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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=916 style='width:687.2pt;border-collapse:collapse'><tr><td width=910 colspan=4 valign=top style='width:682.8pt;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='text-indent:33.35pt;line-height:106%'><span lang=EN-US><a href="https://bullszimbabwe.com/"><span lang=EN-ZW style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=246 height=120 id="Picture_x0020_4" src="cid:image001.png@01D735B4.F04FB560"></span></a></span><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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#002060'><o:p> </o:p></span></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.bullszimbabwe.com"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Bullszimbabwe.com </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;text-decoration:none'>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;text-decoration:none'> </span></b></span><span lang=EN-US><a href="https://bullszimbabwe.com/category/blogs/bullish-thoughts/"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>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;text-decoration:none'> </span></b></span><span lang=EN-US><a href="http://www.twitter.com/BullsBears2010"><b><span 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style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><span lang=EN-US><a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO"><b><span style='color:#70AD47;mso-fareast-language:EN-ZW;text-decoration:none'>WhatsApp</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='color:#70AD47;mso-fareast-language:EN-ZW;text-decoration:none'> </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;text-decoration:none'>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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 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::: 20 April 2021</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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm'><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:3.0pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='text-indent:33.35pt;line-height:105%'><span lang=EN-US><a href="https://www.nedbank.co.zw/"><span lang=EN-ZW style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=808 height=267 id="_x0000_i1031" src="cid:image002.jpg@01D735B4.F04FB560"></span></a><span class=style30><b><o:p></o:p></b></span></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.0pt'><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:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm;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:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoListParagraphCxSpFirst style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>Bank of England to consider digital money plan<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level1 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style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Car insurance sees biggest price drop in six years<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>Why Super League plan makes financial sense for top clubs<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span 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style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>Asian shares up on China gains but tech worries weigh<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>United Airlines loss bigger than feared on higher fuel costs, capacity slide<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>IBM quarterly sales growth highest in over two years on cloud strength<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>Google, Apple executives to testify in app store hearing on Wednesday<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>U.S. House of Representatives approves cannabis banking bill<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>Australia's Afterpay considers U.S. listing as 'buy now, pay later' takes off<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>Tanzania: Tigo Tanzania and Zantel Up for Sale<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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: Durban Port to Reclaim Its Place As the Best-Performing Port in Africa<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>Namibia: Stalled Rural Electrification Project Gets Green Light<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;text-indent:-18.0pt;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'>Gambia: Farato, Jambur Rejoice As Road Construction Set to Begin Earnest<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpLast style='mso-margin-top-alt:auto;margin-left:54.0pt;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></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;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:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><span lang=EN-US><a href="https://www.facebook.com/Hyundaizimbabwe/"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=713 height=238 id="_x0000_i1030" src="cid:image003.png@01D735B4.F04FB560"></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:0cm 0cm 0cm 0cm;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 rowspan=3 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 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'>Bank of England to consider digital money plan<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 Bank of England and the Treasury have announced they are setting up a taskforce to explore the possibility of a central bank digital currency.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The aim is to look at the risks and opportunities involved in creating a new kind of digital money.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Issued by the Bank for use by households and businesses, it would exist alongside cash and bank deposits, rather than replacing them.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 decision has been taken on whether to have such a currency 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'>However, the government and the Bank want to "engage widely with stakeholders" on the benefits and practicalities of doing so.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 taskforce will be jointly led by the Bank's deputy governor for financial stability, Sir Jon Cunliffe, and the Treasury's director general of financial services, Katharine Braddick.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Bank has previously said it is interested in a central bank digital currency (CBDC) because "this is a period of significant change in money and payments".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 use of cash in financial transactions has been steadily declining in recent years, while debit card payments have been on the rise. Use of credit cards and direct debits have also been increasing.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Bank also sees having its own digital currency as a way of "avoiding the risks of new forms of private money creation", including crypto-currencies such as Bitcoin.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 a CBDC were to be introduced, it would be denominated in pounds sterling, just like banknotes, so £10 of CBDC would always be worth the same as a £10 note," the Bank 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'>"CBDC is sometimes thought of as equivalent to a digital banknote, although in some respects it may have as much in common with a bank deposit.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Any CBDC would be introduced alongside - rather than replacing - cash and bank deposits."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Enter Britcoin. The Bank of England has been pontificating about digital currencies for some time. Now it and the Treasury will seriously look into establishing an alternative digital currency to be used by households and businesses. The flotation of Coinbase and the stellar performance this year of various crypto-assets such as Bitcoin and Ethereum is the backdrop.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 would basically be a digital version of sterling, backed by the Bank of England, that could change the payments system, the plumbing of the financial system. It would not be a Bitcoin-style speculative asset with wild fluctuations in value. But there will be limited appeal for the fans of crypto, who invest precisely because of their scepticism about central banks.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Instead, the revolutionary thing here could be the direct relationship that ordinary citizens might have with the central bank, which cannot go bust. It could yield simple, direct means of stimulating the economy and even applying negative rates. Central banks would in theory know when and where every e-cash transaction occurred. China is already ahead in its digital yuan experiments. Part of the rationale is to ensure that the UK remains at the forefront of financial innovation.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Most of the world's central banks are looking into the possibility of creating such a currency, but the only one already in existence is China's digital yuan, which is currently undergoing public testing.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Among the objectives of the UK taskforce is monitoring international developments, "to ensure the UK remains at the forefront of global innovation".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Bank also announced the creation of a CDBC engagement forum and a technology forum, as well as a CBDC unit within the Bank itself, overseen by Sir Jon.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 timetable was announced for the taskforce's operations.-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'>Tesco fined £7.56m for selling out-of-date food in Birmingham<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'>Tesco has been fined £7.56m for selling out-of-date food at three stores in Birmingham.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Offending items were found at two Tesco Express stores, in the city centre and Bournville, and a Tesco Metro in Bristol Road South.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 fine was handed down after Tesco Stores Ltd admitted 22 breaches of the Food Safety and Hygiene Regulations, which happened between 2016 and 2017.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Tesco said it took "immediate action" to rectify problems.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 grocery company was given the penalty at Birmingham Magistrates' Court on Monday and further ordered to pay prosecution costs of £95,500, the city council said.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The prosecution by its environmental health department came after complaints were received by the local authority about food being sold past its use-by date, triggering an investigation.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Food inspectors visited three of the company's city food retail premises. The Tesco Metro in Bristol Road South has since been re-branded under Tesco's discount chain, Jack's.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Date-checking for the firm is now externally approved by Hertfordshire County Council because the company's Welwyn Garden City head office is located in that local authority's area.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Latest news from the West Midlands<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A Tesco spokesman said: "We're disappointed that a small number of out-of-date products were found on sale in three stores in 2016/17.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 of our customers is always our priority and these incidents are not representative of the high standards of safety and quality we expect in Tesco stores.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 took immediate action to address this at the time and we want to reassure our customers that we have robust procedures in place to make sure that this doesn't happen."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 grocery company was also ordered to pay a £170 victim surcharge.--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'><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'>UK government intervenes in Nvidia takeover of chip designer Arm<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 government is to examine the sale of computer chip designer Arm Holdings to a US company on national security grounds.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Japan's SoftBank intended to sell the UK tech company to Nvidia for about $40bn (£29.5bn).<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 Digital Secretary Oliver Dowden said he wanted the UK's competition watchdog to assess its implications.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Following careful consideration of the proposed takeover, I have today issued an intervention notice," 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'>"As a next step and to help me gather the relevant information, the UK's independent competition authority will now prepare a report on the implications of the transaction, which will help inform any further decisions."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Arm's technology is at the heart of most smartphones and smart devices worldwide.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 there were concerns when the Cambridge-based designer - which licenses its tech to the likes of Apple, Samsung and Huawei - accepted the offer from Nvidia, a US graphics chip specialist.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 January, the Competition and Markets Authority (CMA) announced it was looking into the deal amid worries it could lead Arm to withdraw, raise prices or reduce the quality of its services to Nvidia's rivals.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 Dowden has now ordered it to begin a "phase one" investigation, which will decide whether a full "phase two" investigation is needed that could lead to the deal being blocked.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A spokesperson for Nvidia said: "We do not believe that this transaction poses any material national security issues.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 will continue to work closely with the British authorities, as we have done since the announcement of this 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'>'Premier computing company'<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Last year, more than 2,000 business leaders signed an open letter calling on the prime minister to stop the merger, saying UK jobs and influence could be lost.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nvidia has promised to keep Arm based in the UK, to hire more staff, and to retain its brand.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It said that the deal would create "the premier computing company for the age of artificial intelligence".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nvidia could face barriers from other regulators around the world.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>China, in particular, has already made clear that it is not happy about a deal which gives so much power to an American giant at a time when the US has sought to deny Chinese firms access to chip technology.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 CMA will have until 30 July to submit its findings to the digital secretary.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>When Arm was sold to Japan's SoftBank just after the 2016 EU referendum, the government celebrated the deal as a vote of confidence in the UK. Some had misgivings about what they saw as the jewel in the crown of 21st Century British technology falling into foreign hands, but guarantees that research and development would be strengthened in Cambridge seemed to allay ministers' concerns.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Then when SoftBank sold Arm on to the American chip giant Nvidia last year, there were even louder complaints from the likes of Hermann Hauser who had been instrumental in the founding of the company more than 30 years ago. But it seemed there was even less likelihood of an intervention - what business of the Competition and Markets Authority was a deal between a Japanese and an American company?<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>But much has changed since 2016. Arm being bought by Nvidia is, it appears, a national security concern now in a way that the Softbank deal was not. Why? Well the vital importance of the semiconductor industry has become clear in recent months, with chips at the centre of a US-China trade war and chip shortages halting production at car plants.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 has also been a major shift in the UK's attitude towards industrial policy. After three decades of a laissez-faire approach from both Conservative and Labour governments there's a new willingness to intervene - witness the move to spend taxpayers' money on a controlling stake in the failing satellite business OneWeb.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>With other governments and regulators around the world not convinced that Nvidia owning Arm will be good for competition in the chip industry, it is far from certain that this deal will go through.-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'>HSBC boss Noel Quinn scraps executive floor at London HQ<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'>Banking giant HSBC has confirmed that top managers in its Canary Wharf HQ have lost their offices and will have to hot-desk on an open-plan floor.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 as HSBC pursues plans to shrink its office space by 40% in a post-pandemic shake-up.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Boss Noel Quinn said the whole bank was embracing "hybrid working" and he would no longer come in five days a 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'>"My leadership team and I have moved to a fully open-plan floor with no designated desks," he said on Linkedin.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Up to now, senior managers have been based on the 42nd floor of the building in east London in their own private offices.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 in future, they will be jostling for workspaces two floors down, while their old offices have been transformed into client meeting rooms and other communal spaces.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 Quinn told the FT that the old arrangement had been "a waste of real estate", adding: "Our offices were empty half the time because we were travelling around the world."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In a separate post on LinkedIn he said that after more than a year working from home, being based in an open plan office would allow him to "reconnect with colleagues and friends [and] be able to speak to them informally".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>'Hybrid working'<o:p></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 added that most staff at the bank would be able to work part-time from home in future.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"A minority of roles can be done wholly remotely. We estimate, though, that most of our roles could be done in a hybrid way - and that includes myself and the executive team of the 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'>At the same time, HSBC is pushing ahead with one of the banking industry's most drastic responses to the pandemic, including cost-cutting plans that will reduce its workforce by about 35,000.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Other firms in the sector have announced plans to embrace hybrid working as employees signal their desire to commute less.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>One big UK employer, the Nationwide building society, has indicated that it does not intend to force people to return to the office if they have been successfully able to work from home during the pandemic.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It said about two-thirds of its 18,000 employees had been working from home for the past year.--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'>Car insurance sees biggest price drop in six years<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'>British motorists are facing the biggest drop in car insurance costs in almost six years, a price comparison website has 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'>Confused.com says the average cost of car insurance has fallen by £87 in 12 months due to lower risk of accidents.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 comes as average mileage dropped by 43% during the pandemic as driving habits changed.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 cost of insurance for men fell by £91, a 14% fall year-on-year, while female drivers are saving £82.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Confused.com's latest Car Insurance Price Index, in partnership with global insurance broker Willis Towers Watson, tracked six million insurance quotes during the first quarter of 2021.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 data showed motorists in the UK can now expect to pay an average of £538 on car insurance for the next year.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Yet if you've received your car insurance renewal in the last three months, you might have seen your insurance premium go up by an average of £45 - an amount derived from the insurance quotes tracked.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 price comparison site says this shows motorists are likely to pay more if they opt to stick with their current insurer.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Consumer group Which? says that while it is good news that prices are coming down, this doesn't necessarily mean that you are guaranteed to get a price reduction on your car insurance quote.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 reduction in premiums is clearly a reflection in quite a radical change in driver behaviour, and people being on the road less as a result of the pandemic, but in order for consumers to get the best deal on their car insurance, they should spend time on price comparison sites," said Which?'s head of money Gareth Shaw.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 added that the quote an insurer gives you depends on a set of personalised circumstances, including the type of car you drive, where you live, your driving history, your no-claims bonuses, the technology that might be in your car, the age of your car, or even your relationship 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'>"It might be an option but it really depends on where you are in your contract and whether it's cost effective to switch," said Mr Shaw.-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'>Why Super League plan makes financial sense for top clubs<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'>image captionAvram Glazer, Joel Glazer and Bryan Glazer, pictured, are part of the family that owns a majority stake in Manchester United, although Avram sold some of his shares in March<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Sports fans love a bit of jeopardy - a nail biting contest which can end in glory or defeat. But business owners generally hate all of that.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Owners and business managers of football clubs have a peculiar problem.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>As one former chief executive of a Premier League club told me: "I won't know till the last day of the season if my budget for next year is going to be £170m or £70m."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 is not only almost impossible to manage, it has another very important consequence. Businesses with steady revenues are worth a lot more than ones with erratic earnings.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 business terms it's known as getting a higher "multiple" - volatile businesses are worth as little as five times average annual earnings, whereas steady ones are worth up to 20 times or more.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Giants v minnows<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This is what the European Super League is all about - making the clubs involved worth more by eliminating the jeopardy of being relegated or missing out on Champions League qualification.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Proposed Super League teams<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This is the moment many football team owners have been waiting for - particularly the American owners of Liverpool, Manchester United and Arsenal - who know for themselves how much more stable and therefore valuable are the earnings of American sports teams.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 backers of the Super League say that the existing Champions League was a poor product - too many meaningless one sided games between minnows and giants of European football before it got interesting.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Q&A: What is the new Super League?<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>'Big six' agree to join 'Super League'<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>They also argue that a more stable financial top to the football pyramid is needed to ensure the cascade or trickle down to the smaller clubs that they promise will increase as a result of this.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 many sports fans would argue the prospect of a romantic giant killing in Real Madrid's Bernabeau stadium or Old Trafford is an essential part of the game - while regular meetings between the great clubs normalise and make humdrum what was once an exotic and rare event.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 backers have told the BBC this is not another extreme form of negotiation to make Uefa cave to the big clubs' long-standing demands for more control of the world's most prestigious club event - "this is really happening, it's on, even if Uefa backs down".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 net financial debts of the top Premier League teams<o:p></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 it does it will have far reaching implications for the existing leagues around Europe.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Finishing in the top four of the Premier League is the biggest prize in English football. The six teams joining the Super League have realised that six doesn't go into four - two miss out every year.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>'Cynical'<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Not any more. An insider at the Super League admitted that the plan will seriously dilute the value of the Premier League as a product - the race which is one of its key attractions will be meaningless.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 down this road before and the former Premier League chief executive suggested that the pandemic had provided a window of opportunity for a very radical proposal that would not have a chance of succeeding in normal times.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>revenues of S. League teams<o:p></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 is a cynical opportunism to this," he said. "They realise that things are chaotic right now and that in many ways - anything goes."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 he added: "Football is about two groups of people. Players and fans. You upset them at your peril.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 fans decide to boycott the matches, that will be a financial disaster, and if Fifa threatens to ban participating players from representing their country in the World Cup - they won't go for 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'>If you like jeopardy, the stakes don't get much higher than this.--BBC<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'><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'>London Capital and Finance: Treasury expects £120m compensation bill<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 government is expecting to pay £120m to bondholders of the failed investment scheme London Capital and Finance (LCF).<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>LCF collapsed into administration in January 2019, leaving millions of pounds in losses for investors.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 government's compensation is expected to be paid to about 8,800 people who have not qualified for other payouts.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 City regulator was heavily criticised for its role in the saga.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Legislation needed<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>An independent report published in December said the Financial Conduct Authority failed to "effectively supervise and regulate" LCF.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Bank of England governor Andrew Bailey, who was running the FCA during that period, apologised to those who lost life savings.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Some 11,625 people invested a total of £237m with LCF before it collapsed.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Now the Economic Secretary to the Treasury, John Glen, has announced a scheme which would help the investors in LCF who did not qualify for help from the Financial Services Compensation Scheme.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Investors will be given back 80% of the money that they lost when LCF went into administration, capped at £68,000.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The amount they are allowed to take will be reduced if they have been given interest payouts from LCF or money from the company's administrators.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 Treasury said the money would be paid "within six months of securing the necessary primary legislation, which it will bring forward as soon as parliamentary time allows".--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'>Facebook: Our staff can carry on working from home after Covid<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'>Facebook says its employees can continue working from home, even as other tech giants appear to be going off the idea.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 social media company told the BBC it thinks remote work is "the future".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>People in eligible roles at Facebook can apply for permanent remote working, subject to approval from 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'>Silicon Valley executives were quick to endorse the shift to remote work last year, with some indicating it could continue even after the pandemic.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Last May, Facebook boss Mark Zuckerberg predicted 50% of the company's employees could be working remotely within the next five to ten 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'>Twitter's Jack Dorsey made headlines at the same time, when he announced his employees "can now work from home forever".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 as the months have passed, some of the drawbacks have emerged.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 a conference in October, Microsoft chief executive Satya Nadella said the lack of division between private life and work life meant "it sometimes feels like you are sleeping at work".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Last month, Google announced it was bringing forward its timetable of moving people back into the office.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>People 'thrived' at home<o:p></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 coronavirus crisis prompted a rapid shift away from office working to home working.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Now, as firms look beyond the pandemic, many are deciding whether to bring employees back to offices or allow them to stay at home.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Brynn Harrington, who is Facebook's vice president of People Growth, says some workers have been "really thriving" at home and will be keen to continue doing so.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 example, parents who are closer to their children and are happy to cut their commute time and optimise their work day, they're thrilled to work from home," she 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'>Is Big Tech going off remote working?<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Goldmans backs office life with new Birmingham hub<o:p></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 she admits it has not been easy for everyone.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Obviously this is working from home during a pandemic, we are not in a period of healthy remote work," she 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'>"We have people juggling care giving responsibilities, we have people living in small apartments with roommates, those people desperately want to get back into offices, and we're working really hard to do that, as soon as it's safe to open our offices."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Facebook plans to start reopening its Silicon Valley offices at the beginning of May, after more than a year of working from home during the pandemic.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Its largest offices won't reach 50% capacity until September at the earliest.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Pay rates<o:p></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 social media giant insists the shift to remote work is not about saving costs. But it has also hinted that remote workers might receive lower pay, depending on where they choose to live and work.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 pay based on the local cost of labour in a market," Ms Harrington said. "So there will be variability in terms of pay for remote workers, based on where they work."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Facebook's approach is at odds with many other firms, which have expressed a desire to have their workers return to the office.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 boss of Goldman Sachs rejected remote working as the "new normal", labelling it an "aberration".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us," David Solomon said in February.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 February, Jes Staley, chief executive of Barclays bank, said that working from home was "not sustainable".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Other big companies have plans to test so-called hybrid work arrangements, where employees split their time between home and office.--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'>Asian shares up on China gains but tech worries weigh<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'>Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 0.2%, swinging into positive territory after Chinese blue chips (.CSI300) rose 0.13%. South Korea (.KS11) gained 0.4%.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Elsewhere, Japan's Nikkei (.N225) dropped 1.84%, as the country continues to grapple with a resurgence in COVID cases. Australia (.AXJO) slipped 0.33%.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Hong Kong (.HSI) fell 0.11% although Chinese food delivery giant Meituan's (3690.HK) shares rose 1.59% after the company said it had raised a huge $9.98 billion through an equity and convertible bond sale.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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, major Wall Street indexes drew back from record highs hit list week, with a big drag from Tesla Inc (TSLA.O).<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 electric-car maker slid 3.4% after a Tesla vehicle believed to be operating without anyone in the driver's seat crashed into a tree on Saturday north of Houston, killing two occupants. read more<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 morning in Asia looks like a continuation of what we saw last night, where tech stocks got hit in the U.S.," said Mick McCarthy, Chief Markets Strategist, CMC Markets.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>McCarthy said that the falls in Japan were striking given the yen strength caused by the falling dollar, which would normally be supportive for Japanese stocks, adding he thought this would change one way or the other later in the day.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 tech-heavy Nasdaq (.IXIC) was the biggest mover, falling 0.98%, while the Dow Jones Industrial Average (.DJI) declined 0.36%, and the S&P 500 (.SPX) 0.53%.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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, e-mini futures for the S&P 500 rose 0.13%, suggesting markets could bounce back later in the day.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In currency markets, the dollar continued its recent weakness, falling further from six week lows it hit on Monday.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"In our view, USD can remain heavy this week as focus shifts from U.S. economic outperformance to the improving global economic outlook more broadly," wrote analysts at CBA in a research note.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 Asian trade, the dollar dropped 0.08% against the yen, while the Australian dollar gained 0.14% and the Euro gained 0.07% on the dollar respectively.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 yield on benchmark 10-year Treasury notes rose to 1.6029% compared with its U.S. close of 1.599%.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Oil prices continued to rise. U.S. crude ticked up 0.19% to $63.50 a barrel, and Brent crude rose to $67.2 per barrel.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Our Standards: The Thomson Reuters Trust Principles.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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'>United Airlines loss bigger than feared on higher fuel costs, capacity slide<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'>United Airlines (UAL.O) on Monday reported a bigger-than-expected $2.4 billion adjusted net loss for the first quarter, as fuel costs rose and the airline operated fewer flights amid continued weak demand due to the COVID-19 pandemic.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Average fuel cost climbed nearly 30% to $1.74 per gallon in the quarter from the previous three months, while passenger traffic fell 52% compared to the same period in 2020. The World Health Organization did not declare COVID-19 a pandemic until near the end of the first quarter in 2020.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>United Airlines said it expects fuel costs to rise by another 5% in the second quarter.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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, however, forecast a return to profitability later this year and said it expects to restore some capacity cuts as more people are willing to travel.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Capacity should reach 45% of 2019's level in the second quarter from 2019, United 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'>United's adjusted net loss was about $2.40 billion for the first quarter, compared with analysts' average estimate for a loss of about $2.23 billion, according to IBES data from Refinitiv.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>United Airlines CEO Scott Kirby said in a statement the airline now sees "a clear path to profitability."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>United shares fell 1.8% in aftermarket trading.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Rival Delta Air (DAL.N) too had pointed to higher fuel costs in part for its quarterly loss and pinned its hope on profitability later in 2021 as rapid COVID-19 vaccinations are expected to boost air travel.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>United said earlier on Monday that it was adding three flights to Croatia, Greece and Iceland, which are among countries reopening for vaccinated travelers.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 Chicago-based carrier expects its adjusted earnings before interest, taxes, depreciation and amortization to turn positive later this year even if business and long-haul international demand remains 70% below 2019 levels.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>United forecast its second-quarter total unit revenue, which compares sales to flight capacity, to fall 20% compared with the same period in 2019. That would be less than the 27% drop in the first quarter.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company expects core cash flow to remain positive for the rest of 2021 after it turned positive in March.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Total revenue fell 66% to $3.2 billion in the quarter, compared with the same period in 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'>Our Standards: The Thomson Reuters Trust Principles.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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'>IBM quarterly sales growth highest in over two years on cloud strength<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'>International Business Machines Corp (IBM.N) recorded highest quarterly sales growth in more two years and beat Wall Street targets on Monday, boosted by its bets in the high-margin cloud computing 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'>Shares of the Dow component, which have gained nearly 6% so far this year, were up more than 3% in extended trading.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Finance chief James Kavanaugh said cloud spending by clients in retail, manufacturing and travel industries in the United States was picking up after the initial pandemic-driven slump.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Sales from its cloud computing services jumped 21% to $6.5 billion in the quarter. The 109-year-old firm is preparing to split itself into two public companies, with the namesake firm narrowing its focus on the so-called hybrid cloud, where it sees a $1 trillion market opportunity.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Big Blue recorded a sales decline in global technology services, its largest unit, but that was largely offset by a rise in revenue in the remaining three units, including a surprise growth in the business that hosts mainframe computers.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mainframe saw strong traction from the financial services industry, where its banking clients shopped for more capacity as trading volumes soared during the retail trading frenzy, CFO Kavanaugh 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'>"I am glad to see that strategic projects, which are IBM's bread and butter, are coming back," said Patrick Moorhead, analysts at Moor Insights & Strategy, adding that systems and global business services growth was a surprise.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"This is a good start to the year for the company who is all-in on the cloud."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Total revenue rose nearly 1% to $17.73 billion in the quarter, beating analysts' average estimate of $17.35 billion, according to IBES data from Refinitiv.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Net income fell to $955 million, or $1.06 per share, in the quarter ended March 31, from $1.18 billion, or $1.31 per share, a year earlier.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Excluding items, the company earned $1.77 per share, beating market expectation of $1.63.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Our Standards: The Thomson Reuters Trust Principles.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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'>Google, Apple executives to testify in app store hearing on Wednesday<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'>Senior executives with Alphabet’s (GOOGL.O) Google and Apple (AAPL.O) will testify on Wednesday about antitrust concerns related to their app stores along with executives of three companies which rely on those online stores, the leaders of the Senate Judiciary Committee’s antitrust panel said on Monday.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The hearing will include Google Government Affairs Senior Director Wilson White and Apple's Chief Compliance Officer Kyle Andeer as well as Spotify's Chief Legal Officer Horacio Gutierrez, Match Group's Chief Legal Officer Jared Sine and Kirsten Daru, general counsel for Tile.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 witness list was announced by Senators Amy Klobuchar, chair of the antitrust panel, and Mike Lee, its top Republican.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Music streaming service Spotify and dating app Match have been critical of both tech giants' app stores, while Tile, whose app helps people find objects, has focused on Apple.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>App makers have long complained that mandatory revenue sharing payments and strict inclusion rules set by Apple's App Store for iPhones and iPads, along with Google's Play store for Android devices, amount to anticompetitive behavior.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 four tech giants -- Apple, Amazon, Facebook and Google -- have come under tough scrutiny for more than a year because of such varied concerns as privacy breaches, allegations of hate speech and stifling conservative voices and violations of antitrust 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'>Our Standards: The Thomson Reuters Trust Principles.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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'>U.S. House of Representatives approves cannabis banking bill<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 U.S. House of Representatives on Monday passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to development of a national industry.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Lawmakers voted 321-101 to approve the bill and send it to the Senate.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Banks have generally been unwilling to do business with companies that sell marijuana or related products, fearing they could run afoul of federal laws.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 has left companies in the marijuana industry with few options, including relying on just a handful of small financial institutions or doing business in cash.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 American Bankers Association has lobbied aggressively for the "SAFE Banking Act" bill.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Banks find themselves in a difficult situation due to the conflict between state and federal law, with local communities encouraging them to bank cannabis businesses and federal law prohibiting it," the group wrote in a letter to lawmakers on Monday. "Congress must act to resolve this conflict."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Thirty-six states have legalized medical cannabis while 17 states now allow adult use, according to the National Conference of State Legislatures.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Senate Majority Leader Chuck Schumer, in an early-April interview with Politico, said he would try to advance legislation legalizing marijuana use for adults. Asked about the SAFE Banking Act, he said he would like to see such a bill move forward as part of a more comprehensive measure - even if President Joe Biden was not supportive.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Our Standards: The Thomson Reuters Trust Principles.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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'>Australia's Afterpay considers U.S. listing as 'buy now, pay later' takes off<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'>Australian buy-now-pay-later company Afterpay (APT.AX) said on Tuesday it is exploring a U.S. listing after North America became its biggest market, offering global investors an easier path to owning a stock that has boomed through the pandemic.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Afterpay has tapped Goldman Sachs to advise on the listing, two sources with direct knowledge of the matter told Reuters. Goldman declined to comment.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Melbourne-based firm was last valued at nearly A$37 billion ($28.7 billion) despite never having posted a profit, thanks to the coronavirus-driven surge in online shopping and rapid expansion in overseas markets including the United States.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Releasing its third-quarter results on Tuesday, Afterpay said North America sales had nearly tripled, overtaking Australia and helping to double the total value of transactions it processed to A$5.2 billion compared with a year earlier.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A U.S. listing would likely further open up the Australian fintech star to an investor base that lends greater weight toward growth, and also potentially provide easier access to capital to fund expansion plans.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Afterpay co-CEO Nick Molnar, who co-founded the company in 2015, told Reuters it was a "proud Australian-headquartered organisation" but a U.S. listing could provide "attractive opportunities".<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 prioritisation on exploring a U.S. listing is purely around does it provide the business more operating leverage from the perspective of being present in the market that is now the greatest contributing segment ... and provide us the right investor base," 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'>Afterpay said in a statement it planned to remain headquartered in Australia, but did not specify if a U.S. market debut would be based on a dual-listing structure or result in it giving up its Australian berth. It also did not give a timeframe.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 North America Afterpay is pitted against Affirm (AFRM.O), Zip Co's (Z1P.AX) Quadpay, new entrant PayPal (PYPL.O) and Sweden's Klarna, which is valued at $31 billion and looking at a direct listing in the United States. read more<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Affirm's $17 billion valuation was based on 4.5 million shoppers while Afterpay had 14.6 million, implying a valuation over $47 billion, said Emanuel Datt, founder of Datt Capital which bought Afterpay shares around A$7.00 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'>"U.S. investors are generally willing to pay a higher multiple for a growth business like Afterpay. That is related to the deeper pools of capital that are available ... relative to Australia," Datt 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'>Shares of Afterpay were trading flat at A$126.17 by midsession on Tuesday, compared to a slight dip in the broader market (.AXJO). The stock is up more than 200% since its pre-pandemic high in Feb 2020.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Afterpay's growth has slowed in Australia and this year it will likely face margin pressure as the country's biggest bank (CBA.AX) and PayPal launch BNPL offerings with a promise of lower fees. read more<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company last month launched in parts of mainland Europe and plans to move into Asia. Its self-branded savings accounts linked to Westpac Banking Corp (WBC.AX) are expected to go live later this year.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>($1 = 1.2845 Australian dollars)<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Our Standards: The Thomson Reuters Trust Principles.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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'>Tanzania: Tigo Tanzania and Zantel Up for Sale<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'>Dar es Salaam — Millicom International Cellular S.A. (Millicom) is selling its Tanzanian subsidiaries (Tigo and Zantel), the company announced on Monday, 19 April 2021.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 telecom firm, which is listed on Nasdaq (New York City) and Stockholm (Sweden) stock markets, said in the statement that it has already signed an agreement for the sale of its entire operations in Tanzania to a consortium led by Axian Group of Madagascar.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 sale is part of Millicom's strategy to exit Africa and focus on Latin America.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 sale of the Tanzania business is in line with Millicom's strategy to focus on providing fixed and mobile services in Latin America after investing in the development of the telecommunications industry in Africa for more than 25 years," the statement 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'>With a total of 13 million subscribers as of December 2020, Tigo held a 25 percent subscription share in a market where seven operators have issued about 51 million subscriber identification module (Sim) cards.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company was behind market leader Vodacom, which had issued 15.6 million subscriptions (31 percent), and Airtel, which had 13.8 million (27 percent).<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Zantel had one million subscribers, representing a market share of only two percent.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Tigo was, however, ahead of Airtel in terms of mobile money subscription whereby as of December, the former had nine million subscribers, representing 28 percent of the market share, while the latter had 6.5 million, equivalent to 20 percent slice of a total of 32 million subscribers.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Axian, an Antananarivo-based pan-African group, was part of the consortium that snapped up Millicom's operations in Senegal 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'>"We knew that asset for a while because Tanzania has huge potential," Hassanein Hiridjee, the CEO of Axian, is quoted saying by the Financial Times. "When we found that Millicom was divesting from Africa we said: 'we must go there, we must'."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>With $366 million in revenues last year, Tanzania represents a meagre six per cent of Millicom's total revenue, Financial Times reported on Monday.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Africa, the Miami-based company told Financial Times, had historically generated lower returns than Latin America, where it has very profitable operations, especially in Guatemala, El Salvador, and Panama.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Millicom, via its Tigo brand, accounts for more than 52 million mobile subscribers across 11 countries in Latin America and 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'>Yet, over the past four years, it has sold its operations in the Democratic Republic of Congo, Rwanda, Senegal, and Chad. On Friday, it agreed to transfer its stake in AirtelTigo to the government of Ghana -- where it had a joint venture with India's Airtel -- taking on a $25 million charge.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Now, the selling of Tigo in Tanzania means the emerging market telecoms will be fully exiting Africa this year.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Millicom is a Latin American-focused telecom company with 95 per cent of our revenues coming from that region. With the announcement today of the divestiture of our remaining African businesses we draw a close on a chapter in our history and open another solely focused on the Latin American region," Mauricio Ramos, the CEO of Millicom, told the Financial Times.- Citizen.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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: Durban Port to Reclaim Its Place As the Best-Performing Port in Africa<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'>President Cyril Ramaphosa says through both operational improvements and structural reforms, the Durban Port will reclaim its place as the best-performing port in 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'>"As part of our Reconstruction and Recovery Plan, we will continue to work tirelessly to expand infrastructure investment and transform our network industries," President Ramaphosa said after his recent visit at the Durban Port.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 his weekly Newsletter, President Ramaphosa said if the port does not function efficiently, the entire economy suffers, from importers and exporters to consumers.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> <o:p></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 other hand, if the port works well it can drive economic growth and position our country as a gateway to the region and the continent," 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'>When he visited Durban in October 2019, many local businesses and port users raised concerns about the performance of the Durban Port.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Shipping companies in particular expressed concern about truck congestion and waiting times, ship berthing delays and anchorage times, poor maintenance of equipment and generally low productivity in the port," the President 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 has been great progress over the past year in turning around the performance of the port despite the impact of COVID-19.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 efforts are already showing results in improved maintenance of equipment, reduced congestion, quicker turnaround times and increased use of rail instead of road transport.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Truck turnaround times have greatly improved. Similarly, the reliability of cargo handling equipment has improved to 80%, and is heading towards at least 95% to meet international benchmarks. Ship waiting times have reduced to impressive levels.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> <o:p></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 is important progress, there is still much work to be done to position Durban as a world-class port and as a hub port for the Southern Hemisphere," President Ramaphosa 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'>During his visit at the Port, the President clarified matters relating to fears raised by SATU about the privatisation of the Port and stated that Transnet is not going to be privatised but partnerships are going to be forged to create more jobs.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 aim of the visit was to ensure that commitments made following the President's meeting with port users and stakeholders in October 2019, have been implemented.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A multi-party work team has been established, together with port users, to address key issues related to port performance.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 progress is a reflection of the hard work that is being done to reposition the port, there is still much work remaining to ensure the port system serves the needs of the economy and promotes growth.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The new management of Transnet and its operating divisions are focused on improving operational performance, increasing investment in port and rail infrastructure and ensuring adequate maintenance of equipment.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 Department of Public Enterprises and the Department of Transport, with support from Operation Vulindlela, are working to implement structural reforms that will modernise and increase investment in the transport sector.-SAnews.gov.za.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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'>Namibia: Stalled Rural Electrification Project Gets Green Light<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'>Ncumushi — The Ncumushi village electrification project that was stalled due to a dispute between a contractor and crop field owner has been given the green light to go ahead.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 field owner and the community gave the go-ahead on Wednesday after the intervention of the Shambyu Traditional Authority and Kavango East governor Bonifatius Wakudumo.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Vitumbo Tjimbamba refused that the contractor erects four electrical poles in his field, while some villagers thought that the power line should run parallel to the nearby gravel road, which is about 15km long.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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, going through some crop fields will cut the distance of the powerline by about five kilometres.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 electrical line will be developed on a 10km stretch from Baramasoni to Ncumushi village and will electrify a school and a borehole in the Mashare constituency.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>During the community meeting, some villagers claimed they were not informed of the project, but the contracting company, Together Electrical Services said it informed the headwoman's right-hand man Mathews Munuma, as headwoman Veronica Nekendu was receiving medical attention out of town at the 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 governor urged villagers not to stand in the way of development, as it is a government project intended to develop their area.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Development comes to people and if the project has negatively affected you to an extent of you giving up your piece of land, government has a way of compensating you so you can move appropriately. In this case, four poles won't hinder you from cultivating your crop field," Wakudumo noted.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 governor expressed happiness that the parties managed to iron out the problem but informed them that more than two months have now been lost on the project.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 contractor was supposed to start on 1 February and then the conflict started. He stopped and went to do other projects and now he can only come back to the site after two weeks," noted Wakudumo.-New Era.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='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'>Gambia: Farato, Jambur Rejoice As Road Construction Set to Begin Earnest<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'>Inhabitants of Farato and Jambur are rejoicing as the government over the weekend laid the foundation stone for the construction of 5.6 kilometer Farato-Jambur Highway.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Hage Group is the company to construct the road with officials saying it is expected to be completed in 12 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'>Residents of the area who graced the foundation laying described the event as a major breakthrough for the government, given the fact that the road was a no-go-area especially during the raining season.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mod Ceesay, permanent secretary at Ministry of Works and Infrastructure, underscored the importance of the road to the communities while reaffirming that the government of The Gambia under the leadership of President Adama Barrow is ensuring that all major roads in the country are constructed.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Infrastructural development, he said, is among the top priorities of President Barrow and it is center stage of the country's National Development Plan (NDP).<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 road, P.S Ceesay added, would be reconstructed and upgraded with a view to meeting the required standards. He said: "Looking at the context of the road within the Greater Banjul Area (GBA), given the fact that it's linking from the primary network from the Brikama-Serrekunda Highway and linking it from the Sukuta-Jambanjelly Highway, it's a very good diversion in terms of traffic management. Therefore, the road is very significant in terms of network linkage."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 road is also important because it's connecting the community of Kombo South and the villages around those areas bearing in mind that Kombo South, in particular places like Farato, Jambur until recently when they want to go for shopping at the Serrekunda market or Banjul, it takes them a long time particularly during the raining season."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"A travel distance that should not be more than 45 minutes takes them 4 to 5 hours as if you are going to Basse. This is because they don't have good roads in order to access the main highway."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>P.S Ceesay added: "There's an important pillar in the NDP which focuses on infrastructural development. It's obviously clear that good infrastructural development helps build the foundation for economic development. In the absence of a good transportation network it would be difficult for us to achieve nation building. And that's why the government of the day gives much attention to addressing the plight of Gambians in the area of road network."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Without a good road network, he said, we can't have access to our agricultural activities and our goods and services. "The political will of the government is already there and I am quite optimistic that more roads in the country will be constructed in the coming 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'>"We are putting together three different sections in one lode. Hopefully, we will complete this road before we move to other projects. There's plan to construct Brufut-Gamtel to Tujereng and the Garba Jahumpha road in Bakau New Town."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 are also appealing to the communities of the area where we are intervening to provide the much needed support to the contractors on the ground. They need to be patient because during the construction they would be facing some difficulties; ranging from traffic congestion among others."<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 road has been a nightmare for the communities for quite a while now. This is the kind of government that Gambians are yearning for. A government that addresses the needs of its people," Governor Lamin Sanneh said, while urging the community of the area and the country at large to redouble their unflinching support to President Barrow.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </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 chairman of Brikama Area Council (BAC), Sheriffo Sonko dwelled on the importance of the project, saying after the completion of the road, it will boost the economic activities of the area.<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Notorious "burglar" arrested over D6.5M<o:p></o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoListParagraphCxSpMiddle style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Gambia secures more funds for covid-19 vaccines-The Point.<o:p></o:p></span></p><p class=MsoListParagraphCxSpLast style='background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> </span><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;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=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;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=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;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:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:106%;background:white'><i><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><b><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: </span><span lang=EN-US><a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>+263 77 344 1674</span></a></span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: </span><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com</span></a></span><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: </span><span lang=EN-US><a href="https://bullszimbabwe.com/category/blogs/bullish-thoughts/" target="_blank"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com/blog</span></a></span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: </span><span lang=EN-US><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears </span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:33.35pt;line-height:106%'><span lang=EN-US><img border=0 width=278 height=111 id="_x0000_i1028" src="cid:image004.png@01D735B4.F04FB560"><!--[if gte mso 9]><xml>
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</xml><![endif]--></span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;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:0cm 0cm 0cm 0cm;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:0cm 5.4pt 0cm 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 2021</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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 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=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm;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:0cm 5.4pt 0cm 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=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;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:0cm 5.4pt 0cm 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=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>Independence Day<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>18/04/21<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;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:0cm 5.4pt 0cm 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=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>Public Holiday in lieu of Independence Day falling on a Sunday<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>19/04/21<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;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:0cm 5.4pt 0cm 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=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>Workers Day<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>01/05/21<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;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:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US>FCB<o:p></o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>AGM <o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US>virtual<o:p></o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>06/05/21 : 3pm<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;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:0cm 5.4pt 0cm 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=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>Africa Day<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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'>25/05/21<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;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:0cm 5.4pt 0cm 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=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;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=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;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'>Companies under Cautionary<o:p></o:p></span></b></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;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'><o:p> </o:p></span></b></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;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'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;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=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US 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:0cm 0cm 0cm 0cm;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=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>ART<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>PPC<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Dairibord<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;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=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Starafrica<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Fidelity<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Turnall<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;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=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Medtech<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Zimre<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Nampak Zimbabwe<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;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=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US 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:0cm 0cm 0cm 0cm;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:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoBodyText align=center style='margin:0cm;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=804 height=272 id="Picture_x0020_1" src="cid:image005.jpg@01D735B4.F04FB560"></span></a></span><span lang=EN-US 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:0cm 0cm 0cm 0cm;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:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 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) 2021 <b>Web</b>:</span><span lang=EN-US><a href="http://www.bullszimbabwe.com"><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'> www.bullszimbabwe.com </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:0cm 0cm 0cm 0cm'><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:0cm 5.4pt 0cm 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:0cm 0cm 0cm 0cm'><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><o:p> </o:p></p></div></body></html>