<META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=utf-8">
<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta name=Generator content="Microsoft Word 14 (filtered medium)"><!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
{font-family:Verdana;
panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
{font-family:"Trebuchet MS";
panose-1:2 11 6 3 2 2 2 2 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-fareast-language:EN-US;}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
{mso-style-priority:99;
mso-style-link:"Body Text Char";
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
font-size:12.0pt;
font-family:"Times New Roman","serif";
mso-fareast-language:X-NONE;}
p.MsoSubtitle, li.MsoSubtitle, div.MsoSubtitle
{mso-style-priority:11;
mso-style-link:"Subtitle Char";
margin-top:0in;
margin-right:0in;
margin-bottom:8.0pt;
margin-left:0in;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
color:#5A5A5A;
letter-spacing:.75pt;
mso-fareast-language:EN-US;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:purple;
text-decoration:underline;}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
{mso-style-priority:99;
mso-style-link:"Balloon Text Char";
margin:0in;
margin-bottom:.0001pt;
font-size:8.0pt;
font-family:"Tahoma","sans-serif";
mso-fareast-language:EN-US;}
p.MsoListParagraph, li.MsoListParagraph, div.MsoListParagraph
{mso-style-priority:34;
margin-top:0in;
margin-right:0in;
margin-bottom:8.0pt;
margin-left:.5in;
mso-add-space:auto;
line-height:105%;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-fareast-language:EN-US;}
p.MsoListParagraphCxSpFirst, li.MsoListParagraphCxSpFirst, div.MsoListParagraphCxSpFirst
{mso-style-priority:34;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
line-height:105%;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-fareast-language:EN-US;}
p.MsoListParagraphCxSpMiddle, li.MsoListParagraphCxSpMiddle, div.MsoListParagraphCxSpMiddle
{mso-style-priority:34;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:0in;
margin-left:.5in;
margin-bottom:.0001pt;
mso-add-space:auto;
line-height:105%;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-fareast-language:EN-US;}
p.MsoListParagraphCxSpLast, li.MsoListParagraphCxSpLast, div.MsoListParagraphCxSpLast
{mso-style-priority:34;
mso-style-type:export-only;
margin-top:0in;
margin-right:0in;
margin-bottom:8.0pt;
margin-left:.5in;
mso-add-space:auto;
line-height:105%;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-fareast-language:EN-US;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Calibri","sans-serif";
color:windowtext;}
span.BodyTextChar
{mso-style-name:"Body Text Char";
mso-style-priority:99;
mso-style-link:"Body Text";
font-family:"Times New Roman","serif";
mso-fareast-language:X-NONE;}
span.SubtitleChar
{mso-style-name:"Subtitle Char";
mso-style-priority:11;
mso-style-link:Subtitle;
font-family:"Calibri","sans-serif";
color:#5A5A5A;
letter-spacing:.75pt;}
span.style30
{mso-style-name:style30;}
span.BalloonTextChar
{mso-style-name:"Balloon Text Char";
mso-style-priority:99;
mso-style-link:"Balloon Text";
font-family:"Tahoma","sans-serif";}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri","sans-serif";
mso-fareast-language:EN-US;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1603302205;
mso-list-type:hybrid;
mso-list-template-ids:1787715960 2084485334 805896195 805896197 805896193 805896195 805896197 805896193 805896195 805896197;}
@list l0:level1
{mso-level-start-at:0;
mso-level-number-format:bullet;
mso-level-text:\F0FC;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:.75in;
text-indent:-.25in;
font-family:Wingdings;
mso-fareast-font-family:"Times New Roman";
mso-bidi-font-family:Arial;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:1.25in;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:1.75in;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:2.25in;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:2.75in;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:3.25in;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:3.75in;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:4.25in;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
margin-left:4.75in;
text-indent:-.25in;
font-family:Wingdings;}
ol
{margin-bottom:0in;}
ul
{margin-bottom:0in;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link=blue vlink=purple><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=916 style='width:687.2pt;border-collapse:collapse'><tr><td width=910 colspan=4 valign=top style='width:682.8pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><b><u><span lang=EN-US 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='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span lang=EN-US><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></span><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'> </span></b><span lang=EN-US><a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'>Views & Comments</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'> </span></b></span><span lang=EN-US><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><span class=MsoHyperlink><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'> </span></b></span><span lang=EN-US><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><span class=MsoHyperlink><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'> </span></b></span><span lang=EN-US><a href="https://www.facebook.com/BullsBearsZimbabwe"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'>Facebook</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'> </span></b></span><span lang=EN-US><a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'>LinkedIn</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'> </span></b></span><span lang=EN-US><a href="mailto:info@bulls.co.zw?subject=Unsubscribe"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif";color:#0070C0'>Unsubscribe</span></b></a></span><span class=style30><span lang=EN-US style='font-size:8.0pt;line-height:105%;color:#00B050'><o:p></o:p></span></span></p></td><td width=6 style='width:4.4pt;padding:0in 0in 0in 0in'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana","sans-serif"'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt'><p class=MsoSubtitle style='margin-left:32.1pt;text-indent:7.5pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana","sans-serif";color:#1F497D'>Major International Business Headlines Brief::: 05 September 2019</span></b></span><b><span lang=EN-US 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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;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><span lang=EN-US><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 lang=EN-US style='font-family:"Verdana","sans-serif"'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr style='height:188.25pt'><td width=910 colspan=4 valign=top style='width:682.8pt;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%'><span lang=EN-US><a href="http://www.nedbank.co.zw/"><span lang=EN-ZW style='color:#1F497D;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=817 height=337 id="Picture_x0020_4" src="cid:image001.jpg@01D563A0.72E0F400"></span></a><span class=style30><b><o:p></o:p></b></span></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 lang=EN-US style='font-family:"Verdana","sans-serif"'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;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 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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;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"'> </span></span></span><![endif]><b><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>MTN Nigeria shuts stores after anti-South African attacks<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'>South Africa's rand extends rally to 4-week high, stocks up<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'>S.Africa's ailing Eskom faces emissions violations, could shut plants<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'>Ugandan oil pipeline plan suspended due to collapse of Tullow-Total deal: official<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'>Several Shoprite stores in South Africa, Nigeria and Zambia closed<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'>Ugandan oil pipeline plan suspended due to collapse of Tullow-Total deal: official<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'>Several Shoprite stores in South Africa, Nigeria and Zambia closed<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's VTB: Mozambique must restructure loan by year-end<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'>Kenya PMI falls to 52.9 in August<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'>South Africa's private-sector activity contracts again in August -PMI<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'>Pound volatile in further Brexit turmoil<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'>Lego working with shops to avoid Brexit disruption<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'>Ryanair pilots vote for further strikes<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'>UK 'at risk of slipping into recession'<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'>Cathay Pacific chair to retire amid HK protest row<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'><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 lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:10.05pt'><p class=MsoNormal align=center style='mso-margin-top-alt:auto;margin-left:.5in;text-align:center;line-height:115%;background:white'><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=848 height=288 id="Picture_x0020_3" src="cid:image002.jpg@01D563A0.72E0F400"></span></a></span><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 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></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;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'>MTN Nigeria shuts stores after anti-South African attacks<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'>ABUJA (Reuters) - The Nigerian division of South African telecom operator MTN said on Wednesday it will shut all stores and service centres in the country until further notice after its facilities in three cities were attacked.<o:p></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 facilities were attacked in retaliation after days of riots in South Africa chiefly targeting foreign-owned, including Nigerian, businesses.<o:p></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 safety and security of our customers, staff and partners is our primary concern,” MTN Nigeria 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'><o:p> </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'>“MTN condemns any acts of violence, prejudice and xenophobia.”<o:p></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 latest wave of unrest in South Africa has raised fears of a recurrence of violence in 2015 aimed at foreigners and in which at least seven people were killed. Before that, some 60 people were killed in a wave of unrest around the country in 2008.<o:p></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'>Nigerian President Muhammadu Buhari said on Tuesday he was urgently sending a special envoy to meet with President Cyril Ramaphosa to secure the “safety of (Nigerian citizens’) lives and property”.<o:p></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'>Police have yet to pinpoint what triggered the violence, which began on Sunday when protesters armed with makeshift weapons roamed the streets of Pretoria’s business district, pelting shops with rocks and petrol bombs and running off with goods.<o:p></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'>Nigeria is MTN’s biggest market, with 58 million users in 2018 and accounts for a third of the South African group’s core profit.<o:p></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'><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=910 colspan=4 valign=top style='width:682.8pt;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'><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=820 height=278 id="Picture_x0020_2" src="cid:image003.jpg@01D563A0.72E0F400"></span></a></span><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=910 colspan=4 valign=top style='width:682.8pt;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'><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 rand extends rally to 4-week high, stocks up<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 rand rose to a four-week high on Wednesday backed by a better-than-expected jump in second-quarter growth and improved risk sentiment globally, brushing off concerns over anti-immigrant protests.<o:p></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 bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg, file. REUTERS/Siphiwe Sibeko<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>Stocks gained led by Naspers.<o:p></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 1545 GMT the rand was 1.91% firmer at 14.8025 per dollar, its firmest level since Aug. 6, extending the previous session’s rally.<o:p></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'>Gross domestic product in the three months to June expanded by 3.1%, after a 3.1% contraction in the first quarter. Economists polled by Reuters had forecast an expansion of 2.4% for the quarter. [nL5N25U2A0]<o:p></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 positive growth data helped soothe sentiment battered by recent signs of weak activity and concerns that an additional 59 billion rand ($3.9 billion) for state power firm Eskom had made a credit downgrade a near-certainty.<o:p></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 Cyril Ramaphosa told officials and business leaders on Wednesday that he was committed to quelling attacks on foreigners that have threatened to cast a cloud over an economic forum aimed at boosting intra-African trade.[nL5N25V3KA]<o:p></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'>Police have arrested almost 300 people and confirmed at least five deaths after riots in Johannesburg and the capital Pretoria in recent days, when roving groups attacked shops mainly owned by migrants from the rest of Africa.<o:p></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'>On the bourse, the broader All-share index rose 0.3% to 54,907 points, while the blue chip Top-40 closed 0.32% up to 49,031 points.<o:p></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'>Leading the blue chips was e-commerce giant Naspers, up 2.69% to 3594.00 rand after gains in Hong Kong stocks boosted Tencent, in which Naspers has a stake. [nL3N25V0NC]<o:p></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'>“Naspers is such a big component of the JSE and its sibling child Tencent is listed in Hong Kong...People think the worst of the protests in Hong Kong are over. That lifted all the stocks really,” said Greg Davies, a trader at Cratos Capital.<o:p></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'>Further gains were restrained by the bullion sector, down 5.09%, with Sibanye-Stillwater down 4.94% to 19.44 and AngloGold Ashanti 5.09% lower at 334.91%.<o:p></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'>Bonds also firmed, with the yield of the benchmark paper due in 2026 down 5 basis points to 8.095%.<o:p></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 = 15.2369 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'><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'>S.Africa's ailing Eskom faces emissions violations, could shut plants<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 cash-strapped power utility Eskom could be forced to shut some plants if it fails to reduce emissions, its chief operating officer warned on Wednesday, raising the spectre of further blackouts.<o:p></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 closures, which Jan Oberholzer said could cut a tenth of the state firm’s 45,000 MW production capacity, piles pressure on the government which has had to bail out the debt-ridden company to keep it afloat.<o:p></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’s biggest public utility supplies over 90% of South Africa’s electricity, relying largely on ageing, heavily polluting coal-fired power stations but does not generate enough cash to meet its debt servicing 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'>It is also responsible for at least a third of the country’s greenhouse gas 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'>Installing the technology needed to reduce carbon and sulphur emissions would cost 10 times the 26 billion rand the Treasury has earmarked for Eskom in the financial year ending in March 2020, part of a 59-billion-rand two-year package.<o:p></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'>That package is on top of a 23 billion rand a year bailout for the next three 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'>“If we were to press a button today and solve all theses (emissions) troubles, it would cost us 300 billion rand ($20 billion). But as you know we do not have money,” Eskom’s acting Chief Executive and chairman Jabu Mabuza told reporters.<o:p></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'>Eskom has therefore applied to the Department of Environmental Affairs for rolling postponements of its obligations to meet the emissions and air standards.<o:p></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'>“If we don’t fix this and reduce our emissions, there’s a risk that we have to shut down some of the power stations,” Oberholzer told a press briefing. “Have we done the work we said we would? No we haven’t.”<o:p></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'>Oberholzer did not say when Eskom’s failure to meet emissions requirements might trigger plant closures.<o:p></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'>KEEPING THE LIGHTS ON<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>Ratings agencies regularly cite Eskom as one of the biggest threats to South Africa’s investment-grade credit rating status.<o:p></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'>Power cuts - referred to as loadshedding in South Africa - in the first quarter pushed Africa’s most developed economy into a deep contraction.<o:p></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'>Though the situation has improved since March due to stable coal supplies and a maintenance overhaul, Mabuza did not rule out further blackouts.<o:p></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'>“Whilst we cannot guarantee there will be no loadshedding we are confident we can keep the lights on this summer,” 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'>Eskom’s coal stocks were at 50 days, excluding the Medupi and Kusile power stations, Mabuza said, adding that the company planned to undertake plant maintenance on 5,500 MW of capacity over the next seven 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'>Coal stocks were at half of required regulatory levels of 50 days or more at the beginning of the year at most power stations.<o:p></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'>Medupi and Kusile, currently under construction and not yet fully operational, are among the largest coal stations in the world but since building started in 2008, both have suffered major breakdowns while costs have escalated.<o:p></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 setbacks have compounded South Africa’s power shortages and worsened Eskom’s financial 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'>Costs to complete construction of Medupi and Kusile have ballooned to 145 billion rand and 161 billion, respectively, according to Eskom’s worst-case forecasts on Wednesday.<o:p></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 emission standards for Medupi alone could add another 80 billion rand to 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'>($1 = 15.2369 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'><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'><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'>Ugandan oil pipeline plan suspended due to collapse of Tullow-Total deal: official<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'>KAMPALA (Reuters) - Work on a pipeline to export Ugandan oil has been suspended, an industry official said on Wednesday, after Tullow Oil’s plan to sell another stake in the project to France’s Total and China’s CNOOC was called off last week.<o:p></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'>“All East African Crude Oil Pipeline (EACOP) activities including tenders have been suspended until further notice because of collapse of the deal,” the official told Reuters on condition of anonymity.<o:p></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'>Several Shoprite stores in South Africa, Nigeria and Zambia closed<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 African grocer Shoprite Holdings said on Wednesday several stores in its home market, Nigeria and Zambia were closed and extensive damage had been done to several supermarkets over the past 24 hours.<o:p></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 shops were attacked after days of riots in South Africa chiefly targeting foreign-owned, including Nigerian, businesses.<o:p></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’s trade deficit deepens 4.3% year/year Jan-July<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’s trade deficit widened by 4.3% to 122.8 billion dirhams ($12.7 billion) in the first seven months of 2019 compared with the same period last year, the country’s foreign exchange regulator said on Wednesday.<o:p></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'>Imports rose 3.7% to 291.1 billion dirhams, outstripping exports of 168.2 billion dirhams, which were 3.3% higher. Energy imports, including gas and oil, dropped 2.1% to 45 billion dirhams, or 15.5% of the total.<o:p></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 automotive sector accounted for 26.3% of exports at 44.3 billion dirhams, up 2%, the regulator said in a monthly report. The North African country is home to production plants of French carmakers Renault and Peugeot, as well as a number of car part suppliers.<o:p></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 regulator also said exports of phosphates and byproducts including fertilisers climbed 3% to 30 billion dirhams.<o:p></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'>Remittances from Moroccans living abroad, key to Morocco’s hard currency flow, dropped 1% to 37.3 billion dirhams, while foreign direct investment fell 17.3% to 10.5 billion dirhams, the regulator 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'><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'>Russia's VTB: Mozambique must restructure loan by year-end<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'>VLADIVOSTOK, Russia (Reuters) - Russian state bank VTB CEO Andrey Kostin said on Wednesday that Mozambique must restructure an outstanding loan by the end of the year or else face the prospect of defaulting on it.<o:p></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'>Kostin made the comments on the sidelines of an economic forum in the city of Vladivostok in Russia’ Far East.<o:p></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'>Kenya PMI falls to 52.9 in August<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) - Kenya’s private sector activity dropped in August to its lowest level since May, with cashflow problems hurting performance, a survey showed on Wednesday.<o:p></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 Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) for manufacturing and services fell to 52.9 from 54.1 in July. Any reading above 50 indicates growth. In May, the index stood at 51.3.<o:p></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 survey showed that activity was affected by cashflow problems, partly arising from a backlog of bills from government departments.<o:p></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 ensure inclusivity in economic growth, urgent reforms ought to be conducted on improving accessibility to credit for companies, in addition to a consistent plan by the government to clear arrears owed to the private sector,” said Jibran Qureishi, regional economist for East Africa at Stanbic 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'>In June, the finance ministry said the government would make it a priority to pay 10.9 billion shillings ($106 million) owed to its suppliers by the end of that 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'>Firms complain that the government takes years to settle bills for goods and services supplied to it, mainly due to widespread corruption.<o:p></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'>Experts have blamed the delayed payments for causing a jump in bad debts in the banking sector.<o:p></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 survey showed that a credit squeeze due to a cap on commercial lending rates, in place since late 2016, had also worsened conditions.<o:p></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 finance ministry proposed to parliament in June that it repeal the cap on lending rates. A similar proposal was shot down in 2018.<o:p></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 March, a court ruled that the rate cap was unconstitutional, but judges suspended the ruling for 12 months to allow parliament to re-examine the law.<o:p></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 fact, the interest-rate-capping law continues to strangle the private sector and if the law remains in place in its current form, it will only add to the plight of the private sector,” Qureishi 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'>- Detailed PMI data are only available under licence from IHS Markit and customers need to apply for a licence.<o:p></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 subscribe to the full data, click on the link below: here<o:p></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 further information, please phone IHS Markit on +800 6275 4800 or email mailto:economics@ihsmarkit.com<o:p></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 = 103.2000 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'><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'><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'>South Africa's private-sector activity contracts again in August -PMI<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 African private sector activity remained in contraction for a fourth consecutive month in August as new orders and output fell, albeit at slower rates, a survey showed on Wednesday.<o:p></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'>IHS Markit’s Purchasing Managers’ Index (PMI) rose to 49.7 in August from 48.4 in July, remaining below the 50 point mark that separates expansion from decline.<o:p></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'>All five sub-indexes in the survey were improved from a month before although three still showed a contraction, with the new orders component falling for the 14th consecutive month, which consequently weighed on output.<o:p></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'>“Weak economic sentiment weighed on the private sector again in August,” said David Owen, an economist at IHS Markit.<o:p></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 noted a further drop in customer turnout, as the disappointment of the first quarter economic growth results continued to dampen spending.”<o:p></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 GDP grew more than expected in the second quarter of this year thanks to a recovery in mining and manufacturing, data showed on Tuesday, after a shock contraction in the first quarter. [nL5N25U2A0]<o:p></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'>- Detailed PMI data are only available under licence from IHS Markit and customers need to apply for a licence.<o:p></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'><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'>Pound volatile in further Brexit turmoil<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 pound has made gains on currency markets after Prime Minister Boris Johnson lost his majority in the House of Commons.<o:p></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'>Tory MP Phillip Lee's defection to the Liberal Democrats lifted sterling to above $1.20 and €1.10.<o:p></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, the pound had touched its lowest level since October 2016 before recovering to erase the day's losses.<o:p></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'>Rebel Tories and Labour MPs want to pass a bill to stop the UK leaving the EU on 31 October without a 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'>No 10 has threatened a snap general election on 14 October if MPs succeed in seizing control of Commons business.<o:p></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'>Addressing Parliament on Tuesday afternoon, Mr Johnson that if they managed to block a no-deal exit, it would "destroy any chance of negotiating a new deal".--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'>Lego working with shops to avoid Brexit disruption<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 boss of Lego has said the toymaker is working with UK retailers to "make sure they have enough stock" this Christmas in case of a no-deal Brexit.<o:p></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'>Niels Christiansen said the Danish firm was not expecting problems but that he was "monitoring the situation" nonetheless.<o:p></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'>Prime Minister Boris Johnson has said he wants to take the UK out of the EU on 31 October, with or without a 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'>But some have warned this could cause chaos for British retailers.<o:p></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'>Potential risks include delays at ports and higher prices for imported goods caused by further falls in the pound - although others say the claims have been exaggerated.<o:p></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'>Lego imports its bricks into the UK from the Czech Republic, Denmark and Hungary, suggesting it could be at risk from new trade barriers.<o:p></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'>'Everything awesome' at Lego as sales rise<o:p></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 also raised wholesale prices by 5% in the UK in 2016 in response to the pound's devaluation after the Brexit referendum.<o:p></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 firm declined to comment on whether its Christmas pricing might be affected in the case of a no-deal scenario, but Mr Christiansen said the toymaker was unlikely to be "majorly affected" by no 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'>"We have been working with customers to make sure the flow of product won't be disrupted," he said, but declined to specify what those measures might be.<o:p></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'>Mr Christiansen made the comments after Lego announced a 4% rise in revenue for the first half of the year to 14.8bn Danish Krone (£1.8bn), although profits fell 16% as it reinvested in its business.<o:p></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 at a time when rival toymakers are struggling, the family-owned firm said it planned to open 160 new stores this year globally - 16 of them in 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'>Eighty of the shops will be in China, with the Danish firm on track to have 140 stores in the country by the end of 2019.<o:p></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'>Asked if he was concerned about a recent slowdown in China's economy, driven by Beijing's trade war with Washington, Mr Christiansen said he still saw the country as a growth market.<o:p></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 been helped by the fact that we produce our products around the world close to where the demand is, so for China we produce in Asia," 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'>"There are also many Chinese kids that don't know Lego and whose parents don't know Lego, so we see a real opportunity there."<o:p></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 this, the firm has come up against a wave of counterfeit Lego products in China which Mr Christiansen admitted had been challenging.<o:p></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'>Plastic waste<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>Copycat brands have even made their way to the UK, although Mr Christiansen said the Chinese authorities were getting tougher on the practice.<o:p></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 have been some court rulings in our favour in China, so we do see an element of progress."<o:p></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 dismantles '$30m fake Lego gang'<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>Lego has committed to use only sustainable materials in its core products and packaging by 2030 amid rising concerns about plastic waste.<o:p></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 last year it launched its first ever Lego products made from polyethylene, a type of plastic derived from sugar cane, to replace materials sourced from fossil fuels.<o:p></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 products only represent 1-2% of the total amount of plastic produced by Lego - leading some to question how committed the firm was to its 2030 goal.<o:p></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 Mr Christiansen stressed that Lego bricks were durable, not "single use" plastics and rarely thrown away. "Our bricks are sometimes kept for 40-60 years," 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'>Despite this, he said the firm was investing heavily in finding durable yet sustainable alternatives.<o:p></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 safety and durability of blocks is not trivial, and we are looking for the right materials."-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'><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'>Ryanair pilots vote for further strikes<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'>UK-based Ryanair pilots have voted for seven further days of strikes as part of a row over pay and conditions.<o:p></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 British Airline Pilots Association (Balpa) said it wanted to settle the dispute, but Ryanair has refused to seek conciliation.<o:p></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'>Pilots are currently on strike after also walking out from 22-23 August.<o:p></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'>Ryanair said the strikes were "pointless" as the industrial action had not resulted in any flight cancellations.<o:p></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 next rounds of strikes will be:<o:p></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'>18-19 September for 48 hours<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>21 September for 24 hours<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>23 September for 24 hours<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>25 September for 24 hours<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>27 September for 24 hours<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>29 September for 24 hours<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>Balpa said its members want the same kind of agreements that exist in other airlines on pensions, loss of licence insurance, maternity benefits, allowances and pay.<o:p></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'>"While this action has considerably disrupted Ryanair, forcing them to engage contractors and bring in foreign crews to run its operation, it has had limited impact on the public's travel plans," said Balpa's general secretary Brian Strutton.<o:p></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'>"Ryanair should stop dragging its feet and get back to the negotiating table."<o:p></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'>Ryanair said most of its pilots had flown during the strike action in August and early September.<o:p></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 latest Balpa strikes are pointless given that during five days of Balpa strikes [on] 22,23 August and 2,3,4 September all Ryanair flights to and from UK airports operated as scheduled - with zero cancellations - thanks to the efforts of over 95% of our UK pilots who flew as rostered and did not support these failed Balpa strikes.<o:p></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 again call on Balpa to return to talks as these failed strikes have not achieved anything."<o:p></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 August Ryanair said job losses were coming following a 21% fall in quarterly profits after higher costs for fuel and staff, and reduced ticket prices.<o:p></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'>On 31 July, Ryanair boss Michael O'Leary told staff in a video message the airline has 900 too many pilots and cabin crew members.<o:p></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 the two weakest markets are the UK, where there were Brexit uncertainties, and Germany, where Ryanair faced fierce competition on price.--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'><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'>UK 'at risk of slipping into recession'<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 UK is at risk of slipping into recession, according to a closely watched survey of industry managers.<o:p></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 dominant services sector grew only slightly in August, the purchasing managers' index (PMI) from IHS Markit/CIPS suggests.<o:p></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 lack of any meaningful growth... raises the likelihood that the UK economy is slipping into recession," said IHS economist Chris Williamson.<o:p></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 construction and manufacturing sectors also shrunk in August.<o:p></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 services sector accounts for 80% of the UK 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'>According to IHS' survey, the sector barely expanded in August, achieving a score of 50.6 - down from 51.4 in July. Anything above 50 marks growth, while a lower number indicates a contraction.<o:p></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 figure including manufacturing and construction was 49.7, the second contraction for the private sector in three 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'>IHS Markit said Brexit uncertainty and higher business costs were to blame.<o:p></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'>"While the current downturn remains only mild overall, the summer's malaise could intensify as we move into autumn," added Mr Williamson.<o:p></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'>UK economy shrinks for the first time since 2012<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>Factory output 'falls at fastest pace since 2012'<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana","sans-serif";color:#222222;mso-fareast-language:EN-ZW'>Between April and June the UK's economy contracted for the first time since 2012. A recession occurs when the economy contracts in two consecutive quarters.<o:p></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 IHS Markit, UK firms are hiring and taking on new clients at a slower pace as they try to gauge whether the government will quit the European Union without a deal at the end of October.<o:p></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'>Service-based firms, which include hotels, restaurants, banks and insurers, are also seeing profit margins squeezed by rising staff wages , fuel costs and utility bills, the survey found.<o:p></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'>'Pinch of salt'<o:p></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 measure also slipped into negative growth in 2016 following the Brexit referendum and in 2012, around the time of the European sovereign debt 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 numbers should be taken with a pinch of salt, said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.<o:p></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'>"PMIs are excessively influenced by business sentiment and have given a misleadingly weak steer during the past 12 months of heightened political uncertainty. Note too that they exclude the retail and government sectors, which still are growing," 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'><o:p> </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 expects a 0.4% gain for the economy in the July to September period, assuming a deal is struck with the EU ahead of the UK's departure.--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'>Cathay Pacific chair to retire amid HK protest row<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'>Cathay Pacific's chairman John Slosar is to retire from Hong Kong's flagship carrier after 39 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'>It comes weeks after the airline became embroiled in controversy over its response to pro-democracy protests in the territory.<o:p></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'>Two executives have quit over the affair so far, including former boss Rupert Hogg.<o:p></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'>Cathay told the BBC that Mr Slosar had considered retiring for "some 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'><o:p> </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 airline ran into trouble in early August, when Mr Hogg told staff the airline would not stop them from joining the demonstrations sweeping Hong Kong.<o:p></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'>However, a week later he changed his stance following intense pressure from the Chinese government and a consumer boycott on the mainland.<o:p></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'>Staff were told they could be fired if they "support or participate in illegal protests", and several were dismissed.<o:p></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 was not enough to stop Mr Hogg being forced to quit over the controversy several days later, along with chief commercial officer Paul Loo.<o:p></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 time, Mr Slosar said it was time to put "a new management team in place who can reset confidence". He added that "recent events" had put the airline's "reputation and brand under pressure".<o:p></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'>--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=MsoListParagraphCxSpLast 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></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=910 colspan=4 valign=top style='width:682.8pt;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=910 colspan=4 style='width:682.8pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><strong><span lang=EN-US style='font-family:"Verdana","sans-serif";color:#345883'>INVESTORS DIARY 2019</span></strong><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'><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:3.25pt'><td width=175 style='width:131.3pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'>Company</span></b><span lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p></o:p></span></p></td><td width=283 style='width:211.9pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'>Event</span></b><span lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p></o:p></span></p></td><td width=257 style='width:193.1pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'>Venue</span></b><span lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p></o:p></span></p></td><td width=195 valign=bottom style='width:146.5pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'>Date & Time</span></b><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:3.25pt'><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:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:.55in;line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=283 style='width:211.9pt;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='margin-left:.55in;line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS","sans-serif"'><o:p> </o:p></span></p></td><td width=257 style='width:193.1pt;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 lang=EN-US><o:p> </o:p></span></p></td><td width=195 valign=top style='width:146.5pt;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 lang=EN-US 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 lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;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%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=283 style='width:211.9pt;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%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS","sans-serif"'><o:p> </o:p></span></p></td><td width=257 style='width:193.1pt;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 lang=EN-US><o:p> </o:p></span></p></td><td width=195 valign=top style='width:146.5pt;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 lang=EN-US 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='margin-left:1.0in;text-indent:-1.0in;line-height:105%'><span lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=458 colspan=2 valign=top style='width:343.2pt;border:solid #BFBFBF 1.0pt;border-top:none;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'>Companies under Cautionary<o:p></o:p></span></b></p></td><td width=257 style='width:193.1pt;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=195 valign=bottom style='width:146.5pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=458 colspan=2 valign=top style='width:343.2pt;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=257 style='width:193.1pt;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=195 valign=bottom style='width:146.5pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=458 colspan=2 valign=top style='width:343.2pt;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'>Bindura Nickel Corporation<o:p></o:p></span></p></td><td width=257 style='width:193.1pt;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=195 valign=bottom style='width:146.5pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=458 colspan=2 valign=top style='width:343.2pt;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'>Padenga Holdings<o:p></o:p></span></p></td><td width=257 style='width:193.1pt;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=195 valign=bottom style='width:146.5pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=458 colspan=2 valign=top style='width:343.2pt;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'>Delta Corporation<o:p></o:p></span></p></td><td width=257 style='width:193.1pt;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=195 valign=bottom style='width:146.5pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=458 colspan=2 valign=top style='width:343.2pt;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'>Meikles Limited<o:p></o:p></span></p></td><td width=257 style='width:193.1pt;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=195 valign=bottom style='width:146.5pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></td></tr><tr style='height:99.35pt'><td width=910 colspan=4 style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;height:99.35pt'><p class=MsoBodyText align=center style='margin:0in;margin-bottom:.0001pt;text-align:center;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=791 height=269 id="Picture_x0020_1" src="cid:image004.jpg@01D563A0.72E0F400"></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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;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 lang=EN-US 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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;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 lang=EN-US 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 lang=EN-US 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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;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 lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif"'>(c) 2019 <b>Web</b>:</span><span lang=EN-US><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></span><b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif"'>Email:</span></b><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana","sans-serif"'> </span><span lang=EN-US><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><span lang=EN-US 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 lang=EN-US style='font-family:"Verdana","sans-serif"'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=bottom style='width:682.8pt;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 lang=EN-US 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 lang=EN-US 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><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p></div></body></html>