Major International Business Headlines Brief::: 08 March 2022

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Major International Business Headlines Brief::: 08 March 2022 

 


 

 


 <https://www.nedbank.co.zw/> 

 


 

 


ü  War in Ukraine: Russia says it may cut gas supplies if oil ban goes ahead

ü  War in Ukraine: Crisis is unleashing 'hell on earth' for food prices

ü  War in Ukraine: World Bank approves $723m financial package

ü  McDonald's and Coca-Cola boycott calls grow over Russia

ü  Explainer: How sanctions against Russia are battering the global aviation
industry

ü  Britain to start approval process for Rolls-Royce mini nuclear reactor

ü  Russian rouble sinks in offshore trade as bids evaporate

ü  Biden to order studies on regulating, issuing cryptocurrency -source

ü  Oil twitchy after coming off 14-year highs, focus on US ban on Russian
oil

ü  OPEC meets with U.S. shale executives as oil prices skyrocket

ü  Africa: Women Entrepreneurs Can't Get Access to Capital ... Unless Other
Women Are Managing It

ü  Tanzania: Chinese Heavy Duty Truck Group Eyes Car Assembly Plant in
Tanzania

ü  Tanzania: Airtel Doubles Voice Packs, Extends Validity

ü  Tanzania: Dar es Salaam Stock Exchange Monthly Turnover Rises By 13 Per
Cent

ü  Tanzania: Mpwapwa Deploys Extension Officers to Improve Sorghum Farming

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

War in Ukraine: Russia says it may cut gas supplies if oil ban goes ahead

Russia has said it may close its main gas pipeline to Germany if the West
goes ahead with a ban on Russian oil.

 

Deputy Prime Minister Alexander Novak said a "rejection of Russian oil would
lead to catastrophic consequences for the global market", causing prices to
more than double to $300 a barrel.

 

The US has been exploring a potential ban with allies as a way of punishing
Russia for its invasion of Ukraine.

 

But Germany and the Netherlands rejected the plan on Monday.

 

The EU gets about 40% of its gas and 30% of its oil from Russia, and has no
easy substitutes if supplies are disrupted.

 

In an address on Russian state television, Mr Novak said it would be
"impossible to quickly find a replacement for Russian oil on the European
market".

 

"It will take years, and it will still be much more expensive for European
consumers. Ultimately, they will be hurt the worst by this outcome," he
said.

 

Pointing to Germany's decision last month to freeze certification of Nord
Stream 2, a new gas pipeline connecting the two countries, he added that an
oil embargo could prompt retaliation.

 

"We have every right to take a matching decision and impose an embargo on
gas pumping through the [existing] Nord Stream 1 gas pipeline," he said.

 

Russia is the world's top producer of natural gas and second top producer of
crude oil, and any move to sanction its energy industry would badly damage
its own economy.

 

Ukraine has implored the West to adopt such a ban, but there are concerns it
would send prices soaring. Investor fears of an embargo drove Brent crude
oil to $139 (£106) a barrel at one point on Monday - its highest level for
almost 14 years.

 

Average UK petrol prices also hit fresh record of 155p a litre.

 

Brent crude - the global oil benchmark - rose by 3.7% to more than $127 a
barrel in Asia trade on Tuesday.

 

Quoting unnamed sources, Reuters news agency reported that the US might be
willing to move ahead with an embargo without its allies, although it only
gets about 3% of its oil from Russia.

 

However, on Monday, German Chancellor Olaf Scholz dismissed the idea of a
wider ban, saying Europe had "deliberately exempted" Russian energy from
sanctions because its supply could not be secured "any other way" at the
moment.

 

European powers have, however, committed to move away from Russian
hydrocarbons over time, while some Western companies have boycotted Russian
shipments or pledged to divest their stakes in Russian energy companies.

 

Mr Novak said that Russian companies were already feeling the pressure of US
and European moves to lower the dependence on Russian energy, despite
fulfilling all its contractual obligations to deliver oil and gas to Europe.

 

'Enormous pressure'

"We are concerned by the discussion and statements we are seeing regarding a
possible embargo on Russian oil and petrochemicals, on phasing them out," he
said.

 

"We see our partners, traders, shipping companies, banks and financial
institutions coming under enormous pressure."

 

His comments came as a third round of peace talks between Ukraine and Russia
made little progress in Belarus.

 

More than 1.7 million Ukrainians have fled to Central Europe since the
conflict began on 24 February, the United Nations refugee agency said on
Monday, with over 1 million arriving in neighbouring Poland.

 

Kremlin spokesman Dmitry Peskov told Reuters that Moscow would halt
operations if Ukraine ceased fighting, amended its constitution to declare
neutrality, and recognised Russia's annexation of Crimea and the
independence of regions held by Russian-backed separatists.

 

A Ukrainian negotiator said that although small progress on agreeing
logistics for the evacuation of civilians had been made, things remained
largely unchanged.

 

"As of now, there are no results that significantly improve the situation,"
Mykhailo Podolyak said.-BBC

 

 

 

War in Ukraine: Crisis is unleashing 'hell on earth' for food prices

The head of the World Food Programme, David Beasley, has warned the conflict
in Ukraine could send global food prices soaring, with a catastrophic impact
on the world's poorest.

 

Ukraine and Russia are both major exporters of basic foodstuffs, and the war
has already hit crop production, driving up prices

 

Mr Beasley said it was putting more people at risk of starvation worldwide.

 

"Just when you think hell on earth can't get any worse, it does," he said.

 

Russia and Ukraine, once dubbed "the breadbasket of Europe", export about a
quarter of the world's wheat and half of its sunflower products, like seeds
and oil. Ukraine also sells a lot of corn globally.

 

Analysts have warned that war could impact the production of grains and even
double global wheat prices.

 

 

Mr Beasley told BBC World Service's Business Daily programme that the number
of people facing potential starvation worldwide had already risen from 80
million to 276 million in four years prior to Russia's invasion, due to what
he calls a "perfect storm" of conflict, climate change and coronavirus.

 

He said certain countries could be particularly affected by the current
crisis, due to the high proportion of grains they currently import from the
Black Sea region.

 

"The country of Lebanon, 50%, give or take, of their grains, come from
Ukraine. Yemen, Syria, Tunisia - and I could go on and on - depend on the
country of Ukraine as a breadbasket," he said.

 

"So you're going from being a breadbasket to now, literally, having to hand
out bread to them. It's just an incredible reverse of reality."

 

'Defending our land'

Norwegian chemical company Yara International, a major fertiliser producer
which operates in more than 60 countries, told the BBC a shortage could
badly hit crop yields, leading to "a global food crisis".

 

Ukrainian lawyer Ivanna Dorichenko, an expert in international trade
arbitration, said some farmers in Ukraine have already abandoned their
fields in order to take up arms against the Russian invasion.

 

She told the BBC: "The men who need to work on the land, they're all
defending our land right now. Because if they do not defend the land,
there'll be nothing to work on at a later stage, and you don't have a single
person right now who's not trying to help in any way they can."

 

Ms Dorichenko said the war had wreaked havoc with supply lines typically
used to export agricultural produce. Ukraine's military suspended all
commercial shipping at its ports in the aftermath of the Russian invasion.

 

Ukraine war 'catastrophic for global food'

Fears of UK food and fuel prices rising due to war

"The vessels cannot leave the waters, the vessels cannot get loaded. It's
effectively a war zone. Sadly, there's nothing which can be potentially
shipped right now from Ukraine."

 

She said it meant "huge losses" for businesses, but also humanitarian
efforts, because Ukraine could no longer send goods to regions such as South
East Asia, the Middle East and Africa, as well as to NGOs such the World
Food Programme.

 

With food price inflation already at crisis point in some countries prior to
the outbreak of hostilities in Ukraine, South African economist Wandile
Sihlobo said he was worried about the potential consequences for
grain-importing nations in Africa and beyond.

 

Mr Sihlobo, chief economist at the Agricultural Business Chamber of South
Africa, told the BBC that while steep price rises may be a problem in the
short-term, shortages of essential crops could follow.

 

"Over time, depending on the length and the severity of this war, you could
begin to see shortages of shipments that come to the African continent, and
that could cause shortages. Particularly in the North African countries, and
to an extent in East Africa."

 

He added: "If you were to look at the global food price index, it was at
multiple highs at the start of this year. This crisis already adds to that
difficult environment for many consumers, particularly in the developing
world."

 

On Monday, one of the world's biggest fertiliser companies, Yara
International, warned the conflict could hit its industry, further affecting
food prices.

 

Fertiliser prices had already been rising due to soaring wholesale gas
prices. Russia also produces enormous amounts of nutrients, like potash and
phosphate - key ingredients in fertilisers, which enable plants and crops to
grow.-BBC

 

 

 

War in Ukraine: World Bank approves $723m financial package

The World Bank has approved $723m (£551m) in loans and grants for Ukraine,
as the country fights against a Russian invasion.

 

The bank said it is continuing to work on another $3bn package of support in
the coming months for the country.

 

It also promised extra help for neighbouring countries that are taking in
more than 1.7m refugees, which are mostly women, children and the elderly.

 

The financial package for Ukraine includes a $100m pledge from the UK.

 

"The World Bank Group is taking quick action to support Ukraine and its
people in the face of the violence and extreme disruption caused by the
Russian invasion," the bank's president David Malpass said in a statement.

 

The bank said the funds would help Ukraine's government provide critical
services, including wages for hospital workers, pensions for the elderly and
social programmes for the vulnerable.

 

The package includes a $350m loan, augmented by about $139m through
guarantees from the Netherlands and Sweden.

 

It is also made up of $134m in grants from Britain, Denmark, Latvia,
Lithuania and Iceland, as well as $100m of financing from Japan.

 

Last week, Mr Malpass told the BBC that the war was "a catastrophe" for the
world which will cut global economic growth.

 

"The war in Ukraine comes at a bad time for the world because inflation was
already rising," he said.

 

He stressed that his biggest concern was "about the pure human loss of
lives".-BBC

 

 

 

McDonald's and Coca-Cola boycott calls grow over Russia

Pressure is growing on Western food and drink giants to pull out of Russia
due to the invasion of Ukraine.

 

McDonald's and Coca-Cola have been criticised on social media for failing to
speak out about the attacks and continuing to operate in the country.

 

Well-known firms including Netflix and Levi's have already suspended sales
or stopped providing services in Russia.

 

McDonald's and Coca-Cola have not responded to the BBC's request for
comment.

 

#BoycottMcDonalds and #BoycottCocaCola were trending on Twitter on Monday
and over the weekend respectively.

 

Dragon's Den investor Deborah Meaden also spoke out on social media against
the fizzy drinks company urging people to stop drinking Coca-Cola.

 

The criticism comes amid calls for other well-known Western firms such as
KFC, Pepsi and Starbucks and Burger King to close their outlets and stop
sales in Russia.

 

However, most firms have stayed silent on the issue with KFC, Pepsi,
Starbucks and Burger King also declining to respond to the BBC's requests
for comment.

 

Big presence

Many of the firms the BBC has contacted have a large number of stores in the
country.

 

Fast food chain KFC reached a milestone of 1,000 restaurants in Russia last
year. In 2021, it said that it aimed to open about 100 restaurants there
each year.

 

In recently-published information on its website, McDonald's said that it
has 847 stores in Russia. The company also owns the majority of these
outlets, whereas across the rest of the world most are typically operated by
franchisees.

 

Both McDonald's and Pepsi, who have had a presence in Russia for decades,
have also been singled out by the boss of New York state's pension fund.

 

The oldest Russian McDonald's branch, off Pushkin Square in central Moscow,
opened in 1990.

Thomas DiNapoli, comptroller of the New York state common retirement fund,
wrote letters to the companies, according to Reuters reports, urging them to
review their businesses in Russia because they face "significant and growing
legal, compliance, operational, human rights and personnel, and reputational
risks".

 

Often, franchise owners will be able to take the decision as to whether or
not to shut chains down, depending on terms of agreements they might have
with big food chains like KFC or Starbucks.

 

In a recent statement, Kevin Johnson, the boss of Starbucks, described
attacks on Ukraine as "unprovoked" and "unjust".

 

But most of its sites in Russia remain open, according to its website. Most
of these franchises are run by the Kuwait-based Alshaya Group.

 

Kathleen Brooks, director at Minerva Analysis, said McDonald's and Coca Cola
were "very complicated businesses", which would not make it easy to make a
decision to leave Russia quickly.

 

She told the BBC's Today programme that Coca Cola had an "incredibly
complicated structure" with bottling plants in Russia.

 

"I don't think it's as simple as saying can you just pull out of Russia,"
she said. "These are complicated businesses and there's a lot to consider,
but right now the reputation risk could really hit their share prices so
they may have no choice going forward."

 

'Ethical compass'

Dr Ian Peters, director of the Institute for Business Ethics, told BBC News:
"This is not a time to sit on the fence.

 

"The world is likely to judge companies by what they do in such
circumstances, and ethical judgement will be as important as complying with
any government-led regulations and sanctions."

 

He said that most firms would have what they refer to as an "ethical
compass" they use to make big decisions.

 

"We would advise firms in such circumstances always to look at the bigger
picture and seek to do the right thing, putting the wider interest above
short-term profit," he added.

 

He cited important ethical dilemmas that might come up for companies when
considering to suspend operations in Russia too: What duty of care do these
companies hold to employees on the ground? Is it fair to deprive Russian
citizens of basic goods?

 

Professor of business ethics at Henley Business School, Kleio Akrivou,
suggested that these types of decisions might be more difficult to reach for
food companies than, say, consulting firms.

 

"When it comes to sanctions which deprive the Russian population of its
basic goods and dignity, firms may need to approach the situation more
thoughtfully, with an appeal to practical reason."

 

She said now is the time for fast food giants to balance how real people are
affected by such moves, alongside any reputational risk.-BBC

 

 

 

Explainer: How sanctions against Russia are battering the global aviation
industry

(Reuters) - Russia's size and close integration into the global aviation
industry since the end of the Cold War means sanctions related to its
invasion of Ukraine are having outsized consequences relative to earlier
freezes on Iran and North Korea.

 

Manufacturers, lessors, insurers and maintenance providers to Russian
carriers like Aeroflot (AFLT.MM), S7 Airlines and AirBridgeCargo are among
those outside Russia that are hit directly by sanctions.

 

 

Foreign airlines, meanwhile, are reeling from higher oil prices and longer
routes needed to bypass airspace over Russia that are expected to drive up
ticket prices and air freight rates.

 

AIRCRAFT LEASING, INSURANCE IMPACT

 

Russian airlines have been highly reliant on the global aircraft leasing
industry to modernise their fleets with the latest Airbus (AIR.PA) and
Boeing (BA.N) planes.

 

Russian carriers have 980 passenger jets in service, of which 777 are
leased, according to analytics firm Cirium.

 

Of these, 515 jets with an estimated market value of about $10 billion are
rented from foreign firms such as AerCap (AER.N) and Air Lease (AL.N). read
more

 

The European Union has given leasing companies until March 28 to wind up
current rental contracts in Russia.

 

But getting the planes back could be challenging due to airspace bans,
potential SWIFT payment transfer issues and industry concerns the Russian
government could nationalise the fleet to maintain domestic capacity.

 

Russia's state aviation authority recommended that airlines with
foreign-leased planes stop flying them abroad.

 

Even if the planes are returned quickly, the huge number needing to be
placed elsewhere could depress rental prices globally, analysts say.

 

Russian airlines have also been cut off from the insurance and reinsurance
markets in the European Union and Britain.

 

An insurance industry source said it was unclear if lessors unable to
repossess planes would be covered for losses under their own policies, which
typically contain clauses cancelling coverage in the event of sanctions.

 

Legal action may be needed to settle the issue, said the source, who was not
authorised to speak publicly.

 

SALES, MAINTENANCE, REPAIR AND PARTS BANS

 

Russian airlines have 62 planes on order with Airbus and Boeing, according
to aviation consulting firm IBA, and those deliveries will be barred.

 

Manufacturers and maintenance firms are also banned from providing parts and
services for the existing fleet. read more

 

Germany's Lufthansa Technik (LHAG.DE) said it had stopped serving Russian
customers, involving hundreds of planes.

 

Tass news agency reported the Russian transport ministry had drawn up a
draft bill to help airlines until September 2022 that would allow
maintenance by third-party firms and suspend all inspections of carriers.
read more

 

Some aviation executives are concerned that the sanctions prevent
planemakers from sharing service bulletins and airworthiness directives that
are key for safety.

 

Viktor Berta, vice president of aviation finance advisory at ACC Aviation,
said there was also a high risk that Russian airlines would need to strip
parts from their existing fleet once spares run out.

 

RISING OIL PRICES, LONGER FLIGHT TIMES

 

Oil prices have surged to the highest level since 2008 as the United States
said it was willing to ban Russian oil imports. read more

 

Oil hedging, fuel surcharges and fare increases are among the measures
airlines are taking to offset some of the pain at a time when demand remains
low due to the pandemic. read more

 

High oil prices are in some cases compounded by circuitous flight paths
needed to avoid Russian airspace after reciprocal bans that can add up to
3.5 hours of flying. read more

 

The biggest impact is on flights between Europe and north Asian destinations
like Japan, South Korea and China but other affected routes include those
between southeast Asia and Europe and the United States and India.

 

Longer flight times also lead to higher staff costs, less cargo carrying
ability and higher maintenance costs on contracts that are charged on a
flight hour basis, said Brendan Sobie, an independent aviation analyst based
in Singapore.

 

"Another concern is the impact on international passenger demand in some
markets, resulting in a setback in the overall recovery of international air
travel," he added.

 

The Thomson Reuters Trust Principles.

 

 

 

Britain to start approval process for Rolls-Royce mini nuclear reactor

(Reuters) - The British government has asked its nuclear regulator to start
the process for approving Rolls-Royce's (RR.L) planned small- scale modular
nuclear reactor, which policymakers hope will help cut dependence on fossil
fuels and lower carbon emissions.

 

Britain last year backed a $546 million funding round at the company to
develop the country's first small modular nuclear reactor (SMR), part of its
drive to reach net zero carbon emissions and promote new technology with
export potential. read more .

 

Energy minister Kwasi Kwarteng has also said new nuclear projects will play
an important part in Britain's efforts to reduce its reliance on expensive
gas, which hit fresh record high prices on Monday amid the crisis in
Ukraine.

 

SMRs can be made in factories, with parts small enough to be transported on
trucks and barges and assembled more quickly and cheaply than large-scale
reactors.

 

Each mini plant can power around one million homes and Rolls-Royce has
forecast the SMR business could create up to 40,000 jobs based on British
and export demand.

 

Britain’s Office for Nuclear Regulation (ONR) said it had been asked to
begin a Generic Design Assessment (GDA) for Rolls-Royce SMR Ltd’s 470
megawatt SMR design.

 

“The assessment will begin once the necessary arrangements around timescales
and resources have been put in place,” the ONR said in a statement.

 

A GDA is the formal process for approving a new nuclear reactor. This is the
first time a small scale reactor has been assessed by regulator.

 

The process typically takes around 4-5 years for large scale reactor
designs.

 

The Thomson Reuters Trust Principles.

 

 

 

Russian rouble sinks in offshore trade as bids evaporate

(Reuters) - Russia's rouble fell sharply in thin trading on Monday to a
fresh record low, with local markets closed for trading until at least
Wednesday.

 

The rouble has lost nearly 50% of its value against the greenback since the
start of the year, with losses sharply accelerating since Russia invaded
Ukraine on Feb. 24, a move that sparked sweeping sanctions from various
governments across the world.

 

The rouble bids were indicated as far as 150 to the dollar after closing at
121.037 on Friday, according to Refinitiv data . On the EBS trading
platform, the rouble weakened as far as 160 to the dollar, or more than 22%,
and was recently traded at 145, down 14.5% on the day.

 

Bid/ask spreads were between 7 and 15 cents, pointing to an increasingly
illiquid market.

 

Trading on the MOEX Moscow exchange is scheduled to be closed until
Wednesday for a bank holiday.

 

The curbs on Russia, its lenders, corporates and key individuals, as well as
counter measures from Moscow, have cut Russian assets increasingly out of
global financial markets and have made it hard for investors to trade any
securities.

 

"The future doesn’t look bright for the Russian rouble at all," said Ipek
Ozkardeskaya, senior analyst at Swissquote.

 

"The combination of western sanctions, the rising risk of default and the
incentive to divest from rouble-denominated assets will likely further weigh
on the currency."

 

Stocks last traded on Feb. 25 on Moscow's bourse. (.IRTS), (.IMOEX)An ETF of
Russian and Russia-exposed companies traded in the United States was halted
on Friday after dropping nearly 80% year-to-date.

 

Five-year credit default swaps in Russia - reflecting the cost to insure
exposure to the country's sovereign debt - soared to a record 2,757 basis
points compared to 1,725 basis points on Friday, data from IHS Markit
showed.

 

Trades on Russia's sovereign dollar- and euro-denominated debt have all but
ground to a halt, with some issues bid at around 20 cents in the dollar or
euro , .

 

"With Russian prices on the euro bond somewhere around 20, this is going to
go on for a long, long time, and nobody wants to be associated with (the
rouble)," said Gabriel Sterne, head of global EM research at Oxford
Economics.

 

"Just sell it and take a loss. You have to interpret the price movements as:
there's almost infinite supply and very little demand for these assets at
the moment. It's now just a matter of an orderly disposal of Russian
assets."

 

Russia calls its actions in Ukraine a "special operation."

 

Rouble implied volatility gauges - a measure of demand for options on the
currency rising or falling against the dollar - have stayed near record
highs hit last week, with the one-week gauge above 84% and the one-month one
above 94%. ,

 

The rouble's collapse has also hit trading volumes. Turnover on the Russian
currency on EBS fell more than 80% on Friday compared to the end of
February.

 

The Thomson Reuters Trust Principles.

 

 

 

Biden to order studies on regulating, issuing cryptocurrency -source

(Reuters) - U.S. President Joe Biden is expected to sign a long-awaited
executive order this week directing the Justice Department, Treasury and
other agencies to study the legal and economic ramifications of creating a
U.S. central bank digital currency, a source familiar with the matter said
on Monday.

 

The White House last year said it was considering a wide-ranging oversight
of the cryptocurrency market - including an executive order - to deal with
growing threat of ransomware and other cyber crime.

 

Biden's order sets an 180-day deadline for a series of reports on "the
future of money" and the role that cryptocurrencies will play in the
evolving landscape.

 

"We could see a significant shift in policy in 180 days. This is a likely
step toward creation of a central bank digital currency," the source said,
citing significant momentum behind such a move within the Biden
administration.

 

However the reports being ordered could still raise concerns about such a
move, or conclude that it would require congressional approval, the source
cautioned.

 

The Biden order, likely to come on Wednesday, comes amid heightened concern
about the use of cryptocurrencies by Russian elites to circumvent Western
sanctions that have cut Russia off from large portions of the global
economy, and moves by China and other economies to create their own
cryptocurrencies.

 

The timing of the order was first reported by Bloomberg.

 

The Financial Crimes Enforcement Network (FinCEN) on Monday warned financial
institutions to watch out for potential attempts by Russian entities to
evade sanctions imposed by Washington over Moscow's invasion of Ukraine.
read more

 

Biden's order will ask the Justice Department to look at whether a new law
is needed to create a new currency, with the the Federal Trade Commission,
the Consumer Financial Protection Commission and other agencies to study the
impact on consumers.

 

Other studies will be ordered on the impact of a cryptocurrency on
competitiveness, the market and technical infrastructure needed, and the
environmental impact of bitcoin mining, the source said.

 

U.S. Treasury Secretary Janet Yellen last year warned about an "explosion of
risk" from digital markets, including the misuse of cryptocurrencies, but
said new financial technologies could also help fight crime and reduce
inequality.

 

The Thomson Reuters Trust Principles.

 

 

 

Oil twitchy after coming off 14-year highs, focus on US ban on Russian oil

(Reuters) - Oil prices see-sawed on Tuesday with Brent crude futures trading
at $125 per barrel, around 10% below a 14-year high struck in the last
session, reflecting relief that European allies were not planning to join a
possible U.S. ban on Russian oil imports.

 

Brent crude futures were up $2.01, or 1.63%, at $125 a barrel at 0440 GMT,
after trading as high as $126.35.

 

U.S. West Texas Intermediate (WTI) crude futures were up $1.53, or 1.28%, at
$120 a barrel.

 

"Unless the war stops, (Brent) prices can go anywhere towards $156 to $185 a
barrel, said Ajay Kedia, director at Kedia Commodities in Mumbai.

 

However, keeping a lid on price gains, late on Monday officials said the
United States was willing to move ahead with a ban alone, and Germany, the
biggest buyer of Russian crude, rejected plans for an energy embargo.

 

A senior U.S. official, speaking on condition of anonymity, told Reuters no
final decision had been made but "it is likely (to be) just the U.S. if it
happens." read more

 

Russia exports around 7 million barrels per day of crude and oil products.

 

Russia warned it could stop the flow of gas through pipelines from Russia to
Germany in response to Berlin's decision last month to halt the opening of
the controversial new Nord Stream 2 pipeline. read more

 

"Markets though have already priced in a significant disruption to Russian
oil exports already," Commonwealth Bank commodities analyst Vivek Dhar said
in a note, pointing to how sanctions on Russian banks have already hit trade
finance.

 

If all of Russia's oil exports were blocked from global markets, analysts
have said prices could rocket to $200 a barrel, while Russia's deputy prime
minister said oil could soar to more than $300.

 

"There is no capacity in the world in the moment that can replace 7 million
barrels of exports," OPEC Secretary General Mohammad Barkindo told reporters
at an industry conference in Houston. read more

 

Australia's two refiners, Viva Energy (VEA.AX) and Ampol Ltd (ALD.AX), said
they had stopped buying Russian crude following Moscow's invasion of
Ukraine. read more

 

Oil supply disruptions come as inventories continue to fall worldwide. Five
analysts polled by Reuters estimated on average that U.S. crude stockpiles
decreased by about 800,000 barrels in the week to March 4.

 

The poll was conducted ahead of weekly inventory reports from the American
Petroleum Institute, an industry group, on Tuesday and the U.S. Energy
Information Administration on Wednesday.

 

 

OPEC meets with U.S. shale executives as oil prices skyrocket

(Reuters) - Officials from the Organization of the Petroleum Exporting
Countries (OPEC) met U.S. shale oil company executives on the sidelines of
the CERAWeek conference in Houston on Monday as energy prices soared over
supply concerns.

 

It was at least the fourth time since 2017 that U.S. shale oil producers and
OPEC officials have held such meetings to discuss energy concerns.

 

EQT Corp Chief Executive Officer Toby Rice, Hess Corp CEO John Hess and
Chesapeake Energy CEO Domenic Dell'Osso, among others, attended a dinner
with OPEC Secretary General Mohammad Barkindo at a restaurant adjacent to
the CERAWeek conference site.

 

Oil rose to a 14-year high of $139 a barrel on Monday amid concerns about
supplies as the United States and European governments weighed banning
imports from Russia, the world's second-largest oil exporter. Earlier,
Barkindo said at CERAWeek that OPEC production could not offset a ban on
Russian oil.

 

Barkindo said after the dinner that attendees discussed how shale producers
were focused on delivering profits to shareholders instead of pouring more
cash into new drilling.

 

"This massive under-investment requires us to revisit that," Barkindo said.
"This is up to the companies themselves and their boards ... but there's
this general realization that something needs to be done" to address the new
circumstances, he said.

 

The dinner, billed as the North American Independents Forum, included
Equatorial Guinea's energy minister Gabriel Obiang Lima, OPEC research
director Ayed Al-Qahtani and the CEOs of Hunt Energy and Vincent Energy.

 

A Hess spokesperson who accompanied its CEO declined to comment.

 

"There is no capacity in the world that could replace 7 million barrels per
day," Barkindo earlier told reporters at the conference. "We have no control
over current events, geopolitics, and this is dictating the pace of the
market."

 

Russia has been an integral part of the OPEC+ alliance that halted a
COVID-19 pandemic-driven crash in oil prices through a 2020 agreement to cut
10 million barrels per day (bpd) from the group's production.

 

As demand recovered, the alliance has begun returning 400,000 bpd per month
to its output. However, Russia's invasion of Ukraine has led to a new oil
shock. Some oil buyers have rejected Russian cargoes and producers with
operations in the country, including BP, Shell and Exxon Mobil, have
withdrawn from Russia.

 

Monday's dinner reprises meetings at the annual energy conference that began
in 2017 following a two-year price war that left both sides hurting.
Meetings initially were intended to help OPEC understand shale economics and
financing but have expanded the topics, officials have said.

 

Barkindo, whose tenure as OPEC Secretary General ends this summer, was
presented with a bottle of "Genuine Barnett Shale" oil as a memento of his
U.S. meetings. Barnett, an area in north Texas, is the shale field that
launched the U.S. energy revolution.

 

The Thomson Reuters Trust Principles.

 

 

 

Africa: Women Entrepreneurs Can't Get Access to Capital ... Unless Other
Women Are Managing It

Around the world, it’s much more difficult for female entrepreneurs to get
the funding they need to grow their businesses. The gender gap prevents
women from reaching their potential and costs sub-Saharan Africa
approximately $95 billion  each year. So how do we solve this issue?

 

For starters, we can put women in the driver’s seat of capital flow.

 

Female fund managers are much more likely  to invest in female
entrepreneurs, and female founders are more likely  to hire women. This is
what we do at WIC Capital, a $20 million investment fund launched by the
Women’s Investment Club (WIC) Sénégal and managed by WIC Gestion. We
exclusively target women-led, early-stage businesses in West Africa. We know
first-hand that women invest in other women, and more broadly, in their
communities. You want to get the job done? Invest in a woman.

Realizing the Power of Finance

 

I began my career in the banking sector in Paris. It was there that I
discovered the power of finance. It is the key to everything that we do not
only as people, but also in our businesses. And it was there that I decided
I wanted to build a career in investment. I knew I wanted to help businesses
grow and thrive, not in the U.S. or Europe, but back home in Western Africa.

 

Senegal, my home country, has a lot of women entrepreneurs; 31% of
entrepreneurs  in Senegal are women, which is higher than much of the rest
of the globe. However, the rub is that the majority of women-led businesses
are operating at a very small scale, generating less than $200,000 USD a
year in revenue. And because of that, they are not attractive to banks.
We’ve found that about 44% of Senegalese women entrepreneurs who borrow
money do so from relatives, and only 3.5% of them use financial institutions
to access credit. That is holding them back.

Women-led SMEs are not getting the financing they need to invest in their
own growth. And on top of the financial challenges they face, women
entrepreneurs lack access to networks or training opportunities that provide
them with the knowledge and assistance necessary to grow their businesses.

 

When I saw this, I wanted to dig in. There was a clear opportunity here that
was being overlooked.

 

Women Investing in Women

 

When you talk about the private sector in Africa, you’re speaking mostly
about small and medium-sized enterprises, or SMEs. These enterprises are
driving economic growth, and their success in the market contributes to
improvements in living standards and employment for communities, which
benefits the continent as a whole. So, in 2017, I became a member of WIC
Sénégal. I was enticed by their vision to give women access to modern
financial tools for inclusive economic development. It was the perfect
opportunity for me to make investments that increased access to capital for
SMEs while simultaneously improving the lives of women.

The seeds of what would become WIC Sénégal  grew over a lunch in 2015. It
was International Women’s Day, and four women – a group of friends and
executives from organizations like Dalberg and Deloitte – discussed the
challenges and opportunities facing female entrepreneurs in West Africa.
They decided to establish a club that would invest in other women in
Francophone West Africa, giving them the financing they needed to expand
their businesses.

 

The idea blossomed into WIC Sénégal, a continuously growing collective of
women (96 in Senegal, 25 in Côte d’Ivoire) who pool their resources
together. WIC Sénégal then uses the funding to make investments. The Club
also provides business advice, mentoring, and networks to women
entrepreneurs across Senegal and Côte d’Ivoire.

 

Now, we are expanding beyond the collective to bring in additional investors
from the region and around the world. With support from USAID  , we have
launched our first investment fund: WIC Capital. It is the first of its kind
in the region, a $20 million investment fund focused on growing women-led
businesses in Senegal and Côte d’Ivoire.

 

The companies we support must be founded by women, at least 50% women-owned
or run, or have a managerial team that is majority women. When we choose an
investment, we look at the potential for growth and impact. We want to
enable more women-led enterprises and SMEs to go from small- to larger
scale; it’s our sweet spot.

 

The Women We Invest In

 

Our first investment was in a recycling plant, E-COVER, led by two
25-year-old women. They were young, but what they lacked in experience they
compensated for with great motivation and eagerness to learn from us, from
the mentors of the WIC network, and the different programs of which they
were a part. We also work with women who have had a full career and are now
ready to go out and start their own businesses. We have a different approach
for each entrepreneur and provide tailored support to help these businesses
flourish. This is part of why entrepreneurs are drawn to us.

 

We also invested in a chain of local bakeries, Mburu, run by a woman who
primarily uses locally sourced, organic cereal. She’s not only growing her
business; she’s also creating a positive social impact by working with other
women along the supply chain – grain producers, processors, and bread
distributors. The company can generate revenue and create a nutritious and
organic product for the community. These are exactly the types of
smaller-scale enterprises we are looking to support. This is where growth
and job creation happens. When a small business is able to go from supplying
five jobs to 20, 25, 50, that’s a huge win for us.

 

Excited for the Future 

 

As International Women’s Day rolls around once again, I am excited about the
year to come. We will finalize the investments that we have been working on
during the first few months of 2022, and we will accelerate our investment
process thanks to a hands-on investment readiness program that we designed
through the WIC Académie, our in-house technical assistance facility.

 

This year, we have seen our four portfolio companies – E-COVER, Sarayaa, Les
Ateliers de Corinne, and Mburu – thrive and start to generate increasing
revenue. Mburu has launched a second bakery in Dakar and the company has
tripled its revenue. The owner of the cooking school Les Ateliers de Corinne
has opened her first space, including a cake design shop, a restaurant, and
a studio for filming her culinary videos. E-COVER has started servicing both
the local cement market and neighboring countries, and they are about to do
another round of fundraising to increase their capacity.

 

We are hopeful that once investors get their first taste of what women
entrepreneurs in Senegal can do, they’ll come back for more. With support
from USAID  , we are fundraising from outside institutions, foundations,
high-net-worth individuals, and, of course, sources of local capital. We
hope to attract more risk-averse investors by building a first-loss layer
into the Fund to protect against losses incurred by portfolio companies.

 

While it’s easy to look at the gender equity gap in most nations and shrug
it off as a problem too big for solving, I believe it’s not all bad. In
Senegal, our women are free. They have advocates; voices to denounce gender
inequities. There are so many strong women that are leading the way for
younger ones, so many role models.

 

That’s why I’m excited to be operating in Senegal. The future of our
women-led businesses in West Africa is bright.

 

Evelyne Dioh SIMPA is the Managing Director of WIC Capital, the first
investment fund to exclusively target women-led early stage businesses in
West Africa. The fund was set up in 2019 by the Women’s Investment Club
Senegal, a group of +80 Senegalese businesswomen. Evelyne is an experienced
Investment professional who joined WIC Capital from FONSIS, Senegal’s
sovereign wealth fund, where she was responsible for managing +EUR 100
million transactions in several sectors, including industry, energy,
agriculture. She formerly worked at the General Inspection of the Société
Générale Group. She holds a Master’s degree in Management and a M.Sc. in
Management Control from EDHEC Business School in France.

 

Evelyne’s life mission is to contribute to the development of the African
private sector, by reinforcing and growing small businesses. She is also
passionate about gender issues in modern African societies. In 2021, she was
ranked in The Choiseul 100 Africa, as one of the 200 young African leaders
of 40 years old and below, who will play a major role in the continent’s
economic development in the near future.

 

 

 

Tanzania: Chinese Heavy Duty Truck Group Eyes Car Assembly Plant in Tanzania

CHINA's heavy truck group, Sinotruk International plans to establish a car
assembly plant in Tanzania to promote the auto industry development in the
country.

 

The Country Manager of Sinotruk International in Tanzania, Mr Li zhongyuan
said in Dar es Salaam over the weekend that the move is motivated by the
friendly investment environment which creates room for the production of
quality products among manufacturers.

 

MrZhongyuan further said that the assembly plant when it starts production
will generate about 500 jobs for Tanzanians.

 

"As Sinotruk we aim to provide Tanzanians with high-quality products and
services, and jointly create their bright future," he said at a handing over
event, of over 100 heavy-duty trucks to GSM Tanzania through its
transportation company, Galco.

He further said Sinotruk is committed to contributing to the vigorous
development of efficient logistics transportation industry in Tanzania.

 

According to him, in the field of the transportation industry, Sinotruk has
established long-term relationships with several companies such as GSM,
Dangote, OILCOM (T) LIMITED, Tanzania Road Haulage (1980) Limited, Golden
Coach/Fleet Ltd, ASAS, AZAM, Mount Meru.

 

HOWO trucks are busy shuttling between the borders, cities, villages, he
said.

 

On his side the Chief Commercial Officer of GSM, Mr Allan Chonjo said, it is
a great initiative for both GSM and other stakeholders within and across the
Tanzania borders and added the lists of their heavy-duty trucks has reached
800 units to increase efficiency and productivity in transportation business
operations.

 

"GSM, currently, we are serving DRC Congo, Mozambique, Malawi, Zambia,
Burundi, Rwanda, Uganda, Kenya, and South Sudan. We have three offices
located in Tanzania, Zambia as well as South Africa, hence serving the whole
East African and SADC region," she said.Daily News.

 

 

 

Tanzania: Airtel Doubles Voice Packs, Extends Validity

Airtel Tanzania has said that its customers can now enjoy longer talk times
with more than double minutes allocated while extending validity periods of
bundles thus giving them more airtime for boosting their economic
activities.

 

"Airtel Tanzania is constantly developing innovative products that are meant
to deliver value for our consumers and enhance their lives," said Airtel
Tanzania Managing Director, Mr Dinesh Balsingh.

 

Our double voice pack bundles for the same price demonstrate our commitment
to meet to provide affordable services to our customers. These revisions
ensure that we remain relevant to our consumer needs now and into the
future," he said.

 

These bundles are tailored to the needs of Airtel Tanzania's customers,
offering more value at the same price. This allows customers to plan
according to their budgets and meet the growing demand for extra validity
periods and talk time.-Daily News.

 

 

 

Tanzania: Dar es Salaam Stock Exchange Monthly Turnover Rises By 13 Per Cent

FOR February, the DSE bourse recorded a 12.63% hike in the turnover
generated on the equities market. The turnover recorded amounts to TZS
15.74Bln ($6.84Mln) against TZS 13.98Bln ($6.08Mln) that was generated on
the previous month.

 

On the other hand, the number of shares traded declined by 45.59% from
approximately 22 million shares in January to approximately 12million shares
that had traded in February.

 

Thanks to TBL that had traded over a million shares that generated a
turnover of TZS 10.00Bln ($4.35Mln). The turnover generated by TBL accounted
for over 60% of the total DSE equity turnover for February.

Despite being the top mover, the counter maintained its price level that has
not changed since 2020 hence the transactions mostly happened on the
pre-arranged board which has no impact on the closing price of the
respective counter.

 

The cement sector's Simba Cement (TCCL) was the overall top gainer for the
month, jumping 30% up from TZS 1,000 to TZS 1,300 per share at the close of
the month. The cliffhanger announcement for the possible acquisition of the
company had since made the counter attractive to investors while its shares
went scarce pushing up the stock's price.

 

The counter traded a total of 107,099 shares generating a turnover of TZS
128.3Mln. Following the same acquisition, the story is TPCC (Twiga cement)
whose parent company is supposedly the acquirer of the majority of TCCL's
shares. TPCC went up 15.29% in February closing at TZS 3,920 per share.

 

The Banks, Finance and Investments Index (BI) remained extensively bullish
during February receiving a push from NMB, CRDB, DSE and NICOL. Leading the
group was NMB, which recorded a 19.3% hike from TZS 2,280 to TZS 2,720 at
the end of the month.

The counter generated a TZS 677.34Mln turnover. NICO also rallied by 15%
closing the month at TZS 345 per share transacting shares worth TZS
135.05Mln, CRDB which generated a total of TZS 2.03bln turnover also edged
upwards, closing at TZS 350per share equivalent to 7.69% increment. DSE
gained 6.06% up from TZS 1,320 to TZS 1,400 per share also generating
turnover worth TZS 224.57Mln from 169,715 shares that had traded.

 

On the other hand, JATU the top loser and the only loser for the month,
closed down by 19%, declining by 75 spreads to close at TZS 320 per share.

 

The counter transacted just over 87,000 shares generating TZS 30.7Mln
turnover. The market, in general, portrayed a positive sentiment for the
duration of the month, where both market indices i.e DSEI and TSI recorded
upwards movement when compared to the previous month.

The All-Share Index (DSEI) recorded a 35.57points gain mostly tracking the
rally on the domestic market since the cross-listed counters maintained
their bearish trend in February too. KCB was the solo cross-listed gainer,
improving its share price by 1.1% to close the month at TZS 920 per share up
from TZS 910 per share.

 

The rest cross-listed counters were in the red at the close of the month
Jubilee Holdings (JHL) lost the most, closing 8.94% down at TZS 5,600 while
East African Breweries (EABL) was also down 3.59% closing at TZS 3,220 per
share.

 

The Tanzania Share Index (TSI) also went up by 151.82 points as a result of
the aforementioned rally on domestic counters.

 

Foreign investors' participation had improved in February, where foreigners
bought shares worth TZS 11.13Bln($4.8Mln) about 70.7% of the total turnover
and selling shares worth TZS 11Bln ($4.8Mln) about 69.94%.

 

This left local investors lagging in buying and selling shares worth TZS
4.6Bln($2Mln) and TZS 4.73Bln ($2.06Mln) respectively. Money Market, Debt
securities The Bank of Tanzania had conducted a total of four (4) auctions
for short-term and long-term treasury securities.

 

>From the Treasury bills the government had offered to raise TZS 155Bln
($0.07Bln), instead attracted a tender size of TZS 425.23Bln ($0.18Bln) from
the public albeit ended up only taking the initially offered amount of TZS
155Bln.

 

>From the long-term debt securities, the central bank conducted 15- year and
20-year bond auctions that intended to raise TZS 269.3Bln ($0.12Bln),
instead investors had subscribed over TZS 1.03Trn ($449.09Bln) to the
auctions; more than triple the offered amount.

 

The central bank discarded about TZS 739.9Bln ($321.70Bln) investors' money
and took about TZS 293Bln ($0.13Bln) which had been the original offer.

 

As a result, the yields for both securities have significantly declined due
to price push from investors. Yield for 15-year paper stood at 11.97% while
20-year paper yield stood at 11.98%.

 

The yield for the 364-day paper is now at 4.81%. Yields for all government
papers have remained persistent with the downward movement as investors keep
pushing prices up. The volume traded on the interbank cash market has also
plummeted in February as compared to January, where volume traded amounted
to TZS 33Bln about 20.5% down from TZS 41Bln traded in January.

 

While the volume has declined, the Interbank rate has more or less
maintained the same level. During February average traded rate was 3.5%
slightly lower than 3.9% which averaged trades of the previous month. The
Interbank rate at the end of February stood at 3.58%, 8bps higher than 3.5%
the closing rate for January.

 

Currency Market

 

The Tanzanian Shilling has relatively maintained its status with the USD,
where the exchange rate has marginally increased by 0.01%, indicating the
TZS has slightly declined against the USD.

 

The exchange rate at the end of February stood at TZS 2,309.74 up from TZS
2,309.55 of January. The activity on the market had also weakened in
February compared to January, the volume traded for the month amounted to
TZS 21.8Mln down from TZS 31.26Mln recorded the previous month.-Daily News.

 

 

 

Tanzania: Mpwapwa Deploys Extension Officers to Improve Sorghum Farming

THE Mpwapwa District Council has embarked on deploying extension officers to
train farmers on the importance of modern farming, objective being to
improvesorghum production.

 

The district targets to improve sorghum production with the support from
Community Supported Agriculture (CSA) project, which is being implemented by
the World Food Programme (WFP) and Farm Africa.

 

Mpwapwa District Executive Director (DED) Mwanahamis Ally told journalists
who visited the district to see how the project is being implemented that
the CSA project implementation has enabled the council to increase revenue.

 

"In the three years of the CSA project implementation, the council has been
able to increase revenue through taxes coming from the sale of sorghum," she
said.

 

She said the council will continue to invest heavily in agriculture,
especially by using extension officers to provide education to farmers.

 

"We are pleased to have WFP and Farm Africa in the council. Sorghum farming
has become very popular here ... it has brought positive changes to farmers
by significantly improving their income,"she revealed.

 

Mpwapwa District Agriculture Officer Edson Kileo said that the CSA project
being implemented in 51 villages and 22 wards hasbenefited a total of 5,558
farmers since 2018.- Daily News.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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