From info at bulls.co.zw Tue Jul 1 10:33:47 2025 From: info at bulls.co.zw (Bulls n Bears) Date: Tue, 1 Jul 2025 10:33:47 +0200 Subject: Bulls n Bears Investors Notebook : 01 Jul 2025 Message-ID: <000001dbea62$e2eeb170$a8cc1450$@bulls.co.zw> Bullszimbabwe.com Views & Comments Bullish Thoughts Twitter Facebook LinkedIn WhatsApp Unsubscribe Bulls n Bears Investors Notebook : 01 Jul 2025 Bulls ?n Bears Investors Diary: Today?s Events Zimswitch unveils visionary HQ to support growing digital economy THE construction of Zimswitch Technologies? ambitious new head office complex, dubbed Project Sunrise, marks a pivotal moment for Zimbabwe?s financial infrastructure, Acting Reserve Bank of Zimbabwe (RBZ) Governor, Dr Jesimen ? Read more ? Tobacco seed sales increase by 12 percent PREPARATIONS for the 2025 tobacco season are continuing with farmers procuring seed enough to cover more than 139 000 hectares. The Tobacco Industry and Marketing Board (TIMB) weekly bulletin shows ? Read more ? TelOne pushes ahead with infrastructure upgrades Mutapa Investment Fund subsidiary, TelOne, states it will continue to pursue ways of funding infrastructure improvements and network upgrades despite struggling to secure equity or loan funding. TelOne has been ? Read more ? Zimbabwe suspends duty on raw wine imports ZIMBABWE has, with immediate effect, suspended excise duty on raw wine imports for a period of two years.The move, outlined in Statutory Instrument 68 of 2025, is intended to significantly ? Read more ? Domestic growth anchors Zim economic resilience THE Reserve Bank of Zimbabwe (RBZ) expects the country?s economy to achieve the 6 percent projected growth this year, spurred by domestic production rise in key sectors and monetary policy ? Read more ? Agric producer prices jump 36,4% YoY ZIMBABWE?S agricultural producer prices surged in May 2025, with new data from the Zimbabwe National Statistics Agency (ZimStat) showing a 36,4% year-on-year (YoY) increase in the Producer Price Index for ? Read more ? Presidential vendor scheme launched in Bindura THE Presidential Vendors? Empowerment Scheme was launched yesterday in Bindura with a pledge of interest-free seed capital aimed at uplifting informal traders and steering them towards formalisation. The scheme, unveiled ? Read more ? Zim exports to Poland increase TRADE between Zimbabwe and Poland has increased, with exports to that country hitting almost US$1 million in 2023 up from under US$100 000 the previous year. This emerged during a ? Read more ? Zimplow registers US$12,07m revenue in first 5 months DIVERSIFIED firm, Zimplow Holdings Limited (Zimplow) has recorded a 10% increase in revenue to US$12,07 million in the first five months of the year as it reorganises its business model. ? Read more ? Business propose unified taxation as mounting taxes bite CAPTAINS of industry have called for a unified taxation system to reduce the burden of multiple taxes, as these multiple statutory obligations are now hindering business expansion, it has been ? Read more ? Nssa a revolving door I THINK it was Eddie Cross who once mentioned that since its formation, the National Social Security Authority (Nssa), has received contributions worth US$25 billion and today, there is a ? Read more ? Govt under scrutiny over TBs THE Zimbabwean government has come under scrutiny over its handling of Treasury Bills (TBs), with allegations of misuse and corruption surrounding these debt securities. TBs are short-term government debt instruments ? Read more ? Bulawayo takes investment campaign to Harare IN its quest to promote economic development in Zimbabwe?s second largest city, the Bulawayo City Council (BCC) will next month take its investment campaign to Harare, targeting potential investors in ? Read more ? ZIG monthly inflation continues to trend down Zimbabwe Gold (ZiG) monthly inflation rate fell by 0,6 percentage points on the May figure to 0,3 percent in June, the Zimbabwe National Statistics Agency (ZimStat) reported, as authorities maintain ? Read more ? OK Zimbabwe earmarks 50 percent of capital raised to clear debts OK Zimbabwe plans to allocate just over 50 percent of the funds raised through a rights issue and property disposals to settle current creditors, thereby reducing the cost of debt ? Read more ? INVESTORS DIARY 2025 Company Event Venue Date & Time REST OF AFRICA Counters Trading Under Cautionary CBZH GetBucks EcoCash Padenga Econet RTG Fidelity TSL FMHL Post your event (AGM, EGM, Analysts Briefing, etc) on the Investor Diary free of charge and reach out to the market. We have annual gold prices since 1900, monthly since January 1971 and daily prices since January 2000. We also provide historical ZSE prices on request. Invest Cellphone: +263 71 944 1674 | +27 79 993 5557 Email: bulls at bullszimbabwe.com Website: www.bullszimbabwe.com Blog: www.bullszimbabwe.com/blog Twitter (X): @bullsbears2010 LinkedIn: Bulls n Bears Zimbabwe Facebook: www.facebook.com/BullsBearsZimbabwe Skype: Bulls.Bears 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) 2025 Web: www.bullszimbabwe.com Email: bulls at bullszimbabwe.com Tel: +27 79 993 5557 | +263 71 944 1674 -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image001.png Type: image/png Size: 34378 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image004.jpg Type: image/jpeg Size: 36962 bytes Desc: not available URL: From info at bulls.co.zw Tue Jul 1 12:09:09 2025 From: info at bulls.co.zw (Bulls n Bears) Date: Tue, 1 Jul 2025 12:09:09 +0200 Subject: Major International Business Headlines Brief ::: 01 Jul 2025 Message-ID: <000c01dbea70$343ea8c0$9cbbfa40$@bulls.co.zw> Bullszimbabwe.com Views & Comments Bullish Thoughts Twitter Facebook LinkedIn WhatsApp Unsubscribe Major International Business Headlines Brief ::: 01 Jul 2025 ? US envoy plays down Africa tariff, visa concerns, reaffirms Lobito rail commitment ? Energy aggregators are paving the way for a liberalised electricity market in South Africa ? India sends geologists to Zambia to explore copper and cobalt deposits, sources say ? Most packaged food in Kenya would need health warning label under new rules, report says ? China?s manufacturing activity contracts for a third month amid deflation woes ? UK tech firms sight African markets through digital free zones ? South Africa seeks extension of Trump tariff deadline to pursue trade deal ? Asia-Pacific markets trade mixed as investors assess gains on Wall Street and Trump?s tariff plans ? Australian mining stocks rise on higher gold prices ? Asia-Pacific currencies mostly appreciate against the greenback ? South Korea?s manufacturing activity contracts for fifth consecutive month ? Japan?s manufacturing activity rises for the first time in 13 months ? European stocks open mixed ahead of euro zone inflation print ? European stocks open tentatively higher ? House prices see biggest monthly fall for over two years ? Renault to report $11 billion loss on Nissan stake in first half US envoy plays down Africa tariff, visa concerns, reaffirms Lobito rail commitment (Reuters) ? The top U.S. diplomat for Africa on Tuesday dismissed allegations of unfair U.S. trade practices and said that funding delays would not derail a key railway project connecting Angola, Zambia and the Democratic Republic of Congo. African Union officials on Monday questioned how Africa could deepen trade ties with the United States under what they called ?abusive? tariff proposals and tightening visa conditions largely targeting travellers from Africa. ?There is no visitation ban,? Ambassador Troy Fitrell said during a press conference at the U.S.-Africa Business Summit in Luanda. He said that U.S. consulates continue issuing visas regularly, although some now come with shorter validity periods due to concerns over overstays. Several African business and political leaders have raised concerns about a sharp drop in visa approvals, particularly for travellers from West Africa, since late 2023. Washington?s tariff plans have also added to cooling diplomatic ties with African countries, as some economies ? including Lesotho and Madagascar ? warned that even a baseline 10% levy could threaten critical exports such as apparel and minerals. But Fitrell said that the proposed U.S. import tariffs were not yet implemented, and negotiations were ongoing to create a more reciprocal trading environment, including through the renewal of the African Growth and Opportunity Act (AGOA). The initiative grants qualifying African nations duty-free access to the U.S. market and is due to expire in September. Fitrell also reaffirmed his country?s commitment to the Lobito Corridor railway project, which links Angola?s coast to copper-rich Zambia and the Democratic Republic of Congo. ?It?s not at risk,? he said of the initiative. The U.S. International Development Finance Corporation?s Head of Investments, Conor Coleman, described it as a ?win-win? for U.S. investors and African economies, and underscoring its significance for regional integration. The Trump administration has axed swaths of U.S. foreign aid for Africa, as part of a plan to curb spending it considers wasteful. Angolan President Jo?o Louren?o, addressing more than 2,000 government and business leaders at the summit, said U.S. companies should shift from aid to investment-driven partnerships. ?It is time to replace the logic of aid with the logic of investment and trade,? Louren?o said, urging diversification into sectors such as automotive manufacturing, shipbuilding, tourism, cement, and steel production. Energy aggregators are paving the way for a liberalised electricity market in South Africa South Africa?s energy market is transforming rapidly, and offtakers are looking for new ways to access reliable and affordable electricity more quickly. The regulatory environment changed dramatically in 2021 when the generation licensing floor was lifted from 1 MW to 100 MW, permitting wheeling to multiple clients under the same project. The 100 MW limit was subsequently removed altogether, and projects are now only required to register with the National Energy Regulator of South Africa (NERSA) with no need for a generation licence. The aggregator model can accelerate the requirements of large energy users to get their energy from green electrons. Cheap renewable energy tariffs, significant changes in the regulatory framework, wheeling, and growing private sector appetite to procure green energy are creating an increasingly viable market for energy aggregators. These models promote greater efficiency in energy procurement by aggregating demand from multiple consumers or offtakers. Challenges and opportunities for aggregator models Questions are always raised around the bankability of the trading models, whether aggregator-led energy models are ready for scale given the grid access challenges, and the policy readiness to allow competitiveness in the electricity market. At the same time, aggregator-led models are rapidly reshaping South Africa?s energy space, a sector already on the cusp of significant transformation. The traditional reliance on Eskom as the sole supplier of electricity is changing in step with a more diversified and competitive electricity market. >From an offtaker?s perspective, the energy aggregator models are incredibly attractive given their flexibility, cheap electricity tariff offerings, and the ability to procure green electrons based on energy needs and preferred tenors of power purchase agreement (PPAs). Energy aggregators enhance energy security and resilience by diversifying the sources of electricity generation and reducing reliance on single power plants. Flexibility is key for some businesses, as their energy needs may fluctuate. The aggregator model can offer more flexible PPAs tailored to the energy needs of an offtaker based on time of use when compared with bilateral offtake agreements that are typically based on fixed contracted capacity. Energy aggregation also caters for offtakers that want to benefit from large-scale plant tariffs but do not have sufficient demand to consume all the energy generated. The energy aggregator can reallocate the energy, unlike with bilateral PPAs, where deemed payments will be charged if the offtake cannot take the energy for any reason. What makes a green energy project bankable? Hlatse Nkune, Nedbank Corporate and Investment Banking >From a bankability perspective, given that aggregators usually have no substantial balance sheet, their business model becomes key. The energy aggregator must have a suitable business case with sufficient offtake, with both supply and demand needing to be balanced for the success of the aggregator?s business. Therefore, it is important for energy aggregators to provide financiers with insight into both the generation and offtake portfolios, including the risk profiles of the offtakers, to allow financiers to comprehensively assess the risk and price competitively. Key metrics that improve the bankability of energy aggregators include the diversification of customers to mitigate concentration risks, the weighted-average life of offtake agreements, and the credit quality of those customers. In typical project finance transactions, certainty of cash flow is crucial and is assessed for the underlying contracts such as long-term PPAs that match the loan tenor. However, with aggregator models, energy aggregators usually offer a mix of long- and short-term offtake options. One must appreciate that the aggregator-trader model has a different risk profile ? one that is similar to a merchant market and has sufficient mitigants in place to address some of these risks, such as the offtake shortfall risk due to short PPAs. Energy aggregators may mitigate this risk by having an oversubscription offtake to ensure that the demand always exceeds supply. Energy aggregators are also looking to sell power to municipalities, including metros. Since municipalities will be buying bulk power at cheaper prices from the energy aggregators, it is expected that this saving benefit will be passed through to households. Most municipal independent power producer (IPP) projects are still at an early stage, and we haven?t seen the benefits being passed on yet, even as most municipalities use the savings and energy security as the rationale for pursuing private power for their residents. Nedbank Corporate and Investment Banking has been a pioneer in the IPP space, including adopting a leading position in the commercial and industrial space. We have coordinated and led a multi-billion-rand financing deal for Envusa Energy, a platform jointly developed by Anglo American and EDF Renewables, marking one of the largest private sector decarbonisation efforts in Southern Africa. Grid capacity is becoming a challenge to increasing the scale of renewable energy procured by energy aggregators, particularly from wind technology. However, it is encouraging to see that the government and Eskom are working tirelessly to resolve the grid issue. The recently announced curtailment will open some grid capability in the interim. Another key step is the ministerial determination issued by the Minister of Electricity and Energy to procure approximately 1 164 km of 400 kV transmission powerlines with associated transmission infrastructure, and the release of draft regulations intended to support the roll-out of 5 840 km of new transmission lines ? the first phase of a broader plan to expand the grid by 14 000 km by 2032. Financing of the grid infrastructure is also going to be key. According to the transmission development plan, the minister indicated that the government needs about R440 billion to modernise and expand transmission by about 14 000 km and acknowledged that the government is not in a position to provide that kind of support. Hence, the introduction of the independent transmission programme will enable private participation. While the aggregator model is thriving, the South African electricity market is moving towards a competitive, liberalised, and liquid market. To give this effect, President Cyril Ramaphosa has signed into law the Electricity Regulation Amendment Act, 38 of 2024, which sets out far-reaching reforms for South Africa?s electricity sector, including the establishment of a competitive electricity market. The Act aims to respond to current realities in the electricity sector and open pathways to greater competition and reduced energy costs, increase investment in new generation capacity to achieve energy security, and establish an independent transmission company as the custodian of the national grid. Furthermore, President Ramaphosa has highlighted the energy transition as part of the key agenda of South Africa?s G20 presidency during his special address in Davos. He called for innovative financing mechanisms and private capital to scale sustainable development, urging financial institutions to support this. Models may change but Nedbank?s support is constant Ephraim Sehloho, Nedbank Corporate and Investment Banking Looking ahead, aggregator-led models may well become even more dynamic. Some platforms are already preparing to participate in emerging real-time and day-ahead markets, building on wheeling frameworks, a system that allows electricity to be bought and sold across distances using existing grid infrastructure. Nedbank is committed to working with all stakeholders and offering innovative financial products to increase electricity supply in South Africa. We support not only the energy transition but also the models that make it work. To us, it?s not about selling power but about empowering South Africa. India sends geologists to Zambia to explore copper and cobalt deposits, sources say (Reuters) ? India has dispatched a team of geologists to Zambia to explore copper and cobalt deposits, two Indian government sources said, as New Delhi steps up efforts to secure critical mineral supplies essential to its energy transition. The Zambian government this year agreed to allocate 9,000 square km (3,475 square miles) to India for the exploration of cobalt ? a key component in batteries for electric vehicles and mobile phones ? as well as for scouting copper, which is widely used in power generation, electronics, and construction. The exploration project will last for three years and most of the analysis will be done in laboratories in India, one of the sources said. The team is expected to make multiple visits over the course of the entire project, said the sources, who declined to be identified because the information is not public. After assessing the mining potential, the Indian government will seek a mining lease from the Zambian government and may also invite private-sector companies to participate in the project, the sources said. India?s Ministry of Mines did not respond to a request for comment. New Delhi has been in talks with several African countries to acquire critical mineral blocks on a government-to-government basis, while also exploring opportunities in Australia and Latin America. India is also in discussions with the Democratic Republic of Congo to sign an initial agreement to secure supplies of cobalt and copper, Reuters reported in March. An Indian delegation attended a mining conference in Congo last month and toured local mines, the ministry said in a post on X. India has held internal discussions over its growing vulnerability to a tightening global copper market and plans to explore ways to secure supply from resource-rich countries during ongoing trade negotiations, Reuters reported last week. India?s copper imports have risen sharply since the 2018 closure of Vedanta?s Sterlite Copper smelter. The country imported 1.2 million metric tons of copper in the fiscal year ending March 2025, up 4% from the previous year. India is almost entirely dependent on cobalt imports and shipments of cobalt oxide rose 20% in 2024/25 to 693 metric tons, government data showed. Most packaged food in Kenya would need health warning label under new rules, report says (Reuters) ? Almost all of the packaged food and drink sold in Kenya by local and international companies would require a health warning label under newly drafted government rules, according to an independent report shared with Reuters. Kenya released its nutrient profile model this month, and committed to using it to develop front-of-package labels. The report by the non-profit Access to Nutrition Initiative found that under those rules, 90% of products sold by both international companies like Coca-Cola and Nestle and local firms such as Brookside Dairy Ltd and Manji Foods Industries contained either too much salt, sugar or saturated fat. Around two-thirds of the products would also be deemed ?unhealthy? based on models used internationally like Nutri-Score, which ? unlike the Kenyan model ? also take into account positive nutrients. Neither the Kenyan government nor the companies responded to requests for comment. ATNI has previously tracked products globally and in countries like the U.S. and India, but the Kenya report, alongside one from Tanzania, is the first of its kind in an African country. The non-profit found last year that products sold by the world?s biggest food and drink companies in poorer countries were on average less healthy than those sold in richer countries. ATNI said it was important to broaden its work, alongside governments and companies, into African countries as food consumption patterns there change and obesity and diet-related non-communicable diseases increase. In Kenya, sales of processed packaged food grew by 16% in the five years to 2023, and adult obesity rates have tripled since 2000, with 45% of women and 19% of men now overweight or obese, the report said. TIPPING POINT ?Kenya is at this tipping point where they could follow in the paths of countries like the U.S., where we are seeing really high levels of obesity and overweight, or they could act now to try to prevent that,? ATNI?s Head of Policy Katherine Pittore said. She said that the nutrient model and the Kenyan government?s commitment to using it to put in place a warning label, one of the first African governments to take such steps, were signs that they are taking action. ATNI said it was also concerning that more than two-thirds of fortified products such as sweet biscuits or yoghurts, which contain added vitamins and minerals to help people maintain balanced diets, were unhealthy based on the models. ?You could end up addressing micronutrient deficiencies through some of these products, but also contributing, arguably, towards non-communicable diseases at the same time,? said ATNI Executive Director Greg Garrett. The report was based on 746 packaged products sold by the 30 largest food and beverage companies in Kenya, around 57% of the formal packaged market. China?s manufacturing activity contracts for a third month amid deflation woes The official purchasing managers? index (PMI) improved slightly to 49.7 in June but stayed below the benchmark that separates growth from expansion. The non-manufacturing PMI, which includes services and construction, rose to 50.5 from 50.3 in May. A private survey on China?s manufacturing activity conducted by Caixin Media and S&P Global is due on Tuesday. China?s manufacturing activity contracted for a third straight month in June, an official survey showed on Monday, despite Beijing?s stimulus efforts helping to stabilize certain aspects of the industrial sector. The official purchasing managers? index (PMI) improved slightly to 49.7 in June from 49.5 in May but stayed below the 50-benchmark separating expansion from contraction, according to data from the National Bureau of Statistics. That figure was in line with analysts? forecasts in a Reuters poll. The sub-index tracking production rose to 51, and the gauge tracking new orders ticked higher to 50.2, indicating improvement in industrial activity and demand, according to NBS senior statistician Qinghe Zhao. Inventory and employment levels at factories, however, continued to decline, coming in at 48 and 47.9, respectively. The non-manufacturing PMI, which includes services and construction, rose to 50.5 from 50.3 in May. The services sub-index slipped to 50.1 while that of construction accelerated to 52.8, as infrastructure projects continued to progress at a relatively fast pace. Mainland China?s benchmark CSI 300 index jumped 0.22% following the data release. ?China?s economy regained some momentum, supported by a rebound in manufacturing and construction,? said Zichun Huang, China economist at Capital Economics. ?But we remain cautious about the outlook, as weaker export growth and a fading fiscal tailwind is likely to slow activity in the second half of the year.? The new export orders component of the manufacturing PMI improved significantly to 47.5 from 44.7 in the prior month. That could signal a rebound in demand from U.S. buyers following the trade truce reached by Beijing and Washington in mid-May, Huang said. Chinese manufacturers have been grappling with a deepening price war amid a supply glut and sluggish consumer demand, exacerbated by higher U.S. tariffs that dwarfed its exports to the world?s largest consumption market. The country?s shipments to the U.S. plunged 34.5% in May from a year ago and over 21% in April, as exporters pivoted to alternative markets to avoid an eye-watering triple-digit tariff that had kicked in briefly before it was rolled back mid-May. Chinese Premier Li Qiang said in an address at a key economic forum in Tianjin last week that Beijing was stepping up efforts to boost domestic demand in what would make China a ?consumption powerhouse.? Consumer prices have been mired in deflation this year, falling 0.1% in May from a year earlier. A gauge on the wholesale prices, or producer price index, saw the biggest drop since July 2023 in May, deepening a deflation that has imperiled the manufacturing sector for over two years. Chinese industrial firms? profits plunged 9.1% in May, their sharpest drop in seven months. Additional fiscal stimulus would be crucial for Beijing to boost consumer demand, Tommy Xie, head of Greater China Research at OCBC Bank, said on CNBC?s Squawk Box Monday. ?We are going to see more vouchers to be given, more [consumer goods] trade-in program hopefully more debt issuance in second half, which can transfer to the firepower by both local government and central governments.? On Friday, China?s commerce ministry said Beijing had reached an agreement with Washington on further details of the existing trade framework, noting that China would review and approve eligible applications for export of controlled items, while the U.S. would correspondingly cancel a series of restrictive measures against China. While the statement was viewed as an encouraging sign that the bilateral trade talks are progressing, economists cautioned that the lack of details had left much in doubt, including what criteria Beijing will use to evaluate the application for exporting rare earth magnets. ?It underscores how tough and detailed trade talks can be,? said Wendy Cutler, vice president at Asia Society Policy Institute, with the latest development signaling both sides are working to ensure the preliminary deal agreed upon in Geneva gets implemented ?in good faith.? In a separate statement over the weekend, the commerce ministry reiterated its opposition against other countries seeking tariff relief with the U.S. in any deal that would compromise China?s interests. ?If such a situation occurs, China will not accept it and will take resolute countermeasures to safeguard its legitimate rights and interests,? the statement said. A private survey on China?s manufacturing activity conducted by Caixin Media and S&P Global is due on Tuesday, which is expected to improve slightly to 49 in June from 48.3 in the previous month, according to a Reuters poll. UK tech firms sight African markets through digital free zones UK tech firms are expanding across Africa using digital free zones that offer tax incentives, simplified regulations, and access to skilled talent. Supported by UK Export Finance, this trend opens new opportunities for strong return on investment in emerging markets. CNBC Africa is joined by Mayowa Olugbile, CEO of Itana to discuss the impact on Africa?s tech landscape and investment outlook. South Africa seeks extension of Trump tariff deadline to pursue trade deal President Donald Trump and South Africa President Cyril Ramaphosa talk to each other during a press availability in the Oval Office at the White House on May 21, 2025 in Washington, DC. Relations between the two countries have been strained since Trump signed an executive order in February that claimed white South Africans are the victims of government land confiscation and race-based ?genocide,? while admitting some of those Afrikaners as refugees to the United States. Trump also halted all foreign aid to South Africa and expelled the country?s Ambassador to the U.S., Ebrahim Rasool. (Photo by Chip Somodevilla/Getty Images) JOHANNESBURG, July 1 (Reuters) ? South Africa has asked for more time to negotiate a trade deal with U.S. President Donald Trump?s administration before his higher tariff regime goes into effect on July 9, Pretoria?s trade ministry said on Tuesday. Trump imposed a 31% tax on U.S. imports from South Africa in April as part of his global ?reciprocal? tariffs, before pausing their application for 90 days to allow for negotiations. South Africa aims to secure a trade deal that would exempt some of its key exports from the tariffs, including autos, auto parts, steel, and aluminium. It has offered to buy liquefied natural gas from the United States in exchange. It is also seeking a maximum tariff application of 10% as a worst-case scenario, the Department of Trade, Industry and Competition said in a statement. South African officials met with Assistant U.S. Trade Representative for Africa Connie Hamilton in Luanda last week, and learned that the U.S. was developing a template to use for its engagements with African countries, the statement said. ?In view of this development , African countries, including South Africa, have advocated for the extension of the 90-day deadline to enable countries to prepare their proposed deals in accordance with the new template,? it said. The U.S. Trade Representative?s office did not immediately respond to a request for comment. The U.S. is South Africa?s second-largest bilateral trading partner after China. In addition to car parts and other manufactured goods, South Africa exports agricultural products to the U.S. and stands to lose about 35,000 jobs in the citrus industry if the tariffs take effect. South African President Cyril Ramaphosa first presented the proposed trade deal during his visit to the White House in May, when Trump confronted him with false claims of a ?genocide? against whites in South Africa. Ramaphosa later said constructive discussions had followed. ?We urge South African industry to exercise strategic patience and not take decisions in haste, and that government will continue to use every avenue to engage the U.S. government to find amicable solutions,? said Trade Minister Parks Tau. Asia-Pacific markets trade mixed as investors assess gains on Wall Street and Trump?s tariff plans Asia-Pacific markets traded mixed Tuesday as investors assessed the record gains on Wall Street and the global impact of U.S. President Donald Trump?s tariff policies as his 90-day tariff reprieve is set to expire next week. U.S. Treasury Secretary Scott Bessent said on Monday that there are ?countries that are negotiating in good faith.? However, he added that tariffs could still ?spring back? to the levels announced on April 2 ?if we can?t get across the line because they are being recalcitrant.? Mainland China?s CSI 300 added 0.17% to end the day at 3,942.76. The Asian giant?s Caixin/S&P Global manufacturing purchasing manager?s index reading for June came in at 50.4, higher than the 49 predicted by analysts polled by Reuters. Japan?s Nikkei 225 benchmark fell 1.24% to end the day at 39,986.33 after hitting an over 11-month high in its previous session, while the broader Topix index declined by 0.73% to 2,832.07. In South Korea, the Kospi index rose 0.58% to close at 3,089.65, while the small-cap Kosdaq added 0.28% to 783.67. Over in Australia, the S&P/ASX 200 ended the day flat at 8,451.10. Meanwhile, India?s benchmark Nifty 50 and BSE Sensex were flat as of 1 p.m. Indian Standard Time. Hong Kong markets are closed for a public holiday. .AXJO S&P/ASX 200 ASX 200 8,541.10 -1.20 -0.01% .FTFCNBCA CNBC 100 ASIA IDX CNBC 100 11,256.95 +39.77 +0.35% .HSI Hang Seng Index HSI 24,072.28 -211.87 -0.87% .KS11 KOSPI Index KOSPI 3,089.65 +17.95 +0.58% .N225 Nikkei 225 Index NIKKEI 39,986.33 -501.06 -1.24% .SSEC Shanghai SHANGHAI 3,457.75 +13.32 +0.39% U.S. stock futures fell in Asian hours after two of the three key benchmarks on Wall Street notched another record close in Monday?s session. Overnight stateside, the broad-based S&P 500 index gained 0.52% and ended at 6,204.95 while the Nasdaq Composite advanced 0.47% and also reached fresh all-time highs, at 20,369.73. The Dow Jones Industrial Average climbed 275.50 points, or 0.63%, settling at 44,094.77. Monday?s rise comes as Canada rescinded its digital service tax in an effort to facilitate trade negotiations with the U.S. That?s after President Donald Trump said last Friday that the U.S. was ?terminating ALL discussions on Trade with Canada.? Initial payments on the tax were set to begin Monday and would have applied to companies such as Google, Meta and Amazon. CNBC Daily Open Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. ? CNBC?s Sean Conlon and Pia Singh contributed to this report. 2 Hours Ago U.S. no longer a one-stop bet as tariffs bite and growth gap narrows, says UBS U.S. trade policies are top of everyone?s mind here at the UBS Mid-Year Outlook in Singapore. Min Lan Tan of UBS Global Wealth Management earlier said that while the growth gap between the United States and the rest of the world will narrow, it?s still premature to declare the end of U.S. exceptionalism. After all, U.S. stock markets have breached a record high again. Although Tan cautioned that the U.S. cannot be a ?one-stop allocation? investors? portfolios, America?s foundational strength remains ?very much intact and formidable,? she added at the wealth management conference. Additionally, she believes that tariffs will settle around current levels. ?Around 30 to 40% for China, 10 to 15% for the rest, and the United States will end up with a tariff rate of 15%. So, not great, but not a disaster.? Australian mining stocks rise on higher gold prices Australian gold mining stocks saw substantial gains on Tuesday, as prices for the precious metal ticked up on the back of a weaker dollar and uncertainties over U.S. President Donald Trump?s tariff plans. Spot gold appreciated 0.77% against the dollar to 3,328.58, as of 2:35 p.m. Singapore time. Sharp rises were seen in Kingsgate Consolidated, which surged 6.64% and Bellevue Gold, which advanced 3.89%. Meanwhile, Newmont Corporation rose 1.97%, while Perseus Mining added 2.35%. ? Amala Balakrishner Asia-Pacific currencies mostly appreciate against the greenback Asia-Pacific currencies mostly appreciated against the greenback on Tuesday amid uncertainties over U.S. President Donald Trump?s policies, including his spending bill and tariff plans. The U.S. dollar index , which measures the greenback against six major currencies, fell 0.13% to 96.745 as of 1.25 p.m. Singapore time. The Japanese yen, which is traditionally viewed as a safe asset during times of tumult, strengthened 0.23% against the dollar to 143.68. Similarly, the Indian rupee appreciated 0.11% against the dollar to 85.59, while China?s offshore yuan strengthened marginally by 0.01% against the dollar to 7.5175. The Australian dollar also strengthened 0.11% against the dollar to 0.6573, as did the Taiwanese dollar, which edged 0.07% higher to 29.161. Meanwhile, the South Korean won depreciated 0.03% against the dollar to 1,352.82. Elsewhere in Southeast Asia, the Singapore dollar was largely unchanged against the greenback at 1.2715, while the Thai baht weakened by 0.15% to 32.46. The Philippine peso strengthened marginally by 0.08% to 56.23, while the Malaysian ringgit gained 0.48% to 4.19. ? Amala Balakrishner South Korea?s manufacturing activity contracts for fifth consecutive month Manufacturing activity in South Korea contracted for the fifth consecutive month in June as firms reported sustained, albeit slower, contractions in output and new order intakes, data from a private sector survey released Tuesday showed. The S&P 500 Global South Korea Manufacturing Purchasing Managers? Index rose to 48.7 in June, from 47.7 in the month before. The reading also came in below the 50-point mark separating growth from contraction for the fifth consecutive month. The lower reading also followed a decline in purchasing activity following a reluctance to hold excess inventories as well as a fall in employment, the survey results showed. Looking ahead, Usamah Bhatti, economist at S&P Global Market Intelligence says the outlook for the coming months ?appears mixed,? as firms reported a moderate decline in employment alongside decreasing levels of outstanding business, and a pick up in sentiment. ? Amala Balakrishner Japan?s manufacturing activity rises for the first time in 13 months Manufacturing activity in Japan rose in June for the first time in 13 months on the back of higher output. However, demand remained weak as new orders and export sales continued to decline, data from a private sector survey released Tuesday showed. The au Jibun Bank flash Japan Manufacturing Purchasing Managers? Index rose to 50.4 in June, coming in above the 50-point mark separating growth from contraction for the first time since May 2024. June?s reading also surpassed the 49.4 seen in May. ?The latest PMI data signalled that demand conditions remained challenging for Japanese manufacturers in June, with firms recording further drops in sales both at home and overseas,? Annabel Fiddes, economics associate director at S&P Global Market Intelligence wrote in a Tuesday note. ?We will need to see a renewed and sustained improvement in customer demand, which remains dampened by ongoing uncertainty regarding US tariffs, in order to see a sustained recovery in production,? she added. ? Amala Balakrishner European stocks open mixed ahead of euro zone inflation print Sainsbury?s shares have pared earlier gains to trade 0.7% lower this morning, after the retailer reiterated its full-year forecast and said its fiscal first-quarter sales had risen by 4.7%. The U.K.?s second-biggest food retailer said it expects to grow grocery volumes ahead of the market and deliver a retail underlying operating profit of around ?1 billion ($1.4 billion). ? Jonathan Stayton European stocks open tentatively higher It?s been around 25 minutes since the opening bell, and European shares are struggling to gain momentum. The pan-European Stoxx 600 was last seen trading around 0.1% higher, but the index has been wavering between that gain and the flatline since the session began. House prices see biggest monthly fall for over two years UK house prices saw their biggest monthly fall for more than two years in June, according to mortgage lender Nationwide. Prices fell by 0.8% last month, the biggest monthly decline since February 2023, which the building society said may reflect weaker demand following the changes to stamp duty in April. Over the year, prices were up 2.1%, although that was the slowest annual growth rate for nearly a year. However, Nationwide said it expected activity in the housing market to pick up in the months ahead. Robert Gardner, Nationwide's chief economist, said the situation for many potential homebuyers remained "supportive". He noted that the unemployment rate remains low, earnings are still outpacing inflation and borrowing costs could become cheaper if the Bank of England makes further cuts to interest rates. Changes to stamp duty that came into effect in April mean that housebuyers in England and Northern Ireland now pay the tax on properties over ?125,000, instead of over ?250,000, as was the case previously. First-time buyers also have to pay stamp duty on homes costing more than ?300,000, whereas before the April change, there was no charge unless the property was above ?425,000. Matt Swannell, chief economic adviser to the EY Item Club, noted that monthly house price changes "can be quite volatile and this has been exaggerated by April's change in stamp duty thresholds". This change distorted the market over the first half of the year, he said, as deals were rushed through at the end of March. "[Since April] the housing market has been in a soft patch, but we think this will prove temporary, with the rise in May's mortgage approvals for new home purchases, which lead housing transactions, already indicating it's starting to fade." Nationwide's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals. Cash buyers account for about a third of housing sales. Renault to report $11 billion loss on Nissan stake in first half (Reuters) - French carmaker Renault (RENA.PA), opens new tab will report an extraordinary loss of about 9.5 billion euros ($11 billion) on its stake in Nissan Motor in the first half, it said on Tuesday, writing down its years-long investment in the Japanese firm that is battling slumping sales. The move is a further loosening of ties between the companies after a two-decade-old partnership, with Renault gradually lowering its stake in Nissan (7201.T), opens new tab and shifting largely to collaboration in certain manufacturing projects. Renault currently owns 35.7% of Nissan, with 17.05% held directly and the rest through a trust. Renault said in the future, any change in the value of the holding would be directly recognised in equity and assessed based on Nissan's share price, with no hit to its net income nor to dividends it pays out. It added that there would be no change to operational projects and collaboration between the two companies. Shares in the French company slipped 1% while Nissan fell 2.4% on Tuesday to 341.8 yen ($2.39), trading well below 400 yen apiece, the price Renault valued the stock at to increase its stake in the Japanese automaker in 2002. ? Scroll to continue Renault's 2024 universal registration document shows a carrying value of the Nissan investment of 1,549 yen per share. Nissan has been hit harder than other automakers by the shift to electric vehicles, having never fully recovered from years of crisis sparked by the 2018 removal and arrest of former chairman Carlos Ghosn. Facing declining sales and an ageing vehicle lineup, the carmaker reported a $4.5 billion net annual loss in the financial year that ended in March and has declined to give a forecast this year. It has asked some suppliers to allow it to delay payments to free up short-term funds, Reuters reported on Monday. Renault, which reports its first-half results on July 31, was one of few automakers not to issue a profit warning last year. The company, which is currently seeking a new CEO, said on Tuesday that the one-off loss did not change its current guidance for the year. ($1 = 0.8483 euros) ($1 = 143.2900 yen) Invest Wisely! Bulls n Bears Cellphone: +263 71 944 1674 | +27 79 993 5557 Email: bulls at bullszimbabwe.com Website: www.bullszimbabwe.com Blog: www.bullszimbabwe.com/blog Twitter (X): @bullsbears2010 LinkedIn: Bulls n Bears Zimbabwe Facebook: www.facebook.com/BullsBearsZimbabwe INVESTORS DIARY 2025 Company Event Venue Date & Time Companies under Cautionary CBZH GetBucks EcoCash Padenga Econet RTG Fidelity TSL FMHL 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 s 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 d from third parties. (c) 2025 Web: www.bullszimbabwe.com Email: bulls at bullszimbabwe.com Tel: +27 79 993 5557 | +263 71 944 1674 -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image001.png Type: image/png Size: 9458 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image002.jpg Type: image/jpeg Size: 29359 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image003.jpg Type: image/jpeg Size: 29321 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image004.png Type: image/png Size: 34378 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image005.jpg Type: image/jpeg Size: 29321 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: oledata.mso Type: application/octet-stream Size: 65551 bytes Desc: not available URL: From info at bulls.co.zw Tue Jul 1 10:51:34 2025 From: info at bulls.co.zw (Bulls n Bears) Date: Tue, 1 Jul 2025 10:51:34 +0200 Subject: Entrepreneurship Zone: 01 July 2025: Investors pick four African frontier markets with the promise of super returns Message-ID: <000601dbea65$5e2e2300$1a8a6900$@bulls.co.zw> Bullszimbabwe.com Views & Comments Bullish Thoughts Twitter Facebook LinkedIn WhatsApp Unsubscribe Entrepreneurship Zone: 01 July 2025: Investors pick four African frontier markets with the promise of super returns Luanda, Angola The following article is part of How we made it in Africa?s special coverage of the SuperReturn Africa conference, which took place in Cape Town from 4 to 6 December 2023. During a session at the recent SuperReturn Africa conference in Cape Town, the panellists, all of whom are investors in Africa, were asked to identify an African frontier market they are optimistic about. Here?s what they had to say: 1. Olu Oyinsan, Oui Capital: Democratic Republic of Congo Highlighting the Democratic Republic of Congo (DRC) as his top pick, Olu Oyinsan, managing partner of Lagos-based early-stage venture capital firm Oui Capital, pointed to the country?s significant population of 100 million. He emphasised the increasing smartphone penetration and decreasing data costs as key indicators of a growing digital market, which is important for tech investors. 2. Barthout van Slingelandt, XSML Capital: Angola The Angolan market, says Barthout van Slingelandt of XSML Capital, has shown signs of stabilisation although the depreciating local currency, the kwanza, is still an issue. Africa?s second-largest oil producer is also grappling with a shortage of US dollars. He acknowledged the difficulty in extracting hard currency from the country, though the situation has seen some improvement. Van Slingelandt observed that Angolan businesses have been underserved with capital. Traditional banks do offer funding, but he sees a lack of flexible financing options. XSML recently provided US$2.5 million loan to support the working capital needs of Advancetire Comercio, a retailer and wholesaler of car parts in Angola. 3. Johannes Gunnell, Maris: Mozambique, DRC and Ethiopia Johannes Gunnell, a partner at investment firm Maris, shared his views on Africa?s top frontier markets, dividing them into short-, medium-, and long-term opportunities. In the short term, he selected Mozambique, citing the country?s emerging natural gas industry which he expects will boost economic growth. TotalEnergies, operator of the Mozambique LNG project, recently expressed optimism about resuming the $20-billion liquefied natural gas (LNG) initiative in northern Mozambique in 2024. The project was previously suspended in 2021 following attacks by Islamic State-linked insurgents in the Cabo Delgado province. In the medium term, Gunnell chose the DRC, highlighting its large population and the fact that it is a dollarised economy. He mentioned that having a sizable population is important when looking to sell an investment as foreign investors making their first foray into Africa often prefer countries with large populations. He did, however, point out the challenges posed by the DRC?s inadequate infrastructure. Long-term, Gunnell is bullish on Ethiopia, largely also because of its sizeable population of over 105 million. He did, however, highlight currency issues as a significant challenge in Ethiopia. The country faces a severe shortage of foreign currency that complicates business operations, particularly in terms of importing essential raw materials. -Howwemadeitinafrica Invest Cellphone: +263 71 944 1674 | +27 79 993 5557 Email: bulls at bullszimbabwe.com Website: www.bullszimbabwe.com Blog: www.bullszimbabwe.com/blog Twitter (X): @bullsbears2010 LinkedIn: Bulls n Bears Zimbabwe Facebook: www.facebook.com/BullsBearsZimbabwe Skype: Bulls.Bears 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) 2025 Web: www.bullszimbabwe.com Email: bulls at bullszimbabwe.com Tel: +27 79 993 5557 | +263 71 944 1674 -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image001.png Type: image/png Size: 9458 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image005.png Type: image/png Size: 34378 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: oledata.mso Type: application/octet-stream Size: 65574 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image003.jpg Type: image/jpeg Size: 29361 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: image002.jpg Type: image/jpeg Size: 181810 bytes Desc: not available URL: