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Human Capital Innovation in Oil, Gas & Petrochem
Having a series of successful HR conferences dedicated to the Middle East market, Jacob Fleming presents Human Capital Innovation in Oil, Gas & Petrochem held in Cairo- Egypt on 11- 13 October 2009, a three-day Conference & workshop programme, featuring regional and international leaders in the HR profession from African region.
Enriched speaker panel (leading industrial figures from renowned organisations like : BP Egypt & Middle East, Shell International, SatoilHydro, Petrobras, National Oil Corporation Libya, SAMREF, Saudi Aramco, Pertamina, SINOPEC, SEGAS, etc will come together to discuss the current issues on how to reinvent the Human Resources function to meet the stressful challenges arising in resourcing, retention, organization and leadership development.
Date: 11- 13 October 2009, Egypt
Phone: 971 4 60 91 575
Fax: 971 4 60 91 589
E-mail: maria.luminita@fleminggulf.com
Posted on Thursday 23rd July 2009
2010 World Cup tables
The 5 group winners go through to join the world's best at the 2010 World Cup in South Africa. The top three in each group will go to the 2010 Africa Cup of Nations in Angola.
GROUP A
P W D L GF GA Pts Gabon 1 1 0 0 2 1 3 Togo 1 1 0 0 1 0 3 Morocco 1 0 0 1 1 2 0 Cameroon 1 0 0 1 0 1 0
28/03/09 Morocco 1-2 Gabon 28/03/09 Togo 1-0 Cameroon
06/06/09 Cameroon v Morocco 06/06/09 Gabon v Togo
20/06/09 Morocco v Togo 20/06/09 Gabon v Cameroon
05/09/09 Togo v Morocco 05/09/09 Cameroon v Gabon
10/10/09 Gabon v Morocco 10/10/09 Cameroon v Togo
14/11/09 Togo v Gabon 14/11/09 Morocco v Cameroon
GROUP B
P W D L GF GA Pts Tunisia 1 1 0 0 2 1 3 Mozambique 1 0 1 0 0 0 1 Nigeria 1 0 1 0 0 0 1 Kenya 1 0 0 1 1 2 0
28/03/09 Kenya 1-2 Tunisia 28/03/09 Mozambique 0-0 Nigeria
06/06/09 Tunisia v Mozambique 06/06/09 Nigeria v Kenya
20/06/09 Kenya v Mozambique 20/06/09 Tunisia v Nigeria
05/09/09 Mozambique v Kenya 05/09/09 Nigeria v Tunisia
10/10/09 Tunisia v Kenya 10/10/09 Nigeria v Mozambique
14/11/09 Mozambique v Tunisia 14/11/09 Kenya v Nigeria
GROUP C
P W D L GF GA Pts Egypt 1 0 1 0 1 1 1 Zambia 1 0 1 0 1 1 1 Algeria 1 0 1 0 0 0 1 Rwanda 1 0 1 0 0 0 1
28/03/09 Rwanda 0-0 Algeria 28/03/09 Egypt 1-1 Zambia
06/06/09 Zambia v Rwanda 06/06/09 Algeria v Egypt
05/07/09 Egypt v Rwanda 20/06/09 Zambia v Algeria
05/09/09 Rwanda v Egypt 05/09/09 Algeria v Zambia
10/10/09 Zambia v Egypt 10/10/09 Algeria v Rwanda
14/11/09 Rwanda v Zambia 14/11/09 Egypt v Algeria
GROUP D
P W D L GF GA Pts Ghana 1 1 0 0 1 0 3 Mali 1 0 1 0 1 1 1 Sudan 1 0 1 0 1 1 1 Benin 1 0 0 1 0 1 0
28/03/09 Sudan 1-1 Mali 28/03/09 Ghana 1-0 Benin
06/06/09 Mali v Ghana 06/06/09 Benin v Sudan
20/06/09 Mali v Benin 20/06/09 Sudan v Ghana
05/09/09 Ghana v Sudan 05/09/09 Benin v Mali
10/10/09 Mali v Sudan 10/10/09 Benin v Ghana
14/11/09 Ghana v Mali 14/11/09 Sudan v Benin
GROUP E
P W D L GF GA Pts Ivory Coast 1 1 0 0 5 0 3 B Faso 1 1 0 0 4 2 3 Guinea 1 0 0 1 2 4 0 Malawi 1 0 0 1 0 5 0
28/03/09 Burkina Faso 4-2 Guinea 28/03/09 Ivory Coast 5-0 Malawi
06/06/09 Guinea v Ivory Coast 06/06/09 Malawi v Burkina Faso
20/06/09 Burkina Faso v Ivory Coast 20/06/09 Guinea v Malawi
05/09/09 Malawiv Guinea 05/09/09 Ivory Coast v Burkina Faso
10/10/09 Guinea v Burkina Faso 10/10/09 Malawi v Ivory Coast
14/11/09 Ivory Coast v Guinea 14/11/09 Burkina Faso v Malawi
new source: bbc.com
Posted on Wednesday 3rd June 2009
Zuma calls for 'massive' turnout
Jacob Zuma has said his party expects a "massive" turnout in South African elections to be held on Wednesday.
The African National Congress (ANC) leader encouraged supporters to make this the biggest turnout in the country's history.
He said the emergence of the opposition Congress of the People (Cope) had "re-energised" the ANC.
These elections are the "most exciting" the ANC has had to fight since coming to power in 1994, he said.
The party split last year with disaffected members forming Cope.
Mr Zuma has also faced corruption charges which were dismissed by a court with just weeks to go before voting.
"There is no cloud above my head, there is not even a mist," he told journalists in his final press briefing before polls open.
The ANC is widely expected to win by a big margin, which would lead to Mr Zuma being elected by the members of parliament.
news source: bbc.co.uk
Posted on Tuesday 21st April 2009
Liverpool 4-4 Arsenal
Arsenal's Andrey Arshavin grabbed four goals as his side dealt Liverpool's title hopes a blow in a pulsating game.
Arshavin slotted in a low Cesc Fabregas cross before Fernando Torres' precise header hauled the Reds level.
Yossi Benayoun nodded in for Liverpool only for Arshavin to power in a strike and then fire home from close range.
Torres swivelled and shot to again level and, even though Arshavin lashed in another, Benayoun salvaged a point late on for Liverpool.
More to follow.
news source: bbc.co.uk
Posted on Tuesday 21st April 2009
Darling 15bn pounds spending cuts due
Alistair Darling is set to announce £15bn of Whitehall spending cuts over the next few years in his Budget.
Treasury sources said the chancellor would unveil £10bn of annual Whitehall efficiency savings from 2011/12, on top of £5bn already pledged from 2010/11.
Mr Darling will also reveal the extent of the rise in public borrowing this year, possibly up to £160bn.
Experts expect predictions for the economy to be revised down to make it the worst recession since 1945.
Treasury sources said the extra £10bn in spending cuts would not mean reductions in services and personnel.
'Day of reckoning'
They added that Mr Darling believed such efficiency savings should be possible in the context of overall government spending of more than £500bn.
But the Conservatives predicted Wednesday's Budget would be a "day of reckoning".
A decision on including the car scrappage scheme - aimed at helping the ailing automobile industry - in the Budget has still not been finalised by the Treasury.
This could see motorists receive a payment of £2,000 to trade in cars that are more than a certain number of years old.
Officials are still studying the detail of how such a scheme might work, but it is expected that a plan of some description will feature in Wednesday's announcement.
Shadow chancellor George Osborne has said the Budget, expected to confirm a likely 3% fall in the economy's size in 2009, will "lay bare" Labour's economic failings.
"It will be a day of reckoning and I think you are going to see the chancellor forecast the longest recession that Britain has had since World War II," he said.
In last autumn's pre-Budget report, the chancellor forecast the economy would contract by between 0.75% and 1.25% in 2009.
'Unsustainable'
Experts believe he could now revise this to a projected drop of between 3% and 3.5% - which would be the worst recession since 1945.
However, Mr Darling is expected to say the economy will return to growth next year and gain further strength in 2011.
Darling cannot afford to be generous although he will try to make it appear he is being
Conservative MP Mark Field called Labour's figures "unsustainable".
"Even by Labour's own figures it now looks as though, for the year ahead, they will be saying for every £4 they're spending, they're only going to be able to raise £3 in tax.
"And that's a huge thing. Think of everybody earning £30,000 a year spending £40,000 a year - well, it's simply not going to be sustainable".
Mr Brown told the Building Britain's Future conference at Loughborough University that unskilled workers could face difficulty in finding a job in future, given the nature of the changes to the economy, with the UK creating "value-added" products.
'Above the parapet'
The UK had to "build on our inherent strengths", the prime minister said: "We have, in Britain, an open economy. We are one of the greatest free-trade economies of the world.
"We have also got a scientific, intellectual and cultural genius. I believe we can harness these strengths.
"We have difficulties that we are overcoming, but we have also got enormous opportunities and challenges ahead."
Liberal Democrat leader Nick Clegg meanwhile unveiled a shake-up of his party's tax plans, including raising the income tax threshold to earnings of £10,000 a year.
This would represent an annual saving of £705 for most workers, he added.
Mr Clegg said it was "nonsense" to say tax cuts could not be brought in during a recession because a "tax switch" was affordable", he said.
Jobs market
The Confederation of British Industry predicted a "slow and fragile" return to growth in spring next year.
Director-general Richard Lambert told BBC Radio 4's Today programme he thought the chancellor should do very little in the short term.
He said: "We don't think he's got room for a big fiscal boost. We think he should be doing things to help jobs, particularly [for] young people, who face a tough jobs market in the next year."
Mr Lambert added: "The big question is what's he going to say about the medium term and how are we going to plug this big borrowing gap that's now building up?"
Meanwhile, the Ernst & Young Item Club predicted that the UK economy would shrink by 3.5% this year, but only by 0.1% in 2010.
news source: bbc.co.uk
Posted on Monday 20th April 2009
FA to address Wembley pitch issue
The Football Association has admitted improvements are needed to the Wembley pitch after criticism of the surface.
Sir Alex Ferguson, Arsene Wenger and David Moyes were unhappy with the pitch for last weekend's FA Cup semi-finals.
In a statement the FA said: "The stadium's unique environment continues to prove challenging.
"Whilst recent changes to the surface have seen improvements in player traction, we accept there are still further improvements to be made."
Arsenal manager Wenger called the surface "a disaster" and "laughable" after his side's defeat by Chelsea on Saturday.
Ferguson said his worries over the pitch were the reason why he fielded a weakened Manchester United team, who were beaten by Everton in a penalty shoot-out on Sunday.
Wembley took seven years to build and cost £750m but the surface appeared to cut up severely throughout both matches at the weekend, which were played in dry conditions.
The grass has been re-laid five times since the stadium re-opened in 2007 and will be re-laid again in the summer, ahead of the Community Shield.
By then, eight games will have been played on it including the three Football League play-offs, the FA Cup final and England's World Cup qualifier against Andorra.
Wembley is also set to host the 2011 Champions League finals.
"I don't think we lost because of the pitch," said Wenger. "But it is really embarrassing. When you see how much this stadium has cost and you still can't get a proper football pitch. Somebody must give an explanation.
I am not sure the pop concerts (held at Wembley) are an answer (for the pitch's condition). This pitch was never good since the start."
After watching Saturday's match, Ferguson says he took the decision to pull Paul Scholes, Dimitar Berbatov and Patrice Evra from his starting line-up, although all three came on as substitutes.
"When I saw the pitch what I didn't want was to go into extra-time with my strongest squad," said the Scot after his side were beaten 4-2 on spot-kicks following a 0-0 draw.
"They've got all these lights around the perimeter to help the growth and the standard of the soil but it looks dead to me.
"Yesterday it looked spongy and dead and difficult to move the ball quickly around it. So we had to go with the bold decision of playing the younger ones.
After all, our club is built on giving young players opportunities and they didn't disappoint.
Speaking to BBC Radio 5 Live, Moyes added: "I thought it looked very spongy and a poor playing surface - not in a way that it was all bobbles and divots but it just looked as if it was very soft, spongy and quite slow at times."
But Chelsea manager Guus Hiddink was not critical of the playing conditions at Britain's premier sporting arena.
"If you go to a lot of places in Europe and Africa you get pitches that are a lot worse than that," he insisted. "I don't think you should start talking about the pitch, whether you win or lose. It was fine to play on."
However, the FA is not happy with the current surface and will re-lay it.
"This new pitch will be of a different composition and from a different turf nursery.
"It is believed this composition will better suit the unique Wembley Stadium environment and make it possible to deliver both a quality playing surface and a quality event calendar," the statement added.
Australia's rugby union authorities launched an investigation into whether it contributed to two Wallaby players being injured in an international against the Barbarians in December 2008.
England's 3-2 defeat at home to Croatia in November 2007 - a result that cost them a place at Euro 2008 - was played out in treacherous conditions as heavy rain failed to drain away from the field of play.
Croatia manager Slaven Bilic criticised the state of the pitch, which only weeks earlier had hosted an American football game.
The stadium has also hosted the Race of Champions rally event, where it was covered in tarmac, as well as a number of music concerts and rugby league's Challenge Cup final.
new source: bbc.com
Posted on Monday 20th April 2009
New buys boost Bank of America
Bank of America saw net income soar to $4.2bn (£2.9bn) in the first three months of 2009 from $1.2bn a year earlier, beating analysts expectations.
But its results were inflated by its purchases of Merrill Lynch, which added $3.7bn in net income, and Countrywide, which boosted its mortgage arm.
And the biggest US bank also had to set aside $13.38bn to cover credit losses, up from the fourth quarter's $8.54bn.
Its shares fell 12.5% to $9.28 in the first hour of Wall Street trading.
Analysts said the fall followed investors looking beyond the bank's profit to the continuing concerns about the impact of the financial crisis on the banking system.
'Healthy number'
Bank of America has received $45bn in government funds as part of the Treasury Department's $700bn financial rescue package.
"We understand that we continue to face extremely difficult challenges," said Bank of America's chief executive Ken Lewis.
Mr Lewis has been under intense pressure over the purchase of Merrill - which was approved before shareholders learned of huge losses at the investment bank, and before billions of dollars worth of bonuses were paid to Merrill employees.
Bank of America also said that Countrywide and Merrill had contributed "outstanding performances".
Analyst Michael Holland of Holland and Company in New York said the headline figure was "a really really healthy number given where expectations were just a few months ago".
Improving reports
The results beat analysts' forecasts and add to signs that the banking sector might be improving.
Last week rival Citigroup reported its first quarterly net profit in nearly two years.
Citi's results came soon after positive earnings reports from Wells Fargo, Goldman Sachs and JP Morgan.
In January Bank of America was granted $20bn in fresh US government aid and $118bn worth of guarantees against bad assets.
It has also benefitted from selling shares it held in China Construction Bank.
news source: ww.bbc.co.uk
Posted on Monday 20th April 2009
Oracle in $7.4bn deal to buy Sun
Business software manufacturer Oracle has said it is to acquire computer hardware and software maker Sun Microsystems for $7.4bn (£5.1bn).
Oracle is to pay $9.50 in cash for each Sun share, it said.
Oracle said the buy "transforms the IT industry, combining best-in-class enterprise software and mission-critical computing systems".
Oracle shares were down 5.56% and Sun's were up 27% in trading before the open of the New York Stock Exchange.
The offer of $9.50 per share represents a 42% premium over Sun's closing stock price on Friday.
'Natural evolution'
The deal comes a month after IBM abandoned its bid to buy Sun.
"Oracle and Sun have been industry pioneers and close partners for more than 20 years," said Sun chairman Scott McNealy.
"This combination is a natural evolution of our relationship and will be an industry-defining event."
Sun said its board of directors had unanimously agreed the deal, which is expected to be completed this summer after approval from shareholders and government regulators.
'Interesting acquisition'
Computer industry analyst Robert Jakobsen said he was initially "a little bit surprised".
"It could make sense," he added.
"The deal would strengthen Oracle's position against IBM. Oracle has done a good job on acquisitions it has done earlier."
Oracle said the takeover of Sun would boost its profits by more than $1.5bn in the first year, and by $2bn in the second.
However, Sun made a loss of $1.9bn over the past 12 months, despite sales totalling $13.3bn.
Fellow computer industry analyst Shannon Cross, said it was "a very interesting acquisition".
"It gives Oracle a very strong operating system. It gets hardware, which should be interesting to see since Oracle doesn't make things.
"It's going to give them access to customers who weren't using the Oracle database."
Job cuts?
Although best known for its computer servers, Sun was also the developer of the Java programming language, and created the Solaris operating system.
Sun currently employs 33,000 people, while Oracle's workforce totals 86,000.
The firms have yet to comment on whether any redundancies will be made following the completion of the takeover.
news source: bbc.co.uk
Posted on Monday 20th April 2009
Slow, fragile recovery predicted
The UK economy is likely to stage a recovery next spring, a forecast by a leading business group has said.
The employers' group, the CBI, has predicted that there will be economic growth in spring next year but said any recovery would be "slow and fragile".
It predicted the economy would shrink 3.9% this year but grow 0.2% in the second quarter of 2010.
Separately, a report from the Ernst & Young Item Club has predicted that the economy will shrink by 3.5% this year.
It forecast the economy would shrink by 0.1% in the whole of 2010.
Return to growth?
The CBI also said that the first quarter of this year had been "tougher than expected", leading it to revise its outlook.
Its prediction of a 3.9% contraction in the economy this year is significantly worse than the 3.3% it predicted in February.
"There are a few tentative signs that the steepest phase of the recession is now behind us, and that the banking packages, aggressive monetary policy and fiscal support will steady the pace of decline from here on," said Richard Lambert, director general of the CBI.
Budget forecasts
In Wednesday's Budget, Chancellor Alistair Darling is expected to predict economic contraction of about 3% of GDP this year - up from his earlier forecast in November of between 0.75% to 1.25%.
The Item Club believes that the revival of the bond market in January has enabled the UK's strongest companies to gain access to credit.
"This recession is unusual in terms of the degree of monetary and financial stimulus that has been applied," said Peter Spencer, chief economic adviser to the Item Club.
"That is why I believe the hopeful signs seen in recent weeks mark a turning point rather than the false dawn that appeared so cruelly in 1931."
The Item Club's forecast was also encouraged by improved sentiment emerging in business surveys in the US, China and the UK, it said.
However, it also said that the backdrop to the Budget is "bleak" and warned that the chancellor has "limited options" in his spending plans.
Job losses
Mr Spencer warned that the UK was not out of the woods yet.
"We face another 12 to 18 months of serious grief. Around 900,000 jobs will be lost this year and half a million next," he said.
He also predicted a gloomy next 12 months for the housing market and the high street.
World trade is expected to decline by 9% in 2009, he added.
Meanwhile, the British Chambers of Commerce has called for the chancellor to provide more support for private industry in the Budget.
The business group wants a freeze on the minimum wage and a cut in small businesses' corporation tax.
news source: bbc.co.uk
Posted on Monday 20th April 2009
Algerians vote in poll 'charade'
Algerians are voting in a presidential election which opposition groups have described as a charade.
The incumbent, President Abdelaziz Bouteflika, is standing for a third term in office against five little-known opponents.
Observers say the 72-year-old is almost certain to be re-elected and many voters are likely to boycott the poll.
Opposition candidates include two nationalists, two moderate Islamists and a woman veteran left-winger.
But their posters are invisible in the capital, where the face of the incumbent adorns every available space, correspondents say.
Mr Bouteflika has promised to spend $150bn (£102bn) on development projects and create three million jobs, and stresses the fact that he has restored stability in Algeria.
His critics say he is using the threat of renewed violence from Islamic militants to mask the country's deeper problems of poverty, high unemployment and corruption.
The president voted in the morning in the upmarket Algiers heights neighbourhood el-Biar.
He has urged Algeria's 20 million registered voters to make the trip to polling stations, eager to enhance his authority by a high turnout.
Prime Minister Ahmed Ouyhaia cast his vote elsewhere in the capital and was quoted by local media as saying: "I'm not giving any predictions, but I think the turnout will be high."
But the BBC's Rana Jawad in Algiers says many people are simply sitting out the vote in the overwhelming conviction that Mr Bouteflika will win regardless of their ballot. Some have said they will cast blank ballots in protest.
One voter, 26-year-old sport teacher Abdeljaleel Saad, told the BBC: "I will not vote. We already know the result, so what is the point?"
'Shadowy figures'
For those who are taking part in the poll, however, the incumbent is the clear favourite, adds our correspondent.
Nacer Djabi, a political analyst, told the Reuters news agency: "Voting or not will make no difference as Bouteflika will win anyway. This is why poor turnout is likely."
In November, the Algerian parliament rubber-stamped an amendment that would change the constitution, meaning Mr Bouteflika can now run an unlimited number of times - which analysts say virtually makes him president for life.
Mr Bouteflika wants to be seen as a leader above the political fray, a man who can unite all Algerians, says BBC Arab affairs analyst Magdi Abdelhadi.
Many do credit him with ending the civil war between the military-backed government and Islamic insurgents which lasted throughout the 1990s, adds our correspondent.
The conflict was triggered when the military intervened in a parliamentary poll in 1991 to stop an Islamist victory. Up to 150,000 people died in the violence.
"I continue to regard the restoration of civil peace as a national priority, as long as hotbeds of tension and pockets of subversion survive," Mr Bouteflika said in his final campaign speech on Monday.
But critics of the post-colonial order in Algeria say real power does not come from the ballot box but from the military and security services who anoint the man they want to be president.
Mr Bouteflika is said to have curbed some of their influence although many still believe the levers of power remain in the hands of shadowy figures who are the de facto rulers of this vast and oil-rich country, our correspondent says, and that is why the opposition says the election is a charade.
News Source: bbc.co.uk
Posted on Thursday 9th April 2009
Liverpool 1-3 Chelsea
Chelsea took command of the Champions League quarter-final against Liverpool as Guus Hiddink's side stunned Anfield with an exhilarating attacking exhibition.
Fernando Torres looked to have put Liverpool on course for another glorious night when he fired Rafael Benitez's in-form European specialists ahead after only six minutes.
But Chelsea responded in style to run out emphatic winners of an enthralling encounter, in which Liverpool played a full part until they were eventually overpowered.
Branislav Ivanovic was Chelsea's unlikely hero, heading goals either side of the interval to put Chelsea ahead - twice taking advantage of Liverpool's familiar Achilles heel, wretched marking at corners.
Didier Drogba, who wasted two excellent opportunities to score before Ivanovic levelled six minutes before the interval, was on target after 67 minutes when he turned in Florent Malouda's left-wing cross from eight yards as Liverpool suddenly collapsed under the weight of Chelsea's pressure.
The only black mark on Chelsea's night was a second-half booking for captain John Terry for a challenge on Liverpool keeper Pepe Reina that rules him out of next week's second leg at Stamford Bridge.
Liverpool have specialised in comebacks against the odds in the past, but it is hard to see how Benitez - who will have been left exasperated by his side's defending - can navigate a route out of this one against a Chelsea side who have been rejuvenated by the veteran Hiddink.
In the previous Champions League meetings between the sides it has been almost impossible to separate them, but Chelsea have never adopted such a positive approach before and Hiddink reaped a rich reward.
Anfield was left subdued apart from a defiant rendition of "You'll Never Walk Alone" at the final whistle - all Liverpool's hopes dashed by Chelsea after the optimism sparked by Torres' early goal.
Chelsea's fans, in contrast, celebrated wildly after a victory that was almost beyond their wildest expectations.
Liverpool's recent resurgence has been characterised by high-tempo openings that have put opponents under instant pressure - and they were at it again in the early stages at a vibrant Anfield.
Dirk Kuyt almost gave Liverpool the perfect start after two minutes when his powerful shot on the turn was deflected inches wide off Ivanovic, but the Kop did not have long to wait to celebrate.
Source: bbc.co.uk
Posted on Wednesday 8th April 2009
Cash for key African trade routes
More than $1bn (£675m) has been pledged by international donors for the upgrade of transport links across East and Southern Africa.
The North-South Corridor initiative aims to get goods to market faster and cheaper with improved infrastructure and more efficient border crossings.
The project aims to raise the living standard of millions of people.
The money will come from the World Bank, international development agencies and the private sector.
The UK has also committed £100m to the project at a conference in Zambia.
Long wait
In order to speed up the transportation of goods from Tanzania, via Zambia to the ports of South Africa, the project will remove red tape and oversee the upgrade of 8000 km of road and 600 km of rail track.
The BBC's reporter Jo Fidgen, reporting from Zambia's busiest border post, Chirundu, says truckers currently have to wait three or four days before they can enter Zimbabwe.
The project aims to cut waiting times to two hours by streamlining procedures, she says, which should also reduce HIV transmission rates as truckers will have less time to spend with sex workers at the border.
The estimated total cost of improving transport and trade links in the region is $12bn to be spent over two decades.
Source: bbc.co.uk
Posted on Monday 6th April 2009
Vale in Mozambique coal project
Brazilian mining company Vale has launched a $1.3bn (£908.5m) coal mining project in Mozambique.
The new plant is expected to produce 11 million tonnes of coal a year, to be exported to Brazil, Europe, Asia and the Middle East.
It is thought Mozambique will now become the continent's second-largest coal producer behind South Africa, which holds most of Africa's reserves.
Mozambique has attracted increasing numbers of foreign investors recently.
In total, the project is expected to generate 8.5 million tonnes of metallurgical coal, which is used for the production of steel. It will also produce 2.5 million tonnes of thermal coal, which is used for electricity generation, every year.
Speaking at the inauguration of the project, Mozambique's president Armando Guebuza said he hoped it would better the situation of the country's people.
"We want these resources to continue contributing in a sustainable way to the improvement of the living conditions of our marvellous people," said President Guebuza.
Mozambique, which traditionally relies on agriculture, is one of the Africa's poorest countries.
Vale is the world's second-largest mining company and the largest producer of iron ore.
Losing confidence
The news is a boost for African commodities, which have been hit hard as consumers abroad continue to shun high-end purchases in the economic downturn.
Commodity prices have also been badly affected by the reduction in demand from China, which once had an insatiable appetite for buying raw materials in order to fuel its now-fading economic boom.
Countries such as South Africa, Congo and Botswana have particularly felt the effects of cooling trade in raw materials.
Last month, Debswana, a diamond producing firm jointly owned by Botswana's government and luxury jewellery company De Beers, closed two mines for the rest of the year as demand continued to fall.
Meanwhile, Anglo American's South African unit, Anglo Platinum, announced some 10,000 job cuts in February.
Scaling back
Because of soaring mineral prices, Congo's economy had been projected to grow by up to 12% last year, a target which now seems unlikely.
In Congo's Katanga province, the authorities estimate that 300,000 people have lost their jobs virtually overnight as several miners, including BHP Billiton, close down mines or scale back their activities in the country.
Zambia, which garners some two-thirds of its export revenue from copper, has also felt the effects of a slowdown for commodities.
Source: www.bbc.com
Posted on Thursday 2nd April 2009
South Africa's cricket scoop
It was not too long ago that rumours were doing the rounds that Fifa, football's world governing body, had a Plan B should South Africa not be ready to host the 2010 World Cup.
How ironic, then, that at a time when those rumours have dissipated, South Africa is now very much the Plan B for international cricket.
Just a week after the International Cricket Council (ICC) announced that the country would replace Pakistan as hosts of the Champions Trophy in September, the Indian Premier League (IPL) have now turned to South Africa to host the second season of their lucrative tournament.
Faced with the choice of cancelling the tournament due to security concerns in India or moving it to a different country, the IPL bosses opted for South Africa over England.
Source: www.bbc.com
Posted on Wednesday 25th March 2009
Africa 'loses out on mining cash'
Mineral-rich African states have been deprived of huge sums of royalties and taxes by mining firms, a report says.
The report, by prominent development charities, blames a lack of legislative oversight and excessively generous tax concessions agreed with the firms.
It says some mining companies have also avoided paying tax through secret contracts with African governments.
The study covers South Africa, Sierra Leone, Ghana, the Democratic Republic of Congo, Malawi, Tanzania and Zambia.
Commissioned by development charities including Christian Aid and ActionAid, the Breaking the Curse report calls for reform of the institutional framework that negotiates mining concessions and monitors the royalties paid.
Even in the boom times, African nations failed to profit as much as they should have done from natural resources thanks to inadequate tax rules and lack of ability to enforce the rules that did apply, the report says.
Ghana, a top African gold producer, is losing $68m (£46.7m) annually because it is receiving low royalties, the report's authors estimate.
They believe Tanzania, the continent's third largest producer of gold, could be losing $30m (£20.6m) a year in potential revenues.
And low royalty rates could be costing South Africa, the continent's biggest gold producer, up to $359m (£246m) a year, the report says.
However, in South Africa, where the government has decided to defer royalty payments this year to help secure jobs in the mining sector, finance minister Trevor Manuel questioned the researchers' figures.
Mr Manuel said his country would lose $195m (£133.9m) in deferred royalties this year.
The report says African countries have been encouraged by agencies such as the World Bank to offer more generous terms to attract mining investment.
source: www.bbc.com
Posted on Wednesday 25th March 2009
Ghana's juicy economic lesson
What do you do when your buyers in Europe start cutting their orders?
Target the local market.
That is the strategy being used by Blue Skies - which exports pre-packed fruit salads and juices to Europe but has now realised their products can also tickle the taste buds of Ghana's more affluent customers.
Most businesses in Ghana have been relatively unscathed by the global economic downturn. Despite the warnings that the storm is approaching, there are few visible signs yet.
Poverty is still rife but that cannot be pinned on the recent global crisis.
Tight squeeze
But Blue Skies is definitely an operation which has taken a hit
By Will Ross BBC News, Ghana
Posted on Thursday 19th March 2009
Brown set to meet African leaders
Gordon Brown is to meet African leaders on Monday to discuss their concerns over how their economies have been affected by the global downturn.
The Prime Minister will chair the G20 global summit in April which aims to tackle the world slowdown.
Only one African country, South Africa, is taking part in the leaders' summit.
The news was announced as African finance ministers met in Dar-es-Salaam, Tanzania to discuss how Africa should respond to the crisis.
Posted on Thursday 19th March 2009
Ghana Sheds Light on Oil Contracts
The Revenue Watch Institute congratulates the Government of Ghana on its decision to publicly disclose all present and future contracts with oil companies. While citizen groups and international financial institutions such as the International Monetary Fund and the International Finance Corporation have called upon countries to disclose these contracts, very few countries actually do.
"Ghana stands poised to become an important player in Africa's oil industry," said Karin Lissakers, executive director of the Revenue Watch Institute.
"This plan for increased transparency helps secure Ghana's stability amid the current financial crisis. We applaud the government for its leadership and its commitment to strengthening public oversight."
In 2007, British and American companies discovered an offshore oil reserve in Ghana estimated at between 600 million and one billion barrels. The finding of the Jubilee Field has driven the country into an "oil fever." However, Ghana's excitement remains tempered by the experience of its oil-rich neighbor Nigeria, which continues to labor under the corruption, conflict, and poverty too often associated with the "resource curse" of abundant oil and mineral wealth.
"West African countries have struggled to harness natural resources for broad-based economic development," said Lissakers. "Transparency is an essential tool in that effort, and this new policy has tremendous power to ensure the effective use of Ghana's oil revenues."
With a history of successful democratic elections and sound economic development, Ghana may be in a better position than Nigeria and other African neighbors to turn its newfound oil wealth into lasting prosperity. Ghana's leaders have already demonstrated a commitment to transparency in the nation's more mature mining sector with their decision to join the Extractive Industries Transparency Initiative (EITI). It is also one of the few countries making significant strides towards achieving the United Nations Millennium Development Goals by 2015.The Revenue Watch Institute hopes that Ghana will extend the new transparency policy to mining contracts and add the oil sector to the Ghana EITI process already underway.The Revenue Watch Institute (www.revenuewatch.org) is a non-profit policy institute and grantmaking organization that promotes the responsible management of oil, gas and mineral resources for the public good. With effective revenue management, citizen engagement and real government accountability, natural resource wealth can drive development and national growth. RWI provides the expertise, funding and technical assistance to help countries realize these benefits.
News source: www.ghanaweb.com
Posted on Tuesday 10th March 2009
$200m Fibre Optic Cable Project Underway
Work has begun on a 200-million dollar undersea fibre optic cable, which aims to provide reliable internet and telecommunication services to industry stakeholders across Ghana and Nigeria.The project being undertaken by Main One Cable Company will help to minimize the difficulties of switching traffic between African countries and eliminate the inconveniences and added cost of first routing traffic to Europe. It is in line with the continent's quest to participate fully in the Information and Communication Technology through digital connection with the rest of the world.
This news is from www.myjoyonline.com
Posted on Wednesday 18th February 2009
Nigeria loses oil investments to Angola, Ghana
There are strong indications that investment inflow to the upstream sub-sector of the Nigerian oil industry has started dwindling as foreign investors now choose Angola and Ghana as preferred destinations over Nigeria.This, by implication, of course, would threaten Nigeria's capacity to grow its crude oil reserves as planned and there might also be job cuts in the industry. Nigeria is targeting 40 billion barrels proven reserves by 2010.Analysts have identified insecurity in the Niger Delta and unstable fiscal policy as key reasons while investors are gradually leaving Nigeria for more stable business climes. BusinessDay gathered that international oil companies are beginning to see insecurity in the Niger Delta as a key threat to investments, especially with the experience that a major oil company like Shell has had, with its production dropping from one million barrels per day to about 380,000 barrels per day.The concern, "essentially, is about militancy in the Niger Delta, and the failure of the government to even begin to resolve the Niger Delta crisis," a senior executive in a big oil firm told BusinessDay."For two years now, this government has told us it wants to resolve the Niger Delta crisis, but as it is today, not a single shovel of sand has been moved to the area, and so far, its been merely promises," the source lamented.Oil companies, consequently, are becoming stricter with their investments as low crude oil prices persist, even as they keep moving strategically from high risk centers to low risk environments.Furthermore, revocation of licenses earlier awarded is also said to be creating an impression of an unstable fiscal climate in the minds of foreign investors. Analysts cited the revocation of oil bloc licenses earlier awarded to Korean National Oil Company (KNOC) and ONGC of India, OPLs 321 and 323, after Production Sharing Contracts (PSCs) had been signed, as key indicators of an unstable fiscal environment.Also, the Liquefied Natural Gas projects like Brass, NLNG 7, and Olokola, sources added, are being slowly implemented, as investors continue to weigh their investment options in the face of fast thinning purses resulting from low crude prices.Oladiran Fawibe, chairman, International Energy Services Limited, said government's recent policy as regards some international companies whose oil blocs were revoked would naturally give a wrong signal to the international community. "They may be forced to think twice before bringing in their money. Investors who are daily bombarded about the security problem in the Niger Delta, the issue of crude oil theft and other criminal activities would not want to make any investment in Nigeria, as these things do not give confidence to foreign investors. The situation in the Niger Delta is no longer political, but criminal."In the same vein, Austin Avuru, managing director of Platform Energy, said insecurity of investments remain one of the major factors foreign investors are now looking towards Ghana and Angola. He warned that "with the way things are going now, Nigeria may not be able to meet its OPEC production quota as a good number of companies are pulling out."Already, Angola has begun to attract more investments from oil companies as IOCs are making long term expenditure commitments in the southern African nation.Total, for instance, said last week that it would go ahead with a $9 billion investment to raise production in Angola, despite a $100 fall in oil prices since July last year, occasioned by the global economic slowdown. Total plans to stick to its major investments in Angola, even as it expects crude prices to recover, the company's top official in Angola said."We are living through a crisis that has pushed oil prices to very low levels. Therefore, we are being extremely strict with all our investments," Olivier Langavant, its director general in Angola, was quoted as saying in an interview with Reuters."But the big projects (in Angola) like the Pazflor, which is a $9 billion investment, will be maintained."Pazflor, Total's third production hub in Angola's offshore Bloc 17, is expected to begin pumping oil in 2011 from water depths of up to 1,200 metres, according to the company's website. It is the firm's biggest investment in Angola.
Source of this news is from www.myjoyonline.com
Posted on Wednesday 18th February 2009
Marley for sale as family cash in
Bob Marley drinks, luggage, stationery, hotels and video games could soon appear after the late reggae star's family struck a merchandise deal.
"We're open to licensing just about anything," said the late reggae icon's daughter Cedella. But she added: "If it is not right, we will not do it."
The family has teamed up with private equity firm Hilco to capitalise on his name and songs and to stop bootleggers.
A Bob Marley lager and coffee will be among the first items on the market.
Headphones, snowboards, shoes, musical instruments and electronics are on a list of other products that will be developed in a major expansion of Marley's official merchandise range.
Source of this news is from bbc website www.bbc.co.uk
Posted on Wednesday 11th February 2009
Hamilton happy with track return
Formula One world champion Lewis Hamilton got his first taste of McLaren's 2009 car when he completed 81 laps in testing in Portugal.
The 23-year-old was third fastest overall after a minor engine problem.
It was his first drive since winning the Formula One title in dramatic fashion at the Brazilian Grand Prix.
"It was good to be back working with the team. It felt like I'd hardly been away because it was easy to slip back into the routine," said Hamilton.
"This first test was all about just getting used to the new car and the new regulations and about giving my feedback to the engineers - it wasn't about setting a fast time.
"I'm pleased to report that the car feels good, we've made lots of progress over the winter and I'm looking forward to developing the car ahead of the Australian Grand Prix.
Source of this news is from bbc website www.bbc.co.uk
Posted on Thursday 22nd January 2009
Economy and war on Obama's agenda
Barack Obama is beginning his first working day as president of the United States by meeting his economic advisers and top military commanders.
The financial crisis and the wars in Afghanistan and Iraq top the agenda of the man inaugurated as America's 44th president on Tuesday.
Most of his cabinet is in place but several are still to be confirmed.
His administration has announced it is seeking a temporary halt to trials of terror suspects at Guantanamo Bay.
Late on Tuesday President Obama and his Secretary of Defence Robert Gates issued the request, which will be presented by prosecution lawyers to military judges.
Hearings had been due to take place on Wednesday in the case of the five men accused of plotting the 11 September attacks.
A delay of 120 days is being sought "in the interests of justice", the administration request says.
Ready to lead
In his inaugural address, President Obama promised a "new era of responsibility" in a time of crisis at home and abroad.
He also spoke of his desire to usher in a new era of It will be these tonal changes that make Obama's America much more palatable to Europeans
Justin WebbBBC North America editor
Justin Webb's America peace and of America's readiness to lead once more.
After a parade through Washington, Mr Obama and his wife Michelle attended official balls around the city on Tuesday evening, dancing before delighted guests.
Stars such as Rihanna, Mary J Blige and Queen Latifah were billed to perform at various venues.
Correspondents say the whole capital seems to have been partying with at least a dozen unofficial balls.
Source of this news is from bbc website www.bbc.co.uk
Posted on Wednesday 21st January 2009
Tapping deep into America's past
There really is nothing like it. A few other countries, such as Ireland, inaugurate their presidents in pomp and circumstance but the United States tops the lot. And the Obama inauguration is going to go down as one of the glitziest.
You might think it strange that a country that seems so anti-traditional should be enthralled by this four-year ritual but the inauguration is America's version of a coronation - a democratic crowning, of a leader chosen by the votes of the people.
You can see this in the very first inauguration, of George Washington, in April 1789.
The infant United States didn't yet have its own capital, so the event took place in New York City on the balcony of Federal Hall in the heart of Wall Street.
LISTEN TO THE PROGRAMME America, Empire of LibertyThe series charting the history of the United States of America returns to BBC Radio 4 on Monday, 19 January 2009Listen daily at 15.45GMT or catch up with the omnibus edition every Sunday at 21.00GMT Washington, America's victorious general in the War of Independence, was rowed across the Hudson River in a 50-foot barge, manned by 13 oarsmen in white smocks - symbolising the 13 states of the new nation.
Cannon fired a 13-gun salute and the band played God Save the King.
Yet the words were very different from Britain's national anthem: "Thrice welcome to this shore, Our Leader now no more, But Ruler thou..."
And Washington was dressed not in sumptuous robes but in "superfine American broad cloths" that had been made up into a suit for the occasion.
Source of this news is from bbc website www.bbc.co.uk
Posted on Tuesday 20th January 2009
UK oil explorers in Ugandan find
UK oil explorer Heritage Oil and its partner Tullow Oil have made a "world class" oil discovery in Uganda.
The finding by the Giraffe exploration well could be the largest discovery in the Lake Albert Rift Basin to date.
Reserves in the well and a linked discovery known as Buffalo, which was discovered in December, may come to more than 400 million barrels of oil.
Heritage has a 50% equity stake in the exploration licences, with Tullow Oil holding the other 50%.
Source of this news is from bbc website www.bbc.co.uk
Posted on Tuesday 13th January 2009
Areva wins Niger uranium licence
The French nuclear energy group Areva has been awarded a licence to build and operate the Imouraren mine in Niger.
Areva says it expects it to become Africa's biggest uranium mine and the second biggest in the world.
Mining will begin on the site in 2012, with 1,400 staff producing 5,000 tonnes a year.
The investment will go ahead despite the fall in uranium prices, which have almost halved while negotiations have been taking place.
"Prices now are not what they were when negotiations started, but nevertheless the conditions we defined together allow us to open this deposit," said Areva chief executive Anne Lauvergeon at a signing ceremony in Niger's capital Niamey.
Areva will have a 66.65% stake in the mine, with Niger holding the rest.
Source of this news is from bbc website www.bbc.co.uk
Posted on Friday 9th January 2009
Ghana vote despite party boycott
Voting has begun in a remote Ghana district that could decide the outcome of a knife-edge presidential election, despite a ruling party boycott.
The governing New Patriotic Front (NPP) had sought an injunction to delay Friday's voting in Tain constituency.
NPP officials said the atmosphere in the rural, western district was not conducive to a free and fair election.
Tain constituency did not vote with the rest of the country last Sunday because of a problem distributing ballots.
Opposition candidate John Atta Mills has a narrow lead over the ruling party's Nana Akufo-Addo.
"We are trying to stop the election because we think the security situation on the ground is not conducive for a free and fair election," NPP spokesman Arthur Kennedy told AFP news agency.
Source of this news is from bbc website www.bbc.co.uk
Posted on Friday 2nd January 2009
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"Ideas for Development" is an international Blog meant to stimulate debate on development issues. It brings together a set of senior professionals engaged in this sphere through their careers and personal convictions. This Blog aims at offering a new forum for open discussion and interaction between scholars, students, professionals of various backgrounds and the public at large. Together, they can share information, viewpoints and visions for the future with the common goal of advancing the cause of development. ideas4development.org
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Posted on Thursday 1st January 2009
Cocoa prices hit a 23-year-high
London cocoa futures have hit a 23-year-high as cocoa turned out to be the most lucrative commodity in 2008.
Cocoa for delivery in May peaked at £1,820 per tonne in London, which was its highest price since October 1985.
Cocoa traded in the US has also been rising, although not as strongly because of the strength of the dollar.
Most commodities are priced in dollars, even in London trading, but London cocoa is priced in sterling, so traders can benefit from the weaker currency.
"Cocoa is on fire," said Sterling Smith from FuturesOne in Chicago.
"We have supply concerns continuing. The market is plenty bullish and we have plenty of room to go on the upside," he added.
Source of this news is from bbc website www.bbc.co.uk
Posted on Tuesday 30th December 2008
Nigeria gets first oil minister
Nigeria's President Umaru Yar'Adua has named a new minister in charge of the country's troubled oil sector.
Rilwanu Lukman, former secretary general of the oil cartel Opec, will now head the petroleum ministry.
Until now it was a post the president had kept for himself, as did his predecessor Olusegun Obasanjo.
Mr Lukman is widely respected and regarded as the architect of planned wholesale reforms of the country's oil and gas sector.
The country's main earner, the oil industry, is beset by a violent conflict in the southern region which has cut output by a fifth.
The industry has also been damaged by the government's failure to keep up its part of the funding deals it made with the oil companies.
Mr Lukman has advised sweeping reforms of the Nigerian National Petroleum Corporation.
Source of this news is from bbc website www.bbc.co.uk
Posted on Friday 19th December 2008
Race tight in Ghana's vote count
Ghana's two main presidential candidates are running neck-and-neck as votes continue to be counted a day after the country's peaceful elections.
It is a public holiday and people are glued to their radios and television sets as the results trickle in.
A number of ministers have lost their seats in the parliamentary elections.
Poll officials reported a huge voter turnout and monitors hailed the exercise as a shining example of democracy in action for Africa.
President John Kufuor is stepping down in January after serving the maximum two terms.
The main contest is between Mr Kufuor's governing New Patriotic Party (NPP) and the opposition National Democratic Congress (NDC) of former ruler Jerry Rawlings, which was in power until eight years ago.
The leading contenders are ex-Foreign Minister Nana Akufo-Addo and the opposition's John Atta Mills, of the NDC, who is a presidential candidate for the third time. The winner is expected to be named later on Monday.
Delays
Seven presidential candidates were in the race but the BBC's Will Ross in the capital Accra says that the other candidates failed to attract much support.
Source of this news is from bbc website www.bbc.co.uk
Posted on Monday 8th December 2008
'Turnout high' in Ghana elections
Presidential and parliamentary elections in Ghana have attracted a huge turnout with few reported problems, poll officials say.
President John Kufuor, stepping down after serving the maximum two terms, urged participants to accept the result peacefully and in good faith.
The race to succeed him is considered to be a tight one.
The main contenders are ex-foreign minister Nana Akufo-Addo and the opposition's John Atta Mills.
Mr Atta Mills, of the National Democratic Congress, is a candidate for the top office for a third time.
Delays
Many arrived at polling stations early, waiting for their chance to vote as the day's temperatures rose. There were delays of about an hour in some areas as voting materials arrived late, reports say.
"Voter turnout is going to be very high. I should expect a higher number than we saw in the last elections because I could see this one is very competitive," Electoral Commission Chairman Kwadwo Afari-Gyan said. Turnout in 2004 was a record 85%.
Polls were due to close at 1700 GMT but officials said those still queuing would be allowed to vote.
Ghana is often held up as an example of good government in Africa and the continent is said to be watching how the vote unfolds.
Mr Kufuor said he wanted to see decorum.
Mr Atta Mills, who served as vice-president under Ghana's former leader Jerry Rawlings, said he expected it would be peaceful.
"In any contest you expect a winner and a loser, and parties are likely to accept the results if indeed the conduct of the process is free, fair and transparent," he said.
The New Patriotic Party's Mr Akufo-Addo, a British-trained lawyer, said: "We have battled a long, arduous struggle to turn our nation into a democratic state, so an occasion like this, the fifth successive election that we have had in the last 20 years, is an extremely significant and important day in the evolution of our democracy and its consolidation."
There is little love lost between the two main political parties, the BBC's Will Ross says, and both are looking for victory.
Leadership hopes
At one polling station, business student Sarah Walker said she was worried about unemployment levels and had lots of friends who had "finished school and are roaming the streets". But she also hoped for a peaceful transition.
"In as much as we need change, we must maintain the peace we enjoy," she said. "We are very scared of what has happened in countries around us, like Liberia, Ivory Coast, Sierra Leone."
The Convention People's Party, which ushered in Ghana's independence, has picked up support from people disillusioned with the two main parties.
Its candidate, Paa Kwesi Nduom, may secure enough votes to prevent the other leading candidates from achieving a first-round victory, says our correspondent.
This election is important not just for Ghana, but also for the continent, he says.
Source of this news is from bbc website www.bbc.co.uk
Posted on Sunday 7th December 2008
Ghana rivals hold final rallies
Political parties in Ghana are to hold their final rallies ahead of Sunday's presidential and parliamentary polls.
The main contenders for the presidency are Nana Akufo-Addo for the ruling NPP party and John Atta Mills for the main opposition NDC.
Whoever wins will be in power when money starts coming in from the oil discovered off Ghana's coast.
The race is seen as being close and many Ghanaians expect it to go to a second round run-off on 28 December.
To win, a candidate must receive more than 50% of the votes.
President John Kufuor is to step down in January after serving two terms in office, the maximum he is allowed by the constitution.
Giant billboards
There are gigantic billboards throughout Accra, the capital, trumpeting the achievements and promises of the ruling New Patriotic Party (NPP) and Mr Akufo-Addo.
Some declare that the British-trained lawyer is "The Best Man for Ghana" and he "believes in Ghana" .
Posters for his rival, John Atta Mills, say he is a president "you can trust" and "a better man for Ghana".
Mr Atta Mills, a former vice-president, has twice before stood for election and lost both times.
Mr Atta Mills represents the National Democratic Congress (NDC), founded by Flight Lieutenant Jerry Rawlings, who took power in a coup and was president for nearly 20 years.
Paa Kwesi Nduom is standing for the Convention People's Party (CPP), the party of Kwame Nkrumah, Ghana's first president, seen as the founding father of African independence.
Success story?
Correspondents say that since the early 1990s, democratic and economic reforms have underlined Ghana's status as a success story in the region, as neighbouring Ivory Coast, once perceived as an "African miracle" descended into war.
The world's second-biggest cocoa producer and Africa's biggest gold exporter after South Africa, Ghana is now set to profit from the discovery of oil off its shores.
But oil wealth has not benefited many of Africa's poor and many in Ghana fear the discovery will not transform its economy, but exacerbate corruption.
Uneven wealth
Plenty of new buildings are going up in Accra, including banks and hotels.
Its stock exchange was one of the top-performing markets this year and economic growth is forecast at 6.5% for 2008.
But for many, the fruits of this growth remain elusive.
In Accra, hawkers ply their trade on the city's busy roads, with many of its dusty streets are lined with open sewers.
Much of the development has been concentrated in the south, with the the country's north far poorer.
Source of this news is from bbc website www.bbc.co.uk
Posted on Friday 5th December 2008
Dubai shares hit despite promises
Dubai's stock market has fallen 5% to the lowest in four years, despite the emirate's efforts to assure investors that it can meet debt obligations.
The head of Dubai's economic taskforce, Mohammed al-Abbar, said the government owed $10bn (£6.6bn), while state-affiliated firms were $70bn in debt.
However, he said both the government and state companies had assets worth much more than their debts.
Dubai's government recently bailed out two lenders hit by the credit crisis.
"We are rationalising our expenditure and consolidating our activities", said Mohammed al-Abbar.
Turbulence
Emaar, the state-controlled property firm of which Mohammed al-Abbar is also chairman, was one of the biggest losers on Monday, dropping another 9% to its lowest level since being listed eight years ago.
Dubai, unlike other Arab regions, does not have strong oil resources. Instead it has tried to become a regional trade and tourism hub, but its efforts have been hit by the global financial crisis.
On Sunday, Saudi Arabia cut a key interest rate and took steps to boost banks' liquidity.
The entire Gulf region has been affected by the economic downturn and a huge fall in oil prices, a key export.
Oil prices are around two thirds lower than they were in July when they hit a record above $147 a barrel.
Source of this news is from bbc website www.bbc.co.uk
Posted on Thursday 4th December 2008
Pound volatile after interest cut
The British pound has regained some ground after a one percentage point cut in UK interest rates.
In the run-up to the decision, it fell to a historic low of 1.1499 euros, but later moved slightly up to 1.1561.
The UK currency also dropped against the dollar to $1.4466, the lowest level in almost seven years, before rising to $1.4588.
In July, the pound was trading at more than $2, but it lost ground as the downturn hit the UK economy.
On Thursday, the pound also hit a new low in more than 13 years against the Japanese yen, trading at 134.07 yen.
At the same time, the euro declined against the dollar, to $1.2574.
The Bank of England slashed UK interest rates to 2% on Thursday, the lowest level since 1951.
Source of this news is from bbc website www.bbc.co.uk
Posted on Thursday 4th December 2008
S.Africa's Zuma pledges faster change, decent jobs
JOHANNESBURG (Reuters) - South Africa's ruling party on Saturday called for faster change in the light of the global crisis to create decent jobs, improve education and health, and fight against crime ahead of elections next year.
ANC leader Jacob Zuma told party delegates at a manifesto policy conference in Johannesburg that the global credit crisis would affect the country's economic growth and in turn have an impact on job growth and poverty reduction.
"We must be prepared for this reality, comrades, and plan accordingly," Zuma said in an emailed copy of his speech.
The ANC leader has in the past pushed for a stronger government role in fighting poverty and unemployment, but has also said that there will be no dramatic changes in the country's pro-business fiscal policies.
But ANC leftist allies -- the powerful labour federation COSATU and the South African Communist Party -- are pushing for an overhaul of policies including the focus on inflation targeting, and want an increase in government spending.
The ANC said its election manifesto would focus on five priority areas to bring faster change: creation of decent jobs, health and education transformation, the fight against crime, rural development and youth development.
"Our trade and industrial policies, our macro-economic policy stance and other policies must be aligned to achieve decent work outcomes," Zuma said.
"We must work harder to bring about faster change. That is our message," added Zuma, who is likely to become president after next year's elections.
The manifesto of the ANC, which has ruled since the end of apartheid and white minority rule in 1994, sets out the party's vision over the next five years and, if it is re-elected, will serve as a blueprint for the country's future policies.
Source of this news is from bbc website www.bbc.co.uk
Posted on Sunday 30th November 2008
SA 'heroes' save Mumbai hostages
A team of South African bodyguards have been explaining how they led 120 hostages to safety from a hotel seized by gunmen in the Indian city, Mumbai.The guards, armed only with knives and meat cleavers, helped other hotel guests to safety down a fire escape.
They carried a traumatised old woman in a chair down 25 flights of stairs.
"Everybody was calm and no-one became hysterical," said Bob Nicholls, director of the security company in Mumbai for a cricket tournament.
Source of this news is from bbc website www.bbc.co.uk
Posted on Friday 28th November 2008
Forces fight through siege hotels
Commandos are fighting to clear the last gunmen from two luxury hotels in Mumbai, more than 24 hours after a series of attacks across the city.
The Taj Mahal hotel was nearly free of gunmen, officials said, but operations continued at the Oberoi-Trident hotel.At a third stand-off, at a Jewish centre, seven hostages were freed, a security official said.
Indian PM Manmohan Singh vowed to track down the attackers, who have killed at least 119 people and injured 300.
Gunmen targeted at least seven sites in Mumbai late on Wednesday, opening fire indiscriminately on crowds at a major railway station, the two hotels, the Jewish centre and a cafe frequented by foreigners.
The attacks are the worst in the city since 260 people were killed in a series of bombings.A security official said one gunman remained in the Taj Mahal hotel and that the military was in control of the situation.
Commandos were continuing their sweep of the Oberoi-Trident, where a number of guests were trapped in their rooms or being held hostage, said JK Dutt, of the National Security Guards.
Source of this news is from bbc website www.bbc.co.uk
Posted on Thursday 27th November 2008
Downturn threat to SA World Cup
Drive from Johannesburg's main international airport into the city during rush hour, and the silver lining to the slow-moving traffic is that you get to study the hoardings advertising the forthcoming Gautrain.
The 80 kilometre railway system is a much-needed transport link, which, it is hoped, should be built in time to whisk World Cup 2010 visitors who have just touched down into town.
And, although it may be a tight squeeze to be ready in 18 months for the tournament kick-off - "blasting work here" signs still feature on the roadside - at least the 2010 organising committee has the power to influence the government on this.
It is a similar issue with stadiums, with well-publicised problems at Cape Town, and at some other venues which are facing looming deadlines and rising budgets.
But, again, the issues are tangible, and world football body Fifa and the South African organisers are in agreement they will work together to do whatever physically needs to be done.
Global slowdown
Of more concern, and less visible, is the potential effect of the global economic downturn, which has left South Africa facing a possible recession.
The rand has been sliding and South Africa's benchmark stock index has been close to its lowest level in almost three years.
We will just have to wait and see
Danny Jordaan, chief executive, 2010 World Cup organising committee
All this comes just as the country is launching a publicity drive for its hosting of the 2009 Confederations Cup, a preamble to the World Cup.
"Will it [the global downturn] have an impact on the Confederations Cup? No," says Dr Danny Jordaan, chief executive of the 2010 World Cup organising committee.
"We are using existing stadiums, we are talking about meeting specific event requirements."
South Africa's railway system is overcrowded The Confederations Cup is a eight-country tournament, held in the year before a World Cup in the host nation, to enable it to have a 'dry-run' for the big event as much as possible.
Source of this news is from bbc website www.bbc.co.uk
Posted on Friday 21st November 2008
Rwandan growth could reach 10%
Rwanda's booming manufacturing and farming sectors could push growth in the country to 10% this year, according to the Rwandan central bank governor.Agriculture is particularly strong and is growing at a minimum rate of 10%, said Francois Kanimba.
But Rwanda's growth rate is likely to fall to 6-7% next year because of the global financial crises.Several African countries are feeling the fallout of the financial crisis and are readjusting their growth forecasts.
"The current assumption we have [for 2009] is a growth rate of 6-7%, not more," Mr Kanimba told Reuters news agency.
Source of this news is from bbc website www.bbc.co.uk
Posted on Thursday 20th November 2008
African free trade zone is agreed
The leaders of three African trading blocs on Wednesday agreed to create a free trade zone of 26 countries with a GDP of an estimated $624bn (£382.9bn).
It is hoped the deal will ease access to markets within the region and end problems arising from the fact several countries belong to multiple groups.The deal also aims to strengthen the bloc's bargaining power when negotiating international deals.Analysts say the agreement will help intra-regional trade and boost growth.
The three blocs which struck the deal were the Southern African Development Community (SADC), the East African Community (EAC) and the Common Market for Eastern and Southern Africa (Comesa).
"The greatest enemy of Africa, the greatest source of weakness has been disunity and a low level of political and economic integration," said Ugandan President Yoweri Museveni at a meeting with the heads of state who chair the three trade blocs.The agreement will also lend its backing to joint infrastructure and energy projects in the zone.
Redressing imbalance
Six heads of state from 26 countries in Comesa, SADC and the EAC attended the meeting in the Ugandan capital, Kampala, to sign the agreement.Many of the leaders and representatives consider the new pact a way of giving Africa a greater voice on the world stage.
"By coming together, the member states will have a strong voice in advancing our interests on the international scene," said South African President Kgalema Motlanthe.Meanwhile, President Museveni said that it was a step in the right direction for a continent that suffered unfairly when it came to global trade.
President Motlanthe also called for developing countries to have positions within global institutions.
""While Africa and other developing countries had marginal influence over the decisions that have brought the international finance systems to the brink of collapse, unjustifiably, African countries will bear the brunt," he said.
"Development countries must be included in the governance of all international financing institutions to mitigate adverse effects on them," Mr Motlanthe added.
Groupings
The three blocs are already well-established in their own right but cover varying swathes of land and numbers of people.
The SADC was first established as the Southern African Development Coordination Conference in 1980 in order to reduce independence on apartheid South Africa.
It was reincarnated as the SADC in 1992. It covers a population of some 248 million people and a zone whose cumulative GDP is $379bn in 2006.
The SADC's members include South Africa, Tanzania, Zambia and Zimbabwe.
Comesa was established in 1994 and replaced the Preferential Trade Area. It includes 398 million people and the area has a combined GDP of $286.7bn in 2006. Among its members are Zimbabwe, Zambia, Uganda and Sudan.
EAC is the smallest of the group in terms of GDP, and had a GDP of $46.6bn in 2006. Set up in 1967, disagreements between founding members Uganda, Kenya and Tanzania led to its collapse.
A treaty was signed for its re-establishment in 1999 and the new EAC was formed in 2000.
Source of this news is from bbc website www.bbc.co.uk
Posted on Monday 20th October 2008
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