Major International Business Headlines Brief::: 23 January 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 23 January 2023 

 


 

 


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ü  Covid: Thailand tourism up but still below pre-pandemic level

ü  Technology can help the NHS, says AstraZeneca boss

ü  UK steel industry a whisker away from collapse - Unite

ü  Google parent Alphabet to cut 12,000 jobs

ü  Elite chefs say kitchen work 'like going to war' - study finds

ü  Theranos founder Elizabeth Holmes attempted to flee US, prosecutors claim

ü  UK poised to give £300m in rescue funding to British Steel

ü  Crypto lender Genesis files for bankruptcy

ü  Chinese firm Catl to develop huge Bolivian lithium deposit

ü  Croatia, the euro and a coffee controversy - but is it all just froth?

ü  Nigeria: CBN, Banks in Battle of Wits Over New Naira Notes

ü  Nigeria: Largest Container Vessel Berths At Lekki Port Ahead of
Commissioning

ü  Nigeria: Go After Fuel Saboteurs, Group Tasks DSS, NSCDC

ü  Nigeria: OPEC Fund Debuts U.S.$1bn SDG Bond for Development Finance

ü  South Africa: Load Shedding Is Here to Stay

 


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Covid: Thailand tourism up but still below pre-pandemic level

Thailand says tourist numbers jumped last year, as coronavirus restrictions
were eased, but remained way below pre-pandemic levels.

 

The South East Asia holiday destination saw 11.81m tourists in 2022 - up
from just 400,000 the previous year.

 

The Tourism Authority of Thailand also forecast that figure will more than
double to 25m this year.

 

However, those figures are still much lower than the record 39.8m tourists
Thailand saw in 2019.

 

The country is set to start charging overseas visitors 300 baht ($9.20;
£7.40) each from the start of June.

 

Thailand now has a target to increase tourist numbers to 80m a year by 2027.

 

Tourism revenue accounted for more than 10% of the country's gross domestic
product (GDP) in 2019. In 2021 it was just 1%. GDP, which measures all
economic activity, is an important tool for looking at how well, or badly,
an economy is doing.

 

Uncertain fate awaits Thailand's elephant tourism

By aiming to more than double the number of people who visited before the
pandemic, the Thai government hopes to see tourism spending rise above
$150bn.

 

"This target, once achieved, could raise the country's tourism revenue to
5tn baht in 2027," the government's Public Relations Department said in a
Facebook post.

 

The announcement also said Thailand plans to upgrade "tourism safety
standards in order to accommodate the influx of visitors."

 

This month the country announced, but then quickly withdrew, a decision to
request proof of Covid-19 vaccination for visitors entering Thailand.

 

Like much of South East Asia, Thailand is expected to see a jump in tourist
numbers from China, which dropped the strict border controls it put in place
during the pandemic.

 

In December China's immigration administration said passport applications
for its citizens wishing to travel internationally would resume from 8
January.

 

The announcement brought to an end almost three years of strict quarantine
rules for arrivals and prompted a rush of people booking overseas trips,
with travel sites reporting a spike in traffic.

 

Before the pandemic China was Thailand's biggest source of tourists, with
almost 11m visitors in 2019. This year the country is expecting at least
five million Chinese tourists.-BBC

 

 

 

Technology can help the NHS, says AstraZeneca boss

The chairman of Covid vaccine giant AstraZeneca has said that investment in
technology can help the NHS cut costs.

 

Leif Johansson said more spending on areas such as artificial intelligence
and screening could prevent illness and stop people going to hospital.

 

The NHS is under severe pressure, with A&E waits at record levels and strike
action exacerbating ambulance delays.

 

Mr Johansson said about 97% of healthcare costs come from "when people
present at the hospital".

 

He said only the remaining 3% is made up of spending on vaccination, early
detection or screening.

 

Mr Johansson told the BBC at the World Economic Forum in Davos: "If we can
get into an investment mode in health for screening or prevention or early
diagnostics on health and see that as an investment to reduce the cost of
sickness then I think we have a much better model over time that would serve
us well."

 

Commenting on the UK, he said: "All countries have different systems and the
NHS is one which we have learned to live with and I think the Brits, in
general, are quite appreciative about it."

 

He said he was not talking about "breaking any healthcare systems down".
Rather, he said, "we should embrace technology and science".

 

Mr Johansson said that artificial intelligence, or AI, could be used to
diagnose lung cancer through X-rays by "just running them through software".
Or technology could be used to screen diabetes or cardiovascular diseases.

 

"All of that can be done within the institution of the NHS and would still
have a very beneficial impact," he said.

 

The NHS is facing more industrial action on Monday when ambulance workers in
some parts of England and Wales, who are members of the Unite union, go out
on strike in a dispute over pay.

 

There are further strikes planned by ambulance workers and nurses later this
month and in February.

 

NHS hospital

 

Following the UK's exit from the European Union, Mr Johansson had expressed
concern about whether AstraZeneca would continue investing in the country.

 

But he now says that the UK has the opportunity to innovate in technology
for the healthcare sector outside of European regulations.

 

"The UK already has a very, very good life science sector academically but
also industrially with a couple of very large players, ourselves included.

 

"Anything that we can do in the UK would be beneficial for the country on a
broader aspect than only using it in the UK."

 

Mr Johansson will step down as non-executive chairman of AstraZeneca in
April.

 

He will be replaced by Michel Demaré, currently a non-executive director at
the pharmaceutical company who holds similar roles at Vodafone among
others.-bbc

 

 

 

UK steel industry a whisker away from collapse - Unite

The UK steel industry, which supports thousands of jobs, is "a whisker away
from collapse", the Unite union says.

 

It has written a letter to Business Secretary Grant Shapps seeking an urgent
meeting to push for more support.

 

Unite has accused the government of taking "little meaningful action" to
help the industry, leaving the sector "at breaking point".

 

The government said the success of the steel industry is a priority.

 

In the letter, Steve Turner, Unite's assistant general secretary, said there
were a number of issues causing the industry problems.

 

These included "crippling energy costs, carbon taxes, lost markets, lower
demand, and open market access for imported steel".

 

Writing to Mr Shapps on behalf of two other unions as well - Community and
GMB - Mr Turner said the challenges faced by manufacturers like British
Steel, Tata Steel, and Liberty Steel were the consequences of "direct
actions by your government that have... significantly undermined UK plant
competitiveness in global markets".

 

"With little meaningful action on the part of government in areas of UK
procurement policy, energy pricing support, green energy generation or
support for investment in new plant and technologies, the industry is at
breaking point," Mr Turner added.

 

"We are, in the words of many, 'a whisker away from collapse'".

 

He said UK steel "employs tens of thousands of skilled workers and hundreds
of apprentices", and asked for an urgent meeting to discuss "current and
future government policy" to support the sector.

 

It has been reported that the Chancellor Jeremy Hunt is poised to grant a
£300m funding package for British Steel.

 

The money has not been confirmed by the Treasury, but the BBC understands it
would depend on the firm's Chinese owners, Jingye, investing in greener
technology.

 

UK poised to grant £300m funding to British Steel

Liberty Steel restructuring puts 440 jobs at risk

Responding to the letter, a spokesperson for the Department for Business,
Energy and Industrial Strategy said the government recognised "the vital
role that steel plays within the UK economy, supporting local jobs and
economic growth".

 

It said it was "committed to securing a sustainable and competitive future
for the UK steel sector," adding that Mr Shapps "considers the success of
the steel sector a priority and continues to work closely with industry to
achieve this".

 

Commenting on the proposed funding package for British Steel, Labour's
Shadow Business Secretary, Jonathan Reynolds, said the UK steel sector has
been left "on the brink" as a result of the government's failure to come up
with long-term solutions.

 

"Endless sticking plaster solutions from the Conservatives have left our UK
steel sector on the brink," said Mr Reynolds.

 

"Instead of finding a long-term solution, successive Conservative
governments have lurched from crisis and bailouts with no plan to keep UK
steel internationally competitive or deliver a return on taxpayers
investment."-bbc

 

 

 

Google parent Alphabet to cut 12,000 jobs

Google's parent company Alphabet will cut 12,000 jobs, in the latest staff
redundancies to hit the tech industry.

 

Google and Alphabet CEO Sundar Pichai said he took "full responsibility" for
the cuts, in an internal email.

 

The cuts will affect 6% of Alphabet's workforce worldwide, in teams
including recruitment and engineering.

 

This comes days after Microsoft announced 10,000 jobs would be lost, and
weeks after Amazon announced 18,000 job cuts.

 

Mr Pichai thanked staff for "working so hard" in their roles, adding that
their "contributions have been invaluable".

 

He wrote: "While this transition won't be easy, we're going to support
employees as they look for their next opportunity.

 

"Until then, please take good care of yourselves as you absorb this
difficult news. As part of that, if you are just starting your work day,
please feel free to work from home today."

 

According to a recent filing with Companies House, Google has more than
5,500 staff in the UK. But it is unclear how many of these will be affected
by the cuts.

 

'Unsustainable'

Mr Pichai announced severance packages for US employees, who will receive at
least 16 weeks of salary, their 2022 bonus, paid vacations and six months of
health coverage.

 

He said he remained "optimistic about our ability to deliver on our mission,
even on our toughest days".

 

Wall Street welcomed the cuts - Alphabet shares rose by 3.5% in electronic
trading before the stock market opened.

 

Analysts have said tech's big guns had previously overspent, not seeing a
slowdown on the horizon.

 

Are tech job cuts a warning for the wider economy?

What is behind the big tech companies' job cuts?

Daniel Ives of Wedbush Securities said the layoffs highlight irresponsible
spending across a sector basking in "hypergrowth".

 

"The reality is tech stalwarts over-hired at a pace that was unsustainable
and now darker macro is forcing these layoffs across the tech space," he
said.

 

According to tech site Layoffs.fyi, nearly 194,000 industry employees have
lost their jobs in the US since the beginning of 2022, not including those
announced by Alphabet on Friday.

 

Hewlett Packard and cloud computing giant Salesforce also announced major
cuts this month, as rampant inflation and rising interest rates have slowed
growth.

 

US tech giants have also been facing scrutiny in the European Union, which
has started enforcing regulations to stop them avoiding tax, stifling
competition, profiting from news content without paying and serving as
platforms for disinformation and hate.-bbc

 

 

 

 

Elite chefs say kitchen work 'like going to war' - study finds

Chefs working in elite kitchens face "extreme suffering" to produce
award-winning food, a new study suggests.

 

Researchers heard that Michelin Star chefs are sterilising their wounds on
hot stoves and plunging their hands into deep-fat fryers to prove themselves
at work.

 

One of them said going on shift felt like "going to war".

 

However, the study also found that many chefs still see the pain as "a medal
of honour".

 

The research, conducted by Cardiff University and Emlyon Business School in
France, is based on the anonymous accounts of 62 Michelin Star chefs working
in the UK and abroad.

 

Many detailed experiencing physical abuse and bullying from the start of
their career, with one junior chef describing how he was "locked in fridges,
punched, and kicked about".

 

"At such a young age I was in a position where I felt very lonely. I was
really exhausted. I wasn't used to the abuse I was getting," he said.

 

Some chefs said they were routinely subjected to endurance tests, like
peeling "up to 150 fresh langoustines every day with our bare hands."

 

"That would basically rip your hands to shreds because they're extremely
sharp," they added.

 

Another said food would be thrown in their face if they made mistakes.

 

That level of pressure led some to having bouts of vomiting and diarrhoea
before clocking on shift, with some stints in the kitchen lasting 20 hours.

 

Another chef described how his boss "picked up his bread knife from the
middle of the kitchen and just - had it to my neck in front of everyone."

 

Following that ordeal, he was then promoted to a three-star Michelin
restaurant.

 

In one instance, a chef gave the researcher a tour of back-stage areas of a
restaurant, including rooms where chefs lay sleeping on the floor.

 

UK chef's union Unichef said work was needed to stamp out what it described
as a "playground bullying" culture

But despite that level of pressure, researchers said that for many, "a body
marked by cuts and burns... was something to be celebrated."

 

The academics said: "For many of our chefs, it was the right kind of body to
have - it was the body of a committed, hard-working, tough chef".

 

Because of this attitude, many continued working even when they were
injured.

 

One chef said: "I stabbed myself between my fingers with a knife many years
ago. Blood was pulsing out. I just wrapped it with a tea towel [and carried
on]," one said.

 

Another said burn marks and cuts on their colleagues were taken as "a good
indicator that they're working under some sort of pressure".

 

"I mean, we always turned it around... you gave it some sort of, positive
[spin]. You knew the reality was your bloody suffering and it's horrible and
horrendous, but you couldn't let it in. You can't do that," they said.

 

The intense working culture in top kitchens has come under the spotlight in
films like The Menu and Boiling Point - both received critical acclaim in
their exploration of the fine dining process.

 

The UK's chef's union, Unichef, told the Guardian the accounts highlighted
the need for greater diversity in kitchens - including more women - to help
stamp out what it described as a "playground bullying" culture.-bbc

 

 

 

Theranos founder Elizabeth Holmes attempted to flee US, prosecutors claim

Theranos founder Elizabeth Holmes attempted to flee the US shortly after her
conviction on fraud charges last year, prosecutors claim.

 

According to a new court filing, the 38-year-old bought a one-way ticket to
Mexico last January.

 

"Only after the government raised this unauthorised flight... was the trip
cancelled," prosecutors said.

 

Holmes was convicted for defrauding investors in her blood testing start-up
that was once valued at $9bn (£7.5bn).

 

The former Silicon Valley star falsely claimed the technology could diagnose
disease with just a few drops of blood. But it did not work and - facing
multiple lawsuits - the company was dissolved in 2018.

 

The latest court filing, which was submitted on Thursday, also said Holmes's
partner had bought a one-way ticket to Mexico.

 

"The government anticipates [Holmes] will note in reply that she did not in
fact leave the country as scheduled - but it is difficult to know with
certainty what [she] would have done had the government not intervened,"
prosecutors said.

 

The BBC has contacted a lawyer for Holmes to request comment.

 

Elizabeth Holmes: From tech star to convicted fraudster

Holmes was convicted in early January 2022 of defrauding investors, and then
sentenced in November to more than 11 years in prison. During her sentencing
hearing, she was ordered to self-surrender to prison on 27 April this year.

 

But she appealed her conviction shortly after and is asking a judge to let
her remain free beyond April while her appeal is heard in federal court.
That process could take a year.

 

Her lawyers also claimed Holmes would raise "substantial questions" that
could warrant a new trial.

 

The latest court filing in California said Holmes has been paying $13,000
(£10,500) a month to live on an estate as her appeal is heard.

 

Prosecutors want her to surrender as planned in April. "The time has come
for Elizabeth Holmes to answer for her crimes committed nearly a decade
ago," they said. "There are not two systems of justice - one for the wealthy
and one for the poor."

 

A judge will hear her motion to delay her prison sentence pending appeal on
17 March.

 

Holmes launched Theranos after dropping out of Stanford University at age
19. The company's value skyrocketed after executives claimed it could bring
about a revolution in disease diagnosis.

 

The rise and fall of the start-up was chronicled in several popular podcasts
and TV shows, including a Hulu series called The Dropout, with Amanda
Seyfried starring as Holmes.

 

Holmes's business partner, Sunny Balwani, the former president of Theranos,
was sentenced to nearly 13 years in prison in December.

 

Holmes has apologised for her business "failings" and said she has "felt
deep pain for what people went through, because I failed them".-bbc

 

 

 

 

UK poised to give £300m in rescue funding to British Steel

Chancellor Jeremy Hunt is poised to grant a £300m funding package for
struggling British Steel, the BBC has been told.

 

The move follows requests from Business Secretary Grant Shapps and
Levelling-up Secretary Michael Gove.

 

It would depend on British Steel's Chinese owner Jingye committing to
securing jobs at the company and making additional substantial investments.

 

Treasury sources said the money would have to be put towards
decarbonisation.

 

It is unclear when a decision will be announced.

 

The Department for Business, Energy and Industrial Strategy (Beis), said the
government "recognises the vital role that steel plays within the UK
economy, supporting local jobs and economic growth".

 

It said it was "committed to securing a sustainable and competitive future
for the UK steel sector".

 

"While we cannot comment on ongoing negotiations, the Business Secretary
considers the success of the steel sector a priority and continues to work
closely with industry to achieve this," a spokesperson said.

 

This is a tricky one for the Chancellor.

 

British Steel employs thousands of people, and thousands more work for its
suppliers.

 

But making steel is very expensive, especially with energy prices at current
levels.

 

Owner Jingye wants the government to step in.

 

Ministers fear that if they don't act, parts of the business could be shut
down.

 

Yet giving a wealthy foreign company money to prop up British Steel would
not be a good look - the more so as cheap, heavily subsidised imports from
China are often cited as having been a key factor in triggering a crisis in
British steelmaking in the first place.

 

So any taxpayers money the government offers won't be for day to day
expenditure.

 

It will be ringfenced for investment in new technology - in particular a new
greener, cleaner and cheaper to run blast furnace for Scunthorpe.

 

It's hoped that will persuade Jingye to stick around and invest in the
business - as well as making the plant itself more efficient to run and
therefore more viable.

 

2px presentational grey line

The support package, which was first reported by Sky, would help British
Steel build electric arc furnaces in Scunthorpe, North Lincolnshire.

 

These electric arc furnaces can run on renewable power, and are best used
with recycled steel.

 

Three years ago British Steel was bought out of insolvency by Jingye, which
became its third owner in four years.

 

But the Chinese steel-making giant has recently been pushing for UK taxpayer
funding, which it says it needs to keep the firm running.-bbc

 

 

 

Crypto lender Genesis files for bankruptcy

Cryptocurrency lender Genesis has filed for bankruptcy.

 

The firm had recently been charged by US regulators Securities and Exchange
Commission (SEC) with illegally selling crypto.

 

It is part of the Digital Currency Group (DCG), a conglomerate of more than
200 crypto-focused businesses.

 

The insolvency of Genesis is linked to the bankruptcy of FTX, which went
under last November amid allegations of fraud.

 

Genesis had originally been set up as an "over the counter" Bitcoin trading
desk, enabling the trade of large amounts of crypto.

 

Earlier this month, it announced it was laying off 30% of its staff, taking
it down to 145 employees.

 

"We look forward to advancing our dialogue with DCG and our creditors'
advisers as we seek to implement a path to maximise value and provide the
best opportunity for our business to emerge well-positioned for the future,"
Genesis interim chief executive Derar Islim said in a statement.

 

Ripple effect

Genesis had been hit by the collapse of another crypto firm, Three Arrows
Capital, which went bankrupt in June last year.

 

It said it was owed $1.2bn (£971m) by Three Arrows, which had been brought
down by the collapse of cryptocurrencies Luna and TerraUSD in May.

 

It is the latest in a series of shocks to the sector, which has been dubbed
the "crypto winter" by some analysts, describing the plummet in value of
cryptocurrencies.

 

Ongoing fallout

Genesis is also embroiled in a high-profile dispute with Gemini, owned by
the former Olympic rowers Cameron and Tyler Winklevoss, over the fate of
$900m in assets that Gemini customers deposited with the lender.

 

The product, called Gemini Earn, was sold to investors as a chance to earn
as much as 7.4% interest on their cryptocurrency holdings.

 

Some 340,000 Earn users have been unable to access their funds since
November, when Genesis halted withdrawals because of the volatility in the
crypto markets.

 

Last week the SEC accused both Genesis and Gemini of illegally selling
crypto assets to investors. The Winklevoss twins said they were looking
forward to defending the action, but DCG has so far not commented.

 

Cameron Winklevoss tweeted shortly after Genesis filed for bankruptcy.

 

 

The BBC is not responsible for the content of external sites.

View original tweet on Twitter

The bankruptcy filing is another blow as the effects of FTX collapse are
still being felt.

 

Founder Sam Bankman-Fried is accused of fraud after diverting funds
deposited by millions of customers on his FTX platform, and transferring
them without authorisation to Alameda, a hedge fund.

 

In December, the 30-year-old was extradited from the Bahamas, where FTX was
based, back to the US where he formally pleaded not guilty to charges of
defrauding customers and investors.

 

He was released on $250m bail, denying the allegations.-bbc

 

 

 

 

Chinese firm Catl to develop huge Bolivian lithium deposit

A giant Chinese battery company, Catl, has won a bidding process to develop
Bolivia's huge lithium reserves.

 

The ultra-light metal is used in electric vehicle (EV) batteries, production
of which is expected to soar as fossil fuels are phased out.

 

Bolivian President Luis Arce said the Catl-led consortium was launching the
"historic" industrialisation of lithium in Bolivia.

 

More than $1bn (£807m) will be invested in the project's first phase, he
said.

 

Australia and Chile are the world's biggest lithium producers, but Bolivia
has huge reserves in the Potosi and Oruro salt flats.

 

Technical hurdles and a lack of infrastructure have long delayed the
extraction of lithium in Bolivia, whose reserves are estimated at 21m
tonnes.

 

Mr Arce said Bolivia was still negotiating with other foreign companies for
potential partnerships. Reuters news agency says they include US firm Lilac
Solutions, Russia's Uranium One Group and three other Chinese bidders.

 

Mr Arce said the goal was to start exporting lithium batteries in the first
quarter of 2025.

 

Argentina, Bolivia and Chile share an expanse of salt flats, or salars,
called the "lithium triangle", holding more than 75% of the world's lithium
deposits.

 

Brine is pumped from beneath the salt flats into vast evaporation pools, a
process that leaves behind lithium carbonate. But the technical challenges
of lithium mining have raised concerns about pollution and commercial
viability in South America and other parts of the world.-bbc

 

 

 

 

Croatia, the euro and a coffee controversy - but is it all just froth?

Only the very brave - or the very foolish - would dare to come between a
Croatian and their coffee.

 

Stroll the streets of the capital Zagreb, and even in the winter months you
will find the pavement cafés crowded with cappuccino-quaffing locals.

 

But early in the New Year, some have been finding that their favourite
beverage now comes with a bitter aftertaste.

 

Croatia adopted the euro as its currency on 1 January, a decade after it
became the European Union's newest - and still most recent - member.

 

And the switch from the kuna has left many Croatians convinced that cafés,
as well as retailers and service providers, are taking advantage by hiking
their prices.

 

The local media has been full of gripes about price-gouging since the start
of the year. And a straw poll of punters in Zagreb's main square confirms
the consternation.

 

"It's very confusing," says Vina as her friends Monika and Tonka nod in
agreement. "It looks cheaper but it's actually really expensive. We just
paid six euros for two coffees and a cola - I was shocked."

 

Another local, Zivana, feels much the same way. "All these price rises
started in June," she says. "Now it's in the spotlight and it's even worse.
We're not happy with the government and the way they've handled the
situation."

 

The controversy has been raging so fiercely that Croatia's government felt
it had to intervene.

 

It called retailers into meetings to warn them that it would not tolerate
unjustified price hikes. The businesses declared themselves outraged by the
government besmirching their reputation.

 

But the authorities clearly felt they could not afford to have the euro
become synonymous with stealthy profiteering. The government ordered
retailers to ensure prices were no higher than their level on 31 December.

 

State inspectors pounced on transgressors, filing cases against almost 200
recalcitrant retailers in the space of a week.

 

There are, of course, those who feel that the great Croatian coffee
controversy is just so much froth. As he works the espresso machine in a bar
on Zagreb's bustling Flower Square, barman Luka says he suspects that people
are getting steamed up over nothing.

 

"We had our prices displayed in euro before the euro came in," he says. "Now
they say we're too expensive - but it's the same price as it was before the
New Year."

 

With all the noise about price hikes - whether real or imagined - it would
be easy to forget why Croatia chose to join the eurozone. In fact, it was
committed to membership of the single currency as a condition of joining the
EU in 2013.

 

More from the BBC's series taking an international perspective on trade.

 

Presentational grey line

Other member states have shown that commitment is one thing, but actually
adopting the euro is another matter entirely. Croatia's neighbour Hungary
originally had a plan to scrap the forint in 2007. But 16 years later, it
remains firmly outside the eurozone.

 

Poland, Romania, Sweden and the Czech Republic are all theoretically obliged
to adopt the euro. But none have plans to do so. Only Bulgaria seems set to
join the single currency in 2024.

 

It makes Croatia's determination to meet the euro's convergence criteria
seem all the more impressive. It reflects the stability of numerous factors
- inflation in the country, the government's budget deficit, the nation's
debt-to-GDP ratio, and its long-term interest rates since joining the EU.

 

Exchange rate stability was virtually a given, bearing in mind that on the
creation of its national currency in 1994, Croatia pegged the kuna to the
Deutsche mark. A euro peg then followed.

 

The governor of Croatia's National Bank, Boris Vujcic, says all this meant
that his country, its businesses and its people were exceedingly well
prepared for the adoption of the single currency.

 

"Croatia was already heavily euroised," notes Mr Vujcic. "Corporate,
government and household debts were already denominated in euros or linked
to euros. Now all the income is in the same currency as the debts."

 

Far from causing price increases, Croatia's chief banker believes that
committing to the single currency spared the country from the worst of the
inflation that has struck countries outside the eurozone over the past year.

 

"You can see the impact of the crisis was much less severe in Croatia's
case, because markets already priced in the fact that we were getting into
the eurozone," says Mr Vujcic.

 

Now Croatian businesses are looking forward to a boost from the euro,
combined with the fact that the adoption of the single currency has
coincided with Croatia's membership of the borderless Schengen Area.

 

The latter makes life significantly easier for European tourists arriving in
the country by car or coach, as they will no longer have to face
interminable queues at border crossings. And euro adoption means visitors
won't have to dice with dodgy exchange rates at a hole-in-the-wall bureau de
change.

 

As a result, Croatia's tourism industry, which contributes around a fifth of
Croatia's GDP, is expected to get a boost.

 

Dubravko Miholic, an adviser to the Croatian National Tourist Board, has
been following comments on travel websites in the countries that send the
most holidaymakers, such as Germany and Austria. "They're saying it's great,
finally we won't need to change money," he says.

 

The experts also predict a boon for Croatia's exporters, with the single
currency eliminating the last remaining source of friction in cross-border
trade within the EU.

 

"In less than a decade of EU membership, we've seen the export of goods more
than double," says Goran Saravanja, chief economist of the Croatian Chamber
of Commerce. "Now, companies outside the euro area who are thinking of
locating in Europe are looking at 20 countries, rather than 19.

 

"We're already good at logistics because of our geography. Now without the
additional costs, thanks to Schengen and the euro, there's an impetus
there."

 

If the predictions are correct, the benefits should become clear in the next
few years. But for now Croatian consumers remain more concerned about taking
a hit to the pocket as they get used to carrying the new currency.

 

They can no longer spend the kuna. But retailers must still display prices
in old money until the end of the year, to reassure customers that while the
denomination may have changed, the value remains the same.-bbc

 

 

 

Nigeria: CBN, Banks in Battle of Wits Over New Naira Notes

With five weeks gone into the period of transition from old to new Naira
notes and just barely one week to the deadline for acceptance of the old
notes as legal tender, the Central Bank of Nigeria, CBN, and the commercial
banks appear to be at logger heads over the circulation of the new notes.

 

Financial Vanguard, in a working visits to several branches of commercial
banks in Lagos and Abuja last weekend discovered that the banks were
struggling to comply with a CBN directive mandating them to stop dispensing
old notes and ensure that all their Automatic Teller Machines, ATMs, are
adequately loaded with the new notes.

 

They told Financial Vanguard that they do not have enough cash in the new
notes to comply with the directive, adding that in the interim, they have to
continue dispensing the old notes since they cannot turn back customers in
need of cash.

 

Confirming this development to Financial Vanguard, a top CBN official,
speaking on condition of anonymity, said it is true that the apex bank
directed the banks not to load old notes in their ATMs.

 

 

He explained that the directive was aimed at fast-tracking the circulation
of the new notes ahead of the deadline of January 31st 2023 when the old
notes will cease to be legal tenders.

 

He also said that though the banks could complain of limited supply of the
new notes the CBN has also found out that the banks may actually be hoarding
the new notes for either completion advantage or for vested interests of
privileged customers. This, according to him, was why the apex bank was
forcing the banks to dispense the new notes.

 

Meanwhile, some banks' customers who were apparently frustrated by the
situation told Vanguard that they expect the apex bank to extend the
deadline for retiring the old Naira notes in view of the difficulties in
getting the new notes to circulate widely.

 

At the backdrop of the crises, Financial Vanguard discovered that most banks
did not offer cash withdrawal services in most of their ATMs. In most
branches visited, only one or two out several ATMs dispensed cash.

 

 

First Bank, Union Bank struggle with CBN

 

directive

 

In a bid to comply with the CBN directives most ATM owned by FirstBank
branches on Lagos Island were without cash on Thursday. But by Friday, they
began to dispense cash in the new Naira notes only. However, many of the
bank's ATMs remained without cash into Saturday in many other parts of
Lagos. In the branches visited by Financial Vanguard which included Acme
Road, Ikeja, Ikotun-Idimu road branch, and Akowonjo branch, only one ATM out
of several dispensed cash in the new notes while others were without cash.

 

According to a FirstBank official, the bank was complying with the directive
of the CBN that banks should not load old naira notes in their ATMs.

 

 

Speaking to Financial Vanguard on condition of anonymity, he said, "They
told us, no new notes, no cash in ATMs, that is what the CBN said. So all
our ATMs did not dispense cash from yesterday till this afternoon (Friday).

 

"But what we have is not enough to go round all the ATMs. In my branch we
just started dispensing about two hours ago. They gave us N3.5 million of
new notes. We have five machines, and we usually load each with N8 million
for the weekend. So what we did was to put N3.5 million new notes into one
ATM. As you can see the queue is long. The money will soon be exhausted.

 

"Initially there was no limit to the amount each customer could withdraw,
but seeing the queue and the fact that we may not have another supply till
next week, we decided to impose a limit of N40,000 per customer."

 

A Financial Vanguard visit to the Union Bank Head Office branch showed that
three of the five ATMs dispensed new naira notes, while the remaining two
did not dispense cash.

 

At the Union Bank branch on Tinubu Street, Lagos Island, one out of the
three ATMs was dispensing new naira notes while the other two were without
cash. The Union Bank branch at Ikotun has four ATMs but only two were
dispensing the new naira notes. The Union Bank branch at Agidingbi, Ikeja
had three ATMs with two dispensing the new naira notes.

 

New generation banks' ATMs dispense old,new notes

 

A visit to two new generation bank branches in Amuwo Odofin shows that at
the time of visit, their ATMs were dispensing new naira notes.

 

But some customers that I interacted with claimed that the ATMs in the bank
had earlier dispensed a mixture of both old and new notes.

 

However, the ATMs in a branch of another new generation bank in the area
dispensed new N1000 and N500 notes when visited.

 

Some other new generation banks dispense old, new notes

 

The Igando and University of Lagos branches of new generation banks are
dispensing both old naira notes and new notes.

 

The Bariga, Alausa Ikeja and 7Up branches of another bank dispensed both the
old and new notes.

 

When Vanguard spoke with some customers on their reaction to the situation,
they said: "Please CBN should reverse their decision on the January 31,
deadline. Many people have not seen or received the money at all. The first
deadline should be to the banks. CBN should give ample time for the
circulation of the new notes and instruct the commercial banks to stop
dispensing the old notes to the masses; then they can enforce a deadline on
the people.

 

"Many are still dispensing old notes, maybe they will stop by end of this
month".

 

GTBank, Wema mix old, new notes

 

A visit to a few of other banks revealed that many of the machines were not
operational as only two out of the six ATMs in the area were working and
dispensed new notes.

 

At the bank's Surulere, Lagos, branch last weekend the ATMs dispensed old
and new Naira notes.

 

The GTBank branches at Lawanson and Ojuelegba areas of Lagos dispensed both
new and old notes. Those who withdrew small amount of money ranging from
N2000.00 and N5000.00 got new notes while those that withdrew N10,000.00 and
above got the old notes. But for Ijeshatedo branch only old notes were
dispensed.

 

On the other hand, branches of GTBank located at 23 Road Festac Town, Ago
Palace Way Amuwo-Odofin and the one at Apapa Oshodi Expressway opposite
Ibafo Tank Farm dispensed only old notes.

 

A visit to two branches of Wema Bank Plc at the same Surulere showed that
their ATMs dispensed old notes. The two branches are located in Lawanson and
Ojuelegba, while the one at Coker, Badagry Expressway dispensed new notes.

 

At Wema Bank Head Office in Marina, Lagos Island, two of the three ATMs were
dispensing old notes when Financial visited the bank, while the last one
dispensed new notes.

 

When asked, some officials of the banks who preferred to remain anonymous
why their ATMs still dispensed old notes even as the deadline for use of the
old Naira gets closer, they explained that the new notes is not sufficiently
supplied to the branches and that is why there is a mixture of both old and
new currency at various ATMs. The official could not tell if the short
supply was from the bank's headoffice or from the CBN.

 

They further said that that they expect the CBN to extend the deadline for
decommissioning of the old Naira notes since the new notes are not yet
circulated widely.

 

Some customers who spoke on this issue said from this week they will start
to rejecting old notes especially from the banks and protest over it to the
government.

 

A visit to two new generation bank branches in Satellite Town and Wharf
Road, Apapa, by Vanguard on Friday showed that the one in Satellite Town was
still dispensing old notes while that of Wharf Road, Apapa was dispensing
new N1,000 notes.

 

Similarly, the bank's branches at Park Lane, Warehouse Road and Burma Road,
all in Apapa visited by Vanguard were also dispensing new N1,000 notes.

 

Abuja ATMs dispense old, new notes

 

Our correspondents who monitored many ATMs in Abuja over the weekend
reported that although some were dispensing new Naira notes, the majority
were still dispensing old notes that would seize to be legal tender in about
a week from today.

 

However, a visit to ATMs owned by some new generation bank branches
indicated that those dispensing old notes were more than those dispense the
new notes.

 

CBN has threatened to sanction any bank found to be diverting new notes
issued to them, as the January 31, deadline draws closer.

 

A branch manager of a second generation bank claimed that there was not
enough new naira as the branch received N10 million pack and has since then
been rationing it among customers. She said that the ATMs will start
dispensing the new notes on Monday (today).

 

"We do not have the new notes. You can check next week," said one of the
bank cashiers.

 

At the Zonal Headquarters of a number of new generation bank branches,
located at the Banks Avenue in Area 3, Garki, Abuja, only one out of the six
ATMs was dispensing new notes, in the early hours of Friday.

 

However, by midday, even the only machine that was dispensing new notes
started dispensing old notes.

 

A customer who expected to withdraw new notes from the machine, having been
directed to that particular machine by a staff of the bank was heard
complaining that he received old notes, instead of new ones.

 

However, the ATM at the one in Area 11, Garki branch, dispensed new Naira
notes to customers, same with the Union Bank, Area 8, Garki Branch and also
Keystone Bank's ATM adjacent to Conoil Petrol Station, Kado Estate.

 

CBN dispatches officials to monitor ATMs

 

Meanwhile, officials of the CBN, last week, visited some bank branches
across the country to ascertain disbursement of new naira notes from their
ATMs.

 

Speaking to journalists on Thursday, a Deputy Director at CBN, Seyi Badmus,
who led the team that visited ATMs at Union Bank Head Office branch, FCMB
Tinubu branch, Wema Bank, Mamman Kotangora House, Broad Street, all on Lagos
Island, said that all banks have been adequately supplied with new notes and
that the information on how much was given to each bank indicates that they
should be fully able to comply with the directive.

 

He also added that the banks that they observed were not dispensing new
notes with claims of unavailability, the monitoring committee would take it
upon itself to ensure they get more newly designed notes to be able to
comply.

 

"The data we have confirmed that all banks should have new notes to dispense
and the banks that claim they don't have, our monitoring team nationwide is
going around to confront them and we would ensure that banks fully comply
with dispensing the new notes."

 

Recall that the Director Legal Services, Department of the Central Bank of
Nigeria, Mr. Kofo Salam-Alada, has on Thursday said the agency will go tough
on banks that continue to fill their ATM machines with old naira notes as
the deadline to phase out the notes nears.

 

He said the CBN was already monitoring banks that were still dispensing old
naira notes from their ATMs.

 

The director who spoke during a sensitisation event said, "I can tell you
today that the CBN on daily basis issue out the new notes. As we speak,
banks are at the CBN taking money. We are actually begging banks to come and
take the new notes from the CBN. We have these new naira notes in our vaults
and we are begging banks to come and take it.

 

"We found out that a lot of things are happening that we need to checkmate,
so we stopped withdrawal of new notes over the counter to ensure that
everyone can have access to it and not one chief who is known to the
manager, walks in, and carts away all the new notes in a particular branch.
That is why we said it should be in the ATMs which cannot distinguish
people.

 

"We also have monitors going around banks now. I have been to some ATMs this
morning and I have done the reports. We are not mobilising the masses
against the banks because the banks are there to serve you, but be rest
assured that they will serve you now that they know that the CBN is on them
to serve you with the new naira notes."

 

Recall also that the CBN had on January 7th ordered Deposit Money Banks to
load the new naira notes on their Automated Teller Machines (ATM) with
immediate effect.

 

This follows a lot of complaints and dissatisfaction expressed by Nigerians
who have not been able to access the redesigned notes since it was rolled
out on December 15, 2022.

 

After receiving a letter from their head office, some banks immediately
stopped over the counter disbursement of the new naira notes.

 

-Vanguard.

 

 

 

Nigeria: Largest Container Vessel Berths At Lekki Port Ahead of
Commissioning

Ahead of the commissioning of the Lekki Deep Seaport by President Muhammadu
Buhari, today, the largest container vessel has berthed at the port.

 

On the official Twitter handle of the NIgerian Ports Authority (NPA), the
authority, yesterday, announced the arrival of the vessel owned and operated
by a Fench shipping firm, CMA/CGM.

 

"Ahead of President's commissioning of @LekkiPort for commercial operations
tomorrow (Monday), one of the largest container vessels, the CMA-CGM, has
berthed at the port.

 

"Once more, @NigerianPorts has proven that it is prepared to offer marine
services for seamless port operations."

 

LEADERSHIP reports that President Buhari will officially commission the $1.5
billion Lekki Deep Seaport for commercial operations in Lagos today.

 

The Lekki Deep Seaport, a state-of-the-art facility that is the largest
seaport and one of the biggest in West Africa, would revolutionize the way
goods are transported and traded in Nigeria.tlhe

 

 

The promoters disclosed that the Lekki Port will not only improve efficiency
and connectivity, but would also serve as a major driver for economic growth
in the region.

 

LEADERSHIP gathered that the port's main breakwater is 1.5 km long with a
turning circle of 600 metres, enough for a vessel up to 16,000 standard
containers, and an approach channel of 11 km long.

 

The port has three terminals: the container terminal, the liquid terminal
and the dry bulk terminal. The container terminal has an initial draft of 14
metres, with the potential for further dredging to 16.5 metres. The terminal
is able to handle 2.5 million twenty-foot standard containers per year.

 

The deep-sea port of Lekki is the first port in Nigeria with ship-to-shore
cranes. It has three of these container gantry cranes; they belong to the
"Super-post-Panamax" group - this means that they can reach and unload the
rearmost row of containers even if the container ship is wider than the
Panama Canal (49m or 160ft maximum boat beam).

 

 

The STS cranes have a fixed rail at the quayside. They can lift 65 tonnes in
twin-lift mode, 50 tonnes in single-lift mode or 85 tonnes under a hook.

 

The port's computerised system will allow container identification and
clearance from the office, and human interaction will be minimal in the
physical operations.

 

When the Phase 2 is completed, the deep sea port will have three liquid
berths. The liquid cargo terminal will handle vessels up to 45,000 DWT (dead
weight tonnage) and can expand to reach a capacity of 160,000 DWT.

 

Liquids (like petrol or diesel) will be handled at a tank farm near the
port. The docking area is equipped with loading arms. It is also connected
by pipelines along the breakwater.

 

The bulk terminal with available quay length of 300m can accommodate a
Panamax class vessel (75,000 DWT).

 

The Lekki Deep Seaport made history last year as it received the first-ever
vessel (Zhen Hua 28) to berth at the port.

 

The managing director of LPLEL, Du Ruogang, assured that after the official
commissioning by President Muhammadu Buhari, the port will be fully set for
the start of commercial operations.

 

He noted that the terminal operator, Lekki Free Port Terminal (LFT), is
putting everything in place to give a world-class port experience.

 

Also, all the relevant agencies have been sensitised to undertake their
roles in the new port.

 

He, however, noted that while Lagos State Government commenced work on the
construction of access roads leading to the port, there was an appeal for
more support in the area of infrastructural development to ensure easy cargo
movement out of the port.

 

-Leadership.

 

 

Nigeria: Go After Fuel Saboteurs, Group Tasks DSS, NSCDC

An anti-sabotage organisation under the aegis of The Natives, has tasked
security agencies, especially the Department of State Services (DSS) and the
Nigeria Security and Civil Defencee Corps (NSCDC) to fish out oil marketers
and other saboteurs responsible for fuel scarcity across the country.

 

The group described as 'politically motivated' the current fuel queue and
hardship Nigerians were going through as a result of fuel scarcity.

 

In a statement released yesterday in Abuja, signed by its president general,
Hon Smart Edwards, it said Nigerians should hold some players in the oil
sector responsible for sabotaging the efforts of the Nigerian National
Petroleum Company Limited (NNPCL) even as it unilaterally implemented
unapproved fuel prices.

 

 

Edwards, however, applauded the federal government, through the minister of
state for petroleum resources, Chief Timipre Sylva, and NNPCL on the recent
announcement of the possible end of fuel importation by next year.

 

According to Edwards, Nigerians were tired of hearing about turnaround
maintenance (TAM) year in, year out that leads to non-functional refineries
in the country.

 

The statement lamented that "saboteurs (among the marketers and
distributors) have deliberately and for selfish reasons caused the scarcity
to the extent that Nigerians testify in worship centres if they eventually
fill their car tanks.

 

"This is abnormal which should not be allowed to stand. We call on the DSS
and the NSCDC to go after these enemies of the state.

 

 

"We strongly condemn the scare and conduct of players that are leading to
hike and queues as politically motivated, and this is sad, because the
masses are at the receiving end."

 

Edward further said the minister of state for petroleum resources, Chief
Timipre Sylva, had said that President Muhammadu Buhari had not directed the
Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) or
any agency for that matter to increase the price of fuel.

 

"The minister quoted the President as saying 'this is not the time for any
price increase in the pump price of PMS.'

 

"The minister explained that what was playing out was the handiwork of
mischief makers and those planning to discredit the achievements of the
President in the oil and gas sector of the economy.

 

Therefore, these saboteurs should not be allowed to succeed," Hon Edwards
said.

 

While applauding the minister of state for petroleum resources and NNPCL on
the recent announcement of the possible end of fuel importation by next
year, the leader of The Natives added that: "The news is cheering to the
people particularly when you juxtapose it with our stand on the complete
removal of subsidy.

 

"We cannot but applaud you and the team at the NNPCL for this positive
effort in the right direction. We are tired of hearing turn around
maintenance that leads to non-functional refineries, so this is surely a
great job you are doing and we obviously welcome the news of the 60,000 bpd
portion of the refinery that will go operational by the first quarter of
2023.

 

"You have taken practical steps towards ensuring this delivery. The NNPCL as
driven today appears people focused, with the laudable task it embarked on
in boosting economic routes and making life easier for citizens by investing
in the construction of 44 roads across the country, one can only begin to
imagine the possibilities that abound when the NNPCL is left to do the job
without distractions.

 

"We can see discoveries of Kolmani and that of Nasarawa state recently, the
future effect of drilling and the implementation of the PIA is a clear
signal of hope. We believe that turnaround surely awaits the affected
states, because it means job opportunities for the youths and other
opportunities for the host communities.

 

"We, however, commend President Muhammadu Buhari (Mr Infrastructure) on the
deliberate policy targeting our roads and highways via the Tax Credit
Policy. This has made NNPCL very visible to the needs of the citizens and
the Nation can only be better for it."

 

-Leadership.

 

 

Nigeria: OPEC Fund Debuts U.S.$1bn SDG Bond for Development Finance

The OPEC Fund for International Development, a development institution
established by the Organization of the Petroleum Exporting Countries' member
governments, has raised $1 billion by selling its first ever bond.

 

With the money earmarked for food security, healthcare, infrastructure,
education, employment and renewable energy projects, the three-year bond
which will pay investors an interest rate of 4.5 per cent, will also be
classed as a 'sustainable development' bond.

 

The bond was priced using its Sustainable Development Goal (SDG) bond
framework on which Credit Agricole CIB acted as sole sustainability advisor.

 

 

Attracting strong demand from investors globally, the 3-year fixed-rate
sustainability bond raised US$1 billion, which will be used to finance or
refinance key sustainable development projects that are aligned with the
OPEC Fund's multi-sectoral development mission and directly contribute to
achieving the SDGs.

 

The OPEC Fund's head of Funding, Martine Mills Jansen, said the bond pricing
is a major milestone for the OPEC Fund and the culmination of several years
of intensive work. "The success of our debut bond in the current market
environment is a testament to the strength of our credit. We are pleased to
join the community of multilateral development banks issuing in the capital
markets. This is an important step in the establishment of our borrowing
programme and we look forward to continuing our engagement with investors
going forward," Mills said.

 

A breakdown of subscription showed that central banks from the Middle East,
Europe and Asia and other types of "official" institutions, including from
the United States, accounted for 62 per cent of the bond's buyers.

 

Commercial banks made up another 19 per cent, while asset managers and
insurance and pension funds accounted for nine per cent and eight per cent
respectively.

 

On geographically spread overall, 52 per cent of the buyers were from the
Europe, Middle East and Africa region, 27 per cent from Asia-Pacific and 21
per cent were from North America.

 

The OPEC Fund is financing development projects in low- and middle-income
countries in line with its South-South cooperation mandate. The bond
proceeds will be allocated according to the specific criteria defined in the
SDG Bond Framework focusing on food security, healthcare, infrastructure,
education, employment and renewable energy.

 

OPEC Fund assistant director general, Financial Operations, Tarek Sherlala,
added,"These increased financial resources will enable us to step up
delivery in partner countries and help boost our development impact. The
support of global investors will add to our credit strength and move us to a
new phase in our delivery of impactful and sustainable development
cooperation."

 

-Leadership.

 

 

 

South Africa: Load Shedding Is Here to Stay

We're going to get power cuts for at least two more years.

 

Eskom's board chairperson, Mpho Makwana, announced this news on Sunday
morning.

 

Makwana has warned that it will take at least two years to get Eskom's
broken power plants to a "perfectly desirable" energy availability factor.

 

Eskom was briefing the media on Sunday, a day after the National Energy
Crisis Committee (Necom), charged with finding solutions to the power
crisis, released a six-month progress update on the implementation of the
government's Energy Action Plan.

 

The country has been plunged into rolling blackouts since last year.

 

Makwana also signalled that South Africans can expect regular rolling
blackouts of stages one to three for the next two years.

 

Makwana said the new board has had to hit the ground running at Eskom and
has placed Necom's priorities at the forefront.

 

 

"Since taking office 112 days ago, the Eskom board has met about 50 times,"
Makwana said. "The plant performance recovery plan will be driven vigorously
and through an external project management company - which will ensure that
we are able to constantly monitor and execute the recovery plan."

 

However, "the reality is that the recovery of the Eskom coal fleet will not
be achieved within a short term."

 

He said the key levers to success of the recovery is the fixing of
systematic issues that are troubling Eskom related to leadership, its
organisational culture and poor internal controls.

 

Outgoing Eskom CEO Andre de Ruyter said Eskom is advertising for private
power projects to come on board.

 

Meanwhile, De Ruyter said, Kusile power station's unit 5 is expected to be
synchronised to the grid in July and add 700 MW; Medupi 4 is due to return
to service in September next year and Koeberg unit 1 is expected back in
June.

 

De Ruyter said during winter, planned maintenance will be ramped down.

 

Although "capacity will remain constrained for pretty much the whole of
2023, there is already an estimated 9200 MW of embedded generation projects
in the pipeline. When these are added to the grid, we will see a meaningful
difference made to the supply situation."

 

Makwana, in closing, issued a plea for corporates, government and municipal
offices to install rooftop solar panels.

 

-Scrolla.

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


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) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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