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Cocoa prices have surged to over $12,000 per tonne, marking a dramatic increase of over 90% since late October. This rise follows a previous spike of 180% earlier in the year, driven by concerns over stock replenishment due to adverse weather conditions in Côte d'Ivoire and Ghana. The situation is exacerbated by the Harmattan, a hot, dry wind affecting the region.
IG
Cocoa futures surged to a seven-month high, reaching $10,380 a ton, driven by deteriorating production prospects in West Africa, particularly in Ivory Coast and Ghana. This increase comes amid historically low inventories, raising concerns over global supply shortages.
Global food prices have surged to an 18-month high, driven by significant increases in vegetable oils, dairy, and meat, with vegetable oil prices expected to rise further due to supply constraints. Cocoa and coffee markets face heightened price uncertainty due to adverse weather conditions in key producing regions. Analysts predict continued volatility in agricultural prices, particularly if trade tensions escalate.
Rothschild & Co is advising Ivory Coast on a debt-swap deal aimed at refinancing approximately €400 million ($420 million) of high-cost debt, potentially generating savings for fiscal and social initiatives. The deal, supported by a World Bank guarantee, is expected to fund improvements in the country's education services.
Ivory Coast is launching a $500 million green-financing facility aimed at combating climate change, supported by the African Development Bank and the Climate Investment Funds. This initiative is part of the country's strategy to reduce greenhouse gas emissions by one third by 2030 while enhancing climate resilience.
Resolute Mining Ltd's CEO has been detained in Mali amid a regulatory overhaul in West Africa, as governments seek to boost revenue from natural resources. The military junta in Mali is intensifying its scrutiny of mining operations, affecting both Resolute and Barrick Gold Corp., which faces similar challenges. Other countries in the region, including Niger and Burkina Faso, are also revising mining codes and conducting audits.
At COP29, a fierce debate over the New Collective Quantified Goal (NCQG) is anticipated, as wealthy nations seek to shift responsibilities to emerging donors and the private sector. Despite a doubling of climate finance to $1.46 trillion, a significant increase is needed to meet climate goals, with vulnerable nations facing a funding gap of $187-359 billion for adaptation efforts. Meanwhile, major oil and gas producers plan to expand production, undermining global climate commitments and risking lower returns for investors in the LNG sector.
Tidjane Thiam, former CEO of Credit Suisse and current president of the PDCI, faces serious allegations of espionage that threaten his political aspirations in Côte d'Ivoire. Accusations include overseeing the surveillance of businessman Damien Dernoncourt and other executives, raising doubts about his integrity and suitability for leadership. As investigations continue, Thiam must confront his controversial past to gain the trust of Ivorian citizens.
A study co-funded by the African Development Bank reveals that health technology innovations could enhance healthcare delivery and management across Africa, promoting universal health coverage and supporting the UN Sustainable Development Goals. The report outlines challenges such as fragmented health data systems and complex licensing processes, while recommending policy improvements and stakeholder collaboration to accelerate healthtech development. Dr. Babatunde Omilola highlights the report's significance in guiding governments to foster an environment conducive to innovative health solutions.
Barrick Gold Corporation, which explores and sells silver and energy materials, has ownership interests in gold mines across several countries, including Argentina and the United States. Recently, UBS Group downgraded its rating from "strong-buy" to "hold," while other analysts maintain a "Moderate Buy" consensus with a target price of C$30.77. The company reported a quarterly EPS of C$0.44, exceeding expectations, and has seen insider trading activity with both purchases and sales of shares.
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