African Reserves Loans – Leopard Center http://www.leopard-center.com/ Thu, 29 Apr 2021 11:43:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 http://www.leopard-center.com/wp-content/uploads/2021/04/leopard-center-icon-150x150.png African Reserves Loans – Leopard Center http://www.leopard-center.com/ 32 32 DEAL: AJUA, leading customer experience platform acquires Kenya-based AI company WayaWaya http://www.leopard-center.com/deal-ajua-leading-customer-experience-platform-acquires-kenya-based-ai-company-wayawaya/ http://www.leopard-center.com/deal-ajua-leading-customer-experience-platform-acquires-kenya-based-ai-company-wayawaya/#respond Wed, 28 Apr 2021 12:23:44 +0000 http://www.leopard-center.com/deal-ajua-leading-customer-experience-platform-acquires-kenya-based-ai-company-wayawaya/

For an undisclosed amount, Ajua, the integrated customer experience management solution for businesses in Africa, has acquired WayaWaya, the artificial intelligence based in Kenya [AI] and machine learning [ML] company known for its innovative Janja platform that enables borderless banking and payments on social media apps and platforms.

WayaWaya founder and principal Janja product builder, Teddy Ogallo, joins Ajua as vice president of APIs and product integrations.

Launched in 2012, Ajua was designed to address the customer experience deficit of businesses on the continent to drive business growth. Ajua combines technology with customer experience and has built a number of innovative products that provide real-time customer feedback at the point of service, for businesses large and small across Africa, with the goal of digitizing and stimulate the growth of more than 45 million SMEs. Current Ajua infrastructure partners and customers include GoodLife Pharmacy, Standard Chartered, FBNQuest, Safaricom, Total, Coca-Cola and Java House.

The acquisition of WayaWaya allows Ajua to integrate Janja to automate much of the customer experience journey by integrating the janja.me product into their product stack, closing the customer experience loop as the intelligent AI and ML created by WayaWaya give SMBs the ability to ‘automate responses and give the customer what he wants, when he wants it.

WayaWaya currently helps individuals and businesses with smart messaging, on a number of social platforms including Whatsapp, Facebook Messenger, Telegram, and more. It allows its users to automate customer support and make cross-border payments. In addition to its broad reach with social platforms, WayaWaya is also integrated with global and African financial leaders including Mpesa, Airtel Money, Bankserv, First Data, Interswitch, Stripe, Flutterwave, Visa and MasterCard.

This comes just a month after Ajua announced its partnership with MTN of Nigeria for MTN EnGauge, an agile application that offers innovative customer management solutions. The platform enables businesses to access digital payments using a unique USSD code, CRM tools, customer feedback channels, debt management and tracking, business promotions and products through mobile and social media channels.

Through the deployment of its new product with MTN, Ajua is generating more data for its thousands of users, much of which can now be better automated and monetized through the products and services that WayaWaya has created, including cross-border digital transfers, smart payment services and financial bots.

The SME market in Nigeria alone is valued at $ 220 billion per year and projections show that companies with customer relationship management (CRM) have improved their productivity by 40%. Ajua, the market leader in technology-based customer experience for the continent, uses data and analytics to connect businesses to their customers in real time, helping businesses better understand the nature of their customers and, through subsequently, to increase their sales through smarter experiences.

What they say

Kenfield Griffith, Founder and CEO of Ajua, said: “The acquisition of WayaWaya is a milestone for us as we take a leap forward to ensure that the customer experience journey for businesses across the continent runs smoothly. The integration of WayaWaya’s technology significantly complements our product suite and gives us the ability to automate our customers’ activities and increase their revenues, which is an extremely powerful proposition for our customers of all sizes, through Africa. Through our experience in this area, we understand the core customer experience principles that drive our clients’ growth and we wish to bring this intelligence to SMEs across the continent. “

Teddy Ogallo, Founder of WayaWaya and New Vice President of Product APIs and Integrations for Ajua adds: “Ajua’s focus on introducing and scaling customer service and customer experience for the continent – and essentially how they help companies deliver excellence to their customers is something something my team and I have long admired. Seeing how WayaWaya’s technology can complement Ajua’s innovative products and services, and help scale and monetize businesses, is an exciting opportunity for us, and we are pleased that our teams are working together to build something unique for the continent.


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Nairametrics Economic Indicators and Market Summary http://www.leopard-center.com/nairametrics-economic-indicators-and-market-summary/ http://www.leopard-center.com/nairametrics-economic-indicators-and-market-summary/#respond Wed, 28 Apr 2021 06:40:14 +0000 http://www.leopard-center.com/nairametrics-economic-indicators-and-market-summary/

Lagos-based pan-African multilateral development finance institution African Finance Corporation (AFC) successfully issued a Eurobond at its lowest yield to date.

This is an indication of the strong interest of global investors in the African continent and the development finance institution which is dedicated to infrastructure finance and investment in key sectors of the continent.

This disclosure is contained in a press release issued by AFC a few days ago.

READ: AFC acquires $ 200 million, $ 100 million credit facility

According to the AFC statement, the $ 750 million US 2.875% 144a / Reg S Notes, which are due in 2028, were valued at 175 basis points against US Treasuries for a yield of 2.991%, adding that the Company has gradually reduced its cost of financing against the reference dollar issues with a 5-year Eurobond of USD 700 million with a shorter maturity in 2020 at 3.250%, a 10-year Eurobond of USD 500 million in November 2019 at 3.895% and a 7-year Eurobond of $ 650 million in June 2019 at 4.500%.

AFC focuses on reducing Africa’s large infrastructure deficit by financing projects that have a strong impact on the development of the economies of African countries. The final order book was 3.5 times oversubscribed to around US $ 2.6 billion, with funds coming from over 200 investors, across the UK (32%), mainland Europe (23% ), the Middle East (22%), Asia (13%) and the United States / Americas (10%).

What the AFC President and CEO says

AFC President / CEO Samaila Zubairu said: “This reflects investor confidence in AFC’s mandate and investment strategy, which is particularly critical at a time when the COVID-19 pandemic has challenged Africa’s development.

“AFC will continue to mobilize capital for investments to accelerate the impact on sustainable development with a greater focus on reducing Africa’s energy deficit and the challenges of creating jobs through infrastructure resilient to climate, energy transition and other projects supporting Africa’s economic recovery after COVID. ”

This is the sixth Eurobond under AFC’s $ 5 billion Global Medium-Term Note program, rated A3 by Moody’s Investors Service.

AFC should use the proceeds of the bond to continue investing in critical infrastructure that translates into its long-term vision of driving social, economic and sustainable change across Africa.

READ: CIBN: Our economic challenges have a global dimension – Emefiele

AFC Senior Director and Treasurer Banji Fehintola said:

This successful show follows a year of severe market disruption exacerbated by the COVID-19 pandemic. Appetites and pricing are a testament to the company’s long-term outlook and reflect our strong credit profile and established market presence. We are also delighted with the strong demand for a diversified pool of accounts, which has further diversified our sources of funding. “

The bond issue was arranged by BofA Securities, First Abu Dhabi Bank, Goldman Sachs International, JP Morgan and MUFG as associate bookkeepers with White & Case, Clifford Chance and Aluko & Oyebode as legal advisers.

What you should know

AFC, which was established in 2007 by sovereign African states to provide pragmatic solutions to Africa’s infrastructure deficit and challenging operating environment, bridges the infrastructure investment gap by providing financing through debt and equity, project development, technical and financial advisory services.

The company focuses its investments on 5 key sectors, including energy, transport and logistics, natural resources, telecommunications and heavy industries.

AFC is majority owned by African private investors (55.3% of the company’s capital) with 44.7% held by the Central Bank of Nigeria.

As of April 2020, AFC has 26 Member States, including Nigeria (host country), Benin, Cape Verde, Chad, Côte d’Ivoire, Djibouti, Eritrea, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia and Madagascar. , Malawi, Mauritius, Rwanda, Sierra Leone, Togo, Uganda, Zambia and Zimbabwe.

To date, the African Finance Corporation has invested over US $ 6.6 billion in infrastructure projects in 28 African countries.


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African Finance Corp. issues $ 750 million 7-year Eurobond at lowest yield http://www.leopard-center.com/african-finance-corp-issues-750-million-7-year-eurobond-at-lowest-yield/ http://www.leopard-center.com/african-finance-corp-issues-750-million-7-year-eurobond-at-lowest-yield/#respond Wed, 28 Apr 2021 06:33:45 +0000 http://www.leopard-center.com/african-finance-corp-issues-750-million-7-year-eurobond-at-lowest-yield/

Lagos-based pan-African multilateral development finance institution African Finance Corporation (AFC) successfully issued a Eurobond at its lowest yield to date.

This is an indication of the strong interest of global investors in the African continent and the development finance institution which is dedicated to infrastructure finance and investment in key sectors of the continent.

This disclosure is contained in a press release issued by AFC a few days ago.

READ: AFC acquires $ 200 million, $ 100 million credit facility

According to the AFC statement, the $ 750 million US 2.875% 144a / Reg S Notes, which are due in 2028, were valued at 175 basis points against US Treasuries for a yield of 2.991%, adding that the Company has gradually reduced its cost of financing against the reference dollar issues with a 5-year Eurobond of USD 700 million with a shorter maturity in 2020 at 3.250%, a 10-year Eurobond of USD 500 million in November 2019 at 3.895% and a 7-year Eurobond of $ 650 million in June 2019 at 4.500%.

AFC focuses on reducing Africa’s large infrastructure deficit by financing projects that have a strong impact on the development of the economies of African countries. The final order book was 3.5 times oversubscribed to around US $ 2.6 billion, with funds coming from over 200 investors, across the UK (32%), mainland Europe (23% ), the Middle East (22%), Asia (13%) and the United States / Americas (10%).

What the AFC President and CEO says

AFC President / CEO Samaila Zubairu said: “This reflects investor confidence in AFC’s mandate and investment strategy, which is particularly critical at a time when the COVID-19 pandemic has challenged Africa’s development.

“AFC will continue to mobilize capital for investments to accelerate the impact on sustainable development with a greater focus on reducing Africa’s energy deficit and the challenges of creating jobs through infrastructure resilient to climate, energy transition and other projects supporting Africa’s economic recovery after COVID. ”

This is the sixth Eurobond under AFC’s $ 5 billion Global Medium-Term Note program, rated A3 by Moody’s Investors Service.

AFC should use the proceeds of the bond to continue investing in critical infrastructure that translates into its long-term vision of driving social, economic and sustainable change across Africa.

READ: CIBN: Our economic challenges have a global dimension – Emefiele

AFC Senior Director and Treasurer Banji Fehintola said:

This successful show follows a year of severe market disruption exacerbated by the COVID-19 pandemic. Appetites and pricing are a testament to the company’s long-term outlook and reflect our strong credit profile and established market presence. We are also delighted with the strong demand for a diversified pool of accounts, which has further diversified our sources of funding. “

The bond issue was arranged by BofA Securities, First Abu Dhabi Bank, Goldman Sachs International, JP Morgan and MUFG as associate bookkeepers with White & Case, Clifford Chance and Aluko & Oyebode as legal advisers.

What you should know

AFC, which was established in 2007 by sovereign African states to provide pragmatic solutions to Africa’s infrastructure deficit and challenging operating environment, bridges the infrastructure investment gap by providing financing through debt and equity, project development, technical and financial advisory services.

The company focuses its investments on 5 key sectors, including energy, transport and logistics, natural resources, telecommunications and heavy industries.

AFC is majority owned by African private investors (55.3% of the company’s capital) with 44.7% held by the Central Bank of Nigeria.

As of April 2020, AFC has 26 Member States, including Nigeria (host country), Benin, Cape Verde, Chad, Côte d’Ivoire, Djibouti, Eritrea, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia and Madagascar. , Malawi, Mauritius, Rwanda, Sierra Leone, Togo, Uganda, Zambia and Zimbabwe.

To date, the African Finance Corporation has invested over US $ 6.6 billion in infrastructure projects in 28 African countries.


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Why Ghana is not getting the full value of its cocoa beans – and how that could change http://www.leopard-center.com/why-ghana-is-not-getting-the-full-value-of-its-cocoa-beans-and-how-that-could-change-2/ http://www.leopard-center.com/why-ghana-is-not-getting-the-full-value-of-its-cocoa-beans-and-how-that-could-change-2/#respond Tue, 27 Apr 2021 15:20:43 +0000 http://www.leopard-center.com/why-ghana-is-not-getting-the-full-value-of-its-cocoa-beans-and-how-that-could-change-2/

The global chocolate industry is worth more US $ 150 billion. West African supplies 70% cocoa beans, but most of the value of a chocolate bar is generated in Europe and North America. West African economies receive less US $ 6 billion. This despite a growing demand for consumer chocolate in West Africa, part of which is satisfied thanks to imports.

This trend is typical of economies which depend mainly on the export of raw materials. They must choose between generating income from these commodity exports and adding value to the products locally. The trade-off comes from the fact that industries that add value take time to develop and tend to supply the domestic market before being able to compete internationally. The added value does not immediately generate currency. The choice is generally in favor of the export of basic products, since the foreign exchange earnings cannot be compromised.

In one recent study, my colleagues and I have shown how this dilemma plays out in the cocoa industry in Ghana. We also came up with a solution that preserves foreign exchange earnings while using Ghana’s existing marketing system to support a growing domestic chocolate industry.

Ghana risks being trapped

Raw cocoa beans exports are an essential source of foreign exchange for the central bank of Ghana. Ghana’s cocoa sector is regulated by the state-owned marketing board Cocobod. Cocobod has a monopoly, through its subsidiary Cocoa Marketing Company, on the marketing of Ghanaian cocoa beans.

Cocobod, through its marketing company, obtains cheap loans in US dollars in international markets, using cocoa contracts as collateral. With a few exceptions, only contracts with multinational buyers can be considered as collateral, as domestic buyers tend to have bad credit and small balance sheets. In this way, Cocobod has secured almost US $ 25 billion in the past 28 years. The Bank of Ghana needs these US dollars to maintain a foreign reserve and stabilize the local currency.

Ghana has increased its own cocoa processing in recent years, from 200,000 tons to 400,000 tons in 2019, but this remains mainly at the stage of semi-finished products. Most of the value of a chocolate bar is still generated abroad.

The reason for this is the importance of cocoa for Ghana’s foreign exchange earnings. Policies prioritize trade in cocoa for foreign exchange rather than adding value at the national level.

Cocoa processing companies in Ghana operate in an export zone called Ghana Free Zones which encourages companies that export at least 70% of their products. They can also benefit from tax exemptions on imports of raw materials and machinery. There is therefore support for national processing if the products are exported, but not if they are produced for the domestic market.

The production of chocolate for the domestic consumer market is further discouraged by an extreme tax rate of almost 60% on domestic sales chocolate and semi-finished cocoa products. For example, natural cocoa butter is currently sold to a export price about US $ 4,600 per tonne but sold locally for about US $ 7,300 per tonne.

Sales in the free zone are exempt from tax, but the tax applies to national chocolate makers operating outside the free zone. These small players have a double hurdle: they have to buy semi-finished cocoa products at an extreme tax rate and pay an additional tax on imports of sugar and milk. This means that their chocolate products cannot compete with the imported products.

There is also another hurdle: Ghana sells its cocoa beans in US dollars to national and multinational buyers. This puts domestic buyers at a disadvantage compared to their multinational competitors. Multinational companies access financing in US dollars through their parent companies abroad, and on a larger balance sheet. Domestic enterprises depend on the domestic banking sector and export development banks, which have limited capacity to extend credit in US dollars.

Ghana’s cocoa processing factories include the world’s leading cocoa processors Barry callebaut, Cargill and Olam. Only two Ghanaian factories, the state dominated Cocoa processing company (Golden Tree brand) and Cocoa niche, manufacture chocolate for the domestic consumer market. In addition and despite the tax burden, small-scale artisan chocolatiers, including 57 Chocolate, Midunu chocolates and Royal Omama chocolate have emerged.

The delay in their ability to add more value carries a risk. Ghana could fall into a trap where it cannot move beyond primary processing or low value added. To truly benefit from its wealth of resources in terms of income generation and job creation, Ghana needs to engage in higher value-added activities.

A way out of the trap

Ghana cocoa financing relies on offshore financing in US dollars and benefits the Bank of Ghana by providing foreign exchange reserves. It also benefits Cocobod by providing credit at lower interest rates than it could get in Ghana. We propose to use the existing system to promote national cocoa processing.

Instead of forcing Ghanaian cocoa factories to borrow expensive US dollars to purchase cocoa beans, Cocoa Marketing Company could market processed primary cocoa products to foreign buyers on behalf of domestic processors. Ensuring that the product is purchased ensures the income in US dollars needed to pay for the cocoa beans that go into the products.

A review of the export zone tax on chocolate and semi-finished cocoa products should allow small confectionery manufacturers to access cheaper semi-finished products. Niche Confectionery, for example, has shown how lower taxes can help develop a national chocolate industry. The chocolate producer sources its semi-finished cocoa products through its parent company Niche Cocoa, which benefits from tax exemptions from free zones.

A year ago, Ghanaian President Nana Addo Dankwa Akufo-Addo made a powerful statement during his state visit to Switzerland, one of the main trading partners. He announced that Ghana no longer wanted to be dependent on the export of basic products, including cocoa beans. It intends to process 50% of the annual cocoa at the national level and, by extension, to expand national chocolate production.

Ghana has made remarkable progress in expanding primary cocoa processing and chocolate production capacity. Now is the time to develop a dynamic national chocolate industry and benefit from a 1.3 billion strong market provided by the African Continental Free Trade Area.

This article was co-authored with Fuad Mohammed Abubakar, an independent researcher.


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First Quarter Grain Trader ADM Profit Increases 76% Thanks to Increase in Farm Units http://www.leopard-center.com/first-quarter-grain-trader-adm-profit-increases-76-thanks-to-increase-in-farm-units/ http://www.leopard-center.com/first-quarter-grain-trader-adm-profit-increases-76-thanks-to-increase-in-farm-units/#respond Tue, 27 Apr 2021 11:04:58 +0000 http://www.leopard-center.com/first-quarter-grain-trader-adm-profit-increases-76-thanks-to-increase-in-farm-units/

TipRanks

Raymond James: These 3 stocks have more than 100% increase on the horizon

We are now in the midst of earnings season and investors are paying close attention as companies release their financial results starting in the first quarter of 2021. It is routine in some ways, but in others it is not. t has never been a season of results quite like this. This is the first after the pandemic, but perhaps more importantly, the results are coming in an era of almost unprecedented government stimulus spending. There is no real comparison to how much cash inflows will impact bottom lines. Leaning on Raymond James, strategist Tavis McCourt has pinpointed some of the key points investors need to consider. First, McCourt notes that “the 2021 S&P 500 Consensus EPS continues to rise, almost daily, and has increased an additional 2% in the first two weeks of the earnings season.” McCourt identifies the correct historical framework for current conditions: “We normally see positive earnings revisions in the first 1-2 years of an economic recovery…” The comparison crumbles, however, as estimate revisions fail. stop increasing. “… Analysts / management teams / this strategist continue to underestimate the positive impact of tax support (not ‘modelable’ as has never been done this way before) on corporate earnings,” added McCourt. With that in mind, we wanted to take a closer look at three stocks that have earned Raymond James’ seal of approval. Accompanying a bullish note, analysts at the company believe that each could climb more than 100% in the coming year. By running the tickers in the TipRanks database, we got all the details and learned what makes them so compelling. Landos Biopharma (LABP) We will start with a newcomer to the markets. Landos Biopharma held its IPO last February when it started trading on NASDAQ. The company is a clinical-stage biopharmaceutical company specializing in autoimmune diseases. Landos uses a proprietary computational platform to develop new drug candidates and has identified seven to date. The lead candidate is BT-11 (omilancor), a new treatment for patients with ulcerative colitis. BT-11 is a small molecule that targets the Lanthionine Synthetase C-Like 2 (LANCL2) pathway, an action designed to limit gastrointestinal impact. In January of this year, Landos reported positive results from the phase 2 validation trial of BT-11, with remission rates of 11.5% at week 12 for patients receiving oral administration once a week. day. Landos plans to expand clinical trials for omilancor, with a Phase 3 study in patients with ulcerative colitis and a Phase 2 study in patients with Crohn’s disease scheduled for later this year. The company’s other drug candidates are in early stages of the development pipeline, but it has had positive results to report from its candidate NX-13, another potential ulcerative colitis. In a phase 1 safety trial in healthy volunteers, the company reported no adverse results while meeting all primary and secondary endpoints. A Phase 1b study is slated for the second half of 2021. Among the fans is Raymond analyst James Steven Seedhouse, who sees the value factor in the company’s innovative approach. “[New] mechanisms especially in chronic immune disorders 1) carve out a potentially greater slice of the TAM pie in the primary indication (in this case, UC) and 2) open the door to follow-up indications once the new mechanism is validated in an immune disorder. The value proposition for BT-11 in theory is that it could be like Otezla (PDE4 inhibitor), which was acquired by Amgen for $ 11.2 billion net of tax benefits at 7 times sales of 1, $ 6 billion the previous year (2018), ”Seedhouse said. Looking ahead, longer term, Seedhouse believes Landos has charted a profitable path. “Patients with mild UC represent over 50% of patients with active disease. The vast majority of drugs approved or under development for UC over the past 20 years target the very competitive (but smaller) ‘moderate to severe’ patient market, while the larger to moderate ‘population remains largely unexploited apart from 5-ASA and corticosteroids. Substantial efficacy and safety in mild to moderate 5-ASA refractory patients will help BT-11 reach our estimated unadjusted sales peak of around $ 1 billion, ”the analyst added. In line with those comments, Seedhouse attributes LABP to outperform (i.e. buy), and its price target of $ 33 suggests an impressive upside margin of 219% in the coming year. (To see Seedhouse’s track record, click here) Landos Biopharma has caught the attention of analysts in a short time as a public company and has already registered 4 reviews. These can be broken down into 3 purchases and 1 maintenance, for a strong consensual purchase note. The shares are priced at $ 10.18 and their average price target of $ 25.50 implies a 146% hike. (See LABP market analysis on TipRanks) Haemonetics Corporation (HAE) Haemonetics Corporation is a major player in the blood business. It produces a full line of blood collection and separation products, as well as software to operate the machines and service contracts to maintain them. The US market for blood products reached $ 10.5 billion last year, and its largest segment, plasma products and blood components, accounts for about 80% of that market. The Haemonetics product line is designed to meet the needs of this segment. HAE stocks showed steady growth from last August to February – a sustained period of 85% equity appreciation. Earlier this month, however, HAE fell 35%, to its lowest level in more than three years, on news that CSL Pharma had declared its intention not to renew its supply agreement with Haemonetics. The agreement, for the supply and use of the PCS2 plasma collection system, provided Haemonetics with revenue of $ 117 million – nearly 12% of the company’s total revenue. In addition to the loss of revenue, Haemonetics will have to absorb an additional $ 32 million in one-off losses related to the cancellation. The current supply agreement expires in June of next year. Analyst Lawrence Keusch, Haemonetics monitor for Raymond James, saw fit to maintain his outperformance (i.e. buy) rating on the stock, even after CSL’s announcement. “We admit that Haemonetics has turned into a ‘show me’ story as it will be important for investors to understand the evolution of corporate strategy in light of the loss of the CSL contract… we believe that ‘Haemonetics can mitigate the estimated impact of $ 0.85 on profits from loss of contract (the company has about 14 months to resize the organization) and move towards further market share gains . We anticipate that it will take some time to gain visibility on a new growth path, ”noted Keusch. Keusch is ready to give HAE the time it needs to recover and return to a growth path, and his price target of $ 155 shows the extent of his confidence – a 128% rise for the stock over the course of the year. over the next 12 months. (To look at Keusch’s track record, click here) Overall, Haemonetics shows a 5-2 split in Wall Street analysts’ buy vs. keep recommendations, giving HAE stocks a moderate buy consensus rating . The stock has an average price target of $ 122, which suggests an increase of about 79% from the current price of $ 67.96. (See the HAE stock market analysis on TipRanks) Maxeon Solar Technologies (MAXN) Let’s move on and take a look at the solar technology industry. Maxeon manufactures and sells solar panels around the world, under the SunPower brand outside the United States and on its own behalf in the United States. The company split from SunPower last summer, when the parent company split from its manufacturing operations. Maxeon, the spin-off company, is a manufacturer of solar panels, with a product line of $ 1.2 billion in annual sales, more than 900 patents in the solar industry and more than 1,100 sales partners. and installation operating in over 100 countries. In the fourth quarter of 2021, the latest reported, Maxeon posted a strong sequential revenue gain, from $ 207 million to $ 246 million, a gain of 18%. Profit, which had been deeply negative in Q3 – at a loss of $ 2.73 per share – was positive in Q4, when EPS was 11 cents. Raymond James’ Pavel Molchanov, rated 5 stars by TipRanks, is impressed with the company’s overall position in the market and sees the benefits outweighing the negatives. “It’s a commodity story, with a short-term margin structure that is weighed down by the legacy polysilicon supply. We are fans of the company’s above-average exposure to the European market, which will soon be reinforced by European climate law; as well as its participation in a joint venture in China, whose new photovoltaic constructions, already world leaders, could benefit from an additional boost thanks to the newly launched carbon exchange program, ”wrote Molchanov. To that end, Molchanov attributes MAXN an outperformance (i.e. a buy) and sets a price target of $ 45 indicating a margin for growth of 127% in the coming year. (To view Molchanov’s track record, click here) MAXN’s actions have managed to go under the radar so far, and have garnered only 2 recent reviews; Buy and keep. The shares are priced at $ 19.86, with an average target of $ 34 which indicates a room for growth of around 71% by the end of the year. (See MAXN Stock Analysis on TipRanks) To find great ideas for stocks traded at attractive valuations, visit Top Stocks to Buy from TipRanks, a newly launched tool that brings together all the information about stocks from TipRanks. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.


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Foreign exchange reserves rise by 7.7 billion shillings on export earnings http://www.leopard-center.com/foreign-exchange-reserves-rise-by-7-7-billion-shillings-on-export-earnings/ http://www.leopard-center.com/foreign-exchange-reserves-rise-by-7-7-billion-shillings-on-export-earnings/#respond Tue, 27 Apr 2021 08:43:28 +0000 http://www.leopard-center.com/foreign-exchange-reserves-rise-by-7-7-billion-shillings-on-export-earnings/

Currencies

Foreign exchange reserves rise by 7.7 billion shillings on export earnings


Headquarters of the Central Bank of Kenya. FILE PHOTO | NMG

Foreign exchange reserves held at the Central Bank of Kenya (CBK) increased by a marginal Sh7.7 billion ($ 71 million) in the week to April 22, mostly on export earnings, according to de new data.

The CBK’s weekly bulletin shows that reserves stood at $ 7.727 billion (837.76 billion), up from $ 7.656 billion (817.7 billion shillings) on April 15.

“Usable foreign exchange reserves remained adequate at $ 7,727 million (4.75 months of import coverage) as of April 22. This meets the statutory requirement of CBK to strive to maintain at least four months of import coverage, convergence criteria of 4.5 months of import coverage, ”CBK said in the weekly bulletin.

Growth in foreign exchange reserves slowed, however, from inflows the week to April 15, which saw an increase of 24.67 billion shillings ($ 231 million) from the previous week, following the disbursement of the first tranche of an International Monetary Fund. government loan facility.

According to Churchill Ogutu, head of research at Genghis Capital, this week’s rise remains insignificant but could be partly attributed to multilateral lending and export earnings.

“The amount is very marginal and we doubt that there were any significant inflows in terms of debt inflows. The government has also been discreet about these financial flows, ”he said.

The country receives foreign currency inflows from foreign hard currency loans, export earnings and tourism, and diaspora remittances.


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Total declares force majeure on $ 20 billion LNG project in Mozambique http://www.leopard-center.com/total-declares-force-majeure-on-20-billion-lng-project-in-mozambique/ http://www.leopard-center.com/total-declares-force-majeure-on-20-billion-lng-project-in-mozambique/#respond Mon, 26 Apr 2021 11:41:58 +0000 http://www.leopard-center.com/total-declares-force-majeure-on-20-billion-lng-project-in-mozambique/

Total has declared a force majeure on its multibillion-dollar LNG development in Mozambique after an escalation in attacks by Islamist insurgents forced Africa’s largest private investment to be silenced.

The French energy major said on Monday she had activated the contractual exit “in view of the evolving security situation” in Mozambique’s northernmost region, Cabo Delgado, where insurgents ravaged last month a city adjacent to the $ 20 billion project.

The Palma attack killed dozens of people, including foreign workers, and left thousands homeless, prompting Total to withdraw all staff from the neighboring Afungi peninsula project.

The discoveries of vast offshore gas reserves over the past decade have promised to transform the economy of one of the poorest countries in the world.

But the development of LNG has been overshadowed by the rise in the insurgency threat since 2017, especially last year’s attacks that left President Filipe Nyusi’s security forces on their feet.

Total’s declaration of force majeure will increase pressure on the Nyusi government to reverse the war.

“A case of force majeure has been declared because Total is unable to fulfill its obligations due to the serious deterioration of the security situation in Cabo Delgado, an issue totally beyond Total’s control”, declared the society.

Total recently signed nearly $ 15 billion in loans attached to the LNG project before the Palma attack, which went well in a 25 km security cordon it had requested from the government.

The company has not given a date for the resumption of operations, which analysts say will likely depend on proof that government forces are better trained and equipped to fight insurgents.

Mozambique’s national oil and gas regulator said on Monday that Total would assess the impact of the suspension on the project schedule alongside the government.

Total previously reported that the Mozambique project would produce its first gas in 2024. But even before the Palma attack, exports were unlikely to start until the second half of 2025, analysts at NKC African Economics said.

Last year, the LNG project, which aims to produce 12.9 million tonnes per year, was also hit by shutdowns caused by a coronavirus outbreak and a previous insurgency threat near the site.

“While Total’s latest withdrawal may be long, we believe it is unlikely to be permanent,” added NKC analysts. But ‘the start date later. . . not only will delay the economic benefits arising from these exports, but will also reduce government revenues ”throughout the life of the project.

Total holds a 26.5% stake in the Mozambique LNG project alongside other global investors and ENH, Mozambique’s national oil and gas company.

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March has been an important month for sellers of newly built homes; American Express Customers Are Not Spending As Much | http://www.leopard-center.com/march-has-been-an-important-month-for-sellers-of-newly-built-homes-american-express-customers-are-not-spending-as-much/ http://www.leopard-center.com/march-has-been-an-important-month-for-sellers-of-newly-built-homes-american-express-customers-are-not-spending-as-much/#respond Fri, 23 Apr 2021 21:30:00 +0000 http://www.leopard-center.com/march-has-been-an-important-month-for-sellers-of-newly-built-homes-american-express-customers-are-not-spending-as-much/

New home sales jumped in March

WASHINGTON – New home sales jumped 20.7% in March, rebounding from the previous month when severe winter storms wreaked havoc in many parts of the country.

Sales climbed at a seasonally adjusted annual rate of 1.02 million last month after falling 16.2% in February, the Commerce Department reported on April 23.

The median selling price of a new home sold in March was $ 330,800, up just 0.8% from the median selling price a year ago.

The sharp rise in new home sales contrasted with existing home sales, which fell for a second straight month in March, a drop due to a lack of supply that pushed home prices to new highs.

AmEx revenue decreases with travel and dining

NEW YORK – American Express saw its first quarter profits rise sharply, but the company saw a significant drop in revenue as fewer customers used their credit cards and those whose balances paid off their debt.

The company said it made a profit of $ 2.24 billion compared to a profit of $ 367 million in the same period a year earlier. This quarter’s results included a one-time benefit of $ 675 million from AmEx’s loan loss reserves. Like other financial companies, AmEx has set aside funds to cover potentially bad loans in the pandemic, but as the economy has improved, those funds are coming from those rainy days funds and returned to the shareholders.

Turnover was down 12% from the previous year.

American Express revenues have been hit by the pandemic, with fewer cardholders traveling, dining out, having fun or shopping.

Blackouts continue to plague budget airlines

NEW YORK – A technology provider said a malware attack triggered a one-day outage that crashed reservation systems at around 20 low-cost airlines around the world.

The company, Radixx, said it noticed “unusual activity” around its reservation program this week and that it was still working to restore service on April 23. She did not describe the malware or explain how it entered the program.

Radixx said its system works separately from those used by some major airlines that are customers of its parent company, Saber Corp., based in Southlake, Texas. Radixx said customer information was not compromised.

The timing could hardly be worse for start-up Avelo Airlines, which cannot process reservations as it prepares for its first flight next week to California. On its homepage, Avelo apologized to customers and encouraged them to browse flight listings even if they cannot book travel.

South African low-cost airline FlySafair said it had created a “mini-booking platform” allowing customers to purchase one-way tickets for flights until next Tuesday.

“We don’t know when we’ll be on our feet again,” the airline said on its website.

Vietravel Airlines, a new carrier in Vietnam, said it was performing maintenance on the system but still selling tickets at airport counters.


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Overview of the African economy in the form @ 230421 http://www.leopard-center.com/overview-of-the-african-economy-in-the-form-230421/ http://www.leopard-center.com/overview-of-the-african-economy-in-the-form-230421/#respond Fri, 23 Apr 2021 13:51:31 +0000 http://www.leopard-center.com/overview-of-the-african-economy-in-the-form-230421/

Friday, April 23, 2021 / 2:40 p.m. / United Capital Research / Header Image Credit: IMF

Anglophone West Africa

Nigeria

  • According to the Internally Generated Revenue report released by the National Bureau of Statistics (NBS), Nigeria states generated 1.31 tn of IGR in 2020, down 1.9% year-on-year from 1 , 33 tn in 2019. The marginal decrease is commendable given the impact of Covid-19 on the national economy.
  • Based on media reports, the federal government has ordered the Nigerian National Petroleum Corporation to postpone plans to suspend fuel subsidies for six months as it attempts to finalize deregulation plans. The proposed use of the grants is expected to cost 720 billion naira over the six-month period.
  • The CBN’s monthly economic report showed that Nigeria spent $ 160.0 million on food imports in January 2021, up from $ 310.0 million spent in December 2020. This reflects reduced demand from end users after the end of the market. the holiday season.
  • The Senate approved $ 1.5 billion and € 995.0 million in external loans for the federal government. The loans will be provided by the World Bank, the Import-Export Bank of Brazil and the Deutsche Bank of Germany. The loans would be used to finance government projects facing income problems as well as to stimulate the mechanization of agricultural processes.

Ghana

  • According to the recently released Economic Growth Report for 2020, the Ghanaian economy grew faster than expected in Q4-2020, but GDP growth for fiscal 2020 was lower than expected. The Ghanaian economy grew 3.3% year-on-year in Q4-2020 (vs. an estimate of 1.2%), but grew only 0.4% year-on-year in fiscal 2020 , less than the projections of the IMF and the Ministry of Finance of 0.9% and 1.9% respectively.
  • The first deputy governor of the Bank of Ghana said the bank is facilitating the modernization of indigenous financial services such as “susu” with digital tools. This is accompanied by the introduction of other business models to deepen financial inclusion in Ghana.
  • At the Mobile Technology for Development Conference (MTDC), Ghanaian Vice President Dr Mahamudu Bawumia launched a platform designed to harmonize the fraud control mechanisms of mobile money operators in the country. According to him, the platform will help block SIM cards and mobile devices, as well as blacklist identification numbers linked to fraud or general criminal cases.

Francophone West Africa (UEMOA)

Ivory Coast

  • The International Cocoa Organization (ICCO) published its monthly market analysis which reported a reduction in the “farm gate” price paid to Ivorian farmers. The fall in prices has eliminated the expected effect of the difference in living income scheme supporting producers, which means that the quality of life of producers is deteriorating.
  • ICCO pointed out that in April, farmers saw a 25.0% reduction in payments by the Ivorian government.
  • Côte d’Ivoire’s inflation rate accelerated to 3.3% y / y in March 2021. The spike in inflation is driven by rising food prices, which have seen an increase of 5.2% over one year.

East Africa

Kenya

  • According to the Central Bank of Kenya (CBK), foreign remittances in Q1-2021 increased about 17.0% year-on-year to reach $ 829.0 million, a record high.
  • Kenya’s gross reserves reached $ 7.7 billion as of April 15, 2021, compared to $ 7.4 billion as of April 8, 2021.
  • Coca-Cola Beverages Africa (CCBA), Africa’s largest bottling company, has revealed its intention to conduct an Initial Public Offering (IPO) on the Amsterdam and Johannesburg stock exchanges.
  • Kenya and the Democratic Republic of the Congo have signed major transport, defense and trade agreements, signaling a willingness to increase the low level of trade between the two countries.

Tanzania

  • The Tanzanian government has said it plans to employ an additional 44,096 public servants in the 2021/22 fiscal year.
  • Air Tanzania reported a loss of 60.0 billion shillings in fiscal year 2019/2020, given the global developments that rocked the aviation industry.
  • Tanzanian President Samia Suluhu Hassan has met with Chinese business leaders in Tanzania, and the latter has pledged to invest in various businesses, including cell phone manufacturing.

Uganda

  • Uganda’s coffee bean exports grew at their fastest pace in three months in March, thanks to a bumper crop of Robusta coffee.
  • According to the Uganda Coffee Development Authority, exports increased 19.0% year-on-year to 572,839 bags.
  • Likewise, export earnings also increased 16.0 percent year-on-year to $ 53.5 million, equivalent to Sh193.9 billion.

Ethiopia

  • Ethiopia’s Minister of Mines and Minerals has announced the start of work on a $ 355 million gold processing plant in Benishangul-Gumuz district.
  • Ethio-Telecom handed over to Ethiopian Electric Power the sum of 122.5 million br br received from the public via the short message service (SMS-8100 A) for the construction of the Renaissance dam.

South Africa

South Africa

  • Amazon has announced plans to create an African headquarters in South Africa.
  • A recent study from the African Wealth Report showed how South Africa’s wealth has plunged over the past five (5) years.
  • The report notes that South Africa has around 36,000 millionaires or high net worth individuals (HNWIs). But alarmingly, the report also points out that South Africa has lost around 4,200 HNWIs over the past decade (2010 to 2020).
  • Finally, the report states that the depreciation of the rand, lower levels of economic growth and the impact of Covid-19 last year contributed to the 25% drop in private wealth.

Zambia

  • Zeepay, an African Fintech Challenger leader with operations in more than 10 African countries, has acquired 51% of Mangwee Mobile Money in Zambia.
  • Radisson Hotel Group has announced its first resort and third hotel in Zambia, with the signing of the Radisson Blu Resort Mosi-oa-Tunya, Livingstone, Zambia.
  • Zambian President Edgar Lungu called on the country’s Ministry of Fisheries and Livestock to urgently work on new funding for the seafood sector, which will include an aquaculture seed fund of $ 23.7 million already announced.

Zimbabwe

  • Zimbabwe’s Treasury is sticking to its economic growth estimate of 7.4%, even after its president said the projection should be lowered.
  • Meanwhile, President Emmerson Mnangagwa said that “the struggle is still on” to mend the shattered economy, signaling to the financial sector its resistance to economic recovery efforts.
  • This week Zimbabwe’s parliament approved a bill to remove a clause from the constitution on the election of vice-presidents, a move that received an overwhelming reaction, especially from the opposition party. In 2013, Zimbabweans voted for a new constitution, including a clause stating that the vice president must be elected along with the president.
  • Lake Harvest, one of the largest integrated seafood companies in sub-Saharan Africa, has received an $ 8.0 million loan from the African Development Bank to help boost production from its livestock operations and of Tilapia processing.

Mozambique

  • Mozambique President Filipe Nyusi said the government would restore peace to the country after a deadly militant attack near multibillion-dollar gas projects backed by global oil companies.
  • The gas-rich country has seen its economic activities shut down following attacks by Islamic State insurgents near the sites of some of its oil and gas projects operated by Total SE.
  • The Mozambican government estimates that oil and gas projects could generate around $ 100.0 billion in revenue for the country and create 70,000 jobs over the next 20 years.

Angola

  • As part of its measures to increase government revenue, Angola plans to sell up to 30.0% of its state-owned oil company Sonangol next year after restructuring the company to create more transparency and eradicate corruption.
  • Last week, the Angolan government began selling its stake in the state-owned Banco de Comercio e Industria, in order to test investor appetite for assets managed by the Angolan state.

Central Africa (CEMAC and Congo DRC)

Cameroon

  • Cameroon is losing 40.0% to 50.0% of its cocoa nursery plants each year due to climate change, as the dry seasons are getting longer. This was revealed by Jean Claude Akouafane, Managing Director of the Cocoa Development Company (SODECAO).
  • The National Institute of Statistics (INS) recently published a note informing that the Cameroonian economy grew by 0.7% in fiscal year 2020, down from the 3.7% growth recorded during of fiscal year 2019. According to the INS, growth was driven by the secondary sector (up 3.4% year-on-year), which contributed 0.9 ppt to growth. In this sector, growth was driven by the construction segment, the agri-food industries and the extraction of crude oil and gas (+ 1.3% y / y). DR. Congo
  • Barrick CEO Mark Bristow said the Kibali gold mine, operated by Barrick Gold in the Democratic Republic of Congo (DRC), produced 191,612 ounces of gold in the first quarter of 2021.
  • According to the budget monitoring report of the Directorate-General for Budgetary Policies and Programming, the budget execution rate stood at 64.1% in Q1-2021.

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Biden Earth Day Summit is an American outing celebration on climate change | Voice of America http://www.leopard-center.com/biden-earth-day-summit-is-an-american-outing-celebration-on-climate-change-voice-of-america/ http://www.leopard-center.com/biden-earth-day-summit-is-an-american-outing-celebration-on-climate-change-voice-of-america/#respond Thu, 22 Apr 2021 07:00:00 +0000 http://www.leopard-center.com/biden-earth-day-summit-is-an-american-outing-celebration-on-climate-change-voice-of-america/

An “evening out for the United States on climate change”.

That’s how Nathan Hultman, director of the Center for Global Sustainability at the University of Maryland, describes the virtual summit that President Joe Biden is hosting with dozens of world leaders from April 22-23.

After four years of contempt for the issue under former President Donald Trump, the summit will be “an opportunity for the United States to come back on the scene to show that it takes climate change seriously,” said David Waskow , director of the International Climate Initiative at the World Resources Institute, a Washington-based environmental research and advocacy group.

The White House said he would announce an “ambitious” target for 2030 for greenhouse gas emissions before the summit.

Defenders are calling for a 50% reduction from 2005 levels, a “very ambitious but still achievable goal,” Hultman said.

And it would show other big polluters that the biggest cumulative contributor to global warming is ready to act.

“China is certainly looking to see what the United States is going to do,” Waskow said. “We know that some of these other countries – Japan, South Korea, Canada, India – are watching to see how the United States is going to move.”

FILE – A student activist holds a sign as he takes part in a climate change protest march in New Delhi, India on March 19, 2021.

Hit or miss

The stakes are rising. Many experts say the 2020s are a watershed decade.

Average across the globe, temperatures have risen by more than 1.1 degrees Celsius since 1880. Scientists associate this increase with more severe heat waves, droughts, forest fires, storms and other impacts. And they note that the rate of temperature rise has accelerated since the 1980s.

World leaders have agreed to limit global warming to “well below” 2 ° C in the 2015 United Nations climate change agreement, and to target 1.5 ° C.

But the world is currently on track for 3C warming, which experts say it would be catastrophic.

“The global trajectory is completely out of step with what it should be,” said Rachel Cleetus, policy director for the climate and energy program at the Union of Concerned Scientists.

“We have to bend this curve hard to keep 1.5 within reach,” she added. “At this point, we are really in danger of losing him.”

Global emissions are expected to fall by around 45% by 2030, according to the United Nations Intergovernmental Panel on Climate Change. By 2050, they must reach “net zero”, where emissions are canceled by removing carbon dioxide that warms the planet from the atmosphere.

“If you don’t start bending that curve now, the path that we would need to take 2030 would be incredibly difficult to achieve,” Waskow said.

FILE- A coal-fired power plant behind a factory in Inner Mongolia Autonomous Region, October 31, 2010.

Job creator

The Biden administration sees tackling climate change as an opportunity to create jobs – installing wind and solar power, building electric vehicle charging infrastructure, and improving the efficiency of homes and buildings, for example.

It’s the cornerstone of its $ 2.3 trillion infrastructure plan.

“The US Jobs Plan will lead to transformational progress to tackle climate change with US jobs and US ingenuity,” he said, announcing the plan last month in Pittsburgh.

But Congress is expected to pass this plan, and Republicans are strongly opposed, especially to the tax increases Biden has offered to pay for it.

South Dakota Republican Senator John Thune called it “a massive expansion of government funded at the expense of American taxpayers, with taxes that will hurt the economy and cost us jobs.”

FILE – In this August 8, 2019 photo, workers install solar panels at Van Nuys Airport in Los Angeles.

“Until we can sort out these political issues, it will be difficult for us to claim this leadership role internationally on the first numbers,” said Joseph Majkut, director of climate policy at the Niskanen Center, an institute Washington-based policy research institute. .

Rebuild trust

The United States faces climate skepticism after the Trump administration withdrew from the Paris climate agreement and worked to overturn regulations reducing emissions.

“Rebuilding confidence will, I think, be a vital part of the conversation,” said Majkut.

But the United States is not the only country with a credibility problem.

China, the world’s largest polluter, has made a “world leader” pledge to reach net zero by 2060, Hultman of the University of Maryland noted.

It “changes (d) the idea of ​​net zero to something that was right for the greenest of greens,” he said, sending a signal to other developing countries that “net zero is actually our global future “.

At the same time, however, China continues to build and finance coal-fired power plants, the biggest source of greenhouse gases. China added enough coal-fired capacity last year to reverse a near-record number of plant closures, according to the Global Energy Monitor.

Study: China’s new coal-fired power plant capacity in 2020 is more than 3 times that of the rest of the world

China commissioned 38.4 gigawatts (GW) of new coal-fired power capacity in 2020

“Right now they’re rushing forward,” Hultman said. “They basically need to step back … and even reverse the course a bit over the next few years to bolster the credibility of their long-term climate promises.”

All eyes will also be on India, a rising source, to announce its plans ahead of a major United Nations climate conference in Glasgow in November.


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