Construction and Property Corner ::: 16 August 2023

[Bulls n Bears]

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Construction and Property  Corner ::: 16 August 2023 

 


 

 

	
 


 

 


 

ü  Construction industry ready to advance Govt’s infrastructure plan

ü  Investor rehabilitates 25km road in Bubi

ü  Iraq’s Sadr City to comprise 70,000 houses

ü  Kuwait-listed IFA plans new housing project in the UAE

ü  Demand for space in Harare’s built-up areas growing

ü  Property specialist LAWD acquires McCulloch Agencies’ property arm

ü  Dexus swings to first loss in 14 years as higher rates crunch property
values

ü  Property scams continue to rise at alarming rates: Africa

ü  China’s property crisis hits state-owned developers

ü  Federal money buoys construction, engineering firms

ü  Construction of major Dutch carbon storage project can continue - High
Court

 


 

 


 <https://www.willdale.co.zw/> Construction industry ready to advance Govt’s
infrastructure plan

The Construction Industry Federation of Zimbabwe (CIFOZ) says local sector
players are prepared to advance the Government’s infrastructure development
plan.

 

The Government has identified infrastructure as one of the key economic
enablers of economic development and growth; hence, priority has been given
to infrastructural development projects such as road and dam rehabilitation
and construction projects, irrigation rehabilitation and housing programmes.

 

Infrastructure development remains a key enabler to the Government’s vision
of transforming Zimbabwe into an upper middle-income economy by 2030, which
is anchored by the National Development Strategy 1 (NDS1), a five-year
economic blueprint launched in 2021.

 

CIFOZ chief executive, Mr Martin Chingaira, in an interview said Government
projects are found at the Zimbabwe Investment and Development Agency (ZIDA),
where contractors should continue to scout and get bankable projects that
they can make money from.

 

“The Government is there to help contractors with bankable projects and
remove areas that may be of any hindrance, and this is an opportunity for
long-term investment for contractors,” he said.

 

Mr Chingaira said contractors must also be in a position to have a changed
mindset where they cannot only wait for the Government to float tenders but
actually be in a position to start growing the economy through their own
initiatives.

 

“The private sector is there to build infrastructure on behalf of the
Government and make money. This will result in mass employment,” he said.

 

Mr Chingaira indicated that the Government has embarked on devolution and
contractors should visit the local authorities to ask which projects are
going to be covered by the Devolution fund.

 

Private players have also continued to participate in the Emergency Road
Rehabilitation Programme under Phase II, under which the Government has
placed priority on trunk and tertiary road projects in provinces and
districts, as well as major arteries in urban areas.

 

The local construction industry has shown the ability to undertake huge
projects, as demonstrated by local contractors working on the
Beitbridge-Harare and Harare-Chirundu highways, who have acquitted
themselves well as a confirmation of the local industry’s ability to do huge
projects.

 

The five companies contracted by the Government to undertake roadworks are
Masimba Holdings, Tensor Systems, Fossil Contractors, Exodus & Company, and
Bitumen World, and the five were each allocated minimum stretches.-herald

 

 

 

 

Investor rehabilitates 25km road in Bubi   

CHINESE-owned gold mining firm, Ming Chang Sino Africa (Ming Chang), has
brought cheer to the community in Ward 22, Bubi District, Matabeleland North
province where it has rehabilitated a 25km gravel road as part of efforts to
complement Government efforts to build infrastructure.

 

The rehabilitation of Ilitshe Road, a stretch that branches off
Bulawayo-Nkayi Road and links the mine and the surrounding areas, was done
at a cost of US$100 000.

 

For over 40 years, the community has struggled to rehabilitate the road with
various fundraising initiatives failing to bear fruit until the company
decided to complement the Second Republic guided by President Mnangagwa’s
philosophy of ensuring that “no one and no place is left behind.”

 

 

Speaking during the official commissioning of the rehabilitated road on
Friday, Ming Chang Sino-Africa general manager on site, Mr Weidong Young
said the rehabilitation of the road was part of the firm’s social corporate
responsibility programmes.

 

“This is one of the many corporate social responsibility initiatives lined
up for the district and this is what we are also doing in other areas where
we have invested as a company,” he said.

 

Mr Weidong said the company was using its plant and equipment to work on
projects such as road construction and as such reduced costs.

 

“We used 21 excavators, rollers, dump trucks, front-end loaders and
bulldozers to construct this road hence the cost was low compared to using
hired equipment,” he said.

 

 

Mr Weidong said the company was committed to rehabilitating roads in areas
where it was operating in order to link the communities to key social
amenities.

 

“As Ming Chang we have been operating in Zimbabwe for 13 years now and in
Bubi for seven years. We appreciate all the support we get from the local
leadership and we are committed to developing the district by reviewing our
corporate social responsibility strategy so it is more comprehensive and
extend beyond roads rehabilitation and maintenance,” said Mr Weidong.

 

Speaking at the function Bubi Constituency legislator, Cde Sonny Mguni,
lauded Ming Chang saying they have set the bar high for other investors and
business people operating in the district.

 

“This road has been giving us challenges since 1980 and Ming Chang Sino
Africa has just challenged other investors to make a positive change in
communities. Other firms operating in the district should take a leaf from
Ming Chang Sino Africa by giving back to the community as part of their
social corporate responsibility,” said Cde Mguni.

 

He said the rehabilitation of the road has also brought relief to villagers
who were struggling to move their farm produce to markets. He said they have
also engaged other players in the district to support developmental projects
in the area in line with the Second Republic’s commitment to improve
livelihoods.

 

“Ming Chang did not waste time when we knocked on their door for support.
They agreed and they have delivered this project in no time. I am glad to
say that the mining company has also drilled nine boreholes in the district
and intends to increase the number,” said Cde Mguni.

 

 

Bubi Rural District Council (RDC) chief executive officer, Dr Patson Mlilo,
also applauded the company saying a good road network attracts investment to
an area.

 

“If you have a good road network you bring investors into the community and
farmers will also have no trouble transporting their produce to market as
well as receiving inputs,” he said.-herald

 

 

 

 

Iraq’s Sadr City to comprise 70,000 houses

The new ‘Sadr City’ planned by Iraq in its capital Baghdad will be launched
before the end of 2023 and will comprise nearly 70,000 houses, a
Presidential adviser was reported on Wednesday as saying.

 

Designs for the project are expected to be ready in October and work to
build the infrastructure will begin just afterwards, Mohammed Al-Daraji
said.

 

Daraji told the official news agency that all obstacles for the project,
which has been on the cards for many years, have been cleared.

 

“This city will comprise nearly 70,000 houses which will accommodate over
500,000 people
the project will be executed in stages and is intended to
ease congestion in some areas of the capital,” he said.

 

Officials said in July that Sadr City is one of 17 new large residential
towns planned in Iraq as part of post-war reconstruction plans.

 

The Iraqi cabinet has already approved the project for the development of
Sadr City, a key district suburb of Baghdad with a population of nearly one
million.  

 

 

 

 

Kuwait-listed IFA plans new housing project in the UAE

Kuwait-listed IFA Hotels and Resorts revealed on Wednesday it would embark
on new property development in the UAE, where it already is a key player in
the industry.

 

In a brief disclosure statement on Kuwait’s Bourse, the Company said one of
its subsidiaries has finalised a deal with another company for the sale of
14.016 percent of its shares with a value of 2.156 million Kuwaiti dinars
($7.11 million).

 

“The aim of the transaction is to develop a luxury housing project in the
UAE,” IFA said in the statement without providing further details.

 

IFA, which has offices in Dubai and South Africa, is a worldwide player in
the development of mixed-use hotel and residential resort projects as well
as luxury leisure services.

 

 

 

 

Demand for space in Harare’s built-up areas growing

Demand for space in already built-up areas of Harare, the country’s capital
and largest commercial centre is on the increase according to experts in the
real estate sector.

 

The demand stems from both individual and institutional developers looking
for areas that are already developed with all the key necessary amenities,
putting a premium on their price tag.

 

The capital is seeing quality housing developments, especially in the
Northern suburbs where gated communities and cluster developments are
becoming common.

 

This also feeds into initiatives towards smart land allocation in urban
centres where analysts have called for densification where a smaller piece
of land provides more in line with modern global trends.

 

This is in contrast to a single household occupying a vast piece of land.
The model also addresses land shortages.

 

“The search and demand for quality housing opportunities in built-up areas
is on the rise,” said Firmcare Construction Private Limited.

 

“Quality investments in areas such as the north and western suburbs of
Harare are attracting significant demand from individual and institutional
investors alike,” said the property development company.

 

Several projects are currently underway in areas such as Mt Pleasant,
Avondale, Strathaven and other areas where open spaces are being utilised
and turned into gated communities or commercial properties.

 

Firmcare Construction themselves has a Real Estate Development (RED) Fund
which seeks to provide return and liquidity to investors by investing in
real estate development.

 

According to the construction company, it will achieve its returns by
picking real estate assets “showing early signs of distress (diminishing
capacity to provide liquidity to owners), re-design the asset and develop
residential or commercial property in demand.”

 

“We seek out institutional investors looking to reduce their currency risk
in the short to medium term. Our value proposition is ideal for small,
distressed funds looking to build their capital. Schemes/funds which are
under distress can build their capital in the short term.

 

“The Fund will pay returns in USD or at the prevailing rate where agreed.
This investment allows investors to mitigate the negative impact of high
inflation in the short to medium term,” said Firmcare.

 

The company’s pilot project located in Mt Pleasant on The Chase is 70
percent complete. The project comprises thirteen semi-detached townhouses
and the units are on the market. Completion is scheduled for March 2024.

 

“Our model strives to maximise investor’ return on investment 
 Our projects
are targeted to last between 12 to 24 months. Investors can exit at this
point. These short turn around investment periods are designed to mitigate
the impact of potential long-term macroeconomic changes that may affect the
business environment,” said the company

 

The company also has other proposed developments for Hogerty Hill, Pendenis
and another one in Greendale comprising 88 apartments, a community swimming
pool and other social amenities.-herald

 

 

 

Property specialist LAWD acquires McCulloch Agencies’ property arm

LAWD senior director, Danny Thomas (left), with newly appointed LAWD senior
director agribusiness transactions, Daniel McCulloch (centre) and LAWD CEO
Enda Foley.

 

SPECIALIST rural property marketing agency LAWD has continued its expansion,
announcing that the real estate arm of NSW-based McCulloch Agencies will
join the business from 1 September.

 

The arrangement means that McCulloch Agencies principal Daniel McCulloch
becomes a LAWD shareholder and senior director of agribusiness transactions.

 

Since inception in 2020, LAWD has risen in prominence as a specialist
property agency with a current focus on agribusiness and development
transactions, and valuations.

 

The business is led by some of the nation’s most prominent agents and
valuers including Danny Thomas, Col Medway, Peter Sagar and Tim McKinnon.

 

McCulloch Agencies was established in 2019 by Daniel and Karina McCulloch
who, over the past four years, have attracted a strong share of the New
South Wales agricultural property market.

 

LAWD chief executive officer Enda Foley said McCulloch Agencies’ team of 11
property specialists and support staff had joined LAWD, continuing a
strategy for business growth and talent acquisition.

 

“There is a clear alignment of values between the two companies, and a
shared belief in how to do business,” Mr Foley said.

 

The agreement is the culmination of more than 12 months of planning and
discussions that would ultimately result in optimised service delivery and
client outcomes, he said.

 

“The McCulloch team includes early and mid-career professionals with
well-established reputations who will support LAWD’s future leadership, and
we’re delighted to welcome these talented property professionals to a group
that will reach 100 people in the next six months.”

 

The acquisition encompasses the real estate transactions segment of
McCulloch Agencies only, including rural, lifestyle and residential sales.

 

It does not include the McCulloch Agencies livestock business, which will
remain under the McCulloch Agencies banner, headed up by Karina McCulloch
and the existing team of livestock specialists.

 

The integration of McCulloch Agencies into LAWD will result in the expansion
of LAWD’s geographic footprint with existing offices in Brisbane, Sydney,
Melbourne, Perth, Katherine in the NT, and Brunswick in WA to be joined by
Tamworth, Quirindi, Singleton and Wauchope on the NSW mid-North Coast, from
which both LAWD real estate and McCulloch Agencies’ livestock businesses
will operate.

 

In Sydney, the existing McCulloch Agencies office will relocate to the LAWD
office on Market Street.

 

Daniel McCullough said the deal would bring McCulloch Agencies into a
fast-growing, nationally recognised brand, and the ability to collaborate
with a broader group of elite agricultural property specialists with
established links to institutional investment and international buyers, and
exposure to a larger and more diverse buying audience.

 

“There are enormous synergies between LAWD and McCulloch Agencies and we are
looking forward to becoming part of a nationally recognised, internationally
connected business in a move that will support the continued rise of LAWD as
a market leader.

 

“By joining LAWD we can ensure each asset placed on the market has maximum
exposure to both domestic and global buyers.

 

 

Source: LAWD

 

 

 

 

Dexus swings to first loss in 14 years as higher rates crunch property
values

(Reuters) - Australia's Dexus (DXS.AX) swung to its first net loss since
2009 as higher interest rates wiped nearly A$1.2 billion ($773 million) off
the value of its property portfolio, but said it would not be a forced
seller of real estate.

 

The property industry globally, and office building owners in particular,
are struggling as home working and e-commerce lead tenants to reconsider
floor space just as higher interest rates reduce building values and raise
debt servicing costs.

 

Advertisement · Scroll to continue

Rising rates wiped A$1.18 billion off Dexus' A$17.4 billion property
portfolio and drove one of Australia's largest office landlords to a net
loss of A$752.7 million for the year ended June 30, down from a A$1.62
billion profit a year earlier.

 

Shares fell as much as 4.5% on Wednesday before rallying slightly to be down
3.6% an hour before the close.

 

Dexus sold a downtown Sydney office building in June for A$393.1 million, a
17.2% discount to valuation, one of the few high-profile recent sales in a
market frozen by a standoff between sellers and buyers.

 

Dexus Chief Executive Darren Steinberg said forced sales were off the cards
because the developer had raised enough financing from banks and a recent
note issue to fund its pipeline and would only sell assets to recycle cash
into higher-yielding projects.

 

"This market has proven to be a lot more liquid than other markets around
the globe because Australia is still screening really attractively," he told
Reuters.

 

The company signed a conditional deal to sell a second Sydney office
building at 1 Margaret Street for A$293.6 million last month, according to
its annual report, a 16% discount to its Dec. 31 book value.

 

"We don't have to sell another asset to meet any of our requirements,
development or otherwise," Steinberg told analysts on an earnings call.

 

The company is well-supported by its banks, he later told Reuters.

 

Occupancy across Dexus' portfolio of 62 office properties was 95.9%, the
company reported. Roughly a third of tenancy renewals last financial year
added floor space, versus 9% of those contracting.

 

Dexus reported adjusted funds from operations (AFFO), which excludes
valuation changes and one-off charges, of A$555 million, down 3% from a year
earlier.

 

"Dexus has operationally outperformed the market from their higher quality
portfolio, however investors will remain cautious of global office
fundamentals," Citi analysts said in a note.

 

($1 = 1.5521 Australian dollars)

 

 

 

 

Property scams continue to rise at alarming rates: Africa

Investing in property is one of the biggest financial decisions a person is
likely to make. New and increasingly sophisticated scams and incidence of
fraud are on the rise and affect developers, buyers, sellers, estate agents,
conveyancing attorneys, and other property professionals.

 

“As property transactions typically involve substantial sums of money, they
are a natural target for fraudsters. Tactics range from impersonating estate
agents to intercepting emails with instructions on where to make payment for
transactions as well as notices of change of banking details instruction,
says Ryan Mer, CEO, eftsure Africa, a Know Your Payee™ (KYP) platform
provider.

 

While organisations like the South African Banking Risk Information Centre
(SABRIC) have long warned consumers about various scams, Mer says they have
been joined by leading South African estate agencies urging caution.
“Criminal activity within the sector takes several forms. Individual con
artists are nothing new, but with an increased reliance on electronic
communication, for buyers, sellers, and property professionals alike, the
prevalence of scams relying on technology has increased. This means
implementing strict controls, especially when it comes to the electronic
transfer of funds between bank accounts, is so crucial.”

 

The consequences of falling victim to a property scam are significant and
can put individuals and businesses at serious financial risk. “If a buyer or
conveyancer are successfully deceived into paying money into a fraudulent
account, they can be held liable for damages to the seller. The costs of
trying to recover stolen money are as hefty, time-consuming, and potentially
devasting for individuals or businesses who simply cannot absorb a
substantial financial loss,” adds Mer.

 

eftsure has several solutions that can prevent fraudulent transactions from
taking place using sophisticated and advanced identification technology like
the unique thumb reporting in a bank screen and the eftsure portal that
provides real-time risk and error alerts. “Of course, there are a number of
‘self-help’ guidelines that everyone should have in place,” notes Mer.

 

Double check and verify all email addresses involved in the property
transaction.

Approach all requests regarding payment instructions or amendment of banking
details with caution and take steps to verify banking details by aligning
with the party you are dealing with directly.

Ignore and report any suspicious emails.

As far as possible, request that important meetings take place face-to-face
at a registered business address.

While FICA laws and recent amendments to the Property Practitioners Act have
been introduced to better protect buyers, sellers as well as legitimate
property practitioners, Mer says all parties involved in a property
transaction should err on the side of caution during the exchange of funds.
“As a starting point, property professionals should re-evaluate the
financial procedures in place for approving payments. Digital solutions are
available that help reduce, and in many instances completely eliminate,
human error. Where millions of rands are at stake it pays to manage, control
and secure the entire payments process.”

 

 

China’s property crisis hits state-owned developers

Falling property prices in China have caused debt problems for not only
private developers such as Evergrande and Country Garden, but also
state-owned ones, which are supposed to be able to get financial resources
from their rich parents.

 

Sino-Ocean Group, a state-owned property developer, said Monday that it had
failed to pay interest of US$20.9 million for its US$700 million notes by
Sunday, which was the last day of the 14-day grace period for the interest
payment. It said trading of the notes had been suspended on Monday due to
the default. 

 

The company is seeking to delay the interest payments further, to September
30, by passing an extraordinary resolution in a special meeting on Thursday.

 

Before this, the company had failed to repay the principal of a five-year
corporate bond worth 2 billion yuan (US$275 million) on August 2. It said it
will default if it fails to make full repayment of the principal and
interests of the bond by September 1. 

 

As of Tuesday, shares of Sino-Ocean have decreased this year by 69% to 34 HK
cents (4.4 US cents).

 

Chinese commentators said Sino-Ocean’s debt problems will worsen the home
market sentiment as many homebuyers will delay their purchase plans. They
said such a trend will further drag the property prices in China, causing
bigger losses and financial difficulties to property developers.

 

When Evergrande’s debt crisis was reported in the second half of 2021,
Sino-Ocean Group was praised by Chinese media as a financially healthy firm
as it has two “rich daddies” –Anbang Life Insurance and Dajia Life
Insurance.

 

Anbang Life Insurance and Dajia Life Insurance, controlled by the
state-owned Assets Supervision and Administration Commission and the
Ministry of Finance, respectively, each owns a 29.58% stake in Sino-Ocean
Group. 

 

Last year, Sino-Ocean Group’s contract sales fell 26.4% to 100.29 billion
yuan from a year ago. The company saw its revenue decrease by 28% to 46.13
billion yuan last year. It reported a net loss of 15.93 billion yuan in
2022, compared with a net profit of 2.7 billion yuan in 2021. 

 

The company said Monday it expects to record a net loss between 17 billion
and 20 billion yuan in the first half of this year. In the first seven
months of this year, the company’s contracted sales declined 26.6% to 38.15
billion yuan from a year earlier.

 

The company told its creditors that it had started working with its major
shareholders on a debt plan, Bloomberg reported on July 5.

 

“China’s overall property market still shows few signs of a sustained
turnaround, but we believe that developers with more secure state linkages,
such as Yuexiu Property, will eventually emerge as survivors in the sector,”
Sandra Chow, co-head of Asia Pacific Research at CreditSights, writes in a
research report published on August 8.

 

“That said, failures of other developers with more tenuous government links,
such as Sino-Ocean and Central China Real Estate, have made investors
increasingly nervous about all but the safest government-linked names and
Yuexiu’s bonds could be vulnerable to swings in market sentiment, or any
perceived weakening in its implied government support,” she says.

 

A Henan-based property columnist says many property developers faced a 30%
year-on-year decline on average in their contracted sales in July while 36
of the top 100 developers saw a 50% drop.

 

“Country Garden and Sino-Ocean will not be the last to default as a big
storm has just begun,” he says. “Of the top 30 private property developers,
20 have already reported debt problems. After these, now the crisis has
extended to mixed-ownership firms.”

 

Mixed-ownership firms refer to state-owned-enterprises that have received
private investments or been listed.

 

As of the end of last year, Sino-Ocean had assets of 246.1 billion yuan and
liabilities of 198.2 billion yuan. Net assets fell 37% to 47.9 billion yuan
at the end of 2022 from 76.5 billion yuan a year earlier. 

 

On December 31 last year, the company had 9.4 billion yuan of cash but 38
billion yuan of borrowings due within one year.  

 

A Fujian-based writer says Sino-Ocean has so far failed to significantly
improve its financial situation as it bought some expensive sites last year
and in 2021 acquired a controlling stake in the debt-laden Hongxing Real
Estate. 

 

He says Sino-Ocean halved the selling price of its apartments in Fuzhou to
about 15,000 yuan per square meter in June, showing that it is desperate for
cash.

 

A Guangdong-based columnist surnamed Wang says property developers’ debt
problems will have a long-term negative impact on the real estate markets as
many homebuyers become reluctant to enter the markets. He adds that a
property crisis may also create systemic risks to the banking sector and
hurt consumer confidence. 

 

Country Garden said on August 8 that it has not paid two dollar bond coupons
due August 6 worth a total of US$22.5 million. It can pay within a 30-day
grace period to avoid a default but it still has to repay US$2.9 billion of
bonds by the end of this year.

 

 

 

Federal money buoys construction, engineering firms

 

Dive Brief:

Major engineering, design and construction companies reported strong
revenues in the recent quarter as money from federal infrastructure
legislation reached cities, states and transportation authorities, enabling
them to sign contracts with these firms.

AECOM, Jacobs, Parsons, Tutor Perini and WSP saw revenues up from 9% to more
than 30% in the quarter, they reported. 

But even as contracts are signed and billions of dollars flow to
transportation and other infrastructure projects, congressional wrangling
over fiscal year 2024 federal budget appropriations could derail or delay
construction. 

 

Dive Insight:

Legislation passed since 2021, including the Infrastructure Investment and
Jobs Act, Inflation Reduction Act and the CHIPS and Science Act,
collectively authorized federal investments of nearly $1.9 trillion over a
period of years and spurred additional investments from the private sector. 

 

In testimony to Congress in March, American Road and Transportation Builders
Association Chair Paula Hammond said that “more than 36,000 transportation
improvement projects — including at least one in every congressional
district — have moved forward in the past 16 months as implementation of the
federal Infrastructure Investment and Jobs Act continues.”

 

The White House says these projects include clean water infrastructure,
public transportation, intercity passenger rail, power grid upgrades,
electric buses, roads and bridges, high-speed internet availability,
infrastructure resiliency and projects to address legacy pollution.

 

These investments have been a boon for the companies that design and build
those projects:

 

Jacobs Solutions reported year-over-year quarterly revenue growth of 9.4%.
CEO Robert Pragada told investors on the company’s Aug. 8 earnings call that
contracts stemming from the 2021 infrastructure law “continue to accelerate
versus the year ago period.”

Parsons reported record organic revenue growth of 23% year over year in Q2
of 2023, with President and CEO Carey Smith stating on the company’s Aug. 2
earnings call, “We’ve got obviously a very strong $8.9 billion record
backlog.”

WSP Global saw a record-high backlog of $14.3 billion as of July 1. “Since
the beginning of 2023, in the U.S. specifically, we recorded an increase of
over 20% in contract awards not yet included in our backlog,” said President
and CEO Alexandre L’Heureux on the company’s Aug. 9 earnings call. 

AECOM saw revenue grow 13% in the most recent quarter, with revenue from the
Americas totaling $2.8 billion. “In the U.S., funding for key infrastructure
initiatives is advancing,” said CEO Troy Rudd on the company’s Aug. 7
earnings call. “This includes increasing activity for the IIJA, Inflation
Reduction Act, and robust state and local infrastructure investment.” 

Tutor Perini reported revenues up 19% YoY in Q2; however, most of that was
due to large mass transit projects in California. On the company’s Aug. 3
earnings call, Chairman and CEO Ronald Tutor said he believes that “a
significant commitment of funds [from the IIJA] has yet hit the market.”
Instead, he pointed to a number of multibillion-dollar projects that are
expected to come up for bid later this year.

Tutor added, “Recent data supports our projections that the U.S. economy
continues to be strong and resilient, despite the effects of inflation and
higher interest rates, particularly in the area of public works, with
diminishing concerns about the threats of a recession. Some of this strength
can be attributed to funding toward investments in infrastructure by the
bipartisan infrastructure law.”

 

A Construction Dive report found, however, that the sheer size and number of
new multibillion-dollar factory projects spurred by the CHIPS Act is
creating labor shortages in construction, especially in certain states, that
“threaten to derail both the manufacturing boom and other construction
activity in those hubs.”

 

Parsons’ Smith warned of two possible “headwinds”: Ongoing budget debates in
Congress that end in a continuing resolution would cut non-defense spending
1% below the current fiscal year. He also expressed concerns about employee
hiring and retention. “Right now, we’re not seeing those [headwinds], but
those would be the ones that we would keep an eye on,” he said.

 

 

 

 

Construction of major Dutch carbon storage project can continue - High Court

(Reuters) - The Netherlands' highest court on Wednesday ruled that
construction of a major carbon capture project in the Rotterdam port area
can continue, despite objections by environmental activists.

 

The planned "Porthos" project, developed by a consortium of Royal Dutch
Shell (SHEL.L), Exxon Mobil (XOM.N), Air Liquide and Air Products (APD.N),
would be Europe's largest carbon capture and storage facility, expected to
reduce the country's annual CO2 emissions by about 2%.

 

The court in November last year said the project, in which CO2 emitted by
refineries and chemical plants would be transported to empty gas fields
under the North Sea, might have to be halted because it did not meet
European environmental guidelines.

 

The environmental activists that brought the case claimed that nitrogen
oxide emissions caused by the construction of Porthos would be detrimental
for neighbouring nature reserves and were thereby in violation of European
law.

 

But the court said research commissioned by the government had objectively
shown that the effects of construction on the nature reserves would be
limited and temporary.

 

Capturing the CO2 emitted by large industries is seen by many experts as
instrumental to the Dutch government's aim for a 55% reduction of those
emissions by 2030, relative to 1990 levels.

 

The Thomson Reuters Trust Principles.

 

 

 

 

 

 

 

 

 

 


 


 


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Bulls n Bears 

 

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Padenga

EGM

Royal Harare Golf Club

August 16 – (10am)

 


Border Timbers

EGM

4 – 12 Paisley Road, Southerton, Harare, or virtually
:https://escrowagm.com/eagmZim/Login.aspx” 

August 18 – (10am)

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s 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 d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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