African Reserves – Leopard Center Wed, 05 May 2021 13:39:54 +0000 en-US hourly 1 African Reserves – Leopard Center 32 32 Zimbabwe turns to elephant hunting for revenue lost during Covid – Quartz Africa Wed, 05 May 2021 11:07:35 +0000

A recent announcement that the Zimbabwe Wildlife Agency plans to sell the right to shoot 500 elephants this year has reignited a bitter debate over the role of hunting in the country’s public parks, which are reeling from a loss of tourism income during the coronavirus pandemic.

With around 100,000 elephants, Zimbabwe has the second largest elephant population in Africa after its neighbor Botswana. Its elephant population is controlled through the culling, hunting and conversation efforts of the Zimbabwe Parks and Wildlife Management Authority (Zimparks). The government agency oversees approximately 5 million hectares of national parks and botanical gardens.

Elephant hunting fees range from $ 10,000 to $ 70,000 depending on the size of the animal. The hunting season begins in April and lasts until October, when the rainy season begins. Botswana and Zimbabwe receive most of their hunting tourists from the United States, who pay for the privilege of bringing their tusks home as trophies.

Zimparks says the move is a necessary part of its animal population control and will generate income to fund its operations, which have been affected by a drop in tourist numbers due to the coronavirus pandemic.

The southern African nation has sold an annual quota of 500 elephants since 1992. Last year, in the aftermath of Covid-19, “elephant hunting took place, although the numbers were low,” said the Zimparks spokesman Tinashe Farawo, although he declined to disclose the exact figure. He added that although the quota allows 500 animals, the maximum they have sold in a year is 250.

Farawo says the agency does not receive financial support from the government and needs $ 25 million for its operations each year, including the salaries of its rangers, who often operate in difficult conditions, including extreme weather conditions. .

“We are probably the only wildlife management agency in the world that does not receive funding from the central government,” says Farawo. “We have men and women who spend 20 days on extended patrol looking after these animals. They need allowances, tents, boots, uniforms. [Hunting] contributes part of the money we spend on managing our wildlife. “

A debate on the management of elephant populations

Farawo also says the hunting program helps prevent Zimbabwe’s national parks from becoming overpopulated by elephants and maintains its “ecological carrying capacity,” which refers to the resources available to support a population in a certain area, sometimes measured. between 1 and 4 elephants. per square mile (or 2.5 square kilometers).

He cites the country’s largest reserve, Hwange National Park, as an example. “Hwange is 14,650 square kilometers. The maximum carrying capacity of this park must be 15,000 elephants. But we are sitting on between 45,000 and 53,000 elephants, which means that the concept of one elephant per square kilometer is not happening. ” he says.

The effectiveness of using ecological carrying capacity as a guide to manage both animals and their habitats is disputed in the conservation world. Ross Harvey of Good Governance Africa, a nonprofit research and advocacy organization focused on improving governance on the continent, challenges the logic of “excess” elephants.

“This concept is constructed under the pretext that there is a certain ‘carrying capacity’ for elephants per square kilometer, but this notion has also been debunked by many recent scientific papers,” he says, citing studies from 2018. and 2006 for South Africa. Kruger National Park as examples.

Reuters / Peter app

Foreign tourists observe elephants along the shore of the Chobe River near the northern border of Botswana, where Zimbabwe, Zambia and Namibia meet.

Botswana, which has more than 130,000 elephants, cited carrying capacity as a reason to lift its five-year moratorium on elephant hunting in May 2019. The moratorium was put in place to try to stop the decline of its elephant population. Both countries have the African Savannah Elephant, which has been listed as endangered by the International Union for Conservation of Nature due to poaching and habitat loss.

Tourism in Botswana and Zimbabwe came to a halt last year when countries imposed travel restrictions to slow the spread of Covid-19. The Zimbabwe Tourism Authority (ZTA) estimates that the country’s tourism sector lost at least $ 1 billion in 2020 in potential revenue due to Covid-19. Tourism contributed 7.2% and 6.5% of the country’s GDP respectively in 2018 and 2019, according to the ZTA.

Shared views on the hunt

Peet van der Merwe, senior lecturer and researcher in tourism management at the University of the Northwest in South Africa, thinks it is fair that Botswana and Zimbabwe sell their hunting rights because their elephant populations are in fairly good health

“Our research that we conducted in Botswana showed that local communities need these operations and that they contribute to the creation of jobs and income for these communities,” he told Quartz Africa.

Van der Merwe says the elephant hunting rights initiative should be carried out with strict rules and regulations to prevent animal abuse.

But while elephant hunting creates high income in the short term, Harvey believes it is a destructive practice and unsustainable in the long term. “The key is to abolish hunting and devote resources to coordination alternatives, such as regrouping large reserves, creating migratory corridors for elephants, [and] create alternative types of tourism, ”he says. Elephant trophy hunting “is a game for the rich and has no scientific basis no matter what its supporters tell you,” Harvey said.

Van der Merwe says there could be other funds and companies or organizations that are willing to finance the maintenance of the park, but this is not sustainable. “It has been proven in the past that hunting can be managed in a sustainable way,” he says.

Alfred Sihwa, director of Sibanye Animal Welfare and Conservancy Trust, says the problem is complicated by a lack of transparency about the benefits of selling elephant hunting rights in Zimbabwe.

“Our challenge is where the money is going. Zimparks management salaries do not match what communities benefit from wildlife, ”beyond the meat they get from hunting, he says.

The funds from elephant hunting are accounted for, replies Farawo. “We are a public entity, we are audited every year by the Auditor General and for four five years, we have never been judged insufficient,” he said. “All the money raised through sport hunting, which is part of tourism, or through photographic tourism has been accounted for,” he said.

“We are the best at handling these elephants. That’s why we still have them. “

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The 88 billion naira treasury bill auction was oversubscribed yesterday Thu, 29 Apr 2021 05:17:01 +0000

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 the 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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Cases in India again exceed 300,000; Africans are wary of blows Wed, 28 Apr 2021 09:41:50 +0000

India reported more than 300,000 new confirmed cases of the coronavirus on Tuesday for the sixth day in a row as the country battles a wave of illnesses that overwhelmed its health care system.

Tedros Adhanom Ghebreyesus, the head of the World Health Organization, called the situation in India “heartbreaking”. He warned that many countries “are still experiencing intense transmission”, with more new cases worldwide last week than in the first five months of the pandemic.

The rise in the number of new cases in India has helped push global infection rates to record highs. The country announced 323,144 new infections in the previous 24 hours, a 10% drop from the previous day, but experts warned that could be more due to a drop in testing than a sign that the new wave fades.

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An additional 2,771 people have died, a number also seen as an undercount amid reports that many likely deaths from covid-19 are officially attributed to underlying causes or go unreported.

Medical facilities in India, especially in major cities, have been strained by the influx of patients as the number of cases has skyrocketed in recent weeks under pressure from more virulent new variants and relaxed restrictions. Hospitals in some cities have stopped admitting patients amid a desperate rush for supplemental oxygen, ventilators and medication. In some hospitals, patients have died after lack of supplemental oxygen.

This led to growing anger against Indian Prime Minister Narendra Modi, whose government allowed crowded election rallies and religious festivals, and bragged about having approached the end of the pandemic weeks before the start of the last wave. Many are also frustrated by delays in the immunization program in a country that is the world’s largest producer of vaccines.

The Indian government has tried to quell criticism during the new outbreak, including asking Twitter to delete tweets criticizing the government’s handling of the crisis.

Britain’s first aid shipment arrived in the country on Tuesday, including 100 ventilators and 95 oxygen concentrators, with more on the way. France, among other countries, has also announced its intention to send medical supplies.

Tedros said 2,600 WHO staff had been sent to help India. He added that the WHO has sent “critical equipment and supplies, including thousands of oxygen concentrators, prefabricated mobile field hospitals and laboratory supplies.”

The Indian Armed Forces announced Monday that they will also intervene, releasing additional oxygen from reserves and recalling retired medical staff to help ailing hospitals under the load of new patients.


Separately, some Africans are reluctant to be vaccinated against covid-19 amid concerns about their safety, alarming public health officials as some countries begin to destroy thousands of expired doses before use.

Malawi and South Sudan have announced in recent days that they will be slashing some of their doses, a worrying development on a continent where health officials have been outspoken about the need for equity in vaccines as Rich countries around the world hold most of the vaccines.

Africa, of which 1.3 billion people represent 16% of the world’s population, has received less than 2% of the doses of covid-19 vaccine administered worldwide, according to the WHO.

Africa seeks to vaccinate up to 60% of its population by the end of 2022.

Achieving this goal will require around 1.5 billion doses of vaccine for Africa if the two-dose AstraZeneca vaccine continues to be widely used. But safety concerns with this vaccine, often the main injection available under the donor-backed COVAX program to ensure access for developing countries, have worried some Africans.

Suspicions about the vaccines have spread widely on social media, in part due to a general lack of trust in authorities. The Ugandan Minister of Health had to rebut claims that she faked being shot, even posting a video of herself receiving the shot on Twitter, with the warning: “Please stop spreading fake new!”

WHO and the African Centers for Disease Control and Prevention have urged African governments to continue rolling out the AstraZeneca vaccine, saying its benefits outweigh any risks after European countries limited its use due to concerns about rare blood clots in a small number of recipients.

The Africa CDC said in a statement last week that it had received advice from the Serum Institute of India recommending a “shelf life extension” of three months to the April 13 expiration date of at least one million AstraZeneca images delivered to Africa.

African countries “have no choice,” Africa CDC director John Nkengasong said, urging Malawi to use up all of its injections after authorities in the southern African nation say they will burn 16,000 doses from AstraZeneca which expired earlier in April.

It is not known whether Malawi will follow this advice.


Meanwhile, Brazil’s health regulator has raised safety concerns while rejecting requests from several states to import nearly 30 million doses of Russia’s Sputnik V vaccine, which has drawn criticism from the government. Russian.

The five-person board of the Brazilian Health Regulatory Agency unanimously ruled on Monday evening that consistent and reliable data required was lacking for approval of applications from 10 states, according to a statement. Four other states and two cities have also applied for permission to import the vaccine.

The agency, known as Anvisa, said there were flaws in all clinical studies of vaccine development, as well as missing or insufficient data.

The Russian fund overseeing the marketing of the vaccine around the world denied this claim.

Anvisa’s decision does not affect a separate request by Brazilian company Uniao Quimica for an emergency use authorization for locally produced Sputnik V, according to an emailed statement from Anvisa’s press office.

Yet it dealt a blow to Russia’s efforts to promote global adoption of the vaccine, whose exports helped it regain diplomatic foothold in countries where relations had languished.

“We need more information on what this is missing [of data] means, because there is already more than enough data, ”Kremlin spokesman Dmitry Peskov told reporters at a daily press briefing.

“Contacts [with Brazil] continue to. If some data is missing, it will be provided, ”he said.

Information for this article was provided by Miriam Berger, Jennifer Hassan, and Paul Schemm of the Washington Post; and by Rodney Muhumuza, Gregory Gondwe, Jonathan Paye-Layleh, Cara Anna and David Biller of the Associated Press.

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The number of platforms in Nigeria drops by 55.34% in Q1 ’21 Tue, 27 Apr 2021 11:02:12 +0000

Stock photo of an offshore oil rig

By Udeme Akpan

Nigeria’s drilling rig count fell 55.34% in the first quarter, from January to March 2021 to 19, according to data gathered from recent reports by the Organization of the Petroleum Exporting Countries, the OPEC.

The number of platforms, a major index of measurement activity in the upstream sector, stood at 65 in the corresponding period of 2020 before slipping to 19, mainly due to the delay in adopting the oil industry bill, GDP and the coronavirus pandemic. .

A breakdown showed that Nigeria used six, seven and six platforms in January, February and March 2021, respectively, compared to 21, 23 and 21 during the corresponding period of 2020.

Therefore, in its report obtained by Vanguard, the DPR’s Department of Petroleum Resources estimates the country’s oil reserves at 37 billion barrels, even though the government had previously planned to reach 40 billion barrels by 2020. .

Commenting on the development, Victoria Ibezim-Ohaeri, Director, Spaces for Change, who stressed the importance of early adoption, including improving investments, said: “GDP 2020 is a bill to introduce far-reaching industrial reforms in Nigeria. oil and gas sector.

“Among other objectives, the bill seeks to establish good governance, best practices and the ease of doing business in the industry by clarifying the roles and responsibilities of officials and institutions, to allow the exploration of borders. , demand better environmental compliance and transform the NNPC into a commercial enterprise. viable business.

“Laws governing the oil and gas industry date back to pre-independence and pre-democracy rules in Nigeria, when laws were passed without inclusion and in light of the peculiarities of the time.”

She added: “With advancements in technology, volatile oil prices, climate change influencing the driving forces of the global economy, it has become imperative to review existing laws to bring them into line with current realities.”

African Nations

Meanwhile, unlike Nigeria, other African oil and gas producing countries, such as Algeria, Libya, Gabon, Angola and Congo, examined in the study, have increased their deployment of platforms and, by extension, exploration in 2020.

More specifically, Algeria increased its number of drilling rigs to 509 in 2020 from 398 in 2019, an increase of 27.9%.

Libya increased its number of platforms to 164 in 2020 from 149 in 2019, thus showing an increase of 10.1%, while Gabon increased its deployment of platforms to 68 in 2020 from 50 in 2019, which indicates an increase of 36%.

In addition, Angola and Congo have increased the deployment of their rigs to 60 and 46 respectively in 2020, up from 38 and 12 in 2019, showing an increase of 57.9% and 283% respectively.

However, Equatorial Guinea, which deployed 12 platforms in 2020, up from 16 in 2019, saw a 25% drop.


The Energy Vanguard survey over the weekend attributed the negative situation in Nigeria to factors, in particular low investment, the prolonged delay in passing the Oil Industry Bill, GDP and the coronavirus pandemic, which has also prompted some operators to work remotely.


In a telephone interview with Energy Vanguard, Dr Bala Zaka, an energy analyst based in Port Harcourt, said: “Development has shown that Nigeria, which has failed to meet its target of 40 billion barrels of reserves by 2020, mainly due to low investment, may also fail to meet the target by 2025.

It also means that the country’s current reserves of 37 billion barrels could be depleted much faster than expected if the country does not invest heavily in exploration, necessary to make new discoveries and increase reserves.

In addition, it also means that other emerging African oil countries could overtake Nigeria, especially in terms of reserves, production capacity and world ranking.

However, in an interview with Energy Vanguard over the weekend, Professor Omowumi Iledare, Professor of Oil and Gas Economics and Management at the Ghana National Petroleum Corporation (GNPC), Institute for Oil and Gas Studies , University of Cape Coast, Ghana, said: “The number of rigs is well below expectations, knowing that Nigeria is a leading producer with 30 billion barrels of reserves and over 200 trillion cubic feet. gas standard. “

Vanguard News Nigeria

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A world apart: How rich countries can strengthen the COVID safety net Wed, 21 Apr 2021 21:13:27 +0000

A woman receives the AstraZeneca / Oxford vaccine as part of the COVAX coronavirus disease (COVID-19) program at Eka Kotebe General Hospital in Addis Ababa, Ethiopia on March 13, 2021. Photo via Tiksa Negeri / REUTERS .

By allowing the International Monetary Fund (IMF) to provide substantial amounts of foreign exchange reserves to its 190 member countries, the international community has made significant progress in combating the impact of COVID-19. But more needs to be done to help low-income countries that remain burdened by the economic and human costs of the pandemic.

This month, senior government officials meeting virtually under the auspices of the IMF and the World Bank authorized the issuance of $ 650 billion in IMF Special Drawing Rights (SDRs), a reserve asset that will be redeemable for hard currencies. In addition, the Group of Twenty (G20) governments have agreed to extend until the end of this year a moratorium on debt service payments by the poorest countries on loans from G20 lenders. This moratorium has already released $ 5.7 billion for 43 countries since it came into effect a year ago, with an additional $ 7.3 billion postponed possible by the end of June, according to the president of the World Bank , David Malpass.

However, these measures will not be enough. Low-income countries have been hit by the same recession that advanced and emerging economies experienced in 2020, but the IMF predicts that their rebound will be much slower. Thus, the tens of millions of people in low-income countries who have fallen back into extreme poverty as a result of the pandemic have little hope of improvement in the coming year. Additional actions are needed in several areas:

  • No rich country has stepped in to offer new country-to-country assistance to help poor countries counter the effects of the pandemic on public health and the economy. This contrasts sharply with the willingness of the Group of Seven (G7) countries to provide bilateral aid to African countries at the height of the 2008 global financial crisis.
  • The G20 has made little concrete progress in implementing its framework for restructuring the debts of countries whose loan obligations have become unsustainable during the pandemic.
  • So far, the G20 has not responded to the failure of private sector creditors – who hold a significant portion of low-income country debt – to join in its debt relief and restructuring initiatives. debt.
  • A large part of the globe is unlikely to gain meaningful access to COVID vaccines before 2022, or even 2023, which means the virus and its variants could continue to spread, mostly affecting low-income countries.

These interrelated issues, if left unresolved, could cause a long delay in resuming growth in developing countries to levels that could offset the human impact of the crisis, leading to an increased burden of poverty. the debt. The IMF has offered a brighter economic outlook for 2021 than many would have hoped a year ago, with global growth now expected to reach 6% this year, largely due to the resurgence of the US economy. But the fund has issued a stern warning that the debts of countries that have achieved emerging market status could become a heavy burden if the pandemic continues. “The future presents daunting challenges,” wrote IMF chief economist Gita Gopinath. “The pandemic has not yet been overcome and cases of the virus are accelerating in many countries. Recoveries also diverge dangerously from country to country and within countries. “

Agreement to issue SDRs can help, although many bureaucratic hurdles remain. This summer, the IMF will make available to low-income countries the equivalent of about $ 21 billion in SDRs in reserves – an allocation out of a total of $ 650 billion that represents their weight in the global economy. . But the assets will not be immediately available as currency. First, fund members will need to agree on procedures for each country to use its allocations by exchanging them for other currencies. Second, members will need to agree on how richer countries can redistribute their own SDR allocations to low-income countries. In the absence of significant bilateral aid from rich countries – in the form of grants or low-interest loans – the transfer of SDRs could be crucial in helping low-income countries respond to the pandemic . U.S. Treasury Secretary Janet Yellen said the United States looks forward to discussing ways to deploy SDRs to support low-income countries.

Another major obstacle is debt restructuring. Three African countries – Chad, Ethiopia and Zambia – have called for restructuring their debt burden under a common framework for debt treatments approved by the G20 last year, and others countries are expected to follow. But this process was blocked by procedural issues such as the composition of creditors committees that would negotiate with debtor governments. Governments involved in the Common Framework negotiations still don’t know how much money and what influence China – the largest bilateral creditor of low-income countries, with hundreds of billions of dollars in loans – is willing to make. engage in restructuring.

There are also differences in the role of private sector lenders, which range from Eurobond holders in Ethiopia, Zambia and other countries to commodity and mining giant Glencore, which owns the most. much of Chad’s debt. Private sector lenders have refused to participate in the G20 debt service moratorium in the absence of country-by-country negotiations, and their role in debt restructuring remains unclear.

While the role of the private sector deserved several mentions in statements released this month by G20 finance ministers and the IMF, there was little evidence at respective meetings that governments were prepared to take a harder line. against financiers. However, officials suggested that private sector participation in the common framework will be an integral and inevitable part of the G20’s overall strategy to deal with debt distress. It is probably only a matter of time before the formal sector deploys the carrots (and sticks) needed to bring a recalcitrant private sector into the restructuring process. Over the past year, senior officials have spoken of making it compulsory for private bondholders to participate in any sovereign debt restructuring. Private sector fears over the common framework forcing them to disclose proprietary information have also been dismissed as officials believe the public and private interest is best served by greater transparency on all debts owed by low-income countries. , but officials are prepared to be flexible about how certain categories of debt data are made public.

Finally, there is the issue of “vaccination, vaccination, vaccination”, as Swedish Finance Minister Magdalena Andersson said at an IMF press conference. So far, only a small percentage of COVID vaccines have been made available to developing countries. Pandemic tools for low-income countries, including the COVAX Facility for Vaccine Delivery, face a $ 19 billion funding gap, even after the Biden administration, the World Bank and other donors contributed $ 14.1 billion. India’s commitment to provide millions of vaccines to other countries has been halted as it battles a serious resurgence of the virus, and questions have arisen over the effectiveness of China’s Sinovac vaccine, which has been supplied to countries from Indonesia to Turkey and Brazil. . By some estimates, dozens of countries in the South will not receive adequate vaccine supplies until 2023.

While the IMF has made significant strides in finding ways to help low-income countries during the pandemic, many others – especially creditor governments and private lenders – have failed to respond adequately. This means the developing world faces a deepening crisis just as some countries start to gain the upper hand against COVID-19. These divergent fortunes do not bode well for a global recovery.

Jeremy Mark is a senior researcher at the Center for Geoeconomics of the Atlantic Council. He previously worked for the IMF and the Asian Wall Street Journal. Follow him on twitter @ JedMark888.

Vasuki Shastry, formerly at the IMF, Monetary Authority of Singapore and Standard Chartered Bank, is the author of the book Has Asia lost it? Dynamic past, turbulent future. Follow him on twitter @vshastry.

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InventHelp Inventor Developing Speed ​​Control Product for Construction Areas (PIT-1167) Wed, 21 Apr 2021 15:45:00 +0000


Recent pullback in these 3 stocks is a ‘buying opportunity’, analysts say

Now is the time again – it’s time to look for bullish stocks at relative bargain prices. We just saw a pullback in market prices, but for some stocks the pullback started earlier and intensified. This opened up opportunities that Wall Street analysts were quick to point out. These are Strong Buy stocks, despite their recent declines in stock values. Analysts have noted that each has a path to short-term gains, which makes risk-reward factors appropriate for return-conscious investors. And with prices dropping lately, these are also suitable for bargain hunters. We used the TipRanks database to find three stocks that match this profile. Let’s take a closer look. Farfetch, Ltd. (FTCH) Online retailers have clearly had an advantage over the past year, but on the other hand, the recent reopening of economies around the world has put some pressure on them. Farfetch, an online clothing retailer with an international profile – headquartered in London, offices in New York, Los Angeles, Tokyo, Shanghai, Portugal and Brazil – shows both trends. The company’s 2H20 gains have pushed its market cap well above $ 16 billion, while recent stressors have pushed the stock price down 38% since its February peak. Farfetch has a solid base, based on over 3 million active customers and over 1,300 vendors on the platform. The company saw more than $ 3.2 billion in raw merchandise offered through the site in 2020, making it the world’s leading platform for buying luxury goods online. The gross value of goods increased 49% from the previous year. At the top of the line, Farfetch’s 2020 revenue grew 64% year-over-year to $ 1.7 billion to $ 540 million, or about a third of that total, in the fourth quarter . Covering Farfetch for JP Morgan, 5-star analyst Doug Anmuth notes that the recent weakness has created a “compelling buying opportunity.” This opportunity is based on: “1) FTCH’s position as the world’s leading market in the rapidly evolving $ 300 billion online luxury market; 2) FTCH’s well-established electronic dealer model which attracts over brands and inventory on the platform; and 3) FTCH’s strong position in the high-growth Chinese luxury market through the FTCH app and the recently launched store on Alibaba’s Tmall luxury pavilion .FTCH should also experience its first full year of EBITDA profit in 2021, with a shift towards greater scalability leverage both on gross margin and on general and administrative costs. ”In line with this bullish outlook, Anmuth assigns FTCH an overweighting (ie a buy), with a price target of $ 72 suggesting a one-year rise of 58%. Farfetch is based on 7 buy notices, which offsets a single Hold. the share is $ 45.50, and the obj Average workforce of $ 74.38 implies an increase of approximately 63% for the next 12 months. (See FTCH stock review on TipRanks) Oncternal Therapeutics (ONCT) Next on our list, Oncternal, is a clinical-stage, oncology-focused biopharmaceutical company. The company is working to develop new treatments for cancers whose critical needs are not being met. to a Phase 2 trial. The lead candidate in the pipeline, cirmtuzumab, is the one undergoing this trial. The drug is a monoclonal antibody that inhibits the MMR1 receptor in certain hematologic cancers. In December, the company published P hase 1/2 results of the effectiveness of cirmtuzumab in combination with ibrutinib. The combination compared favorably to ibrutinib monotherapy. Cirmtuzumab is also in a phase 1 clinical study as a treatment agent for breast cancer; updated results released earlier this month showed partial response or stable disease in half or more of the patient cohort. Despite the positive clinical results, Oncternal’s stock fell 30% this month. According to Northland analyst Carl Bynes, in a note titled “Weakness Creates Buying Opportunity,” investors should take this time to buy. “We view ONCT’s actions as an essential participation for those investing in the oncology segment, with multiple clinical updates expected. to 2Q21 serving as MAJOR catalysts. We believe that cirmtuzumab (anti-MMR1 mAb) is positioned to become a revolutionary therapy for the treatment of MCL and other MMR-expressing malignancies. In addition, we are planning the first human assay of its ROR1 CAR-T candidate at 2H21 in China, “Bynes said. Consistent with his optimistic outlook, Bynes is evaluating ONCT for outperformance (i.e. (For see Bynes history, click here) Wall Street took a unanimous stance on ONCT, giving the stock 4 recent positive reviews for a consensus Strong Buy rating. $ 15.50, indicates an increase of around 170 % over the $ 5.75 share price. (See ONCT stock market analysis on TipRanks) BioLife Solutions (BLFS) Pharmaceutical companies cannot do their jobs without support services – or products provided by companies like BioLife. The company provides cell and gene therapy bioproduction tools, including cryopreservation storage units, biopreservation storage units for blood storage, hypothermic storage and shipping media, and most importantly, cell thawing allowed nt the use of biological samples after cryopreservation. showed sequential gains in the third and fourth trimester. The third quarter gain was 14% and increased to 30% in the fourth quarter. Fourth-quarter revenue, at $ 14.7 million, was up 78% year-over-year. For the full year, the top line reached $ 48.1 million, a year-over-year gain of 76%. The company provided a revenue forecast for 2021 in the range of $ 101 million to $ 110 million. With that in the background, we can watch the performance of the action. BLFS stock peaked in December, after rising 176% in 12 months. Since then, stocks have fallen 31%. Carl Bynes of Northland Capital sees this retreat from equities, once again, as an “in” for investors. “We see the recent drop in BioLife shares as a buying opportunity. BioLife, in our view, is in a unique position to emerge as the leading consolidator of the enabling technology segment supporting the high growth cell and gene therapy industry. internal development and acquisitions, has amassed a comprehensive suite of product and service offerings that support cell and gene therapy applications from development to commercialization, ”noted Bynes. To that end, Bynes rates BioLife as outperforming (i.e. buying), with a target price of $ 55 to indicate a 12-month upside potential of ~ 75%. (To watch Bynes history, click here) Looking at the consensus breakdown, Wall Street is taking a bullish stance on BLFS. 6 buys and 1 hold issued in the previous three months make the stock a “strong buy”. BLFS shares are selling for $ 31.51 and their average price target of $ 55.83 suggests a rise of 77%. (See BLFS Stock Analysis on TipRanks) For great ideas for battered stocks at attractive valuations, check out the Best Stocks to Buy from TipRanks, a newly launched tool that brings together all the information about TipRank stocks. 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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Botswana: IMF completes Article IV mission to Botswana in 2021 Wed, 21 Apr 2021 13:40:00 +0000

A team from the International Monetary Fund (IMF), led by Mr. Papa N’Diaye, Head of Mission for the Republic of Botswana and Head of the Regional Studies Division of the Africa Department, held virtual discussions on the 2020 consultation under of Article IV from March 8 to 23, 2021. At the end of the discussions, Mr. N’Diaye made the following statement:

“Botswana entered the COVID-19 crisis with larger buffers and lower public debt than other Sub-Saharan African (SSA) countries, but significantly less than in the past. The country was grappling with structural challenges, persistent negative external shocks and delays in adjustment which caused a weakening of international reserves and fiscal position amid high unemployment.

“The pandemic has exacerbated Botswana’s economic challenges. While strict containment measures have helped limit the spread of the virus and save lives, heavy economic dependence on diamonds and contact-intensive activities has caused a sharp contraction in GDP, one deepest in sub-Saharan Africa. The current account deficit widened and foreign exchange reserves continued to fall, while remaining above adequate levels. The government implemented a significant public wage increase agreed in 2019 and rolled out an economic relief program to counter the effects of the COVID-19 crisis. The relief program helped save the population. means of subsistence.

“In this context and despite a second wave of COVID-19 infections, a recovery is underway, with GDP growth expected at 8.3% in 2021, driven by a strong rebound in mining activity, the loosening restrictions on mobility, and recent public wage increases. Fiscal and external positions should gradually strengthen with favorable terms of trade. However, the uncertainty is high and the risks are dominated by the evolution of the pandemic and the roll-out of vaccines in Botswana and globally, and lower than expected. At the same time, continued implementation of supply-side reforms could promote private sector activity and diversify sources of growth.

“The first priority remains securing and successfully deploying vaccines to a sufficiently large part of the population to keep the pandemic under control and prevent health systems from being overwhelmed.

“The next priority is to build Botswana’s resilience to shocks and advance supply-side reforms to promote private sector activity and diversify its sources of growth. In this context, the mission welcomes the commitment to fiscal sustainability and recommends the adjustment foreseen in the draft 2021. / 22 budget be executed without further delay. In the baseline scenario, the envisaged pace and magnitude of consolidation and the change in the composition of expenditure are appropriate. The gradual reduction of the budget deficit will put the budgetary position on a sustainable basis, while targeting investments and human resources. capital development could increase productivity, create jobs and help diversify the economy and sources of income. At the same time, the incentives envisaged for training and financial support to transforming sectors will facilitate the reallocation of factors to new sectors.

“There is a need to maintain targeted support to illiquid but solvent businesses and affected households and to subordinate or condition aid to the state in order to reduce moral hazard. This will help address the uneven nature of the recovery across sectors and mitigate the regressive impact of planned measures. increase in the rate of VAT and other taxes and charges on the most vulnerable. Given the uncertainty over the evolution of the health crisis and mining revenues, the mission is of the opinion that the recommended targeted aid should be financed by both revenue and expenditure measures.

“Budget reforms are needed to lock in consolidation efforts. They include the reform of the civil service, the acceleration of plans to rationalize the parapublic sector and improve its governance, and a strengthening of the budgetary framework to better anchor budgetary policy and increase credibility. In addition, mobilizing domestic savings to finance the deficit requires coordinated efforts to deepen the bond market.

“Beyond fiscal policy, the accommodative stance of monetary policy is appropriate and must be maintained, while carefully monitoring the second-round effects of supply shocks on inflation and inflation expectations, as well. than the evolution of credit.

“The mission welcomes the recent increase in the crawl rate of Botswana’s exchange rate anchor, which has helped the economy adjust to the COVID-19 shock.” Going forward, the Bank of Botswana should use the flexibility offered by its current exchange rate regime to help the economy adjust to shocks, ensure external sustainability and facilitate structural transformation.