* Weighing joint ventures in West Africa, Middle East -sources
* Has held talks with BP, Total on West Africa JV -sources
* Eni&#8217;s debt at 26.7 bln euros
* To open graphic in external browser, click here https://tmsnrt.rs/2RPYdlX
By Stephen Jewkes, Ron Bousso and Dmitry Zhdannikov
MILAN/LONDON, April 20 (Reuters) &#8211; Italy&#8217;s Eni is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy, according to company and industry sources.
The move is part of a major overhaul the company launched last year as it transitions into renewables and a gradual tapering of oil and gas output.
Eni aims to replicate the success of its 2019 oil and gas spin-off in Norway, where it formed joint venture Var Energi with private equity firm HitecVision and retains a 69.6% stake.
That created Norway&#8217;s second largest oil and gas producer after acquiring Exxon Mobil&#8217;s portfolio there for $4.5 billion, giving it production of about 150,000 barrels of oil equivalent per day.
The investment has been highly profitable, paying Eni nearly $1.3 billion euros in dividends since its creation.
&#8220;The company is working on doing more of the same (as Var) with chosen partners in West Africa and the Near-Far East and Far East,&#8221; a source said without giving further detail.
Africa&#8217;s biggest foreign oil and gas producer, Eni has prize assets in Nigeria, Congo and Angola. It has big production centres in Egypt and Libya, has rapidly built a presence in the Gulf and is looking to grow in Asia.
Creating a separate entity will allow Eni to shift some of its debt, which rose last year to 26.7 billion euros ($32.2 billion), off its balance sheet given it will no longer be consolidated at group level, the sources said.
With lower debt, Eni hopes to raise new capital to build its renewables and low-carbon business which will form the backbone of the future company.
Eni has recently held talks with several large oil and gas producers including BP and Total to merge parts of their operations in West Africa and the Middle East, sources told Reuters.
Eni, BP and Total all declined to comment.
BP and Total face challenges similar to Eni&#8217;s in terms of managing debt and low-carbon emissions but it remains unclear if the talks will be successful, the sources said.
Europe&#8217;s top energy companies were forced to raise record amounts of debt after oil and gas demand cratered in the wake of the pandemic.
Eni Chief Financial Officer Francesco Gattei in February told analysts that there are &#8220;opportunities&#8221; in business combinations like Var Energi to remove debt from Eni&#8217;s balance sheet.
&#8220;We aim to replicate our Norwegian Var model in different countries, with potential business combinations which are currently under screening,&#8221; Gattei said at the time.
Other companies have gone down the same path in recent years. BP merged its Norwegian operations with local producer Det Norske in 2016 to create Aker BP, which trades on the Oslo Stock Exchange.
Large oil companies typically prefer operating oil and gas fields, taking pride in their operational capabilities. But for Eni, which has said its oil output will start tapering off after 2025, the JV model offers a way to cut costs and squeeze more money out of the oil and gas division.
Eni, headed by veteran oilman Claudio Descalzi, is also mulling spinning off its new retail and renewable energy business next year in order to raise funds. It could list a minority stake in a unit that could be worth around 10 billion euros, according to sources.
Like its peers, Eni has set ambitious targets to slash planet-warming emissions to net-zero by 2050 while rapidly expanding its renewable power generation and biofuel capacity.
The joint ventures model offers companies a way to build a new low-carbon business centred around renewables, power trading and retail, while jettisoning legacy oil and gas businesses which will be wound down over time, a senior source close to Eni said.
The new model also offers transparency to investors regarding greenhouse gas emissions, he added.
&#8220;If you still co-own the new company you&#8217;re still liable for the emissions. But you can report them separately which allows you to show investors how you are decarbonising your core business,&#8221; the source said.
($1 = 0.8297 euros)
(Additional reporting by Shadia Nasralla; editing by Jason Neely)
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EXCLUSIVE-Eni eyes oil spin-offs to tackle debt in energy transition

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Morning_News_Call/MNCGeneric_CA_04202021.pdf You can read Morning News Call Canada via TOPNEWS Canada page. If you would like to receive this newsletter through your email, please register at: https://solutions.refinitiv.com/MorningNewsCallENsubscriptionpage ECONOMIC EVENTS No economic indicators are scheduled for release. COMPANIES REPORTING RESULTS April 20: PopReach Corp: Expected Q4 earnings of break even per share Quisitive Technology Solutions Inc: Expected Q4 earnings of break even per share Skylight Health Group Inc: Expected Q4 loss of break even per share April 21: Canadian Pacific Railway Ltd: Expected Q1 earnings of C$4.37 per share Metro Inc: Expected Q2 earnings of 76 Canadian cents per share Rogers Communications Inc: Expected Q1 earnings of 66 Canadian cents per share CORPORATE EVENTS 0830 PopReach Corp: Q4 earnings conference call 0830 PrairieSky Royalty Ltd: Q1 earnings conference call 0900 Skylight Health Group Inc: Q4 earnings conference call 1030 Firan Technology Group Corp: Annual Shareholders Meeting 1100 Zoomd Technologies Ltd: Q4 earnings conference call 1200 Africa Oil Corp: Annual Shareholders Meeting 1430 West Fraser Timber Co Ltd: Annual Shareholders Meeting 1630 Quisitive Technology Solutions Inc: Q4 earnings conference call EX-DIVIDENDS Olympia Financial Group Inc: Amount C$0.23 For Morning News Call U.S. &#8212; a preview of market-moving news for the trading day: &#8211; type US/MNC in a news browser if you are an Eikon user, or type RT/US/MNC in a news browser if you are a Thomson One user For The Day Ahead &#8212; a recap of the day&#8217;s events and preview of the next trading day: &#8211; type DAY/US in a news browser if you are an Eikon user or type RT/DAY/US in a news browser if you are a Thomson One user For an index of our newsletters click on 
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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Morning News Call – Canada, April 20

(Repeats item with no changes in text. The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
LAUNCESTON, Australia, April 20 (Reuters) &#8211; A global diversified miner paying to exit its coal assets, and a multibillion-dollar dollar investment by Qatar to reclaim its status as the world&#8217;s largest producer of liquefied natural gas have more in common than might be visible at first glance.
South32, the Australian commodity producer spun out of BHP Group, is effectively handing over up to $250 million to Seriti Resources to take South African thermal coal operations off its hands.
While it&#8217;s not unusual for sellers of mining assets to cover rehabilitation costs, the sizeable amount involved shows just how much South32 wanted out of thermal coal &#8211; and in effect, just how little the assets are worth.
South32 is one of several major coal miners seeking to exit a business that has become increasingly problematic amid action by environmental activists, concern among shareholders and the withdrawal of financing and insurance for mines viewed as contributing to climate change.
In short, coal mines, particularly those producing thermal coal for use in power plants, are increasingly seen as a millstone around the neck of diversified miners. The latter would prefer to focus on producing commodities seen as essential to decarbonising the world&#8217;s energy systems.
There isn&#8217;t a straight line between the rush to exit coal and Qatar&#8217;s $28.7 billion plan to boost its LNG capacity 40% to 110 million tonnes by 2026, with a potential second-phase expansion to a total annual capacity of 127 million tonnes.
On the surface, such a massive investment in LNG would seem to be a vote of confidence in the future of the super-chilled fuel, touted by proponents as a cleaner-burning alternative to coal.
Still, the LNG business is condemned by opponents as producing enough pollution to still be part of the climate change problem. And Qatar&#8217;s push to produce more LNG could be view through a more cynical prism: the Gulf nation may be seeking to maximise the revenue from its extremely low-cost natural gas assets while it still can &#8211; before decarbonisation does to LNG what it&#8217;s busy doing to coal.
Qatar is believed to be able to produce LNG at a break-even cost of about $4 per million British thermal units (mmBtu), below the $5 to $8 per mmBtu for new projects in Mozambique, Russia and the United States, and the $7 to $11 for current top exporter Australia for new projects, according to figures from the Boston Consulting Group.
This in effect means Qatar can afford to take the view that even if there is an oversupply of LNG in the future, it will be the last producer standing, and it can monetise its natural gas reserves better than its competitors.
This raises the possibility that the billions of dollars currently being invested in LNG projects in places from Mozambique to Russia to North America may end up facing the same issues coal has right now &#8211; writing down the value of assets and struggling to sell them.

COAL EXIT STAMPEDE
Of course, for buyers of distressed coal assets such as Seriti, the opportunity remains to run the acquired mines for many years and sell the coal profitably to South Africa&#8217;s state-owned energy utility Eskom.
The sale of South32&#8217;s South African energy coal assets to Seriti is expected to close before the end of the company&#8217;s financial year, pending government approvals and an agreement with Eskom over coal supply.
The planned sale was first announced in November 2019 with Seriti, a company owned by Black South African investors, initially agreeing to pay 100 million rand ($6.7 million) upfront plus deferred payments based on future cash flows until March 2024, with a ceiling of 1.5 billion rand per year.
These terms have now changed, with the deferred payments scrapped, the purchase price reduced to a token 1 rand and South32 agreeing to pay for rehabilitation and other costs.
If the deal does go through, it will be the latest coal exit by a major mining company, following plans by Anglo American to spin off its South African coal assets and exit from its joint venture in Colombia, something BHP is keen to do as well.
Additionally BHP wishes to sell, or spin off, its energy coal assets in Australia, and earlier this year cut the value of its Mount Arthur thermal coal in New South Wales state by up to $1.25 billion, reflecting the market view that such assets have plunged in value.
It&#8217;s possible the present rush for the exit from coal will be matched by major oil and gas producers making a similar dash to get out of LNG in a few years time. (Editing by Kenneth Maxwell)
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RPT-COLUMN-The stampede to exit coal is a worrying harbinger for LNG: Russell

JOHANNESBURG, April 20 (Reuters) &#8211; South Africa&#8217;s government sold a total of 4.8 billion rand ($336 million) of its 2031 , 2037, and 2048 bonds on Tuesday. Yields fell compared with the previous auctions. R213 BOND: Feb 28, 2031 &#8211; 7% coupon Auction date 20/04/21 13/04/21 Best bid % 9.425 9.685 Worst bid % 10.630 10.100 Clearing yield % 9.540 9.790 Total bids (R&#8217;bln) 5.610 4.315 Allocated (R&#8217;bln) 1.600 1.600 Bid-to-cover-ratio 3.5 2.7 R2037 BOND: Jan 31, 2037 &#8211; 8.5% coupon Auction date: 20/04/21 13/04/21 Best bid % 10.640 10.800 Worst bid % 11.100 11.225 Clearing yield % 10.725 10.910 Total bids (R&#8217;bln) 5.180 3.720 Allotted (R&#8217;bln) 1.600 1.600 Bid-to-cover-ratio 3.2 2.3 R2048 BOND: Feb 28, 2048 &#8211; 8.75% coupon Auction date: 20/04/21 30/03/21 Best bid % 10.735 11.355 Worst bid % 11.150 11.850 Clearing yield % 10.840 11.500 Total bids (R&#8217;bln) 4.610 3.270 Allotted (R&#8217;bln) 1.600 1.600 Bid-to-cover-ratio 2.9 2.0 ($1 = 14.3030 rand) (Reporting by Mfuneko Toyana) 
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TABLE-Yields lower in weekly South African government bond auction

April 20 (Reuters) &#8211; Holdings of the largest gold-backed exchange-traded-fund (ETF), New York&#8217;s SPDR Gold Trust rose 0.20% on Monday from Friday, while holdings of the largest silver-backed ETF, New York&#8217;s iShares Silver Trust fell 0.29% 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 Change (OZ) (OZ) (OZ) (OZ) GOLD SPDR Gold Trust 32,848,573.4 Apr 19 32,783,002.2 Apr 16 65,571.2 0.20% -4,791,732.5 COMEX Gold Trust 16,003,591.2 Apr 19 16,035,504.5 Apr 16 -31,913.3 -0.20% -878,060.4 ETF Securities gold (ex-US) 9,293,742.4 Nov 30 9,293,742.4 Nov 30 &#8212; &#8212; &#8212; ZKB Physical Gold ** 5,450,702.9 Apr 16 5,449,682.8 Apr 09 1,020.1 0.02% -159,401.8 Sprott Physical Gold Trust 2,606,190.0 Apr 19 2,606,190.0 Apr 16 0.0 0.00% 30,970.0 ETFS Physical Swiss Gold 844,902.3 Jan 24 844,902.3 Jan 24 &#8212; &#8212; &#8212; ABSA &#8211; NewGold ETF 633,268.4 Apr 19 633,284.1 Apr 16 -15.6 0.00% &#8212; Total 67,680,970.6 67,646,308.2 34,662.4 0.05% -6,123,442.8 SILVER iShares Silver Trust 572,074,837.9 Apr 19 573,745,320.7 Apr 16 -1,670,482.8 -0.29% 13,358,955.5 Sprott Physical Silver 136,649,198.0 Apr 19 136,048,894.0 Apr 16 600,304.0 0.44% 45,540,543.0 ETF Securities silver ex-US 100,389,761.6 Nov 30 100,389,761.6 Nov 30 &#8212; &#8212; &#8212; ZKB Physical Silver 96,333,275.6 Apr 16 95,896,186.2 Apr 09 437,089.4 0.46% 2,291,094.4 ETFS Physical Silver Shares 22,908,298.3 Mar 20 22,908,298.3 Mar 20 &#8212; &#8212; &#8212; Total 928,355,371.4 928,988,460.8 -633,089.4 -0.07% &#8212; PLATINUM ETFS Physical Platinum Shares 738,343.9 Mar 20 738,343.9 Mar 20 &#8212; &#8212; &#8212; ABSA &#8211; NewPlat ETF 571,554.3 Apr 19 571,570.5 Apr 16 -16.2 0.00% -117,565.4 ETF Securities platinum ex-US 617,330.8 Nov 30 617,330.8 Nov 30 &#8212; &#8212; &#8212; ZKB Physical Platinum 446,532.6 Apr 16 446,532.6 Apr 09 0.0 0.00% 27,779.5 Total 2,373,761.6 2,373,777.8 -16.2 0.00% -67,758.5 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 78,329.7 Apr 16 78,329.7 Apr 09 0.0 0.00% 320.5 ABSA &#8211; NewPalladium ETF **** 27,464.7 Apr 19 27,465.5 Apr 16 -0.8 0.00% 1,128.0 Total 489,289.5 489,290.3 -0.8 0.00% -35,855.4 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. 
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TABLE-Holdings of SPDR Gold rise, iShares Silver fall

By Edwin Waita
KITUI, Kenya, April 20 (Reuters) &#8211; When Kenyan farmer Waki Munyalo&#8217;s crop of lentils shrank by three quarters last year because of unusually low rainfall, disaster was averted thanks to a simple remedy that was previously unavailable to most African farmers &#8211; insurance.
Munyalo, a 38-year-old mother-of-three, had taken out an insurance policy with Kenyan start-up Pula, which aims to reach a vast, untapped pool of African farmers grappling with new disruptions linked to climate change.
Munyalo made a claim on her Pula policy and received a compensation payment of 12,000 Kenyan shillings ($110), close to what she would have earned if her crop had flourished.
That meant she could afford school fees for her youngest son. Without the payment, he would have had to drop out.
Farming is the biggest contributor to many African nations&#8217; economic output, including Kenya where 600,000 farmers have taken out policies with Pula in the six years since it launched.
Key to the firm&#8217;s success is affordability: farmers can insure their crops with Pula for as little as $5 to $10.
Across Africa, small-scale farmers who collectively are crucial to feeding the continent are struggling to cope with the impact of climate change on weather patterns and the land on which they depend.
Those challenges, combined with the spread of mobile phone technology, have created the conditions for Pula&#8217;s rapid growth. Looking beyond Kenya, the company has signed up 4.6 million farmers in Nigeria, Zambia, Ethiopia and other African countries.
CEO Thomas Njeru co-founded the company in 2015 with Dutch entrepreneur Rose Goslinga after the pair spotted a gap in the insurance market.
Because of climate change, farmers are having to contend with unpredictable rain patterns, frequent droughts and even the emergence of new pests and diseases, Njeru said.
&#8220;The risk increases because of climate change, increasing the need for farmers to have insurance,&#8221; he said.
To sustain its business while keeping premiums low, Pula uses a mobile phone application to register users, machine learning algorithms to cluster farmers whose land have similar characteristics and digital tools to assess claims in the field, Njeru said.
&#8220;If you use the traditional model of proposal forms and policy documents, the numbers won&#8217;t add up,&#8221; he said. &#8220;To be able to deliver such a low-cost product at that price you have to use technology and most companies don&#8217;t have that capacity.&#8221;
Pula also aggregates demand for farm insurance, serving banks, traditional re-insurers, governments, development agencies, and even fellow tech firms like Safaricom, which has its own platform for farmers.
For that service, Pula does the actuarial risk analysis, insurance placements and negotiations along with physical assessments in the field, he said.
In January, Pula raised $6 million in a funding round led by London-based TLcom Capital, to invest in new markets, strengthen existing products and design new ones. Njeru said the company&#8217;s next targets are Brazil and India. ($1 = 107.9000 Kenyan shillings) (Reporting by Edwin Waita, Additional reporting by Nazanine Moshiri and Duncan Miriri; Writing by Duncan Miriri; Editing by Maggie Fick and Estelle Shirbon)
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Kenyan insurer Pula offers lifeline to African farmers hit by climate change

* EMEA FX muted
* EM stocks gain as economic recovery hopes grow
* BlackRock optimistic on EM in 2021
By Ambar Warrick
April 20 (Reuters) &#8211; Russia&#8217;s rouble was supported by stronger oil prices on Tuesday, but gains were limited as tensions with Ukraine ramped up, while emerging market stocks rose on improving sentiment over a global economic recovery.
The rouble added about 0.2% as oil prices rose on the prospect of improving global demand. But the currency has marked volatile sessions after the United States imposed sanctions on Russia last week.
Tensions escalated on Monday after Moscow was said to have assembled more than 100,000 troops on Ukraine&#8217;s border. An ongoing row with the Czech Republic also has the potential to dampen sentiment over Russian financial markets.
&#8220;The U.S. has already imposed fresh sanctions on Russia and any military move would see these escalated. However, so far they have had no impact on Moscow, and the most painful sanctions mean pain for the West too, and even risk fragmenting the global financial system,&#8221; Rabobank analysts wrote in a note.
Russian stocks came about 0.2% off record highs. Weakness in the rouble and recent U.S. sanctions targeting Russian debt has seen investors pivot into Russian equities to maintain exposure to the country.
Emerging market stocks rose, with Asian equities supporting the MSCI&#8217;S index of equities as economic prospects over the region improved.
Broader emerging market currencies were muted on Tuesday, as weakness in the dollar was offset by a damaging second wave of COVID-19 cases. Countries including India, Brazil, Turkey and parts of central Europe are all dealing with a spike in infections and deaths.
Rising U.S. Treasury yields had pressured emerging market assets this year, with most currencies trading lower as U.S. debt appeared more attractive. Recent drops in yields however, have been positive for EM assets.
BlackRock analysts said stabilizing U.S. yields and relatively cheap valuations would help EM assets after a weak start to the year.
In Europe, the Middle East, and Africa, Turkey&#8217;s lira traded flat, staying within a tight range seen over the past few days after the central bank struck a dovish tone at its recent policy meeting.
Turkish Finance Minister Lutfi Elvan said on Monday there would be benefits to releasing the central bank&#8217;s past forex trading data, which are at the centre of the political opposition&#8217;s push for the government to account for $128 billion in sales. 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 Ambar Warrick in Bengaluru; Editing by Shailesh Kuber)
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EMERGING MARKETS-Oil gains push rouble past Ukraine tensions; stocks rise

JOHANNESBURG, April 20 (Reuters) &#8211; South Africa&#8217;s rand was steady on Tuesday as the dollar remained on the back foot on global markets.
At 0747 GMT, the rand traded at 14.2200 versus the dollar, less than 0.1% stronger than its previous close. The dollar index eased 0.2%.
In recent weeks the rand has tended to take its cue from global drivers including the fortunes of the dollar, which has been losing traction as retreating Treasury yields dented its allure.
Data showing a 2.0% month-on-month increase in the South African Reserve Bank&#8217;s leading indicator &#8211; which gauges the outlook for Africa&#8217;s most industrialised economy &#8211; did little to influence trading on Tuesday.
On Wednesday, investors will look to the consumer price index for clues about inflationary pressures.
Inflation has been weak since the government imposed a strict coronavirus lockdown more than a year ago, dipping below the central bank&#8217;s 3%-6% target range in February.
On the stock market, the Top-40 index was down 0.13% early on Tuesday. Government bonds also dipped, as the yield on the benchmark 2030 instrument rose 4.5 basis points to 9.13%.
(Reporting by Alexander Winning; Editing by Kirsten Donovan)
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South African rand steady as dollar fades further

JOHANNESBURG, April 20 (Reuters) &#8211; Absa Group CEO Daniel Mminele and the company&#8217;s board are working on a &#8220;suitable separation agreement&#8221; following discussions about their working relationship, the bank said on Tuesday, adding a further announcement would be made later in the day.
Local newspaper Business Day citing sources reported on Tuesday that Mminele was to step down from the role he took less than two years ago due to differences of opinion on the strategic direction of one of Africa&#8217;s biggest banks. (Reporting by Emma Rumney; editing by Jason Neely)
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S.Africa’s Absa board, CEO discussing ‘separation’ -statement

JOHANNESBURG, April 20 (Reuters) &#8211; South Africa&#8217;s central bank composite leading business cycle indicator rose 2.0% month on month in February, helped by more building plan approvals and job advertisements, data showed on Tuesday. The indicator collects data on vehicle sales, business confidence, money supply and other factors to gauge the outlook for Africa&#8217;s most industrialised economy. Indices: 2015 = 100 Dec Jan Feb Leading Indicator 115.1 114.5 116.8 12-mth percentage change 10.8 10.7 12.2 Coincident Indicator 92.4 92.5 &#8212; 12-mth percentage change -10.0 -9.8 &#8212; Lagging Indicator 87.2 86.0 &#8212; 12-mth percentage change -9.0 -9.5 &#8212; (Reporting by Alexander Winning; Editing by Alison Williams) 
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TABLE-South Africa business cycle indicator rises 2.0% in February

JOHANNESBURG, April 20 &#8211; The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Tuesday.
SOUTH AFRICAN MARKETS
South Africa&#8217;s rand strengthened on Monday, aided by the U.S. dollar being pinned near a one-month low and greater global risk appetite.

GLOBAL MARKETS
Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies.

WALL STREET
U.S. stocks closed lower on Monday, slipping from last week&#8217;s record levels, as investors awaited guidance from first-quarter earnings to justify high valuations, while Tesla Inc TSLA.O shares fell after a fatal car crash.

GOLD
Gold eked out some gains on Tuesday buoyed by a weaker dollar, although prices were hovering below Monday&#8217;s seven-week high as a rebound in U.S. Treasury yields weighed on bullion&#8217;s appeal.

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:

BUSINESS DAY
&#8211; Coca-Cola bottler’s listing will add another blue chip to JSE
&#8211; Massmart responds to shareholder concerns over pay
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South African Markets – Factors to watch on April 20

(The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
LAUNCESTON, Australia, April 20 (Reuters) &#8211; A global diversified miner paying to exit its coal assets, and a multi-bil-lion dollar investment by Qatar to reclaim its status as the world&#8217;s largest producer of liquefied natural gas have more in common than might be visible at first glance.
South32, the Australian commodity producer spun out of BHP Group, is effectively handing over up to $250 million to Seriti Resources to take South African thermal coal operations off its hands.
While it&#8217;s not unusual for sellers of mining assets to cover rehabilitation costs, the sizeable amount involved shows just how much South32 wanted out of thermal coal &#8211; and in effect, just how little the assets are worth.
South32 is one of several major coal miners seeking to exit a business that has become increasingly problematic amid action by environmental activists, concern among shareholders and the withdrawal of financing and insurance for mines viewed as contributing to climate change.
In short, coal mines, particularly those producing thermal coal for use in power plants, are increasingly seen as a millstone around the neck of diversified miners. The latter would prefer to focus on producing commodities seen as essential to decarbonising the world&#8217;s energy systems.
There isn&#8217;t a straight line between the rush to exit coal and Qatar&#8217;s $28.7 billion plan to boost its LNG capacity 40% to 110 million tonnes by 2026, with a potential second-phase expansion to a total annual capacity of 127 million tonnes.
On the surface, such a massive investment in LNG would seem to be a vote of confidence in the future of the super-chilled fuel, touted by proponents as a cleaner-burning alternative to coal.
Still, the LNG business is condemned by opponents as producing enough pollution to still be part of the climate change problem. And Qatar&#8217;s push to produce more LNG could be view through a more cynical prism: the Gulf nation may be seeking to maximise the revenue from its extremely low-cost natural gas assets while it still can &#8211; before decarbonisation does to LNG what it&#8217;s busy doing to coal.
Qatar is believed to be able to produce LNG at a break-even cost of about $4 per million British thermal units (mmBtu), below the $5 to $8 per mmBtu for new projects in Mozambique, Russia and the United States, and the $7 to $11 for current top exporter Australia for new projects, according to figures from the Boston Consulting Group.
This in effect means Qatar can afford to take the view that even if there is an oversupply of LNG in the future, it will be the last producer standing, and it can monetise its natural gas reserves better than its competitors.
This raises the possibility that the billions of dollars currently being invested in LNG projects in places from Mozambique to Russia to North America may end up facing the same issues coal has right now &#8211; writing down the value of assets and struggling to sell them.

COAL EXIT STAMPEDE
Of course, for buyers of distressed coal assets such as Seriti, the opportunity remains to run the acquired mines for many years and sell the coal profitably to South Africa&#8217;s state-owned energy utility Eskom.
The sale of South32&#8217;s South African energy coal assets to Seriti is expected to close before the end of the company&#8217;s financial year, pending government approvals and an agreement with Eskom over coal supply.
The planned sale was first announced in November 2019 with Seriti, a company owned by Black South African investors, initially agreeing to pay 100 million rand ($6.7 million) upfront plus deferred payments based on future cash flows until March 2024, with a ceiling of 1.5 billion rand per year.
These terms have now changed, with the deferred payments scrapped, the purchase price reduced to a token 1 rand and South32 agreeing to pay for rehabilitation and other costs.
If the deal does go through, it will be the latest coal exit by a major mining company, following plans by Anglo American to spin off its South African coal assets and exit from its joint venture in Colombia, something BHP is keen to do as well.
Additionally BHP wishes to sell, or spin off, its energy coal assets in Australia, and earlier this year cut the value of its Mount Arthur thermal coal in New South Wales state by up to $1.25 billion, reflecting the market view that such assets have plunged in value.
It&#8217;s possible the present rush for the exit from coal will be matched by major oil and gas producers making a similar dash to get out of LNG in a few years time. (Editing by Kenneth Maxwell)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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COLUMN-The stampede to exit coal is a worrying harbinger for LNG: Russell

NAIROBI, April 20 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. &#8211; &#8211; &#8211; &#8211; &#8211; GLOBAL MARKETS Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies. WORLD OIL PRICES Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world&#8217;s biggest oil user, though rising coronavirus cases in Asia capped gains. 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 strengthened on Monday, aided by the U.S. dollar being pinned near a one-month low and greater global risk appetite. KENYA MARKETS The Kenyan shilling weakened slightly on Monday on the back of an uptick in demand for dollars from importers, traders said. NIGERIA BANKS Nigeria&#8217;s biggest lender Access Bank has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after acquiring a South African bank. DEMOCRATIC REPUBLIC OF CONGO MINING Kibali Goldmines SA, the Congolese joint venture of Barrick and AngloGold Ashanti , said its 10% shareholder Société Minière de Kilo-Moto (SOKIMO) had filed a financial claim against it in a Kinshasa commercial court. CHAD ELECTION Chad&#8217;s veteran president, Idriss Deby, has won a sixth term, provisional election results showed on Monday, as the army said it had beaten back a column of insurgents advancing on the capital, N&#8217;Djamena. GHANA MINING China&#8217;s Chifeng Jilong Gold Mining on Monday cancelled an agreement to buy the Bibiani gold mine in Ghana, saying it had not received timely information from the seller about the termination of the mining lease. RWANDA TELECOMS MTN Rwandacell Plc, majority-owned by South Africa&#8217;s MTN Group , said on Monday trading in existing shares worth about $365 million would start in Rwanda on May 4 after it obtained approvals from authorities and a minority shareholder. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on 
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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African Markets – Factors to watch on April 20

VIENNA, April 20 (Reuters) &#8211; Austria said on Tuesday it plans to funnel 651,000 doses of BioNTech and Pfizer&#8217;s coronavirus vaccine to six countries of the Western Balkans by August as part of a European Union scheme to provide assistance to neighbouring countries and Africa.
The European Commission outlined its plans for a vaccine- sharing mechanism in January. Austria said it would serve as that mechanism&#8217;s coordinator for the Western Balkans, and that this first distribution of doses may be followed by others.
Serbia has one of the highest vaccination rates in Europe, but the four other non-EU countries of the former Yugoslavia and Albania have had less success. In Bosnia, the shortage of vaccines has led to street protests.
&#8220;With this initiative we are showing that we are not leaving the region behind,&#8221; Austrian Foreign Minister Alexander Schallenberg told a news conference. His country, the successor state to an empire that once stretched deep into the Balkans, maintains close ties with countries in the region.
Austria has negotiated agreements between BioNTech and Pfizer and the recipient countries, its Foreign Ministry said. It will provide bridge financing of 11 million euros ($13 million), though the doses will be paid for from EU assistance funds for EU candidate and potential candidate countries.
&#8220;There is absolutely no connection here to the provision of vaccines in Austria and in other (EU) member states,&#8221; said Schallenberg, whose government faces growing public frustration with the slow pace of vaccinations.
&#8220;These doses are not from a national quota. These are vaccine doses that the EU explicitly secured from the beginning for the purpose of passing them on to partners.&#8221;
They will be distributed from early May according to which countries need them most, he said. Bosnia will get the biggest share with 214,000 doses, followed by Albania with 145,000 and North Macedonia with 119,000. Serbia is last with 36,000. ($1 = 0.8309 euros) (Reporting by Francois Murphy Editing by Gareth Jones)
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Austria to funnel 651,000 COVID vaccine doses to Western Balkans from EU

Apr 19 (OPTA) &#8211; Scores from the European Tour Austrian Open on Sunday -14 John Catlin (USA) 68 70 71 65 Maximilian Kieffer (Germany) 72 68 68 66 -11 Martin Kaymer (Germany) 68 70 69 70 -8 Marcus Armitage (England) 73 69 70 68 Wil Besseling (Netherlands) 72 71 70 67 Garrick Higgo (South Africa) 72 71 69 68 -7 Austin Bautista (Australia) 74 67 71 69 Alejandro Cañizares (Spain) 67 70 70 74 Nicolai Hojgaard (Denmark) 70 72 72 67 Jacques Kruyswijk (South Africa) 68 72 70 71 Matthias Schwab (Austria) 71 75 66 69 -6 Rasmus Hojgaard (Denmark) 71 75 69 67 Joost Luiten (Netherlands) 71 70 69 72 Renato Paratore (Italy) 78 66 71 67 -5 S.S.P. Chawrasia (India) 72 68 73 70 Lorenzo Gagli (Italy) 70 72 71 70 Sam Horsfield (England) 74 73 69 67 Kurt Kitayama (USA) 71 72 71 69 Garrick Porteous (England) 75 68 71 69 Dale Whitnell (England) 74 71 68 70 -4 Daniel Gavins (England) 69 74 67 74 Justin Walters (South Africa) 71 68 74 71 Chris Wood (England) 73 72 71 68 -3 Alejandro Del Rey (Spain) 74 71 73 67 Nicolai Von Dellingshausen (Germany) 74 72 65 74 Zander Lombard (South Africa) 72 70 77 66 Cormac Sharvin (Northern Ireland) 75 71 69 70 -2 Jean-Baptiste Gonnet (France) 72 72 70 72 Craig Howie (South Africa) 76 70 69 71 Richard Mansell (England) 69 71 73 73 Ricardo Santos (Portugal) 75 69 71 71 Jeff Winther (Denmark) 69 73 71 73 -1 Pep Angles (Spain) 76 71 72 68 Ashley Chesters (England) 76 69 70 72 Paul Dunne (Republic of Ireland) 73 71 72 71 Benjamin Hebert (France) 75 72 71 69 Masahiro Kawamura (Japan) 76 71 68 72 Deyen Lawson (Australia) 77 70 71 69 Richard McEvoy (England) 75 72 72 68 Pedro Oriol (Spain) 69 74 72 72 Bernd Ritthammer (Germany) 70 75 71 71 Adrien Saddier (France) 71 72 69 75 Max Schmitt (Germany) 72 75 69 71 Ashun Wu (China PR) 72 72 71 72 0 Gonzalo Fernandez Castano (Spain) 71 75 69 73 Julien Guerrier (France) 70 73 76 69 1 Emilio Cuartero Blanco (Spain) 71 74 73 71 Sean Crocker (USA) 75 71 71 72 Ross Fisher (England) 75 70 72 72 Rikard Karlberg (Sweden) 68 74 74 73 Sihwan Kim (Korea Republic) 71 73 72 73 Euan Walker (Scotland) 77 69 72 71 2 Maverick Antcliff (Australia) 72 74 71 73 Matthew Baldwin (England) 73 74 72 71 Marcel Schneider (Germany) 77 70 71 72 3 Eduardo De La Riva (Spain) 75 72 72 72 Berry Henson (USA) 73 73 73 72 Tyler Koivosto (USA) 74 72 73 72 Adrian Meronk (Poland) 71 70 79 71 Darius Van Driel (Netherlands) 72 74 71 74 4 David Drysdale (Scotland) 70 71 76 75 Grant Forrest (Scotland) 70 73 73 76 Chase Hanna (USA) 72 69 75 76 Søren Kjeldsen (Denmark) 72 71 72 77 Ajeetesh Sandhu (India) 77 70 73 72 Shubhankar Sharma (India) 75 68 72 77 5 Julian Suri (USA) 77 70 75 71 7 David Ravetto (France) 70 76 72 77 Callum Shinkwin (England) 72 75 74 74 9 James Morrison (England) 73 72 76 76 10 Timon Baltl (Austria) 74 73 76 75 Thomas Detry (Belgium) 70 74 72 82 16 Benjamin Poke (Denmark) 71 73 77 83 
(c) Copyright Opta Sports Data 2021. All Rights Reserved
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European Tour Austrian Open Scores

By Clement Uwiringiyimana
KIGALI, April 19 (Reuters) &#8211; France was aware that a genocide was being prepared in Rwanda ahead of the 1994 killings and the French government bore a significant responsibility for enabling it, the Rwandan government said in a report published on Monday.
Between April and July of 1994, some 800,000 people were slaughtered, mainly from the ethnic Tutsi minority but also some Hutus.
&#8220;The message of the Rwandan Foreign Affairs Minister today is a key step in getting our two countries closer,&#8221; a French presidential advisor told reporters on Monday in response to the Rwandan report.
Ever since the genocide, critics of France&#8217;s role have said that then-President Francois Mitterrand failed to prevent the massacres or even supported the Hutu-led government that orchestrated the killings.
&#8220;The French Government bears significant responsibility for enabling a foreseeable genocide,&#8221; the Rwandan government wrote in its report published on its main website. The report was drafted by Robert F. Muse and the Washington, D.C., law firm Levy Firestone Muse LLP, which was hired by Rwanda to investigate France&#8217;s role in connection with the genocide.
Rwanda&#8217;s report comes on the heels of a similar report by French commission released in March which said France had been blinded by its colonial attitude to Africa to events leading up to the genocide and consequently bore &#8220;serious and overwhelming&#8221; responsibility.
The commission cleared France of complicity in the genocide.
The Rwandan report said while in the end the responsibility lay in those who actually carried out the genocide, the French government helped establish the institutions they eventually used to carry out the killings.
&#8220;Ultimately, this report cannot be the final word on the French government&#8217;s role in Rwanda. That word will arrive after the French government makes public all of its documents and allows all of its officials to speak freely,&#8221; the report said.
Early this month, France said it will open the Rwanda archives of former French President Francois Mitterrand, as part of an effort to better understand the nation&#8217;s role in the African country during the genocide. (Reporting by Clement Uwiringiyimana; Additional reporting Matthieu Protard in Paris; Editing by Aurora Ellis)
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Rwanda says France bears responsibility for enabling 1994 genocide

April 19 (Reuters) &#8211; Reconnaissance Energy (Africa) Ltd :
* RECONAFRICA ENTERS INTO LETTER OF INTENT TO ACQUIRE RENAISSANCE OIL
* PURSUANT TO LOI, RECONAFRICA WILL ISSUE TO EACH HOLDER OF RENAISSANCE SHARE 0.046 OF COMMON SHARE OF RECONAFRICA Source text for Eikon: Further company coverage:
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