PresurancE.com

Google Maps Navigation for Android 2.0 Devices (US Only)

Google announces its next steps for Google Maps (mobile): Google Maps Navigation (Beta) for Android 2.0 devices

This feature should be par with your typical GPS navigation system i.e. turn by turn voice guidance, automatic re-routing, 3D views. This feature does not only rely on GPS but also uses the internet to provide additional functionality. Here are a few native features to expect from your Android 2.0 GPS:

Search by Voice
Traffic View
Search along route
Satellite View
Street View

The first device anticipated to have Google Maps Navigation will be Verizon's Droid.

Here is the official release from Google

The Worlds Wealthiest

The world has become a wealth wasteland. Like the rest of us, the richest people in the world have endured a financial disaster over the past year. Today there are 793 people on Forbes’ list of the World's Billionaires, a 30% decline from a year ago.

Of the 1,125 billionaires who made last year's ranking, 373 fell off the list--355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.

The world's richest are also a lot poorer. Their collective net worth is $2.4 trillion, down $2 trillion from a year ago. Their average net worth fell 23% to $3 billion. The last time the average was that low was in 2003.

Bill Gates lost $18 billion but regained his title as the world's richest man. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway (BRK) fell nearly 50% in 12 months, but he still managed to slip just one spot to No. 2. Mexican telecom titan Carlos Slim Helú also lost $25 billion and dropped one spot to No. 3.

It was hard to avoid the carnage, whether you were in stocks, commodities, real estate or technology. Even people running profitable businesses were hammered by frozen credit markets, weak consumer spending or declining currencies.

The biggest loser in the world this year, by dollars, was last year's biggest gainer. India's Anil Ambani lost $32 billion--76% of his fortune--as shares of his Reliance Communications, Reliance Power and Reliance Capital all collapsed.

Ambani is one of 24 Indian billionaires, all but one of whom are poorer than a year ago. Another 29 Indians lost their billionaire status entirely as India's stock market tumbled 44% in the past year and the Indian rupee depreciated 18% against the dollar. It is no longer the top spot in Asia for billionaires, ceding that title to China, which has 28.

Russia became the epicenter of the world's commodities bust, dropping 55 billionaires--two-thirds of its 2008 crop. Among them: Dmitry Pumpyansky, an industrialist from the resForbes’ce-rich Ural mountain region, who lost $5 billion as shares of his pipe producer, TMK, sank 84%. Also gone is Vasily Anisimov, father of Moscow's Paris Hilton, Anna Anisimova, who lost $3.2 billion as the value of his Metalloinvest Holding, one of Russia's largest ore mining and processing firms, fell along with his real estate holdings.

Twelve months ago Moscow overtook New York as the billionaire capital of the world, with 74 tycoons to New York's 71. Today there are 27 in Moscow and 55 in New York.

After slipping in recent years, the U.S. is regaining its dominance as a repository of wealth. Americans account for 44% of the money and 45% of the list's slots, up seven and three percentage points from last year, respectively. Still, it has 110 fewer billionaires than a year ago.

Those with ties to Wall Street were particularly hard hit. Former head of AIG (AIG) Maurice (Hank) Greenberg saw his $1.9 billion fortune nearly wiped out after the insurance behemoth had to be bailed out by the U.S. government. Today Greenberg is worth less than $100 million. Former Citigroup (C) Chairman Sandy Weill also falls from the ranks.

Last year there were 39 American billionaire hedge fund managers; this year there are 28. Twelve American private equity tycoons dropped out of the billionaire ranks.

Blackstone Group's (BX) Stephen Schwarzman, who lost $4 billion, and Kohlberg Kravis & Roberts' Henry Kravis, who lost $2.5 billion, retain their billionaire status despite their weaker fortunes.

Worldwide, 80 of the 355 drop-offs from last year's list had fortunes derived from finance or investments.

While 656 billionaires lost money in the past year, 44 added to their fortunes. Those who made money did so by catering to budget-conscious consumers (discount retailer Uniqlo's Tadashi Yanai), predicting the crash (investor John Paulson) or cashing out in the nick of time (Cirque du Soleil's Guy Laliberte).

So is there anywhere one can still make a fortune these days? The 38 newcomers offer a few clues. Among the more notable new billionaires are Mexican Joaquín Guzmán Loera, one of the biggest suppliers of cocaine to the U.S.; Wang Chuanfu of China, whose BYD Co. began selling electric cars in December, and American John Paul Dejoria, who got the world clean with his Paul Mitchell shampoos and sloppy with his Patrón Tequila

source: finance.yahoo.com/banking-budgeting/article/106712/World%27s-Billionaires-2009

Obama urges quick economic action

Republican lawmakers are increasingly vocal in opposing the bill, complaining it is too expensive and unworkable.

Amid talks with congressional Republicans to try to persuade them to accept the plan, he said he did not expect 100% agreement from them.

But Mr Obama appealed to them to "put politics aside".

The president hopes his plan could clear Congress by mid-February.

"There are some legitimate philosophical differences with parts of my plan that the Republicans have, and I respect that," Mr Obama said.

"In some cases they may just not be as familiar with what's in the package as I would like.

"I don't expect 100% agreement from my Republican colleagues, but I do hope that we can all put politics aside and do the American people's business."

He spoke to reporters after meetings with House of Representatives Republicans and before another meeting with senators.

"The main message I have is that the statistics every day underscore the urgency of the economic situation.

"The American people expect action."

Republican House leader John Boehner said after the Obama meeting: "I think we both share a sincere belief that we have to have a plan that works."

Republicans lack the votes to defeat the stimulus bill on their own, but could slow its progress, especially in the Senate.

'Unprecedented crisis'

Any decision will fall to the new Treasury Secretary Timothy Geithner, who was sworn in on Monday, with the task of trying to get the US economy back in shape.

President Obama has said his administration will be held accountable for the success or failure of his stimulus plan.

He has described the US as being "in the midst of an unprecedented crisis" and has announced:

More than 3,000 miles of new electricity transmission lines would be laid down to improve the US power network
75% of public sector buildings would be made more energy-efficient, saving taxpayers $2bn a year
More than 2.5m homes would be "weatherized" (made more energy efficient)
Funds would be made available to improve or renovate 10,000 schools

Other proposals include tax credits for firms that create jobs, tax cuts for 95% of American workers and extended unemployment benefits.

The president has pledged the plan "will save or create three to four million jobs over the next few years".

source:news.bbc.co.uk/go/pr/fr/-/2/hi/americas/7853579.stm

The T-Mobile G1 Update (Cupcake, RC-31) is here now!!

As many are aware the unofficial cake which was speculated to have been released January 15^th is still not available. I personally obtained this information from a T-Mobile employee, who went to the extent of naming some of the updates as follows:

Stereo Bluetooth (A2DP)

On screen Full QWERTY keyboard

Video recording

Saving MMS attachments to SD card

POP3 email enhancements

According to APCMAG

“Browsing gets a boost with faster performance plus find and copy/paste features in the browser, which is now based on the latest (November 2008) WebKit core. There’s also the ability to record video and save MMS attachments – sure to be welcomed by the five people who actually use MMS.

Many of the issues associated with the mobile email client are swatted down including streamlining email account setup and new mail notifications for POP3 accounts, displaying cc: recipients in the message, more elegant recovery from POP3 connection failures and observing user preferences in displaying the date and time.

A sizable slew of the improvements in Cupcake were developed by the open source community and submitted into the public code repositories, and along with Google’s own body of work have now been incorporated into the final update. And while Cupcake began as a separate development branch of Android, it’s now been rolled into the OS codebase and thus will be available on all new Android devices.”

Please Google, T-Mobile, Android Alliance, Cupcake, please avail RC31 to G1-ers!!!!!!

Zain launches 3.5G network in Ghana

Zain, which already operates in 22 countries across the Middle East and Africa, has invested more than $420 million in rapidly rolling out a 3.5G network in Ghana -- which the company says is sub-Saharan Africa's first such network outside South Africa.

With 40 million customers in Africa, Zain considers the continent ripe for growth, despite claims of slow penetration, Chris Gabriel, Chief Executive Officer of Zain Africa, told Reuters in an interview in Ghana's capital Accra.

"Africa has growth potential. We see it as a growth venture. Although penetration is very, very low, we see it as having very huge potential. A lot of people say Africa penetration is almost saturated, but we don't because we see that we can optimise our business on the continent," he said.

Mobile telecoms have seen rapid growth in recent years, eclipsing fixed-line communication thanks to pre-pay models and relatively light infrastructure demands.

With the Ghana launch, Zain has invested about $12 billion in Africa since 2005, and planned more in 2009, Gabriel said.

"We are close to about four or five acquisitions across the Middle East/Africa in the next 12 months," he added.

Zain's Chief Executive Saad al-Barrak said last month the company planned to invest up to $4 billion in four to five acquisitions in Africa and the Middle East, both by buying majority stakes in existing companies or through new licences.

"We are looking to expand. We want to become one of the top 10 global networks by 2011 with 110 million customers," Gabriel said. Zain had 56.3 million customers at the end of September, up 54 percent year-on-year.

"We are looking at acquisitions, and in line with that we recently recapitalised our organisations in Kuwait just ahead of the financial crisis. We recapitalised to the tune of $4.5 billion, and probably we could say the economic crisis was an opportunity because the acquisition targets that we were previously looking at are now more affordable," he said.

GROWTH MARKET

Zain has been signing up customers to its new services in Ghana since last month and switched on its network on Monday.

The launch makes it the fifth active mobile operator in investor-friendly Ghana, whose teledensity, a measure of phone market penetration, is among the fastest-growing in Africa.

South Africa's MTN ranks top with about 5 million subscribers in Ghana, followed by Millicom International Cellular's Tigo with nearly 2.5 million.

Ghana Telecom, in which Britain's Vodafone bought a majority stake this year, has about 1.8 million mobile subscribers, well ahead of a fourth mobile network, Kasapa, a subsidiary of Hong Kong-listed Hutchison Whampoa. A sixth licensed operator, based in nearby Nigeria, is not yet active. (Editing by Alistair Thomson and Rupert Winchester)

source: guardian.co.uk/business/feedarticle/8163235

Barack Obama's victory speech

The following is an exact tran scri pt of Senator Barack Obama's victory speech after he won the race for the White House seat:

Hello, Chicago.

If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy, tonight is your answer.

It's the answer told by lines that stretched around schools and churches in numbers this nation has never seen, by people who waited three hours and four hours, many for the first time in their lives, because they believed that this time must be different, that their voices could be that difference.

It's the answer spoken by young and old, rich and poor, Democrat and Republican, black, white, Hispanic, Asian, Native American, gay, straight, disabled and not disabled. Americans who sent a message to the world that we have never been just a collection of individuals or a collection of red states and blue states.

We are, and always will be, the United States of America.

It's the answer that led those who've been told for so long by so many to be cynical and fearful and doubtful about what we can achieve to put their hands on the arc of history and bend it once more toward the hope of a better day. Watch Obama's speech in its entirety »

It's been a long time coming, but tonight, because of what we did on this date in this election at this defining moment change has come to America.

A little bit earlier this evening, I received an extraordinarily gracious call from Sen. McCain.

Sen. McCain fought long and hard in this campaign. And he's fought even longer and harder for the country that he loves. He has endured sacrifices for America that most of us cannot begin to imagine. We are better off for the service rendered by this brave and selfless leader.

I congratulate him; I congratulate Gov. Palin for all that they've achieved. And I look forward to working with them to renew this nation's promise in the months ahead.

I want to thank my partner in this journey, a man who campaigned from his heart, and spoke for the men and women he grew up with on the streets of Scranton and rode with on the train home to Delaware, the vice president-elect of the United States, Joe Biden.

And I would not be standing here tonight without the unyielding support of my best friend for the last 16 years the rock of our family, the love of my life, the nation's next first lady Michelle Obama.

Sasha and Malia I love you both more than you can imagine. And you have earned the new puppy that's coming with us to the new White House.

And while she's no longer with us, I know my grandmother's watching, along with the family that made me who I am. I miss them tonight. I know that my debt to them is beyond measure.

To my sister Maya, my sister Alma, all my other brothers and sisters, thank you so much for all the support that you've given me. I am grateful to them.

And to my campaign manager, David Plouffe, the unsung hero of this campaign, who built the best -- the best political campaign, I think, in the history of the United States of America.

To my chief strategist David Axelrod who's been a partner with me every step of the way.

To the best campaign team ever assembled in the history of politics you made this happen, and I am forever grateful for what you've sacrificed to get it done.

But above all, I will never forget who this victory truly belongs to. It belongs to you. It belongs to you.

I was never the likeliest candidate for this office. We didn't start with much money or many endorsements. Our campaign was not hatched in the halls of Washington. It began in the backyards of Des Moines and the living rooms of Concord and the front porches of Charleston. It was built by working men and women who dug into what little savings they had to give $5 and $10 and $20 to the cause.

It grew strength from the young people who rejected the myth of their generation's apathy who left their homes and their families for jobs that offered little pay and less sleep.

It drew strength from the not-so-young people who braved the bitter cold and scorching heat to knock on doors of perfect strangers, and from the millions of Americans who volunteered and organized and proved that more than two centuries later a government of the people, by the people, and for the people has not perished from the Earth.

This is your victory.

And I know you didn't do this just to win an election. And I know you didn't do it for me.

You did it because you understand the enormity of the task that lies ahead. For even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime -- two wars, a planet in peril, the worst financial crisis in a century.

Even as we stand here tonight, we know there are brave Americans waking up in the deserts of Iraq and the mountains of Afghanistan to risk their lives for us.

There are mothers and fathers who will lie awake after the children fall asleep and wonder how they'll make the mortgage or pay their doctors' bills or save enough for their child's college education.

There's new energy to harness, new jobs to be created, new schools to build, and threats to meet, alliances to repair.

The road ahead will be long. Our climb will be steep. We may not get there in one year or even in one term. But, America, I have never been more hopeful than I am tonight that we will get there.

I promise you, we as a people will get there.

There will be setbacks and false starts. There are many who won't agree with every decision or policy I make as president. And we know the government can't solve every problem.

But I will always be honest with you about the challenges we face. I will listen to you, especially when we disagree. And, above all, I will ask you to join in the work of remaking this nation, the only way it's been done in America for 221 years -- block by block, brick by brick, calloused hand by calloused hand.

What began 21 months ago in the depths of winter cannot end on this autumn night.

This victory alone is not the change we seek. It is only the chance for us to make that change. And that cannot happen if we go back to the way things were.

It can't happen without you, without a new spirit of service, a new spirit of sacrifice.

So let us summon a new spirit of patriotism, of responsibility, where each of us resolves to pitch in and work harder and look after not only ourselves but each other.

Let us remember that, if this financial crisis taught us anything, it's that we cannot have a thriving Wall Street while Main Street suffers.

In this country, we rise or fall as one nation, as one people. Let's resist the temptation to fall back on the same partisanship and pettiness and immaturity that has poisoned our politics for so long.

Let's remember that it was a man from this state who first carried the banner of the Republican Party to the White House, a party founded on the values of self-reliance and individual liberty and national unity.

Those are values that we all share. And while the Democratic Party has won a great victory tonight, we do so with a measure of humility and determination to heal the divides that have held back our progress.

As Lincoln said to a nation far more divided than ours, we are not enemies but friends. Though passion may have strained, it must not break our bonds of affection.

And to those Americans whose support I have yet to earn, I may not have won your vote tonight, but I hear your voices. I need your help. And I will be your president, too.

And to all those watching tonight from beyond our shores, from parliaments and palaces, to those who are huddled around radios in the forgotten corners of the world, our stories are singular, but our destiny is shared, and a new dawn of American leadership is at hand.

To those -- to those who would tear the world down: We will defeat you. To those who seek peace and security: We support you. And to all those who have wondered if America's beacon still burns as bright: Tonight we proved once more that the true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals: democracy, liberty, opportunity and unyielding hope.

That's the true genius of America: that America can change. Our union can be perfected. What we've already achieved gives us hope for what we can and must achieve tomorrow.

This election had many firsts and many stories that will be told for generations. But one that's on my mind tonight's about a woman who cast her ballot in Atlanta. She's a lot like the millions of others who stood in line to make their voice heard in this election except for one thing: Ann Nixon Cooper is 106 years old.

She was born just a generation past slavery; a time when there were no cars on the road or planes in the sky; when someone like her couldn't vote for two reasons -- because she was a woman and because of the color of her skin.

And tonight, I think about all that she's seen throughout her century in America -- the heartache and the hope; the struggle and the progress; the times we were told that we can't, and the people who pressed on with that American creed: Yes we can.

At a time when women's voices were silenced and their hopes dismissed, she lived to see them stand up and speak out and reach for the ballot. Yes we can.

When there was despair in the dust bowl and depression across the land, she saw a nation conquer fear itself with a New Deal, new jobs, a new sense of common purpose. Yes we can.

When the bombs fell on our harbor and tyranny threatened the world, she was there to witness a generation rise to greatness and a democracy was saved. Yes we can.

She was there for the buses in Montgomery, the hoses in Birmingham, a bridge in Selma, and a preacher from Atlanta who told a people that "We Shall Overcome." Yes we can.

A man touched down on the moon, a wall came down in Berlin, a world was connected by our own science and imagination.

And this year, in this election, she touched her finger to a screen, and cast her vote, because after 106 years in America, through the best of times and the darkest of hours, she knows how America can change.

Yes we can.

America, we have come so far. We have seen so much. But there is so much more to do. So tonight, let us ask ourselves -- if our children should live to see the next century; if my daughters should be so lucky to live as long as Ann Nixon Cooper, what change will they see? What progress will we have made?

This is our chance to answer that call. This is our moment.

This is our time, to put our people back to work and open doors of opportunity for our kids; to restore prosperity and promote the cause of peace; to reclaim the American dream and reaffirm that fundamental truth, that, out of many, we are one; that while we breathe, we hope. And where we are met with cynicism and doubts and those who tell us that we can't, we will respond with that timeless creed that sums up the spirit of a people: Yes, we can.

Thank you. God bless you. And may God bless the United States of America.

Obama victory signals new push for unity

Riding a promise of hope and change, Barack Hussein Obama was elected the 44th president of the United States on Tuesday.

Senator Obama’s victory marks the first time American voters have elected a black man as their national leader.

It is a historic achievement greeted with cheers of celebration in urban neighborhoods that have had little to cheer about for years. More important, it is an achievement that may help unite the country and heal racial divisions as old as the republic itself.

“If there is anyone out there who still questions the power of our democracy, tonight is your answer,” Obama declared in his victory speech.

Moments earlier, Republican John McCain had conceded the election, reaching across the partisan divide. “I pledge to [Obama] tonight to do all in my power to help him lead us through the many challenges we face,” the Arizona senator said.

The election touched Americans of all hues, but perhaps none more so than African-Americans who had personally experienced a time when blacks had little opportunity for advancement.

“I prayed for the day,” said James Bronson, who was born nearly 88 years ago on the wrong side of Jim Crow South Carolina and never dreamed he would live to see a black president in the White House.

News of Obama’s success left Mr. Bronson almost speechless. “I am very much satisfied,” he said.

In broader terms, Obama’s election in all likelihood marks the end of a conservative era in Washington whose origins date back to the 1960s. In defeating Republican Sen. John McCain, the Democrat Obama will take office on Jan. 20 with expanded Democratic majorities in both the House and the Senate, and a demoralized Republican Party in retreat.

It’s too soon to say whether the rise of Obama also signals a wholly new approach to government, much the way Franklin Roosevelt’s election in 1932 gave rise to the New Deal. But with the nation in economic crisis and mired in two foreign wars, Obama has signaled swift action. Even before his election, he had been working with the congressional leadership on an economic-recovery package that includes an extension of unemployment benefits and spending on infrastructure. Obama has also promised to address Iraq on his first day in office. Healthcare reform remains central, but given the economic crisis it is unclear if Obama can push for that right away.

Historian Robert Dallek calls Obama’s election both a reaction to the nation’s economic woes and a repudiation of President Bush’s eight years in power.

“There is this passion for a shift,” Mr. Dallek says. “One party wears out its welcome. The conservative movement has been in the saddle for quite a while. Now there’s an impulse to shift ground.”

As elections go, he adds, this one could be compared to 1960, when John F. Kennedy overcame concerns about his faith and became the first Catholic president. The election of Franklin Roosevelt in 1932 also contains parallels to today, with a Democrat sweeping to power in the face of daunting economic challenges. Others raise the analogy of 1980, when Ronald Reagan rode his conservative movement to Washington, also promising hope and change.

Like Reagan’s campaign, Obama’s began as a movement – defeating the powerful political machine of Hillary Rodham Clinton on his way to the Democratic nomination – and managed to maintain that sense of youthful optimism all the way to Election Day. At age 47, Obama will be one of the youngest American presidents to take office; his young family provides another echo of Kennedy’s election.

Obama’s election also broke new ground in the mechanics of campaigning. His campaign used the Internet, e-mail, and social-networking sites as community-organizing tools more effectively than any campaign in history. On fundraising, Obama opted out of public financing – the first nominee to do so since the advent of the system in 1976 – and raised at least $600 million from more than 3 million donors, another feat that defied expectations.

But no aspect of Obama’s election is more compelling than his decisive toppling of the racial barrier to ultimate power in America. Ron Walters, director of the African American Leadership Center at the University of Maryland, sees Obama’s election as the culmination of a journey that began more than a century ago.

“You have to go back all the way to the 19th century, when Frederick Douglass’s name was put in nomination for the vice presidency of the United States by the Republican Party in 1882,” says Mr. Walters. “That’s when I start my analysis of the fact that presidential politics began to evolve in the strategy for African-Americans and [became] something to aspire to.”

Obama’s campaign was steeped in historical references. When he announced his candidacy in February 2007, he stood on the grounds of the Old State Capitol in Springfield, Ill., where Abraham Lincoln delivered his “House Divided” speech against slavery in 1858. A year and a half later, Obama accepted the Democratic nomination for president on the 45th anniversary of civil rights leader Martin Luther King’s “I Have a Dream” speech.

And two days after that, historians noted the 100th anniversary of the birth of former President Lyndon Johnson. It was in 1964 that President Johnson signed the Civil Rights Act, signaling the end of racial segregation in America – and, ultimately, paving the way for Obama to run for president 44 years later.

“It’s a Johnson moment, too,” says Dallek.

Along the way to his election, the mixed-race Obama first had to convince African-American voters that he was “black enough,” then convince white, Latino, and all other hues of voters that he would represent all Americans, not just African-Americans. Obama’s post-racial pitch was reinforced by his own heritage, with a black African father and white American mother. His father left the family when he was two years old, leaving him to be raised by his mother and her parents. Obama’s grandmother, Madelyn Dunham, passed away on the eve of the election, giving his victory an added poignancy.

Obama’s childhood, spent mostly in Hawaii, included four years abroad in Indonesia, adding to his multicultural persona. As the new face of the United States, Obama represents a profound change to the rest of the world and the prospect of an improved American image. Throughout the campaign, Obama promised more emphasis on diplomacy and a willingness to talk to America’s enemies.

Across America itself, voters of all ideological stripes – including McCain voters – spoke with pride of the nation’s historic step.

“Every American ought to celebrate tonight,” said Karl Rove, President Bush’s political guru, on Fox News after Obama won.
But perhaps no group felt more pride than African-Americans.

“What I’m most excited about is how greatly he would affect the image of black people in America – a first family with a first lady who is extremely intelligent and fashion forward, with two kids, and a man who is all about everyone working together to make the United States a better place,” says Nakia White, an Oakland, Calif., resident who is black and who works at a Barnes & Noble bookstore.

“I don’t really know if the nation as a whole is changing, going liberal,” she continues. “I don’t think this proves that suddenly race relations are [fixed], all discrimination or prejudice is gone. I just think it means there was a black man who was able to touch across the color lines.”

What does it mean to Faith Kinyua, a Kenyan with a green card living in Oakland?

“To me, it’s that America is actually what I always dreamed it was. Color has no meaning and Obama has proved it. Can you slap me? If I’m dreaming, I do not want to wake up,” she says, moments after the networks called the race for Obama. “Do you know what this does for kids in Africa, whose parent died of AIDS? It’s not just black America, it’s blacks all over the world.”

Then she says: “Now they have to protect him,” meaning the Secret Service. Several people in the generally jubilant crowds in Oakland mentioned their worry that he will be assassinated.

Not all McCain voters were ready to embrace Obama’s election. Anna Marie Hulma, a white resident of Alameda, Calif., says she started out as a Hillary Clinton supporter and vowed not to support the Democrats if she was not the nominee. She rejects the notion that the election signals that the country has changed much.

“It seems to be a pendulum – it swings one way, people get tired with that, then people vote the other way,” she says. Obama, she adds, strikes her as more like “a white man’s image of a black man, rather than an actual representation of what I have seen of the black community.”
A. Raven, a white Berkeley mother of two, is relieved that Obama won. “It’s truly an inspirational moment for all Americans,” she said. “Barack Obama reflects the real America, he reflects my American family, and even just the idea of what you call him – he’s biracial. I have many members of my family who are biracial and that’s what they look like. He’s a true American.”

source: features.csmonitor.com/politics/2008/11/05

One Week with Tmobile G1 aka HTC Dream on Android

I was one of the early recipients of the device and my first impression was “they did a great job” and it was certainly worth the wait.

Contrary to what I had read about performance issues, the device is very responsive. In my review of the G1, I have made every conscious effort to keep an open mind and minimize comparisons with other operating systems and Mobile devices such as Windows Mobile, Palm OS, RIM, Symbian, 3G I-phone and many others.

The G1 has a very simple and functional design, the keys are very easy to navigate and a nice trackball. The home screen is fully customizable and each time you hold an icon on the home screen there is a cool vibration of the device.

The G1 is tightly integrated with Google mail, meaning when you set it up you are required to use your Gmail account information. The 3G is pretty fast making you tube and other multimedia downloads a breeze. The Android Market is interesting and it is amazing how developers are flooding the market on a daily with creative applications (http://www.android.com/market/ ). If there’s an application you desire chances are it is on the market. Download and installation of applications are very fast and simple.

Other cool features of the T-Mobile G1 with android include the following:

Voice-dial (impressive)

GPS

Music Player – (One of the best by far!)

Great Reception

Excellent call quality

Pattern unlock functionality

Accelerometer

The not so cool:

Base of the phone makes it awkward when typing, needs some getting used to.

With that said if you are on the market for a new phone, I suggest you try it out. Post all comments or questions and I will address them to the best of my knowledge.

The Global Financial Crisis & Africa

No one expected that the Malaysian response to the Asian financial crisis would provide a compass to the manner in which the West has had to respond to the current financial crisis.

Indeed, many would argue that the jury is out on the efficiency and effectiveness of a market system in allocating resources.

In a post-Cold War era in which the worldview of the West seemed to dominate global economic thinking, the collapse of the global financial system necessarily calls for a rethink about what kind of Africa do we want to see, how should the continent be governed and what kind of institutional framework can promote the continent's cause.

Some have naively concluded that this marks the end of a market system without applying their minds about the viability of a non-market system alternative.

Notwithstanding the challenges facing the global capitalist system; it cannot be argued that the state can provide an alternative system that captures human ingenuity, innovation, entrepreneurship and creativeness; particularly in a continent that has not been able to create an enabling and conducive environment for growth.

The development of new financial instruments by the global financial system that has led to the current financial meltdown has to be understood in its proper context.

The global financial vocabulary has been greatly enriched by the crisis and new terms like subprime are part of the daily conversations among not only the world's rich but also the world's working people and the poor.

Africa has been largely insulated from the crisis principally because of the state of its own development. However, its access to global capital will continue to present a challenge. Equally, some of the innovations in global finance like securitization and collaterized debt obligations that are now being blamed for the meltdown could provide answers to the continent's development challenges but such answers will not be forthcoming if the system that has produced phenomenal change is rejected in its entirety in response to a complex crisis.

The majority of Africans have no access to shelter and the financial system in the continent has not been a reliable ally in reducing the frontiers of poverty. The depth and breath of the continent's capital and money markets is an issue that continues to challenge many African policy makers.

Issues related to access and cost of financing for basic things like housing have to form part of African conversations as we try to digest the fallout from the global financial crisis. Some have concluded that the future global financial architecture will need more regulation and less greed.

To what extent is greed the cause of the financial crisis will continue to be an issue for debate. However, state actors who are never directly accountable to their market i.e. citizens, have been given a window to intervene and the consequences may not be in the interest of human progress.

I have often argued that even the rich have not found a mechanism for taking their wealth to heaven or hell as the case may be.

Money is nothing more than an illusion and, therefore, it would not make sense to argue that the elimination of greed from the system would necessarily advance the cause of the poor.

A market system is modeled on the principle of exchange of value and those who become rich in such a system do so on the basis that there are willing market participants.

It has often been argued that an equitable and just world is desirable but humanity has failed to devise a system that cannot be subject to manipulation that can energize people to supply goods and services in a sustainable and predictable manner with minimum friction.

Financial engineering has been blamed for helping cause the crisis but what is not being discussed honestly is what would have happened to the working poor without the introduction of new instruments through which access to financing became easier.

To the extent that the collapse of the global financial system is seen as a verdict on the viability of the market system, many African governments who were finding it increasing difficult to play their hands in nation building as shareholder, referee and market corrector now have an opportunity to argue that there is nothing fundamentally wrong in state intervention or nationalization of assets.

While the world system is trying to come to terms with the crisis, the Chinese people are engaged in a more critical conversation on property rights and the viability of a state capitalist system that is underpinned by citizens that are denied rights to property.

The government of Zimbabwe (GOZ) stands out as one of a few African governments that must feel vindicated by the developments in the global financial system in so far as the use of quasi-fiscal activities.

The Central Bank Governor, Dr. Gono, must be a happy man to find out that his colleagues in the West are now using the very instruments for which he has been criticized for doing.

However, it would be naïve to argue that Gono's medicine is appropriate for the patient given the unique Zimbabwean circumstances and the fact that the last 5 years of experimentation by the RBZ has not yielded the kind of results expected.

Africa's citizens have been excluded from shaping their own future both during the colonial and post colonial eras to provide any hope for change arising from the corrections that may take place in the global financial system.

The decision by the most powerful countries to intervene in their economies must be properly contextualized not only in terms of locating the state where it should belong i.e. as an actor of last resort and not a permanent substitute to a market-based system.

source: hararetribune.com/index.php?option=com_content&view=article&id=435:the-global-financial-crisis-a-africa&catid=77:news&Itemid=177

Barack Obama / Joe Biden foreign policy on Africa

The political atmosphere for the 2008 American presidential election has been very intense and filled with constantly changing dynamics. Some of the key issues have been the national economy (including the wall street crisis), foreign policy, national security and many others. In selecting one of the issues here, foreign policy it is interesting to know what Barack Obama's policies are on Africa. The following are the policies obtained from Barack Obama's website:

Obama's Record: As a member of the Senate Foreign Relations Committee, Barack Obama has fought to focus America's attention on the challenges facing Africa – stopping the genocide in Darfur, passing legislation to promote stability in the Congo and to bring a war criminal to justice in Liberia, mobilizing international pressure for a just government in Zimbabwe, fighting corruption in Kenya, demanding honesty on HIV/AIDS in South Africa, developing a coherent strategy for stabilizing Somalia, and travelling across the continent raising awareness for these critical issues. He has also increased America's focus on the long term challenges of education, poverty reduction, disease, strengthening democratic institutions and spurring sustainable economic development in Africa.
Stop the Genocide in Darfur: As president, Obama will take immediate steps to end the genocide in Darfur by increasing pressure on the Sudanese and pressure the government to halt the killing and stop impeding the deployment of a robust international force. He and Joe Biden will hold the government in Khartoum accountable for abiding by its commitments under the Comprehensive Peace Accord that ended the 30 year conflict between the north and south. Obama worked with Senator Sam Brownback (R-KS) to pass the Darfur Peace and Accountability Act in 2006.
Fight Poverty: Obama and Joe Biden will double our annual investment in foreign assistance from $25 billion in 2008 to $50 billion by the end of his first term and make the Millennium Development Goals, which aim to cut extreme poverty in half by 2015, America's goals. They will fully fund debt cancellation for Heavily Indebted Poor Countries in order to provide sustainable debt relief and invest at least $50 billion by 2013 for the global fight against HIV/AIDS, including our fair share of the Global Fund.
Expand Prosperity: Obama and Biden will expand prosperity by establishing an Add Value to Agriculture Initiative, creating a fund that will extend seed capital and technical assistance to small and medium enterprises, and reforming the World Bank and International Monetary Fund. They will launch the Global Energy and Environment Initiative to ensure African countries have access to low carbon energy technology and can profitably participate in the new global carbon market so as to ensure solid economic development even while the world dramatically reduces its greenhouse gas emissions. They will also strengthen the African Growth and Opportunity Act to ensure that African producers can access the U.S. market and will encourage more American companies to invest on the continent.

Please note that the policies described above were obtained from the Barack Obama website:

source: origin.barackobama.com/issues/foreign_policy/#onafrica

Market woes go beyond financial sector

Most of these changes, which emanated from the US, have their origins in the 1980s. In the past 12 months, their negative effects have been felt throughout the world, but, unfortunately, they have been misdiagnosed and consequently isolated from their structural contexts.

The initial signal of this malaise emerged in mid-2007 and was described as sub-prime problems and the attendant falling house prices across the US.

Some respected analysts claimed repeatedly that this issue would not have wider implications. However, the cause of the sub-prime problem has spread quietly and caused the collapse or impairment of three of the five major merchant banks in the USA: Bear Stearns, Merrill Lynch and Lehman Brothers.

Aside from the collapse of the merchant banks, some of which have lasted for more than 150 years, the US government has reversed its ideological stance and nationalised the country’s biggest insurance company, the American International Group, after committing $85 billion to its rescue.

As if that is not enough, the US government is working on legislation to set up something akin to a “toxic waste dump” for bad debts from financial organisations, which will cost over $700 billion.

These US measures have several implications for Kenya and other African states. Not only will they lead to a decrease in the amount of aid allocated to Africa, but they will also fuel inflation, which will spread to Africa and other parts of the world, and weaken the US dollar, thereby rendering oil more expensive.

Anything that is manufactured in the US has the capacity to reach Europe and other parts of the world, and this financial virus was no exception.

Accordingly, earlier in the year, the British government nationalised one of its banks, Northern Rock, to save it from collapse. However, this was not enough to inoculate the British economic system, so in the past few weeks, White Hall has taken extra measures to buttress the financial sector following the acquisition of the Halifax Bank of Scotland by its rival, Lloyd’s TSB.

In the past week, the central banks of several OECD countries have injected more than $500 billion into the financial system to try to save the current incarnation of capitalism, which, in turn, is doing everything to self-destruct.

Why have analysts refused to acknowledge that the turmoil in the share market is a symptom of weaknesses in the wider global structure?

First, these problems suggest that the neoliberal economic model that has been promoted since the early 1980s can no longer be relied upon by itself to tackle the challenges that we face.

Like other models before it, including the Keynesian one, which was very successful after the Second World War, the neoliberal model has lost its potency.

This is why the US and UK governments have re-discovered virtue in the nationalisation of some key socio-economic assets.

Even the American financial elite, which has traditionally derided anything that smacks of government regulation, has readily accepted government interventions.

Second, recent problems suggest that the US is losing its role as the global economic leader.

Third, it is misleading to describe what is going on as merely financial turmoil. These problems have serious social, political and economic implications.

Makinda is professor of Security, Terrorism and Counter-Terrorism Studies, Murdoch University, Australia.

source: bdafrica.com/index.php?option=com_content&task=view&id=10281&Itemid=5848

Google meets Tmobile

The device manufactured by HTC will have Google's open source operating system Android running as its brain, nervous system and blood stream. The speculated name will be the HTC Dream also known as the GPhone, another "I-phone" Killer....

There have been many speculations on what the final specifications of the phone will be, many anticipate it will out do apple's benchmark I-phone which has been a leader when it comes to smart phones.

The purpose of this article is not to praise and market the I-phone (Steve Jobs has already taken care of that and he did a damn good job :) ! ) but to shed some light on what I believe is Google's foot in the door and how they will revolutionize the mobile world just as they have done the internet (Presurance.com).

Consider the smart phone market as a big pie, where the slices have been made by different bakers or chefs eg windows mobile, Symbian, Palm, RIM and apple. These slices have been difficult to bring to life and not only that, the slices are difficult to eat because the chefs didn't really know what they were doing or why they made the slices the way they did. Google is creating a whole new pie, for hungry folks and it will create a lot of demand because there are so many people starving for Google’s pie that does not require a chef to create. It is open source therefore you can toss it in your own oven at home or microwave it to get great tasting pizza. They are cutting out all the middle crap that makes phone development expensive for careers, this results in price competitive handsets, making everyone a winner.

In a nut shell, Android will be the next big wave and there will be so much development towards its growth, and versatility. Regions and countries big on mobile phones will fuel the growth of this "Android"; these include Britain, France, Germany Russia and most European countries. This wave will also hit Africa, with South Africa and rapidly growing economies such as Ghana and its sub-Saharan counterparts. The economic impacts and opportunities will be discussed in a separate article coming soon exclusively to presurance.com.

US Financial Turmoil Could Adversely Affect Africa, Experts Say

In a conference call Monday, Sebastian Mallaby and Benn Steil, senior economists at the Council on Foreign Relations, said the impact of the U.S. financial crisis will be hard on Africa's emerging markets.

Steil said he thinks they will be hit particularly hard…. “You are seeing a flight to safety. You are seeing investors in Europe and the United States retrenching capital…. Those falling commodities prices are obviously not going to help at all.”

Mallaby agreed: "It seems to me that…African economies as well as other emerging economies around the world have been feeling the effects of the ups and downs of finance in the U.S. and other developed market. So, at the time when commodity prices were high, mobile global capital flowed into Africa and pushed asset prices up, and that made capital cheap…and fueled growth. And now,” he said, “you are seeing something of the opposite cycle, as commodity prices come down and that effect goes into reverse."

The economist said the current financial crisis is generating comparisons to problems faced by emerging economies in the past.

Steil noted that some countries in other parts of the world probably can weather the financial shock “much better than they might have in the 1990s. I'm thinking in the European context of countries like Greece and Portugal and Slovenia, that have adopted the Euro as a currency and internationally traded currency. So, their current account deficits are no longer of concern to the markets. In the case of Central America, interestingly enough, I think El Salvador and Ecuador are somewhat protected from international turmoil by the fact that they no longer have domestic vulnerable currencies and are using the dollar as their currency."

Some analysts, including Mallaby and Steil, praised Treasury Secretary Henry Paulson for refusing to use U.S. taxpayers' money to bail out Lehman Brothers. They say more stringent regulations are needed in the financial market. Mallaby explained the perspective of the two economists: "What we try to bring, which is a little bit different to other people who comment on this crisis, is that we are looking at the Council for Foreign Relations, the interplay between international financial issues and US power, US policy.”Financial experts say the financial crisis in the United States is expected to adversely affect most African countries. A top US investment company, Lehman Brothers, filed for bankruptcy protection Monday, sending shockwaves through local and international financial markets. In a conference call Monday, Sebastian Mallaby and Benn Steil, senior economists at the Council on Foreign Relations, said the impact of the U.S. financial crisis will be hard on Africa's emerging markets. Steil said he thinks they will be hit particularly hard…. “You are seeing a flight to safety. You are seeing investors in Europe and the United States retrenching capital…. Those falling commodities prices are obviously not going to help at all.”

The economist said the current financial crisis is generating comparisons to problems faced by emerging economies in the past.

Mallaby explained the perspective of the two economists: "What we try to bring, which is a little bit different to other people who comment on this crisis, is that we are looking at the Council for Foreign Relations, the interplay between international financial issues and US power, US policy.”

source: voanews.com/english/Africa/2008-09-16-voa5.cfm

Tullow Oil appoints ex-BP man

Springett was a BP lifer, who headed up the finance function at the US arm and was also CFO of the upstream division.

He was with BP for 23 years, and he takes over from Tom Hickey.

Taking up his appointment in early September, Springett held several senior finance positions in his 23 years with BP.

Tullow Oil’s main interests are in Ghana. Its share price has soared over the last five years, with the company’s stock now worth ten times what it was in 2003.

There were rumours of a takeover bid earlier this year, with the share price hitting a high in June before the company said that no bid was likely to materialise.

The company boasted record profits for the last six months last week, meaning Springett’s task will be to maintain the momentum. Tullow revealed its net profit was £126m in the first six months of the year up from £37m in the same period in 2007.

Tullow’s chairman Pat Plunkett said: ‘Ian is an experienced CFO and we look forward to working with him.’

source: accountancyage.com/2225271

Vanco and Lukoil Secure Drilling Unit for Ghana Deepwater Drilling

The Aban Abraham deepwater drillship is currently in Sembawang Shipyard in Singapore being retrofitted to enable the unit to drill in water depths of up to 2,000 meters. Upon completion of shipyard activities, the Abraham will mobilize to West Africa. The Dzata-1 will commence upon arrival of the drilling unit in Ghanaian waters during the Fourth Quarter 2008.
Cape Three Points Deep Water Ghana block encompasses 1.25 million acres in water depths ranging from 200 to 3,000 meters in the Tano Basin. 2D and 3D seismic surveys acquired by Vanco reveal the presence of large compressional folds in a newly recognized sub-basin. The Dzata Prospect (meaning "Lion" in the Ga language) represents one of nine major structural and stratigraphic prospects defined on the block.
Approximately 70 miles northwest of Dzata, the discovery and successful appraisal of the Jubilee Field, with resources estimated at between 500 million and 1.8 billion barrels of recoverable oil, confirmed an active petroleum system in the Tano Basin and heightened the exploration activity in the region, where the industry will drill several wells in the next few months.
Situated in 1,869 meters water depth, the Dzata Prospect is a large anticlinal structure with numerous Lower and Upper Cretaceous potential reservoir horizons and distinct direct hydrocarbon indicators, including flat spots and a gas "chimney." The well will be drilled to a total depth of approximately 4,900 meters, or 3,031 meters below the mud line.
"Vanco and Lukoil have been working for more than a year to secure the Aban Abraham drilling slot to drill this exciting prospect," says Vanco President Gene Van Dyke. "We appreciate the patience and assistance of GNPC as we organize the drilling activity."
Vanco (Operator) holds a 28.34% interest in the Cape Three Points Deepwater block with Lukoil holding a 56.66% stake. GNPC, the state oil company, holds a 15% carried interest.
In an ever-tightening deepwater rig market Vanco and Lukoil are aggressively seeking to secure additional rig slots for planned wells in West Africa. Vanco is a leading deepwater independent with activity in CA'te d'Ivoire, Ghana, Equatorial Guinea, Gabon and the Ukrainian Black Sea.
SOURCE: Vanco Energy Company

Vanco Energy Company, Houston
Jeff Mitchell, 713-386-2710
www.vancoenergy.com

source: marketwatch.com/news/story/vanco-lukoil-secure-drilling-unit/story.aspx?guid={0673362E-3D95-43CB-B5B1-7342652C6184}&dist=hppr

Oil Tumbles as Signs of Slowing Economy Spur Commodity Selling

Oil in New York has dropped more than $9 since reaching a record $145.85 a barrel on July 3. Gold, silver, copper and corn also declined. The U.S. economy has sagged amid credit-market and housing slides. Contracts to buy previously owned homes fell more than forecast in May, signaling prices have yet to bottom.

``All the bad economic news is making people take a second look at commodities,'' said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. ``Commodities were purchased as a hedge against inflation. A global recession is looking more likely, and it's the greatest weapon in the fight against inflation.''

Crude oil for August delivery fell $5.33, or 3.8 percent, to settle at $136.04 a barrel at 3:02 p.m. on the New York Mercantile Exchange, the biggest drop since March 31. Futures have fallen 6.4 percent over the past two days, the biggest two- session decline since March 19 and 20. Prices are up 87 percent from a year ago.

An index of pending U.S. home resales fell 4.7 percent following a revised 7.1 percent gain in April that was greater than previously reported, the National Association of Realtors said today in Washington. The prospect of further price declines may be discouraging offers, while rising mortgage rates and tougher lending standards make it harder to qualify for loans.

``There is more concern about the U.S. economy,'' said Kyle Cooper, an analyst at IAF Advisors in Houston. ``There was a feeling that the U.S. doesn't matter because of growth elsewhere, but the country is still responsible for about 25 percent of world oil consumption.''

Recession Concern

Sales of services and manufactured goods in the U.K. fell in the second quarter, posing ``serious risks'' that the economy will tumble into a recession, the British Chambers of Commerce said today. An index based on a survey of 4,758 services companies fell to minus 2, the lowest since 1992, from 17, according to the London-based lobby group.

``We have strong concerns about the sharp rise in oil prices,'' the Group of Eight said in a statement today in Tokyo, where the leaders are holding their annual summit. ``The world economy is now facing uncertainty and downside risks persist.''

The U.S. is ``very close to a disaster'' because it imports almost 70 percent of its oil, investor Boone Pickens said during an interview with CNBC, unveiling a strategy to limit the country's dependence on foreign crude.

Pickens, founder and chairman of Dallas-based BP Capital LLC, made his comments as Congress has been investigating the role of speculators in oil's rise over the past year. Pickens said the gains are because global demand exceeds supplies.

Iranian Statements

Oil also fell today as negotiations continued between Iran and western governments over the country's nuclear program. President Mahmoud Ahmadinejad dismissed the possibility of a war with the U.S. and Israel over his country's nuclear work, saying Iran is trying to avoid conflict.

``We're making the utmost effort for providing peace and security at the world level,'' the Iranian president told reporters today in Kuala Lumpur, where he is attending a summit of the Eight Islamic Developing Countries. ``Don't worry, there won't be any war in the future. Mainly they are focusing on some sort of propaganda or psychological war.''

Iran has said it may blockade the Strait of Hormuz, the shipping lane for a fifth of the world's crude, if its nuclear facilities are attacked. The country has the second-biggest proved oil reserves and is the second-biggest producer in the Organization of Petroleum Exporting Countries.

``There's been some reassurance about the dispute with Iran, which is taking some of the risk premium out of the oil market,'' said Rick Mueller, director of oil practice at Energy Security Analysis Inc. in Wakefield, Massachusetts.

Brent Oil

Brent crude oil for August settlement declined $5.44, or 3.8 percent, to settle at $136.43 a barrel on London's ICE Futures Europe exchange, the biggest drop since March 19. Prices climbed to a record $146.69 on July 3.

The UBS Bloomberg Constant Maturity Commodity Index, which tracks 26 raw materials, declined 2.6 percent to 1,633 today, the biggest decline since March 19. Gold fell for a fourth day.

The U.S. dollar rose against the euro, limiting the appeal of commodities as a hedge against inflation. The currency climbed 0.5 percent to $1.562 per euro at 3:13 p.m. in New York, from $1.5726 yesterday.

``Any time the dollar moves higher, you are going to see folks shift away from the commodity markets,'' Mueller said.

source:bloomberg.com/apps/news?pid=20601087&sid=at0fvIMZdiKs&refer=home

US in military misstep over African oil

In recognition of "the emerging strategic importance of Africa", President George W Bush in February 2007 ordered the creation of AFRICOM, the US Africa Command.

AFRICOM centralizes all authority for the US military operating in

the African region under one command structure. It also transfers many duties that previously belonged to nonmilitary US agencies - such as building schools and digging wells - to the jurisdiction of the Department of Defense. While fighting terrorism in Africa is the primary reason given for the establishment of AFRICOM, oil appears to be the more pressing motivator.

"A key mission for US forces [in Africa] would be to insure that Nigeria's oilfields, which in the future could account for as much as 25% of all US oil imports, are secure," explains General Charles Wald, deputy commander of US forces in Europe in an interview with Wall Street Journal writer Greg Jaffe.

To secure and maintain access to oil, if not for the nation, then most certainly for our oil companies, the Bush administration has increasingly turned toward the US military. Author Kevin Phillips coined the term "petrol-imperialism" to describe the Bush administration's policies in this regard, "the key aspect of which is the US military’s transformation into a global oil protection force". Under the rubric of the Global War on Terror, the Bush administration has implemented the greatest realignment of US forces since the end of the Cold War. With a map of Big Oil's overseas operations, the world's remaining oil reserves, and oil transport routes, one can now track the realignment and predict future deployments of the US military.

Africa, with almost 10% of the world's remaining oil, is an area of increasing activity for both Big Oil and the US military. Between 2000 and 2007, US imports of oil from Africa increased by 65%, from 1.6 million to 2.7 million barrels a day, according to the US Department of Energy. These imports, in turn, accounted for a growing percentage of all US oil imports: increasing from 14.5% in 2000 to 20% in 2007. Both trends are expected to accelerate in the future.

Oil giants increase presence
Not only is the United States importing more African oil, but US oil companies are also increasing their African reserves and their presence on the continent. According to SEC tax filings, in 2000, ExxonMobil operated in just three African nations - Angola, Equatorial Guinea, and Nigeria - and its production there was negligible relative to the rest of the world. Today, ExxonMobil also operates in Cameroon and Chad and is set to begin work in Libya. Its African holdings account for nearly 17% of the company’s global oil reserves.

According to 2008 SEC Tax Filings, Chevron, ConocoPhillips and Marathon, among other US oil companies, are also increasing their presence, with each operating in three or more of the following countries: Algeria, Angola, Cameroon, Chad, the Republic of Congo, the Democratic Republic of Congo, Equatorial Guinea, Gabon, Libya, and Nigeria. According to US Energy Secretary Samuel Bodman, US companies hope to expand their operations further, with Madagascar, Benin, Sao Tome and Principe, and Guinea-Bissau among potential future targets.

Shell and BP, both with large US affiliates that are active in both US political campaigns and domestic lobbying efforts, are also expanding their already sizeable African operations.

The Bush administration has increasingly turned to the Department of Defense to ensure more stable governments in Africa that are supportive of both the US government and US (and US-affiliated) oil corporations and to guarantee an amenable (some would argue, subdued) populace.

The Administration has increased the provision both of arms and direct military services and training to Africa, such that today Angola, Algeria, Botswana, Chad, Cote d’Iviore, the Republic of the Congo, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Kenya, Mali, Mauritania, Niger, Nigeria, Sudan, and Uganda are all direct recipients of such assistance. General James Jones, EUCOM (European Command) Commander, announced that US Navy carrier battle groups would shorten future visits to the Mediterranean and "spend half the time going down the west coast to Africa". The former French Foreign Legion base, Camp Lemonier in Djibouti, became home to the US military's Combined Joint Task Force - Horn of Africa in 2003.

AFRICOM, at present headquartered in Germany, intends to "establish a presence" on the African continent this year. There are several options for new US military bases, including a naval base and deepwater port on the tiny island of Sao Tome off the coast of Gabon, West Africa. The Pentagon is also considering new bases in Senegal, Ghana and Mali.

US oil companies have long used African military and security forces to protect their oil interests. Perhaps it is more honest for the US military to take more direct oversight over these operations, but the risks far outweigh any potential benefit. The United States is already engaged in one war for oil in Iraq and the US military knows this. General John Abizaid, retired head of US Central Command and military operations in Iraq, said of the war, "Of course it's about oil, we can't really deny that." The concern is that, as it has in Iraq, a larger US military presence in Africa will strain an already overburdened military while increasing internal hostilities, regional instability, and anger at the United States.

The answer to our nation's oil addiction is not to secure new and diverse suppliers. We need to kick the habit and just say no, beginning with AFRICOM.

Antonia Juhasz is a Foreign Policy In Focus Policy Analyst. She is an Associate Fellow with the Institute for Policy Studies and a Fellow with Oil Change International. Her new book, The Tyranny of Oil: the World’s Most Powerful Industry, and What We Must Do To Stop It, will be released in October by HarperCollins Publishers.

source: atimes.com/atimes/Global_Economy/JF19Dj05.html

Soaring Oil Prices Raise Fear Over Growth, Rates

Oil reached a record high of $139,12 a barrel on Friday in New York trade, reinforcing concern among world leaders and market analysts that the rising price will slow global economic growth even further.

Raymond Goss, joint head of the Johannesburg office of Investec Securities, said today was "going to be a hard day for the market all around" and that the JSE would "take its lead" from the closing US market, which was down more than 3% on Friday.

Goss said the oil price was "possibly the major factor" affecting the JSE within a "very inflationary environment". The a ll s hare i ndex lost 16,53, falling to 31724,73 on Friday and taking its decline last week to 0,4%.

Rising inflation expectations and a high oil price did not auger well for the outcome of the monetary policy committee meeting on Thursday.

The market had hoped "that in the best case" there would be a 50-basis-point interest rate hike by the Reserve Bank, but Goss said the oil price spike could cause the Bank to raise rates more aggressively.

Japan's trade minister, Akira Amari, said yesterday oil prices topping $130 a barrel could slow global economic growth, and he urged the world's biggest energy consumers to cut demand.

He spoke at the opening of a meeting of energy ministers from the Group of Eight industrialised nations, plus China, India and South Korea at Aomori in Japan. US Energy Secretary Samuel Bodman described the sharp oil price rise as "shocking".

Members of the Organisation of Petroleum Exporting Countries (Opec) , however, saw no need yesterday to pump more oil in response to last week's surge in oil prices.

"I think there is enough oil in the market," said Shokri Ghanem, head of Libya's National Oil Corporation.

The energy ministers also looked inward for solutions to oil's unrelenting rally, touting the need for domestic efficiency rather than piling pressure on a resistant Opec to pump more crude. "We will continue to vigorously promote policies and measures for improving energy efficiency," the 11 ministers, whose countries account for two-thirds of world energy consumption, said in a communique ahead of their meeting in Aomori.

Goss said the JSE was "already in a middle of a downturn" and the great danger was if people believed there was going to be a slowdown in the larger economies. If this was the case, it would lead to a "slowdown in commodities and resources", which had been important for the growth on the JSE in recent years.

Paul Hansen, group director of retail investing at Stanlib, said there was only "one share that would enjoy" the oil price news, which was Sasol.

"It will negatively affect the market in general. In particular, interest-rate sensitive shares such as banks, life assurers, retailers and property. Those w ill be the first to be hit because a high oil price implies higher inflation and therefore potentially higher interest rates."

Hansen said higher food prices had also been "partly ascribed" to high oil prices, with maize in the US reaching a record high on Friday of more than $7 a bushel (27kg).

Rising oil prices may slow the global economy this year, which the World Bank forecast in January would expand at a more gradual pace of 3,3% compared with 2007, citing a poor US outlook.

In S A , Minerals and Energy Minister Buyelwa Sonjica has proposed that the tax on fuel be reduced to lessen the burden of oil prices on consumers, especially the poor.

Europe and the UK are in the grip of protests by fishermen, trucking companies and taxi drivers over the imposition of fuel taxes on top of an oil price they say is driving them out of business.

source: allafrica.com/stories/200806090450.html

2009 Rolls-Royce Phantom Coupe

In 2007, Rolls-Royce sold 20 percent more cars than the year before. Since BMW took over one of the most traditional British brands in 1998, only Emily (the nickname of the Flying Lady that adorns the cars' grilles) remains. Today, Rolls-Royce resides in Goodwood, U.K., manufacturing its Phantom models. After this summer, this Phantom Coupe will be added to the model mix.

Based on the Drophead Coupe soft-top, and sharing most of its dimensions, the closed version comes with upgraded suspension and will therefore be the sportiest Rolls in the range. It also retains the Drophead's unique suicide-style doors. The engine and corresponding power remain the same, but its 453 bhp and 531 lb.-ft. of torque from the 6.75-liter V- 12 should be more than adequate. It delivers power to the rear wheels via a 6-speed automatic transmission. Incidentally, the fuel capacity has been increased by 25 percent over the convertible version. The lower tailgate can be positioned to create a seating platform for two adults, called the "picnic boot."

The Phantom Coupe is a massive automobile in the grandest of tradition. Riding on a 130.7-in. wheelbase, the new coupe measures 220.8 in. in overall length and has 21-in. wheels. Priced at Euro 360,000 (the U.S. price has yet to be given), the Phantom Coupe is for the lucky few.

source: autos.yahoo.com/auto-shows/new_york_auto_show_2008/515/over-the-top/6

Audi R8 TDI Le Mans

With 500 horsepower and over 737 lb.-ft. of torque, the Audi R8 TDI Le Mans certainly has the street cred to move right up into the upper echelon of the exotic sports car category inhabited by the likes of the Ferrari 599 GTB Fiorano and the Lamborghini Murciélago LP640. But this handsome German offering's powerplant sports an utterly unique twist over those Italian V-12-powered machines: It's a diesel.

Unique exterior (honeycomb-trimmed grille openings, carbon-fiber "sideblade" trim aft of the doors) and interior (aluminum trim, more carbon fiber) touches help further set this oil-burning edition apart from the road-going R8 coupe.

As this is a prototype vehicle, should the R8 TDI Le Mans go into production (it is likely to be built), it will most certainly sell for more than the current gas-burning, V-8-powered R8's base price of $109,000.

Look for a full Technical Analysis and Driving Impression in the June 2008 issue of Road & Track.

source: autos.yahoo.com/auto-shows/new_york_auto_show_2008/515/over-the-top/5

2009 Bentley Brooklands

It's tough to get more "automotively English" than Bentley and Brooklands.

The former is, of course, the famous automaker while the latter is a historic-if-now-defunct high-speed race track near London. Put the two names together in 2008 and you have a new coupe that is the sum of 6.75, 530, 774, 3, 5.0 and 340,990.

How does it add up?

You begin with the chassis of the Bentley Azure convertible, already stiffened to be a luxury drop top. Add a steel coupe roof while retaining in all but one piece of the convertible structure, and you have a very rigid automobile.

Make certain that top matches the lower body, give it an air of luxury and style and add the name Brooklands.

Now here come the numbers. Take the rather traditional Bentley V-8, displacing 6.75 liters, add a pair of turbochargers and the appropriate internal changes needed, and you come away with 530 horsepower and 774 lb.-ft. of torque. The 3 is an approximate number, but represents the Brookland's weight in tons with driver and passenger. That 5.0 is the number of seconds to get the big Brooklands to 60 mph. You've probably guessed that $340,990 is the base price of the Brooklands coupe. With options and taxes you may be closer to $400,000.

It is a beautifully done machine, from its hand-finished body seams to the highly polished solid wood trim to the military straight stitching. Bentley says this is the most commodious coupe cabin in the world, and it feels like it when you're stretched out in back enjoying the countryside blur by.

With the exception of new uprights to allow for the optional ($30,000) carbon-ceramic brakes, the suspension pieces also carry over from the Azure, though tuned to sportier — as in firmer and flatter — performance.

It is a mighty thing to stomp the gas, feel the back end slew a bit as the power bites and rushes the great machine forward. Once the road starts winding, the Brooklands is surprisingly agile though it is somewhat light-steering. Mind you, as it edges right, then left down the road, you will never forget this is one big, heavy machine...nothing cat like about it. But as a piece of traditional British automotive power, it is impressive.

source: autos.yahoo.com/auto-shows/new_york_auto_show_2008/515/over-the-top/4

Bugatti Veyron Fgb par Hermes

This rather long appendage to the Bugatti nameplate reflects a relationship that the factory says goes back to 1927 when Ettore Bugatti sought fitted luggage from the Parisian design house.

That relationship has come full circle in this limited-edition Bugatti with styling cues developed by Hermes. The Fgp appellation refers to Hermes' headquarters on Rue du Faubourge Saint Honore in Paris.

It's not just a color and paint trim package, although the sand-colored hood and rear decklid are the first indications that this package is special. The face of the car has been revamped with a brushed-aluminum trademark horse collar grille now flanked with a panel with two air inlets. All the mesh grilles — including the main radiator opening, lower inlets — engine air snorkels aft of the passenger cabin and the rocker panel inlets now have a pattern that reflect the Hermes "H" motif.

Inside, sand-colored leather covers all the surfaces, and even the inside door pulls have been reconfigured to looks more like luggage latches than door handles.

Bespoke leather on the interior, and Hermes logos on the wheel hubs and fuel-filler door speak to the car's pedigree. The car retains its legendary performance from its 1001-bhp V-16 quad-turbocharged engine, which enables a factory-claimed 0–62 -mph run of 2.6 seconds. The price? Nearly $2 million.

source: autos.yahoo.com/auto-shows/new_york_auto_show_2008/515/over-the-top/3

Maybach Landaulet

Because Maybachs clearly aren't exclusive enough, the Landaulet Study could very well become the most coveted limousine in the world. By adding a folding black soft-top roof over the passenger compartment of the Maybach 62 S (while the chauffeur's compartment remains enclosed, in true landaulet style), the German super-luxury manufacturer says it has "re-enlivened the great art of building majestic automobiles."

Although the rear of the roof has been chopped off, the side structures remain, invisibly strengthened with integral tubular steel reinforcements. Opening and closing the roof takes 16 seconds, operated by a switch at the hands of the chauffeur.

The rear of the car, including the twin, airliner-like reclining seats, is largely covered with Seychelles white leather; the floor is carpeted with white velour, while trim pieces are of black granite with gold inclusions.

The driver's area has been enhanced with glossy black Stromboli leather, with all the interior trim pieces finished in black piano lacquer. And just to drive the point home that the Landaulet is meant to be chauffeur-driven, the front and rear compartments are divided by a glass partition.

The Landaulet Study uses the same AMG-massaged 6.0-liter twin-turbocharged V-12 as the Maybach 57 S and 62 S, with 612 bhp and 738 lb.-ft. of torque.

source: autos.yahoo.com/auto-shows/new_york_auto_show_2008/515/Over-the-Top/2

South Africa: Bharti 'Set to Pounce' On MTN

Despite denials by MTN that it had been approached by Barthi, the UK's Financial Times said in two reports, published last Tuesday and on Saturday, that one option would be to acquire 51% of MTN and still retain its JSE listing.

Another structure involved buying all of MTN in a cash-and-share sweetener for shareholders, with Bharti establishing a secondary JSE listing.

"Both options envisaged an integrated management structure and dual headquarters in India and SA," the Financial Times said, quoting "people close to the situation".

MTN, the subject of previous speculation about its future , is adamant it has not received "any specific" proposal, saying it would inform the market if and when a bid was made.

Bharti chairman and MD Sunil Bharti Mittal spoke of being approached by bankers "in a much more frenzied manner", but said he had not yet formally discussed any bid for MTN with his board.

Mittal, however, said that Bharti would have no difficulty in raising funds to finance the transaction.

"Money's not an issue. Our net debt is just $70m. The whole world wants to fund us," he said.

MTN, with more than 68-million customers in Africa and the Middle East, has a market capitalisation of more than $35bn, while Bharti is valued at more than $44bn.

Merrill Lynch and Deutsche Bank had been advising MTN and Standard Bank was advising Bharti.

Singtel of Singapore, which has a 30,5% stake in Bharti, had retained Goldman Sachs as an adviser.

source: allafrica.com/stories/200805050850.html

Zagato Bentley Continental GTZ

The Italian design house of Zagato is famous for building rebodied specials off existing production cars, and this year's star on its stand is no different. This time, the Turin-based coachbuilder has turned its attention to the recently introduced Bentley Continental GT Speed, a sumptuous 4-passenger touring car with a thumping 6.0-liter twin-turbocharged 12-cylinder engine that produces 600 bhp.

The changes to an already handsome car are striking. Most noticeable is the in-your-face mesh grille treatment that literally leaps off the front of the car. Accentuating the new nose is a larger lower intake framed by a new chin spoiler. The lower body of the car is painted traditional British Racing Green, while two silver stripes on the hood continue back and up on the A-pillars matching the color of the roof.

This two-tone paint scheme flows into Zagato's trademark double-bubble roof treatment, which also extends into the rear window, which has a faster rake to it than the production Continental's.

Other features include additional vents in the hood and the use of crystal-colored taillamp lenses. The interior gets special colors, trim and leather treatments exclusive to the GTZ. Depending on public reaction, Zagato may put the car in limited series production similar to specials the company built for Aston Martin.

source:roadandtrack.com/article.asp?section_id=15&article_id=6546

Lorinser Nardo3 SL

If you’re looking for the ultimate bad-boy ride, Lorinser may have your number with the Nardo3 SL, a pumped-up version of the Mercedes-Benz SL 2- seater.

Named after the famed high-speed Italian oval, the Nardo3 is simply a beast. The German tuner has worked its magic on the twin-turbo 6.0-liter V-12, boosting output to an amazing 660 bhp and promising a top speed of 220 mph. Even more awe inspiring is the 747 lb.-ft. of torque.

The Lorinser Nardo3 has been fitted with all sorts of aerodynamic devices that not only keep the car firmly planted to pavement when traveling triple digit speeds, but also adds to the outlaw aura. The front and rear fascias have been modified with extra inlets to improve airflow to the engine and brakes. There’s also a new scoop ahead of the rear wheels and a corresponding exhaust outlet behind the rear wheels that also aids in brake cooling.

All this muscle does not come at the expense of comfort. All the cockpit amenities that you’ve come to expect from this Mercedes-Benz flagship have been left intact. Not only is the car fast, it is exclusive. Only 50 copies will be produced by the German tuner.

source: autos.yahoo.com/auto-shows/geneva_auto_show_2008/464/Lorinser-Nardo3-SL

2009 Porsche Boxster RS60

To commemorate the 1960 Sebring win by Hans Herrmann and Olivier Gendebien in a Type 718 RS 60 Spyder, Porsche is building a limited run of Boxster RS 60 Spyders.

Using the same front-end treatment as Porsche's SportDesign package, the RS 60 Spyder has a more aggressive stance, thanks to spacers that move the 19-in. wheels further outboard, more completely filling the wheel arches. Dual tailpipes and modifications to the exhaust system bump output from the 3.0-liter flat-6 from 295 to 303 bhp. And the Porsche Active Suspension Management (PASM) is made standard equipment.

The RS 60 Spyder is painted in silver metallic paint, while the interior in trimmed in Carrera Red, with a matching red convertible top. A dark gray interior with black top is an available option. Other interior touches include a racing-inspired gearshift lever and the removal of the binnacle atop the gauges, which have been set farther apart, which adding to the competition feel of the cockpit.

Only 800 of the 1970 cars slated for production are destined for the U.S., with sales beginning after the car's North American debut at the New York International Auto Show in March. The RS 60 Spyder will sell for $64,900.

source: autos.yahoo.com/articles/new_york_auto_show

Asian giants India, China prepare to compete in Africa

Indian officials believe that these measures along with attractive development funds for Africa could help New Delhi compete with China and counter the Asian giant's rising economic clout in the African world.

The first-ever India-Africa summit which began in New Delhi on Tuesday confirmed the importance of the continent on India's foreign policy radar.

From merely viewing African countries in terms of solidarity with the developing world or supporting them at the Non-Aligned Movement and the Commonwealth, New Delhi has now changed the paradigm and frames the relationship as a 'partnership of equals.'

Much of the change has to do with the economy's burgeoning energy needs, particularly since its major energy projects - a civilian nuclear energy deal with the US and a 7-billion-dollar Iran-Pakistan- India pipeline - are stuck in limbo.

Indian oil majors like ONGC Videsh Limited (OVL) have invested in assets in Sudan, Ivory Coast, Libya, Egypt, Nigeria and Gabon. The OVL invested 750 million dollars for a 25-per-cent stake in a company in the Upper Nile oilfield in Sudan in 2003.

Private companies like Reliance have also invested in Sudan and East Africa. India completed a 200-million-dollar pipeline project in Sudan and is also negotiating with Chad, Malawi, Niger, Angola and Mauritania.

Meanwhile, China's trade volumes and presence in the hydrocarbon sector far surpass India's. India's trade with Africa - which was more than China's in 1999 - is now estimated at 30 billion dollars, half of the trade China has with the continent.

China's investment figure is about 8 billion dollars, mostly in resource-rich countries like Sudan, Angola and Congo, nearly four times India's investments in Africa. China also gives easy loans in exchange for access to oil, copper and manganese.

Worried about its energy security as well as the growing Chinese influence in African nations, India is attempting to transform its low-profile engagement into active participation.

But in contrast with China's purely commerce-driven endeavour in Africa, India says that its approach is based on empowering Africans through capacity building and skills development in projects.

By tapping goodwill through its traditional links with African nations that date back to the British colonial era, India also aims at Africa's industrial development with partnerships in small and medium enterprises.

'India is helping Africa develop its own infrastructure and in value addition of its resources. India believes in the philosophy of jointly developing resources to the mutual benefit of both India and Africa,' India's junior foreign minister Anand Sharma said.

Sharma said Indian enterprises had created employment opportunities for Africans, mentioning that four-fifths of the work- force and executives in such projects were Africans.

'China entered Africa with the policy of resource extraction, they have developed infrastructure but it was mainly to the regime's demand,' said Ruchita Beri, research fellow in the New Delhi-based Institute of Defence Studies and Analysis.

'Although India cannot compete with the quantity and content of Chinese engagement, the difference is that in the past years India has contributed to skill development and enhancing human resources in Africa,' she said.

But Beri cautioned India to move away from 'aid diplomacy' - under which India has pledged 500 million dollars in concessional lines of credit to African countries - saying it no longer interests African nations, which are on the lookout for fresh investments and joint partnerships for economic growth.

Shipra Tripathi, director of the Africa Committee of the Confederation of Indian Industry (CII), said Indian companies were already winning hearts in African countries seeking partnerships to develop their economy.

'They (Indian companies) are not just profit-seekers. They are investing into resources locally, training manpower so they could learn operations first hand, look at sustaining projects and not merely completing them quickly for short-term gain,' she said.

She said Africa was interested in acquiring 'appropriate, adaptable and affordable' so-called 'triple A technologies' as well low-cost medicines from India to check the spread of diseases such as malaria, tuberculosis and HIV/AIDS.

The summit, which is a culmination of several levels of dialogue, is already being considered a success - it is hoped it will create an enabling environment for upgrading cooperation in areas of energy and economy.

'The summit should light the path for industry in Africa, which we think is a continent of the future and a continent of light,' Tripathi said.

source: news.monstersandcritics.com/southasia/news/article_1398962.php

Kufuor Calls for More Insurance Companies

According to him, the establishment of the National Health Insurance Scheme (NHIS) has created a vast market on the economy which needed to be tapped and harnessed in order to improve living standards.

Presindent Kufuor made this observation when he officially inaugurated a multi-million six-storey ultra modern Head Office building of Gemini Life Insurance Company (GLICO), an insurance company at Adabraka, in Accra.

He however, implored investors in the insurance industry to avail themselves for appropriate licenses for the establishment of more insurance companies in the country.

The insurance industry over the years have been criticized for not doing much in terms of educating the public about the importance of insuring risks and assets.

According to the President, some members of the society had shied away from life insurance policies in the past as a result of the then prevailing inflation that rendered policies valueless upon maturing.

He observed that the era of high inflation was over and that the economy was enjoying stability and therefore challenged insurance companies to win back public confidence through education.

"Ghana's economy is on the mark for accelerated growth to lift the country into a middle income economy within a decade", he noted. He advised the insurance industry to target the population with affordable and easily accessible life insurance policies that would make them patronize insurance products.

President Kufuor praised GLICO for the different subsidiary companies it had set up to engage in; life, non-life and health insurance operations and said the Government was appreciative of the support and contribution of the insurance industry to national development.

source: allafrica.com/stories/200804040669.html

According to him, as the national economy grew and investments increased, especially in the face of the recent oil discovery, demand for high quality insurance products was bound to increase.

"It was in response to this that the Government has promulgated a New Insurance Law to improve operational efficiency and create opportunities to stimulate further growth of the industry", he noted.

The law, he said, was aimed among other things at ensuring adequate capitalization of the companies, improve corporate governance and to adequately protect policy holders.

Ferrari 612 Scaglietti

But we do hear such a car may be possible at the Paris show later this year. In the meantime, Ferrari unveiled an updated version of its 2+2, the 612 Scaglietti.

Although the exterior appearance remains largely the same, many of the updates are beneath the car’s sexy skin. The new premium GT now comes with a modified F1 semiautomatic gearbox, which features sequential paddle shifters and an automatic clutch. The new setup promises faster upshifts and ear-pleasing throttle-blip downshifts. The steering wheel is also fitted with a revised Manettino switch, which allows the driver to configure the car’s engine output for extra power and the level at which stability - and traction-control systems intervene as well as firmness of the adjustable suspension.

The 612, originally introduced in 2004, rides on a 116.1-in. wheelbase, and its all-aluminum body measures 193.0 inches in overall length. The engine is a 5.7- liter V-12 producing 532 bhp and 434 lb.-ft. of torque. Ferrari claims the 612 is capable of accelerating to 60 mph in just 4.8 seconds. The 2009 Scaglietti will be available late this summer.

source: autos.yahoo.com/articles/geneva_auto_show_2008/475/

House OKs $50 billion to fight global diseases

The House voted 308-116 Wednesday to more than triple, to $50 billion a year over the next five years, the money available for a program fighting AIDS, malaria and tuberculosis in Africa and other stricken areas of the world.

House Democrats, who voted unanimously in favor of the bill, were effusive in their praise of President Bush, who promoted the global AIDS program that Congress originally enacted in 2003 and backed the House bill.

The President's Emergency Plan for AIDS Relief, funded at $15 billion over the 2003-2008 period, is "universally recognized as one of the shining accomplishments of the Bush administration," said Rep. Jim McGovern, D-Mass.

About $41 billion of the $50 billion would be devoted to AIDS, significantly expanding a program credited with saving more than 1 million lives in Africa alone in the largest U.S. investment ever against a single disease.
Twenty million people around the world have perished from AIDS, said House Foreign Affairs Committee Chairman Howard Berman, D-Calif. "We have a moral imperative to act and to act decisively."

The White House said the program is supporting treatment for about 1.45 million people and is on track to meet its goals of backing treatment for 2 million, preventing 7 million new infections and providing care for 10 million, including orphans and vulnerable children.

Rep. Ileana Ros-Lehtinen of Florida, top Republican on the Foreign Affairs Committee, said the program is based on altruism but also has strengthened U.S. security.

If the AIDS pandemic isn't addressed, she said, it "will continue to spread its mix of death, poverty and despondency that is further destabilizing governments and societies and undermining the security of entire regions."

The compromise bill was one of the last endeavors of the former Foreign Affairs Committee chairman, Tom Lantos, D-Calif., who died of cancer in February. The measure is named after Lantos and his predecessor as chairman, the late Rep. Henry Hyde, R-Ill. They worked together on the 2003 act.
The Senate Foreign Relations Committee has approved a similar $50 billion bill, and the legislation is seen as having a good chance of passing in an election year in which few major bills will reach the president's desk.

To advance the legislation, conservatives had to give up a provision in the 2003 act requiring that one-third of all HIV prevention funds be spent on abstinence programs. Instead the bill directs the administration to promote "balanced funding for prevention activities" in target countries.

Liberals, in turn, had to accept some restrictions on family- planning groups participating in AIDS programs.
Conservatives, concerned that money might be diverted to abortion promotion, pushed for a provision that allows the use of funds for HIV/AIDS testing and counseling services in those family planning programs supported by the U.S. government.

A measure in the 2003 act requiring groups receiving funds to have a policy explicitly opposing prostitution and sex trafficking, opposed by some health groups as impeding anti-AIDS efforts among sex workers, was also left intact.

The White House, which originally promoted doubling the program to $30 billion, has expressed concern over the $50 billion figure but has not opposed it.

"This is irrational generosity," said Rep. Dana Rohrabacher, R-Calif., arguing that the country doesn't have enough money to help veterans and the elderly. "This is benevolence gone wild."

The bill authorizes $10 billion a year, or $50 billion through 2013. Of that, $41 billion is for AIDS prevention and treatment, $4 billion for tuberculosis and $5 billion for malaria. The actual dollars still have to be approved in annual spending bills, but over the last five years Congress exceeded the $15 billion goal, appropriating $19 billion for global AIDS and related programs.
The $41 billion includes up to $2 billion a year for the international Global Fund to Fight AIDS, Tuberculosis and Malaria. The bill limits U.S. contributions to the Global Fund to one-third of total contributions.

It expands the program, originally focused on 15 mainly sub-Saharan African countries, to include Caribbean nations as well as Malawi, Swaziland and Lesotho in Africa. The goal of the next five years is to prevent 12 million new infections, provide anti-retroviral treatment for 3 million, and train more than 140,000 health care workers. The bill increases coordination with drinking water and nutrition programs and efforts to educate girls and women.

"This will be remembered as the single most significant achievement of President Bush's two terms in office," said Rep. Donald Payne, D-N.J., chairman of the Foreign Affairs subcommittee on Africa.

source: goerie.com/apps/pbcs.dll/article?Date=20080403

A Lion Meets His Winter

Next to election posters for Robert Mugabe, unseen hands have scrawled messages to the President. One declares simply, "Zuakwana," meaning "enough." After 28 years, Mugabe's time leading Zimbabwe may finally be nearing an end. Though results from a March 29 general election dribbled out slowly, the state-run Herald newspaper acknowledged that Mugabe had not won a majority of votes for the presidency and predicted a runoff with Morgan Tsvangirai, the opposition leader. If the votes are counted cleanly, Tsvangirai will almost certainly win a second round.

That is still a big if. Mugabe could deploy the security forces, as he has before, to try to cling to power. But a wind of change is in the air. Once one of Africa's most prosperous nations, Zimbabwe has been wrecked by Mugabe's disastrous policies. Inflation is running at an annual rate of more than 100,000%, and millions have left for havens elsewhere.

If this really is the beginning of the end for Mugabe, it will have significance throughout Africa, where the years since Ghana first won its freedom in 1957 have been a serial, tragic disappointment, marked by war, genocide, poverty and famine. At the root of them all was ruinous leadership. With few exceptions, Africa's postindependence leaders wrested their continent back from colonial rule only to plunder it afresh. Contemptuous of their own people and often destined for a bloody end, many contrived to make their nations poorer than they were in colonial times.

While autocrats still control Sudan and Equatorial Guinea, Mugabe is the last of that Old Guard of former freedom fighters. His passing would befit an Africa that is entering a new era characterized by democracy, peace, robust economic growth and a fresh generation of capable leaders like Liberia's Ellen Johnson-Sirleaf. Few nations have suffered more from the failures of the generation that led Africa to independence than Zimbabwe, and no people more than Zimbabweans deserve the type of leadership that is transforming the continent for the better.

source: time.com/time/magazine/article/

Zoellick Wants Wealth Funds To Invest 1% In Africa

‘Where some see sovereign funds as a source of concern, we see opportunity,’ said Zoellick, who called his idea ‘the 1 percent solution’ in a speech organized by the Center for Global Development.

He said that ‘sovereign wealth funds can join us, even invest with us, not as another source of development assistance, but rather as long-term investors.’ Zoellick said that making equity investments would be a better way of recycling ‘petrodollars’ than making loans similar to those that led to the Latin American debt crisis of the 1970s and early 1980s.

The New York Times adds that Zoellick proposed that the sovereign wealth funds join with the World Bank's vehicle for private-sector investment, the International Finance Corporation (IFC). ‘Yes, the sovereign funds need transparency and should be guided by best practices to avoid politicization,’ he said. ‘But I believe we should celebrate a possibility that government-sponsored funds will invest in equity in development.

“These funds would invest as ‘long-term investors’ and not give money as aid donors. It was the Bank's job to make this possible by providing attractive investment vehicles. Zoellick emphasized the investment case for putting money into Africa, but his proposal would also give sovereign wealth funds a way to improve their global public image.” The Financial Times.

Wall Street Journal writes that “Zoellick outlined a program that would include aid, free trade, anticorruption measures and heavy investment by the World Bank and sovereign-wealth funds. The IFC is already working on a bond-rating index for poor nations that would look not just at a country's ability to repay debt but at economic measures, such as regulations on financial transactions and taxes. ‘I put money in Standard and Poor's indexes,’ he said in the interview. ‘I'd like to have an African equity stock index,’ which he said would encourage pension funds as well as sovereign funds to boost investments.”

In a separate piece, The Financial Times notes that Zoellick is right to regard the global food crisis as one of the most pressing issues for aid donors. Some of his solutions are welcome. More food aid, given swiftly and cheaply in cash rather than slowly and ex-pensively in kind, is clearly needed. Soaring commodity prices have shown only too clearly that food aid at present largely involves the US inefficiently offloading its domestic agricultural surpluses. Tying food handouts in poor countries to other objectives such as keeping children at school is also sensible.

Referring to a 1930s US government initiative to tackle the problems of the Great Depression, Zoellick said that the new New Deal for Global Food Policy should start by helping those who are most immediately threatened with malnutrition and starvation.

Zoellick urged countries to provide the minimum $500 million immediately sought by the World Food Program (WFP) to face the mounting food crisis. Zoellick said that the World Bank ‘will almost double our own lending for agriculture in Africa, from $450 million to $800 million dollars.’

A fairer and more open global trading system for agriculture would give farmers in developing countries more opportunities and confidence to expand food output, he added. Zoellick said the World Bank estimated 33 countries could face social unrest because of higher food and energy prices. Zoellick said the World Bank could help by supporting emergency measures that support the poor and to encourage countries to produce and market food as part of a broader development agenda, he said.

source: web.worldbank.org/wbsite/external/news

South Africa rand firms, stocks seen up on global rebound

U.S. stocks jumped three percent, spurring Asian shares higher, after strong demand for a Lehman Brothers share offering raised optimism that the worst of the credit crisis may be over.

Metals prices, however, remained subdued after sharp falls on Tuesday, which could take some shine off a resource-heavy Johannesburg bourse.

By 0635 GMT, ahead of the market opening at 0700 GMT, South Africa's blue chip Top-40 June futures contract had jumped 1.46 percent.

The rand was trading at 7.9695 to the dollar, 0.13 percent stronger than its previous close in New York and extending gains overnight that pushed it through the 8/dollar mark.

Analysts said the currency should benefit during the session from a turnaround in global risk sentiment, as equities recover.

"When you have got a sell-off (in global markets) then we get hammered and now you have the reverse, there is a raised appetite for riskier assets," Brait Merchant Bank economist Colen Garrow said.

The rand and government bonds firmed after data showed a slowdown in credit and money supply growth for February.

The central bank said credit extended to the private sector grew by 20.79 percent year-on-year, down from 23.06 in January, while annualised money supply growth slowed to 21.07 percent.

The numbers may ease concerns of an interest rate increase next week, although growth remains high.

New vehicle sales data due at 1000 GMT will be watched for evidence of slowing consumer spending, with clear signs the economy is suffering under past rate increases possibly also helping to stave of another hike.

Government bonds were firmer in line with the rand and on the easing credit growth numbers.

The yield on the benchmark 2015 bond was down three basis points at 9.145 percent compared to Tuesday's close, while the short-dated 2010 yield dipped 5.5 basis points to 9.605 percent.

source:africa.reuters.com/business/news/usnBAN224504.html

Africa: Economic Growth Still Strong But Development and Aid Lag

The latest edition of the Economic Report on Africa (ERA 2008), the annual joint publication of the UN Economic Commission for Africa (ECA) and the African Union (AU), says that growth on the continent was driven mainly by robust global demand and high commodity prices.

Other growth factors in Africa include continued consolidation of macroeconomic stability and improving macroeconomic management, greater commitment to economic reforms, increased private capital flows, debt relief and increasing non-fuel exports, the report says.

It adds that Africa has also witnessed a decline in political conflicts and wars, especially in West and Central Africa, though peace remains fragile in some parts of the continent and growth performance varied sharply across countries and regions.

Key challenges to Africa's growth in 2008 include the risk of sharper slowdown in the United States economy, a fall in global commodity demand and prices and high oil prices.

In addition to political instability in some countries, inefficient public infrastructure and unreliable energy supply at the national level as well as poor integration of transportation and energy networks at the regional level continue to pose economic constraints.

This year's report, under the title Africa and the Monterrey Consensus: Tracking Performance and Progress, also assesses progress in the implementation of the 2002 Monterrey Consensus on international commitments for development in Africa.

Debt relief, one area of the consensus, has made much progress, the report found. However, very limited progress has been made in other core areas such as mobilizing domestic and international resources for development and promoting trade as a development engine.

The establishment of donor groups and an annual African Ministerial Conference to monitor progress on the consensus is a bold step forward in this area, the report concludes.

"It is hoped that these monitoring mechanisms will help to turn the promises made by development partners into deeds. The implementation of these commitments is important for Africa to achieve meaningful results in poverty reduction and lay the foundation for a brighter future for its peoples," ECA said in a press release on the report's launch.

source:allafrica.com/stories/200804020004.html

Zinox to Unveil Interest-Free PC Financing in West Africa

The company said the plan will encourage PC usage and penetration in West Africa, and that it plans to extend the initiative to other parts of the continent.

The PC financing plan was disclosed by Zinox Chairman Leo-Stan Ekeh during a journalist briefing at the end of the company's board meeting last weekend.

"After the successful launch of Zinox Student Computer Ownership Project (ZSCOP) and the current computer discount scheme partly financed by a Nigerian philanthropist, a few foreign interests have approached Zinox for us to use a credible platform to really test the reliability of the Nigerian consumer when it comes to paying for items bought on credit," Ekeh said.

Current studies indicate that until Nigerian consumers are seen as reliable credit risks, the country's economic challenges would remain high, he said.

"This is one of the parameters used in measuring a healthy state. These foreign agencies are strict with data integrity, and therefore insist on a level of financial participation of the local platform," he said.

"We’re presently working out the modalities. Ultimately Zinox hopes to achieve an offer of zero interest for those who are qualified," Ekeh said.

Zinox prides itself as being neck and neck with Hewlett-Packard in the Nigerian market. The company was formed through a partnership deal between STAN Technologies of Nigeria, Mustek of South Africa, and Alhaner Ventures of France, a telecommunications facility company. Zinox headquarters is in Lagos.

Source: cio.com/article/206601/Zinox_to_Unveil_Interest_Free_PC_Financing_in_West_Africa

Zimbabwe's Rural Voters Deserting President Mugabe in Re-Election Bid

Peta Thornycroft reports that opposition leader Morgan Tsvangirai has made inroads into Mr. Mugabe's traditional strongholds before elections Saturday.

Deep into the bush from the nearest village of Headlands, then across shocking roads into a remote rural area about 130 kilometers southeast of Harare, the landscape seems empty of people and livestock.

The area used to be a prosperous commercial farming district, but most of the farms have been idle since they were nationalized during the past eight years. Many people have fled to South Africa to look for work to support their families.

Disease has also ravaged the population. Doctors say poor nutrition has taken its toll on those infected with HIV/AIDS. One Harare doctor estimates about 10,000 young people are dying a week.

But in Headlands the topic of conversation is the upcoming election. In the village, which is one short street, people in one shabby shop that has little to sell, agree this is the most peaceful election in many years.

Mununudzi Ghitsa, who is standing for local government office and loyal to Movement for Democratic Change leader Morgan Tsvangirai, says his supporters can campaign easily. He said for the first time in eight years people can wear political T-shirts without fear.

He said he was in a last-minute push to educate people about where to vote.

"Some of them they know, some need to be educated, so we are running around to educate them," he noted.

Another supporter of the divided MDC, Patricia Kamembo, is loyal to founding president Morgan Tsvangirai. She said her worry is about counting votes when 12 hours of voting closes Saturday.

Many district voters are anxious that votes for the presidential election will be counted in Harare instead of at the polling station.

"I am not happy if the counting is going to be done in Harare, since MDC has been losing, or any opposition party losing, because of this system of votes counted in Harare. It is going to happen again," she said. "The turnout in rallies, even if you speak to everyone, everywhere, hospitals, beer halls, buses everywhere, it seems as if everyone wants Morgan to rule."

She said the MDC had changed since the last elections, when it was a party of mostly young supporters.

"As I have been talking to several people, now even the old people want MDC to rule, so I am very sure MDC will win if anything does not go wrong with the counting," she added.

But Justice Minister Patrick Chinamasa gave a long interview to state radio saying counting of all votes, including those for the presidential contest, will be done at polling stations. The results would, he said, be posted outside the polling stations, and then transmitted to Harare.

Many in rural areas with no electricity, money for batteries for their radios, or newspapers will not find that out before election day.

Headlands is the home area of former finance minister Simba Makoni, who is running for president. Political analysts say his late entry into the presidential race has changed the political landscape and divided the ruling ZANU-PF party.

He has credentials from the liberation war in the 1970s, which still has profound meaning to the generation who brought an end to minority white rule and independence from Britain in 1980.

One man, a 30-year-old peasant farmer whose father was resettled 16 years ago near Headlands village, was on his way to a ZANU-PF rally.

He was wearing a new ZANU-PF cap and a T-shirt supporting ZANU-PF parliamentary candidate Didymus Mutasa, the feared security minister. Mutasa is also lands minister, and is accused of causing chaos in the land resettlement program.

He explained why he supported Didymus Mutasa

"I support him because I am on the land," he said. "I was always a squatter from the beginning, so my father had land there, and I am growing tobacco and vegetables and different crops. I manage to support even my kids, because of that land."

His father was part of an orderly resettlement program 16 years ago. He began to laugh when asked about the opposition.

"Ah, the vote is my secret," he added.

Continuing to snort with laughter, he warned us that his ZANU-PF regalia did not match what was in his heart. He confided that he was protecting his land by going to Mutasa's rally, but that he was a supporter of Simba Makoni, because he had known him all his life.

But there are still some in the Headlands district who continue to support ZANU-PF and Mr. Mugabe.

Ephraim Gwatidzo and a group of about 12 mostly young ZANU-PF supporters were walking towards Mutasa's rally and stopped to talk to VOA.

They say they support ZANU-PF, because they were given land and because their parents supported ZANU-PF. Two of them, both civil servants and deeply suspicious, walked away and did not want to talk to VOA.

Others wanted to sing war songs from ZANU-PF's extensive repertoire. The first was from the war against white farmers in 2000.

Mr. Mugabe has warned repeatedly in the past week that Morgan Tsvangirai will "never, ever, ever" rule Zimbabwe.

Source: voanews.com/english/2008-03-27-voa56.cfm

North Korea Ties With Africa

Press reports said that Kim originally planned to visit three countries ― Namibia, Angola and Uganda. But he added the Democratic Republic of Congo to his itinerary.

No doubt Kim's visit is intended to boost diplomatic ties and economic cooperation with the African countries. Kim is president of the Presidium of the Supreme People's Assembly (SPA). His trip comes after he visited Egypt last July when he had talks with President Hosni Mubarak. The North's delegation is the largest since one led by Yang Hyong-sop, vice head of parliament, who traveled to South Africa, Namibia, Zambia and Angola in April 2005.

But this time, the visit is attracting more attention from the international community because the North's No. 2 leader is heading the delegation including foreign, trade, health and agriculture ministers. What's more conspicuous is that Kim is visiting Namibia, the world's fifth-largest uranium producer. No one can confirm whether Kim discussed any cooperation on uranium enrichment with Namibian leaders. Namibia has recently announced a plan to enrich locally mined uranium in conjunction with the International Atomic Energy Agency (IAEA).

If they discussed such a matter during Kim's stay, North Korea may face suspicions in relation to its nuclear weapons program. Pyongyang is under growing international pressure to abide by its denuclearization agreements. It failed to meet the Dec. 31 deadline to declare all its nuclear materials and activities. The North's nuclear disarmament has hit a snag since then because it has denied any uranium enrichment program.

Against this backdrop, the North is trying to strengthen relations with the African nations in an apparent attempt to make diplomatic and economic gains. North Korea experts predict that the impoverished Stalinist country will seek to send more workers to Africa in order to get more wage remittances from overseas. More than 1,000 North Korean laborers currently work in Africa ― many of them on construction sites. North Korean builders constructed the new state house in the Namibian capital of Windhoek. Kim was to open the house before leaving the country Sunday.

In addition, sources said North Korea is apparently making efforts to sell more weapons overseas. They point out that many African countries are good markets for North Korean arms and military equipment. According to media reports, Uganda is moving to step up cooperation with the North in the field of weapons. In conclusion, the Kim Jong-il regime is increasingly resorting to arms sales and the dispatch of workers to Africa as part of its efforts to make more hard currency to prop up its crumbling economy.

source: koreatimes.co.kr/www/news/opinon/2008/03/202_21124.html

Tackling Tuberculosis in Africa

In Cameroon, as in other countries, years of neglect are reflected in the physical appearance of the hospitals. But, says Djoko, the care here is “impeccable.”

Others like Djoko, who suffer from TB and other diseases, travel hours from Douala because the “drugs are better here,” highlighting positive perceptions about the quality of care. What the hospital lacks in terms of work environment it makes up for in staff dedication.

Globally, one person dies of TB every 20 seconds, even though drugs to cure the disease have been available for 50 years and cost only $25 per person. Over the past two decades, sub-Saharan Africa has seen a resurgence of this airborne disease, which disproportionately affects the poor. In Africa, TB is the leading killer of people living with HIV/AIDS.

In Southern Africa, weak TB control combined with a spiraling HIV epidemic has resulted in multi-drug resistant TB which dramatically increases treatment costs, duration of treatment, and lowers chances of treatment success.

“Multi-drug resistance in Southern Africa is becoming an increasing threat to the hard-won health and development gains in the region,” said World Bank Group President, Robert Zoellick. “Given the stakes involved, we need to step up our efforts in concert with our African partners, as part of our drive to strengthen health care systems.”

“The WHO 2008 Report on Global TB Control finds that the pace of progress to control the TB epidemic is slowing, and there is urgent need to accelerate scale-up in Africa,” said Dr. Mario Raviglione, director of the WHO Stop TB Program. “The Bank can leverage the momentum to make this possible in Africa."
Weak Health Systems

Individuals co-infected with TB/HIV in Africa have to navigate weak health systems and jump through numerous hurdles in order to get care. Many shuffle between health clinics for TB medications and district hospitals for antiretroviral drugs. HIV providers are often not comfortable treating TB patients and TB specialists are not always up to date on HIV care. While services and drugs are generally free or highly subsidized, patients complain about the cost of lab exams, hospitalization, and transportation.

As World Bank President Robert B. Zoellick learned during a recent visit to Mozambique, patients are often too sick to travel long distances to first-line health facilities which prevents them from getting an early diagnosis of TB. In Kenya, as well, “the greatest challenge in TB control is changing the health seeking behavior of Kenyans [and] urging them to seek care early before complications develop,” according to Dr. Joseph Sitienei, manager of Kenya’s national TB program. Sitienei credits the country’s accomplishments to front line providers who work under difficult conditions.
Justin

Justin Barayavuze believed he had “poisonous TB” and now says he wasted time with a traditional healer. ©World Bank/Clement Kayitare
Across Africa, stigma persists and leads some to seek care from traditional healers who promise rapid cure. In Rwanda, 30-year-old Justin Barayavuze, a father of two young children, found out about his HIV status when he accompanied his HIV-positive, pregnant wife for antenatal care and was urged to be tested. In addition to TB treatment, Barayavuze was placed on antiretroviral therapy at the Bank-supported Mibilizi Hospital. His weight had dropped to barely 84 pounds, he suffered from anemia, and his immune system was seriously compromised. After five months of treatment for both diseases he began to regain his strength.

Patients like Barayavuze often seek care at an advanced stage of the disease which increases the risk of infecting others, and makes treatment more complicated and more costly.

Integrated Care

Kenya, Malawi, and Rwanda, among other countries, have established integrated HIV/TB services, offering HIV testing and counseling, TB diagnosis, and treatment for co-infected individuals.

Dr. Michel Gasana, director of the Rwanda’s TB Control Program, says the country’s “one stop service” approach centered on patients is a key feature of the program. The country has revamped the way services are organized and financed. An opt-out policy (whereby TB patients are routinely tested unless they refuse) resulted in more than 76 percent of TB patients being tested for HIV in 2006.
Under a performance-based contracting approach for HIV/TB services in the Rwanda HIV/AIDS Project, bonus payments are made to teams of providers based on results attained. This scheme has stimulated such innovative strategies as TB case-finding by community workers and home visits to co-infected patients. Providers are encouraged to take a holistic approach to care, including promotion of institutional deliveries for pregnant women, and family planning. Systematic supervision by district officials, which is also remunerated, provides an opportunity to give feedback to staff.

Dr. Agnes Binagwaho, Executive Secretary of the Rwanda HIV/AIDS commission, notes the tremendous potential of people living with HIV/AIDS to raise awareness and promote behavior change at the community level. She also points out that the country has given a major impetus to integration across the three major diseases (TB, HIV/AIDS and malaria).

Attacking these diseases in a joint effort is part of the World Bank’s plan.

“In countries across Africa that are struggling with the co-epidemic, one cannot mention HIV without mentioning TB and vice versa,” said Joel Spicer, senior health specialist in the World Bank’s Africa region. Spicer emphasizes the importance of scaling up TB/HIV collaborative activities.

The World Bank’s Role

The Bank’s Africa region has renewed its commitment to tuberculosis control.

“The Global Strategy and Plan to Stop TB provides the strategic vision and backbone for the approaches pursued at the country level,” according to Miriam Schneidman, coordinator of the Africa Regional TB Team.

Working as part of the Stop TB Partnership, the region is intensifying and scaling up efforts in TB control through its portfolio of health and HIV/AIDS projects. The region is working in partnership with others and taking advantage of the tremendous progress made globally in developing policy guidelines and tools for TB control, says Schneidman.

Her colleague agrees.

“The Africa Region will mainstream TB interventions through existing operations while focusing on its core mandate to strengthen health systems,” says Ok Pannenborg, Africa Senior Health Advisor at the World Bank.

Providers at Jamot Hospital in Yaounde echo the views of others across Africa about the need to strengthen health systems. They emphasize the importance of having the right number of qualified staff, appropriate incentives to minimize turnover, and infection control measures to prevent contamination. Attrition is high among TB specialists at Jamot, as it is in other parts of Africa. This is not a field attracting new recruits.

“Working with TB patients places staff at great personal risk,” said one nurse at the hospital.
Florence

“Lack of new diagnostic tools, and inadequate laboratory capacity hinders detection and management of drug resistance, with catastrophic consequences when dealing with lethal forms of TB,” says Bert Voetberg, a lead health specialist in the World Bank’s Africa region.

Other aspects such as drug and logistic systems and health financing are equally important. In countries like Kenya, the Bank has played a pivotal role in ensuring that the needs of the TB program are well reflected in the health sector expenditure program. This process has led to an increased focus on TB, better harmonization between the TB and HIV budget processes, and improved costing of emerging needs such as drug resistance.

In Rwanda, Christine Uwiragiye said that she was in denial after her husband died of AIDS. When her 7-year old daughter, Florence, was admitted to Mibilizi Hospital for TB treatment, she was saddened to find out the child had AIDS. Christine’s story of denial and fear is not uncommon. In the case of Florence, she spent 40 days at the hospital for TB treatment and to initiate antiretroviral therapy. The young girl was then transferred to the Mashesha Health Center near her home which will make it easier to adhere to treatment. Florence is now able to resume a normal routine, joining her fellow first graders. In the absence of the government’s widely available treatment program for co-infected patients Florence’s young life might not have been spared.

"The theme for this year's World TB Day is 'I am stopping TB.' Clearly we can add President Robert Zoellick and the World Bank to this list," says Marcos Espinal, Executive Secretary of the Stop TB Partnership.

source: go.worldbank.org/R75U5ESNM0

American Idol Malaria Crisis Gives Back, April 9, On FOX

Malaria No More is honored to once again be named a beneficiary of Idol Gives Back, which last year raised more than $76 million, including $9 million for Malaria No More and over $8 million for other malaria-related causes. In 2007, funds raised for Malaria No More by Idol fans and corporate sponsor ExxonMobil provided life-saving bed nets to more than one million mothers and children in Angola, Mali, Madagascar, Uganda and Zambia. Malaria is a preventable and treatable disease that claims over one million lives every year; an African child dies every 30 seconds of the disease.

Malaria No More and Idol stars have worked closely to combat malaria over the last year. In June, Melinda Doolittle and Malaria No More joined First Lady Laura Bush in Zambia to distribute insecticide-treated mosquito nets. Last month, 2007 Idol winner Jordin Sparks joined President and Mrs. Bush in Ghana to perform and highlight malaria-control efforts. Former Idol finalist Elliott Yamin traveled to Angola this month to see malaria programs sponsored by Malaria No More and ExxonMobil, a sponsor of Idol Gives Back 2007. "I was shocked to learn of the devastation caused by malaria," said Sparks. "It's incredible what a difference a simple mosquito net can make in the life of a child." "Idol Gives Back will let Americans know what they can do to help in the fight against malaria," said Kate Campana, Managing Director of Malaria No More. "When a $10 bed net saves a life, every Idol fan can be a hero." In addition to Malaria No More, Idol Gives Back will raise funds for the Children's Defense Fund, The Global Fund, Make It Right, Save the Children and the Children's Health Fund.

source: sohood.com/1/content/view/3901/63/

Annan plays down suggestion he could mediate Darfur

A Darfur rebel group, the Justice and Equality Movement (JEM), on Sunday demanded direct peace talks with the Sudanese government and said Annan should mediate.

Annan, who recently brokered an end to a crisis in Kenya, told reporters in New York part of the reason for his success there was having a single mediator speaking with one voice for the international community.

Asked whether he might get involved in Sudan, Annan said: "I think we have some very able people dealing with that and we should leave it with them."

U.N. envoy Jan Eliasson and African Union envoy Salim Ahmed Salim are leading efforts to mediate between various rebel groups and the Khartoum government to end a war that began in 2003 when non-Arab rebels took up arms.

Annan said he had talked with Salim and Eliasson about the rebel group's call for him to get involved, and advised the two mediators to carry on doing their jobs.

Salim and Eliasson had hoped to end the conflict with negotiations that started in the Libyan city of Sirte in October. But JEM and other prominent rebel bodies boycotted the talks and they fizzled out.

Eliasson and Salim have been trying to persuade rebel groups to arrange fresh negotiations ever since, but only a handful of factions have agreed.

International experts estimate some 200,000 people have died and 2.5 million have been forced from their homes in the five years of revolt in Darfur.

Washington calls the violence genocide, a term European governments are reluctant to use and Khartoum rejects.

Annan said the crisis raised doubts about whether the international community, through the United Nations, was living up to its "responsibility to protect" -- a principle adopted by U.N. member states officially in 2005.

In a speech at a dinner later where he was accepting the MacArthur Award for International Justice from the MacArthur Foundation, which promotes human rights and justice, Annan said the world should have learned from the genocide in Rwanda and its failure to stop war crimes in the former Yugoslavia.

He said the responsibility to protect placed a heavy burden on the Security Council and its members.

"It is fair to question whether all of them have yet fully lived up to that responsibility, notably in Darfur," he said, according to a text of the speech issued in advance.

A joint U.N.-African Union mission took over peacekeeping duties on December 31, but with only 9,000 of the required 26,000 troops and police on the ground it has not been able to do its job properly.

Western powers have tried to raise pressure on Sudan through the U.N. Security Council but China, which holds a veto, has blocked sanctions against its close ally, Khartoum.

(Editing by Alan Elsner and Todd Eastham)

source: reuters.com/articlePrint?articleId=USN2018393020080320

Ghana sees image boost from soccer feast

Staging Africa's most prestigious sporting event will cast a positive international spotlight on the small but stable West African state when much of the world's poorest continent is still convulsed by conflict, disease and poverty.

Organisers hope the event will also shower as much as $1-billion on Ghana's fast-growing economy, mostly through the tourism, service and advertising sectors but also trickling down to taxi drivers and street vendors selling food and trinkets.

"Almost everybody, every community is benefiting," Ghana Finance Minister Kwadwo Baah-Wiredu said in an interview with Reuters in London last week.

He said the country, which has hosted the Africa Cup of Nations finals three times and won four times, would try to use the income to generate more economic activity and prepare to stage even more prestigious international events.

Ghana would bid in coming decades to host the African Games, the Commonwealth Games, the Olympics and the World Cup, he said.

"We are now in the spotlight of the world -- it's a rare image-building opportunity," said Fred Pappoe, vice-chairperson of the Ghana Football Association (GFA).

He described the three-week tournament, which will be played in the capital and three other venues, as a "massive feast" for soccer fans and ordinary Ghanaians.

Excited crowds are already filling the streets of Accra, Kumasi, Sekondi and Tamale, many of them youthful souvenir sellers anxious to make a quick buck by hawking an array of soccer jerseys, T-shirts, mugs and key-rings.

Buildings across the country, from government offices to shacks in the shantytowns, have sprouted Ghana's red, gold and green flag with its distinctive black star as Ghanaians hope their "Black Stars" team can win the Cup for a fifth time.

Tide of confidence
With Kenya, East Africa's biggest economy, gripped by unrest, Ghana in the west is riding a tide of confidence and optimism after celebrating the 50th anniversary of its independence last year and hosting an African Union heads of state summit last July.

Prospects for economic growth -- forecast at 7% for 2008 -- have been buoyed by an expected strong cocoa harvest in the world's number two grower and high prices for gold in Africa's second biggest producer. Ghana also looks to join the club of African oil producers after an offshore discovery last year.

A highly successful $750-million debut Eurobond issue in 2007, more than four times oversubscribed, put Ghana even more firmly on the radar of emerging market investors.

Ghanaian hoteliers are rubbing their hands at the prospect of windfall earnings from a projected one million visitors during the January 20 to February 10 Cup finals.

"Ghana and her tourist facilities are being well exposed to not only Africa, but the entire world ... we expect there will be follow-up visits," Bridget Katsriku, chief director at the Ministry of Tourism and Diasporan Relations, said.

Taxi drivers were also hoping for a bonanza.

"I see this as my chance to pay off the money [I owe] and own this car at last," said Tsatsu Nyamekeh, a 37-year-old taxi driver, who said he had been struggling to support his family and settle outstanding debts.

"Yes! The cabbie will make a little more money, there'll be brisk business for the prostitute, and so much demand for food, so generally, the economy will receive additional money," said leading Ghanaian economist Nii Moi Thompson.

The Tourism Ministry and the National Aids Commission said they would collaborate to try to control the spread of HIV during the tournament. Anticipating a local sex trade boom, condoms would be distributed free in hotels in the venue cities.

Thompson questioned how big and far-reaching the expected boost to the economy would be, but he recognised it was an important showcase opportunity. "It's the best thing happening to the country right now," he said. -- Reuters

Source: mg.co.za/articlePage.aspx?articleid=330176&area=/insight/insight__escape/#

Green Ferrari F430 Spider unveiled at Detroit

You know that something’s definitely changing in the automotive world when Ferrari decides to show off a biofuel-powered concept. Based on the F430 Spider, the prototype is equipped with a V8 engine that runs on biofuel E85 which was developed with using experience gained in competition. In particular, Formula 1’s technical regulations demand that petrol (gasoline) with 5.75% biomass-derived content must be used, while the FIA GT and American Le Mans Series (ALMS) where Ferrari took part with the F430 GT2 in 2007, use fuels with 10% ethanol. -Continued
According to Ferrari, certain modifications were made to the F430 V8’s fuel feed system and most importantly to the engine CPU to allow the engine use E85. Developing the CPU, two fuels (Flex Fuel) can be used by the engine with the same compression ratio. All of the other technical characteristics have remained unchanged with respect to a standard production engine, however. The use of this type of biofuel and the modifications made resulted in an increase in maximum power output (+ 10 hp at the same rpm) and torque (+ 4%) while overall weight was unchanged. The advantages to the environment translate into a 5% drop in CO2 emissions

Biofuel is seen as a more environmentally friendly fuel as it is grown from crops such as rapeseed which absorb carbon from the atmosphere. It is made up of 85 per cent ethanol and 15 per cent petrol.

And cars running on biofuel also emit less carbon dioxide with the Ferrari’s emissions down a reported five per cent.

However, this means the Ferrari F430 Spider Biofuel will still emit a whopping 399g/km of carbon dioxide.

Biofuel-powered cars – which can also run on petrol – are becoming more prominent in the motoring world, with Saab now offering all its cars with the green option.

But biofuel-filling stations are still a rare site in the UK so motorists are more likely to use petrol than the greener alternative.

The Ferrari F430 is the latest in a recent line of ‘environmentally friendlier’ supercars with Audi unveiling the world’s first diesel supercar with the 187mph R8 in Detroit.

Last year Swedish carmaker Koenigsegg revealed its biofuel-powered CCXR – a £1 million 250mph+ monster.

And green buyers in the America can buy a Tesla Roadster, a Lotus-derived electric sports car with a sub-four second 0-60mph time and top speed of 125mph

source: autotrader.co.uk/EDITORIAL/car_page_content/green_ferrari_f430_spider_unveiled_at_detroit.html

Troubled Tourism Sector Seeks a Quick Fix to Avoid Massive Layoffs

As the political violence has continued to scare tourists from Europe and the US, his business continues to receive cancellations caused by travel advisories by the US and the European nations and images of violence that have been carried on the international media.

Though tourist bookings were full just three weeks ago, Somak like many of Kenya's leading travel agencies in this Sh60 billion industry, is facing a bad first quarter with the rising number of cancellations.

Somak Travel is one of the leading tour companies in the country and had expected full bookings during the first quarter. On average , the company receives anything from 400 visitors on the Mombasa/Nairobi circuit, half from charter planes and the other from scheduled planes.

This talk of a sudden shock and an industry recession is the kind of language that the Kenyan tourism industry has forgotten in the last five years, a period of unprecedented growth after almost a decade of deep troubles.

In an industry that employs 250,000 workers directly and supports another 550,000 in auxiliary service, these flight cancellations have started to boomerang in the hotels sector where bed occupancy has fallen between 20 and 30 per cent in Nairobi and Mombasa, according to industry insiders.

If this shock continues for more weeks, these people warn that there will be massive layoffs and business failures. Already, some firms say that they have laid off workers or sent them of permanent leave until the situation improves. So far, 20,000 jobs are expected to be lost between January and March this year, with experts warning that tourism could take up to six months to recover from the political unrest even if a quick solution is found.

To avert this crisis, the government, donors and industry players have formed crisis team that has been meeting to put together a rescue plan.

High on the team's agenda is to get the issued travel advisories by most Western countries to be lifted.

According to the chief executive of TTF, Mr Dan Kagagi, travel advisories or bans are hard-hitting as tourists cannot travel to the country due to the lack of insurance.

"Insurance is important for travellers and as long as a government has put an advisory the tourist does not get insurance as the operator is not liable," he noted.

The UK's Federation of Tour Operators (FTO) has cancelled all holidays to the country pending advice from its government on the travel advisory.

In a bid to encourage tourists cancelling their holidays to reconsider coming into the country the industry reached a decision to bear the costs of all cancellation.

Normally, hotels charge a cancellation fee, as money has already been dispersed to the various parties like tour agents, operators and hotels. The team decided to take up the cost in a bid to reassure tourists that they would get their full refund.

"It is for goodwill. We need to encourage them to eventually come back to the country and this is only one of the measures we are currently taking," Ms Nabutola noted.

In addition the team is looking at rolling out an aggressive public relations campaign to help rebuild the image of the country. The campaign will include massive advertisement, interviews and road shows to change the image of the pictures and words transmitted by the international media.

A major focus will be to stress that the clashes did not take part in the tourist destinations and the 40,000 tourists who were in the country during the time were not affected.

"We have done this before and believe we can do it again," Dr Kagagi notes.

This crisis has been unfolding against the background of one of the best years for the industry.

By the first quarter in 2007 over 500,000 arrivals were recorded an increase of 7 per cent compared to the 469,000 in 2006 according to statistics from Kenya Tourist Board (KTB). Earnings also increased by 18 per cent to Sh17.5 billion during the same period in 2007.

The massive cancellations are expected to hurt the country's economy of which tourism contributes about 3.4 per cent to the country's national income.

Prolific wildlife and white sand beaches have raised the profile to the sector to be the leading foreign exchange earner in the country since 2006.

Last year, it increased earnings to over Sh60 billion compared to Sh56.2 billion in 2006. Earnings from 2008 were expected to grow by over 15 per cent.

Globally, tourism has been identified as a sector that helps grow an economy due to its trickle down effect. The impact of tourism on an economy is felt mainly through forward and backward linkages expressed as demand for goods and services in the agricultural, textile, beverage, transport and entertainment sectors among many others.

Hence the tourist dollars have such a multiplier effect that its absence would affect the general government revenue collection and the value of the shillings.

In Kenya the government has identified tourism as a main economic driver along with manufacturing, and trade.

According to a study commissioned by the Tourism Trust Fund (TTF) titled Tourism Economic Impact Analysis, the sector contributed 2.4 per cent directly to the country's GDP in 2005, totaling to Sh34.12 billion and Sh43.91 billion if indirect impact is added.

Statistics from Kenya Revenue Authority shows that the sector contributed up to Sh4.39 billion in taxes in 2006, a 66.9 per cent increase compared to 2005. This figure is expected to have risen in 2007.

This is tax collected from lodges, hotels, tourist transporters, camping sites, tourist motels and restaurants.

Since tourism is essentially a service industry it is labour intensive and hence its expansion generates more job opportunities than an equivalent expansion in other sectors of the economy.

The study, which was released in April 2007, showed that in 2005 the sector employed approximately 89,000 people, with an annual average payroll wage and benefits of Sh390, 000.

By 2006 the sector had employed over 250,000 Kenyans directly and over 550,000 indirectly.

Statistics from the Kenya Tourism Federation (KTF) shows that 20,000 jobs are expected to be lost between January and March mainly in the hotel industry. With other employees in the sector like drivers and tour guides in Mr Olum's companies being laid off also.

A lion and cub at the Maasai Mara

The low occupancy levels in hotels will not be able to sustain the employment of these workers.

Speaking to Business Daily, Mr Mike Macharia, chief executive of Kenya Hotel and Caterers Association (KAHC) noted that occupancy levels had dropped to 20 per cent in Nairobi and 30 per cent in Mombasa. In December Mombasa hotels were at 90 per cent occupancy rate.

"Hotels are looking at how to lay off their staff, the procedure, while most casual workers have already been sent home," he added.

Mr Macharia notes that due to the good performance of the sector in the past few years most hotels are opting to retire their staff and give them a golden handshake.

Mr Mahmud Jan Mohamed, the Managing Director of TPS Eastern Africa - Serena, noted that this is the lowest occupancy rate that Nairobi hotels have ever faced. According to him hotels cannot keep a full staff with such low occupancy especially in Mombasa.

However his group of hotels, Serena, has yet to decide on redundancies. "It will be a last minute resort," he added.

The Fairmont group of hotels also does not to lay off as yet however it will not be hiring the additional staff it had planned to once the completion of restorations at Fairmont Norfolk and Mount Kenya Safari Club.

"We will be taking measures to ensure that we manage our costs effectively and avoid the need to lose talented trained colleagues," Fairmont's managing director East Africa, Sean Billing, says.

The hotel sector as a whole is expected to loose more than Sh4 billion in the month of January only.

The low occupancy has led to hotels scaling down on their orders for supplies thus affecting other industries.

"Tourism is not only about the tour operators and hotels it affects a whole multitude of people including the wood carver and mama mboga," the permanent secretary in the ministry of tourism, Rebecca Nabutola, says.

According to her this will affect the country's efforts to fight poverty as more people are left with no source of income and no other opportunities for employment.

Tourism was identified as one of the key poverty alleviation sectors in the Government's Economic Recovery Strategy for Wealth and Employment Creation 2003-2007.

On average, ten family members depend economically upon each tourism employed person and a downslide in the sector will generally affect the livelihood of a huge percentage of the local population as statement issued by the Kenya Tourist Board in the US noted.

Over the years the sector has been re-establishing itself in the global market having faced a difficult period through 1997 to 2003 following political clashes in Likoni and terrorist attacks.

In 2003 a recovery programme was put in place rejuvenating the sector. The strategy that mainly helped changed Kenya's image abroad has been touted as the most successful marketing plan in Kenya. During this period some hotels were forced to close down as employees were sent home.

It led to the increased number and earnings from the sector. The Tourism Sustainability Plan (TSP) replaced the programme, which came to an end in 2007.

The plan looked at ways of sustaining the gains by the sector through attracting high yield tourists, opening up new circuits like Western Kenya and introducing niche products like bird watching.

The plan will however have to take a back sit as the sector looks at ways of rebuilding the image of the country abroad.

However all this is pegged on the country regaining normalcy with the sector crossing its fingers that peace eventually prevails. This would see some bookings into the second half of the year.

source: allafrica.com/stories/200801150988.html

US presidential hopeful Obama urges calm in Kenya

In a statement broadcast over U.S. government-funded Voice of America radio, Obama, who seeks to become America's first black president, said he was "deeply troubled" by the turmoil in the east African country.

"The instability and tragic violence pose an urgent and dangerous threat to the people of Kenya, and to Kenyan democracy," said Obama, who is running for the Democratic nomination for the November U.S. presidential election.

Kenyan President Mwai Kibaki's government on Wednesday accused rival Raila Odinga's backers of "genocide" and "ethnic cleansing" after an explosion of tribal violence over a disputed election killed more than 300 people.

"Despite irregularities in the vote tabulation, now is not the time to throw that strong democracy away," Obama said, one day before a contest in Iowa launches the state-by-state nominating contests in the 2008 White House race.

"Now is a time for President Kibaki, opposition leader Odinga, and all of Kenya's leaders to call for calm, to come together, and to start a political process to address peacefully the controversies that divide them," Obama said.

"Now is the time for this terrible violence to end.

Obama, who visited Kenya including his ancestral village in the country's remote West in 2006, was born in Hawaii to a Kenyan father and a white American mother. His father, who is now dead, grew up herding goats before studying in America then returning to Kenya to become a noted economist.

A first-term senator from Illinois who has been criticized for not having much international experience, Obama also spoke to U.S. Secretary of State Condoleezza Rice about Kenya's turmoil, his communications director Robert Gibbs said.

"The way forward is not through violence -- it is through democracy, and the rule of law," Obama said. "To all of Kenya's people, I ask you to renew Kenya's democratic tradition, and to seek your dreams in peace."

Obama's statement will be translated and included in the VOA's new Swahili-language program to East Africa on Thursday, the broadcaster said.

source: africa.reuters.com/top/news/usnBAN322836.html

Pressure Mounts With 300 Killed in Kenya

Government spokesman Alfred Mutua downplayed the violence, saying it had only affected about 3 percent of the country's 34 million people. "Kenya is not burning and not at the throes of any division," he said.

Mutua said the security forces had arrested 500 people since skirmishes began.

The independent Kenya Human Rights Commission and the International Federation for Human Rights said in a joint statement that more than 300 people had been killed since the Dec. 27 vote.

President Mwai Kibaki was inaugurated for a second term Sunday, but his rival Raila Odinga says the poll was rigged.

The head of the country's electoral commission, Samuel Kivuitu, said he had been pressured by both sides to announce the results quickly — and perhaps wrongly. The country's oldest newspaper, The Standard, on Wednesday quoted Kivuitu as saying, "I do not know whether Kibaki won the election."

In a joint statement, Secretary of State Condoleezza Rice and Britain's Foreign Secretary David Miliband also said there were "independent reports of serious irregularities in the counting process."

Both welcomed news the African Union would send its chief, Ghanaian President John Kufuor, to mediate the conflict. AU spokeswoman Habiba Mejri-Cheikh said Kufuor was expected in Kenya on Wednesday, but Kufuor's press office said the leader had canceled the visit. They gave no explanation.

Rice and Miliband called "on all political leaders to engage in a spirit of compromise that puts the democratic interests of Kenya first."

"The immediate priority is to combine a sustained call from Kenya's political leaders for the cessation of violence by their followers," the statement said.

On Tuesday, Kibaki called for a meeting with his political opponents — a significant softening of tone for a man who vowed to crack down on rioters.

But opposition candidate Raila Odinga refused, saying he would meet Kibaki only "if he announces that he was not elected." Odinga accused the government of stoking the chaos, telling The Associated Press in an interview that Kibaki's administration "is guilty, directly, of genocide."

Miliband later said he did not know who won the election but that both sides had a responsibility to resolve the conflict. "I very much hope that both Mr. Odinga and President Kibaki will realize that there is nothing to be gained by either of them pretending that this is cut and dried," he told British Broadcasting Corp. radio.

In Nairobi's slums, which are often divided along tribal lines, rival groups have been fighting each other with machetes and sticks as police use tear gas and bullets to keep them from pouring into the city center. The capital has been a ghost town for days, with residents stocking up on food and water and staying in their homes.

In Mathare, mothers clutching wide-eyed infants and suitcases were evacuated by riot police while angry youths armed with machetes and axes heaped abuse on the police as the slum burned.

"All you do here is come to pick up bodies," shouted Boniface Shikami.

Several threw rocks toward the police vehicle, and officers fired in the air before a patrol truck skidded around a corner to try to separate battling supporters of Odinga and Kibaki.

As shopkeepers battled with flames leaping through their corrugated iron roofs, a dazed woman clutching a kitten wandered through the smoke.

"They have burned down my house and all I have now is my cat," wailed Hannah Warigui.

John Okello, a doctor, said clinics around the city were running short of basic materials like gauze because so many people have been arriving with machete wounds. He said the city's main Nairobi Hospital was trying to ferry supplies to the clinics.

The people killed in Eldoret, about 185 miles northwest of Nairobi, were members of Kibaki's Kikuyu tribe.

The Kikuyus in Eldoret had fled to the Assemblies of God Church on Monday night, seeking refuge after mobs torched homes. Video from a helicopter chartered by the Red Cross showed many homes in flames and the horizon obscured by smoke. Groups of people were seen seeking sanctuary at schools and the airport, while others moved into the forest.

On Tuesday morning, a mob of about 2,000 arrived and started burning the church, said George Karanja, whose family had sought refuge there.

Karanja, 37, helped pull out at least 10 people, but added, "I could not manage to pull out my sister's son. He was screaming 'Uncle, uncle!' ... He died." The boy was 11.

Up to 50 people were killed in the attack, said a Red Cross official who spoke on condition of anonymity because her name would identify her tribe, and she feared reprisal. Even first aid workers were stopped by vigilantes who demanded their identity.

Karanja said his two children raised their hands as they left the church and they were beaten with a cane, but not killed. His 90-year-old father was attacked with a machete, but survived, he said.

The Kikuyu, Kenya's largest ethnic group, are accused of using their dominance of politics and business to the detriment of others. Odinga is from the Luo tribe, a smaller but still major tribe that says it has been marginalized.

Associated Press writers Tom Maliti and Malkhadir M. Muhumed in Nairobi and Godfrey Oluka in Kampala, Uganda, contributed to this report.

source: ap.google.com/article/ALeqM5iQUIrJzN6krWc0yJ6DP3ySeXQekQD8TTPIA80

Pakistan's Bhutto Killed in Attack

RAWALPINDI, Pakistan

Enraged crowds rioted across Pakistan and hopes for democracy hung by a thread after Benazir Bhutto was gunned down Thursday as she waved to supporters from the sunroof of her armored vehicle. The death of President Pervez Musharraf's most powerful opponent threw the nation into chaos just 12 days before elections, and threatened its already unsteady role as a key fighter against Islamic terror.

The murder of Bhutto, one of Pakistan's most famous and enduring politicians, sparked violence that killed at least nine people and plunged efforts to restore democracy to this nuclear-armed U.S. ally into turmoil.

Another opposition politician, Nawaz Sharif, announced he was boycotting Jan. 8 parliamentary elections in which Bhutto was hoping to recapture the premiership, and Musharraf reportedly weighed canceling the poll.

Bhutto, 54, was struck down amid scenes of blood and chaos as an unknown gunman opened fire and, according to witnesses and police, blew himself up, killing 20 other people.

Musharraf blamed Islamic terrorists, pledging in a nationally televised speech that "we will not rest until we eliminate these terrorists and root them out."

President Bush, who spoke briefly by phone with Musharraf, looked tense as he spoke to reporters, denouncing the "murderous extremists who are trying to undermine Pakistan's democracy."

U.S. intelligence officials said they were trying to determine the validity of purported claims of responsibility by al-Qaida, stressing they still couldn't say who was responsible.

Bhutto's death marked yet another grim chapter in Pakistan's bloodstained history, 28 years after her father, Zulfiqar Ali Bhutto, another ex-prime minister, was hanged by a military dictatorship in the same northern city where she was killed.

Her death left her Pakistan People's Party leaderless and plunged the Muslim nation of 160 million into violence and recriminations, with Bhutto supporters accusing Musharraf's government of failing to protect her in the wake of death threats and previous attempts on her life.

As the news spread, supporters gathered at the hospital where Bhutto had been taken, smashed glass doors, stoned cars and chanted, "Killer, Killer, Musharraf."

At least nine people were killed in violence across the nation.

Musharraf called senior staff into an emergency meeting to discuss a response to the killing and whether to postpone the election, an Interior Ministry official said, speaking on condition of anonymity because of the sensitivity of the talks. Musharraf also announced three days of mourning for Bhutto, with all businesses, schools and banks to close.

The killing appeared to shut off a possible avenue for a credible return to democracy after eight years under Musharraf's increasingly unpopular rule, and left a string of unanswered questions, chiefly whether it could strengthen Musharraf by eliminating a strong rival, or weaken him by sparking uncontrollable riots.

The U.S. was struggling to reformulate its plan to stabilize the country based on a rapprochement between Bhutto and Musharraf. Bhutto had returned in October after nearly a decade in exile hoping for a power-sharing deal with Musharraf, but had become his fierce critic, accusing elements in the ruling party of backing militants to kill her.

Pakistani analysts were plunged into gloom.

"This assassination is the most serious setback for democracy in Pakistan," said Rasul Baksh Rais, a political scientist at Lahore's University of Management Sciences. "It shows extremists are powerful enough to disrupt the democratic process."

Analyst Talat Masood, a retired general, said: "Conditions in the country have reached a point where it is too dangerous for political parties to operate."

Sharif, another former premier who now leads an opposition party, demanded Musharraf resign immediately and announced his party would boycott the elections, seen as vital to restoring democracy. He also called for the resignation of Musharraf, a former army chief who toppled Sharif in a 1999 coup.

"Musharraf is the cause of all the problems. The federation of Pakistan cannot remain intact in the presence of President Musharraf," he said.

Next to Musharraf, Bhutto was the best known political figure in the country, serving two terms as prime minister between 1988 and 1996. An instantly recognizable figure with graceful features under an ever-present head scarf, she bore the legacy of her hanged father and was respected in the West for her liberal outlook and determination to combat Islamic extremism.

It was a theme she had often returned to in recent campaign speeches.

Addressing more than 5,000 supporters Thursday in Rawalpindi, Bhutto dismissed the notion that Pakistan needed foreigners to help quell resurgent militants linked to the Taliban and al-Qaida in the area bordering Afghanistan.

"Why should foreign troops come in? We can take care of this, I can take care of this, you can take care of this," she said.

As Bhutto left the rally in a white SUV, youths chanted her name and supportive slogans, said Sardar Qamar Hayyat, an official from Bhutto's party who was about 10 yards away.

Despite the danger of physical exposure, a smiling Bhutto stuck her head out of the sunroof and responded, he said.

"Then I saw a thin young man jumping toward her vehicle from the back and opening fire. Moments later, I saw her speeding vehicle going away. That was the time when I heard a blast and fell down," he said.

Bhutto was rushed into surgery. A doctor on the surgical team said a bullet in the back of her neck damaged her spinal cord before exiting from the side of her head. Another bullet pierced the back of her shoulder and came out through her chest, he said on condition of anonymity because he was not authorized to speak to the media. She was given an open-heart massage, but the spinal cord damage was too great, he said.

"At 6:16 p.m. she expired," said Wasif Ali Khan, a member of Bhutto's party who was at Rawalpindi General Hospital.

Hours later, supporters carried Bhutto's body out of the hospital in a plain wooden coffin. Bhutto will be buried near her father's grave in the family's ancestral village of Garhi Khuda Bakhsh Friday afternoon, said Nazir Dkhoki, a spokesman for Bhutto's party. He added that Bhutto's husband and three children have arrived from Dubai to attend.

Bhutto had returned to Pakistan from nearly a decade in exile on Oct. 18, and her homecoming parade in Karachi was also targeted by a suicide attacker, who killed more than 140 people. She narrowly escaped injury.

Rawalpindi, a former capital, has a history of political violence. The park where Bhutto made her last speech is the same one where the country's first prime minister, Liaquat Ali Khan, was shot to death in 1951. It is named after him.

Musharraf survived two bombing attacks here in 2003. Earlier that year, Khalid Shaikh Mohammed, alleged mastermind of the 9/11 attacks, was captured in Rawalpindi. In recent weeks, suicide bombers have repeatedly targeted security forces in the city.

Bhutto's father was hanged in 1979 in Rawalpindi on charges of conspiracy to murder an execution that led to violent protests across the country similar to those that raged Thursday.

Thursday's rally was Bhutto's first since returning to Pakistan, Musharraf having forced her to scrap a meeting here last month citing security fears. Hundreds of riot police manned security checkpoints at the park.

Afghan President Hamid Karzai, who met with Bhutto just hours before her death, called her a brave woman with a clear vision "for her own country, for Afghanistan and for the region a vision of democracy and prosperity and peace."

Rep. Patrick Kennedy, D-R.I., visiting Pakistan with Sen. Arlen Specter, R-Pa., said he was just leaving his hotel room for dinner with Bhutto at her home when he got the news.

"I couldn't believe it," he told The Associated Press by phone. "Her death really dashed the hope of many here in Pakistan and that's why there's so much disillusionment and anger being vented through these protests that are lighting up the sky tonight as people set fires all over the countryside."

U.S. intelligence agencies said it was to soon to say who carried out the attack.

FBI spokesman Richard Kolko said the agency "continues to work with our U.S. intelligence community partners reviewing the al-Qaida claims for responsibility for any intelligence value. The validity of those claims are undetermined."

The statement came after a law enforcement official told the AP that a national FBI and Homeland Security bulletin to law enforcement agencies cited Islamist Web sites as saying al-Qaida had claimed responsibility. The official asked to remain anonymous because he was not authorized to speak publicly about it.

Director of National Intelligence spokesman Ross Feinstein said his agency was "in no position right now to confirm who may have been responsible."

One man was killed in a shootout between police and protesters in Tando Allahyar, a town 120 miles north of Karachi, Pakistan's commercial hub, said Mayor Kanwar Naveed. Four others were killed in Karachi, two were killed elsewhere in southern Sindh province and two in Lahore, police said.

Karachi shopkeepers quickly shuttered their stores as protesters burned vehicles, a gas station and tires on the roads, said Fayyaz Leghri, a local police official. Gunmen shot and wounded two police officers, he said.

Bhutto's supporters in many towns burned banks, shops and state-run grocery stores. Some torched ruling party election offices, according to Pakistani media.

The U.N. Security Council vigorously denounced the killing and urged "all Pakistanis to exercise restraint and maintain stability in the country."

Associated Press writers Munir Ahmad in Islamabad and Ashraf Khan in Karachi contributed to this report.

source: abcnews.go.com/print?id=4055924

2009 Nissan GT-R - Previews

It Ain’t Pretty, and It Ain’t Ugly, But It Is Big

Photos don’t really do justice to the GT-R. The camera shots convey inelegance in the design that doesn’t carry over in the flesh. Up close, the protruding snout is still the weakest styling element on the car, but it’s not nearly as offensive as we were led to believe. There are countless curves, creases, and bumps on the GT-R that keep your eyes dancing back and forth from one end of the car to the other, like the crease in the C-pillar. The front wheel arches are far more dramatic in person, as are the dartlike bumps that surround the hood scoops. It’s all very aggressive and muscular, but what’s mesmerizing about the GT-R is that it seems as if it shouldn’t be pretty at all and we still can’t stop staring.

We also can’t stop staring because, well, the GT-R looks impossibly large. It seems absolutely crazy to compare the GT-R with its performance benchmark, the Porsche 911 Turbo, because the GT-R appears to be twice as big. That feeling is reinforced by the claimed curb weight of 3850 pounds, 330 more than the last 911 Turbo we tested. In reality, the GT-R is only seven inches longer than the Porsche and narrower than the Dodge Viper and Corvette Z06. The extra length and the long 109.4-inch wheelbase allow for a back seat that is just barely usable for two passengers and a trunk that Nissan claims can hold two sets of golf clubs. The Porsche, on the other hand, has hardly any luggage space and back seats that are suitable only for amputees.

Plenty of Technology, but Not All of It

If the GT-R were really to take on the 911 Turbo, it would need the power to match. So Nissan developed a new 3.8-liter V-6 engine and gave it the VR designation (VR38DETT in this specific application). The TT in VR38DETT stands for twin turbo, and intercooled air is rammed into the intake at a maximum pressure of 10.9 psi to produce 480 horsepower and 434 pound-feet of torque at the crankshaft. That’s the same horsepower as the 911 Turbo’s, and it makes the GT-R the most powerful Japanese car ever. There are similarities to the VQ engine found in the 350Z and Infiniti G35, such as the same cylinder bore, but the VR features a closed deck for greater block stiffness. Variable valve timing is on the intake valves only, but don’t let that make you think the VR is ordinary. Each engine is hand-built by a single technician in a climate-controlled room in Nissan’s Yokohama engine plant. Before it ships out to the assembly line, each engine is tested for power output.

Once the engine is installed in the GT-R, the power is routed to all four wheels in a way that is somewhere between brilliant and insane. A main driveshaft connects the engine to the rear transaxle, and then a second driveshaft runs back to the front of the car to power the front wheels. The upside to the extra inertial mass of this setup is better weight distribution: All the bulk and weight of the all-wheel-drive system is shifted to the rear. The front-to-rear power distribution, electronically controlled by a clutch, varies from 50/50 at launch to as much as 20/80 during driving. Between the rear wheels is a mechanical limited-slip differential. Unlike the GT-R R34 V-Spec II and new Mitsubishi Lancer Evolution, the GT-R’s all-wheel-drive system cannot distribute power from left to right.

Each of the GT-R’s 480 horsepower is responsible for 8.0 pounds of weight, compared with 7.3 in the 911 Turbo. So to achieve the claimed 0-to-60-mph time of 3.5 seconds, the GT-R employs a couple of tricks. The first is a six-speed dual-clutch gearbox, which changes gears faster than any human can push a clutch pedal and pull a shift lever. The transmission is similar to the ones found in Volkswagens, Audis, and the Lancer Evolution. The second trick is the gearing, which is short. The first gear ratio of 4.06, combined with the final-drive ratio of 3.70:1, helps the GT-R catapult quickly off the line. The rest of the gears are similarly short: The 186-mph top speed occurs at redline in sixth gear.

Behind the massive 20-inch wheels are similarly large two-piece Brembo brakes. In Japan, the GT-R comes with Bridgestone Potenza RE070R or Dunlop SP Sport 600 rubber. North American–bound cars will most likely be equipped with the Bridgestones or, as part of a cold-weather package, Dunlop SP Sport 7010 A/S tires. The all-season Dunlops look more like three-season tires, but Nissan insists the GT-R can stop and turn in snowy weather when equipped with them. Any residents of cold-weather states would be well advised to pick up some Bridgestone Blizzak winter tires, which are conveniently available in the stock 255/40R-20 front and 285/35R-20 rear sizes.

In the Hot Seat

The parts of the GT-R interior that are covered in soft, padded leather—which include the seats, steering wheel, shift knob, most of the dash, and some door trim—make some Infinitis look cheap by comparison. Some vestiges of lesser Nissans are apparent, though, like the plastic parts of the dash, cast in the same strangely cheap-looking texture as those in the Altima. The parts-bin window switches and the turn-signal and wiper stalks are familiar, too, but less offensive.

At the top of the center stack is an LCD that augments the main gauge cluster. Nissan engineers teamed up with Gran Turismo guru Kazunori Yamauchi to create a multifunction display that bridges the gap between video games and real life. There are various views: a customizable set of auxiliary gauges, acceleration and braking forces, lateral g-forces, gear display, fuel economy, and stopwatch lap time (controlled via steering-wheel buttons). The acceleration-and-braking and lateral-g screens are the best, though, because they also show brake- and gas-pedal levels and steering angle. It’s real-time telemetry and, if you can manage to watch it without driving off the road, it’s great fun. And if you’d rather be confused the (sort of) old-fashioned way, the display also has a touch-screen navigation system.

During our time with the GT-R, we didn’t get much of a chance to mess around with the multifunction display. Our first time behind the wheel was on the track, so we tried to stay focused on the driving. Later, on Japan’s narrow streets, in a right-hand-drive car on the left side of the road, we paid more attention to keeping the car between the lines. Still, we’re looking forward to being further distracted once we have one on our home turf.
Is It a Sports Car or a Grand Tourer? Yes.

The GT-R comes with a smart-key system, so to bring the engine to life, you just push the bright red stop/start button on the center console along with the brake pedal. The shift lever gives you the option of park, reverse, neutral, or drive. A sideways tap will switch between automatic- and paddle-shift modes. At the bottom of the center stack are switches for the all-wheel-drive system, electronically controlled shocks, and stability and traction control. Your options for each system are as follows: normal, snow, or R mode; normal, comfort, or R mode; on, off, or R mode.

Behind the wheel at Japan’s Sendai Hi-Land Raceway with the engine humming in anticipation, we selected all three R modes and headed down the pit lane. Our first few laps were taken carefully but still revealed a lot about the GT-R—mostly, that it’s very, very quick. The power delivery is linear; turbo lag is only present below 3000 rpm, and even then the effect is more of a surge than an explosion. Gearchanges are not jolting, but they’re definitely firmer than in other dual-clutch transmissions that don’t have to manage as much torque.

Subsequent trips around the track at a more feverish pace revealed the best part about the GT-R: It’s impossibly easy to drive. It still feels large and heavy, but it communicates exactly how the weight is shifting under braking, acceleration, and cornering so that nothing, dynamically, comes as a surprise. Even if you do unsettle the car, it’s easy to recover. The Corvette Z06 and the Dodge Viper inspire fear with their awesome performance, whereas the GT-R inspires nothing but confidence. In other cars you worry what might go wrong; in the GT-R you wonder what you can get away with. On a later trip in the passenger seat with a Nissan test driver at the helm, we learned that you can actually get away with quite a lot in the GT-R. The test driver turned in faster and got back on the gas sooner than we thought possible, and the only consequence was a slight slide from the back end that was corrected with a bit of steering and more throttle.

Complaints are minor. We got a hint of brake fade on later laps after braking from 120 mph for a corner, but because of excellent brake cooling, they were fine by the next corner. Also, the steering feels vague, especially midcorner. Correction: We thought it was vague until we took a couple of laps in a 911 Turbo, Nissan’s benchmark for the GT-R. Side by side, the Porsche feels overboosted and numb. Maybe it was jet lag and the seemingly endless variety of semi-radish-like vegetables served at Japanese meals, but from our early drive, it looks as though the GT-R might actually have a leg up on the 911 Turbo.

On public roads, the GT-R seems even bigger than it does on the track. Sure, we were in unfamiliar surroundings and on the wrong side of the car, but the passenger-side door felt as though it were located in mainland China. The GT-R is not unwieldy, nor does it disguise its size. There’s a slight drone coming from the rear, presumably the hydraulic pump that operates the gearbox, which is noticeable only while stopped.
They’re Building It. Will Buyers Come?

If you’re looking for 911 Turbo performance, the GT-R is a bargain, and it even trumps the 420-hp Audi R8. Of course, it’s not all about performance, and the GT-R offers the whole package. It’s fast, luxurious, easy to drive, and—with only 1500 cars headed to the U.S. for the first year—exclusive. The GT-R is also large, fat, and almost stupidly expensive for a Nissan. At least that’s what we can imagine 911 Turbo and R8 owners will say when they feel threatened. Chances are, GT-R owners will take that as a compliment.

source: caranddriver.com/previews/14385/first-drive-2009-nissan-gt-r.html

Trade advocacy group says Ghana stands to lose in EU trade deal

Mr Tetteh Hormeku, Head of Programmes of TWN, was quoted by the Ghana News Agenc y as saying the agreement did committed government to liberalise an overwhelming proportion of its imports from the EU without clear cut policy as to which secto r s would be affected.

He said the agreement dubbed "stepping stone" was more of "quick sand". TWN camp aigned very hard for countries not to sign the Economic Partnership Agreement (E P A)

Ghana 's interim agreement provides for the immediate abolition of tariffs on vi rtually all exports to Europe and the gradual dismantling over 15 years of tarif f s on 80 percent of imports from the 27-member EU bloc.

The remaining 20 per cent of imports are deemed "sensitive products" which will be subject to tariffs even after the 15-year transition period to promote econom i c development, food security, employment and government revenue generation.

By the terms of the agreement, the government committed itself to a schedule by which different tariffs on categories of products would be removed at different t imes.

All tariffs must be removed on some of these products in five years starting fro m 2009 while others must be eliminated by 2017.

Mr Hormeku said the agreement did not specify the total percentage of goods to b e liberalized according to the categorization schedule.

"This is only implied in the categorization of the goods for liberalization whic h was supplied by the European Union, according to which about 20 per cent of im p orts fall under the category of goods not to be liberalized," he said.

He said it was wrong for government to commit itself to future negotiations in a reas of investment, competition, trade in services and intellectual property whe n such issues had been rejected by ECOWAS.

Ghana is the second West African country after Cote d'Ivoire to sign an interim agreement, as developing countries rush to prevent disruption in their exports t o the EU, the world's biggest trading bloc.

ECOWAS Commission President Mohamed Ibn Chambas told the Ghana News Agency in an interview that the community supported specific interim arrangements to allow e x port of goods only to continue, so long as they did not pre-empt talks on a broa d er regional EPA text.

source: afriquenligne.fr/news/daily-news/trade-advocacy-group-says-ghana-stands-to-lose-in-eu-trade-deal-2007122513959/

Nike Shines at One Show Interactive

In a unique partnership, Nike and Apple created a cross platform application and experience for consumers through their website. Using a specially designed chip made to fit a pair of Nike sneakers, visitors to the site were able to download information to and from their Apple iPods to plan a complete workout experience, from mapping a running course using Google maps to coordinating music with a tempo that mirrors the intensity of the workout and review the results.

"Through this campaign Nike+ has essentially fulfilled the great promise of the Internet as a collaborative tool-blending technology with product design - allowing consumers to engage in a total multimedia experience," said Kevin Swanepoel, president, The One Club.

Nike was also named as the 2007 Client of the Year due to its re-emergence as a leader in creative advertising. This year, Nike has been a champion of good creative work generated from many different agencies across as many countries.

"We are excited to be celebrating the 10th anniversary of One Show Interactive," said Mary Warlick, CEO, The One Club. "Our long standing passion for recognizing good creative work within new media and web design was evidenced with the creation of this awards program in 1997."

The top Pencil winners at this year's One Show Interactive include:

Crispin Porter + Bogusky: total 7 (3 Gold, 2 Silver, 2 Bronze)

Farfar: 4 total (1 Gold, 1 Silver, 2 Bronze)

R/GA: 4 total (2 Gold, 1 Silver, 1 Bronze)

AKQA: 3 total (2 Silver, 1 Bronze)

Goodby, Silverstein & Partners: 3 total (2 Silver, 1 Bronze)

For the full list of winners, go to www.oneclub.org/finalists.

Winners and finalists will be featured in the commemorative One Show Interactive Annual, which will be released later this year.

source: allafrica.com/stories/printable/200712040345.html

Standard banks on China boost

Standard Bank said in a presentation on its website that the bank expects incremental earnings of $160m to $200m from the deal with Industrial and Commercial Bank of China (ICBC), China's biggest investment in Africa.

Jacko Maree, Standard Bank Chief Executive Officer, said in a televised shareholder presentation in Cape Town on Friday that the group will keep almost all the proceeds of the transaction outside South Africa, pending exchange control approval.

"We will try to keep almost all the money that we can outside of South Africa because it is earmarked for growth in Africa and growth outside of Africa," Maree said.

South African and foreign shareholders will receive around $3.1bn for selling their shares in the bank to ICBC. Maree said 75% of that figure will flow into South Africa to compensate local shareholders.

Standard Bank said about $450m of the proceeds will be used for growth in existing markets and investment in key markets such as Kenya, Ghana and Angola.

"We see $450m going into Africa to support accelerated growth in our existing markets and to build critical mass in a couple of key markets, the ones that are obvious at the moment are: Kenya, Ghana and Angola," Maree said.

Price reasonable

Some shareholders have expressed concern that ICBC had not offered to pay more but Maree said the terms were generous.

"It has been opportunistic to try and extract from ICBC a higher price and I think it is unfair to expect them to pay more. They have been extremely generous in the terms they are offering our shareholders," Maree said.

ICBC Chairperson Jiang Jianqing said during the same televised presentation that the offer was reasonable.

"We didn't ask for any discount and I believe this offer is very reasonable," Jiang said through an interpreter.

He said ICBC and Standard Bank would be the perfect match.

"Many of ICBC's key clients, one after another, are coming to invest in South Africa and other African countries. They are seeking a 'one-stop' international financial services solution that could only be provided by an alliance such as this," Jiang said.

ICBC is buying an equal mix of new shares to be offered by the South African bank and existing stock from shareholders at prices that equate to a 15% premium to Standard Bank's average stock price in the 30 trading days to October 23.

The transaction was first announced on October 25 and comes as Beijing encourages major state firms to expand abroad, particularly in developing countries.

Standard Bank shares were 1% higher at R109.59 by 12:28.

source: fin24.co.za/articles/default/display_article.aspx?ArticleId=1518-24_2226245

US risks missing lucrative markets if it continues to ignore Africa

Speakers at the U.S.-Africa Business Summit said American companies were lagging behind China and India in investment and that this attitude was shortsighted given Africa's rapidly growing middle class with a voracious appetite for consumer goods and a population expected to hit 1.5 billion people in the next 25 years.

"From commercial perspectives all the right ingredients are there," said Geoffrey White, chief executive officer of Lonrho, whose investments in Africa range from bottled water plants to a shipping company.

In Nigeria, for instance, increased wealth fueled by oil revenue has resulted in an insatiable appetite for color televisions, according to Stephen Cashin, chief executive officer of the Pan African Capital Group. In 2001 there were just 500,00 telephones for the 134 million citizens. Now there are 30 million, he said, nearly all of them cell phones which don't need costly fixed installations.

The main English soccer league now rates Africa as its biggest fan base, he added.

A World Bank report Wednesday said that African economic growth had averaged 5.4 percent over the past decade thanks to high commodity and oil prices, which have led to a boom in oil producing countries like Nigeria and Angola. Some 25 African countries have growth rates of more than 3 percent.

Despite the economic progress and the spread of stable democracies, Africa receives less than 3 percent of global foreign direct investment, and most of this is linked to oil, said White.

Namibian President Hifikepunye Pohamba complained that the United States was not involved enough in Africa, partly because of the a perception that African countries could not be trusted.

Mineral rich Namibia has made inroads against poverty and says it has sound laws to protect foreign investment. It gained independence from neighboring South Africa in 1991 after a long guerrilla war led by the South West African People's Liberation Organization, which took power and defied predictions that it would sink into mismanagement and corruption.

Robert Mosbacher, head of the Overseas Private Investment Corporation, a U.S. government agency that backs private investment in developing countries, said American corporate fears about how to enforce contracts in Africa were the single biggest impediment to expanding business.

Lack of infrastructure and decent transport links is another big obstacle. Africa's air transport system is particularly notorious — to transit from one side of the continent to the other, passengers typically have to fly through London, Paris or Johannesburg.

But even that is changing, albeit slowly.

Anibal Silva, a government official from Angola, said African governments now recognize air transport as an engine for economic growth.

Andrew Steinberg, an assistant secretary in the U.S. Department of Transport, said Africa could leapfrog other developing regions by moving straight to satellite based air traffic control systems and bypassing expensive and inflexible ground-based radar systems.

He said Africa should follow the Caribbean approach and opt for regional air safety arrangements, which are cheaper and more applicable than small national ones. Above all he said Africa must stop protecting national flag carriers and instead embrace the Open Skies principal that is flourishing in Europe.

source: iht.com/articles/ap/2007/11/15/business/AF-FIN-Africa-US-Business.php

Economic Growth Held Back By Poor Town And Country Planning

Mr. Tackie was speaking on the theme "Planning and Building our Cities and Towns Right -a Prerequisite to Middle Income Economy" to mark the World town planning day.

He said none of the governments after the Nkrumah era has yet appreciated the correlation between economic prosperity and town planning.

According to him currently, Ghana is embarking on an economic agenda to attain a per-capita income of US$1000 or more which is only one of the indicators of the performance of a typical middle-income economy.

"It is feasible for the current government to achieve this macro-economic indicator but frankly if we do not link this economic output to a strategy of effective planning and building of our towns and cities there is no way we can attain the visible living conditions in our settlements comparable to what pertains in any of the successful countries that we wish to emulate", he pointed out.

He explained that the actual living conditions of people expressed in the quality of the built environment across the national territory is a mirror-reflection of the true state of the socio-economic development of the country.

"While we can not quantify the economic benefits of planning and building correctly, we can readily quantify the losses to the economy through neglect of town planning and development control", he said.

Mr. Tackie cited some examples as the rise in the cost of treating water due to failure in planning and managing water bodies to the extent that detrimental unstructured inhabitation continues to pollute the waters.

He mentioned the escalation of refuse management cost as a result of failure to plan appropriately with the consequence of excessive cost of haulage.

This has reflected on the use of millions of dollars as compensation for demolition of properties on road reservations which could have been avoided if a fraction of the amount had been invested into effective town planning and enforcement.

He therefore called on government to invest appropriately in town planning which is the only means through which the country can attain a middle-income economy.

"The no-money syndrome must stop because the amount that we waste through lack of planning and enforcement is far in excess of what is required as investments in planning", he said.

He said that Ghana is far off the radar and it will take a lot of time and resources to reverse the decline.

However, GIP recommends that Accra, Kumasi, Sekondi- Takoradi and Tamale should be well resourced to prepare and implement strategic plans in line with Ghana's transformation to a middle-income status.

According to him, the Metropolitan, Municipal, and District Assemblies should show commitment to town planning with direct budgetary support for plan preparation, equipment and logistics.

Mr. Tackie said government should provide allocations through the District Assembly Common Fund for the MMDA's to directly sponsor personnel to KNUST for training in Architecture, Town Planning, Land Economy, Civil Engineers and Geodetic Engineering.

He said the National Development Planning Commission (NDPC), which has been overshadowed by the Ministry of Finance and Economic Planning should be elevated and adequately resourced to play its constitutionally mandated role.

He also suggested that government should allocate resources in the 2008 budget for short-term sandwich courses to be run jointly by KNUST and the professional bodies of GIP, GIA, GIS and GHIE to beef up the capacities of the MMDA's.

Further, the government should provide requisite resources for polytechnics to train middle-level technical expertise in Town Planning and related disciplines that are currently in deficit supply.

All said, he called on government to as matter of priority; provide adequate support to the on-going LAP project especially, the component on restructuring of the planning systems in Ghana.

source: allafrica.com/stories/printable/200711121458.html

BMW X6 ActiveHybrid

The steeply raked rear atop the muscular body is designed to be more sporty than utilitarian. The front view sports a toothy BMW trademark split grille, while the flowing lines and sleek greenhouse are contrasted by muscular wheel arches filled with 21-in. wheels. It will be interesting to see if it can carve out a niche in the crowded SUV market—the closest competitor to the X6 is Infiniti’s FX35/45.
To address concerns that SUVs are fuel-wasting behemoths, BMW’s thinly disguised concept of the X6 production vehicle was introduced as the ActiveHybrid, which incorporates a dual-mode hybrid transmission jointly developed with GM and DCX. This system uses two different electric motors, one for low speeds and the other for highway cruising. In addition to providing the correct levels of torque, depending on road conditions, engine loads and on- or off-road use, the X6 ActiveHybrid boasts a 20-percent reduction in emissions and fuel consumption when compared to a car of equal size on a conventional drivetrain.
The X6 is scheduled to be built alongside the X5 at BMW’s U.S. assembly plant in South Carolina with an on-sale date sometime next year.

source: autos.yahoo.com/articles/frankfurt_auto_show_2007/260/Five-Hot-Picks-from-Frankfurt/

Oceanic Bank Targets Africa Dominance- Ibru

She also assured that the bank will soon capture the West African region as it has now had presence in most of the countries.

It would be recalled that Oceanic closed its 2006 financial year as the third most profitable bank and the fifth largest bank in the country. Sources close to the bank have also disclosed that the bank might have exceedingly surpassed its financial projection for the 2007 financial year.

On the other hand, president of the Progressive Shareholders Association of Nigeria (PSAN), Mazi Boniface Okezie, said Oceanic Bank is expected to declare superlative results for the full year as its financials for the nine months ended June 30, indicated that it has already surpassed performance in the corresponding period of 2006.

Okezie noted that the bank has always posted solid full year results, adding that this year's results will not be an exception. He said that the bank, apart from declaring dividend at the last Annual General Meeting (AGM), also surprised shareholders by giving a bonus of one for four ordinary shares previously held.

The shareholder's rights activist commending the bank for that feat, however, said that there may not be bonus shares at the coming AGM as the bank has just concluded a public offering of shares.

He said, "I doubt whether the bank will declare a bonus as it just concluded a public subscription of its shares but I believe that as the results are expected to be better than that of the previous year, the bank will make shareholders happy by declaring a high dividend.

Okezie added that Oceanic shares are doing well on the floor of the Nigerian Stock Exchange (NSE) which he explained has a direct relationship to growth in all performance parameters being recorded by the bank.

Oceanic Bank, according to the astute investor has been creating value and wealth for shareholders from the day of its listing on the Exchange following capital appreciation of its shares which, he said, has resulted in financial well being for them.

He said that banks like Oceanic who are in the business of creating wealth for shareholders will always get investors nod whenever they come to the market with a public offer for subscription.

For managing director of Corporate Investors Place, Emeka Madubuko, the shareholders should begin to celebrate, as the end year result would be impressive, stressing that the bank has never put any one in doubt of its strategic focus.

The stockbroker said the high volume of patronage the bank's stock currently enjoys in the stock market alluded to the fact that it is investors' delight, advising the management of the bank to continue to build on its successes.

Managing partner, Twinsronk Consulting, Prince Tola Akinyemi, said the bank is set for regional and global competitiveness in terms of market share, adding that it reinforced investors' rising confidence in the bank.

The financial analyst lauded the bank's contribution to the nation's economic development, while maintaining that Oceanic Bank is capable of surpassing analysts' forecast in its year-end result. The bank's profile has continued to rise both on the local level and the international level. It has recently been rated among the top 1000 banks in the world and has also received positive rating from renowned rating agencies.

A very significant strategy of the bank is its determination to further open its revenue base by establishing so many subsidiaries.

The subsidiaries are part of the bank's strategy for long-term growth. They are also basically a means of building credible and profitable institutions for the future that would transform ultimately to good returns, especially after both the first and the second phase of consolidation exercise. The bank, through its subsidiaries- Oceanic Registrars limited, Oceanic Trustee Limited, Oceanic Custodian Limited, Oceanic Insurance limited, Oceanic Mortgages Limited, Oceanic Securities Limited and Oceanic Asset Management, has become a financial supermarket, adequately and efficiently positioned towards meeting its customers needs.

The concept of financial supermarket implies that the bank customers receive a full range of modern financial services in any of its outlet.

source: allafrica.com/stories/200711050385.html

Free healthcare for all soon

In this regard, the coverage of the National Health Insurance Scheme is to be broadened to cover every Ghanaian.

While various sources of funding the scheme are being considered, our sources say the argument seems to be tilting in favour of an increase in the National Health Insurance Levy component of the VAT rate, from the current 2.5% to 5%. The changes are expected to take place next year.

Launched on March 18, 2004 by President Kufuor, the NHIS is designed to offer affordable medical care, especially to the poor and vulnerable. It is a risk pooling arrangement by which the cost of healthcare to any single individual in the society, whether rich or poor, becomes a collective responsibility of all the people in the society.

Adults are to pay a yearly minimum subscription of ¢72,000, while government will cater for health treatment of the aged, the poor as well as children of parents who both subscribe to the scheme.

"Ghana is a poor country straddled with many problems, all demanding priority attention. The scheme is the solution for the health care sector and the only viable alternative to the outdated and rigid system of cash and carry,” President Kufuor said at the official launch of the scheme. The National Health Insurance Law was passed in 2003.

The Scheme was initially funded with ¢40.6 billion (almost $ 5 million) from the Heavily Indebted Poor Countries Index at the district level, while a similar amount was set aside for health workers who agree to work in deprived areas in the country.

The government is currently financing the scheme by borrowing 2.5 percent out of the 17.5 percent SSNIT contribution of workers in the formal sector, while a new 2.5 percent National Health Insurance Levy is pumped into a fund to cater for those who cannot afford to make contributions.

Before its introduction, the country had operated a cost-recovery health delivery system known infamously as the 'cash-and-carry' system since 1985, whereby patients are required to pay up-front for health services at government clinics and hospitals. This however, pushed health care far beyond the reach of the ordinary Ghanaian.

One of the NPP's most radical social reforms, the Scheme has had its ups and downs over the last two years, with problems ranging from a lack of cards for registered members to delays in reimbursement and a lack of drugs.

But its managers have soldiered on, registering, at the last count, over 10 million Ghanaians and achieving about 47% national coverage, according to Health Minister Courage Quarshigah. Initially dismissed as a PR gimmick by the opposition, it is now generally accepted as another success story of the Kufuor administration.

In a further attempt to streamline its operations, Government last week swore into office members of a reconstituted 16-member Council, chaired by Nana Agyei Duku.

source: www.thestatesmanonline.com/pages/news_detail.php?newsid=5011§ion=1

China's presence in Africa grows

The size of the ICBC - it is the world's largest bank if market capitalisation is the yardstick - emphasises the importance of the deal for South Africa and Africa as whole, given that Standard Bank is located in no less than 18 African countries.

There is another perhaps more imperative reason for the importance of ICBC's acquisition: its largest stakeholder is the Chinese government, which has identified Africa as a major arena in which to secure natural resources in general, but oil and gas in particular for its burgeoning economy.

The link between the Chinese bank and the mandarins in Beijing implies that its further ventures into the African interior from its South African base will have the sanction and support of President Hu Jintao and his ministers.

The origins of China's economic drive into Africa go back to the pro-market reforms introduced by Deng Xiaoping after the death in 1976 of Mao Zedong and the revitalising impact the reforms had on the Chinese economy after more than 25 years of stultifying control by government bureaucrats.

The liberating influence of Xiaoping's bold reforms is manifest in the phenomenal growth of the Chinese economy from the mid-1980s to the present day: during the last two decades annual GDP growth has been in the order of 10 percent, an incredible achievement in light of the huge setbacks suffered as a consequence of Chairman Mao's policies of enforced collectivisation and industrialisation.

Once the boom started the Chinese government had no option but to press ahead to avoid political and social instability.

Although the reforms had aroused hopes for a more open society and stimulated the emergence of the pro-democracy student movement - which was ruthlessly crushed in the Tiananmen Square massacre of June 1989 - a contracting economy would, in all likelihood, have accentuated the widening rift between the age-old poor and the emerging new rich.

In a very real sense it was boom or bust for China's post-Xiaoping rulers, the more so as relaxation of controls over the economy had not been accompanied by a matching reduction of political constraints.

For the increasingly industrialised economy to continue expanding, China had to acquire new sources of raw materials as its own resources became increasingly insufficient to sustain its dizzyingly rapid growth rate.

As an article published by the United States Council of Foreign Relations notes: "China's manufacturing sector has created enormous demand for aluminium, copper, nickel, iron ore and oil."

China's decision to take its quest for new supplies of natural resources to Africa was - and is - prompted by two considerations: Africa's large, varied and relatively untapped reserves of mineral and hydrocarbon fuels and the dominance of the United States and the European Union as the main consumers of Middle East oil.

The figures below - culled from an article published by the Heritage Foundation in the US, entitled "China's influence in Africa" - summarise the growing volume of trade between China and Africa:

In 1999 the trade between Africa and China was valued at $5,6-billion (about R36,7-billion).

By 2004, after the establishment of the Forum for China-Africa Co-operation (FCAC), Sino-African trade had quadrupled to $29,5-billion.

Before the end of 2005 it had increased to $32,2-billion, well in excess of the total for the whole of 2004.

It has continued to grow since then, partly as a result of the summit meeting of the FCAC in Beijing in 2006, attended by African heads of state, at which China undertook to double its aid to Africa and to strive to increase Sino-African trade to $100-billion by 2010.

A hostile interpretation of China's growing and increasingly conspicuous pressure in Africa is that it is re-enacting the role played by Britain and its European rivals in the late 19th-century scramble for Africa. The analogy - which casts China in the role of a colonising power - is without substance, however.

Unlike the 19th-century European powers, China has not sent soldiers to Africa to fight wars of dispossession against African indigenes or presumptuously raised its flag over huge tracts of African territory and issued proclamations annexing it.

A more subtle but no less disparaging interpretation portrays China as a neo-colonialist power seeking to undermine African governments subtly by making them dependent on Chinese aid.

There is no evidence, however, that China wishes to usurp the power of African governments.

Its primary objective is to attain a substantial share of Africa's resources, for which it is prepared, in turn, to offer financial assistance and low-interest loans, as well as sign trade treaties and enter into partnerships with local companies (of which the ICBC-Standard Bank deal is a prime example).

Leaving aside its invasion of Tibet in 1950 - which China regards as one of its historical provinces - and its border dispute with India in the early 1960s, it has not engaged in territorial wars with any of its neighbours for close to 50 years, let alone against countries in a faraway continent.

Its government has quite enough problems governing one of the largest countries in the world, containing a culturally diverse population of 1,3 billion people, without adding an African empire to its burdens.

Having jettisoned Mao's penchant for exporting revolution, China's current drive into Africa is predicated on the principle of noninterference in the internal affairs of sovereign nations, for which it has been accused of giving comfort and solace to African dictators presiding over countries that they have impoverished by their greed and/or incompetence.

The Heritage Foundation article quoted above exemplifies the charge when it accuses the Chinese government of "securing exclusive access to African natural resources with an aggressive political campaign to ingratiate itself with African tyrants and despots".

The authors seems to have forgotten US support over decades for the corrupt regime of Mobutu Sese Seko, who was an accomplice in the conspiracy to oust and eventually murder the legitimately elected prime minister of the Democratic Republic of Congo, Patrice Lumumba.

South Africans know that the CEO of Standard Bank, Jacko Maree, is no fool. As a hard-headed businessman who saw Standard Bank beat off a predatory takeover bid by Nedbank in 1999, he is presumably inured to ingratiation, irrespective from whom it emanates and least of all if it come from a company that is a prospective partner.

African heads of state - whether democratically elected as in the case of South Africa or politicians versed in the skills of palace coups or street demagoguery - are usually astute enough not to surrender readily the national sovereignty entrusted to them or acquired by them to foreign merchants.

China's leaders have invested huge sums of money in Africa in their quest to restore China to its past greatness of two millennia ago, when it generated one-fifth of the world's total economic output.

They are not about to discard it in favour of reckless adventurism in a distant continent.

Source: www.iol.co.za/index.php?set_id=1&click_id=68&art_id=vn20071104083817657C185647

Global Market Insights -- Sold: U.S. Clients Move to Buy Successful European Consulting Firm

Los Angeles, CA (FV Newswire) - Stephen D. McLaughlin, CEO Global Market Insights announced today that he has sold the company to a U.S. joint venture being formed by several of GMI's clients. The name and structure are not yet decided, but the entire process should be completed within the next year or in early 2008.

As a result of the sale, the new owners will assume GMI's European presence to include employees and clients. However, the new owners will run the business out of the U.S. During the one year transition period, Stephen McLaughlin will move back to the U.S. on a permanent basis and continue to work in the business.

For the past two years in a row GMI has increased its annual net revenues by more than one million dollars -- and 2007 indicators are trending to more of the same. Without disclosing too much of the financial details of the sale, McLaughlin only states "The terms of sale are cash, for both me and my employees."

Since its inception in 2002, Global Market Insights has provided their clients with in-depth and insightful market information and analysis on a global basis. With principal offices in North America and Europe, GMI´s purpose is to help client companies realize greater economic growth and value through strategic expansion into foreign markets throughout Europe that include Germany, Luxembourg and the Czech Republic; as well as France and the UK. GMI's specific expertise focuses on areas that include outsourcing, executive recruiting, market sizing, segmentation, positioning, price and competitive intelligence for the information technology, precision steel manufacturing, publishing and personal services industries. Additionally, GMI is very active in helping U.S. Venture Capital companies invest in the European marketplace.

Steve McLaughlin founded Global Market Insights, with offices in Europe and the U.S., with his vision of giving clients two synergistic competencies: knowledge of the global marketplace and industry expertise in manufacturing, finance and information technology. Steve McLaughlin has nearly fifteen years of international experience in three continents, having started in executive search as a Beckett-Rogers Associate. Steve McLaughlin is a graduate of Rice University where he was student body president, and completed post-graduate studies in International Economics at the Universidad Mayor, Santiago, Chile. He is also an established writer of several articles and white papers on the aspects of doing business abroad that have been published in well known online and offline publications that include European Weekly. During this new chapter in his life, Steve is available for consultation and can be contacted directly by Phone: 1-877-233-4628 or by the email address listed here. Additional information can be viewed on his daily blogsite www.globalmarketplace.typepad.com

source: www.financevisor.com/market/news_detail.aspx?rid=57939

Gold Fields to Sell Choco Mine in Venezuela

GLOBAL gold producer Gold Fields is selling its Choco 10 gold mine in Venezuela only 18 months after a hard-fought battle to acquire it.

It said on Friday that it would sell all its Venezuelan assets to Russian-owned junior miner Rusoro Mining for $532m, of which $150m would be cash, $30m convertible debt and the rest Rusoro shares. This will give Gold Fields a 38% stake in Rusoro. The final value of the deal depends on Rusoro's share price.

Gold Fields bought the Choco 10 property for $381m from Bolivar Gold with effect from March 1 last year after raising its initial offer because of resistance from a major shareholder. To date it has spent $420m on the property, including capital expenditure, so it will realise a 25% return on the investment.

The announcement came only a day after Gold Fields announced it would sell its stake in the Essakane property in Burkina Faso, where a mine producing 292000oz of gold a year will be built to partner Orezone Resources. The price paid will be about $200m, giving Gold Fields a fourfold return on investment.

Gold Fields chief financial officer Nick Holland said the $380m profits from the two deals could be used to reduce group debt, now about $1bn. About 20% of this debt was subject to SA's recent interest-rate hikes but he said there was still "comfortable head room". The group was under no pressure to realise cash.

Another option was to use the profits towards funding the group's capital expenditure programme. It plans to spend $1bn this financial year and $800m next year on expanding gold production, mainly at Cerro Corona in Peru but also in SA. The third option was to use the funds to acquire new projects, Holland said.

Gold Fields' exit from the two properties raises doubts about its target of adding 1,5-million international gold ounces by 2009. After these sales, Gold Fields would have to acquire 900000oz to meet the target, CE Ian Cockerill said.

But he said the deals were consistent with the group's strategic direction and strategy for international growth. Growth was not only based on the number of ounces of gold produced, it was about improving the value of Gold Fields' shares. Value could be created only by operating a few large, high-quality, long-life assets across the globe where risk and reward were in its favour.

"Our growth strategy is not about production growth at any cost. We will not add ounces just to reach a target. Each ounce must add value," he said.

When the Choco 10 deal was done, Cockerill was positive about the political outlook in Venezuela, but in February he said that while Gold Fields would not hold back on developing Choco 10, it was not planning to spend more money in Venezuela. The remarks were made after Venezuelan President Hugo Chavez announced a 51% indigenisation plan for the country's mining industry.

In the past year, Choco 10's gold production of 54600oz was also below expectations because of technical difficulties, industrial action and a lack of water for processing.

Cockerill said on Friday that the risk-reward balance in Venezuela had shifted more towards risk than reward. Rusoro Mining had special relationships in Venezuela, and Gold Fields would maintain its exposure to any upside in the project through its stake in Rusoro.

source: allafrica.com/stories/200710150393.html

Four doors for M3

This is the new M3 saloon, the four-door version of BMW's mad 3-Series coupe.

That means a whole lot more practicality, but barely any compromise on performance. The M3's 414bhp V8 remains unchanged, while the four-door weighs in just 25kg heavier than its coupe counterpart. Like the coupe, it'll hit 62mph in a fraction under five seconds, with top speed electronically limited to 155mph.

Stylistically, the M3 saloon is a clear blend of M3 coupe and the more conventional four-door 3-Series.

That front end, with its fat power bulge, flared arches and wide front bumper is lifted near-wholesale from the coupe, but from the A-pillar back things are less extravagant: a bootlid spoiler, reprofiled rear bumper and the obligatory quad tailpipes point to the saloon's M-heritage.

You'll notice the coupe's carbon fibre roof hasn't made the move over to the four-door. We don't mind that - it gives the M3 saloon a bit more Q-car chic than the rather more overstated coupe - but it's an indication that the saloon should be a fraction softer to drive.

That said, BMW has confirmed that the saloon will only be available with a six-speed manual shifter at launch. Expect a dual-clutch automated manual transmission to follow some time next year. The chassis and suspension set-up remains identical to that of the coupe, which suits us just fine.

The M3 saloon will arrive in Britain early next year. If you like the look of it, you'd better get onto your BMW dealer quick - the UK's allocation of 700 M3 coupes sold out in less time than it took Jeremy to launch into a rant last night.

source: www.topgear.com/content/news/stories/2312/

Country Nets N8.875 Trillion From Oil in Four Years

The latest copy of "Nigeria's Oil and Gas Monthly", a quarterly magazine quoted Aluko as saying that the amount comprises revenue from exports and petroleum profit tax/royalties paid to the federal government by the oil companies.

The CBN official who was speaking at a seminar in Lagos said that Nigeria's major foreign reserves inflows during the period were derived from sale of crude oil equity, royalties, petroleum profit tax which is tax paid by oil companies on profits arising from their operations, a tax rate of 85 per cent effective from April 1, 1975 and penalty for gas flaring, rental and signature bonuses.

According to Aluko, the breakdown of the N8.875 trillion earned by government between 2002 and 2006 include N3.162 trillion from crude oil receipts, N4.262 trillion from petroleum profit tax and royalties, N1.045 from excess crude oil receipts and N405 billion from excess petroleum tax profits and royalties.

In 2002, he said the country earned N1,088 trillion, comprising N584.648 billion for crude oil receipts, N416.987billion from petroleum profit tax and royalties from oil companies, N76.703 billion from excess crude oil receipts and N9.737 billion from excess petroleum tax profits and royalties.

Aluko said Nigeria in 2003 made of N1.183 trillion, comprising N449.456 billion from crude oil recepits, N675.653 billion from petroleum profit tax and royalties from oil companies, N57.368 billion from excess crude oil receipts and N687.3 million from excess petroleum tax profits and royalties.

The country's earnings in 2004, the CBN Chief said totalled N1.716 trillion made up of N764.491 billion from crude oil receipts, N876.151 billion from petroleum profit tax and royalties from oil companies, N71.699 billion from excess crude oil receipts and N3.8 billion from excess petroleum tax profits and royalties.

Aluko, in a paper titled " Monetisation of Nigeria's Foreign Exchange Earnings" said the country in 2005 realised N2.144 trillion, comprising N694.041billion for crude oil recepits, N1.022 trillion from petroleum profit tax and royalties from oil companies, N260.583 billion from excess crude receipts and N167.479 billion from excess petroleum tax profits and royalties.

He put the country's income from petroleum resources in 2006 at N2.743 trillion, comprising of N669.453 from crude oil receipts, N1.2701 trillion from petroleum profit tax and royalties and N223.589 billion from excess petroleum tax profits and royalties.

Aluko said various governments in Nigeria largely depended on foreign exchange earnings, mostly from oil and oil related sources to implement their budgets.

"As a result, it becomes imperative that the process of monetisation be carried out regularly to provide the needed funds," the magazine quoted Aluko as saying.

source: allafrica.com/stories/200709241176.html

SAfrica's PIC tenders 90 bln rand in equity mandates

State-owned PIC, the country's largest public asset manager, said in a statement the black economic empowerment (BEE) credentials of asset managers would be a major consideration.

"The new mandates, amounting to 25 percent of the monies currently invested in equities by the PIC on behalf of the Government Employees Pension Fund (GEPF), will see funds diversify into a new blend of equity sectors to improve returns," said the PIC.

"In addition to a general equities mandate, PIC will be awarding industrial, resources, financial, real estate and small cap mandates."

The PIC -- whose largest client is the GEPF -- said this was the third restructuring of its equities portfolios to boost performance.

"We have been extremely pleased with the performance and returns achieved by our external managers to date but it is time to enhance our portfolio further," said Gerard de Nysschen, head of the corporation's externally managed funds.

"To improve this situation we are introducing new mandates that offer substantially different performance characteristics. In so doing we will ensure that mandates are, as far as possible, mutually exclusive."

The PIC, which manages assets valued at 720 billion rand, said the move would help provide more opportunities for black fund managers.

South Africa is pushing companies to meet targets on black ownership, employment and procurement as part of its BEE drive meant to shift more of the mostly white-controlled economy into black hands.

Critics of the drive say it has made a small minority of black businessmen, many of whom have close links to the ruling African National Congress (ANC), rich rather than helping millions of poor blacks.

The PIC, the largest investor on the Johannesburg Securities Exchange, said equities represented 48.6 percent of assets under its management, followed by capital markets at 35 percent and money markets at 8.9 percent. Other investments include properties.

source: africa.reuters.com/country/ZA/news/usnL23635913.html

REFILE-West Africa group plans African regional airline

The Togolese-based SPCAR -- Regional Airline Promotion Company -- hopes to unveil the new airline at the end of October, with operations targeted to begin in the first quarter of 2008, its chairman Gervais Djondo told reporters in Johannesburg.

The company has embarked on roadshow to attract investment for the $200 million project, which Djondo said was meant to plug a gap in Africa's air travel market, currently largely serviced by European airlines.

"After the collapse of different airlines in West Africa ... there was this gap that was created by the collapse of these companies and something needed to be done to fill this gap," he said, adding travellers sometimes needed to go through Europe to get to other African countries.

"Some of the European airlines make about 75 to 80 percent or even 90 percent of their profit from Africa," he said, speaking through an interpreter.

Officials say problems at Nigeria Airways, Ghana Airways, Air Afrique and Cameroon Airlines amid a series of air crashes in the region, had left a gap in the West African market.

SPCAR is owned by Ecobank, the Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) and the West African Development Bank.

But Djondo said the airline would remain privately-owned.

"After careful analysis of what led to the collapse of these airlines... we came to the conclusion that there is a need to set up a regional airline that is not state controlled because most of them were owned by national governments," he said.

The new airline, the name of which would be announced at its launch, would initially ply routes in West Africa before moving to the rest of the continent, and further afield.

It would initially offer mainly passenger services but would also later look at the lucrative freight market.

In the first year of operation the airline would lease aircraft not more than five-years-old, to counter the continent's poor air safety record.

Africa accounted for nearly a fifth of fatal airliner accidents last year, despite having only 3 percent of global flight departures, according to the Dutch-based Aviation Safety Network.

source: africa.reuters.com/country/GH/news/usnL19130339.html

Golden Tulip Welcomes Second Hotel in Ghana

Golden Tulip Hospitality Management Ltd. and the Ghana Libyan Arab Holding Company Ltd. signed on Wednesday the 11th July 2007 the agreements pertaining the management of the Golden Tulip Kumasi City.

The Golden Tulip Kumasi City will consist of 160 rooms, suites and apartments, a large conference & function room with capacity up to 500 persons, several meeting areas, a bar lounge, a restaurant and extensive leisure facilities. The hotel is set in spacious grounds with surrounding tropical gardens ideal for both business and leisure guests, and will be fully operated by Golden Tulip Hospitality Management Ltd.

Mr. A.M. Karmus, Managing Director of Glahco comments: “We are delighted to sign a second management agreement with Golden Tulip Hospitality Management. In today’s climate, there is a strong need for rationalizing hotel operations and with the international recognition of Golden Tulip, I feel the Golden Tulip Kumasi City will be in a good hands to continue delivering positive returns and subsequently increase its property value:”

Mr. H.W.R. Kennedie, President & C.E.O. of Golden Tulip Hospitality Group adds: “Golden Tulip is delighted with this new addition to its African hotel portfolio. We are confident that Golden Tulip will provide this new hotel the necessary tools and services to extend the Ghanaian hospitality industry successfully with an international recognition.”

Mr. H. Friese, Vice President West Africa of Golden Tulip Hospitality Group adds: “After fifteen years of successful operations in Accra we are delighted with the extension of our operation in the important city of Kumasi with the Golden Tulip Kumasi City. The business climate in Ghana has proven to be fruitful and stabile and we look forward to receiving our first guests and to introduce our products and services in Kumasi.”

With the addition of the Golden Tulip Kumasi City, Golden Tulip’s portfolio in the African Continent comprises of 11 hotels in Ghana, Tanzania, Egypt, Morocco and Tunisia.

About GLAHCO
GLAHCO, The Ghana Libyan Arab Holding Company Ltd. is a joint venture between the Governments of Ghana and Libya. The joint investment has other investments in agro business and real estate in Ghana. Glahco owns the Golden Tulip Kumasi City.

GLAHCO’ s subsidiary Glahco Hotels & Tourism Development Company Limited owns Golden Tulip Accra and has since 1992 collaborated with Golden Tulip to operate the highly successful Golden Tulip Accra.

About the Golden Tulip Hospitality Group
Golden Tulip Hospitality Group, with its head offices in Amersfoort, The Netherlands and Lausanne, Switzerland, is a worldwide hospitality company with more than 908 hotels, 81.000 rooms in more than 50 countries. The Golden Tulip Hospitality Group franchises and manages hotels in Europe, the Middle East & Africa, the Asian Pacific Region and the Americas. In 2006, Hotels Magazine has ranked this company the 18th largest hotel chain.

As a multi-brand hospitality firm, the Golden Tulip Hospitality Group offers services in the two, three, four and five star categories. On the two-star side Golden Tulip has an alliance with the French B&B hotel chain. The three-star concept is the Tulip Inn for the limited-service first-class category, the four-star category falls under the Golden Tulip brand for the Superior First-Class business and Resort hotels and the recently introduced five-star concept Royal Tulip. In addition Golden Tulip offers its services through its commercial alliance with TOP International, a German based hotel consortium.

In the fall of 2006, Golden Tulip introduced BRANCHE, Restaurant, Bar and Lounge. This is a free standing restaurant chain, which will have establishments in most Golden Tulip Hotels and Tulip Inns operated by Golden Tulip.

source: www.goldentulip.com/pressroom/news.aspx?id=226

An emerging strategy

T. Rowe Price Group Inc. wants to open the door for investors who are interested in the somewhat risky, but potentially lucrative markets of the Middle East and Africa.

The Baltimore-based investment manager on Monday announced the launch of its Africa & Middle East Fund, which will focus investments on companies that are located on those continents, as well as companies whose primary business is there.

International opportunities have increasingly drawn individual and institutional investors, though much of the emphasis on emerging markets has lately focused on the so-called “BRIC” countries — Brazil, Russia, India and China.

T. Rowe’s emphasis on African and Middle Eastern countries could help its customers get into those markets, said Joseph Rohm, a vice president with T. Rowe Price International Inc. in London.

“We believe that the regions are really the last frontier in terms of emerging market stock opportunities,” he said.

The company noted in a news release that “the political and economic risks in the region make these markets susceptible to extreme volatility,” which could lead to quick declines in value. Rohm said the company will not invest in countries it believes to be politically unstable.

The fund will primarily invest in Bahrain, Egypt, Jordan, Kenya, Lebanon, Morocco, Nigeria, Oman, Qatar, South Africa and United Arab Emirates, and may add other countries as markets emerge there.

source: www.mddailyrecord.com/article.cfm?id=2600&type=UTTM
Rohm said many countries in the region that produce raw materials are benefiting from high commodity prices. That includes not only oil, but also goods including metals and agricultural products. Countries are also taking advantage of international debt relief to improve their economies. He said the company sees infrastructure-related business, consumer industries and financial services as strengths in the area.

Babu Baradwaj, an associate professor of finance at Towson University, said a mutual fund, which has the benefit of its management’s knowledge of the region, could be a good way to get into the untapped markets of the Middle East and Africa.

He noted that the areas still carry a high degree of risk, but a fund might be less risky than an individual investment.

“This is a better alternative,” he said. “But I’m not sure how much of a better alternative.”

T. Rowe did not disclose the amount of money that it used to start the fund. The minimum investment is $2,500, or $1,000 for individual retirement accounts, gifts or transfers to minors.

General Electric Supports Infrastructure Development in Africa by Co-Sponsoring 2007 U.S.-Africa Infrastructure Conference

This is GE’s second year supporting the conference, filling the role of event Chair for last year’s inaugural event.

To date, event sponsors include the DynCorp International, Raytheon Company, Global Strategies Group, General Electric, U.S. Agency for International Development, U.S. Department of Transportation, OPIC, African Business and New African magazines, All Africa Global Media, Africa Investor and Times Publications.

The 2^nd annual U.S.-Africa Infrastructure Conference will be held at the Grand Hyatt in Washington, D.C. from October 8-10, 2007.

Aptly titled “Building on Stability,” this year’s conference will highlight African countries that have laid the foundation for investment in infrastructure development through stable and democratic governments, and sound economic policies.

Benefiting from the success of last year’s conference, CCA reports registration numbers for this year’s event continue to climb.

“GE has been a longtime friend and supporter of CCA, and we are pleased to welcome them again a sponsor of the 2007 U.S.-Africa Infrastructure Conference,” said CCA President Stephen Hayes . “U.S. companies, big and small, are well position to win infrastructure bids in Africa, and GE has proven that. Their experience and expertise of working in Africa will provide conference participants the information they will need to close promising business deals in Africa.”

A key aspect of this year’s conference will be the increased focus on risk management in Africa. Experts will discuss best practices, and strategies to minimize risks. In addition, business opportunities in key growth sectors including water, security, energy, roads and rails, transportation, as well as information and communications technology (ICT), will be highlighted.

"GE is proud to again sponsor the CCA US-Africa Infrastructure Conference," said Mark Digby, Africa Region Executive for GE Energy . "This conference shines an important spotlight on Africa’s continued development and growth as a region. By combining high level speakers with in-depth workshops, and networking events, attendees will strengthen their understanding of the overall infrastructure environment in Africa, develop new ideas, and shape business opportunities."

"Africa is an important region for GE. It accounted for $1.9 billion of our revenue in 2006 and receives significant charitable contributions for education and infrastructure projects from the Company foundation. GE sees a lot of business and humanitarian opportunities in Africa and is planning for it to be a strong growth region for us in the years ahead."

The private sector invested more than $4.5 billion in infrastructure in Africa in 2005, according to a 2006 annual report of the Infrastructure Consortium on Africa. Almost 75% was invested in mobile telephony, but some countries also received investments from Independent Power Producers (IPPs), and from concessionaires taking over the management of rails, ports, and power distribution. China has committed to lending $5 billion to various African countries over the next three years, mostly for infrastructure investments.

CCA, established in 1993, is a nonpartisan 501 (c) (3) membership organization of nearly 200 U.S. companies dedicated to strengthening the commercial relationship between the U.S. and Africa. CCA members represent nearly 85 percent of total U.S. private sector investments in Africa. Visit CCA’s website at www.africacncl.org for up-to-date information on the organization and upcoming events.

source: allafrica.com/stories/200709070814.html

Cayenne goes low

It's a stiffened-up Cayenne that sits lower on its springs, promising more dynamic performance and sharper handling. But don't you buy an SUV for the jacked-up ride height? Why go for a lowered version of something tall?

Our befuddlement matters not a jot, of course, because the GTS will sell by the bucketload when it goes on sale early next year priced from £54,350.

Slotting between the Cayenne S and Turbo S, the GTS gets a revised version of Porsche's 4.8-litre V8, which develops 405bhp - 20bhp more than the S - and 369lb ft of torque. With the manual 'box, that'll see the GTS to 62mph in a scant 6.1 seconds.

The first Cayenne to get Porsche's Active Suspension Management (PASM) with steel strings, the GTS can also be specced with an active anti-roll system to keep things flatter through the bends.

There's a bit of a Turbo-style bodykit, too, with wheelarch extensions housing 21-inch rims (the fact that they don't even look oversized tells you just how big the Cayenne really is) and slight revisions around the front and rear bumpers. It's no better-looking, though.

If that sounds like just the car to fill the Cayenne-shaped hole in your life, you can see the GTS on Porsche's stand in Frankfurt next week. If not, well, there'll be another GT-badged Porsche right alongside...

source: www.topgear.com/content/news/stories/2201/

Nigeria scraps state oil company

A national energy council will instead be established to oversee the notoriously corrupt oil sector.

The council, headed by the president, has six months to create five new organisations out of the Nigerian National Petroleum Corporation (NNPC).

Nigeria is the world's eighth-largest exporter of crude oil but relies on imports for its fuel needs.

There are often fuel scarcities and the subsidised price of fuel is regularly flouted.

The country loses millions of dollars of oil through illegal sell-offs, and reform of the oil sector is one of the newly-elected government's key aims.

Conflicting roles

The BBC's correspondent in Lagos, Alex Last, describes the NNPC as a behemoth of an organisation.

It produces crude oil in partnership with foreign oil companies, but also imports fuel and acts as a regulator and administrator of the oil sector.

With so many conflicting roles, the NNPC became synonymous with massive mismanagement and corruption, our correspondent says.

Unions and opposition parties have criticised the NNPC for a lack of transparency over imports and exports worth billions of dollars each year.

The new reforms were recommended by a government report seven years ago but never implemented.

However, there is some scepticism and it will take time before it is clear whether the reforms will bring real change or whether they turn out to be simply cosmetic, our correspondent says.

source:news.bbc.co.uk/go/pr/fr/-/2/hi/africa/6970395.stm

Oil Investors Lack Cash

While addressing Chief Executive Officers last week at the 3rd summit of Africa Management forum in Kampala recently, Mr Daudi Migereko said the banks in Uganda are demanding excessive security to individuals in order to offer loans, a situation, which he said had compelled many to bow out of business.

GA_googleFillSlot("AllAfrica_Other_Inset");

"Where an individual wants say $5 million, the banks ask for security worth $7 million many cannot afford this," he said. He said financial institutions are investing more in Treasury bills than empowering individuals with capital to set off the economy.

Mr Migereko said the banks should consider charting a way forward with the government instead of failing such a productive job creating sector.

However, top players in the financial industry said their banks were keen to partner with investors in ways that will help to develop the industry.

Standard Chartered Head of Corporate Communications, Mr Hebert Zake, said the level of collateral that the banks would request to secure a specific lending would depend on the business of the potential borrower, its management, industry, credit, financial and other risks inherent in the borrower's business and environment of operation.

"The riskier the borrowing proposition the higher the cost of borrowing and indeed the more collateral required as security" he said. An official in the research department at the Bank of Uganda, Mr David Kihangire, said the coming of the credit reference bureau soon would be a permanent solution for such categories of borrowers.

source: allafrica.com/stories/200708281219.html

Alcatel-Lucent, Uganda Telecom Cut $20 Million Network Deal

Providing hardware, software, and services to telecom service providers and enterprises in over 100 countries, the company will extend uganda telecom's GSM/EDGE mobile network and deploy the first third-generation (3G) UMTS/HSPA network in the country.

Uganda telecom will become the second telecommunications provider in the East African region after Tanzania's Vodacom to deploy such a third generation network on commercial scale.

"The enhanced network will enable uganda telecom to expand its service offerings with high-quality, mobile voice and high-speed broadband data services such as video streaming, access to corporate e-mail and intranets and many other new applications that can help generate additional revenue," a joint statement issued after the Kampala signing said.

The new systems will be ready and capable of handling the needs of both existing customers and guests at the Commonwealth Heads of Government Meeting to be held later this November in Uganda.

Under the agreement, signed between Eng. Abdulbaset Elazzabi, uganda telecom's managing director and Mr. Laurent Guyot, the CEO of Alcatel-Lucent East Africa, the latter will supply its comprehensive radio networking solution including base stations, radio network and base station controllers (RNC/BSC), wireless network management system solutions and engineering tools.

The firm with high global ratings in the development and deployment of 3G networks will also be responsible for network design and complete network deployment, including network integration and maintenance services of the uganda telecom system.

"Additionally Alcatel-Lucent will provide a new generation of microwave systems to optimise the transmission of voice and data traffic from the base stations to the core network, with the capability to adapt quickly and efficiently to the growth in traffic and services," the statement, East African Business Week has seen said.

All three active mobile telecoms providers in the country have over the last two quarters invested substantial resources into enhancing their communications infrastructure.

About two months ago, uganda telecom contracted Chinese high-tech enterprise, Huawei Technologies at a cost of $50 million (Ush89 billion) to augment its GSM network to 70% national coverage by November.

In the lucrative deal, Huawei will provide and install an additional 200 Base Transmission Stations (BTSs) in the first phase and another 100 BTSs in the second phase.

Top uganda telecom executives told Business Week that there was another $10million (Ush17.6 billion) in the company purse to be deployed into network upgrades before year end.

source: allafrica.com/stories/200708271284.html

Alpina B3 Bi-Turbo: a hotter 335i

BMW tuner Alpina has revealed its latest creation: the B3 Bi-Turbo based on the BMW 335i. The upgraded 3-Series promises "powerband broader than ever before experienced, guaranteeing both sporty and bullish driving dynamics."

The B3 delivers 360 hp at 5,500 - 6,000 rpm. Maximum torque of 369 pound-feet from 3,800 - 5,000. The engine redlines at 7,000 rpm. The end result is an impressive 121 horsepower per liter and maximum average pressure of 21 bar.

Upgraded suspension, a body kit, Michelin performance tires, and 19" wheels improve handling and aerodynamics.

source:www.leftlanenews.com/alpina-b3-bi-turbo.html

Discovery of oil brightens Ghana's future

Barely a month ago, substantial oil deposits were discovered in the country's territorial waters and before the excitement died down a second find was announced, the Accra (Ghana) Mail said Thursday.

This latest find announcement comes one day before the sod cutting ceremony for work to commence on the Bui Hydroelectric Project.

Aidan Heavey, chief executive of Tullow Oil, discoverer of the find, told the Mail the discoveries were “a major step forward for the Republic of Ghana and for Tillow and its partners… and is highly encouraging for our plans to establish commercial production in Ghana."

source: www.upi.com/NewsTrack/Business/2007/08/23/

discovery_of_oil_brightens_ghanas_future/7553/

Government's energy saving policies on course

One of such measures is the National Implementation of Compact Fluorescent Lamp Exchange Programme to save the country over 200 megawatts of electricity.

Launched yesterday, the national implementation programme fulfils government's promise to reduce the rate of power consumption by importing into the country more than six million energy saving lamps to replace the incandescent filament lamps otherwise known as round bulbs.

In this regard, a total of 4,900,000 energy efficient lamps have been imported into the country to be distributed freely nationwide, the Energy Minister, Joseph Kofi Adda has announced.

He was emphatic that the lamps are not to be sold saying, "it is an offence to sell or divert the lamps, and anyone caught doing so will be prosecuted," while calling on the security agencies to be on the look out for any unscrupulous persons who would sell it in order to thwart government's efforts in solving the energy crisis.

Mr Adda stated that a pilot programme has been successfully carried out in Suhum and Bubuashie, a suburb of Accra to test the arrangement and further assured Ghanaians that government is committed to improve the level of efficiency in respect to the use of electricity in the country by facing out incandescent bulbs.

"In this arrangement therefore, it is very clear that the Government is committed to what it said it will do and will continue to ensure that the load shedding situation improves until we bring it to an end," he added.

To ensure the successful deployment of the energy saving lamps, Andrew Lawson, the acting Executive Director of the Energy Foundation has been appointed to head a management structure which has been set up to oversee the efficiency of the exercise.

According to Mr Adda, if the programme succeeds, Ghanaians will make a lot of savings translated into lower energy bills. "One would save up to 80% on their bills from the lighting portion."

The CFL has long been recognised as the quickest and surest way of reducing energy consumption, particularly among residential consumers. Statistics show that lighting alone accounts for about 55% of energy use in Ghana, out of which almost 70% are incandescent bulbs.

Energy experts say incandescent bulbs emit more heat than light and thereby consume about 80% more energy than the CFL. However, the round bulbs have shorter lifespan as compared to the energy saving ones.

Globally, many countries have resorted to the use of the CFLs by banning the importation of incandescent bulbs, a way to minimise the high use of energy.

The Ghana Government has also taken pragmatic steps to promote its usage by waiving duties and VAT on its importation since 2002.

source: www.thestatesmanonline.com/pages/news_detail.php?newsid=4523§ion=1

All banks to connect to E-ZWICH

The E-ZWICH, a brand name for the National Switch, under the new Universal Electronic Payments (UEPS) technology is to ensure that all commercial banks, rural banks and savings and loans institutions implemented a common payment platform and biometric Smartcard. Speaking at the launch of the Ghana Commercial Bank (GCB) MoneyGram, Dr Bawumia said banks with existing switches were expected to upgrade them to make them compatible with the National Switch by July 1, 2008.

The GCB MoneyGram service would be operated through all its 133 branches.

Dr. Bawumia said the introduction of the National Switch and Smartcard payment system would dramatically increase the number of people with access to financial services.

Currently about 80 per cent of Ghana's population did not operate any kind of bank account and this represents a huge market opportunity for banks, rural banks, savings and loans companies".

He said; "The traditional Visa and Mastercard would still have their uses but what we are introducing is a smartcard that is accessible to everyone and that can work everywhere, both on-line and off-line, even in places without electricity".

"Henceforth all new ATMS and POS devices deployed by any financial or non-financial institution must be compliant with the new (UEPS) technology," Dr Bawumia said.

He urged all the banks to issue the E-ZWICH biometric smartcards to their customers by March 31, 2008 Dr. Bawumia said banks without switches/ATMS and POS devices were expected to integrate their payment terminals directly into the National Switch or through a E-ZWICH compatible switch.

Mr. Lawrence N. Adu-Mante, Managing Director, GCB, said the Bank was undertaking the alliance with Moneygram International because of the importance attached to remittances. "The importance of these funds is so critical not only to the development of our country, but also for the socio-economic well-being of our people".

He estimated that between January and November last year, about 4.25 billion dollars was remitted to Ghana, out of which 1.7 billion dollars came from private individuals alone.

Mr. Adu-Mante said the transfers helped to conserve and improve the nation's foreign exchange reserves, and also boost the import capacity for needy goods and services, including drugs and equipment. "The funds are also remitted for payment of school fees for the upkeep of relations and for a variety of private project.

"It is for these reasons that everything possible must be done to ensure a hustle fee service to our people who are recipients and the remitters abroad," he said

source: www.ghanaweb.com/GhanaHomePage/economy/artikel.php?ID=129018

Bmw 5 Series gains New Diesel model

Now, BMW firmly stamps its mark on the luxury segment with the arrival in November of the new 520d turbo-diesel sedan.

Joining the recently announced X3 2.0d Sports Activity Vehicle, the 520d uses the same all-alloy 2.0-litre engine, adding another turbo-diesel option to the range and supplementing the six-cylinder 530d.

The new 520d’s high-torque, four-cylinder turbo-diesel engine boasts powerful and spirited performance along with ultra-low fuel consumption and exhaust emissions.

With its second-generation common rail fuel injection and variable-geometry turbocharger, the 520d engine produces 125 kW at a relaxed 4,000 rpm, as well as a surging 340 Nm of torque that is available from as low as 1,750 rpm to provide impressive pulling power.

Equipped as standard with BMW’s six-speed automatic transmission and capable of accelerating from zero to 100 km/h in 8.6 seconds, the new 520d is endowed with the sporting all-round performance that is central to the BMW philosophy.

Yet, with a fuel consumption of merely 6.1 litres/100 km on the combined cycle, the 520d offers small-car fuel consumption.

This frugality is augmented by low exhaust emissions, with the CO2 output of just 162 g/km made possible with the combination of advanced BMW engine management and the standard exhaust system particle filter.

Accompanying the sparkling efficiency and on-road dynamics of the new BMW 520d are the high levels of luxury and passenger comfort that have made the 5 Series an outstanding world-wide success.

As well as advanced BMW safety technology that includes anti-lock brakes (ABS), Dynamic Brake Control (DBC), Dynamic Stability Control (DSC) with ASC+T (Automatic Stability Control Plus Traction) and eight airbags, the 520d is equipped with 16-inch star spoke alloy wheels, high-gloss wood interior trim in Bamboo grain, Poplar brown or Poplar light, Dakota leather upholstery, Control Display with 6.5" colour monitor and Radio Navigation, Bluetooth preparation, BMW Professional radio with in-dash CD player and CD changer in the glove box, USB/Audio interface, dual automatic climate control, automatic anti-dazzle interior mirror, multi-function leather steering wheel, on-board computer with outside temperature display and controller on centre console, and power adjustment for front-seat backrest angle and height.

The new BMW 520d Automatic is priced from $79,900 and makes the brilliant 5 Series accessible to an even wider range of Australian luxury car buyers.

New Sports Automatic Transmission adds zest to BMW 5 Series

Exceptional dynamic prowess coupled with supreme passenger comfort and the highest levels of safety are already a given with the recently updated BMW 5 Series range.

Now, the driving dynamics of 530i, 530d and 550i models can be augmented by the optional six-speed Sport automatic transmission that takes the crisp-shifting nature of the regular transmission to new levels.

At the press of a button, the driver can change not just the shift characteristics of the Sport automatic transmission, but also the accelerator response.

In Sport mode, the shifts are faster, and accelerator response more instant, adding to the innate liveliness of the BMW 5 Series.

The driver can also choose to change gears manually, via either the steering wheel paddle shifts, or the lever on the centre console introduced exclusively for the Sport transmission.

The Sport automatic transmission option is available for 530i, 530d and 550i models and is priced at $1,000. The option also includes a multi-function sport leather steering wheel, featuring paddle shifts.

source: http://www.duemotori.com/news/auto_news/16250_Bmw_5_Series_gains_New_Diesel_model.php

Chinese Entrepreneurs Flourish in Africa

What set him apart was his destination. Instead of the traditional adopted homelands like the United States and Europe, where Fujian people have settled by the hundreds of thousands, he chose this small, landlocked country in southern Africa.“Before I left China,” said Mr. Yang, now 25, “I thought Africa was all one big desert.” So he figured that ice cream would be in high demand, and with money pooled from relatives and friends, he created his own factory at the edge of Lilongwe, Malawi’s capital. The climate is in fact subtropical, but that has not stopped his ice cream company from becoming the country’s biggest.Stories like this have become legion across Africa in the past five years or so, as hundreds of thousands of Chinese have discovered the continent, setting off to do business in a part of the world that had been terra incognita. The Xinhua News Agency recently estimated that at least 750,000 Chinese were working or living for extended periods on the continent, a reflection of deepening economic ties between China and Africa that reached $55 billion in trade in 2006, compared with less than $10 million a generation earlier.Even when Mr. Yang arrived here in 2001, he said, he could go weeks without encountering another traveler from his homeland. But as surely as his investments in the country have prospered, he said, an increasingly large community of Chinese migrants has taken root, and now runs everything from small factories to health care clinics and trading companies.During the previous wave of Chinese interest in Africa in the 1960s and ’70s, an era of radical socialism and proclaimed third-world solidarity, European and American companies held sway over economies in most of the continent. Here and there, though, the Chinese made their presence felt, often in drably dressed, state-run work brigades that built stadiums, railroads and highways, crushing rocks and doing other labor by hand.

Today, in many of the countries where the new Chinese emigrants have settled, like Chad, Chinese-owned pharmacies, massage parlors and restaurants serving a variety of regional Chinese cuisines can be found; the Western presence, once dominant, has steadily dwindled, and essentially consists nowadays of relief experts working international agencies or oil workers, living behind high walls in heavily guarded enclaves.At first, this new Chinese exodus was driven largely by word of mouth, as pioneers like Mr. Yang relayed news back home of abundant opportunities in a part of the world where many economies lie undeveloped or in ruins, and where even in the richer countries many things taken for granted in the developed world await builders and investors.Conditions like these often deter Western investors, but for many budding Chinese entrepreneurs, Africa’s emerging economies are inviting precisely because they seem small and accessible. Competition is often weak or nonexistent, and for African customers, the low price of many Chinese goods and services make them more affordable than their Western counterparts.Chinese ExpansionYou Xianwen sold his pipe-laying business in Chengdu, in southwest China, this year to move to Addis Ababa, Ethiopia’s capital, to join a startup company with a Chinese partner he had met only online. “Back where I come from we are pretty independent people,” Mr. You, 55, said. “My brothers and sisters all supported my decision to come here. In fact, they say that if things really work out for me, they would like to move to Africa, too.”Mr. You said he had considered other African countries before settling on Ethiopia, including Zambia. “Luckily I didn’t decide to go there,” he said, explaining that he had been frightened by the recent anti-Chinese protests in that country.His new business, ABC Bioenergy, builds devices that generate combustible gas from ordinary refuse, providing what Mr. You said would be an affordable alternative source of energy in a country where electricity supplies are erratic and prices high.Mr. You’s partner here, Mei Haijun, first came to Ethiopia a decade ago to work at a Chinese-built textile factory and has since married an Ethiopian woman, with whom he has a child. “When I first came here you could go two months without seeing another Chinese person,” he said. “But it is a different era now. There’s a flight to China every day.”The pickup in air traffic between China and countries like Ethiopia now has Chinese companies scrambling to add new routes, as the Chinese government and big Chinese companies increase their stake in Africa.

Much of that activity reflects an intense appetite for African oil and mineral resources needed to fuel China’s manufacturing sector, but big Chinese companies have quickly become formidable competitors in other sectors as well, particularly for big-ticket public works contracts. China is building major new railroad lines in Nigeria and Angola, large dams in Sudan, airports in several countries and new roads, it seems, almost everywhere.One of the largest road builders, China Road and Bridge Construction, has picked up where the solidarity brigades of an earlier generation left off. The company, which is owned by the Chinese government, has 29 projects in Africa, many financed by the World Bank or other lenders, and it maintains offices in 22 African countries.

On a recent Ethiopian Airlines flight from Addis Ababa to Beijing brimming with Chinese contractors, workers from Road and Bridge and other companies swapped notes on the grab bag of countries they work in, and debated about the difficulties of learning Portuguese and French in places like Mozambique and Ivory Coast.Africans view the influx of Chinese with a mix of anticipation and dread. Business leaders in Chad, a central African nation with deepening oil ties to China, are bracing for what they suspect will be an army of Chinese workers and investors.“We expect a large influx of at least 40,000 Chinese in the coming years,” said Renaud Dinguemnaial, director of Chad’s Chamber of Commerce. “This massive arrival could be a plus for the economy, but we are also worried. When they arrive, will they bring their own workers, stay in their own houses, send all their money home?”In Zambia, where anti-Chinese sentiment has been building for several years, merchants at the central market in Lusaka, the capital, said that if Chinese people wanted to come to Africa, they should come as investors, building factories, not as petty traders who compete for already scarce customers for bottom-dollar items like flip-flops and T-shirts.“The Chinese claim to come here as investors, but they are trading just like us,” said Dorothy Mainga, who sells knockoff Puma sneakers and Harley Davidson T-shirts in the Kamwala Market in Lusaka. “They are selling the same things we are selling at cheap prices. We pay duty and tax, but they use their connections to avoid paying tax.”

Although Chinese oil workers have been kidnapped in Nigeria and in Ethiopia, where nine were killed by an armed separatist movement in May, the growing Chinese presence around the continent has produced few serious incidents.Misunderstandings are common, however, and resentments inevitably arise. Africans in many countries complain that Chinese workers occupy jobs that locals are either qualified for or could be easily trained to do. “We are happy to have the Chinese here,” said Dennis Phiri, 21, a Malawian university student who is studying to become an engineer. “The problem with the Chinese companies is that they reserve all the good jobs for their own people. Africans are only hired in menial roles.”Another frequent criticism is that the Chinese are clannish, sticking among themselves day and night.In Addis Ababa, in what is a typical arrangement for most large companies, the 200 Chinese workers for the Road and Bridge Corporation live in a communal compound, eating food prepared by cooks brought from China and receiving basic health care from a Chinese doctor.“After a day off you wonder what you’re doing here, so we like to keep working,” said Cheng Qian, the country manager for the road-building company in Ethiopia.

He added that his family had never visited him during several years of work here.African AmbivalenceSometimes, the Chinese approach has created serious frictions with African workers. At a leading hotel here in Lilongwe, breakfast guests stared as an agitated Chinese traveling salesman, sweating profusely, screamed at his staff minutes before his pitch on nutritional supplements was set to begin.“You say it is not your fault, but the way you are doing things is just stupid, stupid,” the man sputtered before a clutch of African assistants, who looked humiliated. “You people are unbelievable.”When the salesman finally left the room, members of the restaurant staff gathered near the door and vented their disgust. “We don’t need people like that to come here and colonize us again,” one said.After nearly seven years in Malawi, Yang Jie, the ice cream maker, seems to have learned better. Greeting his workers at the ice cream factory, he begins the day by asking, “How did you sleep last night?”One quickly replied, “Very well,” sounding a bit formal.“Don’t tell me a lie,” Mr. Yang answered with a sly, friendly smile. “It’s O.K. to tell me your worries.”

source:www.blueridgenow.com/article/20070818/ZNYT03/708180355/1171/AP/ZNYT03/Chinese_Entrepreneurs_Flourish_in_Africa

Prepare to be Aston-ished

Yes, this is the Bond car. And it's everything you'd expect from the favoured mode of transport of the world's coolest secret agent... with a bit more thrown in for good measure.

Borrowing technology from the mad-looking DBR9 and DBRS9 race cars, the DBS is Aston's fastest production car ever.

With a mildly detuned version of the DBRS9's V12, putting out 510bhp at 6,500rpm, the DBS is good for a 0-62mph time of 4.3 seconds and a top speed of 191mph... all put to the road through a proper six-speed manual. 'Course, you won't want to go that quick because it wouldn't give everyone a chance to see just how damn good the DBS looks.

To shave 120kg off the Vanquish's weight, Aston has carbon-fibred the DBS's bodywork, with a lightweight front splitter and rear diffuser improving aerodynamics. The two new vents on the power bulge are functional too, as is the raised boot spoiler.

The DBS has had the Atkins treatment inside the cabin too, with lightweight carpets and optional Kevlar seats (they're for racing rather than drive-by shootings, we presume).

Less functional but still cool is the dash-mounted sapphire starter button, which glows red when the engine's ready to fire up.

In fact, the only aspect of the DBS we're a bit suspicious of is the semi-aniline leather trim, which Aston reckons has a 'distinctive aroma'. Exactly what aroma, we're not sure.

The DBS will be on the roads at the start of 2008, with a price tag in the region of £160,000. Expensive enough to make you think twice about replicating that barrel roll stunt, then.

Safaricom headed for a foreign listing

Corporate lawyers fighting for the deal and who were interviewed by the Business Daily see a major possibility of dual-listing of Safaricom in Nairobi and either Johannesburg Stock Exchange or London Stock Exchange.

The reasoning behind such a move is mostly to ensure that the Treasury does not leave value on the table by playing the issue as both a major privatisation that will broaden share ownership and income redistribution and as a lucrative emerging market play from sub-Saharan Africa.

With the Government facing a budget deficit of Sh109 billion this year, the Treasury is keen on raising at least Sh34 billion that it has earmarked from the sale of Kenya’s biggest and State-owned mobile phone company. This will make the value that the company will fetch both a sensitive financial and political issue.

A dual-listing strategy, they said, would also help both cushion against a rapid strengthening of the Kenyan shilling that would come with the foreign interest that Safaricom is expected to attract and stabilise the ownership structure to ensure a healthy liquidity and volatility.

Among the global law firms that are bidding for Safaricom work include: Clifford Chance, the biggest law firm in the world, Lovells, Stephenson Harwood and Denton Wilde & Septe.

The four law firms will present joint financial and technical proposals with local firms with the exception of Simba and Simba Advocates, the only firm with no local partner. Stephenson Harwood, which boasts cross listing experience in different markets is in a consortium led by Muriu Mungai advocates.

Mr John Syekei, a commercial and intellectual property lawyer with the local firm said the partnership had one significant base should Safaricom seek to become the first indigenous company to be listed in developed markets.Stephenson Harwood has extensive experience in Africa, having advised the Government of Ghana and Lonrho Plc on the flotation, by way of a global offering, of Ashanti Goldfields Company.

It also advised the Ethiopian Privatisation Agency on divesting from the telecoms industry in Ethiopia.
It was also involved in the privatisation of Uganda Telecom which was worth $35million (Sh2.3 billion) and acted in various financings for Zambia Consolidated Copper Mines prior to privatization.

With revenues of over $2 billion (Sh130 billion), Clifford Chance LLP is the largest law firm in the world. It has partnered with Kaplan and Stratton and has 27 offices in 20 countries throughout the Americas, Asia, Europe and the Middle East. Clifford Chance boasted 3,857 lawyers including 617 partners and about 3620 non-legal staff on its payroll as of May this year.

Mohammed Muigai advocates has teamed up with London based Lovells LLP in a consortium that includes Anjarwalla & Khanna Advocates together with Rachier Amollo Advocates.

Lovells LLP is one of the largest international business legal practices with over 3,000 people operating from over 26 offices in Europe, Asia and the US.

Prof Githu Muigai, a senior partner at Mohammed Muigai Advocates, said Lovells brings a broad range of legal expertise which includes Intellectual Property, Real Estate, Construction & Engineering, and Competition and Labour Law.

The British law firm of Denton Wilde Sapte is in a consortium that includes Hamilton, Harrison and Mathew (HH&M) and Oraro and Company advocates and. HH&M has been the lead legal advisor in recent IPO’s including that of Kenya Re and KenGen.

Paras Shah, a partner in HH&M, said Denton Wilde Sapte was also their partner in the Kenya Re IPO team, a position which was challenged by Mohammed Muigai Advocates and Muriu Mungai and Company advocates.

The law firms claimed they were unfairly edged out of the Kenya Re legal brief despite having charged the lowest fee for the services at Sh7.86 million ($107, 761) compared to HH&M had charged Sh8.03 million ($110,000).

One of the grounds of the complaints was that Denton Wilde Sapte, a foreign firm, did not have a valid practising certificate by virtue of having not been admitted to the roll of advocates of the High Court of Kenya.

The Public Procurement Complaints, Review and Appeals Board however held that local firms could partner with foreign based ones, informing the trend towards foreign partners which was not a bid requirement.

“It is a change of tact to make us more competitive since the Appeals board cleared the air on foreign based firms joining forces with local ones,” said Mr Syekei.

The consortium of Simba and Simba however sees matters differently, saying it has adequate local capacity to deliver. “We have the experience and expertise to offer the legal services,” says lawyer John Simba the lead consultant of the consortium, which had also bid for the KenGen job.

The battle lodged by the legal consortia last year could replay itself not just because of the sums involved but also because of the prestige associated with being in the professional panel for the flotation of Safaricom, which reported Sh17 billion in profit before tax for the year to March 2007.

Today is the deadline for offers from 75 firms— grouped in consortia to present financial and technical proposals on how the Safaricom IPO should be structured and processed.

Other services up for grabs include that of lead transaction advisor, reporting accountant, receiving bank, share registry, advertising and public relations.

A cloud that was looming in the horizon with a parliamentary committee saying flotation should be pushed forward until its ownership is clarified has since been dispelled by finance minister Amos Kimunya.

The parliamentary investments committee had wanted the sale of a 25 per cent stake stopped until Vodafone Plc shed light on Mobitelea, its minority partner in Vodafone Kenya, which owns a five per cent stake in Safaricom.

source: http://www.bdafrica.com/index.php?option=com_content&task=view&id=2443&Itemid=5813

India Trade Hits $6bn

Mr Ani Trigunayat, Indian Deputy High Commissioner, who made this known in an interview yesterday in Abuja, said the balance of trade was in favour of Nigeria.

He said Nigeria was India's largest trading partner in Africa, adding, "Nigeria emerged as the fourth largest destination of non-oil export to India.

"Majority of our imports are petroleum products. Others are wood, cashew nut, cotton, ginger and food products and gum Arabic," he said.

Trigunayat said Nigeria's imports from India included pharmaceutical products, machinery, electrical equipment, automobile parts, plastic, chemicals, textile and gineries.

He said India was also engaged in project export to Nigeria, which resulted in the establishment of power, fertilisers, petrochemical, pharmaceutical and auto assembly plants in Nigeria.

The envoy said Nigeria would overtake some developed countries if everything worked for it.'for just a period of 10 years because it has allthe resources". He said the economic reforms introduced bythe federal government was moving in the rightdirection, but that the benefits should be equitably distributed.

Trigunayat said Nigeria's investment climate had considerably improved and "that is why major Indian companies are exploring the opportunity to invest". "We are negotiating various agreements with Nigeria which will provide institutional framework for enhance trade and investment opportunities," he said.The envoy, however, stressed the need for the federal government to address the situation inthe Niger Delta, saying that "kidnapping will definitely create a doubt in the minds of investors".

"We are happy that this is a priority of the government and we are grateful to the Nigerian government for the safe release of 18 Indian nationals who were kidnapped early this year,"he said. Trigunayat described relations between Nigeria and India as very cordial, saying that it was the only relations India had with any country that was trouble-free. "As the two countries mark 50 years of diplomatic relations we are sure that in the next 50 years we will witness greater and closer interaction formutual benefit of our people and countries." Both sides are cognisant of this fact and havehuge plans to actualise them in the bid toconcretise our strategic partnership," he said. India established diplomatic relations with Nigeria in 1957.

source: http://allafrica.com/stories/200708160490.html

Nigeria's new forex policies good for banks -UBA

Governor Chukwuma Soludo said earlier Tuesday the central bank would eliminate all restrictions on current account transactions and ensure convertibility of the naira by Jan. 1, 2009.

He also said the central bank would start distributing part of government revenue in dollars rather than naira from next month and re-denominate the naira by knocking off two zeros by Aug. 1, 2008. It will also adopt low and stable inflation as the primary long-term goal for monetary policy on Jan. 1, 2009.

UBA, which says it is Nigeria's biggest bank by customer base and balance sheet, welcomed the central bank's moves.

"This will create a lot of opportunities for banks with the scale and capacity to play in the forex market. If they are smart there is a lot they can do," Tony Elumelu, UBA's chief executive officer, told Reuters.

"It seems like a well thought out process and given the record of the current management of the central bank, they have the discipline and the firmness of mind to execute it," he said.

Elumelu said he saw President Umaru Yar'Adua, who took office on May 29, as a hands-off leader who would not interfere in the central bank's plans.

Soludo oversaw a forced consolidation of the Nigerian banking sector in 2004-2005. UBA was one of 25 banks that emerged from the process from an original 89.

Analysts cite the banking consolidation as one of Nigeria's most successful reforms of recent years and banking stocks have boomed on the Lagos stock market since the process ended.

Elumelu said partial liberalisation of the forex market that has already been achieved had been good for banks and the new measures would further improve the market.

He said he expected the reforms announced on Tuesday to result in the federal government making greater use of commercial banks instead of using the central bank.

"It will multiply the volume of transactions," he said.

He also said that by forcing Nigerians to exchange their old naira notes for new ones by August 2008, the re-denomination could have the knock-on effect of persuading many of them to place their money in banks instead of keeping it in cash.

Nigeria, Africa's top oil producer, is mostly a cash economy and the majority of people keep their earnings at home in bundles of notes.

Elumelu also noted that automatic cash machines, which are extremely rare, would have 100 times more capacity after the re-denomination and this would accelerate the development of a cash machine network across the country.

source: http://africa.reuters.com/country/NG/news/usnL14819141.html

S.Africa to drive hard into uranium market

The Department of Minerals and Energy (DME) on Monday released its draft nuclear energy policy and strategy that sees the country more than doubling its contribution to the national power grid over the next two decades. Nuclear power currently makes up about six percent of the 38,000 MW South Africa produces annually.

The government has embarked on a massive capital programme worth some R150bn to restart mothballed coal-fired power plants and to build new ones to avert a power supply crunch in Africa’s largest economy.

"Supply the International Market"

The DME foresees South Africa building nuclear plants from 2011 in a three-phase plan starting this year and ending in 2025, by when it will be making nuclear equipment and components, have commercialised advanced nuclear energy systems and acclerated research into advanced nuclear systems.

The generation of nuclear energy will reside primarily within state power utility Eskom, but if private companies want to become involved in the sector they will have to have Eskom as a partner, said Sandile Nogxina, the DME’s director general.

Existing uranium producers will be consulted about their role in the government’s plans, he said.

“Due to the anticipated level of local demand for uranium, the granting of uranium mining rights will have to be made conditional to production being availed for domestic use as and when the need arises, at the prevailing market prices,” the draft proposal said.

The new drive into uranium will see South Africa becoming involved in their entire uranium process from mining to enriching to generating power and waste management.

The Nuclear Energy Corporation of South Africa, which has a 20 MW research reactor, will develop uranium conversion facilities and it will actively look for private sector partners. It will also look to building enrichment facilities.

“We are shying away from being merely self-reliant. We want to ensure we can supply the international market with enriched uranium and compete at that level,” Nogxina said.

South Africa has no enrichment facilities and dismantled facilities for making nuclear fuel in the 1990s.

In waste handling, South Africa will initially use offshore processing facilities, but will investigate setting up its own recycling facilities for reusable material.

South Africa, which has the world’s fifth-largest uranium resource, ranks only number 11 in uranium production. A number of companies are producing or will produce uranium in South Africa.

The largest South African uranium producer currently is AngloGold Ashanti, which produces uranium as a by product from its deep-level gold mines.

Uranium One has started production at its Dominion mine and is on track to produce 3.8 million pounds/year of uranium oxide. It will double output to seven million pounds in a second phase and then to possibly double production again to around 15 million pounds.

Simmer & Jack subsidiary First Uranium will extract uranium from its dumps at Buffelsfontein as well as an underground operation at Ezulwini. Harmony Gold has teamed up with Russia’s Renova to exploit uranium-rich tailings. Gold Fields is looking for a buyer of its Beisa uranium deposit.

South Africa currently produces about six percent of its 38,000 MW of annual electricity output from two reactors at its Koeberg nuclear plant near Cape Town. The government is looking for alternatives to coal-fired generators in the search for reliable, clean and sustainable energy sources. Coal provides for 90% of South Africa’s power.

The strong move into uranium, which might see legislative incentives for producers, also forms part of the government’s drive to create more jobs from its mineral resources by extracting their full value rather than exporting raw materials, Nogxina said.

The DME forecasts 10,000 jobs will be generated in the uranium mining business alone.

Officials were coy about giving projections of the desired number of enrichment facilities or nuclear plants using conventional and pebble bed modular reactor technologies. They also declined to speculate on how much this process would cost.

The draft proposal is open for public comment for 60 days after which it will be submitted to cabinet for approval before becoming policy, Nogxina said.

“Our intention is to have it as policy before the end of this year, but the consultative process can be protracted and so we might fall foul of that time line,” he said.

source: http://www.miningmx.com/energy/381959.htm

Kenyan Internet Market Gets Ready For Cheaper Bandwidth

With legal VoIP, they are now no longer looking at just offering Internet access. Once the long-delayed interconnect agreements are sorted out, these newcomers will start making inroads into the voice market. With the arrival of cheaper, plentiful international bandwidth in 2008, those who will flourish in a competitive market will no longer primarily sell bandwidth. With cheaper broadband offers, the number of their customers will increase and they will look to services and applications that they can sell their customers.

The market is going through a major period of re-alignment and investment. Access Kenya’s IPO was four times over-subscribed, showing the level of interest there is in the market and it has plans to expand (see On the Money) . Telkom South Africa is now the proud owner of Africa Online and is devising its strategy for both the pan-African and local markets. ATC is now firmly at the helm of Wananchi and has ambitious expansion plans. There are also losers as we understand that there are at least two ISPs that are not in the best of financial health.

Last week five governments signed a communiqué in Kigali saying that the East Africa Community “should adopt an open access policy for backbone networks”. TEAMS will be fast-tracked, promising to start in Q1 2008 and it will seek input from regional partners within 4-6 weeks. (see Internet News below). Meanwhile, a large team from the private sector competitor project, Sithe’s Seacom, was in Nairobi last week talking to potential customers. The heat is on to see who will be the first to market with cheaper international fibre.

In this Kenya special, Russell Southwood interviews John Joseph, the new CEO of Africa Online who gives some pointers about its future direction and to Kai Wulff, CEO of KDN whose recent “free access” experiment provides a fascinating insight into the potential size of the market. After the flattening out of dial-up demand, the market’s on the move again with strategies to attract new customers in what looks set to become a much bigger market.

AFRICA ONLINE’S NEW CEO LAYS OUT HIS STALL
In an interview last Friday, Africa Online’s new CEO talked to Russell Southwood about his strategy to revive the company and renew faith in its pan-continental brand. He spoke frankly about how he sees competitive markets and the kind of opportunities the company will pursue.

Q: Why did Telkom buy Africa Online?

It links immediately with the pan-African acquisition target Telkom has set itself and its desire to create a presence across the continent. It’s been looking right across the IT scale (at potential acquisitions), including fixed and mobile service providers. Africa Online gives us the opportunity to immediately get into eight countries and the ability to opportunity to expand in each of them. It gives us immediate access to the existing licences and the potential to acquire new licences in these territories.

In addition, we have affiliates in 20 countries where they are resellers of our corporate connectivity services. We’re searching for affiliates in those countries where we currently don’t have a presence.

There’s a also number of carriers in South Africa and the Far East who want to be able to deal with one service operator. We’re also talking to major European carriers who we will be pursuing to set up agreements to provide corporate connectivity and obviously similarly with Telkom SA. It’s always had difficulties with a number of corporates about creating a presence across Africa to meet their needs, companies like retailers and banking organisations, to provide reliable connectivity in their branches.

Q: What about the competitors in that market?

There’s very few competitors in that space and that’s what makes it attractive. We’ve also had discussions with providers in Hong Kong.

Q: What’s the current subscriber base across the eight countries?

There’s around 15,000 subscribers.

Q: So where are you starting from?

We’re offering dial-up and broadband access. The broadband we’re rolling out is using iBurst which is already set up in Kenya and Ghana. We’re currently sorting out spectrum licences to roll that out elsewhere. Our main business will become broadband. We want to significantly grow existing services and add growth in new markets.

There’s currently limited iBurst coverage in Kenya with only Nairobi and Mombasa but we’re looking to expand.

Q: What kinds of things will you be investing in?

There’s currently a limitation on operations that we need to address to increase the top line. The way we do our business is limiting the number of orders per month we can handle. We need to invest in IT systems for process flow.

There are limitations on connectivity and bandwidth. We need to increase in-country connectivity and international connectivity and get subscriber numbers up. We need to look at our initial technology choices – iBurst – and then have a wireless base station roll-out.

We need to expand services like good quality VoIP services. We’re trialling these within African Online at the moment but we have to do a lot more to improve them. We need to invest in products like VoIP and video calling.

Q: What about investment in the brand?

I’ve picked up on the history of pride with the brand but this has faded over time. We need to create a passion for the brand in Kenya and other countries but also outside of the continent. Customers need to know what they might get so it’s the brand plus the quality of the product. The brand association should be quality and price.

I see a lot of other ISPs advertising here in Kenya and elsewhere and we need to create our own external profile. But we also need to do create that profile internally within the company so that Africa Online is the employee of choice.

Q: You mentioned the need for more plentiful, cheaper bandwidth. What’s your attitude to SAT3 and the new East coast fibre projects?

My opinion is that there’s a real urgency to get an undersea fibre cable landed on the East coast. It will change the whole ICT marketplace in East Africa. It changes the capacity of price per consumer that would be possible and provides quality connectivity.

I believe that the prices we now see on SAT3 and other projects are coming down. I’m flying to the west coast later this month to discuss this. We have to have more investment in fibre projects because it’s a supply and demand issue.

Q: Will you be focusing only on services or will you also look at infrastructure?

There’s some discussion on the West coast of Africa about looking at providing some infrastructure. Specifically we’re looking at bandwidth provision to other ISPs in some countries. There’s discussions about facilitating that so investment is focused on the service layer but progressing infrastructure and connectivity.

Q: Will demand increase if prices come down?

Even without price reductions, demand is not being met. We’re moving forward on broadband in Kenya and it’s going to be very competitive. We need to remove the bottlenecks and offer more cost effective offerings. There’s a great deal of demand there but it’s not being fulfilled because of the limitations of current coverage.

Q: How does it feel being in a competitive market?

I’ve seen greater liberalisation in East Africa than down in South Africa. Regulators in the region have moved more quickly towards competition and deregulating the marketplace.

Within the South African marketplace, there’s great competition but there’s a need from the regulatory point of view to change the landscape more. The reality’s there but there’s the need for more implementation.

Q: Telkom SA has expressed interest in buying Telkom Kenya. How would it work? Do you buy it or does the parent company?

Africa Online is looking to expand. We’re looking at ISP operations, new markets and new licences to grow. However, we would not look at buying into Telkom Kenya as Africa Online. Telkom SA’s expansion plans are looking at all operations throughout Africa and that’s what they’re really pursuing.

We are operating as an arms length subsidiary but generating synergies between the two operations.

KDN’S FREE ACCESS OFFER UNCOVERS EXTENT OF WI-FI DEVICES
KDN’s Wi-Fi service called Butterfly has been offered for free with no login page on the basis of a word-of-mouth “whispering” campaign and the results have thrown up some potential surprises about the shape and size of the Kenyan market and what the users really want.

The free trial took place over a public holiday when there would be plenty of bandwidth available. According to KDN’s CEO Kai Wulff:”We wanted to see where our traffic threshold was. It got up to 22,000 users and then we were smoked away. There were things like corrupted config files occurring.” When it crashed, it was provisioned for 40 megs up and 40 megs down.

The significance of the test is that there are 22,000 users with separate MAC addresses using Wi-Fi-enabled devices, purely on the basis of spreading news about the offer on a word-of-mouth basis. It guesses that the figure may actually be double or triple that number. KDN itself has sold around 2,000 Wi-Fi cards in the last few months. At present, Wulff says that:”A broadband service costs on average around KS30,000 a month and I’m confident that by the end of the year there will be 20-30,000 users on a pay-for basis.”

Interestingly, customer expectations have gone up considerably with the provision of the Wi-Fi service. Wulff says:”Customers expect the service to be like a leased line. When they see the Wi-Fi indicator going from 48 meg to 36 meg, I start to get customers ringing me on my mobile.”

So what was the demand from customers over the free period? Lots were browsing international content. There was a lot of VoIP usage, particularly Skype, where users were phoning each other both within the country and outside it. The network was offered without bandwidth restrictions and it enabled peer-to-peer services like Skype to work well. Apparently lots of students found out about the offer and went out and bought Wi-Fi cards to take advantage of it. Peak use period was after-office hours between 7-9 pm.

On a pay for basis, VoIP use (by traffic) on the KDN network is between 10-15% but rises to 20% on the Butterfly service. It’s possible to have a Skype conversation between two people without delays. Unfortunately users are not as security conscious with Skype and viruses are now being spread by users.

KDN is now offering all its ADSL 2 customers (unless they specifically request otherwise) Funkwerk modems with Wi-Fi capability. Out of the 24 meg capacity, 4 meg is devoted to Wi-Fi, in effect creating lots of little base stations and thus rolling out coverage to an ever wider number of places.

source: http://africa.oneworld.net/article/view/152157/1/610

Africa to have its own satellite in orbit soon

Up to now all satellite communication in orbit are dominated by the West. The result that African operators of satellite networks to African homes pay exhorbitant prices for such services. According to industry analysts, a satellite giving coverage to the African continent is in line with the migration of all broadcast signals by 2015 from analogue to digital.

The project is expected to cost about 1.6 billion FCFA (1 600 000 000). The partnership was signed on behalf of BOAD and RASCOM by Issa Coulibaly Interim President of BOAD and Jones Killimbe Head of Rascom. RASCOM is expected to contribute finance, design, construction, orbit placement and launching expertise to the project..

"BOAD gives a strong signal to the whole of the African institutions to join and to take their part in a project which challenges any African, to control the communication under technological conditions of point" said Issa Coulibaly during the signing ceremony. .

The project aims at offering modern services of telecommunications to millions of people who currently do not profit from basic telecommunications services. In order to improve accessibility to telecommunications, Africans themselves must invest in these projects. A satellite giving coverage to the African continent will not only improve telecommunication services in the continent but will also make sure that digital satellite broadcasting services are accessible to the majority of Africans.

Established in 1992, RASCOM is made up of forty five member states. Its first PanAfrican system of telecommunications satellite was named RASCOM-1 and will be launched on December 1, 2007 from the space port of Europe in Kourou in French Guiana.RASCOM-1 will contribute to the fight to bridge the communications gap between the rural and the urban areas and also enhance Africa?s economic development in general and in particular the integration of Africa.

RASCOM-1 will will be available on Kuband and C band. The satellite will weigh approximately 3.200 kg, and will have a power of 6.4 kw at the end of the lifetime and will be positioned at 2,85 degrees

Ghana aims to avoid the 'oil curse'

Accra, Ghana - The recent discovery of oil off Ghana's western coast is inspiring dreams of national wealth.

"Thank God for oil," says Sylvester Mensah, a hotel employee.

The country's political leaders are equally enthusiastic.

President John Kufuor recently said that oil will transform Ghana's economy into an "African tiger."

But while the discovery by London-based Tullow Oil of up to 600 million barrels in June has been hailed as a birthday present for the 50-year-old country, observers question whether Ghana, an oasis of stability in volatile West Africa, will find the black gold more of a curse than a blessing.

They hope Ghana can avoid the instability that has plagued other African countries as a result of their failure to prevent small cliques of elites from channeling most of the proceeds into their own bank accounts.

"We have opportunity of learning from the experiences or the failure of others," says John Boadu, a youth organizer in Ghana's ruling New Patriotic Party.

How oil has hurt African countries

The continent's leading oil producer, Nigeria, has received more than $400 billion since its boom began in 1970, yet its Gross National Income per capita is about 25 percent lower than the average for sub-Saharan Africa.

Corruption and poverty are rife, fuel shortages are endemic, and armed gangs regularly kidnap foreign oil workers and battle the Nigerian Army in the oil-rich Niger Delta.

The annual budget of Angola, Africa's number two producer, is $31 billion, but its official figures for infant mortality are the among the worst in the world.

"What most people don't understand about oil is that, not only does the money not filter through to the majority of the population, but it's much worse than that," says Nicholas Shaxson, an oil analyst at the London-based Chatham House think tank and the author of "Poisoned Wells," which examines how the resource affects countries. "It actively makes most people poorer."

Ghana, where about 40 percent of the population lives on a dollar per day, can ill afford that.

Safeguards to prevent corruption?

The government is scrambling to assure the public that corruption will not taint the fledgling industry and create the type of wealth disparities that have turned swaths of Nigeria into battle zones.

"We have to be careful with this find, and my government will start working immediately to ensure that the safeguards are not political but institutional and benefit the nation as a whole," said Mr. Kufuor.

What Kufuor means by safeguards, according to Deputy Energy Minister K.T. Hammond, is transparency measures to determine who produces the oil, who exports it, and where the money goes.

Mr. Hammond says Kufuor wants to create a system to identify those oil accounts "so that, at any point in time, we know how much money we have from the oil revenue and where that is sitting."

The government, however, has released few details as to how the safeguards would work.

Local activists criticize the government's willingness to tackle corruption, saying Kufuor's declaration of a zero-tolerance policy upon taking office in 2001 hasn't amounted to much.

Nii Moi Thompson, an economist who heads the Development Policy Institute, says the distribution of government money is transparent, but how those funds are used is not.

He says government officials frequently overcharge for projects that only cost a fraction of the bill, pocketing the extra money.

"If we cannot account for $20 million, then how can we account for $20 billion?" Mr. Thompson asks.

He says Ghana should create an oil revenue authority to emphasize autonomy and limit political interference.

Mr. Shaxson says other countries have tried to use a similar safeguard known as an oil fund to keep the money outside their borders in order to prevent misuse. That works better in theory than in practice, he says, because it creates a tempting pot of money for corrupt politicians.

His advice is simple: "Cancel the oil development or delay it so that production starts up very slowly."

That way, Shaxson says, there will not be a sudden inflow of money to distort the country's politics and to turn people's hopes into despair.

Ghana has a few things going for it

Several factors may help Ghana avoid the oil curse, analysts say.

The first is the quantity of Ghana's discovery: if the forecast of up to 600 million barrels is accurate, then those reserves are a fraction of Nigeria's 35 billion barrels and Angola's 10 to 12 billion barrels.

It is arguably small enough to prevent oil from getting too tight a grip on the economy, which would lead it, Shaxson says, to overpower other sectors of the economy, causing them to wither away.

What also favors the country is its sense of national unity, often missing in its regional neighbors who have been blighted by civil wars.

Kojo Pumpuni Asante of the Center for Democratic Development, a local think-tank, says ethnicity here is not as deeply ingrained or divisive as it is in countries like Nigeria or Rwanda.

This relative unity can be a bulwark against what Shaxson describes as the erosion of a shared sense of nationhood that often occurs after an oil discovery, leading to factional politics where officials scramble to line their own pockets and share the spoils only with cronies within their own ethnic group.

Hammond exudes optimism that Ghana will not succumb to the oil curse.

"It shouldn't be difficult," he says, "knowing where the money is sitting and knowing that the money is judiciously dispersed for the development of the country."

source: http://www.csmonitor.com/2007/0806/p04s01-woaf.html?page=1

S/African company earmarks US$ 200mn to increase DRC’s power supply

The funding is meant for three projects: the rehabilitation of the high voltage power plant of Kimwenza in Kinshasa and that of the Zongo hydroelectric dam in the Lower Congo province (west), and the decanting of the Inga-Kolwezi high voltage direct power line, Tshimbulu district in the Eastern Kasaï province (center).

The implementation of the first two components of the project will allow restoring the 15-MW installed capacity of the Kimwenza plant, and the Zongo hydroelectric dam retrieving its 150 MW, which came to a halt several years ago.

Sources close to the Congolese Energy ministry note that the DRC’s hydroelectric potential is estimated at 100, 000 MW, nearly 55 % of which are focused in the Inga area of influence.

More than 500 sites favouring the setting up of micro power plants have been listed across the country in addition to the huge Inga site that has a 170MW- capacity in its Inga I and Inga II dams installations, which are operating below their initial capacity.

According to the National power company (SNEL), only 6 % of the Congolese population has access to electricity,.

KIT/lmm/dmz/ad/APA

source:http://www.afriquenligne.fr/news/daily_news/s%10african_company_earmarks_us$_200mn_to_increase_drc%92s_power_supply_200708065047/

Emerging from the Economic Shadows - the Business Case for Investing in African Stock Markets

Ghana and Nigeria topped the six best performing stock markets of Africa on a global rating in 2003.

In a recent statement from the United States (U.S) Embassy, Africa provided the world's best performing stock markets in 2003.

Kwame Nkrumah MausoleumWith other top African performers including Uganda, Kenya, Egypt and Mauritius stock markets, the returns on investment exceeded 50 % in US$ terms.

The marginalisation of African financial markets by the media in the West may be understandable, given that these markets are relatively small. However, the fact remains that in 2002 and 2003 African stock markets have, on average, outperformed the market.

In Ghana, according to Databank Financial Services Limited, the average index return on African stock reached 41% in 2003, compared with a 30% return by the Morgan Stanley Capital International (MSCI) global index; 32% in Europe; 26%in the U.S (Standard & Poor); and 36% in Japan (Nikkei).

Citing cheap evaluations, an improving macroeconomic environment; and S&P's upgrading of Ghana's Sovereign rating to B+, the Ghanaian Stock Exchange was reported to have recorded a U.S dollar return of 144%, putting it ahead of 61 other markets around the world.

Interest in Kenyan stocks also increased, reflecting greater investor confidence following the smooth political transition two years ago, a commitment to macroeconomic reforms and a resumption of foreign aid to boost the economy.

African markets are expected to continue to do well in 2004 and Stephen Hayes, President of the CCA (Corporate Council on Africa) described the report as "another reason why investors should seriously consider Africa's emerging markets as places ripe for investment."

Africa Delivers Highest Investment Returns:

The current return rate on investment in Africa is more than 30%, making the continent the fastest growing region in the developing world, according to Caroli Omondi, acting Chief Executive of the Africa Trade Insurance Agency.

Mr. Omondi, addressing the fifth gathering of the African Venture Capital Association in Mombasa, compared this with the return on investment in Europe of 10 % and 15% in the United States.

Addressing delegates on turning risks into opportunities, he pointed out that with 52% of Africa’s goods exported to the European Union, the only major risk to trade was political instability which led to a heightened perception or risk.

source: http://www.reconnectafrica.com/Business-CapitalMarkets.jsp

Svenska Millicom AB MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 2007

• 80% increase in revenues for Q2 to $613m (Q2 06: $341m)*
• 65% increase in EBITDA for Q2 to $263m (Q2 06: $160m)*
• Subscriber increase for Q2 of 84%, bringing total subscribers to 18m*
• Profit before taxes from continuing operations for Q2 of $134m (Q2 06: $75m)*
• Net profit for Q2 of $102m (Q2 06: $34m)
• Basic earnings per common share for Q2 of $1.01 (Q2 06: $0.34)

• 83% increase in revenues for H1 to $1,176m (H1 06: $644m)*
• 69% increase in EBITDA for H1 to $511m (H1 06: $302m)*
• Profit before taxes from continuing operations for H1 of $263m (H1 06: $152m)*
• Net profit for H1 of $447m (H1 06: $67m)**
• Basic earnings per common share for H1 of $4.43 (H1 06: $0.67)**

* Excludes discontinued operations
** Includes gain on sale of Paktel Limited of $258 million

Chief Executive Officer’s Review

Marc Beuls, Chief Executive Officer, comments: “In the second quarter of 2007, Millicom delivered another strong set of results. Second quarter revenues increased by 80%, from $341 million in the second quarter of 2006 to $613 million in the second quarter of 2007, EBITDA rose by 65% to $263 million, and the Group’s margin was 43%. Overall, average revenues per subscriber (“ARPUs”) have remained steady despite aggressive price reductions in many countries during the second quarter, particularly in Africa, to further enhance the affordability of our products. Competition in our markets continues to be strong, and we are facing faster reactions from our competitiors, particularly in Central America. We need to remain innovative and a leader in offering value for money. We also continually review our subscriber bases to ensure that we retain high quality customers, which should help to maintain our ARPUs.

“We have continued to invest in the networks in all our regions as the move to per second billing is an additional driver of growth and we need additional network capacity to process this increase in minutes of use. Millicom has introduced per second billing in most of its markets. In addition, we are continuing to aggressively expand our networks in Africa and Asia. Furthermore, in Colombia there has been a need to extend the geographic coverage of the network as this operation focuses on growing its subscriber base and improving its distribution. We reiterate our stated capex target of over $800 million for the Group for the full year 2007. With investments of $183 million in the first quarter and an increased level of spending in the second quarter of $208 million, expenditure is following a pattern of increasing capex throughout 2007.

“We continue to grow our subscriber base at a steady rate and today we have 18 million subscribers on our networks. We feel confident that we can maintain the current rate of approximately 1.5 million net additions each quarter despite an expected higher than usual churn of customers due to the phasing out of our legacy TDMA and CDMA networks in Latin America in 2007 and early 2008, which are still used by nearly one million customers. We expect that the higher ARPU customers will be able to afford a GSM handset and will migrate to our GSM networks. The low ARPU customers are unlikely to be able to afford the handsets and, therefore, we will likely lose many of them. The loss of these customers will have little impact on revenues because of their low ARPUs, but it is important to take this action to release spectrum in the 850 and 1900 bands for 3G services which we are planning to launch in our existing spectrum bands based on our current licenses in Latin America during 2008/9.

“Central and South America continue to be the fastest growing regions having been the first to launch tigo, aggressively rolling out e-PIN, and now having the benefit of per second billing. During the first quarter of 2007, we saw traffic increase by about 25% over two months in Central America which compensated for the 25% effective tariff reduction as a result of the introduction of per second billing in early February. In the second quarter, we saw a continuation of this acceleration in growth in the total number of minutes in Central America with revenues increasing by 49% during the second quarter of 2007 and EBITDA by 52%. Different from our experience in South America when we launched per second billing, subscriber growth has been unusually strong so soon after the launch which has resulted in slightly lower ARPUs from deeper penetration. The EBITDA margin remained strong at 53%, reflecting the high level of on-net traffic that we generate as our market shares have strengthened across the region.

“In South America, excluding Colombia Móvil which was acquired in the fourth quarter of 2006, underlying quarterly year-on-year revenue growth was 58% and EBITDA growth was 74%. Revenue growth in Paraguay continues to be strong and its strong EBITDA margin of 53% reflects a number of factors: a strong market share, a high level of recurring revenue from Value Added Services and the benefits of per second billing, which are still being harvested 18 months after launch. In Colombia, progress has been very encouraging and in the second quarter subscriber intake was 92,805, reflecting our objective to grow Colombia Móvil’s market share quickly by improving the distribution system and marketing of tigo. An independent report by AC Nielsen dated May 2007, shows that the tigo prepaid distribution network in terms of points of sale with inventory is now second in the market. We believe we are quickly closing this gap. The EBITDA margin of Colombia Móvil continues to exceed our expectations and in the second quarter of 2007 it increased to 25%, up from 21% in the first quarter of 2007 and 16% in the fourth quarter of 2006. Some momentum in revenue growth has now been achieved in Colombia but we expect to see the main benefits in the third quarter of 2007 and beyond with the implementation of Colombia Móvil’s improved distribution network.

“In Africa, quarterly revenues and EBITDA were up by 46% and 15% respectively year-on-year and the EBITDA margin was 31%. We believe that our African businesses can achieve higher levels of growth as we continue to invest heavily in expanding the networks. However, the lack of infrastructure in Africa, particularly the lack of roads and power, brings specific challenges which can slow down our expansion and increases the operating costs, impacting EBITDA. Our aggressive plans to grow the businesses are temporarily impacting subscribers, revenues and particularly EBITDA in the short-term. A promotion in Ghana in the first quarter of 2007 to lower the price of the SIM cards attracted many new subscribers but caused the number of subscribers to fall in the second quarter as a proportion of these new subscribers were not viable long-term customers. In Senegal, new legislation was introduced that requires us to register our customers, which significantly impacted new subscriber intake in May and June, and will continue to dampen growth in the third quarter. We expect that subscriber growth will accelerate at the beginning of the fourth quarter. Also in Senegal, there were one-off costs of roughly $3 million that impacted EBITDA. Furthermore, both Ghana and Tanzania reduced prices aggressively in the second quarter which temporarily impacted revenues and EBITDA for this quarter, but should benefit the rest of the year. In the second quarter we saw the benefits of the actions taken by the new management in Tanzania and we expect this operation to improve its performance in the future. The beneficial effect of the launch of tigo is particularly evident in Chad which has been Millicom’s most successful launch ever. Good progress is also being made with the rollout of the network in the DRC.

“In Asia, we introduced per-second billing in Cambodia in mid-January and tigo was launched in Sri Lanka in January and in Laos in March, demonstrating the improved offering that we now have in Asia. Revenues in Sri Lanka were up 61% versus the second quarter of 2006 reflecting the substantial investments that have been made in the network in 2006 and early 2007. Overall, Asia reported a 35% growth in revenues, a 44% growth in EBIDTA and a margin of 42%.

“With growth continuing at a strong pace fuelled by increasing capex across our markets, we expect 2007 to be another record year for the Group.

“This year's investor visit will be held between 29th October and 1st November in Colombia. We look forward to showing visitors how succesfully we are operating in this market only a year after entering the market with tigo.”

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held at 15.00 UK / 16.00 CET / 10.00 EDT, on Tuesday, July 24, 2007. The dial-in numbers are: +44 (0)20 7806 1956, +46 (0)8 5352 6407 or +1 718 354 1388 and participants should quote Millicom International Cellular. Please go to our website at www.millicom.com for a copy of the slides to be discussed during the call. A live audio stream of the conference call can also be accessed at www.millicom.com. Please dial in / log on 5 minutes prior to the start of the conference call to allow time for registration. A recording of the conference call will be available for 7 days after the conference call, commencing approximately 30 minutes after the live call has finished, on: +44 (0)20 7806 1970 / +46 (0)8 5876 9441 or +1 718 354 1112, access code: 2048301#.

Note: For tabular financial information and the full text of the statement, please refer to the attached pdf.

Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in Asia, Latin America and Africa. It currently has mobile operations and licenses in 16 countries. The Group’s mobile operations have a combined population under license of approximately 287 million people.

This press release may contain certain “forward-looking statements” with respect to Millicom’s expectations and plans, strategy, management’s objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that Millicom’s actual results in the future could differ materially from those anticipated in forward-looking statements depending on various important factors. Please refer to the documents that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom’s most recent annual report on Form 20-F, for a discussion of certain of these factors.

All forward-looking statements in this press release are based on information available to Millicom on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A., any Millicom International Cellular S.A. employees or representatives acting on Millicom’s behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements.

CONTACTS:

Marc Beuls
President and Chief Executive Officer
Millicom International Cellular S.A., Luxembourg
Telephone: +352 27 759 327

David Sach
Chief Financial Officer
Millicom International Cellular S.A., Luxembourg
Telephone: +352 27 759 327

Andrew Best
Investor Relations
Shared Value Ltd, London
Telephone: +44 20 7321 5022

Visit our web site at http://www.millicom.com

source: http://www.newsdesk.se/view/pressrelease/160432

Guinness firm 'eyes Africa sales'

Diageo's chief executive told the Financial Times that sales outside of Ireland had been growing by about 5% and ruled out selling the brand.

Sales of Guinness fell 4% in Europe in the six months to December.

Changing behaviour in the UK - including people spending less time in pubs - was behind the fall in sales.

Guinness made up 13% of Diageo's total sales in 2006.

Growing the brand

The fall in demand in Europe had "nothing" to do with the way the brand was being marketed, chief executive Paul Walsh insisted.

"We have to continue to grow the brand outside its home market," he added.

He said that places like Africa offered good opportunities for growth.

Guinness is brewed in more than 20 countries throughout Africa and is exported to many others.

It is gaining popularity, with Nigeria being the third-largest Guinness market in the world.

The amount of Guinness consumed in Africa is three times more than the amount consumed in North America, Diageo says.

source: http://news.bbc.co.uk/2/hi/business/6916808.stm

Uganda: EPAs May Stifle Struggling Flower Industry

Kampala

Uganda's flower industry needs government incentives and preferential European Union (EU) access to succeed, say members of the east African nation's floricultural sector.

Uganda is Africa's fifth-largest flower exporter, dealing solely in roses and chrysanthemum cuttings. The industry earns over 30 million dollars annually in revenue from over 7,500 metric tons of exported flowers. Some 142 hectares of roses and 32 hectares of chrysanthemum cuttings are currently under production.

In 1992, Uganda joined major African exporters such as Kenya and Zimbabwe in trading with the Netherlands, the world's largest fresh floricultural products exporter. Flowers grown domestically are primarily for export, given the high demand and better prices offered in the European Union than in local markets.

Like other African flower-exporting countries, Uganda ships its products to the Netherlands, where the flowers are then re-exported to the rest of Europe and the United States. The Netherlands is the centre of the global flower trade, accounting for 1.3 billion euros.

Costs are naturally higher in Europe, where growers have to invest in expensive facilities such as glass greenhouses that can withstand cold weather. To reduce expenses, many international floricultural companies have opened branches in African countries. Uganda is home to three Dutch flower firms.

In 1993, only three flower farms registered exports in Uganda, but there are now 19 registered exporting farms. Uganda's flower exporters have progressed significantly since the early 1990s when many pioneers lost their farms to commercial banks after failing to make a profit.

"The first problems we had related to the varieties of flowers we grew. Our climate was not suited to the Kenyan model that we tried to follow and we had poor returns," says Juliet Musoke, executive director of the Uganda Flowers Exporters Association (UFEA).

After many trials, growers decided that Uganda was most conducive to small roses, which are high-yielding but do not fetch as much money as bigger flowers.

Uganda's flower industry is capital intensive, requiring entrepreneurs to be able to invest an estimated minimum of 1.5 million to 2 million dollars.

Ugandan flower investors say that they have had to back up their personal funds with hefty bank loans. The start-up costs go towards purchase of land, plant materials, greenhouses, irrigation equipment and airfreight charges

According to Stanley Mulumba, the proprietor of Ugarose Farm, the cost triples for an investor who wants their flowers grown in pre-fabricated greenhouses as opposed to wooden ones.

A few weeks ago, a joint venture between the Uganda-based Madhvani Group and the Netherlands-based Flower Direct announced that it would start the nation's first chrysanthemum flowers farm. Madhvani Group said it expected to earn 1.4 million euros from 13 hectares in its first year.

The announcement is a key development for the Ugandan industry which has failed to attract new investors but needs to double its production to compete with other exporters in east Africa.

According to the UFEA, the current total investment in the sector is at 50 million dollars. Eight farms are owned by foreign investors, three are jointly owned by Ugandans and foreign investors and seven by Ugandans.

The UFEA wants a sector-wide expansion to 400 hectares by developing new farms, expanding existing farms and moving flower cultivation to cooler highland areas in eastern and western Uganda. But increased export volumes and earnings will depend on an investment incentive package offered by the government, Musoke says.

The pending economic partnership agreement (EPA) with the EU threatens the fragile industry. The EPAs require that the 77 African, Pacific and Caribbean countries offer reciprocal market access to their EU trade partners.

"How do we encourage industries in Uganda to grow by having them compete with multinational corporations in the EU?" Musoke asks. She adds, "You cannot have people on different development levels in the same market."

Jabber Abdul, proprietor of the farm Mairye Estates, says, "We cannot compete freely yet because we are still not ready to do without trade incentives." Mairye Estates has been in existence since 1952 but has only recently become certified by Dutch standards, which include ensuring workers' welfare and adhering to environmental standards.

Most farms employ a minimum of 300 workers. The sector employs 6,000 Ugandans, 80 percent of them women. Workers on flower farms often endure harsh conditions from practices such as chemical spraying.

"Relatively speaking, Ugandan workers are in acceptable conditions on the farms. Workers are given safety wear, there are clinics on the farms, training and information are given on how to protect themselves and some have housing allowances," Musoke says. She adds that each farm has to abide by a safety code of practice for the floricultural sector.

Airfreight charges have put a severe financial constraint on farms in recent months. "One of the main challenges facing the industry is airfreight charges, which are now 2.40 dollars per kilogramme," Musoke says. The rate is uniquely high for Ugandan exporters. Kenyan growers pay 1.70 dollars per kilogramme and Ethiopians 1.50 dollars per kilogramme.

The reason is that Uganda is a landlocked country which depends on the air carriers of its neighbouring states, given that it has no national airline. Growers pay increased rates to foreign airlines.

Furthermore, the Ugandan flower market is still small in terms of the quantity of inbound and outbound cargo, which has not encouraged more airlines to enter the market. The Ugandan government, Musoke adds, has exacerbated the problem by not offering subsidies to the sector.

"It depends on the Ugandan government to offer a subsidy on fuel or handling charges. The farms are coming away with little profit," Musoke says.

Peter Mwangi, manager of Rosebud Farms, agrees. "We are enduring a lot of hardship with the airfreight charges," Mwangi says, adding that the country's energy shortage problem has made doing business unreliable. Often, project operation costs for the year cannot be accurately projected.

Uganda's recently released budget for the upcoming financial year includes subsidies for the floricultural sector. Incentives such as a tax holiday may finally encourage new investment and growth in the struggling industry.

source: http://allafrica.com/stories/200707190270.html?viewall=1

South Africa: Cape Town Voted Top Conference Spot

The annual Trends & Spends survey, which polled delegates and organisers in the UK's MICE sector, showed that the city had jumped to the top of the list from fourth place last year.

In addition, SA was voted second, behind the US, as favourite long-haul destination country.

The lucrative MICE industry contributes R17,4bn to SA's economy annually, out of a total of R61bn for general tourism, show industry figures.

A total of 76768 participants were polled, including the 30 UK events agencies with the highest turnover. Of these, 16327 voted on their favoured long-haul destination.

It was in this poll that Cape Town knocked New York off its top spot as favourite destination.

Cape Town has also moved up the table of the number of nights delegates spend from ninth spot to seventh, said Calvyn Gilfellan, acting CE for Cape Town Routes Unlimited (CTRU), the city and province's destination marketing organisation.

Gilfellan said the poll was a useful barometer of all CTRU efforts to promote tourism as a driver of economic growth and social change.

"Our mandate is to bring more visitors here, to get them to stay longer, spend more, visit more often and visit throughout the year, not just in the summer months," said Gilfellan.

"The exposure that the city and province get through the MICE sector ahead of the FIFA 2010 Soccer World Cup played an important role in achieving those objectives."

During the 2006-07 financial year, 15 international association bids were secured for Cape Town and the Western Cape by the CTRU's conventions and events bureau, along with its partners.

It was expected these would draw an estimated 32300 business tourists, with an economic effect of R342m, to the city between now and 2014. A further 14 bids were submitted during this period with the potential to bring an additional 16290 tourists and a further R138m to the destination up until 2021.

Apart from New York, Cape Town also beat Atlanta, Chicago, Dubai, Orlando, Toronto, San Diego, Boston and Las Vegas as favoured long-haul cities in the Trends & Spends survey.

Cape Town was yesterday again ranked the best city in the Africa and Middle East region by the US Travel & Leisure magazine.

source: http://allafrica.com/stories/200707181137.html

Ghana: Diasporan Investors Team Up to Buy GT

GLU, a non-partisan NGO with membership based in the U.S.A, U.K., the E.U., Australia and Asia, says Ghanaian professionals based aboard have been shut out of the process of participating in the investment and management of divested State Owned Enterprises for too long; hence the decision to join the race for GT.

In furtherance of that, GLU has created a novel investment framework to attract financial and human capital to formally express interest in the acquisition of a controlling stake in Ghana Telecom Ltd.

In a statement copied to Public Agenda, the President of GLU, Dr. Kwaku A. Danso, stated, "the founders of our nation Ghana did not use taxpayers' funds to set up State-owned enterprises (SOEs) only to be sold to foreigners, or to insiders of the government who use proxies to buy these SoE's and leave the real stakeholders with the debts. This practice must be stopped, by any means necessary".

The statement said the GLU members are seasoned professionals with more than 20 years of telecommunications and information systems management and will bring investment capital in excess of US$500M to this venture.

This unprecedented investment approach facilitated by the GLU will also enable the participation of accredited investors within Ghana and abroad with as little as $1,000 per unit.

Asked about the investment strategy, the initiative's lead promoter in the UK, lawyer George Asomaning responded, "It is our intention to ensure that as much of the actual investment received gets channeled into the infrastructural development of Ghana Telecom, so as to position the company to deliver on its promise and to return a sizeable profit for the shareholders, the citizens of Ghana".

Nifa Bankroh, the organizer of the "Lets buy Ghana Telecom" initiative stated, "If Ghanaians do not get involved in the acquisition, ownership and management of significant state owned enterprises that are being divested, the likelihood of Ghanaian nationals being able to control the factors that affect their economic future will be marginal at best, and probably negligible.

Many Ghanaian businessmen and professional groups are of the

opinion that conditions imposed by so-called development partners or financiers, opening Ghana's markets to so-called globalization, has not proven economically beneficial over the last three decades. Professor Mintzberg of Canada has described globalization with respect to development as "a sham". Whilst foreign investors and competition are necessary and welcome tools in Ghana, this global inequity, coupled with a comparative lack of openness and transparency has led to an unequal playing field in the world of business dealings and negotiations.

The result is the massive brain drain, high accumulated debt burden, and high unemployment and underemployment in Ghana, which call for new development strategies.

Commenting on the sale of state-owned enterprises and the ongoing telecoms divestiture process, Michel Bowman-Amuah, an ICT entrepreneur resident in the United States,Stated that; "there are certain strategic national assets that must be safeguarded and placed above the drive for investment capital and chief among those is our national information and communications infrastructure. There has to be more regulatory oversight into corporate takeovers, mergers or acquisitions of these strategic national assets, if we are to maintain our sovereignty and protect our security interests".

Industry watchers say, Ghana's wireless phone networks are dominated by foreign-owned and controlled entities that were granted these franchises at a fraction of prevailing market rates, creating a very lopsided playing field which places the fixed network carriers at a significant competitive disadvantage. Recently, the largest operator (by subscriber base), Spacefon™ /Scancom™ was acquired in a multi-billion dollar transaction by Areeba™, another foreign concern without as much as public hearings into the process and we the general public are yet to be briefed about the details or benefits that the citizens of Ghana have realized in this sale.

The above transaction has been clouded by a shareholder proxy battle between the Lebanese operators of Scancom™ and the Ghanaian founder of Spacefon™, who was allegedly forced out with political support of the previous administration. Though the matter is pending in the courts, the government administration and regulatory agency, the National Communication Agency (NCA), has been eerily silent on the matter which begs the question about what investment protections exist for indigenous investors within Ghana's corporate regulatory system.

Also recently, the Government of Ghana settled a shareholder dispute with the former minority shareholder in Ghana Telecom, Telecom Malaysia, who had purchased the rights to increase their shareholding to a controlling stake, but were unceremoniously expelled when the current administration assumed power in 2001. This dispute has shaken foreign investor confidence in the long term viability of the divestiture process and its stability.

Investors need to be certain that their multi million dollar investments are secure regardless of ruling regime. It must be noted that a Ghanaian-owned and controlled investor group is no different and would require that specific safeguards are in place to protect the interests of their shareholders.

It is envisioned that this investment framework created by the GLU shall be reused by other industry sector professionals as other State owned enterprises are divested by the Government of Ghana in the near future. "It is our intent to safeguard the national interest by facilitating the participation of Ghanaians everywhere in the Nation-building process."

Mama Brenya Twumasi, a legal scholar and interested investor with many years of stock ownership experience writing from San Antonio, Texas, warned that "our nation cannot continue to ignore the views of the people, and that in essence, governmental transparency and accountability is a must in all present and future dealings if we, as a Nation State, wish to beviewed as credible by our allies and other Sovereign States." It is the general agreement of most Ghanaians surveyed on the issue that Ghana has too many skilled, experienced and competent Ghanaian professionals, educated as part of the initial plan of Ghana's first President, who are willing and able to own and manage our strategic assets. It is therefore unconscionable to simply stand by while foreign corporate raiders are ushered in on the red carpet and given the keys to our National treasure troves.

source: http://allafrica.com/stories/200707161541.html

Oil equals influence, Africa finds

PORT HARCOURT, NIGERIA — Europe's great powers once scrambled for dominance across vast, underdeveloped African lands rich in raw resources including the scarlet palm oil used to grease the first cogs of the industrial revolution.

A century later, a new group of nations are competing for a different valuable, viscous material, with sub-Saharan Africa closing in on the Persian Gulf as the prime overseas supplier of oil to the last remaining superpower.

The continent has its greatest international influence in decades as China and India increasingly prospect for resources in Africa, terrorism concerns rise and the U.S. military seeks a permanent military presence. Whether Africa can use its newfound might to end its longtime blight is a separate issue.

"There's a new dynamic in play" for African nations, says Antony Goldman, an independent risk-analysis consultant based in London. "And the challenge for those countries is how to manage that."

Growing reliance
In 1993, the earliest year for which there are full figures, the main African oil-producing countries — Nigeria, Angola, Cameroon, Chad, Equatorial Guinea and Gabon — shipped 494,000 barrels per day of oil to the United States, data from the official Energy Information Administration show. That's about 7 percent of total U.S. imports. In the same year, the Persian Gulf nations averaged 1.6 million barrels per day, or about a quarter of all U.S. imports.

By 2006, sub-Saharan African oil constituted about 18 percent of all U.S. imports, or about 1.8 million barrels per day; the Persian Gulf made up 2.2 million barrels per day, or 21 percent of total daily imports.

But the oil producers are among the sickest countries in Africa. While poorer nations have made democratic advancements, the oil countries are still mostly run by weak or illegitimate leaders.

Angola is emerging from one of the continent's longest-running civil wars. Chad is in the depths of one. Oil-rich Cameroon's president has been in power for a quarter of a century.

Next door is Equatorial Guinea, where per-capita gross domestic product is among the highest in the world, while its ranking on the United Nations human-development index is near the bottom.

And then there is Nigeria, where the challenges facing Africa, and particularly its petroleum producers, are on desperate display. Nigeria is Africa's biggest producer of oil and among the top three outside suppliers of crude to America.

A tragic history
Despite hundreds of billions of dollars of oil revenues, some 70 percent of Nigeria's population of 140 million live on less than $2 per day, U.N. figures show. Much of the oil money has been stolen by corrupt leaders or misspent on wasteful government boondoggles. In Nigeria alone, the World Bank estimates about $300 billion of government oil funds are unaccounted for.

Today, none of Nigeria's main oil refineries are operable, leaving one of the world's top oil producers completely reliant on fuel imports.

Military leaders or weak corrupt administrations have racked up tens of billions of dollars in loans, many by Western countries or their funding bodies hoping to set up bulwarks against communism in Africa.

As the Cold War ground to a halt in the 1980s, the easy loan money stopped flowing, and markers were called in. Overseas governments began insisting good governance be linked to aid.

While few Africans lived in multiparty democracies in the 1970s, most do today. But in many of those countries that hasn't translated into better daily existences for the people.

Democracy encouraged by the West hasn't made much improvement in his life, says John Isah-Aaron, a 32-year-old fisherman constructing his new home next to open latrines on a riverbank in wetland region where militant attacks have cut oil output by nearly one-third. Nigeria's civilian leaders have proved as corrupt as the military junta they replaced.

"They're saying democracy is government for the people, by the people. But we're not seeing any dividends," he said recently in his village just outside a compound run by the Italian oil-company Agip.

New chances
Nigeria's oil industry, like those of many other African countries, is primarily run by Western energy concerns, including Royal Dutch Shell, Total, Eni and Chevron Corp.

But increasingly, China and India have been moving in, too. Much of Africa's estimated 5.5 percent economic growth last year was attributed to China's near-insatiable demand for the continent's oil, gas, timber, copper and other natural resources. At the same time, the United States is ramping up in Africa. After the terrorist attacks on Sept. 11, 2001, diminishing reliance on oil from the Middle East has become a stated goal of the U.S. government.

Washington recently announced it intended locate a permanent military command for Africa on the continent.

"Overall, Africa is growing in global strategic importance, and setting up this command allows us to help them help themselves in enhancing security in their countries, and across the continent writ large," said Navy Rear Adm. Bob Moeller, who's helping arrange the new command, in a recent telephone interview with the Associated Press.

Analysts say all this gives Africa a new shot at ending decades of disease, wars, corruption and, above all, the poverty that drives it all.

While graft, poorer educated populaces and inter-community strife still typify many African nations, they are looking better each day for the West compared with other oil-rich nations, like Iran and Venezuela.

"Before, on a day-to-day basis, places like Nigeria seemed like a bad bet," said Goldman, the London-based analyst. "Now people would prefer the day-to-day problems of Nigeria compared with those of the Middle East."

Peter Pham, a professor of international relations at James Madison University in Harrisonburg, Va., said, "If 9/11 taught us anything, it's that weak nations can cause threats," he said. "There's an interest in building up the capacity of African states to handle their own problems, provide services for its people."

It all adds up to a rare moment of potential influence for Africa, he says, but only if African leaders can at last end their own self-enrichment at the expense of their people.

http://www.chron.com/disp/story.mpl/business/4949862.html

Ghana redenominates its cedi currency

One new cedi -- a name derived from the local word for the cowrie shells once used as currency in West Africa -- is worth 10,000 old cedis and is divided into 100 pesewas.

Bouts of hyper-inflation over the past three decades have forced the West African nation to issue progressively higher-denomination notes, but inflation and the cedi's exchange rate have stabilised in the last few years.

"The redenomination is intended to make a legacy of the past history of high inflation and macroeconomic instability," said Alex Bernasko, who chairs a committee set up by the Bank of Ghana to organise the change.

New "Ghana cedi" notes, which will circulate with the old cedi for the next six months, will make it easier for people to withdraw and carry large sums of cash and reduce theft, he said.

The new cedi's largest note is now 50 new cedis or about $50. Previously it was 20,000 old Ghana cedis or barely $2.

QUEUES

Long queues formed outside cash machines on Tuesday morning in the capital Accra as customers examined the crisp new notes which carry pictures of Ghana's independence leaders.

"It is a very good idea ...I won't have to carry big bags full of money. It was dangerous," said Michelle Zinsou, on her way to work in Accra.

T-shirt vendors and hawkers in central Accra struggled to convert prices into the new currency.

"This is 20,000 (old Ghana) cedis," said vendor Christy Asibi, 20, pointing to a black scarf. "In new Ghana cedis, I don't know. Maybe 20,000 pesewas?"

It will take time to adjust, said 35-year-old taxi driver Michael Lordford. "Some people are not educated. Even the educated people will find it difficult," he said.

Some Ghanaians, scarred by devaluations, fear they will lose out in the switchover, despite a long advertising campaign that has stressed the "value will be the same".

The country's 800,000 cocoa farmers will now get about 57 new Ghana cedis, the equivalent of 570,000 old cedis, per bag of cocoa, which buyers said may spark confusion in the world's No. 2 grower.

But for buyers who are used to sending purchasing clerks to the bush to buy cocoa with currency worth hundreds of thousands of dollars, the bigger notes are welcome.

"All of the companies use cash to buy cocoa, we won't have to put cash into jute sacks to send to the field anymore," one buyer said.

Ghana has seen falling inflation and steady growth in recent years. Economic growth of about 6 percent is forecast for 2007, though hopes of bringing inflation under 10 percent have been eroded by chronic power shortages.

Critics fear the redenomination may force prices higher as vendors round prices up, but analysts say it is long overdue.

"The perception that we have a very stable economy and a stable currency will be entrenched. Over the last six years, the cedi has been very stable," said Databank economist Daniel Tetteh.

"People will have respect for the cedi and be more inclined to hold onto it and invest in cedi assets," he added.

http://africa.reuters.com/business/news/usnBAN355371.html

Pfizer - FG Loses Bid to Amend Suit

Justice Kuewumi said the application failed in its bid to identify which particular paragraph had error and needed to be corrected.

He said he did not see any reason to exercise his discretion in favour of the plaintiff, struck out the application and adjourned to July 20, to entertain the substantive matter.

Government's lawyer, Mr. Babatunde Irukera, filed the application for leave to amend the statement of claims contending that the amendment was meant to add facts which would be quite instrumental to the case and particularise every element of atrocities allegedly perpetrated by Pfizer during the test in Kano.

The amendment, according to the counsel, was also to put before the court that Pfizer renege in its

understanding with the federal government that it would not raise a statute of limitation in the legal pursuit of the facts of the case.

The agreement allegedly reached in New York, was to the effect that government could sue the multinational company over the "1996 Kano Trovan Test" without time limitation.

He said that the additional claims will not change the face of the case.

Counsel to Pfizer, Chief Afe Babalola (SAN), opposed the plaintiff's application for amendment on the grounds that the claims were defective and not properly before the court.

Babalola argued that the prayers of the plaintiff was not for amendment but to argue the motion before the court adding that the application was simply to embarrass his client and introduce confusion that could make the case difficult for the court to adjudicate on.

He averred that if the relief the federal government is seeking was granted, it would be inconsistent with their former relief thereby causing difficulties to the court, adding that the plaintiff failed to indicate what errors in their claims they desired to cure, saying that the court, by that singular action, lacked the jurisdiction to grant an order not asked for by the plaintiff.

Kuewumi in his ruling, said that Order 47 of the Court Rules, gives discretionary powers to the court to amend pleadings by parties to a suit for the purposes of curing defects and for substantial judgment to be done.

He added that it was however incumbent for a party seeking amendments to highlight the errors he wanted to cure in order to convince the court.

Kuewumi held that the application of government failed to comply with the rules.

Irukera said that they were not satisfied with the ruling and would take appropriate steps to get justice.

It would be recalled that the federal high court, sitting in Abuja, had agreed to give accelerated hearing to a case filed by the Attorney General of the Federation on behalf of the Kano state government seeking $7billion as damages against Pfizer International Incorporated, one of the largest pharmaceutical companies in the world, for allegedly administering 'Trovanfloxacin Mesylate' (Trovan) on 200 Nigerian children as experiment for the main purpose of conducting clinical trials without authorisation from anybody.

The plaintiff who had sued Pfizer and nine others, is specially asking for $500m being the sum expended by them to provide treatment, compensation and support for the victims of the Kano Trovan test and their families, another $450m incurred during their public enlightenment efforts to erase the societal misgivings and prejudices.

They are also asking the court to grant another $1b used for health sponsored programmes and initiatives which have failed and an extra $5b as general damages.

Those named as defendants are Pfizer International Incorporated, Pfizer Nigeria Limited, William Steere, Samuel Ohuabunwa, A.Dogunro, Isa Dutse , Scott Hopkins, Mike Dunne, Debra Williams and Robert Buhl.

Steere was at the material time, the Chief Executive Officer of PNI, Ohuanbunwa was at the time of the test, the Chief Executive Officer of (PNL), Dogunro was a medical doctor in the employment of PNL at the material time, Dutse was a medical doctor at the material time and was the Principal Investigator of PNI at the time the test was carried out.

Hopkins, Dunne and Williams were at all times material to the case, medical doctors employed by PNI.

Daily Trust had reported that the Kano state government had instituted a suit against Pfizer International Incorporated, alleging that they had used 200 children as guinea pigs to test drive a drug not yet introduced into the market.

In their claims, KNSG had averred that the defendants, in the month of April 1996, had invaded the state during the epidemic of bacterial meningitis, measles and cholera, disguising to have come to assist the state control the epidemic, only to use the opportunity to test a drug newly manufactured by them.

The writ captured the background of the case thus, "On or about the month of April, 1996, there was an epidemic of bacterial meningitis, measles and cholera in parts of northern Nigeria, particularly Kano state and some of the victims and/or patients, were receiving medical attention at the Infectious Diseases Hospital (IDH), through the joint efforts of the federal government of Nigeria and the Kano state government of Nigeria."

They averred that the effects of the drugs on the children when Trovan were used on them include, deafness, muteness, paralysis, brain damage, loss of sight, slurred speech and eventually death.

source: http://allafrica.com/stories/200706270720.html

Agriculture Development Bank Workers Oppose Takeover Bid

WORKERS of Agriculture Development Bank (ADB) have accused the management and owners of Stanbic Bank of trying to reap where they have not sown and thus calling on the Bank of Ghana not to sell its shares to Stanbic.

According to the workers, the deal will not be in the nation's interest as relinquishing the control of the only bank where farmers source funds will tantamount to relinquishing food security to a foreigner.

Speaking at a news conference on behalf of his colleagues, the Public Relations Officer (PRO) of ADB Senior Staff Association and the Local Union, Mr. Sanjay Minchandani, stressed that the track record of Stanbic in terms of funding agricultural project in Ghana is nothing to ride home about. Mr. Minchandani said their share in all banks' total agricultural portfolio has not exceeded 3% since 2000.

"Their commitment in 2006 was only ¢44.9 billion and this assumes that lending to cocoa buying companies constitutes lending to agriculture. We properly classify that as trade credit. The real need is credit for primary agriculture production where risk is biting," he stressed.

He further alleged that it was not true that Stanbic's investment constitutes 25% of totol all total banks' commitment to cocoa buying companies.

"Let it be told to Stanbic that just like them, all other commercial banks see this trade credit as relatively safer and do make far higher commitments".

Mr. Minchandani noted that World Bank seeing Bank of Ghana's involvement in ADB as a conflict of interest does not hold water because the central bank has always applied stringent measures to safeguard the interest of equity holders and liability stakeholders by holding ADB to strict account.

"In spite of the reality, Bank of Ghana has even purged itself of this accusation by appointing an independent Trust to manage all its equity interests, including ADB," the PRO stated.

The workers also accused the former Deputy Governor of Bank of Ghana, Mr. Aseidu Mantey and a current Board Member of Stanbic of having privileged information, which will inure to his bank and to the disadvantage of other interested parties.

To solve the impasse, the workers presented a proposal to the Bank of Ghana for consideration. It was proposed that 60% of the 48% held by the Bank of Ghana be floated at the Ghana Stock Exchange to investing public in order to deepen the bourse while 20% would go to agriculture related commercial entities such as farmer associations and agriculture input suppliers.

The rest, 20%, they stressed should be allotted to the management and staff of the bank for their role played in building the bank to this status.

He said although Agricultural Development Banks in Africa have been a failure, two of them, ADB of Ghana and Banque De Credit Agricole in Burkina Faso have survived making huge profits with a portfolio mix of 60:40 in favour of agriculture.

He said ADB paid ¢32 billion to the government of Ghana as dividend in 2006 compared to ¢14 billion in 2005. Profit for 2006 was ¢107 billion compared to ¢75 billion recorded in 2005.

According to him, the attraction of ADB lies in its net worth of US$66.6 million, its extensive branch network, blue chip investments in Ghana International Bank, Jei River Farm, Fidelity Bank and flows from Western Union.

Also present at the press conference were the President of the Association, Mr. Kofi Owusu-Sekyere and Mr. Kungu, the Chairman as well as some staff of ADB from some branches in Accra.

Meanwhile, the Board of Directors and Management of the Agricultural Development Bank have spiked rumours that Stanbic Bank had concluded a bid with the government of Ghana and Bank of Ghana to take over the management and ownership of ADB.

"The Board of Directors and management categorically deny that there has been any such concluded takeover bid, even though the Board and Management of ADB have received a copy of a letter from the Ministry of Finance and Economic Planning to Standard Bank, Africa to the effect that the latter had expressed interest in the acquisition of some level of stake in ADB and that government had given its consent for the Standard Bank Group to begin discussing the matter with the bank's management," a statement released by ADB said.

The statement signed by Mr E. Boakye-Agyeman, Managing Director of the ADB, urged the public to ignore the rumours, as they did not bear any element of truth.

"As and when it becomes necessary, the Board of Directors and management of the bank would not hesitate to update the public of developments in this matter," the statement said.

http://allafrica.com/stories/200706270749.html

Nokia Siemens Networks and Nokia strengthen commitment to the African region

(PressZoom) - Accra, Ghana - At the EU-Africa Business Forum held in Accra, Ghana Nokia Siemens Networks and Nokia reiterated the companies' commitment and strategic direction in the African region. With a vision to increase communications access to urban and rural areas, the two companies are set to connect the people of Africa.

Organized by the European Commission and the African Union under the patronage of Louis Michel, the European Commissioner for Development and Humanitarian Aid, the Forum continues the vital dialogue between businesses and governments on the socioeconomic impact of corporate activities in the development and lives of Africans. Participants in this year's summit include the African Union, African telecommunications ministries and national regulators.

In the Forum, Nokia showcases a mobile health data survey tool that has been developed with the University of Nairobi and other partners. This type of application can have huge potential in addressing, for example, outbreaks of diseases, offering benefits to governments and aid agencies.

Nokia and Nokia Siemens Networks also present the Village Connection solution at the event. Village Connection offers an easy concept to build rural connectivity village by village, enabling an innovative franchise-based business model between an operator and local village entrepreneurs. The solution helps provide affordable telecommunications services in rural communities, thus boosting economic development.

"Nokia has a long-term commitment to an active and responsible collaboration between the European Union and the African continent. We believe that small, medium and large businesses in Europe as well as European governmental bodies and institutions all have an important role in the sustainable co-development of the African region," says Serge Ferré, Head of EU Representative Office, Nokia.

"Telecommunications infrastructure plays a crucial role in the overall economic development of nations. Further developing telecommunications systems not only helps grow businesses, but also has great potential to help improve basic life needs such as health care and education. It can also ease access to banking services including micro-payments, and makes access to information easier, thus enabling people to take part in decision-making and development of the communities," says Antti Räikkönen, Head of Strategy, Southern Africa, Nokia Siemens Networks, who is co-chair of the Inter-connectivity working group in the Forum.

Jan Cron, Head of the Middle East and Africa region for Nokia Siemens Networks, says, "We believe that the future of the communications industry lies in understanding and uniting communities. By 2015 we expect five billion people will be connected by wire and wirelessly from one end of the planet to the other, and the clear majority of these people will come from new growth markets in Asia and Africa. Investing in mobile networks promotes sustainable economic development and can for example provide first time access to the Internet to everyone."

Nokia and Nokia Siemens Networks are committed to enabling communications in communities across the world. Advanced and energy-efficient communications technology can play a significant role in creating a sustainable future, maintain opportunities for economic welfare and growth, and reduce adverse environmental impacts. Nokia Siemens Networks' environmentally sustainable business approach has a key role in its network products and solutions.

About Nokia
Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. Nokia makes a wide range of mobile devices and provides people with experiences in music, navigation, video, television, imaging, games and business mobility through these devices. Nokia also provides equipment, solutions and services for communications networks.

About Nokia Siemens Networks
Nokia Siemens Networks is a leading global enabler of communications services. The company provides a complete, well-balanced product portfolio of mobile and fixed network infrastructure solutions and addresses the growing demand for services with 20,000 service professionals worldwide. The combined pro-forma net sales of €17.1 billion in fiscal year 2006 make Nokia Siemens Networks one of the largest telecommunications infrastructure companies. Nokia Siemens Networks has operations in some 150 countries and is headquartered in Espoo, Finland. It combines Nokia's Networks Business Group and the carrier related businesses of Siemens Communications.
www.nokiasiemensnetworks.com

source: http://presszoom.com/story_134638.html

Huge oilfield discovered in Ghana

Tullow - which saw its shares rise 10% on the news - jointly owns the West Cape block where the drilling took place with Anadarko Petroleum.

The firms share rights to the adjacent Tano basin, which could yield more oil.

"Based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high potential zones still to be drilled," said Tullow chief executive Aidan Heavey.

He said it was one of the biggest oil discoveries in Africa in recent times, but warned it could be up to seven years before the oil started to flow.

'Boost to economy'

Ghana's President John Kufuor told the BBC that the discovery would give a major boost to Ghana's economy.

"Oil is money, and we need money to do the schools, the roads, the hospitals. If you find oil, you manage it well, can you complain about that?

"Even without oil, we are doing so well, already. Now, with oil as a shot in the arm, we're going to fly," he said.

Tullow Oil holds a 22.9% stake in the West Cape Three Points licence and just under 50% in the Deepwater Tano licence.

The move comes as foreign firms are increasingly tapping into Africa for oil.

Tullow shares closed up more than 12% on the news in trading in London.

source: http://news.bbc.co.uk/2/hi/business/6764549.stm

Shedding light on Africa

The plan, to build the world’s largest hydropower facility, is being driven by the continent’s biggest power utility Eskom, together with the power utilities of Botswana, Angola, Namibia and the DRC.

Together they have formed the Western Corridor Project (Westcor), which aims to develop Inga III and the Grand Inga dams on the Congo River. The project is part of a greater vision to develop a power grid across the continent by 2010 to stimulate industrial development in Africa.

It is a grand project, until one realises that only 6% of the DRC’s population has access to electricity from earlier phases of the project, which have been operational since the 1970s. “Some NGOs are advocating that iffuture projects are developed, the first priority should be to increase the rate of access to electricity to 60% of DRC’s population,” argues Terri Hathaway, in the World Rivers Review.

This may prove difficult because of the amounts of money that are going to be poured into the project. Tim Kingston, communications manager at International Rivers Network, said: “Concerns are growing that foreign and industrial interests will gain vast economic benefits from this mega-project, taking attention away from the development needs of Africa’s poor majority.”

Kingston added: “Despite its priority position and high profile, very little about the project has been revealed and virtually no engagement of civil society has been undertaken.”

Upon completion the Grand Inga project will produce up to 40 000MW of electricity, twice the amount generated by the Three Gorges Dam in China. The first development phase will be the Inga III Dam, which is considered a stepping stone to Grand Inga. In addition to construction of the Grand Inga Dam, an estimated $550-million rehabilitation of the existing Inga I and Inga II dams is planned. The two dams have been operating at less than half their capacity, largely because of mismanagement, war and siltation.

An energy consultant said the possibilities the project offers are immense. He said the completed project would provide access to cheap energy at a cost of about $0,01 per kWh, significantly cheaper than the $0,04 per kWh charged by thermal power stations or the $0,12 for a gas powered plant. “The initial capital costs are high, even higher than that of a thermal power station,” he said, adding, “it would take many years to build, up to a decade.”

The Inga project is an engineer’s dream. The Congo River is the only river that has a significant slope in its lower course, making it a natural site for a hydroelectric plant. It drops in height by about 100m over 15km and is a potential source of up to 370-billion kWh a year.

But environmental activists the Mail & Guardian spoke to said it is premature to say what the effect of the greater Inga project will be, as an environmental impact assessment has not yet been done. A 2002 report by the Congo River Environment and Development Project argues that the “damming of the entire river [is the] greatest future threat to the extraordinary biodiversity of the region ... [as the] the Grand Inga Dam would block the entire river”.

“While the landscape has already changed, the aquatic eco- system still harbours an extraordinary richness of fish,” the report says. It recommends that “discussions … take place over the next several years [between] a qualified hydrologist and the government to determine ways to build or modify the dam to best protect the region’s flood cycle and [to] maintain some of the rapid areas”.

Richard Worthington, the coordinator for Earthlife Africa’s sustainable energy and climate change project said the hydro-energy resource “could be exploited in a manner that does more good than evil, particularly if substance is given to promises of a ‘long-value chain’, which should include energy services for local people.” However, he was cautious, pointing out that “the challenge would be to ensure that the quest for high output and maximum profit does not turn this around, which is particularly challenging in an area with high risk, that translates into a requirement for higher returns to investors”.

http://www.mg.co.za/articlePage.aspx?articleid=310904&area=/insight/insight__africa/

Bringing Africa's Telecom Into the Fiber Optic Loop

Plans to lay an undersea fiber optic cable off eastern Africa could be the beginning of the end of crackling long-distance calls, slow dial-up Internet connections and universities without e-mail .

Four projects are in the works to link 22 eastern, central and southern African countries to the world's network of submarine cables and 21st century communications. They would enable cheaper international calls with no static and fast Internet access.

The first cable could be finished as early as March.

Raising Artificially Low Demands
At the moment, the Indian Ocean's eastern African seabed is the only one in the world without a submarine fiber optic cable, forcing the region to rely heavily on limited and expensive satellite links. As a result, countries along the coast and in its hinterland have some of the highest communications costs in the world.

Even though fiber optic links would drive down communication costs for businesses and consumers, it also could be a big opportunity for entrepreneurs.

"We think in general that the high price of satellite communication is creating a high price, artificially low-demand market, and because of that we think there is pent-up demand," Brian Herlihy, vice president of New York City-based Herakles Telecom, which is leading one of the projects.

A 2005 study by a U.N. task force found that 90 percent of calls between African countries are routed by satellite through Europe or North America at a cost of US$400 million a year. Direct calls would be cheaper, though the study did not say by how much.

An 8,000 Mile Phone Cord
The cost of laying the fiber optic cable -- stretching up to 8,000 miles along selected points in the Indian Ocean -- is estimated to range from $100 million to $200 million. Individual countries will spend even more laying fiber optic cables inland and connecting their networks to the submarine cable.

State-owned and private African telecommunications companies, the World Bank and other international financial institutions, governments and foreign private investors are funding the projects.

The oldest, the four-year-old Eastern Africa Submarine Cable Systems, or EASSy, was conceived by a group of East African businessmen in November 2002.

The cable can "contribute to the expanding intra-Africa trade by providing better communication in the region," Abiodun Jagun, a researcher in information communication technologies at the University of Manchester, said in a February paper.

More Cables, More Choices
Competition among companies rolling out the new cables could drive prices down even further and deliver results faster.

One project would not necessarily cancel another out -- India, for example, has several submarine fiber optic cables linking it with the international telecom infrastructure .

Ethiopia, the most populous country of the region, thinks the rival cables offer it choice and the opportunity to negotiate favorable prices.

"The more alternatives, the better," said Ethiopian Prime Minister Meles Zenawi, who leads the Horn of Africa nation of 77 million. The landlocked country will be linked to the undersea cable through either neighboring Djibouti or Kenya.

Kenya's Angle
Kenya, one of the most dynamic economies in the group, wants to drive down telecommunications costs to tap into the multibillion dollar outsourcing industry and make Kenya an information technology hub, said Bitange Ndemo, the country's information and communications permanent secretary.

Kenya's nascent call center business has grown from employing 200 people last year to 3,000 this year, despite relying on expensive satellite-based communications.

To get more companies to give their business to Kenyan call centers, the country needs to increase its bandwidth up to 500 megabits per second by year's end and subsidize the cost until a submarine fiber optic cable is working, Ndemo said.

For Kenya, the fiber couldn't come fast enough.

Slow Going
The Eastern Africa Submarine Cable Systems project has been held up because of negotiations over its ownership and funding, and debate about whether it will be for-profit.

Worried the project was taking too long, Kenya teamed up with the United Arab Emirates telecommunications company Etisalat, and set up the East African Marine Systems, or TEAMS, project in November. Kenya will finance 40 percent of the project, Etisalat 20 percent, and still to be identified private Kenyan investors the remaining 40 percent.

Ndemo said that the government will soon invite bids for a company to lay the cable between Kenya's Indian Ocean port of Mombasa and Fujairah in the United Arab Emirates and have Kenyans connected to it by March 2008.

Kenya also remains a participant in the Eastern Africa Submarine Cable Systems project.

'A Low-Price, High-Demand Market'
Meanwhile, a private company -- Kenya Data Networks -- is involved in a third initiative and is negotiating with a subsidiary of the Indian conglomerate, Reliance Group, to lay a cable between Mombasa and near the coast of Yemen. Kenya Data Networks Managing Director Kai Wulff said that his company would not invest in laying cable, only guarantee clients for it.

The most recent project is led by U.S.-based Herakles Telecom. In April, the company commissioned a survey of the Indian Ocean and expects its cable to be in place and in use by March 2009. Herlihy, Herakles' vice president, declined to identify the private investors who make up the company.

He said the company will not only be laying an undersea cable but also connect major urban areas of Kenya, Madagascar, Mozambique, South Africa and Tanzania. The undersea cable and inland networks, called SEACOM, will cost $300 million, Herlihy said.

"Laying our cable will lead to a low-price, high-demand market and change the price paradigm in the region," Herlihy said

source: http://www.ecommercetimes.com/story/hmBZYG2TzfSj0u/Bringing-Africas-Telecom-Into-the-Fiber-Optic-Loop.xhtml

China's loans to Africa won't cause debt crisis

Some Western media and politicians are pointing their fingers at China on the issue of providing aid and loans to Africa.

German Finance Minister Peer Steinbrueck said at the G8 finance ministers' meeting, convened earlier this month to set the tone for the summit, that China's aid to Africa impacts Western creditor nations' efforts to reduce African nations' debts and could trigger a new round of debt crisis.

Careful study of the issue, however, does not support their conclusion.

As a matter of fact, Chinese aid and loans to Africa are much smaller in sum than those from Western countries, so have less impact on the debt issue.

This does not include a host of other factors such as the origin of the debt issue, China's efforts at resolving the debt problem, and the effects of Chinese aid and credits on African countries.

All taken, it is hard to reach the conclusion that China's supposedly irresponsible aid to African nations could trigger a new debt crisis.

As a matter of fact, Chinese aid, investment and economic cooperation with African nations have contributed significantly to the strong rebound of the African economy in recent years.

The debt issue in Africa began decades ago. The astronomical US$300 billion debt constitutes the bottleneck of Africa's economic development.

Western countries are in fact responsible for the debt. Many African countries, feeling the pinch of capital shortfalls in their efforts to industrialize, borrowed heavily from abroad in the 1960s and 70s.

However, the climate for African countries' exports deteriorated over the last two decades or so, owing to the plummeting of prices for primary products and trade barriers erected by Western countries.

This has led to payment imbalances and the weakening of African nations' payment capabilities. As a result, many African countries have to borrow -- creating new debts to pay off old ones. The problem is compounded by high interest rates.

Although China is a minor creditor country compared with Western creditor nations and monetary institutions - and at the same time a debtor developing nation itself - the country still makes efforts to help resolve the African debt issue.

At the First China-Africa Cooperation Forum in October 2000 in Beijing, the Chinese government pledged to write off African countries' 156 overdue debts totaling 10.5 billion yuan (US$1.3 billion) in two years. The pledge was fulfilled ahead of schedule.

At the Third China-Africa Cooperation Forum last November in Beijing, the Chinese government again pledged to forgive the government interest-free loans of more than 10 billion yuan ($1.3 billion) overdue by the end of 2005. These were loans made to the most heavily in debt and least developed of the African countries with diplomatic ties to China.

China started providing aid to Africa in 1956. During Premier Zhou Enlai's visit to Africa in the early 1960s, the Chinese government established eight principles for offering aid to foreign countries.

These principles clearly state that the Chinese government does not attach any conditions to its aid nor demand any privileges; that China provides aid to the recipients in the form of interest-free or low-interest loans and will reschedule repayment if necessary; that Chinese aid is aimed at helping the recipients embark on the road to economic independence and self-reliance rather than increasing their dependence on China; that China promises to help the recipient countries master the technology in its technical aid; that China will try to provide the best possible equipment and materials it makes and that Chinese experts sent to the recipient countries should be treated the same as local experts, without special privileges.

Under these principles, China has provided African countries with a total of 44.4 billion yuan (US$5.55 billion) in aid as of May 2006. It has helped build textile mills, hydropower stations, sport venues, hospitals and schools, more than 800 projects in all.

The Tanzania-Zambia Railway was built with Chinese aid in the 1970s when China itself was facing economic difficulties. Some 50,000 Chinese laborers and engineers worked side by side with local workers in constructing the 1,860-kilometer railway. And 64 gave their lives.

The Chinese economy's rapid growth has helped raise the prices of primary products on the world market, which, in turn, increases the foreign-exchange income of the African countries engaged in exporting primary products. It improves their foreign trade climate and strengthens their payment capabilities.

Now that the African economy has been growing at a rate of 5 to 6 percent annually, some credit should go to the Chinese factor.

For example, the once war-torn Angola has been enjoying double-digit economic growth in recent years because China helped build the country's infrastructure. It also made large investments in the country. Last year, the Angolan economy grew at a rate as high as 17 per cent.

Stopping aid and loans to Africa is not the right prescription to avoid a new round of debt crisis. The countries urgently need development capital.

Instead, attention ought to be paid to raising the impact of the aid and loans so that African recipients can improve their own payment capabilities through economic progress and step out from the vicious cycle of piling on new debt to pay off existing debt.

Africans themselves see this clearly. After last year's G8 Summit, finance ministers of many African countries made it clear that Africa urgently needed loans and investments from China.

Abdoulaye Diop, Senegal's finance minister, said that the loans provided by the World Bank, the International Monetary Fund and the African Development Fund are slow in coming and weighted down with numerous conditions.

In contrast, aid and loans from China come through quickly with no conditions attached. And African countries don't have to sacrifice their sovereignty and dignity in acquiring these loans and aid. So, African nations widely favor Chinese aid and credits.

The author is a researcher with the Institute for West Asian and African Studies, Chinese Academy of Social Sciences

source: http://www.chinadaily.com.cn/opinion/2007-06/06/content_888060.htm