Major International Business Headlines Brief::: 14 March 2022

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Major International Business Headlines Brief::: 14 March 2022 

 


 

 


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ü  Energy boss: US gas exports can 'easily' replace Russian

ü  Cost of living: Food boss says prices could rise by up to 15%

ü  Delaying National Insurance rise would be 'no problem'

ü  US to ban Russian diamond and vodka imports

ü  Ukraine brings significant economic uncertainty, Rishi Sunak warns

ü  Oil falls on talks to end Ukraine war and ahead of Fed meeting

ü  Musk says Tesla, SpaceX see significant inflation risks

ü  Shares gain as oil slips on hopes for Ukraine progress

ü  Russia warns it may be forced to pay FX debt in roubles due to sanctions

ü  Chinese tycoon's 'big short' on nickel trips up Tsingshan's miracle
growth

ü  Argentina halts export registration for soy oil, meal

ü  Rio Tinto offers $2.7 bln to buy rest of Turquoise Hill stake

ü  South African airline Comair's fleet grounded indefinitely

ü  Nigeria: How Nigeria Serviced World Bank, IMF, Other Debts With U.S.$13.1
Billion in 11 Years

ü  Nigeria: Manufacturers Association Seeks Govt's Intervention, As Diesel
Hits N720 Per Litre

ü  Young Business Women Empowered at Women's Market Exhibition in Luweero to
Commemorate International Women's Day

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Energy boss: US gas exports can 'easily' replace Russian

The US can has the natural resources to produce more natural gas, but needs
more pipelines and terminals, says one energy chief executive

The global energy market has been suddenly upended by Russia's invasion of
Ukraine, but one energy boss says the US could step in and help shore up
global supplies.

 

Toby Rice, who runs the US largest natural gas producer EQT, told the BBC
the US could easily replace Russian supply.

 

"We've got the ability to do more, the desire to do more," Mr Rice said.

 

He estimated the US has the potential to quadruple its gas output by 2030.

 

Mr Rice's declaration that American companies could play a bigger role in
providing gas to Europe, comes less than a week after US Energy Secretary
Jennifer Granholm urged the country's fuel industry to pump more oil.

 

"We are on a war footing", Ms Granholm said. "That means you producing more
right now, where and if you can."

 

That's a big if.

 

Twice over the past decade, shale producers have unleashed more supply in
response to higher prices, drilling so much that prices crashed and many
went bankrupt.

 

Mr Rice explained that today the industry is more cautious:

 

"It's got to be demand first and not just chasing short term price signal."

 

And Pittsburg-based EQT might be able to increase output. But without more
pipelines, it can't send the gas where it's needed most.

 

Another obstacle to US ambitions to export more liquefied natural gas is a
shortage of export facilities. US terminals are shipping close to all the
gas they can.

 

Before natural gas can be shipped overseas, it needs to go to a special
facility where it is cooled to below minus 260 degrees Fahrenheit, turning
it to a liquid. Then it can be loaded onto cargo ships.

 

There are currently eight terminals operating in the United States, with 14
more projects approved for construction.

 

'Strategic powerhouse'

Mr Rice said political opposition to building pipelines and export
facilities - partially driven by environmental concerns - is primarily
preventing his industry from helping Europe end its reliance on Russian gas.

 

Mr Rice called on the Biden administration to streamline the process for
getting pipeline projects approved.

 

He's looking for a "signal this administration recognizes the American oil
and gas industry as a strategic powerhouse."

 

Given the Biden administration's desire to help its allies with its energy
problems and oppose Russian aggression, Mr Rice may get what he wants, with
US Energy Secretary Granholm saying to oil and gas producers:

 

"I'm here to extend a hand of partnership."-BBC

 

 

 

Cost of living: Food boss says prices could rise by up to 15%

A leading food industry boss has warned that prices will spike as a result
of the war in Ukraine.

 

Ronald Kers, the boss of food firm 2 Sisters, told the BBC that the cost of
food could rise by up to 15% this year.

 

He added that the price the company pays for chicken from the farm has
jumped.

 

Russia and Ukraine are some of the world's biggest suppliers of wheat and
exports are expected to be affected by the conflict.

 

In addition, the price of gas - which is used to heat greenhouses and to
make fertiliser, which is essential to food production - has soared.

 

War in the region is likely to exacerbate prices that were already
increasing during what has been described as a cost of living crisis,
according to some experts.

 

 

2 Sisters employs more than 14,000 people in the UK and specialises in
poultry and chilled foods.

 

Its chief executive told the BBC's Today programme that it had already been
forced to pay 50% more for chicken it receives from farms.

 

Ukraine war 'catastrophic for global food'

Farmers warn Ukraine war will hit UK food prices

He suggested that if the war continues for months, "fundamentally it means
as a country we may need to start importing less and producing more
ourselves".

 

"We need to work together with all supply chain partners to find a
solution... it's a very complex issue."

 

It comes shortly after the National Farmers Union (NFU) warned that food
production could be hit, affecting the affordability of food in the shops
for years.

 

In a letter to the government last week, it called for urgent help for
farmers.

 

"The government must act now, with a clear signal that food security is a
priority for the nation," the NFU said.

 

NFU president Minette Batters also told the BBC last week that the rising
cost of producing fruit, vegetables and meat could cause farmers to make
less at a time when the nation needs more.

 

"I think the whole world has got to recognise that this is not something
we've faced before, we are going to see wheat price inflation levels that
have never happened," she said.-BBC

 

 

 

 

Delaying National Insurance rise would be 'no problem'

A senior official previously charged with vetting the Treasury's plans has
told the BBC chancellor Rishi Sunak can afford to postpone April's tax
rises.

 

Sir Charlie Bean, who recently left the Office for Budget Responsibility,
said the plan for an immediate rise may be political rather than economic.

 

April's National Insurance rise will tax the average worker £250 a year, and
raise costs for firms which hire staff.

 

The chancellor maintains the priority has to be shrinking the deficit.

 

Mr Sunak said that requires "hard work, prioritisation, and the willingness
to make difficult and often unpopular arguments elsewhere."

 

But Sir Charlie said: "There is no problem in the UK borrowing several
billion pounds for one extra year. What you can't run is sustained large
deficits, but the pace at which you close a deficit is basically a political
judgement,"

 

The hikes breaks a manifesto pledge and spells the highest tax burden since
the 1950s. Critics include those in Rishi Sunak's own party: MP Sir John
Redwood fears the hikes could "sandbag" the recovery.

 

He is among those who've highlighted that the deficit has been closing
faster than expected recently anyway, thanks to a stronger jobs recovery.

 

You can hear more on this on Radio 4's Analysis programme "Can the UK ever
be a low tax economy again?" At 2030 on 14 March and on BBC Sounds

'Payment with a purpose'

Mr Sunak had envisaged this being payback time - after a rescue plan that
shielded most livelihoods from the ravages of the pandemic caused the
biggest deficit in peacetime.

 

He wants to restore the public purse and tackle long-standing issues. He
framed the hikes, announced last autumn, as payment with a purpose, stating
"every pound from the Levy will go directly to health and social care."

 

But Mr Sunak hadn't foreseen the extent of the cost of living crisis. As the
war in Ukraine elevates fuel prices, inflation may hit a 40-year high.

 

Households could see a reduction to living standards equivalent to £1,000 a
year, according to some analysis.

 

And that's without April's tax rises.

 

Increased costs of household bills and supermarket shops have added to
pressure on the Chancellor to delay the National insurance rise

But the chancellor has stood firm - so far.

 

Raise taxes now, he argues, and he can deliver sustainably lower taxes in
coming years - and avoid escalating interest payments on government debt.

 

Options available

Even so, can he actually deliver those future cuts?

 

Economists say a tried-and-tested sweetener, a cut to the main rate of
income tax, could be affordable ahead of the election. But he may have to
raise cash elsewhere.

 

With levelling up and net zero on the agenda, many note that government may
be taking a more relaxed view on the size of the state, a more
interventionist role. And the public purse isn't immune to inflation: money
earmarked for services won't stretch as far as expected.

 

Meanwhile, longer term, Sir Charlie says demographics could thwart
intentions.

 

"It's not just people living longer but also technological advances in the
way the health sector and the demand is such that if those treatments are
available to keep people alive longer, then people will want them.

 

"And it's reasonable to think that the rising trend in health and social
care spending and pensions will be adding something like another £75 billion
spending over the next five years, £150 billion, potentially over the next
decade."

 

Can that be offset by squeezing spending elsewhere?

 

Lord Macpherson, permanent secretary at the Treasury until 2016, is
sceptical.

 

"A lot of the low hanging fruit in the public sector was effectively plucked
by [former chancellor] George Osborne" he says. "So the scope for cutting
programmes like the police, the prisons, local authorities simply isn't
there".

 

In the post-war years, governments also managed to ramp up health spending
without the tax burden soaring by cutting back on areas such as defence
spending - but the war in Ukraine is putting renewed pressures on that area.

 

Pensions problem

Could welfare spending provide an answer?

 

Until this year, the state pension was earmarked to rise by the lesser of
inflation, average wages growth or 2.5%. That triple lock has been suspended
temporarily, breaking another manifesto pledge, after distortions to the
economy caused by Covid made it prohibitively expensive.

 

Economist Dame DeAnne Julius, previously on the Bank of England's Monetary
Policy Committee queries if it can be reinstated.

 

"Over the last 10 years since it's been in place, pensions have grown much
faster than either earnings or inflation. So that is a ratchet that we
really can't afford."

 

Even so, taxes may have to raise more cash. But from whom? Tapping the
richest might appeal but DeAnne Julius highlights that "the highest 10% of
earners actually pay 60% of income tax revenue." She prefers carbon taxes.

 

Lord Macpherson says only the big three: income tax, national insurance or
VAT can raise serious money.

 

But George Osborne's difficulties with the so-called Pasty Tax show how hard
raising one of those can be.

 

Bakers succeeded in getting George Osborne's so-called 'pasty tax'
overturned

There are no easy answers.

 

Chancellors pray for faster growth that automatically replenishes the
coffers. But often they've been disappointed - or faced major curveballs.

 

The messages from the Health and Social Care Levy was: if you want more
services, you have to pay up. That will likely be echoed in more difficult
conversations with voters

 

As the clock ticks down to the Spring Statement, Rishi Sunak may yet want to
soften the blow of the immediate tax rises. After all, they may not just
hurt households - but overall growth and so then the public purse.

 

Ultimately, the payments designed for a purpose may risk backfiring, simply
due to unlucky timing.-BBC

 

 

 

US to ban Russian diamond and vodka imports

US President Joe Biden has announced a ban on imports of Russian diamonds,
seafood and vodka in the latest response to Russia's war in Ukraine.

 

The US, European Union and other allies also plan to revoke Russia’s status
as an equal trade partner, paving the way for further economic punishment.

 

The moves add to sanctions that have isolated Russia economically since the
invasion.

 

Its currency has collapsed, while global firms rush to exit the country.

 

Russian President Vladimir Putin has likened Western sanctions on banks and
oligarchs to a declaration of war. Moscow has also threatened to nationalise
production plants or factories where work has been suspended.

 

Western allies announced further economic retaliation on Friday.

 

 

The European Union said it would ban imports of key Russian iron and steel
products and bar new energy investments in the country, while the UK put
sanctions on hundreds of Russian politicians.

 

The US, EU and UK also said they would cut off shipments of luxury goods to
Russia.

 

Mr Biden said the latest steps will be "another crushing blow to the Russian
economy".

 

What sanctions are being imposed on Russia?

How Asia is divided over Russia sanctions

Revoking 'most favoured nation' status

Under international rules, designating a country a "most favoured nation"
provides reciprocal trade privileges such as lower tariffs, taxes imposed at
the border.

 

Stripping Russia of that status clears the way for higher tariffs on key
products it sells such as mineral fuels, fertilisers and metals.

 

Mr Biden said he was coordinating the plans with the European Union and
other advanced economies, including Canada and Japan, each of which will
take similar steps.

 

In the US, Congress, which must act for the move to go into effect, has
already declared itself in favour of the move.

 

Most Favoured Nation (MFN) is a status conferred by membership of the World
Trade Organisation. It might sound as though it confers special advantages,
but that's not really the case.

 

In fact, it is a baseline designed to ensure all World Trade Organisation
members are treated equally, unless they are members of a specific free
trade area or agreement. Under normal circumstances, it limits countries'
ability to impose trade barriers against one another - or offer individual
countries special concessions.

 

By removing this status from Russia, G7 countries will be able to target its
exports with punitive tariffs, or taxes. In fact one of them, Canada, has
already done so. Last week it imposed tariffs of 35% on all products coming
from Russia and its compliant ally, Belarus.

 

In order to do this, Canada relied on an exemption contained in one of the
WTO agreements, which allows members to take action they consider necessary
to protect their "essential security interests". It is likely the others
will do the same.

 

In addition, Western allies said they planned to cut Russia off from
accessing finance from international organisations such as the World Bank
and International Monetary Fund.

 

"Russia cannot grossly violate international law and expect to benefit from
being part of the international economic order," the G7, a group of seven
advanced economies including the UK, said in a statement.

 

The US ban on key Russian imports will deny Mr Putin more than $1bn in
revenue, the White House said, while the ban on US exports of luxury goods
hits trade worth about $550m per year.

 

That is just a fraction of the roughly $28bn worth of trade the US and
Russia exchanged in 2019.

 

Mr Biden promised further measures, including tightening sanctions on
oligarchs and their families.

 

"We're going to continue to squeeze Putin," Mr Biden said. "He is the
aggressor and... must pay the price."

 

Economists say the sanctions previously announced will throw Russia into a
severe economic recession this year. But it is not clear that the economic
disarray has altered Mr Putin's military ambitions.

 

At a press conference on Thursday, White House spokeswoman Jen Psaki was
asked when the weight of the sanctions might lead to a change in Mr Putin's
actions.

 

"Our objective of course is to bring an end to this conflict, she said. "In
terms of when that will happen, I'm unfortunately not in the mind of
President Putin.... When it will change his calculus, I can't give a
prediction of that."-BBC

 

 

 

Ukraine brings significant economic uncertainty, Rishi Sunak warns

Russia's invasion of Ukraine means significant uncertainty for the UK
economy, the chancellor has warned.

 

This is despite UK growth bouncing back in January as the effects of the
Omicron Covid variant began to ease.

 

The economy grew by 0.8% compared with a 0.2% contraction in December the
Office for National Statistics said.

 

But one industry body warned the UK faced a higher risk of recession as the
impact of the Ukraine conflict would add to the sharp rise in living costs.

 

UK households were already facing sharply rising costs before Russia's
invasion of Ukraine, in part due to soaring energy costs.

 

The conflict in Ukraine pushed the price of oil to its highest level for
nearly 14 years at one point and this has had a knock-on impact on fuel
costs, with UK petrol prices hitting record highs.

 

Gas prices have also soared, leading to warnings that average energy bills
could reach £3,000 per year in October, after rising to £2,000 in April when
the energy price cap is raised.

 

Grain prices have also jumped as both Russia and Ukraine are major global
producers, particularly of wheat.

 

"Russia's invasion of Ukraine has increased the risk of a recession in the
UK by exacerbating the already acute inflationary squeeze on consumers and
businesses and derailing the supply of critical commodities to many sectors
of the economy," said Suren Thiru, the British Chambers of Commerce (BCC)
said.

 

Mr Thiru said January's growth was now like looking into a rear-view mirror.

 

What is the UK's inflation rate and why is the cost of living going up?

 

The bounce back in the economy in January was not just stronger than
expected, it was also seen in buoyant tax revenues.

 

The effect of the Omicron Covid variant proved to be a blip, as wholesalers,
retailers and IT and communication services pushed growth up.

 

Consumer-facing services - restaurants, bars, entertainment, and travel -
are still 6.8% below the level before the pandemic.

 

All in all, the economy was on course to maintain its return to normal after
the pandemic.

 

However, the cost of living and energy squeeze was already weighing on the
economy.

 

The economic consequences of the Ukraine invasion are pushing both inflation
and growth in the wrong direction.

 

While a line may now thankfully be drawn under the pandemic's economic hit,
the inflationary cloud is now looking very dark indeed.

 

2px presentational grey line

The ONS figures show the UK's economy rebounded in January, with
wholesaling, retailing, restaurants and takeaways all performing well.

 

While supply chain issues continued to dog some sectors, construction and
manufacturing both grew, the ONS said.

 

Computer programming and film and TV production also had a good start to the
year, said Darren Morgan, ONS director of economic statistics.

 

"GDP bounced back from the hit it took in December due to the Omicron wave
and is now 0.8% above its pre-pandemic peak," he said.

 

"All sectors grew in January with some industries that were hit particularly
hard in December now performing well."

 

'As good as it gets'

Mr Sunak said that Russia's invasion "is creating significant economic
uncertainty", but "it is vital that we stand with the people of Ukraine to
uphold our shared values of freedom and democracy and ensure Putin fails".

 

He added that the government had "provided unprecedented support" throughout
the Covid pandemic, "which has put our economy in a strong position to deal
with current cost of living challenges".

 

Labour's shadow chief secretary to the Treasury, Pat McFadden, said
households were facing "a year of surging inflation, weak earnings growth
and tax rises".

 

He called for the government to halt a planned National Insurance increase
in April.

 

Mr McFadden also said the government "must look again at Labour's proposal
for a one-off windfall tax on oil and gas producers to cut household energy
bills by up to £600".

 

National Insurance: What's the new Health and Social Care tax and what will
it cost me?

Paul Dales, chief UK economist at Capital Economics, said that while the
economy had "rebounded with vigour" in January, "the cost of living crisis
and the influence of the war in Ukraine probably means this is as good as it
gets for the year".

 

He added that growth "will probably slow throughout the year".

 

Despite this, Mr Dales still expects the Bank of England to increase
interest rates at its meeting on Thursday next week, with the main Bank rate
likely to rise from 0.5% to 0.75%.-BBC

 

 

 

Oil falls on talks to end Ukraine war and ahead of Fed meeting

(Reuters) - Oil prices shed as much as $4 a barrel on Monday, extending last
week's decline as diplomatic efforts to end the war in Ukraine geared up and
markets braced for higher U.S. interest rates.

 

Brent crude futures were last down by $3.81 or 3.4% at $108.86 a barrel at
0741 GMT on Monday.

 

U.S. West Texas Intermediate (WTI) crude futures eased $3.85 or 3.5% to
$105.48 a barrel.

 

Both contracts have surged since Russia's Feb. 24 invasion of Ukraine and
are up roughly 40% for the year to date.

 

Ukrainian and Russian negotiators are set to talk again on Monday via video
link after both sides cited progress. read more

 

Negotiators had given their most upbeat assessments after weekend
negotiations, suggesting there could be positive results within days. read
more

 

On Sunday, U.S. Deputy Secretary of State Wendy Sherman said Russia was
showing signs it might be willing to have substantive negotiations over
Ukraine, while Ukrainian negotiator Mykhailo Podolyak said that Russia was
"beginning to talk constructively."

 

Russia's invasion, which Moscow calls a "special operation," has roiled
energy markets globally.

 

"Oil prices might continue moderating this week as investors have been
digesting the impact of sanctions on Russia, along with parties showing
signs of negotiation towards ceasing fire," said Tina Teng, an analyst at
CMC Markets.

 

"As markets had priced in for a much tighter supply from February to early
March, the focus is shifting to the monetary policy in the upcoming FOMC
meeting this week, which could strengthen the USD further, and pressuring on
commodity prices," Teng added.

 

The U.S. Federal Open Market Committee meets on March 15-16 to decide
whether or not to raise interest rates.

 

U.S. consumer prices had surged in February, leading to its largest annual
increase in inflation in 40 years, and is set to accelerate further as
Russia's war against Ukraine drives up the costs of crude oil and other
commodities. read more

 

The Federal Reserve is expected to start raising rates this week, which
would put downward pressure on oil prices. Oil prices typically move
inversely to the U.S. dollar, with a stronger greenback making commodities
more expensive for foreign currency holders.

 

Brent already lost 4.8% last week and U.S. WTI fell 5.7%, both posting their
steepest weekly decline since November. That was after both contracts hit
their highest levels since 2008 earlier in the week on supply concerns after
the U.S. and European allies considered banning Russian oil imports.

 

The U.S. later announced a ban on Russian oil imports and Britain said it
would phase them out by year-end. Russia is the world's top exporter of
crude and oil products combined, shipping around 7 million barrels per day
or 7% of global supplies.

 

"The Russia-Ukraine situation is very fluid and the market is going to be
sensitive to developments on this front. Suggestions that parties may be
willing to negotiate is likely weighing on prices somewhat," said Warren
Patterson, head of commodity research at ING.

 

"In addition, growing COVID cases in China will raise concerns over demand.
China is seeing its worst COVID outbreak in more than two years. The city of
Shenzhen has gone into lockdown, whilst other cities are also seeing tougher
restrictions."

 

China, the world's largest crude oil importer and second largest consumer
after the United States, is seeing a surge in COVID-19 cases, as the highly
transmissible Omicron variant spreads to more cities, triggering outbreaks
from Shanghai to Shenzhen.

 

Its daily new case load figures have hit two-year highs, with 1,437 new
confirmed coronavirus cases reported on March 13. read more

 

While China's case count is far lower than those in many other countries,
its "zero-COVID" stance has led government authorities in affected regions
to impose targeted lockdowns, conduct mass testing, shut schools and suspend
public transport to suppress contagion as quickly as possible. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Musk says Tesla, SpaceX see significant inflation risks

(Reuters) - Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk said on
Sunday the U.S. electric carmaker and his rocket company SpaceX are facing
significant inflationary pressure in raw materials and logistics.

 

Musk in a tweet also asked about inflation rate outlook and said his
companies "are not alone", retweeting an article saying the Ukraine-Russia
conflict sent commodity prices to their highest levels since 2008.

 

Russia's invasion of Ukraine has been ramping up the prices of metals used
in cars, from aluminum in the bodywork to palladium in catalytic converters
to the high-grade nickel in electric vehicle batteries, and drivers are
likely to foot the bill.

 

While metals have not been the target of Western sanctions as yet, some
shippers and auto-parts suppliers are steering clear of Russian goods,
putting more pressure on carmakers already reeling from a chip shortage and
higher energy prices. read more

 

Escalated by housing, food, and gas prices, the U.S. consumer inflation saw
its steepest spike in the last four decades, likely cementing the case for
an interest rate hike by the Federal Reserve. read more

 

Tesla's shares, which closed 5% lower at $795.35 on Friday, have lost about
25% year-to-date.

 

The electric-car maker last week raised prices of its U.S. Model Y SUVs and
Model 3 Long Range sedans by $1,000 each and some China-made Model 3 and
Model Y vehicles by 10,000 yuan ($1,582.40).

 

U.S. electric vehicle maker Rivian Automotive Inc (RIVN.O) said last week
supply-chain issues could cut its planned production in half, citing soaring
raw material prices and supply chain constraints. Japan's Toyota Motor Corp
(7203.T) said it would scale back domestic production by up to 20% for
April-June to ease the strain on suppliers struggling with shortages of
chips and other parts.

 

Tesla and SpaceX did not immediately respond to Reuters' requests for
comment late on Sunday.

 

The Thomson Reuters Trust Principles.

 

 

 

Shares gain as oil slips on hopes for Ukraine progress

(Reuters) - Most share markets firmed and oil slid on Monday on hopes for
progress in Russian-Ukraine peace talks even as fighting continued to rage,
while bond markets braced for rate rises in the United States and UK this
week.

 

While Russian missiles hit a large Ukrainian base near the border with
Poland on Sunday, both sides gave their most upbeat assessment yet of
prospects for talks. read more

 

Just the chance of peace saw S&P 500 stock futures add 0.5%, while Nasdaq
futures rose 0.4%. EUROSTOXX 50 futures gained 0.5% and FTSE futures 0.2%.

 

Tokyo's Nikkei (.N225) rose 0.9%, but MSCI's broadest index of Asia-Pacific
shares outside Japan (.MIAPJ0000PUS) was dragged down 1.6% by losses in
China.

 

Chinese blue chips (.CSI300) shed 1.7% after a jump in coronavirus cases saw
the southern city of Shenzen locked down and stoked speculation about more
policy easing. read more

 

Bonds elsewhere remained under pressure having taken a beating last week as
surging commodity prices looked set to boost inflation further, with yields
on 10-year Treasuries rising four basis points to 2.04% .

 

Notably, a key measure of U.S. inflation expectations climbed to 3% and near
record highs .

 

That merely cemented expectations the Federal Reserve would lift rates by 25
basis points at its policy meeting this week and signal more to come through
members' "dot plot" forecasts.

 

"The dots will likely be mainly clustered around four or five hikes for
2022, up from three previously, given the stronger pace of inflation since
the January FOMC meeting," said Kevin Cummins, chief U.S. economist at
NatWest Markets.

 

"We suspect we could also get an addendum on how the Fed plans to reduce the
size of the balance sheet as early as this week."

 

The Bank of England is expected to lift its rates to 0.75% on Thursday, the
third rise in a row, and to signal more with the market pricing an
aggressive 2% by year-end. read more

 

Fed fund futures imply no less than six or seven hikes this year to around
1.75%, keeping the U.S. dollar underpinned near the highest since May 2020.

 

The euro was stuck at $1.0905 , and not far from its recent 22-month trough
of $1.0804, while the dollar hit a fresh five-year peak on the yen at 117.87
.

 

The Bank of Japan is seen lagging far behind other major central banks in
tightening policy.

 

"The yen has been unable to display its typical safe-haven attributes,
partly because of the big rise in U.S. yields and the BoJ yield curve
control policy that prevents JGBs following the move up in core global
yields," said Rodrigo Catril, a senior FX strategist at NAB.

 

"Japan is also a big energy importer adding to concerns over a terms of
trade shock from higher energy prices."

 

Gold lost some of its safe-haven charm on Monday, easing 0.5% to $1,975 an
ounce and away for last week's peak at $2,069.

 

Likewise, the chance of progress on Ukraine saw oil prices surrender a
little of their recent gains, even as talks with producer Iran seemed to be
stalled. read more

 

Brent was last quoted $2.13 lower at $110.54, while U.S. crude fell $2.46 to
$106.84.

 

The Thomson Reuters Trust Principles.

 

 

 

Russia warns it may be forced to pay FX debt in roubles due to sanctions

(Reuters) - Russia's finance ministry said on Monday it had approved a
temporary procedure for repaying foreign currency debt, but warned that
payments would be made in roubles if sanctions prevent banks from honouring
debts in the currency of issue.

 

Western sanctions over events in Ukraine have cut Russia off from key parts
of global financial markets, triggering its worst economic crisis since the
1991 fall of the Soviet Union.

 

"Claims that Russia cannot fulfil its sovereign debt obligations are
untrue," Finance Minister Anton Siluanov said in a statement. "We have the
necessary funds to service our obligations."

 

The government is due to pay $117 million on two of its dollar-denominated
bonds on Wednesday.

 

The ministry said it had approved a temporary procedure to allow banks to
make payments in foreign currency, but said the possibility of those
payments going through would depend on sanctions.

 

Several Russian banks have been banned from the SWIFT international payments
network, hampering efforts to move money outside of Russia.

 

If payments are not possible, the finance ministry said it would make
Eurobond repayments in roubles, which is tantamount to a default. The rouble
has dived to record lows in recent weeks.

 

"The freezing of the central bank and government's foreign currency accounts
can be seen as a desire from several Western countries to organise an
artificial default," Siluanov said.

 

The Thomson Reuters Trust Principles.

 

 

 

Chinese tycoon's 'big short' on nickel trips up Tsingshan's miracle growth

(Reuters) - (This March 13 story corrects size of Morowali industrial park
in paragraph 20, and to show production data is for whole company, not only
for its Sulawesi facilities, in paragraph 21)

 

Chinese tycoon Xiang Guangda has to find a way to bail his Tsingshan Holding
Group out of a crisis after its bet on nickel prices backfired, fuelling
more volatility in a metal essential for the electric vehicles industry.

 

One of the world's top nickel producers faces massive losses on its short
positions after prices soared over $100,000 per tonne last week and forced
the London Metal Exchange to halt nickel trading. read more

 

Tsingshan has to either pay off the outstanding short positions, which could
be as high as $8 billion, or prove it has sufficient deliverable nickel to
repay in kind.

 

Beijing could step in to rescue Tsingshan, a source familiar with the matter
told Reuters. China could swap some of its high grade nickel reserves for
low grade nickel pig iron (NPI) that Tsingshan produces to help it meet LME
quality standards. China is estimated to hold around 100,000 tonnes of
nickel in state stocks, two analysts said.

 

Tsingshan and China's state reserves administration did not respond to
requests for comment.

 

Tsingshan has figured in market swings before.

 

Last year, it triggered a price drop with surprise news that it would
provide nickel matte to battery materials makers, potentially solving a key
bottleneck for electric vehicles by boosting battery-grade supply in a
cheaper way.

 

Betting prices would fall, Tsingshan started building a short position last
year. The bet backfired partly as Russia's invasion of Ukraine sent metals
prices soaring, putting pressure on holders of big short positions,
including Tsingshan.

 

"Markets were sensing that (Tsingshan) were going to make a move, but they
probably made it too early ... a quarter or so too early and nobody was
anticipating what happened in Ukraine," said Angela Durrant, Wood
Mackenzie's principal nickel analyst.

 

Tsingshan has suggested foreign elements may be driving up nickel prices.

 

"Foreigners do have some actions and we are actively co­­ordinating [with
related parties]," China Business News quoted Xiang as saying on March 8.

 

The market gyrations have had no impact on Tsingshan's Indonesia operations,
a corporate mining source familiar with the matter told Reuters.

 

For Indonesia, Tsingshan is a means to fulfill its ambition to become a
one-stop shop for EV battery ingredients and the company has executed
projects at lightning speed. Western firms often privately complained about
the access and resources Tsingshan got in the country.

 

"Government has ambition in Indonesia, they want to build the hub for
battery for electrical car. That's why you see the policy to support the
industry," the source said. "We are affected by COVID, but not affected by
this (short exposure)."

 

Tsingshan is also seen as a poster child in Southeast Asia for China’s Belt
and Road Initiative, President Xi Jinping's vast infrastructure programme.

 

In contrast to privately-held Tsingshan, several high profile projects led
by Chinese state-backed firms have been mothballed amid overpricing,
corruption and debt sustainability concerns.

 

MARKET DISRUPTOR

 

Founded in 1988 in Wenzhou, Tsingshan started out in stainless steel
production and making automobile windows and doors.

 

But its fortunes changed when Xiang, 64, started exploring Indonesian
markets in 2009. Over the next decade, it shook the global nickel industry
with low-cost nickel pig iron.

 

It set up facilities in Indonesia, the world's largest nickel producer, with
output ranging from nickel sulphate to nickel matte, an intermediate product
that can be used in both stainless steel and batteries.

 

Tsingshan is spearheading Indonesia’s two major nickel hubs, including the
Morowali industrial park, which employs over 40,000 people and spans 2,000
hectares with an airport, mineral processing plants, a port and executive
visitors hotel.

 

The company has said it aims to produce 850,000 tonnes of nickel equivalents
this year and 1.1 million tonnes in 2023.

 

"There was nothing there on that site in 2015 ... so they did something
absolutely miraculous," Durrant said. "Getting away from higher Chinese
power (costs), moving everything over to Indonesia was a masterstroke for
them."

 

The industry credits much of this success to Xiang.

 

He became known as a market disruptor who could "take the world by storm",
said Steven Brown, an independent nickel consultant in Canberra who spent
two days touring Tsingshan’s production facilities with Xiang in 2014.

 

Xiang opposes high nickel prices and is fixed on being a low-cost producer
of nickel and stainless steel, Brown said.

 

"I don't think this crisis will result in too much of a change in strategy
from Tsingshan," he added.

 

Market sources said though Tsingshan has cut its exposure it is unlikely to
have fully covered all its positions.

 

State-backed Chinese newspaper Securities Daily said on March 9 that
Tsingshan had deployed "enough spot products" for delivery by swapping its
nickel matte with nickel plates in the domestic market.

 

The LME allows delivery of nickel cathodes, including plate, and briquettes.

 

"There isn't much spot nickel product in the market, it's not even likely
that Tsingshan could get 100,000 tonnes," said a Guangdong-based analyst who
declined to be named.

 

The Thomson Reuters Trust Principles.

 

 

 

Argentina halts export registration for soy oil, meal

(Reuters) - Argentina has halted registration of export sales of soy oil and
meal, the South American country's government said in a statement on Sunday,
drawing swift condemnation from the industry in the world's top exporter of
processed soy products.

 

The move stops sales and exports of the 2021/22 crop, but physical shipments
have not started because no harvesting has taken place. The decision by
Argentina, the top global exporter of both soybean meal and oil, will likely
roil the world soy market, which has seen prices spike on Russia's invasion
of Ukraine.

 

U.S. soymeal futures prices jumped more than 2.2% in the wake of the
announcement, while soyoil futures eased 1.26%.

 

Argentina's average monthly exports stood at 1.5 million tonnes of meal and
300,000 tonnes of soy oil in 2021, according to shipping agency NABSA.

 

The country is forecast to account for 41% of global soymeal exports and 48%
of world soy oil exports in the 2021-22 crop year, according to the U.S.
Department of Agriculture.

 

The sub-secretary of agricultural markets said in a statement that export
registrations of soybean oil, soymeal and other related products would
immediately be halted, a move which comes ahead of the 2021/22 harvest
starting within weeks. Around 5 million tonnes of soy oil and other soy
byproducts from the 2021/22 campaign have so far been formally registered
for export, government data showed.

 

The local CIARA chamber of oilseed processors and exporters, which
represents the industry, said that the government had closed export
registration because, the chamber alleged, the government wanted to raise
tariffs "by two points" on exports.

 

"It is totally contrary to the export interest of Argentina," the chamber
said on Twitter. "In addition to being illegal, it will affect the income of
foreign currency and employment in the agroindustrial chain."

 

The government statement made no mention of export tariffs though these have
long been a point of tension with farmers and exporters. The government,
battling high debts, needs the dollar income and tax revenues from soy
sales, Argentina's top export.

 

Argentina's soy oil and meal exports are currently taxed at 31%. The
country's 2021/22 soy crop is estimated at between 40 million-42 million
tonnes, though was hit hard by drought at the start of the year.

 

Soy traders said the sudden halt in Argentine supplies will steer importers
toward the United States and Brazil for replacement supplies.

 

"Buyers have no choice but to reduce consumption or go to alternative
sources for supplies," said one Singapore-based trader.

 

"We expect higher demand for U.S. meal. In Southeast Asia, buyers such as
Indonesia, Malaysia and Thailand were heavily reliant on Argentine meal."

 

The Thomson Reuters Trust Principles.

 

 

 

Rio Tinto offers $2.7 bln to buy rest of Turquoise Hill stake

(Reuters) - Rio Tinto (RIO.AX) on Monday proposed to buy the 49% of Canada's
Turquoise Hill (TRQ.TO) it does not already own for about $2.7 billion, as
the Anglo-Australian miner looks to ramp up the Oyu Tolgoi copper-gold
mining project in Mongolia.

 

The non-binding, C$34 per share offer represents a more than 32% premium to
Turquoise Hill's close on Friday, and follows Rio Tinto's settlement with
the Mongolian government in January of a long-running dispute over the $6.93
billion expansion of the Oyu Tolgoi project. read more

 

"(The transaction) would simplify the Oyu Tolgoi ownership structure,
strengthen Rio Tinto's copper portfolio, and reinforce its long-term
commitment to Mongolia," the company said in a release.

 

"In addition, the Proposed Transaction provides Turquoise Hill minority
shareholders with the ability to realise compelling, immediate and certain
value for their shares," it also said.

 

Rio controls and operates the Oyu Tolgoi mine - which is 550 km (342 miles)
south of Mongolia's capital Ulaanbaatar and is one of the world's largest
known copper and gold deposits - via Turquoise Hill's 66% stake. The
government of Mongolia owns 34%.

 

Turquoise Hill and Rio had disagreed over funding for the expansion project
before reaching a deal in April.

 

In October, Rio delayed first production at the underground development of
Oyu Tolgoi by three months to January 2023, after Turquoise Hill estimated
additional funding required for the project had ballooned to $3.6 billion.

 

A flurry of problems have separated the parties over the years, drawing the
attention of minority shareholders.

 

U.S. activist investor Pentwater Capital, which has a 9% stake in Turquoise
Hill, last year filed a class action in New York against Rio Tinto for
damages, alleging it concealed the project's problems from investors for
months.

 

The Thomson Reuters Trust Principles.

 

 

 

South African airline Comair's fleet grounded indefinitely

(Reuters) - South Africa's civil aviation regulator grounded Comair's planes
indefinitely on Sunday over unresolved safety issues, in a move that also
affects low-cost airline Kulula and British Airways, leaving hundreds of
passengers stranded.

 

A spokesperson for the South African Civil Aviation Authority (SACAA) said
it had extended a 24-hour precautionary suspension of Comair's operator
certificate indefinitely.

 

The suspension was meant to end on Sunday, but Comair has not adequately
addressed all the necessary safety issues, the SACAA said. read more

 

"This morning we communicated to them (Comair) that their air operator
certificate is now indefinitely suspended until they close all of the
findings," SACAA spokesperson Phindiwe Gwebu told Reuters, effectively
grounding the company's fleet of Boeing (BA.N) aircraft.

 

Comair said it was unable to confirm when it would start flying again, after
working through the night to provide documentation to SACAA following a
review of certain policies, systems and procedures.

 

"This is a huge blow to our customers, employees and the flying public as it
effectively takes 40% of the capacity out of the market," Glenn Orsmond,
Comair chief executive said in a statement.

 

There would be considerable implications for the aviation sector and the
country should the suspension be prolonged, he added.

 

CHARTERED FLIGHTS

 

Airports Company SA (ACSA), which runs the country's largest airports, said
some of the stranded passengers were placed on chartered flights arranged by
BA and Comair, specifically for commuters on the popular Johannesburg and
Cape Town route.

 

"Priority is also given to those passengers who have onward international
connecting flights," Terence Delomoney, ACSA's group executive operations
manager said.

 

Issuing the precautionary notice on Saturday, the regulator said in the past
month Comair had experienced safety problems ranging from "engine failures,
engine malfunction and landing gear malfunctions," among others.

 

In its investigations, SACAA said it had discovered three so-called "level
1" findings "which pose an immediate risk" and must be addressed
immediately.

 

Gwebu did not elaborate on what outstanding safety issues Comair, which
flies local and regional routes from South Africa under the British Airways
(BA) livery as part of a licence agreement, needed to address before flying
again. Besides flying BA planes, Comair also operates the Kulula brand.

 

A notice on Kulula's website showed that Comair had been aiming to resume
its schedule by 12 p.m. (1000 GMT) on Sunday, subject to SACAA's approval.

 

"We will do everything we can to accommodate customers affected by the
suspension on other flights, prioritising vulnerable customers and those who
most urgently needed to travel," Comair said, adding that customers would
also be kept informed via text.

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria: How Nigeria Serviced World Bank, IMF, Other Debts With U.S.$13.1
Billion in 11 Years

As the federal government continue its borrowing spree and debt servicing
constituting a major threat to Nigeria's economy, it has emerged that the
Central Bank of Nigeria (CBN) spent $13.1billion in 11 years to settle
Nigeria's foreign debt obligations.

 

The international payment data released by the CBN showed that from 2011 to
2021, the amount paid to the World Bank, International Monetary Fund (IMF),
Exim Bank of China, among others for debt service and payments have
continued to increase.

 

The debt repayments, it was learnt, were made on behalf of the federal
government alone excluding 36 states and the Federal Capital Territory
(FCT).

 

THISDAY gathered that between 2011 and 2017, the CBN spent an average of
$328 million on debt services and payment reaching $1.4 billion mark in
2018.

 

In 2019, the CBN withdraw $1.34 billion for debt servicing and payment, the
international payment data revealed.

Further analysis of the data revealed that in 2021, debt services and
payment dropped by 63 per cent to $2.13 billion from $5.77 billion reported
in 2020.

 

The reported $5.77 billion is the highest debt services and payments
recorded by the CBN, while a total of $242.8 million was the lowest in 2013.

 

The CBN international payment data showed that in the first three months of
2021, $1.3 billion was spent to service debts. The amount dropped to $298.9
in the next three months ending June 2021.

 

>From July to October, CBN further disclosed that a total of $606 million was
spent on service debts.

 

A month-on-month breakdown showed that the CBN in January spent $617.5
million to service debts; it dropped by 65.45 per cent to $213.3 million in
February; and dropped to $172.5 million in March.

In April, the CBN disclosed that $82.3 million was spent on debt service; it
moved to $167.5 million in May, the second-highest amount spent on debt
service by the apex bank in one month.

 

In June, the amount dropped to $49.4 million; in July, it rose to $120.8
million. For August and September and October the figures reported by the
CBN were $230.6 million, $169.2 million, and $85.2 million respectively.

 

However, between November and December of 2021, the CBN revealed that
$148.57 and $69.83million was spent in debt services and payment
respectively.

 

The apex bank in its economic report for the month of October 2021,
maintained that debt service obligations amounted to N1,022.99 billion,
compared with N440.63 billion in the second quarter of 2021.

 

"The increase was due largely to the rise in the payment of FGN Bonds and
principal repayment of promissory note," the CBN explained.

The apex bank noted that the depreciation of the naira exchange rate also
contributed to the rising debt service payments.

 

Nigeria's debt profile continued to snowball and its attendant cost is
worrisome as members of the CBN's Monetary Policy Committee (MPC) noted the
rising burden of debt services.

 

Meanwhile, analysts have continued to express that the global outlook
remained uncertain due to rising global debt levels, lockdown measures, and
sluggish global trade, stressing that the roll-out of the COVID-19 vaccines
and continued implementation of monetary, fiscal, and structural policies
tends to strengthen global growth prospect.

 

Also, the Monetary Policy Committee members of the CBN continued to express
concerns over increasing debt and its vulnerability to the nation's economic
growth.

 

At the last meeting, the members cautioned on the rising government debt
profile and the concentration of the funding sources and its implications
for fiscal sustainability and macroeconomic stability, including its impact
on financial system performance and growth.

 

The MPC, thus, urged the government on the need to harness other sources of
revenue to reduce its dependence on oil as a single revenue source.

 

In addition, he reiterated the need for government to seek alternative, more
viable, and efficient infrastructure financing sources, in order to ease its
expenditure burden rather than borrowing.

 

A member Robert Asogwa of African Development Bank (AfDB), in his personal
statement stated that: "There are however three worrisome indicators at the
time of this MPC meeting including, the inflationary rise in December 2021,
the surge in M3 and the persistent debt buildup which are key issues of
policy concern."

 

He added that: "Nigeria is however not alone in the debt dilemma as the
global debt levels soared above 400 percent of global GDP early in 2021, but
later declined to about 350 percent of global GDP by the third quarter of
2021.

 

"The main challenge is the lack of debt wisdom in Nigeria and with the debt
service expenditure estimated at about 35.6 percent of the projected revenue
in 2022, the road to long term recovery now seems more uncertain than
previously anticipated."

 

Another member of the MPC, Mike I. Obadan, a Professor of Economics,
University of Benin, said: "Fiscal performance is worrisome in the area of
revenue generation and the attendant narrow fiscal space and public debt
accumulation. Besides these are other issues which shape the direction of
monetary policy."

 

The AfDB had said debt servicing gulps more than 50 per cent of Nigeria's
revenue.

 

The AfDB in its recent West Africa Economic Outlook, said the servicing of
the country's external debt gulped about 50 per cent of the country's
revenue.

 

According to AfDB, the average revenue spent by West African countries on
external debt servicing is 17 per cent. This is high and even higher in
Nigeria, which spends about 50 per cent revenue on external debt servicing.
It added that with the increasing domestic debt burden, the percentage of
revenues spent on debt servicing in Nigeria was even higher.

 

The bank said that even though the country's debt burden had increased by as
much as 128 per cent in the last eight years, Nigeria's debt to Gross
Domestic Product remained low.

 

The low debt-to-GDP ratio notwithstanding, it added, the problem with the
nation's increasing debt burden was the high proportion of revenue spent on
debt servicing.

 

Moreover, the economic report for October 2021 explained further that:
"Borrowing in the review period was anchored on the 2021 budget and the 2020
- 2023 Medium Term Debt Strategy framework. The debt profile of the FGN rose
by 7.9 per cent to N33,805.84 billion at end-September 2021, relative to
end-June 2021; driven by new borrowings for infrastructural development,
COVID-19 mitigation, and fast-tracking of the economy.

 

"Domestic debt accounted for 53.9 per cent of FGN total debt, while external
debt obligations constituted 46.1 per cent. This compares with the
domestic-external debt target of 70:30 in the 2020-2023 mediumterm debt
strategy of the FGN. While the external portion of debt stock grew by 13.6
per cent, domestic debt outstanding rose by 3.4 per cent, compared to
end-June 2021.

 

"FGN bond issues remained dominant in the domestic debt portfolio,
accounting for 73.8 per cent of the total domestic debt, followed by
Treasury Bills (19.2 per cent); Promissory Notes (4.4 per cent); FGN Sukuk
(2.0 per cent); and others (0.6 per cent). The distribution was in tandem
with the FGN's objective to issue more long-term than short-term domestic
debt instruments (75:25). In the composition of the external debt,
Multilateral, Commercial and Bilateral loans accounted for 48.2 per cent,
40.2 per cent and 11.6 per cent of the total external debt stock,
respectively."- This Day.

 

 

Nigeria: Manufacturers Association Seeks Govt's Intervention, As Diesel Hits
N720 Per Litre

"It is a difficult thing ensuring production at this time, as diesel has
gone up to N720 and N730 per litre."

 

The Manufacturers Association of Nigeria (MAN), is seeking urgent
intervention from the Federal Government to support the production of goods,
as diesel price hits N720 per litre.

 

Lanre Popoola, the Chairman, Manufacturers Association of Nigeria (MAN),
Oyo, Osun, Ekiti and Ondo branches, stated this in Ibadan on Sunday, while
speaking on the increase of prices of petroleum products and lack of power
supply.

 

"It is a difficult thing ensuring production at this time, as diesel has
gone up to N720 and N730 per litre.

"It is getting extremely difficult to produce and I don't know how we are
going to cope because 70 per cent of industries are running on diesel, there
is no light.

 

"There is no power supply, we are having 30 per cent of what it used to be,
whereas the disposable income of people is not increasing and the cost of
products are going up.

 

"Even in my factory now, we are only running one shift instead of three
shifts of eight hours each.

 

"Other businesses are also running limited hours on diesel as they cannot
afford to use generators all day," Mr Popoola added.

 

The chairman noted that, if the situation persisted, it could lead to bigger
issues that would further affect the nation's economy and increase the
hardship of Nigerians.

 

"The worst part is that diesel suppliers cannot agree for organisations to
make a flexible payment plan such as instalments, while they deliver the
products in trust.

 

"They cannot again supply you with diesel and allow you to pay in two weeks.
It is either you do cash and carry, or pay ahead, because they too cannot
predict the cost of the product.

 

"And I don't blame them, imagine you bought diesel last week at N630 per
litre and the next day it is sold for N730 per litre, how will you replace
your stock," he said.

 

Mr Popoola stated that the way forward was for the government to come in and
assist manufacturers, by giving some rebate on diesel, adding that, that was
the only lifeline.

 

"Aside manufacturers, for transporters that are bringing food from the North
or taking products to the East or Lagos, now the cost of their logistics
would have doubled by 100 per cent if not 200 per cent.

 

"May be the government can come in and do a kind of palliative for us, it is
either we have light 24 hours per week, to run our factories or do a
palliative on diesel.

 

"But unfortunately, we don't produce diesel in this country, if the
refineries are working, it is a different ball game, the country would have
had it better now, if the refineries are working.

 

"So the more the international prices of Petroleum products go up, the
higher the prices of what we are going to get from them," Mr Popoola said.
(NAN)-Premium Times.

 

 

 

Young Business Women Empowered at Women's Market Exhibition in Luweero to
Commemorate International Women's Day

Luweero — Today, over 100  young women showcased their small businesses at a
special women's market exhibition aimed at empowering young women in
business. The exhibition, dubbed "Women's Day Katale", was hosted by the
Private Sector Foundation Uganda (PSFU), Uganda's apex body for the private
sector, in partnership with the Mastercard Foundation's Young Africa Works
initiative in Uganda.

 

Speaking at the event, to celebrate International Women's Day under the 2022
theme of "INVESTING IN YOUNG WOMEN FOR A SUSTAINABLE TOMORROW", Hon.
Victoria Sekitoleko- the Vice Chairperson of the PSFU Board said,"Through
this initiative, we are re-echoing our recognition of the contributions,
resilience, and potential of young women in Uganda. This Women's Day Katale
provides an opportunity for young women in Luweero to gain linkages for
their goods, products, and services to the available market."

 

The exhibitors received business development support through free financial
literacy, brand image consultancies, and guidance on embracing technology to
support their long-term businesses objectives while ensuring sustainability
and excellence.

 

In his address, Adrian Bukenya, Uganda Country Head at the Mastercard
Foundation, highlighted the fact that Uganda, has one of the highest
proportions of women-owned businesses anywhere in the world. "It is up to
all of us to ensure young women and men have the support they need to drive
change in their communities, and contribute to our economy as equals. We
need to work with intentionality, urgency, and at scale to enable
systems-level changes that will catalyze opportunities for young women in
Uganda and in fact the continent."

 

 

PSFU | Mastercard Foundation

Over 100 young women showcased their small businesses at a special women’s
market exhibition in Luweero, Uganda. The exhibition dubbed “Women’s Day
Katale” aimed at empowering young women in business.

[WATCH: "Women's Day Katale" Address by Adrian Bukenya, Uganda Country Head
at the Mastercard Foundation]

 

Bukenya commended the exhibitors for their skills, creativity, and value and
highlighted two young women who participated in the exhibition.
Nineteen-year old Namato Shamira, who recently enrolled in the URDT (Uganda
Rural Development Training Institute) and expanded her tailoring skills and
learned to make shoes and bags. She started her own business, tripled her
income, and plans to pay forward her experience to 30 other young women.

 

Thirty-year old Bernadette Ojao's struggle started after dropping out of
high school and she spent almost three years searching for a job to earn a
living and look after her family. Her luck changed when a friend gave her a
sewing machine. She, however, did not have skills or knowledge of the
fashion and design industry to put the gift to good use. When The Innovation
Village, a Mastercard Foundation Young Africa Works partner, put out a call
to entrepreneurs, she leapt at the chance to join the creative industry.
Through upskilling and business support, she learned how to make reusable
sanitary pads and reusable masks. Her first sale was 1,500 face masks to
Tugende, a Bodaboda company that supplied the masks to their motorcycle
riders in Kampala. Bernadette currently employs six fellow women from local
communities and the slums of Kamwokya.

 

 

PSFU | Mastercard Foundation

The exhibition, dubbed “Women’s Day Katale”, was hosted by the Private
Sector Foundation Uganda (PSFU), Uganda’s apex body for the private sector,
in partnership with the Mastercard Foundation’s Young Africa Works
initiative in Uganda.

The exhibition, held at the Luwero Kasana Sports Grounds, attracted more
than 300 participants from local government, the private sector, and the
community.

 

About PSFU

 

Private Sector Foundation Uganda (PSFU) is Uganda's apex body for the
private sector. It is made up of over 200 business associations, corporate
bodies and the major public sector agencies that support private sector
growth. Since its founding in 1995, PSFU has served as a focal point for
private sector advocacy as well as capacity building and continues to
sustain a positive policy dialogue with Government on behalf of the private
sector. PSFU aims to strengthen Private Sector capacity for effective policy
advocacy and market competitiveness nationally, regionally and
internationally. Regionally, PSFU is the national focal point for the East
African Business Council (EABC) and the COMESA Business Council (CBC).

 

About the Mastercard Foundation

 

The Mastercard Foundation works with visionary organizations to enable young
people in Africa and in Indigenous communities in Canada to access dignified
and fulfilling work. It is one of the largest, private foundations in the
world with a mission to advance learning and promote financial inclusion to
create an inclusive and equitable world. The Foundation was created by
Mastercard in 2006 as an independent organization with its own Board of
Directors and management. For more information on the Foundation, please
visit: www.mastercardfdn.org

 

 

PSFU | Mastercard Foundation

The “Women’s Day Katale” was hosted by the Private Sector Foundation Uganda
(PSFU), Uganda’s apex body for the private sector, in partnership with the
Mastercard Foundation’s Young Africa Works initiative in Uganda.

About Young Africa Works

 

Young Africa Works is the Mastercard Foundation's strategy to enable 30
million young people, particularly young women, across Africa to access
dignified and fulfilling work. Africa will be home to the world's largest
workforce, with 375 million young people entering the job market by 2030.
With the right skills, these young people will contribute to Africa's global
competitiveness and improve their lives and those of their communities. The
Mastercard Foundation will implement Young Africa Works in 10 African
countries in collaboration with governments, private sector, entrepreneurs,
educators, and young people. The first phase of countries identified by the
Mastercard Foundation are Rwanda, Kenya, Uganda, Senegal, Ethiopia, Ghana,
and Nigeria.                                          

 

 

 

 

 

 

 

 


 


 


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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


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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
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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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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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