The Taliban administration will encourage self-sufficiency and wants international trade and investment, the acting commerce minister said, as Afghanistan faces isolation and suspension of some humanitarian operations over restrictions on women.
“We will start a national self-sufficiency program, we will encourage all government administrations to use domestic products, we will also try to encourage people through mosques to support our domestic products” Haji Nooruddin Azizi told Reuters. “We will support any item which can help us for self-sufficiency.”
Another part of their strategy was to boost trade and foreign investment, he said.
“Those who were importing items to Afghanistan from abroad, they are asking us to provide opportunities for investing in Afghanistan and they want to invest here instead of importing from abroad,” he said.
He said that countries including Iran, Russia and China were interested in trade and investment. He said some of the projects under discussion were Chinese industrial parks and thermal power plants, with involvement from Russia and Iran.
Already facing a lack of formal recognition and sanctions hampering the country’s banking sector, investors are faced with growing security concerns after attacks on foreign targets in Kabul, claimed by the Islamic State.
An attack on a hotel catering to Chinese businessmen this month, which badly hurt several foreigners, could prompt some to re-think investing, a leading member of the Chinese business community has said.
Azizi said authorities were working to ensure security.
“We do our best for our businessmen to not come to harm. The attack hasn’t had any bad impact, (but) if it happened constantly, yes it might have bad impact,” he said, referring to the investment environment.
Azizi laid out a plan to develop industry by creating special economic zones on land previously used for U.S. military bases. He said his ministry was presenting the plan to the administration’s cabinet and economic commission.
He added that foreign investors were showing interest in Afghanistan’s mining sector, which has been valued at more than $1 trillion. He said that an iron mine in western Herat and a lead mine in central Ghor province had seen 40 companies take part in an auction and that the results would be announced soon.
He said that a major contract signed with Russia in September for the supply of gas, oil and wheat would see the delivery of the items to Afghanistan in coming days.
The Taliban-led administration is facing increased isolation over policies in recent days restricting women from access to public life, including attending university.
An order barring female NGO workers has thrown the humanitarian sector, which is providing urgent aid to millions of people, into disarray, with some organizations suspending operations in the middle of the harsh winter.
Azizi did not comment on the new restrictions but said his ministry had allocated 5 acres of land for a permanent exhibition centre and hub for women-led businesses.
“We always support women investors,” he said. (This story has been refiled to add full name of acting minister in paragraph 2)
(Reporting by Mohammad Yunus Yawar; Writing by Charlotte Greenfield. Editing by Gerry Doyle)
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.
Be cautious of financial advice on social media: Expert
Li Zhang, the principal of corporate citizenship with Chartered Professional Accountants Canada (CPA), said in an interview with BNN Bloomberg Tuesday that it is very difficult to quantify the rise of financial advice on social media as there are so many different platforms and influencers.
However, Zhang said it is crucial to understand what credentials a financial influencer might have. She said it is important to understand if an influencer is qualified to provide financial advice and that people should understand how those dispensing advice get paid.
“All influencers have some way of deriving income from what they’re doing. So it’s super important to understand, especially when they’re finfluencers [financial influencers], how they’re being paid,” she said.
“And then finally, if something feels too good to be true or it’s jumping on a trend, really ask yourself to get a second opinion.”
Zacks Investment Ideas feature highlights: Alphabet, Tesla, Shopify, Amazon and Palo Alto
For Immediate Release
Chicago, IL – February 2, 2023 – Today, Zacks Investment Ideas feature highlights Alphabet GOOGL, Tesla TSLA, Shopify SHOP, Amazon AMZN and Palo Alto Networks PANW.
Which of These Stocks Has Been the Best Buy, Post-Split?
Stock splits have been a regular occurrence in the market over the last several years, with many companies aiming to boost liquidity within shares and knock down barriers for potential investors.
Of course, it’s important to remember that a split doesn’t directly impact a company’s financial standing or performance.
In 2022, several companies performed splits, including Alphabet, Tesla, Shopify, Amazon and Palo Alto Networks. Below is a chart illustrating the performance of all five stocks over the last year, with the S&P 500 blended in as a benchmark.
As we can see, PANW shares have been the best performers over the last year, the only to outperform the general market.
However, which has turned in a better performance post-split? Let’s take a closer look.
We’re all familiar with Tesla, which has revolutionized the EV (electric vehicle) industry. It’s been one of the best-performing stocks over the last decade, quickly becoming a favorite among investors.
Earlier in June of 2022, the mega-popular EV manufacturer announced that its board approved a three-for-one stock split; shares began trading on a split-adjusted basis on August 25th, 2022.
Since the split, Tesla shares have lost roughly 40% in value, widely underperforming relative to the S&P 500.
Palo Alto Networks
Palo Alto Networks offers network security solutions to enterprises, service providers, and government entities worldwide.
PANW’s three-for-one stock split in mid-September seemingly flew under the radar. The company’s shares started trading on a split-adjusted basis on September 14th, 2022.
Following the split, PANW shares have struggled to gain traction, down roughly 15% compared to the S&P 500’s 3.3% gain.
Shopify provides a multi-tenant, cloud-based, multi-channel e-commerce platform for small and medium-sized businesses.
SHOP shares started trading on a split-adjusted basis on June 29th, 2022; the company performed a 10-for-1 split.
Impressively, Shopify shares have soared for a 50% gain since the split, crushing the general market’s performance.
Alphabet has evolved from primarily being a search engine into a company with operations in cloud computing, ad-based video and music streaming, autonomous vehicles, and more.
Last February, the tech titan announced a 20-for-1 split, and investors cheered on the news – GOOGL shares climbed 7% the day following the announcement. Shares started trading on a split-adjusted basis on July 18th, 2022.
Alphabet shares have sailed through challenging waters since the split, down 10% and lagging behind the S&P 500.
Amazon has evolved into an e-commerce giant with global operations. The company also enjoys a dominant position within the cloud computing space with its Amazon Web Services (AWS) operations.
AMZN’s 20-for-1 split was a bit of a surprise, as it was the company’s first split since 1999. Shares started trading on a split-adjusted basis on June 6th, 2022.
Following the split, Amazon shares have lost roughly 18% in value, well off the general market’s performance.
Stock splits are typically exciting announcements that investors can receive, with companies aiming to boost liquidity within shares.
Interestingly enough, only Shopify shares reside in the green post-split of the five listed.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
$13 million investment in Campbellford Memorial Hospital
The Campbellford Memorial Hospital will be receiving a $13 million investment from the Ontario Government to address infrastructure concerns.
The announcement was made at the hospital by Northumberland—Peterborough South MPP David Piccini.
The $13 million is broken down as follows:
- $9,639,900 will be going to CMH as one-time capital funding to address the HVAC and generator
- $1,874,929 for reimbursement of CMH’s COVID-19-related capital expenses
- $771,797 in COVID-19 incremental operating funding
- up to $600,000 in one-time funding to support the hospital’s in-year financial and operating pressures
- $163,600 in pandemic prevention and containment funding
- $81,132 through the Health Infrastructure Renewal Fund
- $46,884 in health human resources funding.
Interim President and CEO Eric Hanna welcomed the news, saying much needs to be done about the HVAC and generator.
At the announcement, Hanna spoke of the issues with the generator.
“I’ve got the wee little generator up at the lake and then I’m thinking well, everything should be going well at the hospital,” Hanna told the audience in attendance.
“You get a call from the person in charge who says, ‘Guess what Eric? Generator didn’t start. Oh, so what does that mean? There’s no power in the hospital.’ That’s happened a couple of times in the past year and the generator is over 30 years old.”
Hanna says the solution was not as easy as replacing the generator.
“You can go buy the generator and that may be about a million dollars. But then when we found out afterwards, we came to hook up the new generator to the electrical distribution system and said it won’t work with that because your electrical distribution system is 1956. You can’t plug this generator into that. So now we’re putting close to $5 million into a whole electrical distribution system so the generator will work. It’s part of that ongoing thing and that’s why these costs continue to go up.”
The HVAC system was also something addressed by Hanna.
“It’s a contract close to $7 million to replace that. This wing, for example. There’s no fresh air in this wing. It hasn’t worked in here for 15 years. So now this is administrative areas and the concern was that in some of the patient carriers, it wasn’t working either. So – having those discussions with David (Piccini) and saying what we have to do to correct this.”
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