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UNCTAD awards Brazil, Egypt and Lesotho agencies for promoting sustainable investment in agriculture – UNCTAD

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2 years ago

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This year marks the 20th anniversary of the awards, which celebrate best practices in investment promotion.

© Shutterstock/rafapress | Smart farming helps reduce the ecological footprint of agriculture in Brazil.

UNCTAD has awarded investment promotion agencies (IPAs) from Brazil, Egypt and Lesotho for excellence in promoting sustainable investment in agriculture, contributing to food security and development.

UNCTAD’s director of investment and enterprise, James Zhan, presented the awards during the 13th session of the Investment, Enterprise and Development Commission on 14 November in Geneva.

The effects of the war in Ukraine, COVID-19-related supply chain disruptions, devastating floods and droughts caused by climate change have triggered a global food crisis.

The UN-backed Black Sea Grain Initiative has brought some relief, but longer-term solutions are needed to address global shortages, especially in developing countries.

“The current food crisis may rapidly turn into a food catastrophe of global proportions in 2023,” said UNCTAD Secretary-General Rebeca Grynspan, underscoring the challenge facing the world.

Need for more investments to increase food security

UN Sustainable Development Goal (SDG) 2 on creating a world free of hunger by 2030 requires massive efforts to ramp up sustainable agricultural production. Governments across the globe are looking for investments and technologies to increase food security.

But, according to UNCTAD’s World Investment Report 2022, investment projects in agriculture in developing countries have not yet recovered from the pandemic and investment activity remains small.

In 2021, they represented only 2% of investment projects in SDG-relevant sectors in developing countries. Against this background, IPAs have responded by targeting projects that bring innovation, sustainability and growth in agribusiness.

Winning projects

The Brazilian Trade and Investment Promotion Agency received the award for its ScaleUp programme designed to attract international tech companies by providing business services and finance opportunities.

The programme carried out in partnership with Israel Trade and Investment, the Japan External Trade Organization and Enterprise Singapore has facilitated the establishment of 15 companies in Brazil.

They include agritech start-ups that help with innovative technological tools and systems to optimize agricultural production, rapidly detect plagues and diseases and contribute to climate-resilient agriculture.

Egypt’s General Authority for Investment and Free Zones received the award for facilitating the Canal Sugar Company, a joint venture between investors in the sugar industry from the United Arab Emirates and Egypt.

The project is in line with Egypt’s 2030 sustainable development vision to achieve food security while adapting to climate change using smart agriculture systems.

The project expected to create 50,000 jobs aims to make Egypt self-sufficient in sugar production. It includes a training academy for local farmers to help them increase their yields and minimize the use of water and fertilizers.

The Lesotho National Development Corporation won the award for its initiative to launch the Maluti Fresh Market Produce, a one-stop marketing and product handling facility.

The new trading platform aims to empower local registered farmers, who are predominantly women, by facilitating their access to markets and finance, thereby supporting them to transition from subsistence to commercial farming.

The market has promoted investment by smallholder farmers in the production of local fruits and vegetables, reducing reliance on imported goods while providing better nutrition to Lesotho schools that now have a centralized place for procurement.

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S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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September 6, 2024

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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 150 points, U.S. stock markets also higher

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August 29, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

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August 5, 2024

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The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.

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