Coöperatieve Rabobank U.A. is a full-range financial services provider that operates on cooperative principles. Its origins lie in the local loan cooperatives that were founded in the Netherlands nearly 110 years ago by enterprising people who had virtually no access to the capital market.

Rabobank Group is comprised of independent local Rabobanks plus Rabobank Nederland, their umbrella organisation, and a number of specialist subsidiaries. Overall, Rabobank Group has approximately 61,100 employees (in FTEs), who serve about 10 million customers in 47 countries.

Rabobank

Rabobank and the European Investment Bank Group have strengthened their longstanding partnership by making available over €1 billion in new, favourable lending for Dutch small businesses and mid-caps. This comes in the form of two recently signed facilities -- one for sustainable entrepreneurs, the so-called impact loans, and one intended for COVID relief, among others.

Impact loans are available to entrepreneurs and small businesses that hold one of the selected sustainability labels, certifying their commitment and effort towards making their businesses socially and environmentally sustainable. Under the seventh iteration of the impact loans, the EIB will lend €300 million to Rabobank, which will match this, making a total of €600 million that will be issued in new lending for sustainability-conscious entrepreneurs.

Through a separate credit risk-sharing transaction with the EIB's subsidiary, the European Investment Fund, Rabobank will make available a further €445 million for businesses looking to grow their way out of the difficult conditions caused by, among others, the COVID pandemic. The EIF will guarantee a junior tranche on a portfolio of SME loans held by Rabobank, and is in turn counter-guaranteed under the European Guarantee Fund (EGF), effectively freeing up part of Rabobank's capital. This is the second capital relief transaction entered into between the EIB Group and Rabobank since 2018.

Kirsten Konst, Director of Business Clients and member of the Managing Board, said: "We are committed to making a difference as a cooperative bank, and contributing to a more sustainable world is important to Rabobank. Our focus is on continually improving the understanding of our clients' needs and their challenges. These transactions enable us to support our clients in achieving their goals. Rabobank is therefore proud to continue its partnership with the EIB and the EIF."

"Rabobank has been a close partner of the EIB Group since 2009," said EIB Vice-President Kris Peeters. "Now that the stakes are higher than ever for the EU economy, we are glad to be able to partner with them again to make funding available for businesses, especially in support of socially and environmentally sustainable investments. Small businesses remain the backbone of our economies and they need all the support they can get."

"Our longstanding partnership with Rabobank supports the EIF's mission to make sure appropriate financing is available for European small businesses," added EIF Chief Executive Marjut Falkstedt. "I am glad that, together with the EIB, we are able to make available such an important amount of financing in the Netherlands, all the more since a large portion of it targets sustainable businesses, in line with our climate commitments."

Impact loans are available to entrepreneurs who are frontrunners in their sector, are demonstrably engaged in corporate social responsibility and hold one of the selected sustainability labels. Applications for an impact loan must meet the normal conditions of the EIB and Rabobank. Impact loans are available for businesses with up to 3 000 employees. The total investment may not exceed €25 million and the loan principal is capped at €7.5 million. The final loan approval decision rests with Rabobank.

Rabobank and EIB partner to issue €1billion in new lending to Dutch small businesses and mid-caps | Business

Part of the financing is the seventh transaction under the heading "impact loans", which have so far supported over 600 Dutch small businesses and more than 20 different sectors for a total of €1.1 billion in lending.

Rabobank and the European Investment Bank Group have strengthened their longstanding partnership by making available over €1 billion in new, favourable lending for Dutch small businesses and mid-caps. This comes in the form of two recently signed facilities -- one for sustainable entrepreneurs, the so-called impact loans, and one intended for COVID relief, among others.

Impact loans are available to entrepreneurs and small businesses that hold one of the selected sustainability labels, certifying their commitment and effort towards making their businesses socially and environmentally sustainable. Under the seventh iteration of the impact loans, the EIB will lend €300 million to Rabobank, which will match this, making a total of €600 million that will be issued in new lending for sustainability-conscious entrepreneurs.

Through a separate credit risk sharing transaction with the EIB's subsidiary, the European Investment Fund, Rabobank will make available a further €445 million for businesses looking to grow their way out of the difficult conditions caused by, among others, the COVID pandemic. The EIF will guarantee a junior tranche on a portfolio of SME loans held by Rabobank, and is in turn counter-guaranteed under the European Guarantee Fund (EGF), effectively freeing up part of Rabobank's capital. This is the second capital relief transaction entered into between the EIB Group and Rabobank since 2018.

Kirsten Konst, Director of Business Clients and member of the Managing Board, said: "We are committed to making a difference as a cooperative bank, and contributing to a more sustainable world is important to Rabobank. Our focus is on continually improving the understanding of our clients' needs and their challenges. These transactions enable us to support our clients in achieving their goals. Rabobank is therefore proud to continue its partnership with the EIB and the EIF."

"Rabobank has been a close partner of the EIB Group since 2009," said EIB Vice-President Kris Peeters. "Now that the stakes are higher than ever for the EU economy, we are glad to be able to partner with them again to make funding available for businesses, especially in support of socially and environmentally sustainable investments. Small businesses remain the backbone of our economies and they need all the support they can get."

"Our longstanding partnership with Rabobank supports the EIF's mission to make sure appropriate financing is available for European small businesses," added EIF Chief Executive Marjut Falkstedt. "I am glad that, together with the EIB, we are able to make available such an important amount of financing in the Netherlands, all the more since a large portion of it targets sustainable businesses, in line with our climate commitments."

Impact loans are available to entrepreneurs who are frontrunners in their sector, are demonstrably engaged in corporate social responsibility and hold one of the selected sustainability labels. Applications for an impact loan must meet the normal conditions of the EIB and Rabobank. Impact loans are available for businesses with up to 3 000 employees. The total investment may not exceed €25 million and the loan principal is capped at €7.5 million. The final loan approval decision rests with Rabobank.

Background information:

The European Investment Bank (EIB) issues long-term loans on behalf of the European Union. The Bank is owned directly by the EU Member States -- the Netherlands owns 5.2% of its shares -- and is therefore able to make extremely cheap loans available on the capital market. This enables the EIB to provide long-term financing for solid investments that contribute to the European Union's policy goals. The EIB made available slightly over €2 billion in loans for projects in the Netherlands in 2021.

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.

Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers' interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employed 45,415 FTE per 30 June 2022. Rabobank Group is active in 38 countries.

Netherlands: Rabobank gets EIB Group backing to issue €1 billion in new lending to Dutch small businesses and mid-caps

Tight global beef supplies and steady demand for New Zealand beef are expected to support healthy farmgate prices for New Zealand beef producers through to 2025, Rabobank says in a newly-released report.

But with a number of key challenges facing the industry - including the need to decrease greenhouse gas emissions and to reduce bobby calf processing requirements - the bank says new ideas and strategic investment will be required by the industry to find solutions to these challenges and to extract more value from the beef supply chain.

In the new report Capitalising on tailwinds through to 2025, Rabobank says the beef industry has performed exceptionally well over recent years.

"The New Zealand beef industry has grown exports by 94,000 tonnes or 21 per cent over the last five years and enjoyed a golden run of pricing during this period," report author Rabobank agricultural analyst Genevieve Steven said.

"Growing demand from China has been the key factor that has fuelled an increase in New Zealand beef exports. In 2017, China accounted for just 20 per cent of New Zealand beef exports, but since then, we've seen export volumes increase markedly and China is now New Zealand's largest export market for beef accounting for close to 40 per cent of total exports in 2021."

Ms Steven said the outlook for New Zealand beef exports over coming seasons remains strong, despite the prospect of increased competition from Australia and Brazil.

"Although beef production in Australia and Brazil is forecast to increase, we expect global beef production will remain tight through to 2025 due to the re-build of the US beef cow herd," she said.

"We also expect consumption of ground beef in the US will grow as consumers trade down to lower-value beef cuts, in response to economic tightening. And this will play into New Zealand's favour as we're a key supplier of lean trimmings into the US for ground beef production.

"We anticipate that tight global beef supplies and increasing global consumption of ground beef will keep demand for New Zealand beef strong and ensure farmgate beef pricing continues at elevated levels over the next few years."

Change is coming

While the outlook remains positive, the report says, change is coming for the New Zealand beef industry.

"The Paris Agreement is driving global markets to reduce supply chain emissions - the majority of which occur at the farm level - and represent scope 3 emissions for companies downstream in the beef supply chain," she said.

"New Zealand farmers are experiencing these market signals via increased regulatory pressure. And afforestation, plus emissions and freshwater regulations are also expected to drive a decrease in New Zealand beef production by four per cent over the next three years."

On top of regulatory challenges, the report says, the sector will also have to find ways to manage the increased need for bobby calf processing, with Fonterra set to bring in new rules in mid-2023 that specify all non-replacement calves must enter a value stream such as dairy beef finishing, veal production or the pet food industry.

"This will result in a significant jump in the number of bobby calves to process annually from mid-2023, and the meat industry is concerned about its ability to process increased volumes of bobby calves due to labour constraints and the highly condensed bobby calf season," Ms Steven said.

She said industry participants will need to keep an open mind to different solutions aimed at addressing these issues in order to adapt the supply chain so it is fit for the future.

"And the healthy balance sheets of operators throughout the beef industry supply chain mean the sector is currently well-positioned to invest in new ideas and to think outside the box," she said.

Potential solutions

The report identifies two strategies which have the potential to reduce both emissions and bobby calf processing requirements; closer integration of the dairy and beef industries and capturing more value through net zero carbon attributes.

Ms Steven said further investment into collaboration between the dairy and beef industries could help the beef sector reduce emissions and bobby calf processing requirements.

"One benefit of closer integration is it would allow the beef sector to capitalise on the lower emissions profile of dairy beef cattle. Dairy beef cattle have significantly lower emissions per kg CWT than straight beef cattle, due to dairy cow emissions attributed to milk production," she said.

"The beef sector could also benefit from genetic research to find low emissions traits, and the use of methane reducing technologies in the dairy industry, that ultimately reduce the emissions profile of dairy beef calves entering the beef supply chain."

Another opportunity, Ms Steven said, is to more closely align dairy beef genetics with market premiums for beef.

"Improved feedback loops between the beef and dairy industries will help to ensure that the beef genetics being used in the dairy industry align with market premiums, and that dairy beef animals meet finishers' requirements," she said.

A further opportunity stemming from industry collaboration that could help to reduce bobby calf processing, Ms Steven said, was the development of a rose veal industry for New Zealand.

"Rose veal - the term given to beef cattle slaughtered at age eight to 12 months -

is a niche industry in New Zealand, with veal not commonly consumed domestically," she said.

"There is an opportunity to develop a 'raised in nature' rose veal product which differs to European veal by being grass fed, natural and having low emissions.

"Opportunities may exist in Europe for a 'raised in nature' product, while other markets of interest include the US and Asia."

Ms Steven said the first step in developing a rose veal industry would be to find customers who are prepared to pay a premium for New Zealand veal over European competitors.

"Clear market signals are required to give processors confidence to invest in developing a programme," she said.

"Beef-finishing farmers could benefit from a rose veal industry by having shorter economic return periods for cattle, greater flexibility with short-term cattle, and a lower emissions footprint from young stock."

In addition to greater industry collaboration, the report says, there is an opportunity to capture more value across the carcass, particularly with regard to the development of net zero carbon products.

"There are some niche consumer groups who are willing to pay premiums for net zero carbon beef from New Zealand and, typically, these consumers pay a premium for net zero carbon, in addition to a suite of other attributes," Ms Steven said.

"Net zero carbon attributes are usually accredited to high-value primal cuts, often in the chilled category, because it is easier to pass through higher product costs to a consumer of premium beef cuts."

Ms Steven said there is an opportunity to export net zero carbon lean trimmings into the US market as an ingredient in net zero or low emissions ground mince.

"A New Zealand-branded net zero carbon mince product is an option, but the challenge would be securing sufficient volumes of zero carbon fat trimmings. To scale this opportunity, New Zealand would need to partner with a company in Australia or the US that also produces zero carbon fat trimmings." she said.

"Ensuring credibility of the 'New Zealand net zero carbon product' stamp will be essential if New Zealand is to grow sales in this area. Complete confidence is needed in attribute claims to avoid green washing and devaluing the integrity of the New Zealand brand.

"New Zealand does have a first-mover advantage because of the work that has already been done here to reduce emissions, but increased competition from other countries is expected within the next five years."

Rabobank New Zealand is a part of the global Rabobank Group, the world's leading specialist in food and agribusiness banking. Rabobank has more than 120 years' experience providing customized banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 38 countries, servicing the needs of about 8.6 million clients worldwide through a network of close to 1000 offices and branches. Rabobank New Zealand is one of the country's leading agricultural lenders and a significant provider of business and corporate banking and financial services to the New Zealand food and agribusiness sector. The bank has 28 offices throughout New Zealand.

Strong outlook for NZ beef - Rabobank

"Our one-month USD/JPY 130 forecast crudely reflects our view that both today's and March's policy meetings could bring steady policy. That said, we forecast USD/JPY at 128 in a three-month view and 126 in six- months."

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USD/JPY: One-month 130 forecast reflects adjustment to the YCC policy could be delayed until April - Rabobank

Mexican Peso (MXN) was one of the best-performing currencies in 2022. MXN is likely to stay firm in the near term but economists at Rabobank expect USD/MXN to hit 20.50 later in the year.

"We disagree with the view that the Fed will cut rates this year, but in the short term, the market is unlikely to change its outlook. This is currently providing support for risk assets across the board. As a result, we see MXN as likely to remain firm on a 1-3 month view, with the pair likely to stay below 19.80. That said, we see support at 18.50 as likely to hold."

"As we move into the middle of the year and the peak for Fed funds has been reached, we expect the Fed to continue extolling the view that it won't cut rates this year."

"We expect a true consumer-driven US recession this year, but this recession is likely to be accompanied by a more robust labor market than in previous cycles. To our mind, that creates a scenario where the Fed holds through the recession. Risk assets are likely to take a hit when this becomes clear to the market."

"MXN will be somewhat insulated given we expect a terminal rate of 10.75% in Mexico (a final 25 bps hike on February 9), but a move towards 20.50 is highly likely."

USD/MXN: A move towards 20.50 is highly likely - Rabobank

"We see risks that AUD/USD could dip back to the 0.67 level on a three-month view on a combination of US recession concerns, a still hawkish Fed and expectations that the RBA is close to a peak in policy. However, on the expectation that the Australian economy will avoid recession this year we expect AUD/USD to find support and edge higher again in the second half of the year."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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AUD/USD could dip back to 0.67 before edging higher again to 0.71 in H2 2023 - Rabobank

On the 7th of December China surprised friend and foe with an abrupt zero-covid U-turn. This year's forecast has considerable up- and downside risks. Still, economists at Rabobank believe that from a medium-term perspective, China's economic prospects have become more favourable after abandoning zero-Covid policy.

"While from a long-term perspective China's decision to abandon its zero-covid policy is to be heralded, the short-term effects will likely turn out to be grim. The absence of (reliable and recent) data regarding new cases, hospitalization, deaths and many other relevant time series that could shed a light on the current situation, greatly complicates any attempt to make a solid impact analyses."

"We expect a relatively mild recession that already started in the last quarter of last year and should end after the first quarter of this year. We further expect that most of the recovery hinges on a recovery in aggregate consumption and more specifically private consumption. All in all this should see the Chinese economy grow by 4.2% this year, but the uncertainty surrounding the impact of covid and the real estate sector ensure that it will likely be both an exciting and challenging year!"

More favourable China's economic prospects after abandoning zero-Covid policy - Rabobank

By Rod Nickel

WINNIPEG, Manitoba, Jan 11 (Reuters) - Netherlands-based Rabobank NA is aiming to grab 10-15% of the Canadian farm lending market within 15 years, as it aims to shake up a sector dominated by government and domestic banks, its new Canadian agricultural head told Reuters on Wednesday.

Canada's status as the world's fifth-largest agricultural product exporter makes the country of 38 million people attractive to Rabobank, which specializes in global food and agriculture lending.

"To be an ag and food lender, you would be remiss if you weren't in Canada," Roxane Lieverse, Rabobank's head of Canada Agricultural Banking, said in an interview. "We believe we have a sweet space coming in." (Reporting by Rod Nickel in Winnipeg Editing by Matthew Lewis)

Rabobank seeks to shake up Canadian farm lending, eyes 10-15%...

WINNIPEG, Manitoba, Jan 11 (Reuters) - Netherlands-based Rabobank NA is aiming to grab 10-15% of the Canadian farm lending market within 15 years, as it aims to shake up a sector dominated by government and domestic banks, its new Canadian agricultural head told Reuters on Wednesday.

Canada's status as the world's fifth-largest agricultural product exporter makes the country of 38 million people attractive to Rabobank, which specializes in global food and agriculture lending.

"To be an ag and food lender, you would be remiss if you weren't in Canada," Roxane Lieverse, Rabobank's head of Canada Agricultural Banking, said in an interview. "We believe we have a sweet space coming in."

Still, Rabobank is expanding into farm loans in a country that has proven tough for foreign lenders, resulting in many global institutions retreating in recent years. In November, HSBC became the latest foreign bank to seek to leave Canada, when it announced the sale of its Canadian unit to Royal Bank of Canada for C$13.5 billion.

It took Rabobank a decade before deciding to expand into Canadian farm lending, taking a methodical approach, Lieverse said.

The market share goal is "a very big stretch," but attainable given Rabobank's expertise, said Lieverse, who previously worked in Bank of Nova Scotia's agriculture banking program.

Rabobank expects Canadian farm lending to be profitable from the start and plans to announce hiring plans shortly, she said. Many Canadian farmers prospered last year as wheat and canola prices spiked due to Russia's invasion of Ukraine.

Rabobank did not release its estimate of the value of the Canadian farm lending market, but government agency Statistics Canada pegged 2021 farm debt at a record-high C$129 billion ($96.1 billion), with chartered banks accounting for 37%. On that basis, Rabobank's market-share goal could be worth C$19 billion, although farm debt is steadily rising.

Farm Credit Canada, owned by the Canadian government, is the biggest agricultural lender, controlling a market share of about one-third, Lieverse said.

Rabobank will initially focus on farm lending in the Prairie provinces of Manitoba, Saskatchewan and Alberta, offering loans for land and equipment purchases, operations and sustainable initiatives, such as installing biodigesters to produce renewable natural gas.

Its selling point to farmers is its global reach, giving it an edge over Farm Credit and the big six Canadian banks, including RBC and Bank of Montreal, Lieverse said.

Rabobank's presence in the United States and Mexico, for example, would help a Canadian farmer finance cattle movement across borders in the highly integrated North American beef industry, she said.

Rabobank operates in 38 countries, with 74.2 billion euros' worth ($79.80 billion) of loans to the global food and agriculture sector.

Rabobank has operated in Canada since 1997 and already offers services such as access to debt capital, private placements and loans to large agribusinesses like feedlots and dairies. ($1 = 1.3419 Canadian dollars) ($1 = 0.9298 euros) (Reporting by Rod Nickel in Winnipeg Editing by Matthew Lewis)

Rabobank seeks to shake up Canadian farm lending, eyes 10-15% market share | MarketScreener

WINNIPEG, Manitoba (Reuters) -Netherlands-based Rabobank NA is aiming to grab 10-15% of the Canadian farm lending market within 15 years, as it aims to shake up a sector dominated by government and domestic banks, its new Canadian agricultural head told Reuters on Wednesday.

Canada's status as the world's fifth-largest agricultural product exporter makes the country of 38 million people attractive to Rabobank, which specializes in global food and agriculture lending.

"To be an ag and food lender, you would be remiss if you weren't in Canada," Roxane Lieverse, Rabobank's head of Canada Agricultural Banking, said in an interview. "We believe we have a sweet space coming in."

Still, Rabobank is expanding into farm loans in a country that has proven tough for foreign lenders, resulting in many global institutions retreating in recent years. In November, HSBC became the latest foreign bank to seek to leave Canada, when it announced the sale of its Canadian unit to Royal Bank of Canada for C$13.5 billion.

It took Rabobank a decade before deciding to expand into Canadian farm lending, taking a methodical approach, Lieverse said.

The market share goal is "a very big stretch," but attainable given Rabobank's expertise, said Lieverse, who previously worked in Bank of Nova Scotia's agriculture banking program.

Rabobank expects Canadian farm lending to be profitable from the start and plans to announce hiring plans shortly, she said. Many Canadian farmers prospered last year as wheat and canola prices spiked due to Russia's invasion of Ukraine.

Rabobank did not release its estimate of the value of the Canadian farm lending market, but government agency Statistics Canada pegged 2021 farm debt at a record-high C$129 billion ($96.1 billion), with chartered banks accounting for 37%. On that basis, Rabobank's market-share goal could be worth C$19 billion, although farm debt is steadily rising.

Farm Credit Canada, owned by the Canadian government, is the biggest agricultural lender, controlling a market share of about one-third, Lieverse said.

Rabobank will initially focus on farm lending in the Prairie provinces of Manitoba, Saskatchewan and Alberta, offering loans for land and equipment purchases, operations and sustainable initiatives, such as installing biodigesters to produce renewable natural gas.

Its selling point to farmers is its global reach, giving it an edge over Farm Credit and the big six Canadian banks, including RBC and Bank of Montreal, Lieverse said.

Rabobank's presence in the United States and Mexico, for example, would help a Canadian farmer finance cattle movement across borders in the highly integrated North American beef industry, she said.

Rabobank operates in 38 countries, with 74.2 billion euros' worth ($79.80 billion) of loans to the global food and agriculture sector.

Rabobank has operated in Canada since 1997 and already offers services such as access to debt capital, private placements and loans to large agribusinesses like feedlots and dairies.

(Reporting by Rod Nickel in WinnipegEditing by Matthew Lewis)

Exclusive-Rabobank seeks to shake up Canadian farm lending, eyes 10-15% market share

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Credit Suisse Bk.Eur : Pre Stab Notice Rabobank 10yr Bonds 2033

Australia will steer clear of recession in the foreseeable future, in the view of economists at Rabobank. Thus, the Aussie is expected to be resilient this year.

"We expect the AUD to be well supported this year on the back of a relatively good growth outlook and have been targeted a move by GBP/AUD below 1.70 on a 12-month view. However, Australian/Chinese relations are likely to remain a dicey subject."

"While the Australian economy is expected to slow overall this year, recessionary risks appear low. This should increase the resilience of the AUD and provide insulation against headwinds implied by forecasts of a slowdown in global growth."

"Weaker global growth is traditionally a bearish factor for the AUD given its links with commodity prices. That said, we view the AUD as less likely to be swayed by speculative flows given that Australian no longer had a current account deficit and given that the narrowing of interest rates spreads between Australian and US interest rates."

AUD to be well supported this year on the back of Australian economy resilience - Rabobank

Analysts at Rabobank note that China is still trying to cope with the surge in Covid infections after restrictions were eased.

"Some news outlets are reporting a potential peak in new infections, whereas reports of over-full hospitals and morgues paint a much bleaker picture. Some countries have already imposed inbound travel restrictions for passengers from China, and the EU will discuss a joint-policy today."

"The recent surge in Covid infections is not only straining the Chinese health care system. Bloomberg reports that it may now also stifle Beijing's plans to kick-start a domestic semiconductor industry to compete with US-controlled supply chains. According to Bloomberg, the virus' impact on the government's budget forces government officials to reconsider its subsidies for the sector, which have been expensive and have yielded relatively few results."

"It's yet unclear what alternative policies the government may unveil but new strategies could include lowering the costs of materials, according to the news agency's sources. This may slow the country's path towards self-sufficiency in the chip sector, as it seeks to untangle itself from the US - which has increasingly been limiting its strategic rival's access to key chip resources."

China still trying to cope with surge in Covid infections - Rabobank

The discussion about the Bank of England's rate outlook could create volatility for GBP crosses during 2023, warn analysts at Rabobank. They continue to see the EUR/GBP cross moving to the upside, reaching 0.90 in six to nine months.

"One of the big themes for the year ahead will be the debate related to the likely timing of rate cuts from the large central banks. With the exception perhaps of the BoJ, there is a reasonable consensus about the likely timing of peak rates for most G10 central banks. By contrast, there is a big spread in opinions about when the first rate cuts could come, with economists apparently more likely than money market participants to judge that rates could remain higher for longer.

"There is speculation in the UK press that grim UK economic fundamentals could mean that the BoE could blink and cut rates before year end. While we do not subscribe to this outlook, the discussion regarding the BoE rate outlook could certainly create volatility for the GBP crosses this year."

"The fact that the UK is already in a recession which, according to the BoE, could last all year suggests that GBP is likely to be sensitive to expectations that the BoE could turn dovish before either the ECB or the Fed. Even if the BoE has good reason to step up a hawkish tone, there were various instances last year when this failed to boost GBP, given the backdrop of weak investment growth, low productivity and overhanging uncertainties about the UK's post Brexit relationship with the EU."

"We retain the view that EUR/GBP will creep to 0.90 on a 6 to 9 month view."

EUR/GBP seen rising to 0.90 on a six to nine-month view - Rabobank

Despite mounting concerns over rising costs and general market conditions, there's optimism across the aquaculture industry coming into the New Year, according to new analysis compiled by the RaboResearch unit of Rabobank.

Summarizing key takeaways from the Global Seafood Alliance's (GSA) GOAL Conference 2022, held in Seattle, Washington, U.S.A. in October 2022, Rabobank's latest aquaculture report, "What to Expect in the Aquaculture Industry in 2023," found the global shrimp supply is on a positive trajectory, while farmed salmon production should "normalize in the short-term."

Compiled by Rabobank Seafood and Aquaculture Analyst Novel Sharma and Rabobank Senior Global Seafood Specialist Gorjan Nikolik, the report forecasts global shrimp production could reach 6 million metric tons (MT) in 2023. Ecuadorian shrimp production is set to grow between 18 and 30 percent in 2023. In 2022, Ecuador produced an estimated 1.35 million MT of shrimp, its largest single-year volume growth, adding 300,000 MT to its supply. This growth alone is only slightly lower than Thailand's total annual production and will lift production in the Americas beyond 2 million MT, according to Rabobank.

Elsewhere in 2022, Asia - the largest shrimp-producing region - was expected to experience its first volume decline since 2013, albeit just a 0.1 percent drop. However, this decline will be temporary and the region's output will rebound in 2023 thanks to higher production in China and India, and a slight increase in Vietnam's output, Rabobank found. Collectively, this should push Asian production above 4 million MT in 2023.

Overall global shrimp supply increased by 4.2 percent in 2022 and Rabobank remains positive about 2023, with Ecuador's supply growth accompanied by a "strong" 9.5 percent recovery in Chinese production, Sharma said.

In the Atlantic salmon-farming sector, after a volatile 2021 that saw Norway expand its year-on-year supply by 11.9 percent and Chile's harvest contract by 7.7 percent, Rabobank expects 2022 to have delivered the first overall salmon production decline since 2016.

Supplies from Norway and Chile are expected to have fallen by 0.9 percent and 0.3 percent, respectively in 2022, followed by a "normalization of growth" from 2023 to 2024, as both countries use regulatory controls to moderate supply growth, he said.

Sharma predicted global salmon production will increase by an estimated 4 percent in both 2023 and 2024, nearing 3 million MT in 2023 and then surpassing that total in 2024. Cumulative supply growth for Norway and Chile between 2022 to 2024 is expected to drop to 3.1 percent, compared with the previous decade's 7 percent compound annual growth rate (CAGR).

The lower growth expectations for Norway and Chile create an opportunity for Iceland and the Faroe Islands to become more relevant drivers in the global supply this decade, Sharma suggested. Salmon production in the Faroe Islands increased 31 percent in 2021, but its harvests fell 4 percent in 2022 and will likely fall a further 1 percent in 2023. However, Rabobank predicted a 10 percent increase in Faroese Atlantic salmon for 2024, taking the Faroes to record levels of production.

Separately, Iceland's Atlantic salmon production rose 44 percent in 2021, which made it the fastest-growing producer in percentage terms. Rabobank projects Iceland's Atlantic salmon production climbed 7.8 percent in 2022 and will rise 6.2 percent in 2023, amounting to 51,000 MT of Atlantic salmon.

Rabobank's report found diverging trends are evident for tilapia and pangasius production. Latin America is leading the growth in tilapia production, although the region's volumes are "still small" compared to China, Egypt, and Indonesia. Rabobank anticipates year-on-year increases in tilapia production of 4.3 percent in 2022 and 4.8 percent in 2023 in Latin America, reaching 6.8 million MT of volume by the end of the year.

The global pangasius supply has "stumbled" due to a slowdown in production from top producer Vietnam in recent years, according to the report. Although Vietnam's production climbed an estimated 3.1 percent in 2022, taking the global supply up to 2.8 million MT, the total remains below the 3 million MT record set in 2019.

The analysis found while market prices were the key concern for fish farmers in 2021, the volatility seen in markets for feed ingredients - coinciding with the start of the war in Ukraine - has become the top concern for aquaculture business operators coming into 2023.

Feed prices will remain elevated in 2023, according to Sharma, and the industry faces additional issues concerning the quality of feed, and access to finance, with central banks raising interest rates in order to combat inflation and lenders curtailing credit. Seafood and aquafeed producers will also continue to grapple with rising input prices, supply chain disruptions, and geopolitical troubles in 2023, Rabobank predicted.

This latest study echoes some of the findings in the "Global Animal Protein Outlook 2023," published in December 2021, which projected that alongside chicken, the demand for farmed seafood - particularly salmon and shrimp - will continue to grow through 2023.

Overall, Rabobank has forecast a year-on-year animal protein supply growth of 1 percent or 5 million MT to a total of 430 million MT this year, following on from an expected production growth rate of 2 percent in 2022.

 Rabobank: 2023 will be record year for global shrimp output, while salmon production will normalize 

By Celeste Bott (January 6, 2023, 7:27 PM EST) -- A Seventh Circuit panel on Friday expressed some doubts about chicken buyers' contention that an agricultural bank was part of a conspiracy to fix chicken prices, appearing unconvinced that emails between a bank executive and two major poultry producers warranted revival of the antitrust claims....

7th Circ. Skeptical Of Rabobank's Part In Chicken Price-Fixing - Law360

December 26 (Renewables Now) - Primergy Solar LLC, a portfolio company of Quinbrook Infrastructure Partners, has obtained USD 75 million (EUR 70.3m) in debt financing to support the development of the 3.2 GW of solar and 2.3 GW of energy storage projects in its near-term pipeline.

The solar and energy storage platform has signed an agreement for the revolving credit facility with Dutch lender Rabobank, which contains an option to increase the lending amount to up to USD 200 million.

Primergy's near-term development pipeline consists of solar and battery storage projects with planned commissioning through 2026, among which is the Gemini scheme in Nevada with 690-MW AC/966-MW DC of solar and 380 MW/1,416 MWh of battery storage capacity. After 2026, the company will work on additional projects that will add some 5 GW of photovoltaic (PV) and 4.3 GW of energy storage capacity.

"This facility will allow Primergy to continue to expand our project portfolio, as we focus on developing large-scale solar and storage projects that deliver impactful decarbonization of power supplies in multiple US regions and create positive financial impacts for local communities," said Tim Larrison, Chief Financial Officer at Primergy.

(USD 1.0 = EUR 0.937)

Primergy to advance US solar-plus storage pipeline with Rabobank debt

The credit facility is anticipated to support company's growing advancement pipe of solar as well as solar+ storage space projects across the U.S.A..

Oakland-California based solar power as well as storage space corporation Primergy Solar, has actually shut a $75 million revolving credit facility with Rabobank with the option to increase approximately $200 million.

Primergy held that the credit facility will be used to support a growing advancement pipeline of solar as well as solar+ storage space projects across the U.S.A.. The business's near-term portfolio goes beyond 3.2 GW of solar PV as well as 2.3 GW of storage projects targeting operational dates via 2026. The pipe additionally consists of Gemini and also Iron Point/Hot Pot projects in Nevada.

Primergy claimed that a more 5 GW of solar power and also 4.3 GW of storage projects are prepared for functional dates after 2026.

Tim Larrison, CFO, Primergy, claimed, "This facility will allow Primergy to remain to expand our project portfolio, as we concentrate on developing large-scale solar as well as storage projects that supply impactful decarbonization of power products in multiple US regions and create positive monetary impacts for neighborhood communities."

Primergy informed that the new financial debt facility better diversifies its funding resources as well as supports its projects' growth that span in 17 states.

The business has 690MWac PV plus 1,416 MWhr BESS Gemini project presently under construction in Nevada. The 408 MWac Ash Creek site in Hill County, Texas, is prepared to begin in 2023 and also will be functional by 2024.

Primergy likewise claimed that the 300 MWac Prairie Mist located in MISO South in Ashley County, Arkansas, will certainly be created in phases via 2026. This will additionally be operationalised in 2024.

Claus Hertel, Managing Director, Project Finance, Rabobank, suggested, "As leading utility-scale developer, this facility provides Primergy a flexible funding vehicle whereby it can efficiently grow its advancement pipeline targets."

He said that Rabobank has structured this financing to allow Primergy to satisfy its growth targets in varied locations and support the energy change, representing a solid alignment with the bank's approach of supporting clients' decarbonization goals.

US Based Primergy Solar Secures $200 Million Credit Facility from Rabobank

Rabobank's Global Animal Protein Outlook 2023 takes a panoramic view of the world's agriculture and aquaculture sectors - and put the emerging alternative protein under the spotlight as well. Alternative proteins, which include plant-based substitutes for meat, seafood and other animal products, saw dramatic growth heading into the Covid-19 pandemic and eye-watering investments as the world left lockdown. But despite this strong trajectory in 2021, 2022 was shaky by comparison. Rabobank expects the alternative meat and alternative seafood markets to face serious headwinds as it heads into 2023; but it appears that the plant-based segment is here to stay.

Alt-protein sector to face a year of consolidation in 2023, says Rabobank

[1/2] People are silhouetted next to the Deutsche Bank's logo prior to the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach

BRUSSELS, Dec 6 (Reuters) - Deutsche Bank (DBKGn.DE) and Rabobank (RABO.UL) were charged by EU antitrust regulators on Tuesday of taking part in a government bond cartel, the latest move against a sector which has racked up millions of euros in fines for various competition violations.

The European Commission, which can fine companies up to 10% of their...

Deutsche bank, Rabobank hit with EU antitrust charge over bond cartel

Rabobank's action follows dairy giant Fonterra lowering its midpoint forecast to $9 a kg for the 2022-23 season after narrowing its range from $8.50 a kg-$10 a kg previously to $8.50 a kg-$9.50 a kg.

Rabobank suggested in its latest Global Dairy Quarterly report that dairy farmers would be walking the tightrope next year.

Milk supply appears to be finally growing after record farm-gate prices in many exporting regions this year.

However, as demand falters, the bank foresees farm-gate milk prices following global commodity market trends lowering next year.

"Subdued supply growth has kept dairy commodity prices relatively elevated, but fragile growth is on the horizon," Rabobank senior agriculture analyst Emma Higgins said.

She said dairy demand was likely to reduce in the short term, as many economies experienced broad-based food inflation.

That said, the bank was resisting the temptation to reduce its own milk price forecast of $9 a kg.

"Our forecast is unchanged from last quarter, but it's important to note the risks to this forecast are heavily skewed to the downside with any potential upside rally hinging on a supply shock in the northern hemisphere or a meaningful reopening of China in the new post-Covid world," she said.

tim.cronshaw@alliedpress.co.nz

Westpac's price forecast is at $8.75 a kg, BNZ is at $8.90 a kg and ANZ at $8.75 a kg, while earlier this month ASB retained its forecast of $9.40 a kg.

The global milk supply recession looks set to end after five consecutive quarters, driven by higher production in Europe and the United States.

Milk supply is expected to gain modest momentum next year in most regions apart from Australia, as its milk flows were affected again by poor weather in this year's fourth quarter.

Next year milk flows from the Big Seven export regions of New Zealand, Australia, the EU, the US, Uruguay, Brazil and Argentina are expected to grow by 1%.

That was enough to offset this year's 0.8% decrease, Ms Higgins said.

She said weaker prices in the fourth quarter varied between regions and products.

''The large, domestically-supported cheese and butter markets in the EU and the US remain elevated, but off highs posted earlier this year. Meanwhile, a 9% decline in Oceania GDT index prices over the last three months has permeated through the global milk powder markets."

Further headwinds over the next year are expected to come from expensive farm costs and buyers' disposable incomes taking a hit. Emerging markets were most at risk from projected inflation rates.

While dairy demand in the US has remained defiant in the face of cost-of-living challenges, European consumers were now feeling the pinch.

Question marks remained over China over its future developments with Covid-19 policies and as the country works through local inventories and imported stock.

Domestically, fickle spring weather has left a mark on New Zealand milk production for the second season in a row.

"In a clear theme for this season, milk supply through to October 2022 is trailing by 3.6% year-on-year," Ms Higgins said. ''Otago-Southland is the sole region that is showing signs of milk production life, with feed plentiful in the south from warmer temperatures."

She said that could result in milk production sliding by up to 2% for the full season.

Rising interest rates, fuel costs, and feed costs were leading the on-farm inflation challenge, she said.

Earlier this month Fonterra also upgraded its earnings guidance to 50c to 70c per share from 40c-60c after reporting a strong start to the 2022-23 season.

Chief executive Miles Hurrell revealed the positive start was despite the impact of geopolitical and macroeconomic events, with higher costs at every point in its supply chain.

He said it was a similar story behind the farm gate with farmer shareholders managing significantly higher input costs.

New Zealand milk production was down 2.9% on the same point last season, he said.

Fonterra has detected some softening of demand for whole milk powder, particularly in Greater China with other suppliers providing more milk.

Rabobank holds milk price forecast

According to analysts from Rabobank, the Brazilian Real is suffering from fiscal developments after the presidential elections. They still think the USD/BRL will be traded at 5.30 by end-2022 and by end-2023.

"We still see the USDBRL at 5.30 by end-2022 and by end-2023. We still see the USDBRL at 5.30 by end-2022 and by end-2023."

"The US dollar has recently seen huge swings in tandem with the Fed's views on the US economy, dragging commodity currencies like the BRL along with it, while other advanced economies' central banks struggle to keep up with the Fed's hiking cycle. Despite this, Brazil's external accounts relatively remain in good shape, with a historically low current account deficit (3.3% of GDP) that is easily financed by FDI (4.0% of GDP). However, fiscal fundamentals, particularly debt sustainability, continue to be fragile."

"Following the elections, discussions about a transition constitutional amendment bill (granting the president-elect the authority to promote social transfers above the spending cap), worth BRL 198 billion per year, impacted the FX market over the last five weeks, causing the BRL to fall from second to fourth best YTD performance among 24 major EMFX currencies."

"We believe the BRL has the potential to remain under pressure and reach 5.30 by the end of 2022 and end of 2023. If a credible fiscal policy outlook is announced in 23H1, we may see a partial and temporary reversal of this dynamic."

USD/BRL: Fiscal fundamentals continue to be fragile - Rabobank

Funding supports expanded in ERCOT, MISO, PJM and WECC making Primergy's project portfolio exceed 14 GW across the US

OAKLAND, Calif.-(BUSINESS WIRE)-Primergy Solar, LLC ('Primergy'), a leading developer, owner and operator of utility-scale solar, distributed solar and energy storage, announced the closing with Rabobank of a $75 million revolving credit facility with the option to increase up to $200 million. The facility will be used to support a growing development pipeline of solar and solar+storage projects across the U.S. Primergy's near-term portfolio exceeds 3.2 GW of solar PV and c. 2.3 GW of storage projects targeting operational dates through 2026, which includes the previously announced Gemini and Iron Point/Hot Pot projects in Nevada. A further 5 GW of solar PV and 4.3 GW of storage projects are planned for operational dates after 2026.

"We are grateful for Rabobank's partnership and support. This facility will allow Primergy to continue to expand our project portfolio, as we focus on developing large-scale solar and storage projects that deliver impactful decarbonization of power supplies in multiple U.S. regions and create positive financial impacts for local communities," said Tim Larrison, Chief Financial Officer at Primergy.

The new debt facility further diversifies Primergy's financing sources and supports the continued growth of a diverse portfolio of projects which now spans 17 states. Primergy's projects are characterized by a strong focus on responsible siting, which minimizes land disturbance and impacts on local flora and fauna.

In addition to the 690MWac PV plus 1,416 MWhr BESS Gemini project currently under construction near Las Vegas Nevada, highlights of the company's near-term portfolio include:

"As leading utility-scale developer, this facility provides Primergy a flexible financing vehicle through which it can efficiently grow its development pipeline targets," said Claus Hertel, Managing Director, Project Finance. "Rabobank is pleased to have structured this financing to allow Primergy to meet its growth targets in diverse geographies and supporting the energy transition, representing a strong alignment with the bank's strategy of supporting clients' decarbonization goals."

Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator focused on both distributed and utility-scale solar PV and battery storage projects across the US. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and is Quinbrook's primary investment platform for Quinbrook Infrastructure Partners' solar and solar plus energy storage activities in North America.

Primergy Solar Secures up to $200M Revolving Credit Facility from Rabobank - F&L Asia

This week on the Best of The Country, Jamie Mackay finished off the year with a catch-up with David Seymour, Miles Hurrell, Winston Peters, Jim Hopkins, and Damien O'Connor.

Plus, it wouldn't be Christmas without a festive poem from East Coast farmer Graeme Williams.

Rabobank Best of The Country will be back on January 21, 2023.

The Act Party leader makes his final appearance for 2022, but will he take out The Country's Politician of the Year Award (to go with his Quote of the Year Award)?

Miles Hurrell:

It was a damp squib, akin to the weather. The chief executive of Fonterra reviews the final GDT auction (down 3.8 per cent, WMP - 4.0 per cent, SMP - 4.8 per cent) for 2022, and previews the 2023 year for dairy farmers.

Winston Peters:

For the final time in 2022, the Wily Old Crocodile (as Simon Bridges christened him), puts his pitch to rural voters for 2023. Plus, we ask him if he's cynically been courting the anti-vax vote but we support his "war on woke".

Jim Hopkins:

Who is our resident rural raconteur's Ag Person of the Year? And what will 2023 hold for rural New Zealand?

Damien O'Connor:

The Minister of Agriculture and Trade is hardly Santa Claus to the rural sector but has the Government had a sneaky pre-Xmas He Waka Eke Noa dump on farmers? This week they announced changes to their October plan to price agricultural emissions, but Fed Farmers remain opposed saying "vague improvements are simply not enough" and "large concerns and unrealistic timelines remain in place".

Graeme Williams:

2022 would not be complete without this East Coast farmer and poet's wrap of the year - with some of our Dear Leaders taking some good-humoured stick!

Rabobank Best of The Country: December 24, 2022

LEESBURG, Va., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Quantum Computing Inc. (QCI) (NASDAQ: QUBT), a leader in accessible full stack quantum solutions, today announced that it will work together with Rabobank, one of the world's largest banks in its sectors, for a project to demonstrate the application of its photonic quantum information technologies, including the Dirac 1 entropy quantum computing (EQC) system, to fraud detection.

Fraudulent card transactions cost the banking industry billions of dollars annually as cybercriminals continue using increasingly sophisticated techniques to try to thwart online security measures. Forward-thinking banks are investigating advanced quantum computing technologies as a possible solution. QCI's industry-leading EQC system and its application to machine learning processes have demonstrated the potential to improve fraud detection techniques through faster computation and increased accuracy.

Rabobank is adding QCI to its arsenal of existing fraud detection techniques and solutions because it is committed to protecting its customers against costly fraudulent transactions. QCI is a quantum computing industry leader in enabling real-world business applications, and the capabilities and availability of its EQC system make it a perfect fit for addressing today's advanced, unseen threats.

"Payment fraud is an enormous problem for the banking industry, costing banks and consumers billions of dollars a year. We are very excited to collaborate with Rabobank in demonstrating the application of entropy quantum computing to this important problem," said Robert Liscouski, CEO of QCI. "QCI's EQC technologies provide the stability and scale necessary to address business-relevant problems. Rabobank's forward-looking perspective as an innovator in the banking sector makes for an ideal partnership as we work toward developing and implementing new quantum solutions for the financial sector."

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Dirac 1, QCI's first commercially available EQC system, solves real world business problems using quantum photonics effects. This advanced proprietary technology supports full stack quantum solutions that enable customers to run complex optimization problems on a stable, room temperature, desktop platform. The system is available through an online subscription service offered directly by QCI.

For more information about QCI and its full stack quantum solutions, visit www.quantumcomputinginc.com.

About Quantum Computing Inc.

Quantum Computing Inc. (QCI) (NASDAQ: QUBT) is a full-stack quantum software and hardware company on a mission to accelerate the value of quantum computing for real-world industry applications, delivering the future of quantum computing, today. The combination of QCI's flagship ready-to-run software product, Qatalyst with its industry-leading Entropy Quantum Computing (EQC) system, Dirac 1, provides a broadly accessible and affordable enterprise quantum solution capable of solving real business problems now. QCI's expert team in finance, computing, security, mathematics and physics has over a century of combined experience with complex technologies; from leading edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visit www.quantumcomputinginc.com.

Important Cautions Regarding Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the "Company"), and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

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The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events, and as such all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," "aim to," or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in the Company's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC.

Qatalyst™ and Dirac-1™ are the trademarks of Quantum Computing Inc. All other trademarks are the property of their respective owners.

Company Contact:

Robert Liscouski, CEO

Quantum Computing, Inc.

+1 (703) 436-2161

Email Contact

Investor Relations Contact:

Ron Both or Grant Stude

CMA Investor Relations

+1 (949) 432-7566

Email Contact

Media Relations Contact:

Seth Menacker

Fusion Public Relations

+1 (201) 638-7561

qci@fusionpr.com

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