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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=860 style='width:645.3pt;border-collapse:collapse'><tr><td width=855 colspan=4 valign=top style='width:640.9pt;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D;mso-fareast-language:EN-ZW'><img width=161 height=81 id="_x0000_i1030" src="cid:image001.jpg@01D4022B.69682830"></span><span style='font-family:"Verdana",sans-serif;color:#1F497D'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><b><u><span style='font-family:"Verdana",sans-serif;color:#002060'><o:p><span style='text-decoration:none'> </span></o:p></span></u></b></p><p class=MsoNormal style='text-indent:12.6pt;line-height:105%'><a href="http://www.bulls.co.zw/"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Bulls.co.zw </span></b></a><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'> </span></b><a href="mailto:bulls@bulls.co.zw"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Views & Comments</span></b></a><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'> </span></b></span><a href="http://www.bulls.co.zw/blog"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Bullish Thoughts</span></b></a><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'> </span></b></span><a href="http://www.twitter.com/BullsBears2010"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Twitter</span></b></a><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'> </span></b></span><a href="https://www.facebook.com/BullsBearsZimbabwe"><b><span 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style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoSubtitle style='line-height:105%'><span class=style30><b><span lang=EN-US style='color:black'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='margin-left:12.6pt;text-indent:4.5pt;line-height:105%'><span class=style30><b><span style='font-family:"Verdana",sans-serif;color:#1F497D'>Major International Business Headlines Brief::: 12 June 2018</span></b></span><b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><o:p> </o:p></b></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:188.25pt'><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:188.25pt'><p class=MsoNormal align=center style='text-align:center;line-height:105%'><a href="http://www.mbca.co.zw/"><span style='color:#1F497D;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=816 height=127 id="Picture_x0020_5" src="cid:image002.jpg@01D4022B.69682830"></span></a><span class=style30><b><o:p></o:p></b></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:188.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:10.05pt'><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoListParagraphCxSpFirst style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> 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style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Morocco, Nigeria agree on next steps for offshore/onshore gas pipeline<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span 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style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South Africa's finance minister warns of challenges as rand tumbles<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Car insurers warn on 'autonomous' vehicles<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Daimler forced to recall Mercedes with defeat devices<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Russia 2018: Chinese firms fill World Cup sponsorship gap<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Land Rover Discovery model moved to Slovakia from the UK<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;text-indent:-.25in;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Indian gem billionaire Nirav Modi 'fled to London'<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpLast style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='mso-margin-top-alt:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='mso-margin-top-alt:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpFirst style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpLast style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='mso-margin-top-alt:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpFirst style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpLast style='mso-margin-top-alt:auto;margin-left:.75in;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal align=center style='text-align:center;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:1.0in;line-height:106%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:.5in;line-height:115%;background:white'><a href="http://www.oldmutual.co.zw/"><span style='font-family:"Verdana",sans-serif;color:#1F497D;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=792 height=262 id="_x0000_i1028" src="cid:image003.png@01D4022B.69682830"></span></a><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoListParagraphCxSpFirst style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>'No sacred cows': South African Airways boss plans deep cuts<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>JOHANNESBURG (Reuters) - Six months into the job of running loss-making South African Airways, Vuyani Jarana is mapping out a punishing austerity plan.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Jarana, who faces the daunting task of turning the flag carrier around, said layoffs and other cuts were unavoidable as he contends with a draining cost-to-income ratio of 108 percent.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“SAA cannot carry the same workforce, whether it is pilots, cabin crew or administration,” he told Reuters. “We have to make some tough decisions to save the airline. There cannot be sacred cows when it comes to SAA.”<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He declined to put a number to the job losses, but two sources familiar with his plan said the state-owned carrier was likely to cut between 1,000 and 1,500 people via a combination of layoffs and voluntary redundancies to bring its employee-per-aircraft ratio in line with regional competitors.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The numbers include roughly 300 flight attendants, according to one of the sources. Some of the carrier’s 700 pilots, encouraged to look for jobs elsewhere, have drafted their own severance pay offer to SAA, the second source said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In a dramatic fall from grace over the past decade, SAA has lost its place as Africa’s biggest airline and a symbol of patriotic pride to become a source of frustration for taxpayers who have forked out more than 30 billion rand ($2.3 billion) since 2012 to keep it in the air.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>SAA’s woes are emblematic of the struggles of traditional flag carriers around the world, such as Malaysia Airlines, Air India and Air France-KLM. These airlines are contending with low-cost rivals and a spike in oil prices, which puts pressure on those with the highest labour and other non-fuel costs.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The problems are also an illustration of the malaise afflicting the airline industry in Africa, whose airlines have the weakest finances and emptiest planes of any region of the world.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Jarana told Reuters he was also setting up other moves to reduce the airline’s 33.5 billion rand operating costs. They include squeezing suppliers for better deals and cutting back on its number of flights to London from twice to once a day.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The carrier makes its biggest losses on the London route because it faces fierce competition that expose its inefficiencies.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“My view is that the starting point to getting out of the hole is to stop digging, you stop doing the things that sink you deeper into trouble,” Jarana said in his office near O.R. Tambo International Airport in Johannesburg.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>AFRICAN AIR INDUSTRY LAGS<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Although the global industry is looking at another profitable year in 2018, much of the money is in the United States where legacy carriers have been through years of restructuring.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Africa is the weakest region of all, with airlines struggling to improve load factors - percentage of seats filled - from the world’s lowest level of 61.5 percent in 2018, compared with 81.7 percent globally, according to International Air Transport Association forecasts.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>SAA employs just over 10,000 people and has 64 aircraft, putting its employee-per-plane ratio at 160. That compares with just over 130 employees per aircraft for Ethiopian Airlines, which has overtaken SAA to be become the biggest airline by revenue and profit in recent years.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, the ratio is below 190 employees per aircraft at Air India, a debt-laden and loss-making carrier that last month failed to attract a single bidder for the government’s 76 percent stake.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Despite carrying roughly the same number of passengers annually - around 10 million - Ethiopian Airlines makes more than $200 million annual profit while SAA extended its losing streak to the sixth year in 2017 when it suffered a hefty $400 million loss.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ethiopian Airlines has bucked the African trend and has been expanding fast, thanks in part to a geographical position that enables it to serve as a hub in competition with Gulf carriers and to a young, modern fleet.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>PRESIDENT’S POLITICAL DILEMMA<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>While investors are likely to welcome Jarana’s blueprint, it could put him on a collision course with politicians a year before the national elections.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South African President Cyril Ramaphosa faces a dilemma.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He wants to wean SAA off its state support, which is a major risk to South Africa’s credit rating, and burnish his economic reformist credentials. Yet mass layoffs could prove politically unpalatable in a country where a quarter of adults are unemployed.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However BNP Paribas South Africa senior economist Jeff Schultz said the government had little choice but to take the political hit at the polls from turnaround plans at inefficient state firms like SAA and power utility Eskom.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“Large cuts to state-owned companies’ workforces are probably unavoidable and necessary at this juncture, even as the ruling African National Congress is going into an election year,” he said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>To cushion the blows, however, Jarana said he had been talking to other airlines about offloading some pilots and flight attendants to them, without naming the carriers.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The plan comes at a time when there is a growing shortage of pilots across the airline industry.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“We have got excess pilots and we are signing up contracts for them so that they are not put out on the street,” said Jarana, a former executive at telecom company Vodacom. “That is what we have been working on in the past five months.”<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>($1 = 12.9945 rand)<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpLast style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:.5in;line-height:115%;background:white'><a href="mailto:info@bulls.co.zw"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=792 height=278 id="Picture_x0020_3" src="cid:image004.jpg@01D4022B.69682830"></span></a><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoListParagraphCxSpFirst style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Airtel's Kenyan unit abandons plan to merge with Telkom: sources<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>NAIROBI (Reuters) - The Kenyan unit of Bharti Airtel has abandoned plans to merge with Telkom Kenya to take on the market leading operator Safaricom, industry and government sources said on Monday.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Sources said in April that Airtel and Telkom Kenya were planning to merge to create a stronger challenger to Safaricom, which has 72 percent of subscribers, or around 30 million subscriptions.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“Airtel developed cold feet,” said an industry source who declined to be named.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Airtel, owned by India’s Bharti Airtel, did not respond to a request for comment.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Joe Mucheru, the minister for information and communication, said he was aware of the walkout by Airtel.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The proposed merger broke down over a number of issues, particularly Airtel resisting making a commitment to significant future investments in the company, the industry source said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The sector regulator, Communications Authority of Kenya, said neither Telkom nor Airtel had formally communicated with it about the deal.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Telkom Kenya, which is controlled by Africa-focused, London-based Helios Investment declined to comment.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Telkom and Airtel have a combined 23 percent of Kenya’s 41 million mobile subscribers.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Data from the regulator showed Airtel had increased its users by more than a million in the last quarter of last year, benefiting from a call by the opposition for its supporters to boycott Safaricom.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South Africa's Vodacom to increase black ownership<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>JOHANNESBURG (Reuters) - South Africa’s Vodacom Group said on Monday it will increase the stake held by black shareholders by up to 6.25 percent in a 17.5 billion rand ($1.34 billion) black empowerment transaction.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Vodacom said current black shareholders in Vodacom South Africa and a newly formed staff scheme will exchange their current shareholding for a stake of between 5.8 percent and 6.25 percent in Vodacom Group.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The new YeboYethu empowerment structure would acquire a 6.25 percent shareholding in Vodacom Group based on an illustrative price of 152.50 rand per Vodacom Group share.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Under black economic empowerment rules, South African companies are encouraged to meet quotas on black ownership, employment and procurement as part of a drive to reverse decades of exclusion under apartheid.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Meeting government rules on black ownership makes a company more likely to qualify for government tenders.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The existing scheme, that is due to unwind in October and will increase Vodacom Group’s black ownership to 20 percent, delivered a return of 7.5 billion rand ($575 million), the firm said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“This amounts to 6.7 times the original capital that was invested into the deal in 2008 and therefore has been one of the most profitable and successful transactions concluded in South Africa,” said Vodacom Group Chief Executive Shameel Joosub.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Petrochemicals and energy firm Sasol last year said it would cover costs and pay bank debt related to a share sale from its Inzalo black economic empowerment scheme after the share price slumped, leaving investors unable to fully repay their debts.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Companies in Africa’s most advanced economy are required to help increase black ownership, often using vendor financing deals to sell shares to groups who were excluded before 1994 under apartheid’s white minority rule.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>($1 = 13.0399 rand)<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>War-torn South Sudan issues higher denomination banknotes amid soaring inflation<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>JUBA (Reuters) - South Sudan’s central bank said on Monday it will issue higher denomination banknotes, enabling citizens to carry fewer notes as rampant inflation continues to devalue the local currency.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The bank said it would introduce a 500 pound bill, worth $1.5 U.S. dollars, into circulation this month. Currently the largest note in circulation is a 100 pound bill.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South Sudan’s economy is close to collapse after a 2015 peace deal with Sudan failed to stick and fighting between rival soldiers has continued. The conflict has hurt the country’s crude oil output, which is at less than half of its pre-war level of 245,000 barrels per day.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“The Bank of South Sudan would like to inform the general public that it is introducing a new banknote of five hundred South Sudanese pounds as legal tender in the Republic of South Sudan,” central bank Governor Dier Tong Ngor said in a statement.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Dier said the measure was meant to help reduce the amount of bills people carry.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Soaring inflation has persisted for several years, due in part to a depreciating South Sudan pound, which has lost more than halve its value against the dollar since December 2016 in the black market. In March, year-on-year inflation stood at 161.20 percent, according to the National Bureau of Statistics.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It has averaged 89 percent over the past 10 years, racing to a peak of 835.70 percent in October 2016.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South Sudan secured independence from Sudan in 2011 but in December 2013 slid into civil war after a dispute between President Salva Kiir and his former deputy Riek Machar. As the conflict continues, many of South Sudan’s 12 million people are struggling to find enough to eat.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Morocco, Nigeria agree on next steps for offshore/onshore gas pipeline<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>RABAT (Reuters) - Morocco and Nigeria on Sunday signed a joint declaration in Rabat laying out the next steps for the completion of a gas pipeline deal that will be built onshore and offshore, Moroccan state news agency MAP said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The two countries agreed to the pipeline in December 2016 and launched feasibility studies ending with a plan to build the pipeline onshore and offshore, it said. <o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“For economic, political, legal and security reasons, the choice was made on a combined onshore and offshore route,” Morocco’s National Office of Hydrocarbons and Mines (ONHYM) and the Nigerian National Petroleum Corporation (NNPC), the two authorities supervising the project said in the joint declaration.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“The pipeline will be 5,660 kilometres (3,516.96 miles) long and its CAPEX has been defined,” the declaration said, adding that construction will be in phases covering 25 years.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>As a next step, Morocco and Nigeria will launch a front-end engineering design (Feed) to involve countries that will be crossed by the pipeline in the Economic Community of West African States (ECOWAS) and to determine the amount of gas available for export to European off-takers.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This phase also provides for assessing the financial cost and seeking funding from development banks, the joint declaration said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The project is conducive to economic integration in the region and will help West African countries meet their energy needs as well as boost Nigeria’s export potential to Europe, ONHYM and NNPC said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The declaration was signed at a ceremony chaired by King Mohammed VI and visiting Nigerian President Muhammadu Buhari.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>During the same event, Morocco’s phosphates giant, OCP, signed an agreement with Nigerian’s Sovereign Investment Authority to build an industrial platform for the production of ammonia and derivatives.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The two countries also signed a cooperation agreement on agricultural vocational training.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Seaboard Corp confident of sealing deal for Kenya's Unga<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>NAIROBI (Reuters) - Seaboard Corporation is confident of buying out three quarters of minority shareholders in Kenyan agro-processor Unga Group to allow it to eventually take the company private, Seaboard said on Monday.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The U.S. firm offered in February to buy the 46.15 percent of Unga’s shares that are held by minority shareholders and listed on the Nairobi bourse. It needs to purchase three quarters of that total to be able to take Unga private.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The rest of the shares are owned by a local group of investors via a vehicle called Victus Ltd, which supports Seaboard’s goal of buying out the minority shareholders and eventually delisting the firm.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Market participants said Unga, whose businesses range from wheat and maize milling to baking and animal nutrition products, faced growing competition from unlisted companies, hence the desire to also take it private and operate on a similar footing.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Seaboard has offered to pay 40 shillings ($0.3970) per share, representing a 31.75 percent premium on the shares’ 250-day weighted average price. Unga’s current market capitalisation is around 3 billion shillings ($30 million), according to Reuters data.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The offer closes on June 13.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“Our interest in Unga Plc is an effort to deepen our presence across targeted markets in sub-Saharan Africa,” said Hennie Combrink, Seaboard’s vice president of international business development and finance.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“Africa is part of Seaboard’s core business model. We have been here since the 60’s and the continent remains an important part of our business portfolio.”<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>($1 = 100.7500 Kenyan shillings)<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Total signs deal to extend TFT gas field license in Algeria<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>PARIS (Reuters) - French oil and gas major Total said on Monday that it had signed a new concession agreement with Algeria’s Sonatrach, Repsol and Alnaft for a 25-year extension of their Tin Fouyé Tabankort (TFT) gas and condensate field license.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It said the agreement would give Total a 26.4 percent stake in the project. Sonatrach will hold 51 percent and Repsol 22.6 percent.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The partners will carry out the drilling and development investments required to develop additional reserves estimated at more than 250 million barrels of oil equivalent, Total said in a statement.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“These investments will allow them to maintain production of the field, which is currently over 80,000 barrels of oil equivalent per day for 6 years,” it said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South Africa's finance minister warns of challenges as rand tumbles<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>JOHANNESBURG (Reuters) - The South African government is concerned by the rand’s plunge to its lowest this year and will step up a “defence mechanism”, Finance Minister Nhlanhla Nene said, but he fell short of calling the currency’s dip a crisis.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The rand dropped to 13.2875 against the dollar on Friday, its weakest since Dec. 18, Thomson Reuters data showed, as the country’s economy and slowed and global investors shied away from riskier assets.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“Call it very challenging times. It then depends when you begin to call it a crisis,” Nene told the Sunday Times.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>“But these are very challenging times, and it’s for this reason that we can’t be complacent about it. We actually just need to step up our defence mechanism.”<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He did not say what measures South Africa could take.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South Africa’s rand suffered last week when data showed the economy shrank by 2.2 percent in the first quarter of 2018, with the most significant falls in agriculture, manufacturing and mining.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>At the same time, risk appetite among investors has eroded on speculation Europe’s massive monetary stimulus is nearing an end, compounded by uncertainty over trade relations before a meeting of G7 leaders.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The rand had rallied when Cyril Ramaphosa seemed set to be elected leader of the ruling African National Congress in December. His election as state President in February, days after Jacob Zuma was forced out as leader by the ruling party, gave the currency even further momentum.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ramaphosa pledged to clean up governance, deal with high unemployment and improve basic services, igniting a wave of optimism. But the recent poor economic data has eroded some of the enthusiasm in Africa’s most industrialised economy.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Car insurers warn on 'autonomous' vehicles<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The motor insurance industry is warning carmakers against the use of the word "autonomous" in their marketing.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A report for the Association of British Insurers says the way some advanced vehicles are described can convince motorists that they have self-driving cars when that is not the case.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>There are no fully autonomous cars on British roads.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, manufacturers such as Tesla, BMW and Nissan offer features that can partially automate the driving process.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>These include systems that keep the car within its lane, control its speed and keep it at a safe distance from the vehicle in front.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Thatcham Research, which conducts safety tests for the motor insurers, says the manufacturers need to be far clearer about the difference between these assisted-driving systems and autonomous cars.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The organisation says misleading names such as "Autopilot" and "ProPilot" give drivers the impression their cars can drive themselves in all circumstances.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"There's a problem with the manufacturers trying to introduce technology and consumers not being ready for it, not being sure if it's automated or 'Do I need to keep watching?'" says Matthew Avery, of Thatcham Research.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We want it very clear. Either you are driving - assisted - or you're not driving - automated."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>To demonstrate the dangers of partial automation, Thatcham took a Tesla out on its test track at Upper Heyford, in Oxfordshire.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Tesla Autopilot's name is deceptive, claim US groups<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Jaguar self-drive car revealed in New York<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Driverless cars on UK roads by 2021 - really?<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>With the Autopilot system switched on, the Model S kept in lane and slowed to a halt when a car it was following encountered standing traffic.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>But on a second run the car in front switched lanes at the last moment, and the Tesla was unable to brake in time, running into a stationary vehicle.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"This is an example of what happens when the driver is over-reliant on the system," says Matthew Avery.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In April, a British driver lost his licence after being filmed on the motorway sitting in the passenger seat of his Tesla using its Autopilot system.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A Tesla spokeswoman said: "Our communications are very clear about the functionality of Autopilot and that it does not make the car self-driving.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We've continuously educated customers on the proper use of Autopilot, reminding them that they must remain alert and be prepared to take control at all times".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Test time<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Thatcham Research, which works for the Association of British Insurers, is launching a testing programme to assess assisted-driving systems.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Manufacturers must be responsible in how they describe and name what their vehicles can do, and the insurance industry is ready to hold them to account on this," said James Dalton, from the ABI.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The insurers are are also concerned about manufacturers' plans to introduce cars with level-three automation, where the driver can take their hands off the wheel for long periods.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>They would like the carmakers to skip this step and wait until they are ready to go straight to level four, where the vehicle is fully automated.--BBC<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Daimler forced to recall Mercedes with defeat devices<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The German government has ordered car maker Daimler to recall 238,000 vehicles in Germany after they were found to be fitted with illegal software that masks diesel emissions.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Across Europe a total of 774,000 diesel vehicles contain "defeat devices" and Daimler said it would recall them all.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The diesel versions of the Mercedes C-Class, Vito and GLC models are the main ones affected, the ministry said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Daimler said it would refit the software but denied any wrongdoing.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It comes three years after VW admitted having fitted "cheat" devices in vehicles that made their engines appear less polluting than they actually were.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>About eleven million cars worldwide were affected in that case.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>German transport minister Andreas Scheuer said the ministry and Daimler had "negotiated intensively for many hours" on Monday.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Afterwards he said the ministry had ordered the "immediate" recall of Daimler models in Germany because they contained "illegal shutdown devices".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Daimler states that it will, at maximum speed and with co-operative transparency with the authorities, remove the applications in the engine control system which the government objects to," he said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Transport Ministry only has authority to force the recall of vehicles within Germany.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Legality questioned<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Daimler refused to elaborate on where the other vehicles would be recalled. It also said the legality of the software would still need to be clarified.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Earlier Daimler chairman, Dieter Zetsche, had said a technical solution had been found to the software problems and that he did not expect the company to be fined.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It is not the first time Daimler has faced problems with its emissions software. Last year it retrofitted three million Mercedes diesel cars built since 2011, but did not call the exercise a recall.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Evercore ISI analyst Arndt Ellinghorst said the recall would not harm the company.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The criticised software is part of engine management and so called auxiliary emissions control devices [which can turn off emissions controls during driving for other reasons, such as to protect the engine].<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We don't see any evidence that Daimler was designing software to deliberately cheat on emission testing."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Other car makers have been found to have fitted defeat devices.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>BMW recalled 12,000 diesel cars over the issue in February, while Porsche recalled 60,000 in May. Neither admitted wrongdoing.--BBC<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Russia 2018: Chinese firms fill World Cup sponsorship gap<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The value of World Cup sponsorship has dropped between the 2014 event in Brazil and this year's in Russia, according to Nielsen Sports' research.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Fifa sponsor revenue fell from $1,629m (£1,214m) to $1,450m between events.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Global market research firm Nielsen says the 2015-18 sponsorship cycle had been "a tougher sell" than for the previous two World Cups.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"But a new crop of sponsors, including several from China, helped Fifa weather the storm," it said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Yoghurt for fans<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Chinese sponsors stepped into the breach after a number of long-term Fifa backers, such as Johnson & Johnson, Castrol and Continental, ended their association after the corruption scandal at football's world governing body in May 2015.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>China's largest commercial property company, the Wanda Group, is one of Fifa's seven official partners, alongside Coca Cola, Adidas, Gazprom, Qatar Airways, Visa and Hyundai/Kia.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>One of the companies Wanda owns is InFront Media, a sports marketing firm which owns the media rights for the 2018 and 2022 World Cups across 26 Asian territories.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Meanwhile, three of the 2018 tournament's official five sponsors, namely TV and fridge maker Hisense, smartphone developer Vivo, and dairy firm Mengniu, are Chinese.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mengniu has the exclusive rights to sell yoghurt drinks and ice cream in the Russian World Cup stadiums.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Qatar 2022 boost?<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In each four-year financial cycle, the World Cup accounts for the vast majority of Fifa's sponsorship revenue. For example, in 2010 sponsorship income from other events generated just $25m and in 2014 it generated just $49m, according to Nielsen.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The value of World Cup sponsorship may have fluctuated recently, but overall it has grown strongly in the past two decades with Fifa's 2015-2018 cycle revenues more than twice the amount for the 1999-2002 period.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Fifa will be hoping to return to growth in the cycle leading up to the 2022 World Cup in Qatar," said Nielsen Sports' managing director Glenn Lovett.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"It can probably look forward to support from Middle Eastern brands seeking to capitalise on the region's first World Cup.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The organisation will also be hoping for a positive response from sponsors to the 'Fifa 2' modernising reforms introduced by president Gianni Infantino in 2016."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>These include investing in football development and increasing participation, looking to introduce new standards for transparency and governance, and aiming to double the number of female players worldwide to 60 million by 2026.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Chinese growth<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The vast majority of World Cup sponsors are from Europe, North America and Asia. African companies agreed deals during the 2010 South African World Cup cycle, and South American companies did so around Brazil 2014.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"But neither region contributed a sponsor this year," said Mr Lovett.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Asian sponsors are growing in prominence, and indeed are the most significant at World Cup 2018, accounting for 39% of deals."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>And it is those Chinese sponsors emerging for the first time that have been the major factor in Asian growth.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Football has boomed in China, with strong encouragement from the government, which is keen to host the World Cup as soon as possible.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Fifa's Chinese deals can be seen as the country's corporations rowing behind the national effort to develop the game and attract the World Cup," Mr Lovett said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to Nielsen, interest in football in China increased from 27% of the urban population in 2013 to 32% in 2017, with three-quarters of those who said they liked the sport being aged under 34.--BBC<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Land Rover Discovery model moved to Slovakia from the UK<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Jaguar Land Rover (JLR) has said it will move production of its Land Rover Discovery SUV from the West Midlands to Slovakia from next year.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Solihull factory, where the Discovery is manufactured, will be used to build a new generation of Range Rover models, the firm said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company warned that there may be some job losses in the UK as a result.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>JLR - which is owned by the Indian group Tata Motors - said that it remained "committed to the UK".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company has previously said all its cars would be available in either an electric, hybrid, petrol or diesel version from 2020.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It has not put an exact figure on the level of investment in the Solihull plant, but it runs into hundreds of millions of pounds.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The potential losses of some agency employed staff in the UK is a tough one but forms part of our long-term manufacturing strategy as we transform our business globally," JLR said in a statement.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>There are 1,800 agency workers in the Solihull plant, out of a workforce of 10,000.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Previously, JLR had said the manufacture of the Discovery would be split between Solihull and Slovakia.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Professor David Bailey, motor industry specialist at Aston Business School, said if JLR was "really committed" to UK production and moving the Discovery did "pave the way" for other models to be built in the West Midlands, then that was a "good thing".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"But at the moment, JLR has not told us what other models this will open the door to, and what level of investment they are pledging at Solihull."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said given previous job losses at JLR and production cut backs at Castle Bromwich this latest development was "arguably further negative news".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We need to know how many jobs, what other models this will open the door to and what level of investment they are talking about," he added.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>'Truly devastating'<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Steve McCabe, business expert at Birmingham City University, said the "silver lining" to the latest announcement was that Tata had said it would increase its production of electric cars in Solihull.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"But at the same time, we can talk about the statistics and the numbers of jobs lost, but for many families this news will be truly devastating.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Every day we seem to hear more about job losses and closures and as Brexit moves closer and closer in the horizon, it'll be even more difficult to predict where we will be in a year's time," he added.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>JLR's latest annual results revealed that in the year to 31 March its pre-tax profits fell to £1.5bn, down from £1.6bn the previous year, because of slower sales growth and rising business investment.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>And while overall annual sales grew 1.7%, helped by strong demand in China, UK sales fell by 12.8%, and European sales also declined.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company blamed the sharp fall in UK sales on "consumer uncertainty surrounding diesel models, Brexit and vehicle taxation".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Car production leaving the UK for Slovakia looks like bad news.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Originally the Slovakia plant was meant to "complement" UK production of the Discovery. Now it will replace it entirely - with the likely loss of hundreds more agency workers at Solihull on top of the 1,000 layoffs announced last month.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Jaguar Land Rover says this is merely clearing space at Solihull to produce a new range of hybrid and electric powered Range Rovers - cars of the future. In time more workers will be added as production ramps up.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company described the decision as part of their long-term strategic planning.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Company insiders say Brexit was not a factor - and added that most of the new Range Rovers built in Solihull will be exported to non-EU countries anyway.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nevertheless, it also said it was a "tough" decision. Acknowledgement that shuffling the pack of global car production is never without casualties.--BBC<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Indian gem billionaire Nirav Modi 'fled to London'<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nirav Modi, whose jewellery has been worn by Hollywood and Bollywood stars, is seeking political asylum in London following fraud allegations, the Financial Times has reported.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Indian jeweller went missing in February after allegations emerged of a $2bn fraud at the Punjab National Bank.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Indian police issued a warrant for the billionaire diamond trader's arrest.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>His firm's Indian stores were closed, and assets were seized including bank accounts and luxury cars.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Over the past eight years Mr Modi has established an international jewellery brand with stores in London, New York and Hong Kong, selling diamond encrusted necklaces and earrings.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Stars such as Kate Winslet, Rosie Huntington-Whiteley and Naomi Watts, have been seen wearing his products. Bollywood star Priyanka Chopra advertises the brand.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The success made him one of India's richest people, with a personal wealth of $1.75bn, according to Forbes.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nirav Modi: Who is India's scandal-linked billionaire?<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Indian bank hit by $1.8bn fraud case<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Earlier this year Punjab National Bank (PNB), India's second-largest state-run bank, alleged Mr Modi and his uncle Mehul Choksi had defrauded it of around $2.2bn.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The banks said they had used unapproved guarantees, issued by rogue PNB staff, to borrow from other lenders.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Both Mr Modi and Mr Choksi have denied any wrongdoing.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Financial Times said that Mr Modi is now in London and seeking asylum from "political persecution". The report cites UK and Indian officials.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Home Office said it could not comment on individual cases.--BBC<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpLast style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:.5in;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> <o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:.5in;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=855 colspan=4 style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><strong><span style='font-family:"Verdana",sans-serif;color:#345883'>INVESTORS DIARY 2018</span></strong><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Company</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Event</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Venue</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=189 valign=bottom style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Date & Time</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 valign=top style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:106%'><o:p> </o:p></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:106%'><o:p> </o:p></p></td><td width=189 valign=top style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 valign=top style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'>RioZim<o:p></o:p></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'>AGM<o:p></o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'>Head Office, 1 Kenilworth Road, Highlands<o:p></o:p></p></td><td width=189 valign=top style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'>21/06/2018 10:30am<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 valign=top style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=189 valign=top style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 valign=top style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'>Zimbabwe<o:p></o:p></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'>Heroes’ Day<o:p></o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'>Zimbabwe<o:p></o:p></p></td><td width=189 valign=top style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'>13/08/2018<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 valign=top style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'>Zimbabwe<o:p></o:p></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'>Defence Forces Day<o:p></o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'>Zimbabwe<o:p></o:p></p></td><td width=189 valign=top style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'>14/08/2018<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 valign=top style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'>The Harare Agricultural Show<o:p></o:p></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'>The Harare Agricultural Show<o:p></o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'>The Harare Agricultural Show<o:p></o:p></p></td><td width=189 valign=top style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'>August 27- September 1<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 valign=top style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=189 valign=top style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=251 valign=top style='width:188.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=172 style='width:129.0pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=189 valign=bottom style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=423 colspan=2 valign=top style='width:317.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=189 valign=bottom style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=423 colspan=2 valign=top style='width:317.6pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=243 style='width:181.9pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=189 valign=bottom style='width:141.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:99.35pt'><td width=855 colspan=4 style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:99.35pt'><p class=MsoBodyText style='margin:0in;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=792 height=278 id="Picture_x0020_2" src="cid:image005.jpg@01D4022B.69682830"></span></a></span><span lang=X-NONE style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'>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.</span></i><i><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-GB style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr><td width=855 colspan=4 valign=top style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'>(c) 2018 <b>Web</b>:</span><a href="http:// www.bulls.co.zw "><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'> www.bulls.co.zw </span></a><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Email:</span></b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><a href="mailto:info@bulls.co.zw"><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>info@bulls.co.zw</span></a><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'> <b>Tel:</b> +263 4 2927658 <b>Cell:</b> +263 77 344 1674<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=855 colspan=4 valign=bottom style='width:640.9pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='background:white'><i><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><b><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Telephone: <a href="tel:%2B263%204%202927658" target="_blank"><span style='color:black;text-decoration:none'>+263 4 2927658</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: <a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:black;text-decoration:none'>+263 77 344 1674</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: <a href="mailto:info@bulls.co.zw"><span style='color:blue;text-decoration:none'>info@bulls.co.zw</span></a> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ" target="_blank"><span style='color:black;text-decoration:none'>www.bulls.co.zw</span></a> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:black;text-decoration:none'>www.bulls.co.zw/blog</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:black;text-decoration:none'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=210 height=101 id="Picture_x0020_1" src="cid:image006.jpg@01D4022B.69682830" alt="cid:image012.jpg@01D0BFE7.544DF490"><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>