

 

He said, "First and foremost, I am not in support of having any of the
foreign airlines and a competitor with us on the BASA routes as our
technical partners; the foreign airline's interest in the partnership comes
before ours.

 

"Secondly, similar partnerships with the KLM and the SAA in the early 90s
did not benefit us. We should therefore look for partnerships outside the
competitors in the BASA routes in countries like Canada, Australia, etc."

 

President of Aviation Roundtable and Safety Initiative, Dr. Gbenga Olowo has
said the selection of Ethiopian Airlines as the core investor for Nigeria's
national carrier, Nigeria Air, was the right decision, saying ET is a
partner of good choice.

 

Olowo who had earlier kicked against the establishment of the national
carrier said the government is determined to establish it, his endorsement
"is based on the need for the success of any new start-up Airline in NG."

 

He however noted that failures still abound in the market and some airlines
still remain very weak hence the challenge for the discerning and concerned
citizens remains in coming up with useful advice.

 

He said, "It is especially advantageous for Nigeria Air to partner with ET
(as a competitor on the NG BASA,) for simple purposes of Code Share
Agreement (CSA) and Blocked Seat Agreements (BSA) outside the airline's
intended Direct Services.

 

-Daily Trust.

 

 

 

 

Kenya: KAM - Spare Kenyans the Pain of Inflation Adjustment

The Bottom-up Economic Transformation Agenda 2022-2027 is the current
government's platform, which the Kenya Association of Manufacturers (KAM)
supports. The Plan acknowledges and values the difficulties Kenyans
encounter daily, particularly the high cost of living.

 

Related to this, KAM urges the government to Spare Kenyan pain from the
inflation adjustments Plan.

 

The Plan shows how deeply knowledgeable and dedicated the government is to
find lasting answers for everyone. KAM is still committed to collaborating
closely with the government to change the economy.

 

The proposed KRA inflation adjustment could not have come at a more
undesirable time when Kenyans are already struggling to make ends meet, and
companies are still dealing with pandemic-related shocks.

Kenya Association of Manufacturers supports the Bottom-up Economic
Transformation Agenda 2022-2027 is the current government's platform.

As per KAM, Regressive taxation, bureaucracy, and the expense of regulatory
compliance are cited in the Plan as the main obstacles to rescuing Kenya
from the "economic hole" it is now in.

 

Regressive taxation, bureaucracy, and the expense of regulatory compliance
are cited in the Plan as the main obstacles to rescuing Kenya from the
"economic hole" it is now in.

 

Examining and streamlining all business licences is the first step in the
economic reform process, intending to cap overall licencing expenses at 1.5%
of turnover fees.

 

As correctly stated in the Plan, passing an administrative burden law
resembling the Reduction of Paperwork Act in the United States of America
will guarantee that no company spends more than four person-hours per month
on tax and regulatory compliance.

 

 

The ease and cost of conducting business in Kenya have remained critical
barriers to the country's economic growth.

 

More specifically, because the current tax regime is a "zero-sum game,"
manufacturing has been moved to our neighbours in the East African Community
(EAC), who are now selling to Kenya.

 

However, the proposed inflation changes on specific excise tax rates have
put Kenyans in the midst of a new regressive taxation challenge as they
carry out the government's economic agenda.

 

As Kenya Revenue (KRA) moves to apply inflation adjustment on specific
excise duty rates, commencing October 1st, the price of some commodities is
set to rise in less than a week.

 

These goods include, among others, fruit juice, chocolate, bottled water,
alcohol, and cigarettes.

 

 

The Excise Tax Act of 2015 included inflation adjustments on specific rates
of items subject to excise duty. It allows the Commissioner General of KRA
to modify special rates per the average inflation rate from the preceding
year.

 

The suggested inflation adjustment could not have come at a more undesirable
time when Kenyans are already struggling to make ends meet, and companies
are still dealing with pandemic-related shocks.

 

Let's use the manufacturing sector as an example, whose GDP contribution in
2020 was 7.6% compared to the 15% target set by the present government's Big
Four Agenda. This serious position will worsen due to the suggested annual
inflation adjustment.

 

The epidemic also has long-lasting effects on economies, enterprises, and
households.

 

Based on the Kenya National Bureau of Statistics (KNBS) Economic Survey
2021, COVID-19's effects significantly affected the industrial sector's
slowdown last year. Real Gross Value Added (GVA) for the industry is
predicted to have decreased by 0.1% in 2020 compared to an increase of 2.5%
in 2019.

 

The epidemic severely affected the key markets for excisable products
(aviation, hospitality, and tourism).

 

They may take some time to recover, which is another reason inflation
adjustment needs to be stopped. Air transportation, lodging, and food
services all had declines in 2020 of -52.7% and -47.7%, respectively,
according to the Economic Survey 2021.

 

This is attributable to steps taken to stop the virus's spread, which caused
an abrupt drop in excise tax revenue. May 2020 had KSh 10.9 billion in
revenue, down from May 2019's 19.9 billion. As a result, only a complete
recovery of the hospitality and aviation sectors will increase excise tax
collection.

 

The annual KAM hasn't always resulted in higher tax receipts. For instance,
despite implementing the 4.94% yearly inflation adjustment, excise tax
payments for cigarettes decreased by 12% in 2020. This demonstrates that
raising excise taxes has reached its ceiling and cannot generate more income
for the government.

 

Tax laws that make locally produced excisable goods significantly more
costly than imports provide fertile ground for the growth of illicit trade.
Customers will be driven to choose less expensive goods, which might be
illegal or fake.

 

Even in the pre-pandemic era, unlawful commerce of smoking and alcoholic
beverages was ordinary. For instance, in July 2020, an independent analysis
found that over 11.4% (or 600 million sticks) of cigarettes sold in Kenya
were illegal. This leads to a Ksh 2.2 billion annual revenue loss.

 

Another World Health Organization (WHO) study from 2018 found that an
estimated 44% of alcoholic beverages consumed in Kenya are illegal, costing
the country's government Ksh. 78 billion.

 

The annual adjustment for inflation threatens the sustainability of current
and upcoming investments.

 

Due to the extensive tax duties, yearly inflation adjustments will deter
potential investors from entering the manufacturing of excisable items.
Because Kenya has a capital-deficient economy that needs both local and
foreign investments, this is an undesirable outcome.

 

Adjustment for inflation has inflationary effects. The inflation rate
climbed from 6.44% in July 2021 to 6.57% in August 2021.

 

Price increases for food and non-alcoholic drinks (10.67%), transportation
(7.93%), and housing, water, electricity, gas, and other fuels (5.07%) were
the critical factors in this.

 

The affected goods' inflation adjustment will have a negative effect on all
of these. As a result, it is only reasonable to anticipate future price
increases for commodities. Pump prices have risen to historically high
levels, with a significant amount made up of taxes and levies, harming
Kenyan manufacturing and the nation's economy.

 

An actual rate of duty's inflation adjustment will thwart efforts to help
the impacted manufacturers quickly recover and become resilient.
Additionally, it will hinder the planned economic recovery following
COVID-19. KAM urges a halt to the inflation adjustment as a result.

 

-The Exchange.

 

 

 

Kenya: Accelerating Digital Transformation With IPv6 Migration Offers Kenya
Huge Potential

The tension between innovation and optimisation to modernise as rapidly as
possible is a challenge for most African countries.

 

To succeed on both fronts, leaders are realising that they must undergo
significant transformation across the IT sectors - from re-evaluating on and
off-premise infrastructure investments to upping the commitment to
IT-as-a-Service delivery. In most cases, this is new territory and many are
looking for guidance to navigate it as effectively as possible.

 

Africa cannot afford to be complacent about digital transformation and the
consensus among delegates that attended the recently hosted EU Africa
Business Summit is that the issue is now imperative if the continent is to
overcome many of its perennial development and growth challenges.

 

 

The Communications Authority of Kenya (CA) has urged market compliance with
guidelines it has released to support the country's complete migration from
IPv4 to IPv6 in the next twelve months - or risk losing access to the
internet and other tech complications.

The CA has warned that failure to migrate will result in "serious
technological challenges" including, complicated deployment of complex
networks that require address translations, and an increase in "cyber
security incidents."

The CA said its intention is by July 2023 only IPv6-compatible devices can
be used.

This is according to George Asamani, Africa Business Development leader from
Project Management Institute (PMI), who participated in a panel discussion
at the Summit.

 

 

The discussion focused on digital transformation, the youth and female
entrepreneurship.

 

Asamani said, "There is now a massive realisation that digital
transformation is a key driver of development and growth. In short, there is
today a much more acute awareness that digital transformation offers Africa
huge potential to overcome, even leapfrog, many of its perennial development
and growth challenges."

 

This begins with bringing down the cost and effort involved in running the
older automation software packages so that IT can shift its resources toward
other transformational aspects of the business.

 

Kenya's government, via the Communications Authority of Kenya (CA), has
urged the tech industry at large to begin the migration from Internet
Protocol version four (IPv4) to Internet Protocol version six (IPv6) in
order to safeguard progress in internet development in the country.

 

 

The regulator said if the complete adoption of IPv6 is delayed, it will mean
that millions of users will be left without internet access and the cost of
doing business for ISPs will rise, and this will be passed along to
customers.

 

To ensure full migration, the Communications Authority of Kenya identified
the following milestones, success measures, and timelines for their
accomplishments.

 

The CA stated that Africa is lagging in the change from IPv4 to IPv6.

 

"Based on Google's statistics, the IPv6 adoption rate for Kenya is currently
at under 8 per cent, Uganda at 0.3 per cent, Tanzania (0.11 per cent),
Rwanda at 6.34 per cent, Burundi and South Sudan at 0 per cent."

 

Director of Internet Development for the Internet Society, Kevin Chege,
said, "As internet availability increases, so does the need to uniquely
identify each of the devices like laptops, phones and IoT devices coming
online on the continent - something which IPv6 guarantees with extended
numbering capacity. IPv6 will help ensure that the next billion users and
devices from Africa will have end-to-end access to the internet."

 

He also makes the point that the latest hardware being released is now
compatible with IPv6 and IT leaders can separate them from outdated
infrastructure.

 

"In addition to understanding what IPv6 addresses look like, how to plan a
migration to IPv6 and how to assign IPv6 addresses, having knowledge of the
Domain Name System (DNS) is also important,"

 

"This is because DNS makes it easier for people to remember the names of
devices, not the IPv6 address assigned to a device. Unlike IPv4, which only
uses 0-9 and is simpler to recall off memory, IPv6 includes the characters
"a-f" in addition to the numbers due to the longer address space," he
explained.

 

"IPv6 is the only resource that will enable us to grow and expand the
internet first to those who already have it to continue enjoying the
service, and also to those who don't have it to be able to be connected,"
said Michuki Mwangi, a technologist at the Internet Society.

 

IPv4 was the first version of IP to be used, and despite having been
officially released in 1983, it is still the most widely used version to
identify devices on a given network.

 

According to the CA report, with the imminent exhaustion of IPv4 address
space, the length of IP addresses was increased from 32 bits to 128 bits,
creating almost 340 undecillion addresses. The two address sets are not
compatible, implying data sent using IPv4 address cannot be delivered to a
recipient using IPv6 addresses.

 

The IPv6 was developed and standardized, as the next-generation Internet
Protocol in 1996, with initial assignments for use in 1999, had the main
goal of massively increasing the number of IP addresses available. Over the
past year, major content providers and access networks have started offering
IPv6 services to ordinary Internet users.

 

The regulator listed the benefits of migrating to IPv6 which are:

 

Sufficient IP addresses, IPv6 will create a sufficient IP address pool for
use by persons, as well as machines, facilitating the Internet of Things
networks.

Efficient Routing, due to reduced size of routing tables, elimination of the
need for address translators in the network, and elimination of the need to
perform error checking at various stages of data routes.

Transparency in the Network due to the fact that each node in the network
has a distinct address, which also makes troubleshooting easier

Enhanced Security, by the fact that IPv6 supports end-to-end IP Security
protocol mode

Efficient use of network bandwidth, due to the use of multicast as opposed
to broadcast, when sending data to multiple destinations.

Africa is alive with digital possibilities and platforms, many of them
homegrown. Transforming how people interact, transact, grow wealth and make
an impact. Accelerating digital transformation with IPv6 migration will
unlock this huge potential.

 

-The Exchange.

 

 

Nigeria: Fidelity Bank, SMEDAN Sign MOU to Bridge $158.1bn SMEs Financing
Gap

Fidelity Bank Plc and Small and Medium Enterprises Development Agency of
Nigeria (SMEDAN) have signed a Memorandum of Understanding (MoU) to bridge
$158.1billion Small and Medium Enterprises financing gap in Nigeria.

 

According to the World Bank, Nigeria's financing gap for MSMEs is estimated
at $158.1billion.

 

The MoU, according to both parties is meant to help small businesses access
much-needed capital and capacity development initiatives

 

The Managing Director/Chief Executive Officer, Fidelity Bank, Nneka
Onyeali-Ikpe who was represented by the bank's Executive Director, Lagos and
South-West, Dr. Ken Opara, at the MoU signing ceremony in Lagos, said the
partnership with SMEDAN reinforces the fact that the bank is a leading
supporter of SMEs in Nigeria.

 

 

According to him, "As a commercial bank, it reinforces the fact that
Fidelity bank is an essentially friendly back. We've created a lot of
structures to support SMEs and we have a capacity training program for SMEs,
a funding scheme, and access to the market. And again, collaboration is very
important and so we are signing a MoU with SMEDAN to take SMEs to the next
level."

 

He noted that the bank sees a lot of value in collaborating with SMEDAN,
stressing that, "most of the time, small business owners think that their
problem is mostly financing. But we've discovered that they need to put the
right structure, knowledge and they need to understand their businesses. And
so we signed the MoU to build up capacity for SMEs and collaboration in some
other key areas, they need to help them eliminate the areas that they have
been having issues."

 

Also speaking at the MoU, Director-General/Chief Executive Officer, SMEDAN,
Olawale Fasanya stated that the agency is seeking partnerships with
financial institutions to close the $158.1billion financing gap needed in
the MSMEs sector.

 

According to him, "While banks are supposed to spearhead a funding
revolution for businesses especially the MSMEs, the general trend is that
most commercial banks and even development banks shy away from funding
enterprises captured within the MSME space.

 

"Nevertheless, we are aware that some few banks have come up with innovative
solutions to provide tailored financing windows to viable enterprises within
the MSME space. Our findings have, however, revealed that Fidelity bank loan
portfolio to MSMEs is one of the biggest from the commercial banks.

 

"The Agency is aware of the risk component, hence, our proposal/offer to
provide BDS to some of the MSMEs that have benefitted from your products
across the country. For emerging markets such as ours, access to capital
should be fast and seamless.

 

"Digital tools are improving the speed and ease with which credit can be
disbursed and SMEDAN is willing to partner with as many funders as possible.
I am confident that the support by Fidelity to MSMEs will allow other
funding institutions to follow your trail."

 

-This Day.

 

 

Nigeria: Southern Nigeria Cocoa Farmers to Benefit From $22m U.S. Support

The United States(US) Department of Agriculture has announced a $22 million
food project for Nigerian Cocoa farmers.

 

Under the arrangement, about 68,000 Cocoa Farmers in Osun, Ekiti, Abia,
Cross River, Akwa Ibom and Ondo States have been so far identified as
beneficiaries of the project.

 

The project known as Food for Progress will be launched in six states of
Southern Nigeria where Cocoa production is relatively prevalent and would be
implemented over the next five years.

 

The programme will help beneficiaries access better agricultural input,
improved technical resources, capacity building, post-harvesting processing
and export marketing.

 

 

A statement by the United States Consulate, explained that the project will
be implemented in partnership with an international non-governmental
organisation, Lutheran World Relief.

 

The US consulate further stated that the Food for Progress Program will
target farmers in low productivity but highly promising areas, as well as
farmers in high-density, high-productivity communities.

 

"The primary objective of the Food for Progress programme is to increase
cocoa productivity by leveraging climate-smart agricultural measures," the
consulate noted.

 

Similarly, Gerald Smith, the counsellor for Agricultural Affairs, U.S.
Mission, said the project would employ an approach that would enable farmers
to produce more cocoa and preserve the land's fertility and biodiversity.

 

The Food for Progress programme is an initiative of the United States to
help developing countries improve their agricultural enterprise.

 

This cocoa intervention programme is coming at a time when the Cocoa Farmers
Association of Nigeria (CFAN) pledged to meet the 500,000-tonne production
of cocoa beans in the next two years and make Nigeria the highest cocoa
producer in West Africa in the next five years.

 

Cocoa production is a critical component of the Nigerian economy. Nigeria is
the fourth largest producer of Cocoa in the world.

 

The country, however, produces far below Ivory Coast and Ghana which both
account for more than 50 per cent of the world's production.

 

-Leadership.

 

 

 

Nigeria: Kogi Govt Demands 10% Share of Dangote Cement Company

Kogi State House of Assembly has asked for the 10 per cent shares that
belongs to the state government from the representatives of Dangote Cement
company, stressing that all available documents shows that the company
started as Obajana Cement Company and at what point did it turn to Dangote
Cement company without any considerations.

 

To make the claim possible, Kogi State House of Assembly ordered the
management of Dangote Cement company to provide all necessary documents that
have to do with the transfer of Obajana Cement Company owned by Kogi state
government to Dangote Cement Company.

 

The House also directed that the documents signed at the establishment of
the Company and relevant receipts of dues it claimed to have paid to Kogi
State Government available at the next adjourned sitting date.

 

 

The speaker of Kogi State House of Assembly, Matthew Kolawole, gave the
order after interim reports of the ongoing investigative hearing on
Internally Generated Revenue (IGR) which was submitted by the ad hoc
committee led by Hon. Isah Tenimu Umar, Member Representing Lokoja I
Constituency and deliberated upon at the plenary on Wednesday.

 

Kolawole said this has become important in view of the claims and
counterclaims between the Chairman of Kogi State Internally Generated
Revenue Service (KGIRS) and representatives of Dangote Cement as the acting
chairman of KGIRS, Salisu Enehe had earlier accused Dangote Cement Plc
Obajana of forging its tax receipt during the investigative hearing by the
State House of Assembly.

 

According to the State Revenue Boss, most of the figures the company claimed
to have paid are totally incorrect, urging the company to check its record.

 

He added that despite the billions of Naira that company is making from the
state monthly, it has failed to pay taxes that are due to the state and
Lokoja Local Government Area.

 

-Leadership.

 

 

Nigeria: Unpaid Debt - Telecoms Threaten Withdrawal of Services to Financial
Institutions

Telecommunications operators are threatening to withdraw their services to
banks and other financial institutions in Nigeria due to their unwillingness
to pay their debts.

 

To this end, bank customers will not be able to make ATM withdrawal or do
transfers as well as other digital banking related services, if the
telecommunications operators withdraw their services.

 

Chairman of the Association of Licensed Telecommunications Companies of
Nigeria(ALTON), Engr. Gbenga Adebayo, at ongoing Nigeria Information
Technology Reporters Association(NITRA), ICT Growth Conference 2.0, with the
theme: 'Creating a Digital Ecosystem in Nigeria:The Hurdles The Gains,' said
the debt payment has lingered for too long.

 

Adebayo said, the plan for payment of the services rendered to bank
customers, which is paid on the go by the customers, is long over due.

 

-Leadership.

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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Skype:         Bulls.Bears 



 

 

 


 

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.

 


 

 


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

 


 

 

 

 

 

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