Major International Business Headlines Brief::: 15 March 2022

Mon Mar 14 23:40:29 CAT 2022

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Major International Business Headlines Brief::: 15 March 2022 

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

ü  IMF: Ukraine economy could shrink as much as 35%

ü  All UK travel rules to end on Friday, says government

ü  Putin changes law on leased jets to keep them flying

ü  Oil prices fall, continuing downward trend from last week

ü  Germany to buy 35 Lockheed F-35 fighter jets from U.S. amid Ukraine
crisis

ü  EXCLUSIVE Chevron set to trade Venezuelan oil if U.S. relaxes sanctions
-sources

ü  Discovery to combine its Discovery+ with WarnerMedia's HBO Max

ü  Musk says Tesla, SpaceX face 'significant' inflationary pressure

ü  Tech, growth stocks lead Wall Street to lower close as investors focus on
interest rates

ü  Lyft joins Uber in charging customers extra for fuel amid high gas prices

ü  Investors turn to crypto funds, companies as Russia-Ukraine crisis
escalates

ü  U.S. to keep up economic pressure on Russia -Treasury's Adeyemo

ü  As West shuns Moscow, officials say India eyes more cheap Russian oil

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

ü  Nigeria: More Nigerian Banks Limit Foreign Currency Spending On Naira
Cards

ü  Tanzania: Govt to Spend 170bn/ - in Broadband Connectivity

ü  Tanzania: Samia At One - Youths Get 20bn/ - Boost

ü  Tanzania's Internet Users Reach 30million

 <mailto:info at bulls.co.zw> 

IMF: Ukraine economy could shrink as much as 35%

The Ukrainian economy could shrink by more than a third this year if the war
with Russia continues, the International Monetary Fund said.

The global lending body said the country is already facing a downturn of 10%
due to the invasion, which has hit major cities, destroyed airports and
precipitated a refugee crisis.

The IMF recently sent $1.4bn in emergency funds to Ukraine - the maximum
allowed under its rules.

Billions more will be needed, it said.

The dire economic outlook for Ukraine was included in a report prepared
before the emergency loan was approved last week. The estimates were
calculated by looking at wartime economies in countries such as Lebanon,
Iraq and Syria.

"With the war ongoing, the situation remains extremely fluid, and any
forecast is at this stage subject to massive uncertainty," the report said,
predicting the economy could contract by between 25% to 35%.

It said the estimates in the report should be "seen as a bare minimum".

In 2014 and 2015, Ukraine also suffered economic shock, with output falling
6.6% and 10% respectively, following Russia's annexation of Crimea.

But Ukraine's economy, which is heavily dependent on exports, expanded 3%
last year, lifted by a record grain harvest. Output had been expected to
grow another 3.6% in 2022.

Now, the IMF said: "A deep recession and large reconstruction costs are to
be expected, on the backdrop of a humanitarian crisis."

For now, the government has prioritised defence and social spending and
remained current on its foreign debt obligations, according to the 7 March
report. Companies are still paying taxes and money is still flowing through
its financial system, though many bank branches have shut and authorities
have had to take emergency measures.

The country is likely to struggle even more, the report warned.

The IMF plans to set up tools to help its members send money to help
Ukraine, which has already spent the equivalent of $1.4bn to service and
repay the government's foreign debt since the start of the war, IMF
officials said.

In an interview with the BBC, the head of Ukraine's central bank Kyrylo
Shevchenko said Russian assets frozen in foreign countries, as a result of
sanctions, should be used to help rebuild the country.

"The need for money will be huge," he told the BBC. "It could be fulfilled
through loans and grants from multinational organisations and direct help
from other countries. However, a large share of financing is needed to be
obtained as a reparation from the aggressor, including funds that are
currently frozen in our allied countries."-BBC

All UK travel rules to end on Friday, says government

The transport secretary has confirmed that all remaining Covid travel
measures will be scrapped.

Currently, everyone travelling to the UK must complete a passenger locator
form before they arrive.

Travellers who are not fully vaccinated have to take a Covid test before
departure, fill in the form, and book and pay for a PCR test after arriving.

Grant Shapps confirmed in a tweet that these rules will end at 04:00 on
Friday.

His announcement means that passengers who are not fully vaccinated will no
longer have to take Covid tests before and after travelling to the UK. The
passenger locator form will no longer be necessary either.

People planning an overseas trip will still need to be aware of other
countries' entry rules.

Mr Shapps tweeted: "These changes are possible due to our vaccine rollout
and mean greater freedom in time for Easter."

When any new Covid strains appear in the future, the government said its
default approach would be to use "the least-stringent measures" for
restricting travel.

Its "Living with Covid" plan said new measures at the border would only be
considered in "extreme circumstances".

It said the UKHSA would closely monitor the prevalence and spread of Covid
variants.

What are the UK's 'Living with Covid' plans?

Scotland and Wales have agreed to follow England in scrapping the remaining
coronavirus border measures.

But Welsh Health Minister Eluned Morgan said she was doing so "reluctantly"
- and was "extremely disappointed" that testing requirements and the
passenger location form were being ditched.

The Scottish government said consistency across the four nations was agreed
because of the "negative impact of non-alignment on the tourism industry".

Testing requirements for fully-vaccinated arrivals into the UK were dropped
in February.

The latest move was welcomed by some figures in the travel industry, which
has campaigned for the remaining rules to be dropped so businesses can take
full advantage of strong summer holiday demand.

Tim Alderslade, chief executive of trade body Airlines UK, said: "Today's
announcement sends a clear message to the world - the UK travel sector is
back.

"With travellers returning to the UK no longer burdened by unnecessary forms
and testing requirements, we can now look forward to the return to pre-Covid
normality throughout the travel experience."

A Virgin Atlantic spokesperson said: "The removal of all remaining UK travel
restrictions is the final important step towards frictionless air travel,
helping to further restore consumer confidence as we welcome more customers
back to the skies this spring and summer.

"To uphold the experience of all travellers, it's vital that the UK
Government works closely with industry to ensure the UK border is ready for
increasing passengers, as international travel ramps up."

Meanwhile, Eurostar's chief executive Jacques Damas said the easing of
restrictions would help the cross-Channel train operator's recovery.

"We hope and expect to see the UK's approach replicated across our other
markets in the coming weeks," Mr Damas said.

Challenges remain

However, as Covid restrictions recede, other headwinds for the aviation
industry are appearing.

The price of jet fuel has soared as a result of higher crude oil prices.
This adds to cost pressures on airlines, although some have been protected
by their hedging strategies, whereby they purchased fuel in advance at lower
prices.

On Friday, the chief executive of Heathrow airport, John Holland-Kaye, said
the recovery of aviation remained "overshadowed by war and Covid
uncertainty".

Businesses will also be keeping a careful eye on whether consumers'
confidence to book is knocked by the war in Ukraine and rising household
bills squeezing disposable incomes.

Air France-KLM and Ryanair have both recently warned air fares will
rise.-BBC

Putin changes law on leased jets to keep them flying

Russia has implemented a new law making it harder for foreign aircraft
leasing companies to repossess their planes in the face of Western
sanctions.

The new law will allow foreign jets to be registered in Russia "to ensure
the uninterrupted functioning of activities in the field of civil aviation".

Russian airlines have 515 jets leased from abroad worth about $10bn
(£7.7bn).

Foreign owners have until 28 March to get them back from Russian companies
before sanctions kick in.

The move comes after Bermuda and Ireland, where nearly all foreign-leased
planes operating in Russia are registered, said they were suspending
certificates of airworthiness for those aircraft.

The measure, signed into law by President Vladimir Putin, could circumvent
that by bringing registration and certification of safety within Russia's
borders and use the foreign aircraft to fly domestic routes across the vast
country.

Since the invasion of Ukraine on 24 February, Western companies have been
terminating leases and asking for planes to be returned.

The majority of international air routes out of Russia are not being flown
and many countries, including the UK, have banned Russia's national airline
Aeroflot from flying in their airspace.

Analysis box by Theo Leggett, business correspondent

Hundreds of foreign-owned aircraft remain in Russia. To comply with
sanctions, leasing companies are trying to get them back. But that is
looking highly unlikely.

If Russia does hang onto these aircraft - collectively worth billions of
dollars - they will be able to continue flying, in Russia and a handful of
former Soviet republics at least.

But it's one thing to steal aircraft, it's quite another to keep them
operating for any length of time.

Airbus and Boeing cannot supply spare parts, so when something needs to be
replaced it will have to be taken from another plane, or be manufactured by
a third party.

That has serious safety implications. It will also make it virtually
impossible to insure those planes outside Russia. Servicing is also a
concern - many aircraft are flown elsewhere for maintenance.

And when the crisis is over there will be a huge bill to pay.

If aircraft are not maintained properly, their value will plummet. So even
if lessors get them back, they will demand compensation.

International aviation is an international business, and you have to play by
the rules.

Russia could decide to thumb its nose at the rest of the world now. But one
day it will want to rejoin the club - and the conditions for rejoining could
be very harsh.-BBC

Oil prices fall, continuing downward trend from last week

(Reuters) - Oil prices fell on Sunday at the start of the session, extending
last week's decline, as a U.S. official said Russia was showing signs it
might be willing to have substantive negotiations over Ukraine.

Brent crude futures fell $1.82, or 1.6%, to $110.85 a barrel by 6:47 p.m. ET
(2247 GMT). WTI crude futures fell $2.41, or 2.2%, to $106.92 a barrel.

Russia's invasion of Ukraine in late February, which Moscow calls a "special
operation," has roiled energy markets globally. Brent last week was down
4.8% after hitting $139.13 on March 7. U.S. crude recorded a weekly drop of
5.7% after touching a high of $130.50 on March 7. Both contracts last
touched those price peaks in 2008.

Investors have been concerned about a tighter oil market following Russia's
action. Prices fell last week as traders assessed potential improvements to
the supply outlook that has been disrupted by the Ukraine crisis. read more

Russia is showing signs it might be willing to have substantive negotiations
over Ukraine, even as Moscow is intent on "destroying" its neighbor, U.S.
Deputy Secretary of State Wendy Sherman said on Sunday.

Russia-Ukraine talks are not taking place right now but will continue on
Monday, Kremlin spokesperson Dmitry Peskov was quoted as saying on Sunday by
the RIA news agency.

Peskov made the comments after Ukrainian presidential adviser Oleksiy
Arestovych said Ukraine and Russia were actively conducting talks on Sunday.

Russia said on Sunday it was counting on China to help it withstand the
economic blow from Western sanctions over the war in Ukraine, but the United
States warned Beijing not to provide that lifeline. read more

U.S. National Security Adviser Jake Sullivan, who is due to meet with
China's top diplomat Yang Jiechi in Rome on Monday, warned Beijing it would
"absolutely" face consequences if it helped Moscow evade sweeping sanctions
over the war in Ukraine. read more

The Thomson Reuters Trust Principles.

Germany to buy 35 Lockheed F-35 fighter jets from U.S. amid Ukraine crisis

(Reuters) - Germany will buy 35 U.S. F-35 fighter jets to replace its ageing
Tornado, it said on Monday, announcing a first big defence deal since
Chancellor Olaf Scholz pledged a 100-billion-euro upgrade to the military in
response to Russia's invasion of Ukraine.

The move appeared to be part of a tectonic shift in German security policy,
including a pledge to reach NATO's 2% target for defence spending, after
years of accusations that Germany was too dovish towards Moscow in
compensation for its Nazi past. read more

"After looking thoroughly into all available options, I decided to initiate
the purchase of F-35 aircraft as replacement for the Tornado in the role of
nuclear sharing," Defence Minister Christine Lambrecht said in a statement.

The Tornado is the only German jet capable of carrying U.S. nuclear bombs,
which are stored in Germany, in case of a conflict. read more But the German
air force has been flying the Tornado since the 1980s, and Berlin is
planning to phase it out between 2025 and 2030.

As a replacement, the F-35 offers unique opportunities for cooperation with
NATO allies and other European partners alike, Lambrecht said, referring to
the fact that many other nations have ordered the stealth jet built by
Lockheed Martin (LMT.N).

A German defence source told Reuters in early February that Berlin was
leaning toward purchasing the F-35 but a final decision had not been taken.
read more

Berlin will also purchase 15 Eurofighter jets equipped for electronic
warfare, a capability yet to be developed by Franco-German producer Airbus
(AIR.PA), according to a confidential document sent to lawmakers to inform
them of government plans.

The F-35 purchase will be a blow for Boeing (BA.N), whose F-18 was favoured
by former German defence minister Annegret Kramp-Karrenbauer to replace the
Tornado.

The decision could also upset France. Paris monitored Germany's
deliberations over the F-18 or more advanced F-35, fearing a deal could
undercut the development of a joint Franco-German fighter jet that is
supposed to be ready in the 2040s.

In an effort to assuage French concerns, Lambrecht echoed Scholz in
stressing continued German support for the joint fighter programme.

($1 = 0.9119 euros)

EXCLUSIVE Chevron set to trade Venezuelan oil if U.S. relaxes sanctions
-sources

(Reuters) - Chevron Corp. is preparing to take operating control of its
joint ventures in Venezuela if Washington relaxes sanctions on Caracas to
boost crude supplies after banning Russia's oil imports, according to three
people familiar with the situation.

The U.S. oil major has begun assembling a trading team to market oil from
Venezuela, two of the people said. If U.S. approvals are received, Chevron
aims to expand its role in the four joint ventures it shares with state-run
company PDVSA, they added.

Chevron has asked the U.S. government for a license broad enough to have a
greater say at its joint ventures in Venezuela, a first step to recovering
crude output and exports, and to control where oil is sent, the three people
said. Since 2020, Chevron has delegated most decision making to state-run
PDVSA.

U.S. officials have made clear, however, that any new authorization will
depend on whether Venezuelan President Nicolas Maduro takes further
political steps, two sources said, such as releasing more jailed Americans
and setting a firm date for resuming negotiations with the Venezuelan
opposition.

Chevron's proposed moves could revitalize Venezuela's oil output and exports
after years of underinvestment and sanctions shrank it to about 755,000
barrels per day (bpd) last month from 2.3 million bpd in 2016. Chevron's
joint ventures with PDVSA had produced about 200,000 bpd before U.S.
sanctions and lack of financing cut their output.

LOGISTICS TEAM

A date has not been set for issuing the authorization. But Chevron has begun
preparations for employees to get Venezuelan visas in Aruba, ready to head
to Caracas if the U.S. Treasury eases restrictions, the people said.

Last week, U.S. President Joe Biden banned U.S. imports of Russian oil,
adding to an array of sanctions after Russia invaded Ukraine, an action
Moscow has called a "special military operation."

Chevron aims to begin moving Venezuelan oil to refineries as soon as next
month. Last week's U.S. ban on Russian imports allows oil under existing
contracts to arrive in the country through April 22.

"Since Venezuelan barrels were banned in the United States in 2019, and
Colombia and Mexico reduced key exports to the United States, Russian
barrels have been feeding the Gulf refiners", said one person involved in
the talks.

Chevron had vastly reduced its presence in Venezuela after Washington
tightened sanctions on Venezuela in 2020. For years, Chevron and other PDVSA
venture partners have requested more operating oversight.

The United States is drafting a new license that would allow Chevron to
assume a more active role in Venezuela, a person familiar with the matter
said. Washington is considering similar oil-for-debt authorizations for
Spain's Repsol (REP.MC) and Italy's Eni SpA . They collectively are owed
billions of dollars by their Venezuela joint ventures.

Chevron declined to comment, but reiterated in a statement its operations in
Venezuela comply with U.S. sanctions and remain "a constructive presence in
Venezuela."

PDVSA and Venezuela's oil ministry did not reply to requests for comment.

A State Department spokesperson said the U.S. government "does not preview
sanctions actions" but added: "We have made clear that we would review some
sanctions policies if the Venezuelan parties made meaningful progress in the
Venezuelan-led negotiations in Mexico toward a democratic solution."

The U.S. Treasury Department did not immediately respond to a request for
comment.

POLITICAL TALKS

This month, Washington quietly restarted diplomatic engagement with
Venezuela, a close ally of Russia. Last week, Maduro released two jailed
Americans, and Washington has insisted others also be freed. Maduro has
expressed a willingness to resume a dialogue with the opposition after he
suspended talks in Mexico in October. U.S. officials want a firm commitment
to discussing free elections.

On Sunday, U.S. national security adviser Jake Sullivan told NBC any
sanctions relief for Venezuela must be tied to "concrete steps" by Maduro.

The Biden administration had not previously made Venezuela a foreign policy
priority. That changed when Middle East and U.S. shale producers would not
boost their crude supplies when the White House asked them to do so after
the Ukraine invasion.

Congressional Republicans and even some of Biden's fellow Democrats such as
U.S. Senator Bob Menendez have opposed any deal that would benefit the
socialist president. Washington condemned Maduro's 2018 re-election as a
sham.

The United States imported 670,000 barrels per day (bpd) of Russian oil and
fuel last year. One of the few countries in a position to replace those
imports is Venezuela. Before sanctions, its oil went mainly to U.S. Gulf
Coast refiners. read more

TIMELY APPROVAL

Chevron-marketed barrels could help PBF Energy (PBF.N), Valero Energy
(VLO.N), and Phillips 66 (PSX.N) fill their supply gap, the source said. All
have operations geared to run heavy oils.

Chevron has held parallel talks with PDVSA to expand its joint ventures'
governance. Any agreements likely would be temporary unless Venezuela enacts
deep reforms of its oil legislation, which require PDVSA to be the majority
stakeholder in any joint venture.

While PDVSA President Asdrubal Chavez supports an expanded operating role
for Chevron, some Venezuelan top officials resist the change, three sources
familiar with the matter said.

Venezuela holds about 300 billion barrels of oil reserves, the world's
largest, but has not been able to hit its production targets due to
underinvestment, poor maintenance, lack of supplies and U.S. sanctions. read
more

The Thomson Reuters Trust Principles.

Discovery to combine its Discovery+ with WarnerMedia's HBO Max

(Reuters) - Discovery Inc (DISCA.O) Chief Financial Officer Gunnar
Wiedenfels on Monday provided the most concrete details to date about the
media company's plans to combine its Discovery+ streaming service with HBO
Max once the acquisition of WarnerMedia closes.

Wiedenfels said the services would unite to create a more broadly appealing
consumer product, with HBO Max's more "male skewing" scripted series
complementing Discovery's reality shows, with their heavily female
viewership.

"The acquisition power of HBO Max, combined with the retention power of the
Discovery content, I think, is going to make for a blowout DTC
(direct-to-consumer) product," Wiedenfels told the Deutsche Bank Annual
Media, Internet & Telecom Conference, using the industry's term for
streaming.

The melding of the two services, following the completion of Discovery's $43
billion acquisition of AT&T's (T.N) WarnerMedia in a deal announced in May
2021, had long been anticipated.

Wiedenfels said the company would need to "harmonize" the separate
technology platforms to offer a single streaming product, with more than
200,000 hours of movies and television episodes. There will be an ad-free
service and a less expensive, ad-supported tier.

The deal, on track to close in the second quarter, last month passed the
U.S. Department of Justice's antitrust review, clearing another key hurdle
toward closing.

Discovery+ has 22 million subscribers, and HBO Max, together with its HBO
television network, has 73.8 million subscribers.

The Thomson Reuters Trust Principles.

Musk says Tesla, SpaceX face 'significant' inflationary pressure

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

Musk in a tweet on Sunday 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 led to a surge in 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 customers are
likely to foot the bill.

Tesla and SpaceX were not available for additional comments.

Soaring raw material prices has raised concerns about EV economics, as
legacy automakers and startups prepare to launch new cars this year after
overcoming problems related to chip shortages.

Additionally, geopolitical challenges arising from Ukraine's invasion have
affected factory operations in the United States and made it difficult for
raw material suppliers to quote prices. read more

"Just as hopes the semi-conductor shortage was easing... the invasion has
thrown up fresh disruptions to the supply of essential materials and a
worrying surge in prices," Hargreaves Lansdown analyst Susannah Streeter
said.

Wells Fargo analysts noted that prices of nickel, a key material used in
batteries, were up 130%, while cobalt, lithium and aluminum surged 16% to
88% this year.

Tesla last week raised prices of its popular SUVs and sedans in China and
the United States by $1,000. Rivian Automotive Inc (RIVN.O) warned it would
cut its planned production in half, while Toyota Motor Corp said it would
scale back production due to supply-chain issues.

Shares of Rivian and Nikola Corp (NKLA.O) were down between 0.7% and 2.7%,
while Tesla was marginally higher in trading before the bell.

The Thomson Reuters Trust Principles.

Tech, growth stocks lead Wall Street to lower close as investors focus on
interest rates

(Reuters) - Major U.S. stock indexes closed mostly lower on Monday, led by a
more than 2% drop in Nasdaq, as investors sold tech and big growth names
ahead of this week's Federal Reserve meeting and an expected hike in
interest rates.

The Dow ended flat, with financial and healthcare shares giving the index
some support.

Developments in the Ukraine-Russia conflict added to investor caution as
Russian and Ukrainian delegations held a fourth round of talks on Monday,
but no progress was announced, while Russian forces allowed a first convoy
of cars to escape Ukraine's besieged port of Mariupol. read more

Apple Inc (AAPL.O) shares fell 2.7% and weighed the most on the S&P 500 and
Nasdaq after its supplier Hon Hai Precision Industry Co Ltd, known as
Foxconn, suspended operations in China's Shenzhen amid rising COVID-19
cases. read more

The Fed is expected to raise interest rates for the first time in three
years Wednesday in an effort to combat rising inflation.

"We're seeing that rotation into value and away from growth, and a lot of
that is tied to what's happening to interest rates," said Paul Nolte,
portfolio manager at Kingsview Investment Management in Chicago.

"Equity markets are going to be challenged going forward, and today is yet
another example of that."

The technology sector (.SPLRCT) and consumer discretionary (.SPLRCD) were
the biggest drags on the S&P 500. Higher interest rates are a negative for
tech and growth stocks because their valuations rely more heavily on future
cash flows.

The Dow Jones Industrial Average (.DJI) rose 1.05 points to 32,945.24, the
S&P 500 (.SPX) lost 31.2 points, or 0.74%, to 4,173.11 and the Nasdaq
Composite (.IXIC) dropped 262.59 points, or 2.04%, to 12,581.22.

The Russell 2000 index of small capitalization stocks (.RUT) fell 1.9% and
was down more than 20% from its November record closing high. The Cboe
volatility index (.VIX), also known as Wall Street's fear gauge, rose.

The S&P financial index (.SPSY) rose 1.3% as U.S. Treasury yields jumped to
2-1/2-year highs. The healthcare sector (.SPXHC) advanced 0.7%, with
UnitedHealth Group (UNH.N) up 1%.

Energy (.SPNY) slid 2.9%, as Brent crude fell below $110 a barrel, a week
after it rose as high as $139 due to the Ukraine crisis.

Oil and other commodity prices have shot up following tough Western
sanctions against Russia.

Declining issues outnumbered advancing ones on the NYSE by a 3.05-to-1
ratio; on Nasdaq, a 2.97-to-1 ratio favored decliners.

The S&P 500 posted 11 new 52-week highs and 32 new lows; the Nasdaq
Composite recorded 26 new highs and 615 new lows.

Volume on U.S. exchanges was 14.26 billion shares, compared with the 13.7
billion average for the full session over the last 20 trading days.

The Thomson Reuters Trust Principles.

Lyft joins Uber in charging customers extra for fuel amid high gas prices

(Reuters) - Lyft Inc (LYFT.O) on Monday joined Uber Inc (UBER.N) to levy
fuel surcharge on rides from customers in an attempt to cushion the impact
on drivers' pockets from higher fuel costs.

"Driver earnings overall remain elevated compared to last year, but given
the rapid rise in gas prices we'll be asking riders to pay a temporary fuel
surcharge, all of which will go to drivers," Lyft said in a statement in
Monday.

Last week, Uber said U.S. customers, excluding New York City, will have to
pay a fuel surcharge from March 16 to address the same concerns. read more

The move comes as drivers have been protesting on social media over high gas
costs after Western sanctions following the invasion of Ukraine by Russia, a
major oil producer, had crippled global oil trade and could further lift
gasoline prices.

The Thomson Reuters Trust Principles.

Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

(Reuters) - Global investors are scooping up stakes in cryptocurrency funds
and companies, as they seek exposure to a sector many believe could
withstand the fallout from the Russia-Ukraine conflict.

Research firm Fundstrat, in its latest note to clients, said venture capital
(VC) buyers invested around $4 billion in the crypto space in the last three
weeks of February. VCs poured in another $400 million to start-ups in the
sector last week, data showed.

The VC investment is consistent with broad weekly inflows. Since the
beginning of the year, weekly investments in the industry have been
averaging anywhere between $800 million to about $2 billion, Fundstrat data
showed.

New crypto funds also raised nearly $3 billion over the last two weeks as of
Friday, the most so far this year.

"The conflict in Ukraine has weaponized our financial and digital economy
and really accelerated blockchain adoption," said Paul Hsu, founder and
chief executive officer of Decasonic, a $50-million hybrid fund investing in
both digital assets and venture capital. He added that there's demand of up
to $200 million to invest in his fund.

"We are seeing a re-allocation to crypto and blockchain away from real
estate and bond funds, for instance, because of higher interest rates. I've
seen this with my funds but unfortunately, because I'm closed-end, I cannot
admit more funds nor investors," Hsu said.

Refinitiv Lipper data showed that U.S. investors pulled a net $7.8 billion
out of bond funds in the week to March 9. read more

Real estate funds saw net outflows of $707 million in the same period, after
posting outflows worth $1.15 billion the previous week. read more

"Crypto native companies are still raising at very high valuations and many
funding rounds are still oversubscribed," said George Melka, chief executive
officer at crypto broker SFOX. "In fact, crypto startup valuations are
probably the highest I've seen."

Bain Capital Ventures, a unit of private equity firm Bain Capital, for
instance, announced early last week that it is launching a $560 million fund
focused exclusively on crypto-related investment.

Crypto assets have outperformed traditional risk-on assets such as stocks
during the crisis. Bitcoin rose 12.2% last month, while ether gained 8.8%.
Since bottoming on Feb. 24 when Russia invaded Ukraine, the digital
currencies have gained 14.5% and 13.5%, respectively, while the S&P 500
(.SPX) rose just 3.2%.

CAPITAL INFLOWS, HEDGE FUND RETURNS

Crypto investment products and funds saw $163 million in new institutional
money in the two weeks to March 4, while inflows into blockchain equities
totaled about $15.6 million, according to data from asset manager
CoinShares.

The inflows of $127 million were the largest seen so far this year. Flows
into the crypto sector turned positive in late January, after five straight
weeks of outflows, CoinShares data showed.

Crypto fund returns have stabilized.

The BarclayHedge cryptocurrency traders index was down at 1.5% for the month
of February, according to data posted on Monday, with 39 funds reporting or
about 43% of the total crypto asset managers it tracks. In January the index
fell nearly 13% and in December it fell 10%.

"There's really no panic even with the Ukraine conflict," said Joe
DiPasquale, chief executive officer at BitBull Capital, which manages a
crypto fund of funds and two hedge funds.

BitBull's two hedge funds, which employ market-neutral strategies, were up
on the year, DiPasquale said, benefiting from the recovery of bitcoin and
ether in the month of February.

"People are starting funds, encouraged by the appreciation in prices over
the last couple of years," he said.

The Thomson Reuters Trust Principles.

U.S. to keep up economic pressure on Russia -Treasury's Adeyemo

(Reuters) - The United States will continue take actions to put pressure on
Russia's economy and take away resources from Russian President Vladimir
Putin's invasion of Ukraine, Deputy U.S. Treasury Secretary Wally Adeyemo
told CNBC on Monday.

Asked if the Biden administration would meet Ukrainian President Volodymyr
Zelenskiy's demands to close international waterways for Russia and to
implement a full trade embargo against Moscow, Adeyemo said the United
States would take actions consistent with Zelenskiy's goals, but declined to
be specific.

"So you’re going to see us continue to put pressure on the Russian economy
to stop their ability to project power. We’re going to continue to go after
Russian elites in order to take away resources from President Putin,"
Adeyemo said.

"And then we’re going to use export controls to degrade their ability to
project power into the future, all of which are consistent with what
President Zelenskiy has been asking us to do," Adeyemo added.

The Treasury's No. 2 official said that Western sanctions were already
causing a "financial crisis" in Russia that is forcing difficult decisions
on how it finances its war efforts. Russia has two dollar-denominated bond
payments due on Wednesday and has said it is prepared to pay in roubles - a
move tantamount to a default.

"They're in a position where they're going to have to make choices about
what debts they pay going forward and those choices will ultimately put
(Putin) in a position where he has to make a decision about whether he
continues the invasion or stops that invasion," Adeyemo said.

As West shuns Moscow, officials say India eyes more cheap Russian oil

(Reuters) - India may take up a Russian offer to buy crude oil and other
commodities at a discount, two Indian officials said, in a sign that Delhi
wants to keep its key trading partner on board despite Western attempts to
isolate Moscow through sanctions.

U.S. officials have said in recent weeks they would like India to distance
itself from Russia as much as possible, while recognising its heavy reliance
on Moscow for everything from arms and ammunitions to missiles and fighter
jets. read more

India has not condemned the invasion of Ukraine and abstained from voting at
the United Nations calling out Russia's aggression. Russia calls its actions
in Ukraine a "special operation" to demilitarise and "denazify" the country.

One person within India's security apparatus said the West understood
India's position, given that it needs to keep its armed forces well supplied
amid simmering territorial disputes with China.

India, which imports 80% of its oil needs, usually buys only about 2-3% from
Russia. But with oil prices up 40% so far this year, the government is
looking at increasing this if it can help reduce its rising energy bill.

"Russia is offering oil and other commodities at a heavy discount. We will
be happy to take that," one of the Indian government officials said.

The official added that such trade required preparatory work including
transportation, insurance cover and getting the right blend of crude, but
once that was done India would take Russia up on its offer.

The officials, who declined to be identified, did not say how much oil was
on offer or what the discount was.

The finance ministry did not reply to an email seeking comment.

Reuters has reported that Indian officials are trying to set up a
rupee-rouble mechanism with Russia to continue bilateral trade. read more

Russia has urged what it describes as friendly nations to maintain trade and
investment ties.

Apart from oil, India is also looking for cheaper fertiliser from Russia and
its ally Belarus, according to one of the officials.

'COMPLICATED HISTORY'

Indian officials said they could not suddenly replace Russia with other
suppliers, particularly in the defence sector.

India's dependence on Russia for its military hardware still runs as high as
60%, despite a significant reduction over the last decade.

U.S. officials have declined to say if India would be sanctioned should
Russia send S-400 missile systems as part of a $5.5 billion deal signed in
2018 for five of them.

Initial supplies of the system started late last year despite a U.S. law
aimed at deterring countries from buying Russian military hardware.

Ely Ratner, U.S. Assistant Secretary of Defense for Indo-Pacific Security
Affairs, told a U.S. Congress hearing last week that India was diversifying
its defence suppliers.

"We recognise that India has a complicated history and relationship with
Russia. The majority of the weapons that they buy are from the Russians," he
said.

"The good news is that they are in a multi-year process of diversifying
their arms purchases away from Russia - that's going to take some time. But
they are clearly committed to doing that, including the indigenisation of
their own defence industry and that's something we should support."

British Foreign Minister Liz Truss also said last week that London should
pursue closer economic and defence ties with India to help it reduce its
reliance on Russia.

Since 2011, New Delhi has cut its defence imports from Russia by 53%.

D. Bala Venkatesh Varma, a former Indian ambassador to Russia, said New
Delhi should not be expected to pay a price for a standoff between global
powers.

"This is not a fight we have created," he told an online seminar on Monday.

($1 = 76.6100 Indian rupees)

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: More Nigerian Banks Limit Foreign Currency Spending On Naira Cards

Customers will not be able to spend above $20 or $50 a month on their naira
cards.

More Nigerian banks have reduced their monthly international spending limit
on naira cards.

The banks informed their customers they were reducing the limit from $100 to
either $20 or $50 a month.

It means customers would not be able to use their naira debit cards to pay
for any transactions more than $20 or $50 in a month. It is an indication of
the banks' struggle with scarcity of foreign exchange.

The United Bank of Africa (UBA) was first to take the decision on February
24 when it announced $20 as its new limit.

"In line with our promise to keep you updated on services, we have reviewed
Naira Card limits for international transactions, and this will take effect
1st of March, 2022," the bank said.

"Remember you can use your UBA Dollar, Pounds or Euro Card for international
POS, ATM and web transactions. If you do not have one and would like to
subscribe, please visit a branch close to you."

On Wednesday, Zenith Bank informed its customers that it was reducing its
international spending limit on its naira cards to $20 and it was suspending
international ATMs and point of sales (POS) transactions.

On Friday, First Bank announced that due to "current market realities on
foreign exchange," it had reduced its spending limit to $50.

More banks followed on Saturday, also citing recent economic realities.

Guaranty Trust Bank, Sterling Bank, Union bank said their new limit was also
$20 a month.

Wema Bank went a step further and said it will end its cross-border payments
with Naira cards starting March 14.

Nigeria has suffered an importation-fuelled foreign exchange crisis for
years, but the scarcity worsened in 2021 with Naira crashing over 30 per
cent in one year.

As of the end of February, Nigeria's foreign reserve fell to $39.86 billion,
compared to $40.04 billion recorded as of January ending.-Premium Times.

Tanzania: Govt to Spend 170bn/ - in Broadband Connectivity

THE government plans to spend over 170bn/- to expand the national broadband
connectivity as it seeks to bridge the digital divide gap.

Minister of Information, Communication and Information Technology, Nape
Nnauye detailed in Dar es Salaam on Monday his ministry has signed a
Memorandum of Understanding with Tanzania Electric Supply Company (TANESCO)
to also allow TTCL to use its infrastructures.

"The move has reduced the cost and subsequently accelerated implementation
of the project," he said. According to the minister a total of 1,880
Kilometers were to be built but due to the new agreement 4,442 km will be
built in 23 districts in the country.

The new plan will enable 66 districts to have access to the national fiber
optic cable. Between March 2021 and March 2022 a total of 409 kilometers
have been built, an equivalent to 55 per cent of the target to construct
15,000 kilometers by 2025.

"We have also completed the rehabilitation of 105 kilometers of the fiber
between-Daily News.

Tanzania: Samia At One - Youths Get 20bn/ - Boost

PRIME Minister's Office, Labour, Employment, Youth and Disabled has recorded
tremendous achievement in the past one year under the leadership of
President Samia Suluhu Hassan including issuing 20.3bn/- for youth economic
empowerment.

Speaking during a press conference to highlight the achievement scored by
President Samia in her one year term in office, Minister of State in the
Prime Minister's Office, (Labour, Employment, Youth and Disabled), Prof
Joyce Ndalichako said through economic empowerment funds, the government
issued the funds, which among others, aimed at addressing youth employment
challenges.

She said during that period, the funds were issued to 4,035 youth groups
with a total of 45,373 members, with the aim of supporting them to create
self-employment opportunities and economic empowerment.

Moreover, Prof Ndalichako said the government has come up with the
guidelines to facilitate the youth initiate projects, especially by securing
soft loans through the Youth Development Fund with the ultimate goal of also
equipping them with skills and knowledge.

To walk the talk, the government in the past one year has injected
additional capital to the Youth Development Fund from 6.1bn/- during the
corresponding period to 7.123bn/-.

She said President Samia has made it clear that youth, among others, should
be empowered, so that they become employed as it has been stated in the
ruling party 2029-2025 election manifesto.

Furthermore, she said, the sixth phase government has paid keen interest in
youth skills development and apprecentship programmes, so that they become
accommodated and make them become productive, and hence, improve their
socio-economic welfares.

Equally, during her reign, the scope of skills development training has
risen from 10,113 people in March 2021 to 22,889 as of this March and the
training centres increased from 17 to 72 in Mainland regions.

Prof Ndalichako said youth engagement in agriculture has been very
impressing with special focus to greenhouse investment. She said the
government has set up 36 greenhouses projects in Arusha, Dar es Salaam,
Coast, Tabora and Singida regions and 720 youth were trained on construction
of the greenhouses.

In order to plan accordingly, she said, the government carried out a survey
on status of labour force in the country in which the findings, indicated
that a total of 25.9 million people are the productive workforce. Out of the
number, she said 14.2 million are the youth.

She said in the formal and informal employment the youth stands at 87 per
cent with agriculture being the major employer, followed by service delivery
and industrial sector coming third.

In having a level playing field, President Samia has considered the needs
for the persons with disabilities, saying of the 68bn/- from the ten per
cent share of the councils to youth, women and person with disabilities, in
2021/22, the group enjoyed the 1.94bn/-.

The government also disbursed 2.9bn/- in the past one year for renovation
and rehabilitation of five technical and vocational colleges for the persons
with disabilities. Prof Ndalichako said in the coming financial year the
government plans to construct two new centres.

She further said that in ensuring pensioners get their retirement on time,
President Samia in her one year term in office approved payment of 2.17tri/-
in treasury bills and bond to offset part of the 4.6tri/- debt to the
pension funds.

Prof Ndalichako said the president pledged for continued setting conducive
environment for investors as well as taking into account the workers
welfare.

In another development, the minister announced that the Uhuru Torch race
will be inaugurated in April 2 in Njombe Region under the theme 'Promoting
Public Participation in the National Census.'-Daily News.

Tanzania's Internet Users Reach 30million

The number of internet service users in Tanzania reached 30million in
February 2022 from 28million last year, according to the latest figure
released by the Information and Communication Minister in Dar es Salaam on
Monday.

Nape Nnauye, the Minister told reporters in Dar es Salaam while highlighting
the Ministry's performance during one year of President Samia Suluhu
Hassan's administration.

Nnauye said the number of telecommunications service providers have also
reached 23 compared to 19 in March 2021.

He said during the same period, the number of registered telephone lines
increased from 51.2million to 55.4million while the number of cash accounts
through mobile phones increased from 27.3million to 32.7million-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
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suitable for all investors. Securities of emerging and mid-size growth
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