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Reuters:Follow View Profile Sterling collapses as investors fly into dollars

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By Tom Westbrook

Illustration photo of British Pound Sterling and U.S. Dollar notes

Illustration photo of British Pound Sterling and U.S. Dollar notes© Reuters/THOMAS WHITE

SYDNEY (Reuters) – Sterling slumped to a record low on Monday, prompting speculation of an emergency response from the Bank of England, as confidence evaporated in Britain’s plan to borrow its way out of trouble, with spooked investors piling in to U.S. dollars.

Broadening worry that high interest rates will hurt growth hit Asia’s currencies and equities too, with exporters from Japanese carmakers to Australian miners hit hard.

The pound plunged nearly 5% at one point to $1.0327, breaking below 1985 lows. Moves were exacerbated by thinner liquidity in the Asia session, but even after stumbling back to $1.05 the currency is still down some 7% in just two sessions.

“You’ve got to buy the dollar as a risk off-trade. There is nowhere else to go,” said Rabobank strategist Michael Every in Singapore.

“The BOE are going to have to step in today, surely, at which point everyone’s going to end up with massively higher mortgage rates to try and stabilise sterling.”

The collapse sent the dollar higher broadly and it hit multi-year peaks on the Aussie, kiwi and yuan and a new 20-year top of $0.9528 per euro.

In stocks, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1% to a two-year low. It is heading for a monthly loss of 11%, the largest since March 2020. Japan’s Nikkei fell 2.2%.

S&P 500 futures fell 0.5%.

Last week, stocks and bonds crumbled after the United States and half a dozen other countries raised rates and projected pain ahead. Japan intervened in currency trade to support the yen. Investors lost confidence in Britain’s economic management.

The Nasdaq lost more than 5% for the second week running. The S&P 500 fell 4.8%. [.N]

Gilts suffered their heaviest selling in three decades on Friday and on Monday the pound made a 37-year low at $1.0765 as investors reckon planned tax cuts will stretch government finances to the limit. [GB/]

Sterling is down 11% this quarter. [GBP/]

Five-year gilt yields rose 94 basis points last week, by far the biggest weekly jump recorded in Refinitiv data stretching back to the mid 1980s. Treasuries tanked as well last week, with two-year yields up 35 bps to 4.2140% and benchmark 10-year yields up 25 bps to 3.6970%. [US/]

The euro wobbled to a two-decade low at $0.9660 as risks rise of war escalating in Ukraine, before steadying at $0.9686.

In Italy, a right-wing alliance led by Giorgia Meloni’s Brothers of Italy party was on course for a clear majority in the next parliament, as expected. Some took heart from a middling performance by eurosceptics The League.

“I expect relatively little impact considering that the League, the party with the least pro-European stance, seems to have come out weak,” said Giuseppe Sersale, fund manager and strategist at Anthilia in Milan.

Oil and gold steadied after drops against the rising dollar last week. Gold hit a more-than two-year low on Friday and bought $1,643 an ounce on Monday. Brent crude futures sat at $86.29.[GOL/][O/R]

(Additional reporting by Danilo Masoni in Milan; Editing by Sam Holmes)

NO QUICK FIX FOR LOAD SHEDDING BUT REAL PROGRESS IS BEING MADE

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Dear Fellow South African,

For every person living in this country, the past two weeks of load shedding have been extremely frustrating and challenging. The widespread public anger is wholly justified.

With Eskom forced to once more implement load-shedding to protect the national grid, individuals, households and businesses have had to contend with power interruptions for up to four hours at a time.

Loadshedding is beyond an inconvenience. It has dire consequences for nearly every part of our society from education to public safety to the provision of health services. Large and small businesses alike are losing money and the energy crisis is endangering investment and our economic recovery.

There is a sense of despair that the situation does not seem to be improving and that there appears to be no end in sight to this crisis.

Yet, even in the darkness of load shedding there is and must be an end in sight to our electricity crisis. We are making progress in the implementation of the additional actions I announced in July, even though the effects may not be immediately felt.

Given the unpredictable performance of Eskom’s fleet of coal-fired power stations, we will not be able to eliminate loadshedding in the short term. This is the unfortunate reality of our situation, which has had a long history.

Our goal in the immediate term however is to reduce the frequency and severity of load shedding by addressing power station breakdowns.

This is a significant challenge given the average age of power stations, and that in the past critical maintenance was not undertaken at the necessary intervals.

Eskom is urgently implementing measures to improve plant performance, which is a priority until new generation power projects are brought online.

It is addressing the critical issue of coal supply, including working with Transnet on the transportation of coal and monitoring the consistency of the supply from collieries to stations. Eskom is also addressing the poor quality of coal, which often leads to plant breakdowns. People with experience in running power stations are being brought back to help with plant operation, management and mentorship.

To ensure that critical maintenance is undertaken without delays, discussions are underway to ease local content requirements for spare parts and to use the equipment manufacturers to undertake maintenance.

To address the immediate energy shortfall, Eskom has since July worked on procuring emergency power, and in the last week launched power purchase programmes for 1,000 megawatts of emergency capacity from companies with existing generation capacity and to secure imports from neighbouring countries.

Government is giving close attention to the skills, experience and capabilities of the Eskom leadership to ensure that the company has the best people at all levels of the organisation.

These interventions will help to reduce the severity and frequency of load shedding as we are bringing new power onto the grid over the medium term to increase energy supply.

Last week, government signed power purchase agreements for 420 MW with the first three preferred bidders under Bid Window 5 of the renewable energy programme. The three projects are expected to connect to the grid in October 2024, and preparations are underway to sign with the remaining 22 preferred bidders.

The amount of generation capacity to be procured from Bid Window 6 will increase 2,600 MW to 4,200 MW.

The National Electricity Crisis Committee I appointed in July is attending to the legislative and policy reforms that will establish a more efficient, competitive electricity sector.

We have published for public comment the amendment that removes the licensing threshold for private generation projects. This will pave the way for investment in larger, utility-scale projects that will rapidly add new generation capacity to the grid.

The need for environmental authorisations has been waived for transmission infrastructure in strategic corridors where risk to the environment is low.

The timeframes for energy projects receiving land use authorisations and grid connection approvals has been substantially reduced, as has the National Energy Regulator’s registration process for generation facilities.

While we work to increase the supply of electricity, we must increase efforts to reduce demand, particularly at peak times.

We must come together as citizens to alleviate the pressure on the national grid. This means using electricity sparingly, reporting illegal connections and paying for the electricity we use. Businesses, households and government departments that owe Eskom must pay up so that Eskom is better able to undertake the critical maintenance that is needed to keep the lights.

As we continue to experience load shedding, there is a great tempation to give up hope that we will ever solve this problem.

Yet, if we look just beyond the most immediate crisis, there are real signs of progress and good reasons to be optimistic.

As we work with greater urgency to fix the immediate problem of an unreliable power system, we are also busy laying the groundwork for a sustainable, lasting solution to the country’s electricity woes.

With best regards,

 

Cristiano Ronaldo left with face full of blood in Portugal’s clash vs. Czech Republic

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Not much is going right for Cristiano Ronaldo this season. Not only is he struggling to find minutes with Manchester United, but the striker can’t even catch a break with Portugal.

9/24/22

9/24/22© Provided by ClutchPoints

In Saturday’s clash with the Czech Republic in Nations League action, Ronaldo went up for a header and clashed with keeper Tomas Vaclik, immediately going down to the ground in pain with blood all over his face:

The best part? Cristiano Ronaldo got his nose wrapped up and proceeded to play the full 90 minutes, with Portugal winning 4-0. He even assisted the last goal. That just shows how truly tough Cristiano is.

Heading into what is most likely his last World Cup, Ronaldo isn’t exactly playing on a regular basis. He’s fallen out of favor under new boss Erik ten Hag and usually only features as a substitute these days. Marcus Rashford has been the first-choice option up top.

Ronaldo was linked to a move away from Old Trafford all summer long, but he ultimately ended up staying put. Most clubs weren’t willing to pay his hefty salary and saw the player as a distraction to their current squad.

It’s frankly insane that a player of Cristiano Ronaldo’s caliber is sitting on the bench with a team like the Red Devils who aren’t even Champions League quality. But, if one thing is for certain, he always turns up for Portugal, scoring 117 times for his country. That’s the most of any player ever. At this rate, it also looks like the Selecao is on the verge of making the Nations League Finals. Perhaps they can make some noise in Qatar too, with Ronaldo playing hero.

CBS Kalisoliso dinner Friday 23rd September:Abbey Mukiibi was awarded a life time achiever award handed over by ED KCCA Dorothy Kisaka.

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KCCA ED Dorothy Kisaka (L) is seen after awarding CBS Program’s Director Abby Mukiibi(Middle) Right is 2nd Deputy is KATIKKIRO (Premier) | Minister of Finance Buganda Kingdom.Courtesy Photo.

CBS Kalisoliso dinner Friday 23rd September. Abbey Mukiibi was cited  by Owek Robert Nsibirwa and awarded a life time achiever award handed over by the Executive Director KCCA Dorothy Kisaka. The event was presided over by the Katikiro of Buganda Charles Peter Mayiga. The event attracted a wide cross section of the coporate body in Kampala who hailed the work of CBS over the last 25years

KCCA’s ED Dorothy Kisaka (second R) interacts guests  during the dinner.Courtesy Photo.

Katikkiro of Buganda Kingdom Owekitiibwa  Charles Peter Mayiga (L)  with his wife Margaret (R) chat with KCCA’s ED Dorothy Kisaka (middle).Courtesy Photo.KCCA ED Dorothy Kisaka intracts with Uganda Breweries Limited’s Marketing Director  Juliana Mukasa (middle) and another guest.

The Telegraph:Putin sacks another military general as he takes hands-on approach to war from Moscow

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Deputy defence minister Dmitry Bulgakov was replaced on Saturday after a litany of failings that saw Russian troops pushed back - Mikhail Svetlov/Mikhail Svetlov/Getty Images

Deputy defence minister Dmitry Bulgakov was replaced on Saturday after a litany of failings that saw Russian troops pushed back – Mikhail Svetlov/Mikhail Svetlov/Getty Images© Mikhail Svetlov/Mikhail Svetlov/Getty Images

Vladimir Putin has fired his most senior general in charge of logistics for the war in Ukraine as he takes an increasingly hands-on role in directing army strategy, reportedly phoning frontline commanders himself and overriding their advice from the ground.

Deputy defence minister Dmitry Bulgakov was removed on Saturday after a litany of failings saw Russia pushed back by Ukrainian troops in the east.

The Defence Ministry announced the dismissal of four-star Gen Bulgakov “for transfer to another role”. It didn’t mention the reason, but the move was widely seen as a punishment for the flaws in logistical support for Russia’s “special operation” in Ukraine.

Gen Bulgakov has been replaced by Colonel General Mikhail Mizintsev, a 60-year-old who is under British sanctions over his role in the siege of Mariupol, seized by Russian troops in May.

One of the first major logistical challenges he faces is equipping, training, organising and deploying hundreds of thousands of reservist troops who were called up to join the army on Wednesday as part of Russia’s partial mobilisation.

According to the White House, Putin is increasingly 'struggling' - Gavriil Grigorov, Sputnik, Kremlin Pool Photo via AP

According to the White House, Putin is increasingly ‘struggling’ – Gavriil Grigorov, Sputnik, Kremlin Pool Photo via AP© Provided by The Telegraph

On top of the fast-developing eastern front, Russia is also under pressure in the south – but Mr Putin has reportedly ignored pleas from his commanders to take action to minimise losses before it is too late, according to American officials briefed on highly sensitive intelligence.

Thousands of Russian troops may soon be surrounded in Kherson but the president has rejected calls from generals there to stage an orderly withdrawal, the New York Times reported officials as saying.

That has reportedly shattered the morale of soldiers who fear they will soon be completely cut off from their supply lines and created tensions between Mr Putin and his army.

But the divisions over Kherson are not the first example of disagreements between the Russian leader and his top commanders.

Senior Russian officers repeatedly questioned the plan for the beginning of the war including the hoped-for quick strike on Kyiv, American officials said.

The officers reportedly believed they had insufficient troops and weaponry – something that turned out to be correct.

As fighting continues in the south, the Russian army is likely looking to avoid a repeat of the rout in the northeastern Kharkiv region, which saw troops abandon valuable weapons and vehicles as they fled a lightning-fast Ukrainian offensive.

Related video: Putin doubles down on war despite internal resistance

 

McFAUL, FORMER U.S. AMBASSADOR TO RUSSIA, NBC NEWS,

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Putin doubles down on war despite internal resistance

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Russian commanders insist that pulling back from southerly Kherson would allow them to hold their line with fewer troops, and they could deploy forces elsewhere – even opening up new fronts.

But Putin has rejected these calls. Another Ukrainian victory would further erode public confidence in the war effort. It would also make redundant the current referendum being held in Kherson on joining the Russian federation.

According to the White House, Putin is increasingly “struggling.”

“He has terrible morale, unit cohesion on the battlefield, command and control has still not been solved. He’s got desertion problems and he’s forcing the wounded back into the fight. So clearly, manpower is a problem for him,” said John Kirby, National Security Council coordinator for strategic communications last week.

“He feels like he’s on his back foot.”

A heavily damaged Russian tank in the Kupiansk Raion district, Kharkiv Oblast, 23 September 2022, where a recent counter-offensive by Ukrainian forces led to the withdrawal of Russian troops who occupied the area - SERGEY KOZLOV/EPA-EFE/Shutterstock

A heavily damaged Russian tank in the Kupiansk Raion district, Kharkiv Oblast, 23 September 2022, where a recent counter-offensive by Ukrainian forces led to the withdrawal of Russian troops who occupied the area – SERGEY KOZLOV/EPA-EFE/Shutterstock© Provided by The Telegraph

On Saturday, Putin signed a hastily approved bill that toughens the punishment for soldiers who disobey officers’ orders, desert or surrender to the enemy.

The struggles can be linked to a wider reckoning on what Putin wants and what can be achieved.

“In this war there has been a consistent mismatch between Putin’s political objectives and the military means to attain them,” Michael Kofman, director of Russia studies at defence research institute CNA.

“At important decision points Putin has procrastinated, refusing to recognise the reality, until the options turned from bad to worse,” he told the New York Times.

General Bulgakov is just one of a number of senior military leaders to be dismissed by Putin in recent months, laying bare the chaotic structure of the Russian army and the president’s lack of trust in his own commanders.

Lieutenant General Roman Berdnikov lasted just 16 days as commander of the Russian army’s Western Military District after they suffered crushing defeats in Kharkiv earlier this month.

At least seven more top generals have been fired, while it is thought that ten have been killed in action.

Earlier in the campaign, reports suggested that Putin was not being given the full picture of troop losses and slow advances in Ukraine because generals were fearful of his reaction.

Now, he has positioned himself as the public face of the war – with his television address this week threatening the use of nuclear weapons just the latest example of his efforts to take control.

He has also launched hastily-arranged referendums across the newly occupied parts of Ukraine.

The process is underway in Kherson and Zaporizhzhia in the south as well as the eastern Luhansk and Donetsk regions. The vote is also part of a PR effort within Russia – with officials trying to show that the war is just and that they are liberating these regions as the locals want.

But Luhansk Governor Serhiy Haidai said the voting “looked more like an opinion survey under the gun barrels,” adding that Moscow-backed local authorities sent armed escorts to accompany election officials and to take down the names of individuals who voted against joining Russia.

All Africa Music Awards (AFRIMA) 2022: Public Voting Starts Sunday September 25 PWC to Audit Awards Process

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LAGOS, Nigeria, September 24, 2022/ — The voting portal for the 2022 edition of the All Africa Music Awards (AFRIMA) (https://www.AFRIMA.org) will be opened on Sunday, September 25, at 21:00 (CAT),  to the public, globally, to decide the winners of each of the 39 award categories.

The International Committee of the All Africa Music Award (AFRIMA), in conjunction with the African Union Commission (AUC), made this announcement, on Friday, encouraging African music lovers to vote intensively using the voting portal live at www.AFRIMA.org, before the portal closes on December 10, 2022, which is the eve of the awards.

                                                       DJ Snake

                                                                Soolking

                                                       Kizz Daniel

                                                              Wegz         Tiwa Savage                                                   Marwan Moussa

Nomfundo Ngcobo AKA Nomfundo Moh

                                                                  Burnaboy

                                                              Mike Dada

More information on the voting process, which would also be audited by the International auditing firm, PriceWaterHouseCoopers (PWC), can also be found on the website, as well as AFRIMA’s social media (Instagram/TikTok – @Afrima.official; Facebook – Afrimawards; Twitter – @afrimaofficial).

Like it did at the AFRIMA 2021 edition, the PWC, which has audited other major global awards including the Oscars, will audit the voting portal, collate the votes and present them at the awards.

According to AFRIMA’s Executive Producer/President, Mike Dada, “AFRIMA’S core values of FACE IT – Fairness, Authenticity, Creativity, Excellence, Integrity and Transparency remain at the heart of our operations. With PWC, we are further reinforcing these value drivers, ensuring that we remain as inclusive, credible and authentic as always.”

Recall that the list of nominees were unveiled globally, last Wednesday, revealing a  total of 382 nominations across all 39 categories. The nominations, which have been greeted with positive acclaim across the world, are the fruit of a rigorous 10-day adjudication held by AFRIMA’s 13-member jury, in July. Also, only entries within the validity period of August 20, 2021 to August 5, 2022, were considered for nomination for this year’s awards.

According to AFRIMA’s Executive Producer/President, Mr Mike Dada, the awards body remains the ultimate recognition of African music globally, also serving as a muse to other award bodies across the continent.

“We are not oblivious to the fact that there are some other award bodies that copy our nominations every year. As the ultimate recognition of African music, globally, we are a source of inspiration to both music gatekeepers and music lovers across the entire industry. AFRIMA continues to blaze the trail in celebrating African talent and developing our creative ecosystem, and this year’s edition is a step further in that direction,” he said.

On her part, the African Union Commission’s Head of Culture, Mrs Angela Martins encouraged music lovers to vote decisively and objectively.

She said, “We have done our part. It is left to you the fans to now decide your winners. Remember that these categories are highly competitive and are based on merit. Let your votes help the best person(s) emerge as champion.”

The 2022 All Africa Music Awards will now be held from the 8th to 11th December, 2022. A special announcement will be made on the host country and location for the awards, on 30th September, 2022.

The AFRIMA awards ceremony will feature a 4-day fiesta of music, glitz, and glamour aimed at celebrating Africa, recognising talents and expanding the economic frontiers of the culture and  creative industry on the continent. The event is scheduled to commence with the welcome soiree, followed by the AFRIMA Music Village, the host city tour, Africa Music Business Summit, and the exclusive nominees’ party and concluded with the live awards ceremony broadcast to over 84 countries around the world.

African music lovers can take part in the events on social media, live stream on the AFRIMA website at www.afrima.org and visit the social media platforms (IG/TikTok – @afrima.official; Facebook – Afrimawards; Twitter – @afrimaofficial; LinkedIn – AFRIMA) ), and they can watch the event coverage by tuning in to their local and cable TV providers.

In partnership with the African Union Commission, AFRIMA is a youth-focused music platform that recognizes and rewards the work and talents of African artistes across generations.

AFRIMA primarily stimulates conversations among Africans, and also the rest of the world, especially on the potential of the creative arts for fostering real human enterprise, as well as contributing significantly to social cohesion, as well as sustainable development in Africa. The Programme of events is in line with the AU Agenda 2063 which outlines Aspiration 05 as the development of the arts and culture sector including its cultural and creative industries, to boost the development of the African economy.

Distributed by APO Group on behalf of All Africa Music Awards (AFRIMA).

SOURCE
All Africa Music Awards (AFRIMA)

The Kyabazinga of Busoga William Nadiope Gabula IV has hailed the women of Busoga for the interventions they are making  to boost social economic transformation of the region

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The Kyabazinga of Busoga William Nadiope Gabula IV has hailed the women of Busoga for the interventions they are making  to boost social economic transformation of the region

The Kyabazinga said this on Friday when he hosted members of Neyendeire Development Initiative (NDI) at the Igenge Palace in Bugembe, Jinja City. The group was led by Kisaka of kcca.

The group comprising more than 400 guests were at the Palace to observe the tradition of “okukiika embuga” and brought gifts for the Kyabazinga. There was mirth laughter, dancing, ululation in the traditional Busoga style. The ceremony was also attended by other members of the kingdom leadersh Royal family and business people attached to the kingdom.

Bugembe Palace of His highness the Kyabazinga of Busoga William Nadiope Gabula IV

¡Hola! ¡Hola! Follow View Profile The Prince and Princess of Wales are heading to the US: Details

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The Prince and Princess of Wales will be visiting the states later this year. Prince William and Catherine will travel to Boston to attend the second annual Earthshot Prize awards ceremony. The heir to the British throne announced the news in a pre-recorded video message on Wednesday at the Earthshot Prize Innovation Summit in New York City.

The Prince and Princess of Wales are heading to the US: Details

The Prince and Princess of Wales are heading to the US: Details© Provided by ¡Hola!

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Prince William admits walking behind Queen’s coffin reminded him of mom’s funeral

“Although it is the saddest of circumstances that means I cannot join you in person today, I am pleased to be able to join you in video form as you gather in New York for the Earthshot Prize Innovation Summit,” Prince William began. “During this time of grief, I take great comfort in your continued enthusiasm, optimism and commitment to the Earthshot Prize and what we are trying to achieve.”

William noted in his remarks that “protecting the environment was a cause close” to his late grandmother Queen Elizabeth ’s heart. “I know she would have been delighted to hear about this event and the support you’re all giving our Earthshot finalists, the next generation of environmental pioneers,” he said.

William concluded his message saying, “Both Catherine and I are so excited to be coming to Boston in December, and we look forward to seeing you all very soon.”

The Earthshot Prize 2022 awards ceremony will take place in Boston on December 2. William was originally supposed to attend the Earthshot Prize Innovation Summit in New York City on Sept. 21, but did not following the recent death of his grandmother, who was laid to rest on Sept. 19. Queen Rania of Jordan, Cate BlanchettMatt Damon and Bill Gates were among speakers at the summit, which “focused on driving systems-changing climate solutions to repair our planet.” The event, co-hosted by Bloomberg Philanthropies, kicked off the official countdown to the 2022 Earthshot Prize awards.

Kenya’s President Dr.William Ruto meets with Portugal Prime Minister

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Kenya and Portugal enjoy warm and cordial relations anchored on trade and technical cooperation in various sectors such as health and tourism. We believe there is room to strengthen our partnership for the benefit of both our people. With Portugal Prime Minister Antonio Costa.

I congratulate the Uganda Cricket Team upon winning the African Cricket Association (ACA)-Museveni

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I congratulate the Uganda Cricket Team upon winning the African Cricket Association (ACA) T20 Cup in Benoni, South Africa. I acknowledge the sportsmanship and team effort that provided ground for this victory and I pray that you keep it up. Congratulations!