Business 11

MONDAY 19 JULY 2021 Ivory Coast to become regional medicine hub with $300m IFC loan If we do not solve the problem of equipping our private clinics and hospitals, this goal of seeing the private (health) sector grow and create jobs will be a failure

Patrick Achi Prime Minister of Ivory Coast Business | 13 QSE 10,696.30 -79.67 (0.74%) FTSE 100 7,008.09 −3.93 (0.056%) DOW 34,719.68 −267.34 (0.76%) BRENT $73.28 (-0.20)

IOFS visits Baladna to explore SC highlights tender opportunities for firms food security for member states DEEPAK JOHN footprint and understanding the THE PENINSULA communication protocol, the procurement processes and pre- Tenders open doors to new and senting the communications long-term partnerships which channels with in the SC”. leads to business growth and He highlighted three delivery sustainability, said an official partners and relationship during a webinar held to high- between the entities which light tender opportunities includes FIFA, the owner of the available at Supreme Committee event which ensures FIFA World for Delivery & Legacy (SC). They Cup obligations are met including also promote equal opportu- stadium operational readiness; nities, sustainable economic Qatar 2022 which is the local development, and foreign direct organisation committee and SC investment which the Qatar representing the host country Financial Centre (QFC) and SC projects. He said, “We are here endeavor to sustain, he added. to make sure consistency and the The event entitled ‘Exploring alignment are there at all times Tender Opportunities at and this cannot be done without Supreme Committee for Delivery the support of external stake- & Legacy’ organised by QFC dis- holders and as well as our close cussed the tender opportunities partners.” He noted, “SC has currently available at SC with an been working collaboratively aim to highlight these opportu- with its partners and stake- nities to QFC firms and wider holders to deliver more than 54 The officials and members of the Islamic Organization for Food Security during their visit to Baladna facility. business communities. The host country projects in relation virtual briefing also included a to Qatar 2022 over the past few THE PENINSULA — DOHA farming technology which could Malaysia achieve self-sufficiency was able not only to ensure its presentation highlighting the years,” he added. help member states ensure food in fresh milk. food security but also to reach a array of tenders available Speaking on the infra- The Islamic Organization for Food security. Commenting after the visit, level where the company is ready through SC, and ways to learn structure progress in terms of Security (IOFS) recently visited They considered the chal- Managing Director Ramez Al- to become a transnational enter- about these opportunities in a stadiums, he said, in general we Baladna, Qatar’s largest dairy and lenges of ensuring efficient milk Khayyat said, “Baladna played a prise, exporting high-quality and timely manner. have eight stadiums that will host beverage producer, to explore production and climate chal- pivotal role in Qatar’s journey to in-demand products to foreign Ahmad Al Hitmi, an SC the FIFA World Cup 2022, for how to ensure food security for lenges. Baladna installed milking safeguard food security. I feel markets.” official presented the FIFA World example Al Janoub Stadium, its member states. machines that worked 24 hours confident that our collective expe- “Separately, I would like to Cup Qatar 2022 tournament Ahmad Bin Ali Stadium, Lusail Director-General of IOFS, a day, an automated system for rience in achieving dairy self-suf- note that most of the processes of overview as well as areas of Stadium in Al Daayen area which Yerlan Baidaulet, and Ambassador collecting manure, and advanced ficiency in a difficult environment Baladna are fully automated and opportunities, the host country is still in progress and is of Kazakhstan to Qatar H E Askar ventilation systems to keep cows will be valuable to the member thought-out to the smallest detail. infrastructure projects as well as scheduled for completion at the Shokybayev toured Baladna’s 2.4 cool. This year, Baladna is countries of the Islamic Organi- At the same time, the most com- the non-official sites. He said, end of this year, Ras Abu Aboud million sqm farm. The Baladna investing in crop farming as part zation of Food Security.” fortable conditions for animals “The purpose of the meeting is Stadium, scheduled to be com- team showed the group around of the group’s backward inte- Ambassador of Kazakhstan are created. The main priority for to establish a positive and pleted this year, Al Thumama the milking parlour, restaurant, gration strategy to become the to Qatar H E Askar Shokybayev Kazakhstan is also ensuring food effective relationship to suc- Stadium, scheduled to be com- and three separate processing producer of many raw materials said, “I can say with all confidence security and the development of cessful delivery of the FIFA pleted in this year as well, Edu- facilities. The group discussed the used for Baladna’s goods. Baladna that Baladna is one of the unique high-quality, competitive, export- World Cup and to provide the cation City Stadium, Khalifa expertise and technical know- is working with the Federal Land projects implemented in Qatar. oriented products, and therefore tournament overview and high- International Stadium and Al how related to sustainable agri- Consolidation and Rehabilitation The most important thing is that we are very interested in cooper- light the external stakeholder’s Bayt Stadium which are com- culture, rural development, and Authority (FELCRA) to help thanks to this project, the State ating with Baladna,” he added. role within the Qatar 2022 pleted already. `P12 McLaren gets Gold trims fourth Global natural gas prices continue to soar $760m from THE PENINSULA — DOHA weekly gain as Powell As summer 2021 progresses, global LNG demand is investors Liquefied natural gas (LNG) looking robust. prices are up around the world, BLOOMBERG defends Fed stimulus driven by demand in China and across Asia, which is helping Shell recently estimated that global LNG demand would McLaren Group Ltd. BLOOMBERG push benchmark prices in increase by at least 10 million tonnes to 370 million obtained $760m in funding Europe to decade-plus highs from investors including Gold headed for a fourth as well, noted a report by Al tonnes this year, a 2.8 percent rise on its 2020 figure, Saudi Arabia’s sovereign straight weekly gain after Attiyah Foundation. with most of that coming from the Asia. wealth fund as the supercar Federal Reserve Chair Jerome US prices have also risen, maker and racing team Powell (pictured) told Congress partly due to hot weather and owner tries to recover from the central bank is committed an LNG export boom – sug- The biggest contributor to this demand is China, which the impact of the corona- to its ultra-easy stance despite gesting a fully integrated inter- saw LNG imports jump 29 percent from a year ago to virus pandemic. rising inflation. national market is finally Funds managed by Ares Speaking to the Senate developing, with all prices 39.8 million tonnes in the first six months of 2021, Management Corp. and Banking Committee Thursday, moving in line, although the US according to Refinitiv data Saudi Arabia’s Public Powell defended the central remains far cheaper (excluding Investment Fund have com- bank’s stance to keep providing delivery costs). Longer term, mitted to invest £400m support to the US economy fundamentals are increasingly significant factor in future ($550m) in the form of pref- even as inflation runs at one-month high as investors pointing to a sustained period European gas demand fluctu- erence shares and equity uncomfortable levels. He called weigh the outlook for monetary of higher prices, although long ations, alongside temperature warrantsExisting share- the price developments policy, economic growth and term deals are still struggling (April was cold and June was holders, including sovereign “unique” in history and said the price pressures. Treasury Sec- to follow the upward trend in the second hottest on record, wealth fund Mumtalakat Fed is closely watching to see retary Janet Yellen said spot prices. both scenarios raised power/ and a limited number of whether its forecast that the Thursday she sees “several As summer 2021 gas demands). The demand new private investors, to high inflation will prove tem- more months of rapid inflation” progresses, global LNG demand strength has been accompanied invest £150m in the form of porary is correct, or whether it while adding expectations for is looking robust, buoyed by the by several upstream outages convertible preference threatens to be longer lasting. price gains still look well global relaxation of COVID-19 and delays, along with shares. McLaren, controlled It was Powell’s second contained. restrictions and warm summer extensive summer mainte- by Bahrain’s Mumtalakat, round of testimony this week Gold “investors seemed to temperatures - as well as nance (including pandemic has been hit by the pan- on Capitol Hill following be buying the dips lately,” said higher coal and oil prices, and deferred maintenance from when they hit 67.4 million demic that has delayed the Wednesday’s appearance Margaret Yang, a strategist at strong economic growth. 2020) and falls in domestic tonnes in the complete year - Formula 1 racing series and before the House Financial DailyFX. “Powell’s reiteration European buyers are also production. up about 11 percent compared forced it to halt automotive Services Committee, where he of his dovish stance soothed attempting to replenish stocks Shell recently estimated with 2019, despite the pan- production. said it was still too soon to scale tapering fears and bolstered the that are well below normal that global LNG demand would demic. Gas switching, high The closely held British back the central bank’s appeal of the yellow metal.” levels, while coal to gas increase by at least 10 million temperatures, and strong eco- supercar maker in April sold aggressive support for the US Spot gold slipped 0.1 switching in Europe has been tonnes to 370 million tonnes nomic growth are all driving and leased back its head- economy. Separately, Fed Bank percent to $1,827.91 an ounce supported by high carbon this year, a 2.8 percent rise on demand. And there is room for quarters in Woking, near of St. Louis President James at 11.44am in Singapore, after prices, and in Asia by policy its 2020 figure, with most of more – China’s import capacity London, and agreed to sell Bullard said the central bank touching $1,834.12 on changes. At the same time, LNG that coming from the Asia. The is to rise by almost 50 percent as much as a third of its has met its goal of achieving Thursday, the highest since supply to Europe in the first biggest contributor to this on late 2020 levels to 107.9 racing unit to a consortium “substantial further progress” June 16. Prices are up 1.1 half of 2021 was down (by 18 demand is China, which saw million tonnes per year (mn t/ of US-based investors. on both inflation and percent this week. Silver and percent year on year, says LNG imports jump 29 percent yr) by the end of this year, Goldman Sachs Group employment, urging policy palladium rose, while platinum HSBC), tightening supply, while from a year ago to 39.8 million although LNG imports will have Inc and HSBC Holdings Plc makers to move forward in retreated. The Bloomberg wind generation was low, tonnes in the first six months to compete with a planned rise advised McLaren on the reducing stimulus. Dollar Spot Index was little boosting gas demand – which of 2021, according to Refinitiv in Russian pipeline supply, and transaction. Gold is trading near a changed. is likely to be an ever-more data, after a big rise last year higher domestic output. `P12 12 BUSINESS MONDAY 19 JULY 2021 Govt support, effective policies key for SMEs growth Amazfit, Zepp: The fastest

THE PENINSULA — DOHA to create a better environment growing smartwatch brand In addition to looking for for small businesses has been New research by Mastercard has effective regulatory support outlined in a public policy paper ranked in top 4 in global highlighted the important role of from governments, 92% titled Reimagining Support for government support in helping Small Businesses, released by the small and medium enterprises SMEs in MEA said they are Mastercard Policy Center for the adult smartwatch shipment (SMEs) across the Middle East also looking for support in Digital Economy in partnership and Africa (MEA) to recover, upskilling of their teams, with global consulting firm position for growth, and and 88% highlighted the Kearney. contribute to economic pros- importance of improved The paper outlines a number perity. of strategic recommendations In the inaugural Mastercard telco infrastructure – which highlight how effective MEA SME Confidence Index, gov- pointing to opportunities to policy and innovation can ernment support and implemen- effect positive change in address many of the challenges tation of effective policies was wide-ranging areas from Guarantee Scheme. The Central faced by business-to business highlighted as ‘important’ by 88 education and skills Bank of Egypt made it easier for SMEs. percent of the region’s SMEs, 50 SMEs to access capital by encour- “Collaboration is the key to percent of which rated this point development to systems aging banks to raise their share developing a commercial land- as a ‘must-have’ essential. and infrastructural progress. of loans to MSMEs. A six-month scape that is fit for future growth. This sentiment was espe- debt relief finance scheme for Through effective partnerships, cially pronounced in the Middle SMMEs was launched by the the public and private sectors THE PENINSULA — DOHA Thailand for shipments of adult East and North Africa (Mena) (92 joint role in enabling a safe and South African government, along can together create a supportive wearables. In addition, it was percent) and Sub-Saharan Africa secure operating environment. with a spaza support scheme and environment where SMEs can Zepp Health (NYSE: ZEPP) with ranked No. 6 in Mexico, the (90 percent) regions. Mastercard works closely an agricultural disaster support thrive. The contribution of small self-owned brands Zepp and United States, France, and the In addition to looking for with governments and the wider fund for smallholder and com- businesses to regional econ- Amazfit, distributed by Video United Kingdom. effective regulatory support from business community to advance munal farmers. omies is ultimately about much Home and Electronic Center in Their popular Amazfit governments, 92 percent SMEs SME inclusion into the digital Furthermore, SMEs in the more than the immediate gains Qatar ranked in top 4 in terms Fashion and Lifestyle wearables in MEA said they are also looking economy through tailor-made region recognize the great to livelihoods – it’s also about of global adult smartwatch such as the Amazfit GTR 2 series for support in upskilling of their digitization strategies, cutting- potential of public-private the sustainable development of shipment according to the data and the GTS 2 series of smart- teams, and 88 percent high- edge technologies, insights, and partnerships (PPP), and 63 an ecosystem that can advance from International Data Corpo- watches and the Outdoor Sports lighted the importance of policy advice. percent think private sector inclusive growth and prosperity ration (IDC) on the global series including the Amazfit improved telco infrastructure – Across MEA, 51 percent of initiatives and partnerships for all. This is why it’s so wearable device market in the T-Rex have been the sales pointing to opportunities to effect SMEs say government-led initi- will benefit businesses and the important that we prioritize first quarter of 2021. During the impetus. positive change in wide-ranging atives could have a positive markets in which they operate. public-private partnerships for period Zepp Health sold over The Amazfit brand has also areas from education and skills impact in supporting their busi- One in three SMEs (32 percent) SME growth, and why we’re 1.65 million Zepp and Amazfit enhanced its reputation by development to systems and nesses. These include the UAE, think that collaborating with putting our technology, smartwatches, indicating a extending its global adventurous infrastructural progress. where Dubai Government governments and businesses expertise and global network to 68.8% year on year increase in outdoor sport sponsorship port- Public-private partnerships launched a third stimulus outside their markets could work, helping to develop the global unit sales — the highest folio. Celebrating the Amazfit are crucial for effective devel- package to support small and impact their growth. In infrastructure to connect more among the top adult smartwatch T-Rex Pro release in March 2021, opment and implementation of medium enterprises maintain Southern Africa this was espe- people – and more small busi- brands. the brand sponsored three chal- initiatives that advance financial business continuity by reducing cially pronounced, with over nesses,” said Valerio Murta C V Rappai, Director and lenging competitions that sym- inclusion and inclusive growth. operational costs, while the Abu half (56 percent) agreeing. (pictured), Senior Vice Pres- CEO of Video Home and Elec- bolize the watch’s spirit: Explore To achieve this, governments and Dhabi Executive Council allo- The need for the public and ident, Core Products Middle East tronic Center said, “Though the Your Instinct. It inked a deal with the private sector must play a cated AED 3bn to the SME Credit private sectors to work together and Africa, Mastercard. world’s consumer electronics Spartan, the world’s top sector has continued to face endurance sports and wellness tough market circumstances, brand, earlier this year. Amazfit Zepp and Amazfit have been will be participating at a number SC highlights tender opportunities for firms resilient in business and is one of Spartan events across the FROM PAGE 11 of the world’s fastest growing world this season. It has also en/supplier/registration your company. smartwatch brand distributed by supported the ESOK Rally in Ahmad Jassim Al Hamadi, an official The registration form requests infor- SC public tenders are posted on the Video home and electronic Eskişehir, Turkey, as well as the from SC, explained the procurement mation such as organisation details – SC website on regular basis and specific center in Qatar.” All-Russian Zavidovo SUP Chal- process and available communication address, contact information, com- instructions are provided with each Zepp Health ranked No.1 in lenge, which is recognized as one channels within the SC and discussed the mercial registration documents, pol- tender opportunity. If a non-local Brazil (40.9%), Russia (28.9%) of the top five SUP competitions supplier registration process. He said, all icies and certificate compliance, company is awarded the contract, it must and Spain (23.5%) in terms of worldwide. potential suppliers/bidders must register workers welfare, health safety and register in the commercial register, or shipments for adult smart- Amazfit is available in Qatar with the Supreme Committee in supplier security, environmental sustainability, designate a local agent, within thirty days watches.” It is ranked No. 2 in across Jumbo Electronics stores, portal by submitting the relevant docu- quality, and business profile – the from the day following the date of signing Italy, No. 3 in Poland; and No. 4 jumbosouq.com and leading mentation at http://www.qatar2022.qa/ products and services available from the contract, he added. in Germany, India, Indonesia and hyper markets. Berkshire-backed pilot seeks Global natural gas prices continue to soar

FROM PAGE 11 $3.5bn loan to pay Haslams Asian benchmark fluctuating largest supplier of natural gas more bullish. HSBC expects Indian LNG demand was between $1.82/mmBtu during to Europe and Turkey, has not some tightness from 2023, BLOOMBERG also up sharply in 2020 and the first COVID-19 wave last booked any extra export when only 12mn t/yr of new will be further boosted this April and a record high of capacity with Ukraine for capacity is expected, com- The Haslam family, one of the year by economic recovery, $32.50/mmBtu this January. several months, and does not pared to an increase in richest in the US, is taking delays in domestic upstream As the LNG prices peaked, appear interested in booking demand of 24mn t/yr. Morgan advantage of the booming gas projects and, declining front-month price at the any capacity with Poland for Stanley also sees a possible leveraged loan market to help cash output from mature fields. In Dutch TTF hub hit a record gas years 2021-25 either. This capacity shortfall from 2023, out of its holdings of Pilot Travel South America, low hydroe- high of $13.22/mmBtu on July adds to pressure for a rapid and the need for another Centers LLC, owner of the Pilot lectric reserves in Brazil and 5th, while the British NBP gas commissioning of Nord 60mn t/yr of new projects to Flying J truck stop chain. declining gas production from contract hit a 13-year high of Stream 2 (underwater twin meet demand up to 2030. Pilot Travel Centers is bor- Argentina and Bolivia have $13.8/mmBtu on the same day. pipeline that would transport Others are more bullish rowing $3.5bn to buy back $2.3bn also increased LNG demand In the US, an historic natural gas from Russia still. Wood Mackenzie expects of preferred equity held by the there during the southern heatwave in the Pacific directly to Germany), the sort the current strength to con- Haslam and the Call families, and winter. Northwest, along with the of pressure the US and tinue right through to 2025 as to refinance debt. Together these factors hottest June on record, and Germany said they would not Asian LNG demand keeps The families started selling the have pushed LNG prices up to high export demand, pushed bow to. But if more Russian rising. Indeed, increasing business to Warren Buffett’s and also owns the Cleveland multi-year records for the Henry Hub prices to multi- gas is not forthcoming through demand could outpace LNG (pictured) Berkshire Hathaway Inc. Browns football team. The family time of year, which has also year highs, while spot gas Nord Stream 2 or elsewhere, supply additions in 2021-22, in 2017, with the conglomerate will retain 20 percent of the helped drive up the European prices in southern California European prices may have to with less than 30mn t/yr of planning to increase its stake to 80 business after 2023. benchmarks, National Bal- surged to over $7/mmBtu in rise further to compete with new liquefaction capacity percent through 2023. Representatives for Wells Fargo ancing Point (NBP) and Title June out as far as August. Asian buyers for more LNG. expected onstream. Policy and The Knoxville, Tennessee- & Co., which is leading the loan Transfer Facility (TTF). LNG The influence of global The question is now weather are key uncertainties. based Haslams are among the US’s sale, and for Pilot declined to prices delivered in Northeast LNG prices on European gas whether spot prices will stay Further ahead there could also richest families with a net worth comment. Berkshire Hathaway Asia at the beginning of July prices is likely to grow further high, given the LNG market be more of a squeeze than of more than $12bn, according to didn’t immediately respond to a reportedly rose as high as as domestic European output will technically be in surplus expected after only 3mn t/yr the Bloomberg Billionaires Index. request for comment. $14.50/ Million British Thermal declines over coming years, next year (provided all plants of new LNG capacity was Their fortune can be traced back A lender call for the $3.5bn Unit (mmBtu) for August/Sep- and LNG import capacity rises, are back up). Despite last win- approved in 2020, compared to 1958, when James Haslam II loan is scheduled for Monday at 1 tember delivery - the highest although Russian supply will ter’s spike, and now the sum- to projections of up to 60mn paid $6,000 to take over a Vir- p.m. New York time, with commit- since 2013, and up sharply remain a key variable. Russian mer’s high prices, the Interna- t/yr – although Qatar’s ginia gas station. In 2009, Pilot ments due July 29. The debt being from a post-winter low of pipeline exports have recently tional Energy Agency said in decision to go ahead with its acquired Flying J, founded by Jay refinanced includes a revolving $5.60/mmBtu. The strength is fallen well below normal a recent gas market outlook four train North Field Call. credit facility and a portion of a a continuation of considerable levels, helping support that there was still little threat expansion earlier this year (up Haslam’s son, Jimmy, 67, was different term loan, both maturing spot price volatility since early European benchmarks. This of structural tightness out to to 49mn t/yr) has somewhat CEO of the business until January, in 2024. 2020, with the main Northeast is because Gazprom, the 2024. But other analysts are offset this concern. Opec+ clinches deal to boost output as Gulf allies call truce BLOOMBERG plunging back toward $70 a Prices in New York initially rose by 500,000 barrels a day to initial stages of the pandemic. longstanding grievances that barrel as traders considered the surged to a six-year high 11.5 million. Nothing is set in stone. Opec+ have caused tensions within Opec and its allies struck a deal possibility that the alliance could in New York in early July The truce between the two will continue to hold talks every Opec+ since late 2020. The UAE to inject more oil into the recov- unravel. after talks to boost output long-time allies will ease a month including a review of the has long argued that the way its ering global economy, over- That risk has been averted -- looming supply squeeze and market in December. It could quota was calculated was unfair coming an internal split that at least for now. Ministers from failed, before plunging reduce the risk of an inflationary adjust the schedule if required, because it didn’t reflect an threatened the cartel’s control of Riyadh and Abu Dhabi made a back toward $70 a barrel oil price spike. It also puts an end said Saudi Arabia’s Prince expansion in the country’s the crude market. big show of their continuing as traders considered the to a diplomatic spat that Abdulaziz. The next meeting is industry. The issue had festered An unusually public dispute friendship and commitment to possibility that the alliance unnerved traders, reviving spec- on September 1. for months before finally erupting that tested the group’s unity was the alliance, brushing aside the ulation that the UAE could be However, the baseline into a particularly bitter dispute. resolved in a classic compromise acrimony that caused Opec+ talks could unravel. willing to leave Opec -- as it adjustments won’t alter the pace Ministers of each country used — with Saudi Arabia meeting the to collapse earlier this month. threatened to do last year. of the 400,000 barrel-a-day media interviews to make their United Arab Emirates halfway in “Consensus building is an UAE, and several other countries “It’s a very public renewal of monthly output increases when case, stirring memories of the its demand for a more generous art,” Saudi Energy Minister Prince including Russia and Saudi vows,” said Helima Croft, chief they take effect next year, he said. 2020 Saudi-Russia price war. output limit. Abdulaziz bin Salman told Arabia, will be given higher base- commodities strategist at RBC “With monthly meetings, the With a successful deal in the The deal, agreed at a hastily reporters after the meeting. The lines against which their pro- Capital Markets. “Time will tell group wants to keep their hand bag, both countries emphasized convened yesterday's meeting deal is evidence of the strong duction cuts are measured, whether it it will suffice to fully on the oil market steering wheel,” the strength and friendliness of ahead of a long Islamic holiday, bonds between members and starting in May 2022. silence the chatter over com- said Giovanni Staunovo, a com- their relationship. allows for monthly supply hikes shows “Opec+ is here to stay,” he The UAE’s level was mitment issues.” modity analyst at UBS Group AG. “The UAE is committed to this of 400,000 barrels a day, and said. increased to 3.5 million barrels The deal has several The volume being added will group and will always work with puts Opec+ back in control of the The cartel will starting raising day, below the 3.8 million it was important consequences. As keep the market fairly tight “so I it,” Energy Minister Suhail Al- market after two volatile weeks. output next month and continue demanding when it blocked an demand recovers, it gives con- would still expect prices to trend Mazrouei told reporters after the Prices in New York initially until all of its 5.8 million barrels OPEC+ deal earlier this month, sumers a clearer view of how higher near term, before slightly meeting. He thanked Saudi surged to a six-year high in New a day of halted output has been but above the previous baseline quickly Opec+ will revive the pro- declining towards the end of the Arabia and Russia for fostering a York in early July after talks to revived. An agreement on this of 3.17 million. The baselines for duction it’s still withholding, after year.” constructive dialog that enabled boost output failed, before was only possible because the Saudi Arabia and Russia both making deep cuts last year in the The accord also resolves a deal. MONDAY 19 JULY 2021 BUSINESS 13 Ivory Coast to become regional China carbon fee may save medicine hub with $300m IFC loan 1.7 million lives: World Bank REUTERS — ABIDJAN A $300m financing agreement signed BLOOMBERG A World Bank programme to help medical clinics in Ivory by Ivory Coast and Charges on carbon pollution in Coast procure equipment from the World Bank’s China could dramatically lower General Electric and Philips the emissions-intensity of its could spur the cocoa- International finance economy and help avert about producing country’s devel- Corporation (IFC) 1.7 million deaths by 2030, opment into a regional aims to remedy that according to the World Bank. medical hub, Prime Minister China, the biggest emitter of Patrick Achi (pictured) said on situation by providing greenhouse gases, has pledged yesterday. credit to clinics to peak output by 2030 and As in other African coun- become carbon neutral by 2060, tries, many smaller clinics in hoping to get supplies a herculean task by the second- Ivory Coast, the world’s largest from Philips and biggest economy and consumer cocoa producer, struggle to partners with African of about half the world’s coal. obtain the bank loans nec- financial institutions and General Electric. The World Bank said in its essary to buy or rent essential global medical supply firms latest report on the country that China, the biggest emitter of greenhouse gases, has pledged to medical equipment. to give local currency loans pricing carbon “could make a peak output by 2030 and become carbon neutral by 2060. A $300m financing to small- and medium-sized But the programme’s major contribution to emission agreement signed on Friday clinics for equipment greatest impact will be on reductions in the near term, has a long-delayed plan to launch Carbon taxes have been crit- by Ivory Coast and the World purchases. clinics seeking to grow into while achieving multiple other emissions trading, which aims to icized in countries such as France Bank’s International finance As part of the agreement, larger medical facilities, Achi social, environmental, and eco- cut pollution by making it increas- for unfairly hitting those on lower Corporation (IFC) aims to Philips and General Electric said. If smaller institutions can nomic objectives.” ingly more expensive for com- incomes. The World Bank said remedy that situation by pro- will become the only two finance their own expansions, Taxing carbon may also save panies to emit carbon dioxide. that revenues raised by the taxes viding credit to clinics hoping companies from which Ivorian so too can the country expand lives. The charges could help cut Charges of between $25 and on fuels could be channeled into to get supplies from Philips private and public medical its regional medical fossil fuel use, also a major source $75 per ton between 2021 and direct payments to households, and General Electric. facilities procure medical footprint. of unhealthy particulate pollution, 2030 could help China meet its fund a 25%-44% increase in “If we do not solve the equipment, Achi said. “One of the strong axes and therefore avert about 1.7 aim of reducing carbon emis- health expenditures or a 67%- problem of equipping our Achi sees the agreement’s of the project ... is to ensure million deaths by 2030, according sions per unit of GDP by nearly 120% increase in education private clinics and hospitals, exclusivity clause as a reason that Ivorians who have to the World Bank. The welfare 63 percent by the end of the expenditures, all of which would this goal of seeing the private for optimism. By limiting created clinics have the pos- benefits from reducing air pol- decade, from 2005 levels, the benefit poorer Chinese people. (health) sector grow and options to just two suppliers, sibility of becoming hos- lution, road deaths and avoiding lender estimated. China’s carbon Such charges could also limit create jobs will be a failure,” Achi said that clinics will be pitals and sub-regional hos- climate damage could be worth market is likely to start trading annual carbon dioxide emissions Achi told Reuters. able to secure their pitals, so that Ivory Coast about 3.5 percent of gross domestic at about 40 yuan ($6) per ton and to between 14.1 and 15 gigatons The programme is part of equipment at lower costs and becomes a hospital desti- product by 2030, it added. rise to 160 yuan by 2030, in 2030, the bank said. The coun- the IFC’s Africa Medical with easier access to spare nation - a medical hub,” While China doesn’t have a according to Yan Qin, an analyst try’s 2020 emissions were esti- Equipment Facility, which parts. Achi said. direct carbon tax in the works, it with Refinitiv. mated at 14.4 gigatons. US high-grade supply of $20bn expected in next week Sunak might delay budget

BLOOMBERG new junk bonds to refinance until 2022 due to COVID debt sold at the height of the Investment-grade bond supply pandemic at almost triple the REUTERS — LONDON is expected to remain steady current cost. The cruise opera- next week as companies are tor’s new offering may be sold British finance minister Rishi enticed by tight spreads and as soon as next week, and early Sunak (pictured) is considering strong investor demand. pricing discussions are in the 4 pushing his annual budget plan Syndicate desks are calling percent-4.125 percent range, into next year to give himself for $15bn to $20bn of fresh high- according to people with more time to assess the grade securities, with a greater knowledge of the transaction. economic impact of ending percentage to come from cor- The proceeds will finance a state support for businesses, porate issuers after this week’s tender offer, launched last week, The Guardian newspaper supply was dominated by banks. to buy back as much as half of reported. That’s not to say banks won’t Carnival’s $4bn three-year A government spokesman be represented. Much like an secured notes with a whopping said there was no need to make issuance surge that followed The proceeds will finance a tender offer, launched last week, to 11.5 percent coupon. a decision about timing of the earnings reports three months buy back as much as half of Carnival’s $4bn three-year secured Meanwhile, McGraw-Hill budget which will provide end of 2021. ago, financial institutions are notes with a whopping 11.5 percent coupon. Education Inc. is expected to Sunak a chance to spell out The budget, which covers expected to continue to borrow. price $1.15bn of junk bonds and how he plans to fix the huge the government’s tax and JPMorgan Chase & Co., Citigroup costs even lower for high-grade of higher rates to impact credit a $1.15bn leveraged loan to hole in Britain’s public finances spending plans for the year Inc., and Wells Fargo & Co. have companies that have enjoyed supply composition. A pickup in finance its buyout by Platinum blown by the COVID-19 ahead, is typically announced yet to sell fresh bonds after pre- cheap debt all year. Meanwhile, rates is likely to shift new bond Equity LLC. The bond docu- response. The Guardian said in November or early senting second-quarter results. investment-grade bond spreads supply to shorter durations, and ments include unusually that Sunak had been told there December. JPMorgan may be the next big for weeks have remained near encourage floating-rate trans- aggressive provisions that will was a case for waiting until the Sunak is also planning to bank to issue debt, according to the tightest level since before the actions, Bank of America Corp. make it easier for the textbook spring of 2022. announce a three-year Arnold Kakuda, senior financials Great Financial Crisis. strategists led by Hans company to pile on more debt A huge government wage- spending strategy for the gov- credit analyst at Bloomberg “A common theme in credit Mikkelsen wrote Thursday. in any future acquisitions. subsidy programme is due to ernment in the autumn. Intelligence. markets in the past few months “The outlook for higher rates In US leveraged loans, a lender expire at the end of September “There is no need to make Borrowing conditions has been the lack of volatility,” means even more front-end and call is set for Monday for Pilot and many economists expect a any decisions about when a remain favorable. The Barclays Plc strategists led by floating rate supply in the second Travel Centers LLC’s $3.5bn term rise in unemployment as a budget will be held for now,” benchmark 10-year Treasury Bradford Elliott wrote Friday. half of 2021,” Mikkelson wrote. loan to refinance debt and fund result. Data showing the impact the government spokesperson yield fell for a third consecutive In coming months, investors Carnival Corp. is looking to the redemption of outstanding of the end of the subsidies said. “The Spending Review will week, pushing all-in funding should watch for the potential slash borrowing costs by selling preferred equity interests. might not be available until the be launched in the usual way.” Zimbabwe exceeds China finances setup of Croatia’s economy may expand about 18% in Q2 tax target as data improves and APEC fund to fight COVID-19 BLOOMBERG expectation that income from tourism may reach 70 percent of 2019 levels, the year before businesses reopen REUTERS — BEIJING Xi said that China Croatia’s economy may expand about 18 the COVID crisis. supported waiving the percent in the second quarter fueled by “We are facing a V-shaped recovery, but BLOOMBERG China has financed the setup intellectual property growing tourism revenue that helped reverse the main risk is still the potential worsening of of a fund under APEC to fight rights on COVID vaccines a steep contraction in the same period last the epidemiological situation,” Boris Vujcic The Zimbabwe Revenue COVID-19 and fuel economic year, Central Bank Governor Boris Vujcic told said. Authority surpassed its target recovery, President Xi and was willing to reporters at the panel in Dubrovnik Should revenue from tourism, Croatia’s for the second quarter of the Jinping said during a virtual cooperate with other yesterday. main industry, remain at 50 percent of the 2019 year as measures to improve meeting of the Asia-Pacific countries to ensure a The central bank last week raised this levels, that would lower the annual growth monitoring took effect and trade group on Friday, stable and safe supply year’s growth forecast to 6.8 percent from the prediction by about 2 percentage points, businesses reopened. according to Xinhua news earlier prediction of 5.9 percent growth. The according to Central Bank Governor Boris Zimra retrieved 109 agency. chain for vaccines. economic expansion forecast is based on the Vujcic. billion Zimbabwean dollars Xi also said that China ($1.3 billion) for the period, supported waiving the intel- 16 percent more revenue lectual property rights on called for countries to build than expected, Josephine COVID vaccines and was an open, fair and unbiased Magombo, the authority’s willing to cooperate with environment for digital vice board chairman, said in other countries to ensure a commerce. an emailed report Saturday. stable and safe supply chain “We want to tear down Over the last three for vaccines. walls, not build them; we months, Zimra carried out China had provided more want openness, not iso- more audits on high-revenue than 500 million vaccine lation; we want inte- contributors and beefed up doses to developing countries, gration, not decoupling,” Xi its intelligence. It also Xi said. told world leaders, encouraged taxpayers to vol- “Turn your face to the sun including the US President untarily disclose foreign- and the shadows will fall Joe Biden. currency earnings and behind you,” said Xi, citing a Xi said that China has fin- tackled smuggling by New Zealand Maori saying, ished ratifying the Regional engaging with border control according to Xinhua. Comprehensive Economic authorities, according to “We have full confidence Partnership (RCEP), the Magombo. in humanity’s victory over the world’s largest free trade “The revenue pandemic through cooper- bloc consisting of 15 Asia- enhancement implemented ation. We have full confi- Pacific economies but not the by the Authority during the dence in the prospects of United States, and said he quarter positively influenced world economic recovery. We hoped the agreement could collections,” she said. have full confidence in a come into effect by the end Companies, which have shared, bright future of of 2021. largely been able to resume humanity.” Xi was speaking at an operations following virus- At a G20 health summit in extraordinary meeting held related movement restric- May, Xi pledged an additional by New Zealand, the revolving tions, accounted for about a $3bn in aid over the next three Asia-Pacific Economic Coop- Hong Kong financial district fifth of the revenue. The rest years to help developing eration host, ahead of a came from individual tax- countries recover from the formal gathering in payers, value-added taxes pandemic. November, the first time such A general view of two International Finance Centres, HSBC headquarters and Bank of China and duties, according to the On the topic of regional an additional meeting has in Hong Kong, China. report. economic integration, Xi been held.