Do Traders Think Sea Ltd (SE) Can Keep Climbing Tuesday?

Overall market sentiment has been down on Sea Ltd (SE) stock lately. SE receives a Bearish rating from InvestorsObserver Stock Sentiment Indicator.

Sentiment Score - ,bearish

Sea Ltd has a Bearish sentiment reading. Find out what this means for you and get the rest of the rankings on SE!

What is Stock Sentiment?When making investment decisions, sentiment gives a good overview of what stocks investors currently favor. Sentiment incorporates short-term technical analysis into its score and does not encompass any fundamental analysis such as profitability of the company. This means that earnings updates and other news can greatly impact overall sentiment.Changes in price are generally the best indicator of sentiment for a particular stock. At its core, a stock’s trend indicates whether current market sentiment is bullish or bearish. Investors must be bullish if a stock is trending upward, and are bearish if a stock is moving down.InvestorsObserver’s Sentiment Indicator factors in both price changes and variations in volume. An increase in volume usually means a current trend is stengthening, while a drop in volume tends to signal a reversal to the ongoing trend.Our system also uses the options market in order to receive additional signals on current sentiments. We take into account the ratio of calls and puts for a stock since options allow an investor to bet on future changes in price. What’s Happening With SE Stock Today?Sea Ltd (SE) stock is trading at $77.25 as of 10:18 AM on Tuesday, Jun 28, a gain of $2.19, or 2.92% from the previous closing price of $75.06. The stock has traded between $74.62 and $78.09 so far today. Volume today is less active than usual. So far 1,414,666 shares have traded compared to average volume of 7,811,271 shares. To see InvestorsObserver’s Sentiment Score for Sea Ltd click here.More About Sea LtdSea operates Southeast Asia’s largest e-commerce company, Shopee, in terms of gross merchandise value and number of transactions. Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce, which is now the main growth driver. Shopee is a hybrid C2C and B2C marketplace platform operating in eight core markets. Indonesia accounts for 35% of GMV, with the rest split mainly among Taiwan, Vietnam, Thailand, Malaysia, and the Philippines. For Garena, Free Fire was the most downloaded game in January 2022 and accounted for 74% of gaming revenue in 2021. Sea’s third business, SeaMoney, facilitates e-wallet payments on Shopee and offline and provides other digital financial services such as credit lending. Click Here to get the full Stock Report for Sea Ltd stock.

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Source: https://www.investorsobserver.com/news/stock-update/do-traders-think-sea-ltd-se-can-keep-climbing-tuesday-2

Interest Rates Bolster EU On-Demand Pay Growth

The on-demand economy is growing, and it’s no longer limited to mobility, food and entertainment services like Uber, DoorDash and Netflix.

According to Andrzej Nowak, CEO and founder of Poland-based FinTech Flexee, growing inflation and sky-high interest rates on small, short-term loans are driving on-demand pay growth in Europe, where more and more employees are in need of solutions that give them flexible access to their earned wages.

It’s a service his company provides to employees in its home market of Poland, where he says cash-strapped employees could use an affordable, cost-effective alternative to the expensive small loans they take out while waiting on their next paycheck.

“For example, if you want to take a 200 euro or dollars loan, you will have to pay about 25% interest on that provision. [Roughly] $150 million of those non-banking loans are issued every month on the market, indicating that there is a huge demand from employees’ perspective,” Nowak told PYMNTS in an interview.

To meet that demand, the Flexee app gives employees access to part of their future wages on any day of the month, and upon request, the funds are instantly transferred to their account. Workers can also track how much earned money they have accumulated and the amount they can already pay out, making it easy to budget and plan out expenses ahead of time.

The Warsaw-based FinTech, founded in 2020, is now looking to expand, having recently raised $3 million that Nowak said will be used as a working capital to finance payouts while it looks to secure more funds from financial institutions in the future.

See also: PYMNTS Intelligence: Offering Gig Workers Competitive Payment Options

It’s Like Buy Now, Pay Later

According to Nowak, demand for on-demand salary payment is rising in Europe, and the company’s research shows that in the last year alone, 40% of employees in Poland needed funds before they received their next paycheck.

“They were searching for a small amount, $200 in average, and they were searching for it [barely] seven days before they got their salaries,” he noted.

In terms of sectors driving demand, he said the conversion rate with insurance companies is about 20%-30%, whereas it’s much higher with gig economy companies — up to 50% or half of their employees are using the service, with the conversion rate increasing the longer the company has been working with Flexee.

Related: Report: Freelance Tech Talent Follows Faster Digital Payments

This is because the product is still a new concept to some employers and employees: “We need to educate the market — on one side, let employers know that a solution like salary on-demand exists, and on the other also educate employees that they can pay out their salaries earlier in the month,” he explained.

Moving forward, he said the goal is to expand beyond Poland to the Central and Eastern Europe (CEE) region, growing its user base from 20,000 to 100,000 by the end of this year as part of plans to build a strong European player that can attract funding from major private equity funds and foreign investors.

“A nice comparison is the buy now, pay later sector which is booming in Europe. People love the service because at the end of the day, they are getting [a cheaper alternative to traditional credit],” Nowak said. “It’s the same in the salary on-demand space because together with employers, we are giving employees access to wages at zero cost so that they will no longer have to use short-term loans.”

Sign up here for daily updates on all of PYMNTS’ Europe, Middle East and Africa (EMEA) coverage.

To meet that demand, the Flexee app gives employees access to part of their future wages on any day of the month, and upon request, the funds are instantly transferred to their account. Workers can also track how much earned money they have accumulated and the amount they can already pay out, making it easy to budget and plan out expenses ahead of time.

Source: https://www.pymnts.com/news/financial-inclusion/2022/interest-rate-hikes-boost-demand-for-on-demand-pay/

Why Cruise Line Stocks Dropped Today

What happened

Shares of cruise line stocks had a rough start to the week after a Wall Street analyst downgraded expectations because of the risk of a recession. Shares are trading lower for all of the major cruise lines despite the stock market rising slightly in morning trading.

As of 11:00 a.m. ET, Carnival Corporation (CCL -2.77%) is down 2.9%, Norwegian Cruise Line (NCLH -2.65%) is down 3%, and Royal Caribbean Cruises (RCL -3.42%) has fallen 3.5%. The stocks were down as much as 6.2%, 6%, and 6.8%, respectively.

So what

The biggest news today was Stifel Nicolaus analyst Steven Wieczynski lowering earnings estimates and the price target for Carnival. Adjusted EBITDA expectations dropped from positive $103 million in 2022 to negative $244 million and, in 2023, fell from $5.0 billion to $4.16 billion. Wieczynski’s stock price target was also reduced to $20 per share from $30.

It wasn’t really anything new that drove the estimate or price target change but the reality that a recession is likely in the near future. The market seems to be pricing in an economic slowdown of some sort, and with Carnival’s shares trading between $10 and $11, the thought was to bring expectations in line with reality.

Not surprisingly, related cruise line stocks followed Carnival lower in trading today. Carnival is the biggest cruise line, so it’s natural that this will pull the entire industry down.

Now what

It’s hard to see how even the 2023 adjusted EBITDA estimate is possible given the current state of the cruise industry. You can see that debt piled up during the pandemic, and operations still haven’t gotten to the point that they’re generating positive cash flow.

CCL Total Long Term Debt (Quarterly) Chart

CCL Total Long Term Debt (Quarterly) data by YCharts.

Despite the drop in price for cruise line stocks, it’s hard to argue there’s much value for investors. Even in an optimistic environment, these companies will have a hard time paying down debt, and eventually, that debt will need to be refinanced, likely at a higher rate than they got during the last three years.

I don’t see a reason to jump into cruise line stocks today, and I do see continued pressure ahead for the industry. But now, it won’t just be pressure on the stocks but operational pressure from the economy and falling spending as prices rise. That doesn’t put these companies in a strong position at all, which is why I would stay away.

Cruise line companies need to answer how they’re going to survive before investors should think that they can in any way thrive.

Source: https://www.fool.com/investing/2022/06/27/why-cruise-line-stocks-dropped-today/

Stocks to Watch: ONGC, Hero MotoCorp, J&K Bank

Here is the list of the top 10 stocks that are likely to be in focus on Friday:

ONGC: ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has made an oil discovery in a block in Colombia, the company said on Thursday.

Hero MotoCorp: India’s largest two-wheeler maker Hero MotoCorp on Thursday said it will increase the prices of its motorcycles and scooters by up to ₹3,000 per unit across the entire range effective from July 1.

Jammu & Kashmir Bank: The bank’s board will meet on 28 June to consider fundraising.

Dish TV: A division bench of the Bombay High Court on Thursday dismissed the petition filed by Dish TV’s promoter group firm, seeking to restrain Yes Bank from voting at the DTH operator’s extraordinary general meeting.

Tata Motors: The government has ordered an independent enquiry into a Nexon electric vehicle catching fire in Mumbai, a senior Road Transport and Highways ministry official said on Thursday. Tata Motors said it is also investigating the incident of its Nexon EV catching fire in Mumbai.

Century Plyboards: The firm made an investment of ₹20.95 crore in its subsidiary Century Panels.

Dalmia Bharat: Shares of cement companies have been beaten down because of escalated costs pressures and inadequate price increases. The shares of Dalmia Bharat Ltd are not an exception with the stock falling 32% so far in CY22. The underperforming trend in the shares could persist because of looming near-term margin challenges.

Suyog Telematics: Nariman Investment Holdings offloaded over 4 lakh equity shares in Suyog Telematics through open market transactions.

Ashiana Housing: Realty firm Ashiana Housing will invest around ₹350 crore over the next five years to develop a housing project in Pune as part of its expansion plan. The company has tied up with Pune-based Lohia Jain Group, which owns 11.33 acre land in Hinjewadi region.

Thermax: Energy and environment solutions firm Thermax bought two firms in the renewable energy sector in India.

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Source: https://www.livemint.com/market/stock-market-news/stocks-to-watch-ongc-hero-motocorp-j-k-bank-11656035553890.html

Varney says crypto, stock market values not coming back anytime soon: ‘Massive wealth destruction’

NEWYou can now listen to Fox News articles!

FOX Business host Stuart Varney told “Fox & Friends” on Tuesday that he does not see how cryptocurrency value will make a comeback given the Federal Reserve’s policies on dealing with inflation. Varney said markets will come back but not anytime soon because the “wall of money” has stopped.

FED COULD BREAK ECONOMY WITH AGGRESSIVE RATE HIKE CAMPAIGN, SAYS ANALYST

STUART VARNEY: They may come back a little, but they’re not going to come all the way back. So that wealth that has been destroyed comes back itself. I don’t think so. For a start, you no longer have that wall of money coming into the crypto market and the stock market from the Fed and from Congress. And without that wall of money. I don’t see how they’re going to come all the way back, wealth destruction.

WATCH THE FULL INTERVIEW BELOW:

This article was written by Fox News staff.

Source: https://www.foxnews.com/media/varney-crypto-stock-market-values-coming-back-anytime-soon-massive-wealth-destruction

Apple’s Innovations Position the Stock for Long-Term Growth

Despite ongoing supply chain and regulatory pressures, Apple (NASDAQ:AAPL) continues to roll out new features and products that will help keep its business and the AAPL stock price buoyant over the long-term.

Apple just wrapped up its annual Worldwide Developers Conference where it introduced several new software features and products that impressed attendees and generated positive media coverage. And while AAPL stock continues to decline along with the broader market, down 26% year-to-date at $132 a share, the Cupertino, California-based company’s innovations and new products position it to rebound strongly when the market finally acquiesces and begins to recover.

Pay Later Service

The big news coming out of Apple’s developer’s conference was a pay-later option that moves the company further into the financial services sector. The new payment feature, called Apple Pay Later, is an addition to its popular Wallet app, and part of the consumer electronics giant’s expansion into the world of online finance.

Apple Pay Later enables people to pay for things over four equal installments, paid monthly without any interest being charged. The move into the pay later loan segment puts Apple into direct competition with major financial technology (fintech) players such as PayPal (NASDAQ:PYPL) and Affirm (NASDAQ:AFRM).

However, Apple, which has had success launching its own credit cards, is well-positioned to succeed and win market share in the buy now, pay later space, say analysts.

Other news coming out of Apple’s weeklong conference was the unveiling of the latest iPhone software, iOS 16, which includes a new lock screen; two new Mac computers, including the biggest refresh of its MacBook Air model in more than a decade; improvements to the Apple Watch that include the addition of atrial fibrillation detection to help with heart health; an overhaul of Apple CarPlay that will integrate it more with a vehicle’s instruments such as the speedometer and other gauges; and more multitasking features for the iPad, including a long-awaited weather app.

All the new technologies will use Apple’s proprietary M2 chip, which the company developed internally after ending its long-term relationship with Intel (NASDAQ:INTC).

Overseas Challenges

The latest upgrades, products and features position Apple for a strong future and should help the company remain at the front of the pack in the consumer electronics space.

However, in the near-term, Apple continues to manage a number of overseas challenges that are weighing on its share price. These include ongoing Covid-19 lockdowns in China that have impacted its manufacturing and difficulty sourcing components and managing supply chains throughout Asia that threaten production of its iPhone.

Any challenges to the iPhone are bad news for Apple, as global sales of the popular smartphone continue to account for more than half of the company’s revenue, generating almost $192 billion in 2021.

On the other side of the world, in Europe, Apple also faces some near-term headwinds. European antitrust regulators have charged Apple with restricting rivals’ access to its chip technology in a move that could force the iPhone maker to open its mobile payment system to competition on the continent. The European Commission said it has sent Apple details of how the company has abused its dominant position in markets for mobile wallets on iOS devices and ordered that changes be made.

Separately, the EU has agreed to a single charging port for mobile phones, tablets and other electronic devices. That decision is seen as a blow to Apple, which must now change the connector on its iPhones sold in Europe by 2024. iPhones are in a unique position as they are charged from a Lightning cable that’s made in-house by Apple, while rival Android-based devices use more standard USB-C connectors.

Apple has warned that the proposal, which is designed to cut down on electronic waste, will hurt innovation going forward. However, it’s not clear how Apple will get around the new European requirements.

AAPL Stock Is Built for Long-Term Success

Despite some immediate issues, Apple continues to be the world’s dominant consumer electronics company and is likely to remain in that position for many years to come. Even as it manages supply chain issues in Asia and shifting regulations in Europe, the company continues to upgrade its existing products and introduce new ones that offer users constant improvements.

This approach has proven to be a recipe for success and should help Apple rebound mightily when the current market selloff finally ends. In the meantime, investors should view the current downturn in Apple’s share price as a buying opportunity. AAPL stock is a strong buy.

On the date of publication, Joel Baglole held a long position in AAPL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

Apple Pay Later enables people to pay for things over four equal installments, paid monthly without any interest being charged. The move into the pay later loan segment puts Apple into direct competition with major financial technology (fintech) players such as PayPal (NASDAQ:PYPL) and Affirm (NASDAQ:AFRM).

Source: https://investorplace.com/2022/06/apples-innovations-position-the-stock-for-long-term-growth/

Better EV Stock to Buy: Rivian vs. Nio

Now that electric vehicle (EV) stocks have tumbled from excessive valuations, many people are looking closer at getting exposure to the sector. Rivian Automotive (RIVN -0.68%) and China-based Nio (NIO 8.29%) are two popular names with investors.

That’s understandable as they both have intriguing characteristics as potential investments. Rivian had a very successful initial public offering late last year and held $17 billion in cash as of March 31. Some of that also came from early investor Amazon, which also has placed an order with Rivian for 100,000 electric delivery vehicles. Nio, which operates in the two biggest global EV markets in China and Europe, already has a large customer base and popular products. So it’s worthwhile to look at which would make the better investment right now.

Valuation difference

While Nio has a market cap of $32 billion compared to about $24 billion for Rivian, there’s good reason for it to be worth more to investors. While neither is yet earning profits, one way to value them right now is with a price-to-sales (P/S) ratio based on expected 2022 sales. And there’s a big difference there.

RIVN PS Ratio (Forward) Chart

RIVN PS Ratio (Forward) data by YCharts

Rivian projects it will produce and sell 25,000 vehicles this year, with two-thirds going to consumers, and the balance being its electric delivery vehicles (EDVs) for Amazon. While its consumer trucks start around $70,000, the company hasn’t disclosed the selling price for its EDV. But it isn’t a stretch to think the commercial vans will be sold at a lower price, while consumers on average will spend more than just the base price for its pickup truck and SUV models. The above P/S estimate is based on the assumption that the overall revenue per vehicle sold will average out to over $70,000 this year.

Looking at Nio revenue is more straightforward since it has a track record with more than 200,000 EVs sold to date. It had revenue of about $1.5 billion in the first quarter and expects similar results for the second quarter. As supply chain and COVID-19-related headwinds are expected to lessen, and new models gain traction, the second half of the year should see better results.

Knowns versus unknowns

Those recent headwinds have impacted Nio’s growth trajectory in recent months, with trailing-12-month sales leveling off.

bar chart of Nio trailing twelve month (TTM) deliveries from October 2020 to May 2022.

Data source: Nio. Chart by author.

But even if revenue growth slows to a minimum this year, it remains at a solid level after several years of sharply increasing sales.

Nio annual revenue from 2018 to 2021.

Data source: Nio. Chart by author.

Nio has recently begun sales of the ET7, its first sedan model. The company delivered more than 1,700 ET7s in May, just a month after its initial shipments. It also will begin sales of the ET5 midsize sedan as well as a new SUV model later this year. Management has also expressed the desire to launch a sub-brand in the future that could attract more customers at a lower price point.

Rivian and Nio both involve risks. And both have plenty of future potential. But for those looking to take advantage of the recent revaluation in the EV sector, Nio comes with the more established business, and a lower relative price.

Source: https://www.fool.com/investing/2022/06/19/better-ev-stock-to-buy-rivian-vs-nio/

Progress Software PRGS Investment Report

Source: Stock Traders Daily

Longer Term Trading Plans for PRGS

  • Buy PRGS over 46.86 target 50.57 stop loss @ 46.72 Details
  • The technical summary data tells us to buy PRGS near 46.86 with an upside target of 50.57. This data also tells us to set a stop loss @ 46.72 to protect against excessive loss in case the stock begins to move against the trade. 46.86 is the first level of support below 46.93 , and by rule, any test of support is a buy signal. In this case, support 46.86 is being tested, a buy signal would exist.

  • Short PRGS under 50.57, target 46.86, stop loss @ 50.72 Details
  • The technical summary data is suggesting a short of PRGS as it gets near 50.57 with a downside target of 46.86. We should have a stop loss in place at 50.72though. 50.57 is the first level of resistance above 46.93, and by rule, any test of resistance is a short signal. In this case, if resistance 50.57 is being tested, a short signal would exist.

Swing Trading Plans for PRGS

  • Buy PRGS over 49.40, target 50.57, Stop Loss @ 49.26 Details
  • If 49.40 begins to break higher, the technical summary data tells us to buy PRGS just over 49.40, with an upside target of 50.57. The data also tells us to set a stop loss @ 49.26 in case the stock turns against the trade. 49.40 is the first level of resistance above 46.93, and by rule, any break above resistance is a buy signal. In this case, 49.40, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

  • Short PRGS near 49.40, target 46.86, Stop Loss @ 49.54. Details
  • The technical summary data is suggesting a short of PRGS if it tests 49.40 with a downside target of 46.86. We should have a stop loss in place at 49.54 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 49.40, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for PRGS

  • Buy PRGS over 49.40, target 50.57, Stop Loss @ 49.28 Details
  • If 49.40 begins to break higher, the technical summary data tells us to buy PRGS just over 49.40, with an upside target of 50.57. The data also tells us to set a stop loss @ 49.28 in case the stock turns against the trade. 49.40 is the first level of resistance above 46.93, and by rule, any break above resistance is a buy signal. In this case, 49.40, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

  • Short PRGS near 49.40, target 46.86, Stop Loss @ 49.52. Details
  • The technical summary data is suggesting a short of PRGS if it tests 49.40 with a downside target of 46.86. We should have a stop loss in place at 49.52 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 49.40, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

PRGS Technical Summary | Raw Data for the Trading Plans

Term →Near Mid Long Bias Weak Strong Neutral P1 0 0 43.36 P2 44.98 46.42 46.86 P3 46.46 49.40 50.57

PRGS Long Term Analysis for June 19 2022

PRGS Swing Trading Analysis for June 19 2022

PRGS Day Trading Analysis for June 19 2022

This report was produced using AI developed by Stock Traders Daily. Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to Index options, ETFs, and futures. The objective of this specific report is to optimize trading in Progress Software (NASDAQ: PRGS) while incorporating prudent risk controls.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for PRGS change over time, so the report should be updated regularly. Real Time updates are provided to subscribers. Unlimited Real Time Reports.

Subscribers also receive market analysis, stock correlation tools, macroeconomic observations, timing tools, and protection from market crashes using Evitar Corte.

Instructions:

The rules that govern the data in this report are the rules of Technical Analysis. For example, if PRGS is testing support buy signals surface, and resistance is the target. Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly. In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for PRGS too. All of these are offered below the Summary Table.

Graph of Evitar Corte vs. S&P 500

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Source: https://news.stocktradersdaily.com/news_release/32/Progress+Software+PRGS+Investment+Report_061922101502.html

Governor Hochul announces $50 million investment into East Buffalo

BUFFALO, N.Y. (WKBW) — Governor Kathy Hochul announced Saturday a $50 million targeted investment to address the needs of the East Buffalo community.

The announcement comes five weeks after the fatal mass shooting at the Tops on Jefferson Avenue.

This investment, according to Hochul, will help build back and strengthen the community as the state and local officials work together to determine long-term economic development.

Hochul said this investment will help combat the food insecurity in East Buffalo by expanding free transportation services to additional grocery stores or markets.

Funding will also be delegated to capital and operating grants for local small businesses, job training efforts, foreclosure prevention and a pilot program that offers door-to-door educational programs.

The Governor also announced $3 million to be invested into the Resource Council of Western New York, which has provided daily services and food access to the East Buffalo community since the attack.

Saturday’s announcement builds on investments the Governor has made into East Buffalo, including:

  • Up to $1 billion to reconnect neighborhoods across the Kensington Expressway in Buffalo.
  • $55 million for Northland Corridor Redevelopment Area Phase 3
  • $55 million for improvements to Central Terminal
  • $37 million for Broadway Market
  • $30 million for the Michigan Street African American Heritage Corridor
  • $21 million for Northland Workforce Training Center
  • $6 million in support for MLK Park
  • $3 million for Bus Rapid Transit on Bailey Avenue

Copyright 2022 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Funding will also be delegated to capital and operating grants for local small businesses, job training efforts, foreclosure prevention and a pilot program that offers door-to-door educational programs.

Source: https://www.wkbw.com/news/local-news/governor-hochul-announces-50-million-investment-into-east-buffalo

Agric Minister praises private sector for investing in organic fertilizer production

Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto has expressed satisfaction about the private sector initiative to transform the industry and produce mass organic fertilizer led by Zoomlion Ghana Limited amidst the global fertilizer shortage.

He said the capital industrial investment that Zoomlion Ghana Limited has sunk into the transformation agenda supported by other private companies in their produce organic fertilizer to feed the agrarian community, was monumental and worthy of commendation by the government.

The Agric Minister was speaking to journalists after a tour of the Kumasi Compost and Recycling Plant (KCARP).

The minister earlier visited a liquid fertilizer plant in the Atwima Nwabiagya District and farmer groups in other parts of the Ashanti Region as part of his working visit to the region to assess progress and problems related to agriculture.

Dr. Akoto was amazed at the size of KCARP saying this is bigger than the Accra Compost and Recycling Plant (ACARP) situate at Adjen Kotoku in the Greater Accra Region.

KCARP a subsidiary of Zoomlion Ghana Limited under the Environment and Sanitation Cluster of the Jospong Group of Companies (JGC) is projected to be the biggest of its kind in Africa.

It receives all kinds of waste, processes it to produce quality and efficient organic fertilizer and recycles the plastics into useable products such as waste bins, tables, chairs and different kinds of containers for storage purposes.

The minister said he panicked when in one of the ECOWAS agric ministers meeting under his chairmanship, it became clear that fertilizer shortage had hit the sub-region but upon seeing what the KCARP, ACARP and the IRECOPs all subsidiaries of Zoomlion and other partners are doing in the area of organic fertilizer production, he is most relieved of his fears and assured that Ghana has a better alternative after all.

He attributed the chemical fertilizer shortage worldwide to the Ukrainian and Russian upheavals and advised Ghanaian farmers to patronise the local products.

Dr. Akoto said it was reassuring to see that the 18 producers and suppliers of fertilizer who have applied to the ministry and assured it at a meeting recently of their capabilities are working hard to provide the needs of the farmers.

He specifically pointed out that it was clear Zoomlion has invested hugely into organic fertilizer production and government appreciates that effort and will ensure that the farmers patronise it for the good of the Ghanaian economy.

“I am also particularly impressed about the almost instantaneous demand for organic fertilizer in Ghana during my tour of the regions,” the minister disclosed.

He said government will subsidise organic fertilizer as it was part of the Planting for Food and Jobs programme and increase the threshold given to local companies to supply organic fertilizer accordingly.

Communication and Corporate Affairs Manager of KCARP, Mr. Eugine Amoh-Asamoa, disclosed that KCARP alone produces over 3,000 (25kgs bags) a day.

Meaning 35,000 bags are produced in a week.

He said the fertilizer that is produced by KCARP is highly potent and enriched by natural nutrients to help the nation produce more organic food and vegetables for consumption.

He assured the Agric Minister of the company’s readiness to increase production once the demand has improved.

Zoomlion is currently constructing the IRECOP concept in all 16 regions, which are at various stages of completion. These plants will all produce organic fertilizer for the farmers and recycle plastics to improve the sanitation situation in the regions.

Two different plants are operational in Accra, one in Kumasi while Goaso, Takoradi and Oti are going through test operations.

Source: https://citinewsroom.com/2022/06/agric-minister-praises-private-sector-for-investing-in-organic-fertilizer-production/