SOUTH AFRICA&#8217;S KGANYAGO SAYS &#8220;INFRASTRUCTURE AS AN ASSET CLASS&#8221; HAS BEEN WELL SUPPORTED BY LOCAL INVESTORS, WILL BE KEY TO ECONOMIC RECOVERY
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SOUTH AFRICA’S KGANYAGO SAYS “INFRASTRUCTURE AS AN ASSET CLASS” HAS BEEN WELL SUPPORTED BY LOCAL INVESTORS, WILL BE KEY TO ECONOMIC RECOVERY

Inclusion of diary items does not necessarily mean that Reuters will file a story based on the event.

SATURDAY MARCH 27
Cernobbio, The European House Ambrosetti ends 32nd online edition workshop &#8220;The Economic and Financial Scenario&#8221; (0730 GMT).
State lender Cassa Depositi e Prestiti (CDP) led consortium&#8217;s binding offer to buy Atlantia&#8217;s 88% stake in motorway unit Autostrade per l&#8217;Italia expires.

SUNDAY MARCH 28
Italy sets time to summer time (GMT +2).

MONDAY MARCH 29
G20 starts &#8220;1st Anti-Corruption Working Group Meeting&#8221; via videoconference; ends on April 1.
Atlantia holds extraordinary shareholders&#8217; meeting (1300 GMT).

TUESDAY MARCH 30
Treasury sells 3.5-4.0 billion euros zero coupon BTP bonds due April 1, 2026; 2.5-3.0 billion euros 0.60% BTP bonds due Aug. 1, 2031; 1.0-1.5 billion euros CCTeu bonds due April 15, 2026. Subscriptions close at 0900 GMT.
G20 continues &#8220;1st Anti-Corruption Working Group Meeting&#8221; via videoconference; ends on April 1.
Online event on &#8220;Hydrogen strategy and energy transition. Prospects and opportunities for a green Italy&#8221; with Minister for Ecological Transition Roberto Cingolani, Enel CEO Francesco Starace, Eni CEO Claudio Descalzi, Snam CEO Marco Alvera, A2A CEO Renato Mazzoncini, Italgas CEO Paolo Gallo, Maire Tecnimont Chairman Fabrizio Di Amato and CEO Pierroberto Folgiero, Hera CEO Stefano Venier, Lombardy region Governor Attilio Fontana, FNM Chairman Andrea Gibelli (0830 GMT).
Luiss University holds online event on &#8220;Technological Sovereignty: elements for an Italian and European strategy&#8221; with Industry Minister Giancarlo Giorgetti, Leonardo CEO Alessandro Profumo, Open Fiber CEO Elisabetta Ripa, Telecom Italia (TIM) CEO Luigi Gubitosi, Tinexta CEO Pier Andrea Chevallard, Foreign Affairs Undersecretary Vincenzo Amendola (1000 GMT).
Equita-Bocconi present online research on &#8220;Shareholders&#8217; Ownership Characteristics of Italian Listed Companies: do They Really Matter for Firms&#8217; Performance?&#8221;, followed by round-table discussion with Eni Chairwoman Lucia Calvosa, state lender Cassa Depositi e Prestiti (CDP) President Giovanni Gorno Tempini, Equita Chairman Francesco Perilli (1500 GMT).
Rome, Chamber of Deputies examines Budget Committee&#8217;s report on Recovery plan/PNRR (0700 GMT).
Credit Agricole starts full voluntary takeover bid on Credito Valtellinese ordinary shares; ends on April 21.
Board meetings on FY results: doValue (results published on Feb. 25), Banca Popolare di Sondrio (released on Feb. 5), Saras followed by conference call (1430 GMT).

WEDNESDAY MARCH 31
ISTAT releases March CPI flash data (0900 GMT).
Bank of Italy holds annual meeting, Governor Ignazio Visco presents annual report (0800 GMT).
G20 continues &#8220;1st Anti-Corruption Working Group Meeting&#8221; via videoconference; ends on April 1.
Online event on &#8220;Corporate Sustainability Hub&#8221; with state railways Ferrovie dello Stato representative Francesco Quintano, Economy Ministry Undersecretary Claudio Durigon, SACE President Rodolfo Errore, Ministry for Green Transition Undersecretary Vannia Gava, Milan Stock Exchange CEO Raffaele Jerusalmi, BlackRock Italian unit Country Head Giovanni Sandri (0730 GMT).
Rome, Energy Authority ARERA expected to release energy and gas fees effective from April 1, 2021 (1500 GMT).
Rome, state lender Cassa Depositi e Prestiti holds board meeting on FY results.
Rome, Alitalia state-appointed administrators meet with trade unions while the Italian government is in talks with EU over its plan to nationalize the ailing carrier (1200 GMT).
doValue holds conference call on FY results (0830 GMT).
Edison ends period of voluntary conversion of saving shares into ordinary shares (started on Feb. 18).
Pirelli &amp; C holds board meeting on FY results (preliminary results on March 10) and 2021-2022/2025 industrial plan, followed by online presentation (1130 GMT) and news conference (1315 GMT).
Annual general meetings: Telecom Italia (TIM) (1200 GMT).
Annual and extraordinary shareholders&#8217; meetings: Edison (0900 GMT), Anima Holding (1200 GMT).

THURSDAY APRIL 1
IHS Markit releases March PMI manufacturing (0745 GMT).
Transport Ministry releases March car sales data (1600 GMT).
March state sector borrowing requirement data.
G20 starts &#8220;2nd Finance and Central Bank Deputies Meeting&#8221; via videoconference; ends on April 2.
G20 ends &#8220;1st Anti-Corruption Working Group Meeting&#8221; via videoconference.
Bourse After Hours market closed.

FRIDAY APRIL 2
ISTAT releases Q4 deficit/GDP ratio data (0800 GMT).
G20 ends &#8220;2nd Finance and Central Bank Deputies Meeting&#8221; via videoconference.
IRTOP Consulting holds web conference &#8220;SMART TECH investor day&#8221; with Piteco Chairman Marco Podini, Confinvest CEO Giacomo Andreoli, Doxee CEO Sergio Muratori Casali, Relatech CEO Pasquale Lambardi, NVP CEO Massimo Pintabona, MailUp CEO Nazzareno Gorni, DHH Executive Chairman Giandomenico Sica, Circle CEO Luca Abatello, Finlogic CEO Dino Natale, Digital Magics CEO Marco Gay (0900 GMT).

MONDAY APRIL 5
Italy, markets closed for Easter Monday.

TUESDAY APRIL 6
IHS Markit releases March service PMI data (0745 GMT).
ISTAT releases January and February unemployment data (0800 GMT).
Treasury announces sale of 12-month BOT bills, with relative amounts to be auctioned on April 9.

WEDNESDAY APRIL 7
G20 holds &#8220;2nd Finance Ministers and Central Bank Governors Meeting&#8221; via videoconference.

THURSDAY APRIL 8
Treasury announces sale of BTP bonds, with relative amounts to be auctioned on April 13.
Bank of Italy releases March data on Target 2 liabilities and European Central Bank funding to Italian banks.
Annual general meetings: Campari Group (0730 GMT), Fincantieri (0830 GMT).

FRIDAY APRIL 9
ISTAT releases February retail sales data (0800 GMT).
Treasury sells 12-month BOT bills. Subscriptions close at 0900 GMT.
Rome, Cabinet expected to meet on the economic and financial document.

MONDAY APRIL 12
Bank of Italy releases February data on bank lending and domestic government bond holdings at Italy-based banks.
Treasury sells BTP bonds. Subscriptions close at 0900 GMT.
G20 holds videoconference on &#8220;Multi Stakeholder meeting on Connectivity and Social Inclusion&#8221;.
Edison holds savings shareholders&#8217; meeting (1330 GMT).

TUESDAY APRIL 13
ISTAT releases February industrial output data (0800 GMT) and monthly bulletin on the state of the economy in March (0900 GMT).
OECD releases February composite leading indicator (1000 GMT).

WEDNESDAY APRIL 14
Reuters holds virtual event with ECB President Christine Lagarde on &#8220;Steering the Post-Pandemic Economy&#8221; (1400 GMT).
Rome, G20 starts &#8220;2nd Employment Working Group Meeting&#8221;; ends on April 16.
Annual general meetings: Piaggio (0900 GMT).

THURSDAY APRIL 15
ISTAT releases March CPI final data (0800 GMT).
Bank of Italy releases February data on public finances, state borrowing and debt.
G20 holds &#8220;1st Africa Advisory Group Meeting&#8221;.
Rome, G20 continues &#8220;2nd Employment Working Group Meeting&#8221;; ends on April 16.
Turin, trade unions meet with management of Stellantis in presence.
UniCredit holds annual and extraordinary shareholders&#8217; meetings (0800 GMT).
Autostrade per l&#8217;Italia holds annual general meeting.
Annual general meetings: Banca Mediolanum (0800 GMT), CNH Industrial NV (1530 GMT), Ferrari NV (1200 GMT), Stellantis (1230 GMT), Maire Tecnimont (0830 GMT).
Annual and extraordinary shareholders&#8217; meetings: Banco BPM (0830 GMT).

FRIDAY APRIL 16
ISTAT releases February foreign trade data (0800 GMT).
Bank of Italy releases &#8216;Economic Bulletin&#8217;.
Rome, G20 ends &#8220;2nd Employment Working Group Meeting&#8221;.

MONDAY APRIL 19
Rome, G20 starts &#8220;1st Agriculture Deputies Meeting&#8221;; ends on April 20.
Annual general meetings: Brunello Cucinelli (0800 GMT), Credito Valtellinese (0800 GMT).
Trade ex-dividend: Banco BPM of 0.06 euro per share; Campari Group of 0.055 euro per share; CNH Industrial of 0.11 euro per ordinary share; Ferrari NV of 0.867 euro per ordinary share; Maire Tecnimont of 0.116 euro per share, Piaggio of 0.063 euro per share.

TUESDAY APRIL 20
Rome, G20 ends &#8220;1st Agriculture Deputies Meeting&#8221;.
Enav holds board meeting on FY results.
Annual general meetings: INWIT (1300 GMT), Recordati (0730 GMT).
Annual and extraordinary shareholders&#8217; meetings: Italgas (0900 GMT), Banca Carige (0830 GMT).

WEDNESDAY APRIL 21
Rome, G20 holds &#8220;Agricultural Market Information System (AMIS) Meeting&#8221;.
Brunello Cucinelli holds board meeting on Q1 results (revenues), followed by conference call.
Credit Agricole ends full voluntary takeover offer on Credito Valtellinese ordinary shares.
OVS holds board meeting on FY results (closed on Jan. 31).
Annual general meetings: BPER Banca (0700 GMT).
Annual and extraordinary shareholders&#8217; meetings: Tod&#8217;s (0900 GMT).

THURSDAY APRIL 22
ISTAT releases February orders and sales data (0800 GMT).
Treasury announces sale of CTZ and BTPei bonds, with relative amounts to be auctioned on April 27.
G20 starts &#8220;2nd Culture Working Group Meeting&#8221; via videoconference; ends on April 23.
Moncler holds board meeting on Q1 results followed by conference call and holds annual general meeting (0930 GMT).
Annual general meetings: Banca Generali (0730 GMT), Acea (0800 GMT), Banca Ifis (0730 GMT), Geox (0800 GMT), illimity Bank (0800 GMT).
Annual and extraordinary shareholders&#8217; meetings: Brembo (0830 GMT), DiaSorin (1300 GMT), Salvatore Ferragamo (0700 GMT).

FRIDAY APRIL 23
Italy, S&amp;P Global rating agency scheduled reviews of sovereign debt rating.
G20 ends &#8220;2nd Culture Working Group Meeting&#8221; via videoconference.
Treasury announces sale of 6-month BOT bills, with relative amounts to be auctioned on April 28.
Annual general meetings: Amplifon (0800 GMT), Autogrill (0830 GMT).

MONDAY APRIL 26
Treasury announces sale of CTZ and BTPei bonds, with relative amounts to be auctioned on April 29.
Rome, G20 starts &#8220;2nd Energy Transitions and Climate Sustainability Working Group Meeting&#8221;, ends on April 27.
Credito Valtellinese trades ex-dividend of 0.23 euro per share.

TUESDAY APRIL 27
ISTAT releases April consumer and business confidence data (0800 GMT) and March non-EU foreign trade (0900 GMT).
Assogestioni expected to release March fund flows data.
Treasury sells CTZ and BTPei bonds. Subscriptions close at 0900 GMT.
Rome, G20 ends &#8220;2nd Energy Transitions and Climate Sustainability Working Group Meeting&#8221;.
Annual general meetings: Cerved, Arnoldo Mondadori Editore (0900 GMT).
Annual and extraordinary shareholders&#8217; meetings: Rai Way (0900 GMT).
Board meetings on Q1 results: Mediaset (1400 GMT) followed by conference call (1600 GMT), Saipem (press release on April 28).

WEDNESDAY APRIL 28
Treasury sells 6-month BOT bills. Subscriptions close at 0900 GMT.
Rome, G20 holds &#8220;2nd Environment Senior Officials&#8217; Meeting&#8221;.
Saipem releases Q1 results (before Bourse opening), followed by conference call.
Annual general meetings: Intesa Sanpaolo, Snam (0800 GMT).
Annual and extraordinary shareholders&#8217; meetings: Atlantia (1300 GMT), FinecoBank (1000 GMT), Hera (0800 GMT), Prysmian (1230 GMT, UnipolSai (0830 GMT).

THURSDAY APRIL 29
Treasury sells BTP and CCTeu bonds. Subscriptions close at 0900 GMT.
Rome, G20 holds videoconference on &#8220;2nd Tourism Working Group Meeting&#8221;.
Annual general meetings: A2A, Atlantia, Azimut Holding , Unipol Group, doValue (0800 GMT), Credito Emiliano (1500 GMT), Safilo (0800 GMT).
Annual and extraordinary shareholders&#8217; meetings: Assicurazioni Generali (0700 GMT), RCS MediaGroup (0830 GMT).
Board meetings on Q1 results: Amplifon followed by conference call, Eni (press release on April 30), Maire Tecnimont followed by conference call.

FRIDAY APRIL 30
Italy, DBRS rating agency scheduled review of sovereign debt rating.
ISTAT releases March unemployment rate data (0700 GMT), Q1 GDP flash data (0800 GMT), April CPI flash data (0900 GMT).
G20 holds &#8220;Infrastructure Working Group Workshop on Circular Economy&#8221;.
Bourse After Hours market closed.
Eni releases Q1 results (before Bourse opening), followed by conference call.
Piaggio holds board meeting on Q1 results, followed by conference call.
Annual general meetings: Interpump Group, Saipem (0800 GMT).
Annual and extraordinary shareholders&#8217; meetings: Webuild (0800 GMT).
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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DIARY – Italy to April 30

March 26 (Reuters) &#8211; Holdings of the largest gold-backed exchange-traded-fund (ETF), New York&#8217;s SPDR Gold Trust, remained unchanged on Thursday from Wednesday, while holdings of the largest silver-backed ETF, New York&#8217;s iShares Silver Trust, fell 0.4% during the same period. Exchange-traded funds, the most widely recognized type of ETP, back each security issued with physical stocks of a given commodity, creating a product they say is free from counterparty risk. Name New Holdings Date Prev Holdings Prev Abs Change % chg YTD Abs (OZ) (OZ) (OZ) Change (OZ) GOLD SPDR Gold Trust 33,534,534.6 Mar 25 33,534,534.6 Mar 24 0.0 0.00% -4,105,771.3 COMEX Gold Trust 16,303,811.5 Mar 25 16,320,008.8 Mar 24 -16,197.3 -0.10% -577,840.1 ETF Securities gold (ex-US) 9,293,742.4 Nov 30 9,293,742.4 Nov 30 &#8212; &#8212; &#8212; ZKB Physical Gold ** 5,466,221.5 Mar 19 5,497,364.1 Mar 12 -31,142.6 -0.57% -131,568.0 Sprott Physical Gold Trust 2,604,200.0 Mar 25 2,604,200.0 Mar 24 0.0 0.00% 28,980.0 ETFS Physical Swiss Gold 844,902.3 Jan 24 844,902.3 Jan 24 &#8212; &#8212; &#8212; ABSA &#8211; NewGold ETF 634,336.1 Mar 25 634,341.3 Mar 24 -5.2 0.00% -30,452.6 Total 68,681,748.4 68,729,093.5 -47,345.1 -0.07% -4,816,652.0 SILVER iShares Silver Trust 580,554,631.6 Mar 25 582,596,984.0 Mar 24 -2,042,352.4 -0.35% 21,838,749.2 Sprott Physical Silver 130,536,414.0 Mar 25 130,234,711.0 Mar 24 301,703.0 0.23% 39,427,759.0 ETF Securities silver ex-US 100,389,761.6 Nov 30 100,389,761.6 Nov 30 &#8212; &#8212; &#8212; ZKB Physical Silver 94,956,516.3 Mar 19 94,989,728.0 Mar 12 -33,211.7 -0.03% 1,512,435.4 ETFS Physical Silver Shares 22,908,298.3 Mar 20 22,908,298.3 Mar 20 &#8212; &#8212; &#8212; Total 929,345,621.8 931,119,482.9 -1,773,861.1 -0.19% 62,778,943.6 PLATINUM ETFS Physical Platinum Shares 738,343.9 Mar 20 738,343.9 Mar 20 &#8212; &#8212; &#8212; ABSA &#8211; NewPlat ETF 572,658.5 Mar 25 572,664.0 Mar 24 -5.4 0.00% 10,211.5 ETF Securities platinum ex-US 617,330.8 Nov 30 617,330.8 Nov 30 &#8212; &#8212; &#8212; ZKB Physical Platinum 442,230.8 Mar 19 442,230.8 Mar 12 0.0 0.00% 18,976.3 Total 2,370,564.0 2,370,569.5 -5.4 0.00% 29,187.8 PALLADIUM InvestPalladium ETF # 142,113.5 Mar 25 142,113.5 Mar 25 &#8212; &#8212; &#8212; ETFS Physical Palladium Shares 129,466.6 Mar 20 129,466.6 Mar 20 &#8212; &#8212; &#8212; ETF Securities palladium ex-US 111,915.0 Nov 30 111,915.0 Nov 30 &#8212; &#8212; &#8212; ZKB Physical Palladium 78,361.8 Mar 19 78,361.8 Mar 12 0.0 0.00% 352.6 ABSA &#8211; NewPalladium ETF **** 27,471.2 Mar 25 27,471.5 Mar 24 -0.3 0.00% 8,981.3 Total 489,328.1 489,328.4 -0.3 0.00% 9,333.9 The figures above are those reported to Reuters by the organizations involved by telephone or email on the date shown, or those that are publicly available on their websites. ** ZKB physical gold, silver, platinum and palladium funds are fully backed by physical precious metal and investors are entitled to physical delivery of them. *** Shareholders in the GAM Gold fund can elect to hold &#8220;A class&#8221; shares, which are fully backed by physical gold. Investors in that class are entitled to physical delivery of the precious metal. Investors may also elect to hold &#8220;AX&#8221; class shares, which are fully backed by physical gold. Investors in that class are not entitled to physical delivery of the precious metal. **** Absa Capital&#8217;s NewPalladium Exchange Traded Fund (ETF) was listed on March 27, 2014 and is fully backed with South African palladium. # Standard Bank&#8217;s AfricaPalladium ETF, South Africa&#8217;s first listed palladium exchange traded fund, debuted on March 24, 2014. 
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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TABLE-Holdings of SPDR Gold unchanged, iShares Silver fall

JOHANNESBURG, March 26 (Reuters) &#8211; South Africa sold 611 million rand ($40.72 million) of three-month Treasury bills, less than the 1.4 billion rand on offer, at an average yield of 3.85% from 3.86% last week, central bank data showed on Friday. The bid-to-cover ratio fell to 1.0 from 1.3 last week. Auction date: 26/03/2021 Settlement date: 31/03/2021 Days 92 182 273 364 Amount received (R&#8217;bln) 0.611 5.432 6.277 15.267 Amount on offer (R&#8217;bln) 1.400 3.070 4.040 4.440 Amount allotted (R&#8217;bln) 0.611 3.070 4.040 4.440 Bid-to-cover ratio 1.0 1.8 1.6 3.4 Avg discount rate (%) 3.81 4.53 4.62 4.64 Average yield (%) 3.85 4.64 4.77 4.86 ($1 = 15.0066 rand) (Reporting by Olivia Kumwenda-Mtambo) 
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TABLE-South Africa’s 3-month T-bill average yields down to 3.85%

By Douglas Busvine and Mathieu Rosemain
March 26 (Reuters) &#8211; Governments around the world are subsidizing the construction of semiconductor factories as a chip shortage hobbles the auto and electronics industries and highlights the world&#8217;s singular dependence on Taiwan for vital supplies.
But beyond a consensus that something must be done to diversify supplies, divisions over strategy are emerging along with concerns that free-spending governments could spur over-building in an industry that has historically been highly cyclical.
Governments in the United States, the European Union and Japan are contemplating spending tens of billions of dollars on cutting-edge &#8220;fabs,&#8221; or chip fabrication plants, as unease grows that more than two-thirds of advanced computing chips are manufactured in Taiwan. Earlier this week, a top U.S. military commander told U.S. lawmakers that a Chinese takeover of the island was the military&#8217;s foremost concern in the Pacific.
China has also offered a myriad of subsidies to the chip industry as it tries to reduce its dependence on Western technology, including setting up a $29 billion investment fund in 2019, helping feed arguments that Western governments need to step up.
The need for chip plants outside Asia has helped prompt Taiwan Semiconductor Manufacturing Co (TSMC) and Samsung Electronics Co Ltd &#8211; the only two chip contract manufacturers capable of making the most advanced computing chips &#8211; to draw up plans for new factories in the United States and vie for what could be $30 billion or more in U.S. subsidies.
And Intel Corp, another of the &#8220;Big Three&#8221; which also makes cutting edge chips, dramatically changed the playing field on Tuesday when it disclosed plans to throw open its factory doors to outside customers and build a new factory in Europe in addition to two new ones in the United States.
The net result could be a government-backed restructuring of the semiconductor industry after decades in which American and European chip firms outsourced their manufacturing to Taiwan and Korea in the name of efficiency and delivering ever cheap computing power to billions of people.
&#8220;We&#8217;re in a situation now where every country is going to want to build their own fab,&#8221; Dan Hutcheson, chief executive officer of VLSI Research, told Reuters. &#8220;We&#8217;re going from this global interconnectedness to vertical silos everywhere.&#8221;
TENSIONS AND COMPLEXITIES
In Japan, Canon Inc, Tokyo Electron Ltd and Screen Semiconductor Electron will join a government funded 42 billion yen ($385 million) program that will work with firms such as TSMC to develop advanced 2-nanometer chips. Japan wants to ensure it is able to build advanced semiconductors in the future and aims to build a test line near Tokyo with help from TSMC.
Even India, with little chip manufacturing infrastructure, hopes to build on its strengths as a design center for global chip firms and lure factories with new subsidy programs.
Lawmakers in the United States, meanwhile, are preparing to authorize $30 billion or more for chip investments via an existing Pentagon funding bill and a clutch of new measures being championed by Senate Majority Leader Chuck Schumer.
Local officials, as well as the companies, are already scrambling for the bounty. Intel this week committed to Arizona, which has a generous state tax-abatement program as well as an established chip-making ecosystem, and analysts expect it to be a big recipient of the federal funds.
TSMC has also agreed to build a $12 billion fab in Arizona, partly at the behest of the Trump Administration. Samsung, for its part, is negotiating a second factory in Austin, Texas.
The most complex tensions are in Europe, where EU officials are clashing with national governments over whether Europe should jump into the costly race for advanced computer chip factories &#8211; a policy promoted by powerful EU internal market chief Thierry Breton &#8211; or double down on its existing strategy of specializing in niche chips. That approach is favored by the German government and many companies.
Intel in its announcement this week indicated its interest in building in Europe, and became the first of the &#8220;Big Three&#8221; chipmakers to back an EU goal of doubling its share of high-end chip output to 20% over the next decade.
&#8220;Europe dropped out of this race a long time ago and no longer has the necessary local know-how,&#8221; said Helmut Gassel, head of strategy at German chipmaker Infineon, which has specialized in power chips and is the leading supplier to the car industry.
At the same time, frustration is growing about slow progress of an existing EU project on microelectronics. German officials have said 50 companies &#8211; virtually all of them pursuing the niche chip strategy that has been successful in recent decades &#8211; have applied for funds from the program.
A resolution of the split could come by summer. Peter Altmaier, Germany&#8217;s economy minister, and French counterpart, Bruno Le Maire, regularly discuss along with Breton the possibility of attracting a foreign semiconductor giant to improve Europe&#8217;s advanced chip-making capacity, a senior official at France’s finance ministry said.
“Each time they see each other they talk about it. The goal is to have a decision by June,” the official said, adding that the cost of such a project could be as high as $20 billion.

THE BIG GAMBLE
If the plans among world governments come to pass, the semiconductor industry could come to look much more like it did in the 1970s and 1980s, when each nation viewed chips as critical to their communications and defense.
But the risk, said VLSI&#8217;s Hutcheson, is that the world builds too much chipmaking capacity, sending prices down and wiping out big swathes of the industry, similar to a crash in the 1980s that shuttered chip factories from Australia to South Africa.
&#8220;From a taxpayer perspective, it really begins to be this question of, do we really want to start another Cold War, where semiconductor fabs are the equivalent of nuclear weapons, where we&#8217;re wasting all these resources?&#8221; Hutcheson said. (Writing by Stephen Nellis in San Francisco; reporting by Douglas Busvine in Munich, Mathieu Rosemain in Paris, Tim Kelly in Tokyo; Foo Yun Chee in Brussels and Supantha Mukherjee in Stockholm. Editing by Jonathan Weber and Elaine Hardcastle)
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ANALYSIS-Money no object as governments race to build chip arsenals

SINGAPORE, March 26 (Reuters) &#8211; Middle East crude benchmarks Oman and Dubai fell on Friday, with Dubai&#8217;s premium slipping under $1 a barrel for the first time in just over a week, as excess supplies from other regions weigh on the market. Spot differentials for competing cargoes from Europe, Africa and the United States have fallen amid weak demand from Asia, particularly China, for fresh crude supplies. Ahead of the launch of Murban crude futures on IFAD on Monday, ADNOC has deepened allocation cuts for June-loading crude to Asian buyers. More details emerged on Gazprom neft&#8217;s ESPO crude tender for May 1-10 loading. The cargo was sold at $1.30-$1.40 a barrel above Dubai quotes to an unknown buyer, traders said. Russia&#8217;s ESPO Blend crude oil &lt;ESPO-DUB&gt; exports from the Far Eastern port of Kozmino have been set at 2.74 million tonnes for May, compared with 2.82 million tonnes in April, according to the schedule seen by Reuters on Friday. Separately, Pertamina has issued a tender seeking sweet crude for June delivery, which will close on March 30 with offers valid until April 1. WINDOW Cash Dubai&#8217;s premium to swaps fell 42 cents to 98 cents a barrel. Seller-Buyer Price Unipec-PetroChina 62.05 Unipec-PetroChina 62.05 Unipec-PetroChina 62.05 Unipec-PetroChina (Oman) 62.20 PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 62.24 62.21 DME OMAN DIFF TO DUBAI 1.17 1.21 CASH DUBAI 62.05 62.40 NEWS Reeling from the blockage in the Suez Canal, shipping rates for oil product tankers have nearly doubled this week, and several vessels were diverted away from the vital waterway as a giant container ship remained wedged between both banks. Yemen&#8217;s Houthi forces on Friday said they launched attacks on Thursday on Saudi Arabia targeting facilities owned by state-owned oil company Saudi Aramco and military sites. A former Glencore Plc fuel oil trader pleaded guilty and agreed to pay $100,000 to settle charges of market manipulation of a key U.S. pricing benchmark, U.S. authorities said on Thursday. For crude prices, oil product cracks and refining margins, please click on the RICs below. Brent Dubai DME Oman Brent/Dubai EFS &lt;DUB-EFS-1M&gt; PRODUCT CRACKS Fuel oil crack Gasoil crack Naphtha crack &lt;NAF-SIN-CRK&gt; Complex refining margins (Reporting by Florence Tan and Olga Yagova) 
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Middle East Crude-Benchmarks fall amid excess supplies

By Paul Lorgerie and Tiemoko Diallo
BAMAKO, March 26 (Reuters) &#8211; Local officials in northern Mali accused France&#8217;s army on Friday of killing six civilians in an airstrike, but French forces said they had hit Islamist militants.
The incident, which occurred on Thursday in the remote Gao region, is the second time this year that France&#8217;s Operation Barkhane has been accused of killing civilians. The operation comprises more than 5,000 troops fighting militants in Mali and neighbouring countries.
Barkhane said the strike had &#8220;neutralised&#8221; a group of militants 60 kilometres (37 miles) north of In Deliman.
&#8220;This strike was ordered after a phase of surveillance and identification permitting the characterisation of the presence of an armed terrorist group,&#8221; it said in a statement.
But Mohamed Assaleh Ahmad, mayor of the nearby village of Talataye, said the victims were six male civilians from Talataye between the ages of 15 and 20. He said they were out hunting birds and had a single rifle between them.
&#8220;I know all these young people. Some are from my family,&#8221; he told Reuters by telephone. &#8220;We have seen these airstrikes in the past here. We have never said anything, but this time, it is 100% an error.&#8221;
Souleymane Ag Almahmoud, a former member of parliament from the area, also said the strike had killed six civilians.
Barkhane declined to comment beyond Thursday&#8217;s statement.
The United Nations is currently investigating a Jan. 3 airstrike near the village of Bounti that local residents said hit a wedding party attended by civilians. The French military denies that account, saying the strike killed about 30 Islamist fighters.
Barkhane troops are deployed across West Africa&#8217;s semi-arid Sahel region, where militants linked to al Qaeda and Islamic State are waging a widening insurrection against national armies.
France is searching for an exit strategy eight years after it first sent soldiers to intervene in Mali against Islamist militants, but President Emmanuel Macron last month ruled out an immediate reduction of trops in the region. (Writing by Aaron Ross Editing by Gareth Jones)
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Northern Mali officials say French strike killed civilians, France denies

JOHANNESBURG, March 26 (Reuters) &#8211; South Africa sold a total of 1.285 billion rand ($85.69 million) of its 2033, 2038 and 2046 inflation-linked bonds, less than the 2 billion rand on offer, central bank data showed on Friday. Yields were mostly lower compared with the previous auctions. ZAI2033 bond due 2033 &#8211; 1.88% coupon Auction date: 26/03/21 12/03/21 Allocated (R&#8217;bln) 0.060 0.340 Bids received (R&#8217;bln) 0.180 0.570 Clearing yield % 3.930 4.200 ZAI2038 bond due 2038 &#8211; 2.25% coupon Auction date: 26/03/21 19/03/21 Allocated (R&#8217;bln) 0.700 0.680 Bids received (R&#8217;bln) 0.710 0.730 Clearing yield % 4.290 4.290 ZAI2046 bond due 2046 &#8211; 2.5% coupon Auction date: 26/03/21 12/03/21 Allocated (R&#8217;bln) 0.525 1.025 Bids received (R&#8217;bln) 0.525 1.190 Clearing yield % 4.270 4.320 ($1 = 14.9963 rand) (Reporting by Olivia Kumwenda-Mtambo; editing by Mfuneko Toyana) 
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TABLE-Yields mostly down at S.Africa’s inflation-linked bond auction

* Turkish lira set for worst week since 2018
* Russian rouble bounces in absence of new U.S. sanctions
* South Africa&#8217;s rand recovers from two-week low
* EM stocks funds lead 2021 declines &#8211; Lipper data
By Sagarika Jaisinghani
March 26 (Reuters) &#8211; Emerging market currencies and stocks were set to close out one of their worst weeks this year on Friday, as growing confidence in a strong U.S. economic recovery and rising bond yields lifted the dollar.
The Turkish lira eased to 7.9980 against the dollar after crashing 10% in its worst week since 2018, as President Tayyip Erdogan replaced a hawkish central bank chief with a critic of high interest rates.
The lira has been one of the worst performing emerging market currencies this year, behind only the Argentine peso and the Brazilian real, as concerns about Turkey&#8217;s falling forex reserves and high inflation levels erased gains from a series of interest-rate hikes since November.
Still, the Institute of International Finance kept its estimate of the lira &#8220;fair value&#8221; exchange rate at 7.50 per dollar on Thursday, saying &#8220;the sharp tightening in financial conditions that is unfolding now make a contraction in GDP very likely.&#8221;
The MSCI index of emerging market currencies rose 0.1% after logging its longest losing streak this year in the previous session, as a recent jump in U.S. bond yields dented the appeal of high-yielding currencies such as the South African rand.
Emerging market stocks rebounded about 1.5% after hitting their lowest level this year on Thursday, but were still set for their second straight weekly decline, partly hit by volatility due to quarter-end rebalancing by institutional investors.
Mutual funds and exchange-traded funds that invest in emerging stock markets are now this year&#8217;s biggest investment decliners, according to Refinitiv Lipper data, with funds that invest in Colombia, Argentina and Brazilian equities slumping more than 10% on average.
Investors&#8217; focus on Friday will be on a central bank policy meeting in Colombia, with the bank expected to leave the benchmark interest rate unchanged as inflation remains well below target. The Colombian peso eased about 0.5% on Thursday, tracking its third straight month of declines.
The Russian rouble firmed past 76 versus the dollar, heading away from 2021 lows touched two days ago, while South Africa&#8217;s rand rose 0.2%, a day after the central bank kept lending rates unchanged.
&#8220;The (rand) has clawed back some lost ground in the overnight session and, as the week draws to a close, it will be an important marker to watch, setting the tone for the coming week,&#8221; said Citadel Global executive director Paul Muller.

For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX

For TOP NEWS across emerging markets
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see
(Reporting by Sagarika Jaisinghani in Bengaluru, additional reporting by Olivia Kumwenda-Mtambo in Johannesburg; editing by Uttaresh.V)
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EMERGING MARKETS-EM FX, stocks set for weekly losses as U.S. growth optimism powers dollar

* Severed trade route could affect 10-15% of container throughput
* Europe&#8217;s manufacturing and auto sectors likely most hit-Moody&#8217;s
* Supplies to Singapore could be disrupted- Transport Minister
By Jessica Jaganathan
SINGAPORE, March 26 (Reuters) &#8211; A stuck container vessel in the Suez Canal, which has blocked the flow of goods through the narrow channel, will add strain to global supply chains already stretched by rebounding economic activity and tight shipping container supplies, analysts said on Friday. The 400-metres long Ever Given container vessel has been stuck in the canal since Tuesday, suspending traffic of containers transporting goods, parts and equipment through the shortest sea link between Europe and Asia.
The blockage comes as shipments have already been disrupted by the coronavirus pandemic and a surge in demand for goods.
Efforts are under way to free the vessel, although salvage experts warn the process may take weeks.
Roughly 30% of global container traffic flows through the canal annually. The severed trade route could affect about 10%-15% of world container throughput while the blockage persists, analysts from Moody&#8217;s Investors Service said.
&#8220;Very high consumer and industrial demand, a global shortage of container capacity and low service reliability from global container shipping companies&#8230; has made supply chains highly vulnerable to even the smallest of external shocks,&#8221; they said in a note on Friday.
&#8220;In that context, the timing of this event could not have been worse.&#8221;
Vessel utilisation has been at full capacity on the Asia-Europe trade route because of heavy demand from European importers, with terminals in Europe experiencing labour shortages due to coronavirus-related measures, said Greg Knowler from consultancy IHS Markit.
China overtook the United States as Europe&#8217;s top trade partner in 2020, underscoring Asia&#8217;s critical ties to industry and consumers in Europe, which is also the top destination for China&#8217;s exports outside Asia.
Delays in returning empty containers to Asian exporters will further exacerbate the current shortage of containers, the consultancy added in a note.
The Suez Canal is also a preferred route for U.S. importers of manufactured goods such as footwear and apparel from Southeast Asia and India, they added.
Ships will now have to potentially take the longer route around the Cape of Good Hope in South Africa, adding about 7-10 days to their journey, which will push up costs.
As a result, Europe&#8217;s manufacturing industry and auto sector, including auto suppliers, will be hit hardest, Moody&#8217;s Investors Service said.
&#8220;This is because they operate &#8216;just-in-time&#8217; supply chains, meaning they do not stockpile parts and only have enough on hand for a short period, and source components from Asian manufacturers,&#8221; the analysts said.
&#8220;Even if the situation is resolved quickly, port congestion and further delays to an already constrained supply chain are inevitable.&#8221;
They added that alternative modes of transportation are not plausible, as air freight capacity is already tight due to less global air travel while rail transportation between China and Europe is limited and already nearing capacity.
The transport minister of Singapore, the world&#8217;s top transhipment hub, said on Thursday the blockage in the Suez Canal could temporarily disrupt supplies to the region, and potentially cause a drawdown on inventories.
&#8220;My view is that this will cause problems for a lot of countries and industries around the world in the short run,&#8221; said Sumit Agarwal, economics professor at National University of Singapore.
(Reporting by Jessica Jaganathan; Editing by Ana Nicolaci da Costa)
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Suez Canal blockage adds strain to global supply chains

JOHANNESBURG, March 26 (Reuters) &#8211; South Africa&#8217;s rand rose on Friday, recovering from a two-week low hit in the previous session, after the central bank kept lending rates unchanged, bucking the trend of rate hikes in other emerging markets.
At 0600 GMT, the rand traded at 14.9600 against the dollar, 0.32% firmer than its close on Thursday, when it broke through the key 15.00 level.
&#8220;The unit has clawed back some lost ground in the overnight session to dip back below R15 and, as the week draws to a close, it will be an important marker to watch, setting the tone for the coming week,&#8221; said Citadel Global executive director Paul Muller.
The South African Reserve Bank left its repo rate at 3.5% in a unanimous decision, saying overall risks to the inflation outlook appeared to be balanced and that pass-through from currency volatility was low.
Emerging-market central banks have come under pressure in recent weeks due to rising bond yields globally, weakening currencies and rising inflation strains. Policymakers in Brazil, Russia and Turkey have announced rate increases.
In fixed income, the yield on the benchmark government bond due in 2030 was down a single basis point to 9.525%. (Reporting by Olivia Kumwenda-Mtambo; Editing by Rashmi Aich)
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South Africa’s rand recovers from two-week low as c.bank keeps rates on hold

JOHANNESBURG, March 26 &#8211; The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Friday.
SOUTH AFRICAN MARKETS
South Africa&#8217;s rand slipped to a two-week low on Thursday after the central bank kept lending rates unchanged despite a wave of rate increases by other emerging markets.

GLOBAL MARKETS
Asian shares bounced back from a three-month low on Friday thanks to a late-day rally on Wall Street as optimism about the global economic recovery was overshadowed by rising tensions between the West and China.

WALL STREET
U.S. stocks rose in a late-day rally on Thursday as investors bought stocks likely to do well in the recovery and picked up beaten-down Apple and Tesla shares in anticipation that the U.S. economy grows at its fastest pace in decades this year.

GOLD
Gold prices slipped towards a one-week low on Friday, on course for a first weekly decline in three, with bullion pressured by a rallying dollar following positive U.S. economic data and as vaccine roll-outs gathered steam.

EMERGING MARKETS
For the top emerging markets news, double click on
&#8211; &#8211; &#8211; &#8211;
Some of the main stories out in the South African press:
FIN 24
&#8211; Lockdown purge: survey sees another 1.2 million layoffs as Covid-19 batters small businesses
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South African Markets – Factors to watch on March 26

NAIROBI, March 26 &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. &#8211; &#8211; &#8211; &#8211; &#8211; GLOBAL MARKETS Asian shares bounced back from a three-month low on Friday thanks to a late-day rally on Wall Street as optimism about the global economic recovery was overshadowed by rising tensions between the West and China.[nL1N2LO06B WORLD OIL PRICES Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said on Thursday. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa&#8217;s rand slipped to a two-week low on Thursday after the central bank kept lending rates unchanged despite a wave of rate increases by other emerging markets. SOUTH AFRICA CENTRAL BANK South Africa&#8217;s central bank bucked the trend of emerging markets raising interest rates by keeping its policy level unchanged on Thursday and betting on a long period of low inflation. SOUTH AFRICA COVID-19 The chairman of South Africa&#8217;s Ministerial Advisory Committee on COVID-19 (MAC), Professor Salim Abdool Karim, stepped down on Thursday, the health ministry said, following a meeting of the body to mark the first anniversary of its formation. NIGERIA OIL Nigeria&#8217;s parliament may pass the long-delayed Petroleum Industry Bill (PIB) in April, the country&#8217;s minister of state for petroleum said on Thursday. Nigeria&#8217;s state oil firm is spending up to $315 million a month on fuel subsidies for consumers, a burden that is becoming untenable, its head said on Thursday. KENYA MARKETS The Kenyan shilling KES= gained ground on Thursday, helped by slowing importer dollar demand, traders said. WEST AFRICAN MONETARY UNION The West African monetary union (UEMOA) will see combined growth of 5.8% in 2021 as member countries recover from the economic fallout of the coronavirus pandemic, UEMOA President Alassane Ouattara said on Thursday. MOZAMBIQUE INSURGENCY Helicopter gunships exchanged fire with suspected Islamist insurgents as fighting raged for a second day around a gas hub town in northern Mozambique, a security source and a diplomat said. ETHIOPIA RAPE More than 500 rape cases have been reported to five clinics in Ethiopia&#8217;s Tigray region, the United Nations said on Thursday, warning that due to stigma and a lack of health services the actual numbers were likely to be much higher. ETHIOPIA KILLINGS Medecins Sans Frontieres (MSF) staff travelling in Ethiopia&#8217;s Tigray region saw Ethiopian soldiers shoot dead four civilians, the medical aid agency said on Thursday. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on 
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African Markets – Factors to watch on March 26

(Morning News Call &#8211; India edition will not be published on Monday, March 29, as markets are closed for Holi) To access a PDF version of this newsletter, please click here http://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_03262021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 9:15 am: Kalyan Jewellers India lists on exchanges in Mumbai. • 12:30 pm: Petroleum Minister Dharmendra Pradhan, Aviation Minister Hardeep Singh Puri, Trade Minister Piyush Goyal at India Economic Conclave 2021 in New Delhi. • 5:00 pm: Barbeque Nation Hospitality IPO closes for subscription in Mumbai. • 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Danielle DiMartino Booth, CEO &amp; Chief Strategist for Quill Intelligence and former Dallas Fed advisor, looks at how markets have reacted to the Fed’s decision to let inflation run hot and the broader implications for the economy. To join the conversation at 9:30 pm IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/editorial-communities-financial-forums INDIA TOP NEWS • India&#8217;s economic revival to be &#8216;unabated&#8217; despite coronavirus surge, says RBI chief A revival in India&#8217;s economic activity should continue &#8220;unabated&#8221; despite a recent surge in coronavirus infections in many areas, the chief of the Reserve Bank of India said on Thursday. • India locks down some towns as coronavirus cases hit 5-month high​ Authorities ordered people indoors in some towns in western India as the number of new coronavirus infections hit 53,476 infections overnight, the highest in five months, data showed on Thursday. • Amazon calls on India not to alter e-commerce investment rules -sources Amazon asked the Indian government on Thursday not to change e-commerce foreign investment rules until investigations into its business practices had been concluded, two sources familiar with the discussions told Reuters. • India&#8217;s Modi pushes to win West Bengal against formidable opposition The populous Indian state of West Bengal has emerged as a key battleground for Prime Minister Narendra Modi&#8217;s party, which is looking to extend its national domination and dislodge one of Modi&#8217;s sharpest critics. • COLUMN-India and Saudi Arabia spar over oil prices: John Kemp Tensions this month between India and Saudi Arabia over rising oil prices have underscored the growing importance of the bilateral relationship and its potential to generate conflict as well as cooperation. • India says video streaming platforms should be held responsible for content India&#8217;s technology minister on Thursday said video streaming services have to be &#8220;responsible and accountable&#8221; for their shows and movies, defending rules introduced last month that regulate such content. • &#8216;Helpless&#8217;: alarm after India delays vaccines to COVAX programme for poor countries News that India will delay deliveries of AstraZeneca&#8217;s COVID-19 vaccine to the global programme to inoculating poor countries triggered alarm on Thursday, with the head of Africa&#8217;s disease control agency describing the continent as &#8220;helpless&#8221;. GLOBAL TOP NEWS • Biden compares Xi to Putin, Republican voting restriction plans to segregation-era laws President Joe Biden vowed on Thursday to push China to play by international rules, criticized his Republican opponents and defended his policy to provide shelter to children crossing the U.S. border from Mexico at his first solo news conference since taking office. • Suez Canal could be blocked for weeks by &#8216;beached whale&#8217; ship A huge container ship blocking the Suez Canal like a &#8220;beached whale&#8221; may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global trade. • &#8216;Yes or no?&#8217; U.S. lawmakers fume over Big Tech&#8217;s answers on misinformation In their first appearance before Congress since Trump supporters stormed the U.S. Capitol, the chief executives of Facebook, Google and Twitter were asked by U.S. lawmakers whether their platforms bore some responsibility for the riot: &#8220;yes or no?&#8221; LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading up 1% at 14,568. • The Indian rupee is expected to trade little changed against the U.S. currency amid a further uptick on the dollar index despite a positive risk mood. • India&#8217;s federal government bond yields are likely to open lower as the central bank will skip the 14-day reverse repo auction next fortnight. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in a 6.10%-6.16% band. GLOBAL MARKETS • U.S. stocks rose in a late-day rally on Thursday as investors bought stocks likely to do well in the recovery, while picking up beaten-down Apple and Tesla shares, in anticipation that the U.S. economy grows at its fastest pace in decades this year. • Japanese shares jumped, led by a bounce back in tech shares, on bargain hunting after a sharp retreat in the benchmark index Nikkei this week, while overnight Wall Street gains on economic recovery hopes also supported the sentiment. • The U.S. dollar traded near multi-month highs against most major currencies, supported by a wave of optimism over improving U.S. economic data, the rollout of coronavirus vaccines, and rising Treasury yields. • Treasury yields jumped on Thursday after the Treasury Department saw tepid interest for an auction of seven-year notes for the second month in a row, though yields came off their highs as quarter-end rebalancing was seen as boosting demand for bonds. • Oil prices bounced back from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply. • Gold prices were on course for a first weekly decline in three as elevated Treasury yields and a firm U.S. dollar dented safe-haven bullion&#8217;s appeal even as the metal steadied on the day. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.64/72.67 March 25 (1,609.77) crores 2,014.68 crores 10-yr bond yield 6.13% Month-to-date 13,445 crores (7,316) crores Year-to-date 58,705 crores (16,322) crores (FII investment numbers are in Indian rupees. Source: National Securities Depository Limited) For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 72.56 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru) 
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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Morning News Call – India, March 26

(Repeats Thursday&#8217;s story with no changes to text)
* Thai rates widen to $500-$518/tonne as drought worries loom
* Bangladesh approves purchase of 100,000 tonnes of rice
* More ships docking at Ho Chi Minh City &#8211; trader
* Indian rates stable at $398 to $403 per tonne
By Bharat Gautam
March 25 (Reuters) &#8211; Vietnam&#8217;s rice export prices hit a more than nine-year high this week as fresh orders trickled in, while rates for the Indian variety held near a one-month peak on healthy demand from buyers in other Asian countries and Africa.
Vietnam&#8217;s 5% broken rice &lt;RI-VNBKN5-P1&gt; prices rose to $515-$520 per tonne on Thursday, their highest since December 2011, from $510-$515 last week.
&#8220;Demand is picking up and we&#8217;re seeing more ships docking at Ho Chi Minh City port for rice loading,&#8221; said a trader, adding that: &#8220;prices are expected to stay high as global demand for the grain is still strong amid the coronavirus pandemic.&#8221;
Traders said on Wednesday the Vietnam Southern Food Corp had won a contract to export 50,000 tonnes of 5% broken rice to Bangladesh, which is traditionally the world&#8217;s third-biggest rice producer but has turned to imports after repeated floods.
A food ministry official in Bangladesh said the country had approved the purchase of 100,000 tonnes of rice, 50,000 tonnes each from India and Vietnam.
In top rice exporter India, prices for the 5% broken parboiled variety &lt;RI-INBKN5-P1&gt; were unchanged at their highest since mid-February, at $398-$403 per tonne.
&#8220;Buyers have increased purchases for April and May shipments,&#8221; said an exporter based at Kakinada in the state of Andhra Pradesh.
Thailand&#8217;s benchmark 5% broken rice &lt;RI-THBKN5-P1&gt; was offered at $500-$518 a tonne, versus $505-$513 last week.
Some traders attributed the price change to a fluctuation in the exchange rate. The baht has dipped 2.9% versus the U.S. dollar since the start of the month.
Others who quoted prices higher than last Thursday said export rates reflected a rise in domestic prices, which they attributed to tighter domestic supply concerns on anticipation of drought.
&#8220;There could be less supply this year, so stockpiling has pushed up domestic prices,&#8221; a trader said. (Reporting by Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi, Patpicha Tanakasempipat in Bangkok and Ruma Paul in Dhaka; Editing by Subhranshu Sahu)
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RPT-ASIA RICE-Vietnam rates scale more than 9-year high on strong demand

By Anshuman Daga
SINGAPORE, March 26 (Reuters) &#8211; Singapore&#8217;s Temasek Holdings believes that impact investing has reached an inflection point, with the coronavirus pandemic highlighting deep social imbalances that have intensified the need for such forms of investments.
Such investments, made to generate positive, measurable social and environmental impact, as well as financial returns, grew to $715 billion in 2019 from $502 billion a year earlier, the Global Impact Investing Network estimated in a survey.
This month, Temasek, one of the world&#8217;s largest state investors, announced a $500 million allocation to Asia and Africa-focused Leapfrog Investments, in the single biggest commitment to an impact fund manager.
&#8220;Our ambition is to be a catalyst to accelerate the growth,&#8221; Benoit Valentin, the firm&#8217;s head of impact investing, told Reuters in an interview.
&#8220;I think that in five years from now, every single big private equity firm would have their own impact vehicle.&#8221;
Leapfrog invests in financial services and healthcare in emerging markets. Two years ago, Temasek&#8217;s philanthropic arm set up ABC World Asia, a private equity fund for such investments.
&#8220;We believe impact investing is at an inflection point,&#8221; Valentin, who is based in London, added.
Temasek, which also plans to take a stake in Leapfrog, is in talks to commit money to other fund investors to boost its presence.
&#8220;We are in due diligence with two funds already,&#8221; Valentin said, one focused on India while the other had a wider sweep. &#8220;We have others lined up for the following years.&#8221;
Temasek is among a few large state investors making a big push in a category that has attracted buyout funds such as Blackstone, TPG and KKR.
Early entrants showed it was possible to generate &#8220;risk-adjusted PE-like returns, not necessarily 25% and above, but mid-teens- to 20s-plus- type returns,&#8221; said Valentin.
&#8220;We are not seeing this as a dilution of our overall return journey,&#8221; said the 20-year investment veteran, referring to the internal rate of return, a measure of actual profits.
It is vital to set clear benchmarks rigorously chosen in order to sustain growth, he added. Temasek is working with a third party to audit its impact investments and Leapfrog and ABC also had third-party audits.
&#8220;Eventually, I do believe that there will be some sort of retail money flowing,&#8221; Valentin said. (Reporting by Anshuman Daga; Editing by Clarence Fernandez)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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Singapore’s Temasek sees impact investing at tipping point

(Adds details, background)
BAMAKO, March 25 (Reuters) &#8211; Mali&#8217;s cotton harvest in 2020 tumbled nearly 79% year-on-year to 147,200 tonnes partly because of a pandemic-induced price slump that forced farmers to plant less, Prime Minister Moctar Ouane said on Thursday, citing provisional estimates.
Mali, one of the four top cotton producers in sub-Saharan Africa, alongside Chad, Benin and Burkina Faso, had originally forecast output at 820,000 tonnes versus 700,000 tonnes last season.
But demand for cotton was upended last April when COVID-19 shuttered businesses. Prices at the time fell to their lowest since 2009.
Announcing the latest production estimate on state television, Ouane said, &#8220;The causes are, among others, the drop in the purchase price of seed cotton.&#8221;
He said output was also affected by the removal of some farm subsidies.
Although the government later reversed some of its decisions, including increasing farmgate prices, most farmers had already decided to ditch cotton and plant other crops such as maize, the cotton producers&#8217; association said in October.
(Reporting by Tiemoko Diallo Writing by Alessandra Prentice Editing by Karishma Singh)
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SOUTH AFRICA’S KGANYAGO SAYS “INFRASTRUCTURE AS AN ASSET CLASS” HAS BEEN WELL SUPPORTED BY LOCAL INVESTORS, WILL BE KEY TO ECONOMIC RECOVERY

DIARY – Italy to April 30

TABLE-Holdings of SPDR Gold unchanged, iShares Silver fall

TABLE-South Africa’s 3-month T-bill average yields down to 3.85%

ANALYSIS-Money no object as governments race to build chip arsenals

Middle East Crude-Benchmarks fall amid excess supplies

Northern Mali officials say French strike killed civilians, France denies

TABLE-Yields mostly down at S.Africa’s inflation-linked bond auction

EMERGING MARKETS-EM FX, stocks set for weekly losses as U.S. growth optimism powers dollar

Suez Canal blockage adds strain to global supply chains

South Africa’s rand recovers from two-week low as c.bank keeps rates on hold

South African Markets – Factors to watch on March 26

African Markets – Factors to watch on March 26

Morning News Call – India, March 26

RPT-ASIA RICE-Vietnam rates scale more than 9-year high on strong demand

Singapore’s Temasek sees impact investing at tipping point

Mali 2020 cotton harvest slumps 79% year-on-year, prime minister says

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SOUTH AFRICA’S KGANYAGO SAYS “INFRASTRUCTURE AS AN ASSET CLASS” HAS BEEN WELL SUPPORTED BY LOCAL INVESTORS, WILL BE KEY TO ECONOMIC RECOVERY

DIARY – Italy to April 30

TABLE-Holdings of SPDR Gold unchanged, iShares Silver fall

TABLE-South Africa’s 3-month T-bill average yields down to 3.85%

ANALYSIS-Money no object as governments race to build chip arsenals

Middle East Crude-Benchmarks fall amid excess supplies

Northern Mali officials say French strike killed civilians, France denies

TABLE-Yields mostly down at S.Africa’s inflation-linked bond auction

EMERGING MARKETS-EM FX, stocks set for weekly losses as U.S. growth optimism powers dollar

Suez Canal blockage adds strain to global supply chains

South Africa’s rand recovers from two-week low as c.bank keeps rates on hold

South African Markets – Factors to watch on March 26

African Markets – Factors to watch on March 26

Morning News Call – India, March 26

RPT-ASIA RICE-Vietnam rates scale more than 9-year high on strong demand

Singapore’s Temasek sees impact investing at tipping point

Mali 2020 cotton harvest slumps 79% year-on-year, prime minister says

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