BURUNDI :
RWANDA
Kigali — The external support to Rwanda’s budget of the fiscal year 2010-2011 is expected to increase by 26.7 percent, a newly released policy statement says. The National Bank of Rwanda (BNR) said in the statement that direct budget support, particularly from development partners, will increase to $ 519 million in 2010 from $ 409.6 released last year. According to the Minister for Finance and Economic Planning, John Rwangombwa, the increment was published after several consultations and the government is positive that the donors will deliver on their promises. “The indicated increase in budget support is based on firm commitments we have already received from our development partners. So we are assured of getting it,” he said. The development comes as Rwanda continues to work toward depending less on foreign aid to support its budget. The World Bank has already contributed $91 million, the European Union $80.5m, the United Kingdom $63.1m, the African Development Bank $27.6 m and Germany $15.2m. Most of the funding will be available in the first two quarters of the 2010/11 Financial year. Rwanda will also receive additional funding of $39.3m through the Joint Financing Mechanisms. The government increased spending by 24 percent in the 2009/10 fiscal year compared to 2008 to stimulate the economy and safeguard against the global slump. The Ministry of Finance says that to counter a liquidity problem which hit early last year, the government negotiated credit lines for long-term loans from the African Development Bank, European Union Investment Bank and the International Finance Corporation. Rwanda: Radisson to Manage Convention Centre Kigali — A renowned Belgium-based hotel group will take over the management of the Kigali Hotel and Convention Centre complex when complete, The New Times has learnt. Leopold Mukama, the Managing Director of Ultimate Concepts -the company in charge of the multi-million dollar project, confirmed the developments in an interview yesterday. “We shall still remain owners and they will do the management part of it. We actually did a lot of lobbying to have them come here,” Mukama said. Under its brand – Radisson Hotels, the acquisition will make Rwanda the 62nd country on its global portfolio. “They are the biggest in Europe and we are proud to be associated with them,” Mukama added. Media reports quote Kurt Ritter, the Chief Executive Officer of Rezidor, the company that owns the Radisson hotel chain, as saying that their entry into the Rwandan market is a testimony of the favorable investment climate in the country. “This signing symbolizes the new optimism investors have in Rwanda, and further underlines our strong commitment to Africa – this emerging and promising continent is one of our key areas for future business development,” Kurt Ritter said. Besides 292 guest rooms, the hotel will have six food and beverage outlets, a spa and fitness centre, an outdoor swimming pool, and boutique retail shops. The adjacent convention centre will have a net floor area of 32,000 square metres, which will house a multipurpose arena with a capacity of up to 2,600 delegates, 7 sub-divisible conference rooms and 10 smaller meeting rooms. UGANDA
Police: Uganda landslides kill 30; 100 missing KAMPALA, Uganda — A police commander in Uganda says landslides in the country’s east have killed more than 30 people and left more than 100 missing. Joel Aguma says the landslides occurred overnight about 170 miles (275 kilometers) east of the capital, Kampala, in the mountainous region of Bududa. Police and rescuers headed to the site early Tuesday. The Bududa region has long suffered from landslides. UGANDA: Online protest keeps spotlight on anti-gay bill 2 March 2010/ (PlusNews) KAMPALA – More than 450,000 people have signed an online petition urging Uganda’s parliament to drop a bill that would impose the death sentence for the crime of “aggravated homosexuality” – when an HIV-positive person has sex with anyone who is disabled or under the age of 18. Presenting the petition to the speaker of Uganda’s Parliament, Edward Ssekandi, on 1 March, AIDS activists – including founder of national NGO, The AIDS Support Organization, Noerine Kaleeba and Canon Gideon Byamugisha, the first religious leader to publicly declare that he was living with HIV – said if the bill was passed, it would roll back the gains made in fighting HIV in Uganda. Responding to the petition, Ssekandi said it could not be withdrawn at this stage, not even by the MP who tabled it; but he assured the activists that their concerns would be passed on to the legislature. The Anti-Homosexuality Bill 2009 – a private member’s bill first tabled by ruling party MP David Bahati in October 2009 – is due for discussion this month. Homosexuality is illegal in Uganda, but the new law would impose more stringent punishments for homosexual activity, while compelling people in authority with knowledge of such activity to report it or face criminal charges. “The bill creates a situation where [homosexual] people living with HIV will be denied treatment,” said Major Rubaramira Ruranga, a retired army officer who has lived publicly with HIV for more than two decades. “We do not need a new law that picks one section of society and says this should be punished,” he added. However, Ruranga said there was one positive aspect to the controversy. “[The bill] is an opportunity – whether it is passed or not – because people will begin to talk about sexuality,” he said. Stigma “It is not easy to access medical services; we have private people who treat us but they charge us [a great deal] because they are very few,” said Julian Pepe Onziema, programmes coordinator of the rights group, Sexual Minorities Uganda. “When you go to the doctor you have to give them a medical history; the bill will make this even harder.” AIDS activists also argue that the continued stigmatization of homosexuality will drive homosexuals and bisexuals further underground, reducing their access to HIV prevention and care services and increasing their vulnerability to HIV. Men who have sex with men are considered a most at-risk population, but there are no national HIV strategies addressing their needs. “If the government does not come out to help minorities, HIV is coming back; I know many married people who are bi-sexual,” said Dennis Wamala, programmes coordinator for Ice Breakers, a local gay rights organization. “Family values” Debate on the bill will go ahead despite Uganda’s President Yoweri Museveni distancing himself from it amid calls from international leaders for its withdrawal. President Barack Obama in February referred to the bill as “odious”, noting that it was “unconscionable to target gays and lesbians for who they are”. Despite international outrage, the bill has remained fairly popular in Uganda, where proponents argue that homosexuality goes against the country’s “family values”. In February, hundreds of residents of the eastern city of Jinja held a demonstration supporting the bill, with protesters’ signs admonishing western leaders such as Obama to “leave Uganda alone”. The bill’s agenda is to strengthen the nation’s capacity to deal with “emerging internal and external threats to the traditional heterosexual family” and to protect Uganda’s “cherished culture”. Roman Catholic and Anglican leaders have rejected the bill, but have said they will back it if the death penalty clause is removed. en/kr/mw Uganda: Learn What Moves Forex Rates in Your Favour The World Cup fever is upon us and the Africa Cup of nations was a perfect starter of things to come. For many Ugandans and I guess our brothers elsewhere in Africa, the rate at which the South African Rand is trading against the respective local currency is being keenly tracked (I hope). So where do you think the Rand will trade against the Uganda shilling in June 2010? As a currency dealer I get asked this question especially about the US Dollar / Ugx exchange rate at least 50 times a day. Sometimes I wish I could calmly say; “if it is does not go up, it will go down,” because on so many occasions that is the only thing that one is sure of. A few pointers give us the much needed clues on which direction the rate will go. First, the central bank every so often comes out with a clear message/policy statement on the exchange rate, what their expectations are and this in itself is a strong signal. Secondly, most businesses in Uganda pay VAT and excise duty in the middle of the month and as such use up their shillings to meet these tax obligations meaning demand for the mighty dollar will fall which usually translates in a mid month drop in the forex rates. Thirdly, a number of international corporations/companies buy dividends at predictable times during the year i.e. one or two months after their financial year end, as this is when they have full audited accounts. These companies make profits in shillings but remit dollars to their parent companies. The dividend purchases are usually a substantial amount leading to huge movements up in the US dollar rate and on many occasions prompt an intervention from Bank of Uganda. Then there are the two coffee seasons when our farmers harvest their crop and sell to the coffee traders. These traders will have received dollars for the coffee they exported earlier and will be converting these dollars for shillings increasing the supply of dollars. This goes for fish, tea, tobacco and flower exports which are seasonal and happen at predictable times in the year. Another invaluable source of information is media reports on a major factory or hotel being built by a foreign company, an acquisition of a telecom company by a foreign investor, a new bank licensed by Bank of Uganda, these sorts of deals more often than not will translate into inflows of dollars or forex into the market which if substantial will move the market down. We also have the impact of relief efforts for natural disasters happening in the country or region. In the event that the substantial forex funding for these relief efforts is channeled through Uganda, then this will increase availability of dollars which more often than not will translate into the rate going down. Now, when the oil kicks in this will add more flavour and more players to our Ugandan market, this phenomenon alone will completely change the fundamentals, which is the “technical “jargon for what I have tried to out line above. Then again, the elections are around the corner and anything can happen so forget about everything I have said and just keep as close as you can to your currency dealer. Ms Grace Makoko is an employee of Standard Chartered Bank TANZANIA:
Paul Chandler, from Tunbridge Wells, Kent, and his wife Rachel have been detained for more than four months after they were captured while sailing from the Seychelles towards Tanzania. In a telephone interview with a Somali television station shown on ITV News At Ten, Mrs Chandler, who has recently appeared gaunt in pictures, said: “I’m obviously very tormented and very, very lonely and worried.” She added: “I spoke to him six, seven or eight days ago but they don’t let us, we’re not together, we’ve not seen one another for five weeks now but I was allowed to speak to him.” During the interview, recorded approximately two weeks ago, Mr Chandler described their forced partition as “torture”. He said: “I don’t understand this. This is torture and we have never in our married life been apart this long and we have our anniversary next Sunday. We will have been married 29 years.” After being told that the Somali community in the UK is doing what it can to help aid their release, Mrs Chandler added: “It’s very nice to know that the Somali community and the UK are concerned about me, I am very grateful.” The British Government has refused to pay a ransom for the couple and called for their immediate release. Foreign Secretary David Miliband earlier said the Government was “working very hard” and nobody would be satisfied until the couple returned home safely. Officials are in contact with the couple’s family. DJ Tanzania Govt Mulls Buying Barrick Gold Corp Shares-Paper Mar 02, 2010 (Dow Jones Commodities News Select via Comtex) — The Tanzanian government is considering buying some shares from its largest gold producer, Barrick Gold Corp. ( ABX | Quote | Chart | News | PowerRating) which is in the process of listing African Barrick Gold in London this month, the Guardian newspaper reports Tuesday. The government is waiting for Barrick to give information on the share listing before considering buying them, the privately owned Tanzanian daily quoted Finance and Economics Affairs deputy minister, Omar Yussuf Mzee, as saying. He added that individual Tanzanian nationals would also be free to buy the said shares. Last month, Barrick formed Africa Barrick Gold and it hopes to raise at least $1 billion from the initial public offer on the London Stock Exchange. Barrick operates four of Tanzania six large-scale gold mines. Tanzania is Africa’s fourth largest gold producer after South Africa, Ghana and Mali. Newspaper Web site: www.ippmedia.com -By Nicholas Bariyo, contributing to Dow Jones Newswires; 256-75-2624615 bariyonic@yahoo.co.uk Air Tanzania B737-200 crashes in Mwanza www.eturbonews.com/By Wolfgang H. Thome, eTN / Mar 02, 2010 It was confirmed by sources at Mwanza Airport that while on the take off run some of the aircraft’s tires burst, sending the plane into a skid from which the crew was unable to recover, before it eventually slid off the runway to a halt. The plane suffered extensive damage to the undercarriage, when the nose gear collapsed under the strain. The hull and at least one of the engines were also damaged, but all passengers and crew escaped without serious injuries. The airport was closed for a period of time, to permit debris to be cleared from the runway. It was eventually re-opened for traffic again. The weather at the time of the accident was reported to be fine and was not a factor in the accident. It could not be established if the condition of the tires has caused the accident. There is now growing speculation though, that the financial state of the airline may finally had come home, undermining its ability to properly maintain the fleet, and change tyres earlier, rather than waiting until absolute minimum useable condition has been reached. ATC was subject to a regulatory withdrawal of its air operators’ certificate some time ago, over unresolved issues with ‘documentation’ related to maintenance, and has not been able to recover from the loss of business and customer confidence ever since. The Tanzanian government has been trying to find a strategic investor for years now but this too has failed. The latest accident will definately do more damage to the government’s attempts to ‘offload’ its national airline to a foreign carrier, considering pending labour disputes in addition to the technical questions now on the table again. It could not be ascertained at this time if the Tanzanian CAA is again slapping a ban on the airline by suspending their AOC, which would likely be the final curtain call for Air Tanzania. CONGO RDC :
KENYA :
U.S. Ups Criticism, Pressure On Kenya NAIROBI, Kenya—The U.S. stepped up its harsh criticism of Kenya, raising again the threat of sanctions against a longtime east African ally that has become riddled with infighting and allegations of corruption. “Nothing’s off the table,” said Karl Wycoff, the deputy assistant secretary of state for African Affairs, referring to steps Washington is willing to take as it urges Kenya to crack down on political violence and root out corruption. Washington’s hard line against Kenya began building after the disputed 2007 presidential elections sparked ethnic clashes that killed more than 1,300 people and displaced tens of thousands more. Rivals Mwai Kibaki and Raila Odinga agreed to a internationally brokered power-sharing deal that made them president and prime minister, respectively. They pledged to work together to end ethnic disputes and overhaul the country’s colonial-holdover constitution. Two years later, however, their coalition government reamains shaky and the country is on edge. The U.S. is increasingly impatient for the government to take steps to punish those responsible for the postelection violence, crack down on corruption and amend the constitution. “We will not hesitate to give our opinions when we feel that’s what needs to be done,” Mr. Wycoff said. “We will take strong actions when we think that’s what needs to be done to move the reform process forward.” Kenyan officials have bristled at U.S. pressure. Kenyan government spokesman Alfred Mutua called the pattern of U.S. criticism and threats condescending. “Their policy is playing to the [Kenyan public] gallery, which we call activism diplomacy,” he said, calling the warnings on travel bans part of “a big bully blackmail system.” The U.S. believes now is the time to push, a senior U.S. official said, in part because the U.S. enjoys wide support among Kenyans that deepened with the election of Barack Obama. Washington also sees a grass-roots move toward change among Kenyans weary of backbiting politics and scandals. And officials want to move before politicians turn back to campaigning ahead of elections in 2012. The U.S. push in Kenya—a bastion of stability in an east Africa region that includes the war-torn states of Somalia and Sudan—contrasts with its more subtle approach toward neighbors including Ethiopia, an ally of the U.S. in its fight against terrorism that has been accused of human-rights abuses related to political violence. “There may or may not be such windows of opportunity in other countries,” the U.S. official said. “But Washington is looking at this particularly as a very unique, historic opportunity to bring about real change.” In October, Washington banned U.S. entry to Kenya’s attorney general, who it said had obstructed anticorruption efforts. It has issued letters to several other officials threatening similar action. The most recent clash between Kenya’s top leaders followed two corruption scandals over the past several months. In one, an independent auditor alleged the Agriculture Ministry had sold its reserve grain to shell companies that marked it up, raising market prices as people went hungry in rural areas. In another case, about $1 million in funds disappeared from a fund for free primary education. Mr. Odinga, the prime minister, suspended the two ministers. Mr. Kibaki reinstated them. The dispute threatened to inflame ethnic tensions: After Mr. Odinga’s announcement, makeshift roadblocks—often a precursor to ethnic violence—sprang up in Eldoret, which saw some of the worst violence in 2008. The two leaders met Sunday and said they repaired their rift, adding they remain committed to their partnership. The government spokesman said the government is expected to hold a referendum on the new constitution by the year’s end, a move toward spreading power beyond the president and establishing a more accountable system of government. “We are progressing very well,” he said. “But it is not because of the U.S.’s so-called interference.” Kenya Moves Closer to Releasing a New Constitution After Two Decades of Waiting www.newstimeafrica.com/written by Paul Mwaura /Tuesday, March 2nd, 2010 According to the Constitutional Review Act, PSC cannot make major alterations to the draft but can present in parliament with recommendations which will be handed over to the experts to incorporate them. The draft is proposing a Presidential System of government and 47 Counties. Also proposed is a 68-member Senate with powers to debate and Impeach the President and his deputy and laws relating to the counties. Further the draft want all Judges to be vetted afresh while the Provincial Administration be restructured to reflect the new devolved system. After the expiry of the 30 day The Attorney General will be required to publish the proposed law before the envisaged referendum slated for between June and July. Should the program be followed, a new Constitution is expected in early August BU health center tests AIDS impact on workers For nearly a decade, health researchers from Boston University have studied the impact of HIV and AIDS on tea plantation workers in Kenya’s lush western highlands. As more workers have gone on antiretroviral drugs to treat the symptoms, the researchers have also examined how well laborers are able to return to work once the drugs are working. This applied research was carried out in the Kenyan tea town of Kericho, led by the team from the BU Center for Global Health and Development. Their work is captured in vivid depth in a package of articles and videos posted today on the BU Today news web site. It’s also the cover story on the quarterly alumni magazine, Bostonia. In November, the research team, led by Dr. Jonathon Simon, met with the plantation executives and local health officials to present the results they had compiled in a preliminary research study published in July in the Boston Medical Center Public Health journal: HIV-positive men, it turned out, are able to return to work with nearly full energy once on retrovirals. Women, however, often find it harder to resume full work in the fields, although they can return to other less strenuous work on the plantations. The research has been conducted with the Kenya Medical Research Institute and the Walter Reed Army Institute of Research. Simon is director of the BU global health center as well as principal researcher on the Kenya project. The BU website account quotes Dr. Josephine Maende, a physician who works in a tea estate hospital, as saying: “We were very pleased to see these reports coming in. They affirm what we’ve been seeing: that even patients who were quite sick could take their drugs and return to work. We’re hoping this study will encourage the company to get people to come for testing much sooner, so we can start treatment before their productivity goes down. This is a very good incentive for better, earlier care.” Kenya shilling eases slightly against dollar NAIROBI (Reuters) – The Kenyan shilling weakened slightly against the dollar on Tuesday, with demand for the U.S. currency from the energy sector cutting back gains made thanks to inflows from the agriculture sector, traders said. At 0807 GMT, commercial banks quoted the local currency at 77.00/10 to the dollar, compared with Monday’s close of 76.90/77.00. “There was some small sale from the agriculture sector, but now it looks like there’s no more flows coming in,” said Steve Lagat, a trader at CFC Stanbic Bank. “There’s always continuous demand from the energy sector. But again the market is a bit quiet at the moment.” Traders said the shilling was also under pressure as the dollar had firmed against major world currencies such as sterling. “It’s mostly deriving weakness from corporate demand and a globally stronger dollar overnight,” said Dickson Magecha, head of trading at Diamond Trust Bank. The shilling is expected to trade in the 76.70-77.40 range in the coming days, traders said. ANGOLA :
SOUTH AFRICA:
Supersport journalists targeted in Nigerian kidnapping The Niger Delta is currently the scene of ongoing conflict which has its origins in the early 1990s over tensions between the foreign oil corporations and a number of the Niger Delta’s minority ethnic groups who felt they were being exploited. Competition for oil wealth has also fueled violence between innumerable ethnic groups, causing the militarisation of nearly the entire region by ethnic militia groups as well as Nigerian military and police forces. Kidnapping in southern Nigeria had fallen since July 2009, following a lull in the wake of a government amnesty which led to thousands of militants laying down their arms. This was however rudely interrupted in January when three British oil workers were kidnapped and later freed after their ransom was paid. Militants fighting the government for what they claim to be a fairer share of Nigeria’s oil wealth use kidnapping for ransom as a means of raising funds. SuperSport are the South Africa-based television sports network which distributes its programmes via satellite throughout Africa. Attacks against journalists aren’t uncommon in Nigeria, a country where corruption pervades government and business. A political reporter and editor for a Nigerian newspaper was killed by gunmen at his home in September and beatings happen during elections and police actions. However, an attack on sports journalists remains something unique in a country where soccer reigns supreme. According to a report from iAfrica the “attackers ordered out more than 20 people inside the bus and took away the three and the bus.” This would suggest that the three were targeted for kidnapping and ransom. Nigeria is the second largest economy in Africa and it’s fastest growing yet despite £60 billion in annual revenue from oil the vast majority of its people still live in poverty. World-wide shark attacks slightly up Tuesday March 02, 2010/tvnz.co.nz/Source: Newstalk ZB The annual shark attack report is out, detailing 65 incidents world wide last year, including five fatal attacks. That is slightly up on the year before. All of the deaths were in South Africa except one, in New Caledonia. George Burgess, the director of a shark research programme in Florida, says in the grand scheme of things, shark attacks are very rare. He says literally hundreds of millions of people go into the water every year. The US led the world with 28 attacks, followed by 20 in Australia and six in South Africa. More than half were on surfers. Glittering reception for South Africa’s president Mr Zuma will be a guest of the Queen at Buckingham Palace with Thobeka Madiba Zuma, one of his three wives and the newest. Viscount Brookeborough, Lord-in-Waiting, will greet the president on behalf of the monarch at Heathrow airport. But the official welcome to Britain for the South Africans is staged on Wednesday when British pomp and ceremony will be on full display. Traditionally visiting heads of state receive a ceremonial greeting on Horse Guards Parade in Whitehall where the Queen and the Duke of Edinburgh formally greet their guests. Mr Zuma and the Duke will review a Guard of Honour before joining the monarch and Mrs Zuma for a state carriage procession along the Mall to Buckingham Palace. Gordon Brown will miss Prime Minister’s questions on Wednesday to take part in the welcoming ceremony. The British leader will hold talks with the president on Thursday when Zimbabwe is expected to be high on the agenda as well as climate change, the global economy and the football World Cup, which South Africa is hosting this summer and England hopes to host in 2018. The president and Mrs Zuma will also visit the former home of anti-apartheid politician Oliver Tambo in Muswell Hill, north London. In the evening, The Queen will give a state banquet for the president – a glittering affair staged in Buckingham Palace’s lavish ballroom. Highlights of Thursday’s events will see the presidential couple visit the Olympic Park in Stratford, with Olympics minister Tessa Jowell. Later that evening Mr Zuma will give a speech during a banquet at the Guildhall hosted by the Lord Mayor of London. Friday is the final day of the state visit when Mr Zuma formally says goodbye to the Queen before he visits the Prince of Wales at Clarence House. Israel has its faults, but apartheid isn’t one of them By Richard Cohen/www.washingtonpost.com/Tuesday, March 2, 2010 Toward the end of last year, Jimmy Carter apologized for some of his very harsh statements about Israel. In an “open letter to the Jewish community” — and with a vagueness that ill becomes him — he airily mentioned criticisms that “stigmatize Israel” but omitted his own contribution: the implication that Israel is, like the racist South Africa of old, an “apartheid” state. Carter used the term in his book “Palestine: Peace Not Apartheid.” It could be argued that he meant the label to apply only to the West Bank, but even so the use of the term was incorrect and deliberatively provocative. Carter was waving the bloody shirt of racism, and he knew it. What can be said about others who apply the term to Israel in general? No apology has come from them — and the way things are going, none will be forthcoming. The use of the word has become commonplace — Google “Israel and apartheid” and you will see that the two are linked in cyberspace, as love and marriage are in at least one song. The meaning is clear: Israel is a state where political and civil rights are withheld on the basis of race and race alone. This is not the case. The Israel of today and the South Africa of yesterday have almost nothing in common. In South Africa, the minority white population harshly ruled the majority black population. Nonwhites were denied civil rights, and in 1958, they were even deprived of citizenship. In contrast, Israeli Arabs, about one-fifth of the country, have the same civil and political rights as do Israeli Jews. Arabs sit in the Knesset and serve in the military, although most are exempt from the draft. Whatever this is — and it looks suspiciously like a liberal democracy — it cannot be apartheid. The West Bank, more or less under Israeli military rule, is a different matter. But it is not part of Israel proper, and under every conceivable peace plan — including those proposed by Israeli governments — almost all of it will revert to the Palestinian Authority and become the heartland of a Palestinian state. Yet Israel’s critics continue to hurl the apartheid epithet at the state when they have to know, or they ought to know, that it is a calumny. Interestingly, they do not use it for Saudi Arabia, which maintains as perfect a system of gender apartheid as can be imagined — women can’t even drive, never mind vote — or elsewhere in the Arab world, where Palestinians sometimes have fewer rights than they do in Israel. A recent op-ed on Israel in the Financial Times employs the word apartheid several times. Some of the time it seems to be applied to the West Bank, but other times it is applied to Israel proper. Either way, this shoe doesn’t fit. (Security concerns are not rooted in racism.) The author of the piece is Henry Siegman, a harsh critic of Israeli policies and a former executive director of the American Jewish Congress, so anti-Semitism is not the issue here — just sound judgment. Sometimes impatience can lead to imprudence. But anti-Semitism is not so easily dismissed with others. This is “Israeli Apartheid Week” on campuses across the world, and it is clear that what furiously animates many of the protesters are not legitimate grievances but imaginary ones. Israel is not above criticism and the Palestinians have their case, but when that case is constructed out of lies about the Jewish state, it not only represents a wholly unoriginal cover of some old anti-Semitic ditties but also denigrates the Palestinian cause. It does not need lies. As for Israel, its critics do it no good when they couch their criticism in insults. Years of this sort of stuff have made Israel tone-deaf to legitimate criticism and exasperated with any attempt to find fault. That’s why Israel refused to cooperate with the South African jurist Richard Goldstone when, on behalf of the United Nations, he looked into alleged war crimes. The United Nations had once equated Zionism with racism. After that, it was hard to care what the United Nations thought. To Carter’s credit, he must have understood that a hunk of his audience had stopped listening. He was right to apologize, wrong not to have been more specific and a bit late in appreciating the damage he’s done. Israel has its faults, (don’t get me started), but it is not motivated by racism. That’s more than can be said for many of its critics. South African Stocks: Hyprop, Richemont, SABMiller Shares Move March 2 (Bloomberg) — South Africa’s FTSE/JSE Africa All Share Index rose for a third day, gaining 136.48, or 0.5 percent, to 27,162.50 by 10:35 a.m. in Johannesburg. The following are among the most active stocks in the South African market today. Cie Financiere Richemont SA (CFR SJ), the Swiss jeweller, climbed 75 cents, or 2.8 percent, to 27.05 rand, heading for its highest close since at 1990. Swiss economic growth accelerated more than economists forecast in the fourth quarter as exports helped the recovery gain traction. Hyprop Investments Ltd. (HYP SJ) advanced 54 cents, or 1.1 percent, to 49.74 rand. The real-estate investor said its distribution in the year through December rose 6.5 percent to 3.28 rand per unit and the company’s distribution for the 2010 fiscal year will probably increase by as much as 9.5 percent. SABMiller Plc (SAB SJ) increased 1.26 rand, or 0.6 percent, to 204.75 rand, extending yesterday’s 2.8 percent gain. The brewer may sell 12 million more units of beer at this year’s soccer World Cup if it capitalizes on the decision by Anheuser- Busch InBev NV not to sell Budweiser at fan parks in the nine host cities, Alastair Hewitt, the head of SABMiller’s World Cup strategy said in an interview in Johannesburg yesterday. –Editor: Stephen Kirkland. AFRICA / AU :
AngloGold, Massmart, SABMiller: South African Equity Preview March 2 (Bloomberg) — The following stocks may rise or fall in South Africa. Symbols are in parentheses and prices are from the last close. The FTSE/JSE Africa All Share Index rose 261.41, or 1 percent, to 27,026.02 in Johannesburg. AngloGold Ashanti Ltd. (ANG SJ): Africa’s largest producer of the precious metal plans to start talks with union workers about reducing labor expenses if attrition fails to lower them sufficiently. AngloGold fell 3.39 rand, or 1.2 percent, to 273.60 rand. BHP Billiton Ltd. (BIL SJ): The world’s largest mining company, together with Rio Tinto Group and Fortescue Metals Group Ltd., may be missing out on about $20 billion of sales a year by not selling iron ore mined in Australia at cash prices, said Goldman Sachs JBWere Pty. BHP rose 1.45 rand, or 0.6 percent, to 232.50 rand. Highveld Steel & Vanadium Corp. (HVL SJ): The Evraz Group SA unit holds a briefing on management changes. Highveld shares gained 1.25 rand, or 1.9 percent, to 68.75 rand. Hyprop Investments Ltd. (HYP SJ): The real-estate investor said its distribution in the year through December rose 6.5 percent to 3.28 rand per unit. The company’s distribution for the 2010 fiscal year will probably climb by as much as 9.5 percent, it said. Shares in the company fell 79 cents, or 1.6 percent, to 49.20 rand. Redefine Income Fund Ltd. (RDF SJ): The real-estate company said it’s in talk about possibly increasing its stake in Hyprop. Redefine’s shares fell 11 cents, or 1.5 percent, to 7.47 rand. Kap International Holdings Ltd. (KAP SJ): The car-parts and clothing manufacturer said net income rose to 47.9 million rand ($6.3 million) in the six months through December, from 12.8 million rand a year earlier. The shares were unchanged at 2.50 rand. Lonmin Plc (LON SJ): The world’s third-largest platinum producer’s Chief Executive Officer Ian Farmer said the company plans output of 850,000 platinum ounces by 2013. Lonmin dropped 2.29 rand, or 1.1 percent, to 208.50 rand. Massmart Holdings Ltd. (MSM SJ): Nedgroup Securities analyst Syd Vianello cut his recommendation on South Africa’s largest food and general-goods wholesaler to “sell” from “hold,” with a share-price estimate of 90.40 rand. Massmart rose 1.39 rand, or 1.5 percent, to 93.10 rand. Merafe Resources Ltd. (MRF SJ): The mining company posted an annual loss of 152.3 million rand for the 12 months through December, compared with a profit of 1.03 billion rand a year earlier. The shares were unchanged at 1.45 rand. Metorex Ltd. (MTX SJ): The copper producer said fiscal first-half profit before one-time items fell to 105.4 million rand from 182.9 million rand a year earlier. The shares rose 21 cents, or 5.7 percent, to 3.87 rand. SABMiller Plc (SAB SJ): The brewer may sell 12 million more units of beer at this year’s soccer World Cup if it capitalizes on the decision by Anheuser-Busch InBev NV not to sell Budweiser at fan parks in the nine host cities. The stock rose 5.49 rand, or 2.8 percent, to 203.49 rand. Steinhoff International Holdings Ltd. (SHF SJ): Africa’s largest furniture manufacturer releases first-half earnings. The shares rose 8 cents, or 0.4 percent, to 19.20 rand. Tongaat Hulett Ltd. (TON SJ): The South African sugar producer holds a briefing on its first-half results. The shares fell 1.41 rand, or 1.4 percent, to 96.75 rand. York Timber Holdings Ltd. (YRK SJ): The lumber producer said it expects to report basic earnings per share excluding one-time items of between 1.39 rand and 1.69 rand for the six months though December. The shares fell 3 cents, or 0.9 percent, to 3.17 rand. Shares or American depositary receipts of the following South African companies closed as follows: Anglo American Plc (AAUKY US) increased 1.5 percent to $18.44. AngloGold Ashanti Ltd. (AU US) fell 0.7 percent to $36.12. BHP Billiton Plc (BBL US) rose 2.3 percent to $63.20. DRDGold Ltd. (DROOY US) gained 2.6 percent to $6.22. Gold Fields Ltd. (GFI US) advanced 0.6 percent to $11.56. Harmony Gold Mining Co. (HMY US) rallied 3.3 to $9.43. Impala Platinum Holdings (IMPUY US) gained 1.1 percent to $24.78. Sappi Ltd. (SPP US) rose 5.1 percent to $3.94. Sasol Ltd. (SSL US) increased 2.5 percent to $37.55. –With assistance by Janice Kew in Johannesburg. Editors: Alastair Reed, Vernon Wessels. Nigerien junta names transition government english.people.com.cn/Source: Xinhua/ March 02, 2010 The transition government is composed of 22 members, including junta head Salou Djibo. The lineup also includes Prime Minister Mahamadou Danda and 20 ministers, among them five from the army. The five officers are Gen. Mamadou Ousseini, who was named defense minister; Gen. Ma- Manga Oumara, minister of youths and sports; Gen. Abdou Kaza, minister of water, environment and fight against decertification; Col. Ahmed Mohamed, minister of transport and tourism; and Col. Diallo Amadou, minister of public works. The civilian members are all technocrats who are not well known to the public. None of the people, especially from the civil society who were fighting against the unconstitutional regime of Tandja, have been included in this transition government. According to observers, the government has its priorities as combatting famine which has ravaged most parts of the country, organizing free and fair elections and cleaning up the socio- political and economic sectors of the country by fighting corruption and impunity. Danda was named by the military regime as the prime minister on Feb. 23. However, according to information that was made public on that same day, the president of CSRD, the strong man Djibo, will play the role of the head of state and government until the election of the new government and the establishment of the new institutions. The Feb. 18 coup was condemned by various international and regional organizations, including the United Nations, the African Union (AU) and the Economic Community of West African States (ECOWAS). The 53-member AU suspended Niger. The junta has promised to hold the presidential elections so that they can return power to the civilians, without elaborating on the duration of the transition. The coup came after Tandja, 72, put a new constitution in place last year to scrap the two-term limit for the presidency ahead of the end of his tenure on Dec. 22. The move sparked an uproar from the domestic opposition and the international community. ECOWAS suspended Niger late last year to press for its return to the constitutional order. Tandja, his prime minister Ali Bagjo Gamatie and five cabinet ministers have been kept in detention for “safety,” according to the junta. On Sunday, four parties of the former ruling coalition in Niger called for the release of the deposed president and all the other people arrested after the coup. In a joint declaration, the parties known as Daraja, PDP Annour, PMT Albarka and Uni-Independants also condemned “the use of arms and violence as a way of resolving political differences among Nigerien people.” They decried “the demolition of the Republic’s institution.” This was the first reaction from the former ruling coalition to the coup launched by the military against the regime of Tandja. The military coup in Niger was the latest in a series in Africa, especially in West Africa. On Dec. 23, 2008, a group of military officers launched a coup to take over power in Guinea, where the junta agreed in January to surrender power to a transitional government pending a presidential election within six months. On Aug. 6, 2008, the military took over power in Mauritania before the country held the presidential elections on July 18, 2009 to end the crisis. Early last month, African leaders said at their summit in Addis Ababa, Ethiopia, that they would intensify the fight against a rising tide of coups on the continent. The new AU chairman, Malawian President Bingu wa Mutharika, vowed “never again” to conflict and war in Africa. UN /ONU :
The Irish Times/JODY CLARKE in Nairobi/ Tuesday, March 2, 2010 MILITANTS IN Somalia are preventing food from reaching 625,000 people, a UN World Food Programme (WFP) spokesman said yesterday, a day after the food agency was banned by the Islamist group from working in the impoverished country. Trucks carrying food aid have not been allowed to pass through the Afgooye corridor near the capital, Mogadishu, for two weeks, WFP spokesman Peter Smerdon said, preventing the agency from reaching the most needy people. “We aim to feed 2.5 million people in Somalia in 2010,” said Mr Smerdon. “But we are prevented from reaching 625,000 because they are in al-Shabab-controlled areas.” Al-Shabab released a statement on Sunday accusing the WFP of undermining local farmers by distributing imported food for free. “Somali farmers are having a hard time selling their produce because WFP distributes food aid across the regions and that is demoralising,” the al-Qaeda-affiliated militant group said. “The organisation has been completely banned.” Al-Shabab also accused the agency of having a political agenda and supporting “apostates”, or those who have renounced Islam. Responding to al-Shabab’s allegations, Mr Smerdon said the WFP was “determined to help the people of Somalia who are in need of assistance regardless of where they live as long as it is safe for our staff to do so”. In this, he was backed by the country’s western-supported transitional government, who said it was determined that the WFP continue in its work. “The food aid provided by the WFP is very important for Somali people who face several problems, including violence and drought,” Sheikh Yusuf Mohamed Siad Indha’ade, Somalia’s state minister of defence, told reporters in Mogadishu. “Therefore, I call for the WFP to continue its operations in Somalia, especially under the areas of government control.” The UN agency is feeding people in the north and central part of the country around Mogadishu, where the transitional government, backed by an African Union peacekeeping force, still controls some areas of the capital. The WFP suspended work in southern Somalia in January, saying unacceptable demands by armed groups and rising attacks were making it impossible to work in the region. The demands involved the imposition of 11 conditions on UN agencies operating in the country, including one that they pay a tax of at least $20,000 (€14,800) every six months. The Horn of Africa nation has been embroiled in chaos since the dictator Mohamed Siad Barre was overthrown in 1991. The WFP’s website says famine last August left Somalia “facing its worst humanitarian crisis since the famine of 1991/1992, with half the population – 3.64 million people – now in need of outside assistance”. The UN estimates it will need $689 million to provide aid in 2010 to the Somali population, half of whom are in need of “urgent” humanitarian assistance. Some 1.5 million people are also displaced in the country. UN Special Rapporteurs on Human Rights Urge Uganda to “Shelve” Anti-Homosexuality Bill Today the United Nations Special Rapporteur on Human Rights Defenders, Ms. Margaret Sekaggya, and the Special Rapporteur on Freedom of Expression, Mr. Frank LaRue, urged the Ugandan government to drop–entirely–the the “anti-homosexuality” bill now pending before the Ugandan parliament. The Rapporteurs called the bill a “clear breach of international human rights norms and standards” which, if adopted, would “gravely tarnish the image of Uganda on the regional and international scenes…have an extremely damaging impact on the important and legitimate work of human rights defenders in the country, and…curtail fundamental freedoms.” “The Bill would not only violate the fundamental rights of lesbian, gay, bisexual and transgender Ugandan people,” stressed Margaret Sekaggya and Frank La Rue, “but would also criminalize the legitimate activities of men and women, as well as national and international organizations, who strive for the respect for equality and non-discrimination on the basis of sexual orientation.” “The Bill would further unjustifiably obstruct the exercise of the right to freedoms of opinion and expression, peaceful assembly, and association, by prohibiting the publication and dissemination of materials on homosexuality, as well as funding and sponsoring related activities,” the Special Rapporteurs said. The experts welcomed “the recent attempts made by President Museveni and other members of the Government to prevent the Bill from becoming law, and call on them to redouble their efforts at this crucial time.” “We urge Parliamentarians to refrain from adopting this draconian Bill,” said the independent experts echoing previous statements made by the UN human rights chief, Navi Pillay, and the UN Special Rapporteur on health, Anand Grover. “Adopting the Bill would be in clear breach of international human rights norms and standards contained in the Universal Declaration of Human Rights, the International Covenant on Civil and Political Rights, the Declaration on Human Rights Defenders and the African Charter on Human and Peoples’ Rights,” warned Ms. Sekaggya and Mr. La Rue. “The passage of the Anti-Homosexuality Bill,” they noted, “would also gravely tarnish the image of Uganda on the regional and international scenes.” Chad agrees to peacekeeping mission extension Chad’s president has agreed to extend the mandate of the United Nations peacekeeping force operating in the West African country by two months. Chad’s President Idriss Deby recently demanded the force, known as MINURCAT, leave at the end of its mandate on March 15, raising fears for the hundreds of thousands of refugees living in camps in the east of the country, which borders Sudan’s restive Darfur province. However, UN peacekeeping chief Alain Le Roy told Radio France International on Monday evening that he had persuaded Deby to allow the mission to continue until May 15. Le Roy said that extension would allow time to “find an agreement on the future role” of the peacekeeping force – a 5,000 strong mission which also encompasses the Central African Republic. Niger transitional government named Tuesday, March 02, 2010/english.aljazeera.net The leaders of Niger’s military coup have named a transitional government of 20 ministers. Major Salou Djibo, the leader of the coup which ousted Mamadou Tandja, Niger’s president, announced the formation of the provisional cabinet on state television on Monday. The line-up includes five military officers, but aside from the defence ministry, now headed by General Mamadou Ousseini, the other soldiers have been appointed to relatively minor departments. Mahamadou Danda, the civilian prime minister who has urged the coup leaders to ensure a swift return to democratic rule, keeps the job he was handed last month. Monday’s announcement comes nearly two weeks after the army ousted Tandja after a lengthy dispute in the west African country over his moves to extend his mandate and powers. Return to civilian rule The coup leaders, who call themselves the Supreme Council for the Restoration of Democracy (CSRD), have pledged to return the country to civilian rule as soon as possible. Djibo had said on Sunday that “to ensure a serene and impartial transition, we pledge that no member of the supreme council or of the transition government will be a candidate in the coming presidential elections”, for which no date has been set. “The days of autocratic regimes in this country are over,” he had said, adding that the CSRD’s “only goal is to accompany the return to democracy in our dear homeland”. The leaders of the coup told representatives of the African Union and the regional economic bloc Ecowas last month that they had no intention of holding on to power. The African Union and Ecowas, along with the United Nations, European Union and former colonial power France, all condemned the overthrow of Tandja. But privately, many diplomats believe the coup has created an opportunity to solve the political crisis that began when Tandja changed the constitution last year to broaden and entrench his powers. Tandja’s removal also appears to have been met positively inside Niger, a country rich with uranium resources but ranked last in the UN Human Development Index. Thousands of people turned out on the streets to back the military after the February 18 coup and a coalition of opposition parties, trade unions and human rights groups called on people to show their support for the soldiers. Source: Agencies Israeli Apartheid Week: A call for action By Members of the Columbia chapter of Students for Justice in Palestine/www.columbiaspectator.com/02032010 “We must take this painful step to withdraw from large portions of the West Bank. There are millions of Palestinians in this region. If they vote, this will become a binational state, and if not—an apartheid state.” These words were spoken by Israeli Defense Minister Ehud Barak during a recent speech at Bar-Ilan University. Many prominent Israelis, including former Prime Minister Ehud Olmert, have consistently made the apartheid analogy. Despite the Obama administration’s efforts to halt colonization in the West Bank with “no exceptions,” Israel continues to build without restriction and cuts off Palestinian cities and families from each other, particularly in East Jerusalem. Approximately 24,145 Palestinian homes have been destroyed. In addition, hundreds of Israeli checkpoints strangle movement, nonviolent protesters languish in Israeli prisons without charge, and access to water, education, electricity, and other basic necessities is greatly restricted. Prospects for just negotiations are almost nonexistent. Fortunately, an international grassroots movement committed to drawing attention to Israel’s apartheid practices has gained traction. This week, people around the world will participate in the 6th Annual Israeli Apartheid Week and call for Boycott, Divestment, and Sanctions against Israel. BDS, the movement so instrumental to ending South African apartheid, calls for people to refrain from buying Israeli goods, dissolve contracts with companies and institutions complicit in Israeli apartheid, and push for governmental sanctions against Israel until it grants Palestinians their basic human rights. Eleven days separate the election victory of the South African Nationalist Party on a platform of apartheid on May 26, 1948, and the declaration of the state of Israel on May 15, 1948, yet history has run a different course in both locations, placing one indigenous population on the road to equality and the other in a state of perpetual subjugation. A reevaluation of what went right in South Africa, and what went terribly wrong in Israel, therefore seems to be completely in order. Even those that fought and lived against apartheid, like Nelson Mandela, have sided with the Palestinians and called for an end to the Israeli apartheid system: “The UN took a strong stand against [South African] apartheid. … But we know too well that our freedom is incomplete without the freedom of the Palestinians. During this week, Columbia is working with other New York organizations and universities to showcase a series of events to raise awareness of the plight of the Palestinian people. Today on Columbia’s campus, there will be a mock Apartheid Wall to highlight the eight-meter-high segregation wall that cuts through the West Bank. On Tuesday, expect a joint lecture by Ben White, author of “Israeli Apartheid: A Beginner’s Guide,” Anjali Kamat, producer for Democracy Now!, and Andrew Kadi, human rights activist with Adalah-NY. You might ask why busy Columbia students would spend their weekends building a mock wall and organizing for this week. The answer is twofold: as tax payers who fund the Israeli occupation, with about seven million dollars a day (even in this economy), we are complicit in allowing this to happen with our money. We believe this issue is one of the most urgent of our time. While some may try to distort the meaning of this week, and label it as anti-Semitic or fueled by hate, we wish to clarify: this week is motivated by love and respect for human rights and social justice everywhere and for all people, something that Palestinians have been denied for far too long. Tanya Keilani is a student in the Graduate School of Arts and Sciences. Dayana Khatib is a student in the School of General Studies. Rahim Kurwa is a student in the Graduate School of Arts and Sciences. Alaa Milbes is a student in the Graduate School of Arts and Sciences. Aseel Najib is a Columbia College first-year. Yasmina Rajani is a Columbia College first-year. Fatimah Rimawi is a Barnard College first-year. Alaa Saleh is a first-year in the School of Engineering and Applied Science. Matt Swagler is a student in the Graduate School of Arts and Sciences. Randa Wahbe is a student in the Mailman School of Public Health. Maryam Zohny is a student in the School of International and Public Affairs. USA :
Florida: Shark Attacks Fall in the United States The number of shark attacks in the United States declined to 28 in 2009 from 41 in 2008, according to a University of Florida report released Monday. George Burgess, curator of the International Shark Attack File at the university, said there were 61 attacks worldwide in 2009 and 60 in 2008. The United Stated led the world in the number of attacks last year, followed by Australia, with 20, and South Africa, with 6. The number of attacks in the United States has fallen in each of the past three years, Mr. Burgess said. (AP) CANADA :
Tova Ventures Inc. Announces Details of Qualifying Transaction March 2, 2010/www.marketwatch.com TORONTO, ONTARIO, Mar 01, 2010 (MARKETWIRE via COMTEX) — Tova Ventures Inc. /quotes/comstock/11v!tov.p (CA:TOV.P 0.06, 0.00, 0.00%) (“Tova” or the”Company”), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the “TSX-V”) is pleased to announce the signing of a Letter of Intent (“LOI”), with 0824239 B.C. Ltd (“BC Ltd”) whereby Tova has agreed to acquire all of the issued and outstanding securities of BC Ltd (the “Transaction”). It is expected that the Transaction may be completed by way of a plan of arrangement involving BC Ltd and its securityholders. The proposed Transaction will, when completed, constitute Tova’s Qualifying Transaction pursuant to the policies of the TSX-V. At the close of the Transaction, Tova proposes to change its name to Auryx Gold Corp. or such other name as may be acceptable to the parties, the TSX-V and the registrar of companies, British Columbia. The Company plans to seek graduation to the Toronto Stock Exchange (“TSX”) concurrently with the closing of the Qualifying Transaction. 1. About BC Ltd. BC Ltd was incorporated in February 2007 with the objective of identifying, reviewing, and acquiring precious mineral properties in southern Africa. On 17 February 2010, BC Ltd entered into a Sale and Purchase Agreement (the “SPA”) with Teal Minerals (Barbados) Inc. (“Teal”). Under the terms of the SPA, BC Ltd is acquiring a 100% interest in Teal Namibia (B) Inc. (“Teal Namibia”) which in turn holds a 92% interest in the Otjikoto Gold project and in the Otavi Exploration area, both located in north-central Namibia. The Otjikoto Project and the Otavi Exploration area are commonly jointly referred to as “Otjikoto” or the “Otjikoto Project”. Teal’s last public disclosure of the resource at Otjikoto is the AIF dated 30 June 2008, that can be found on Sedar (www.sedar.com). That document states Otjikoto’s NI43-101 Indicated resource as 23,270,000 tonnes at 1.40 g/t Au for 1,048,500 ounces of gold, and the NI43-101 Inferred resource of 19,400,000 tonnes at 1.40 g/t Au for 877,000 ounces of gold. Otjikoto is accessible from Windhoek, 300 km to the south, via national road B1, the main north-south paved highway in Namibia. Otjikoto has a 33kV power line to site, and power lines of 66kV, 220kV, and 440kV 15 km west of site. Otjikoto is 50 km northeast along B1 from the full service town of Otjiwarongo. The entire Otjikoto Project area consists of three mineral exploration licenses for 193,000 hectares, one mineral exploration renewal application for 49,000 ha, and one new mineral exploration application for 97,000 hectares. Furthermore, Teal Namibia has a 100% interest in one mineral exploration license, which is proximal to Otjikoto, for 97,000 hectares, and seven new mineral exploration applications for 623,000 hectares. BC Ltd was chosen as preferred bidder for the Otjikoto Project in a competitive process managed by Standard Bank of South Africa Ltd. Under the terms of the SPA, BC Ltd has paid a non-refundable deposit of US$1,000,000 and is required to pay the balance (US$29,000,000) on completion of the SPA, not more than 60 days from signature date, or such other date mutually agreeable to Teal and BC Ltd. 2. Proposed Transaction Pursuant to the Transaction, the common shares in the capital of Tova will be consolidated on a 5:1 basis (the “Consolidation”). As consideration for the common shares of BC Ltd acquired, Tova will issue to BC Ltd shareholders one post Consolidation common share (the “Payment Shares”) for each common share of BC Ltd held. The proposed Transaction constitutes an Arm’s Length Qualifying Transaction, per the policies of the TSX-V. Upon completion of the proposed Transaction, the Company will be listed as a mining issuer. The Transaction is subject to compliance with all necessary regulatory and other approvals and certain other terms and conditions, including, but not limited to the approval of the TSX-V and the shareholders of BC Ltd. A further condition precedent to the completion of the Transaction requires that BC Ltd successfully complete the acquisition of all of the issued and outstanding share capital of Teal Namibia. At the close of the Transaction, Tova proposes to change its name to Auryx Gold Corp. or such other name as may be acceptable to the parties, the TSX-V and the registrar of companies, British Columbia. Upon the closing of the proposed Transaction and Concurrent Financing (as defined below), it is not expected that there will be any new insiders of Tova created, other than the proposed new directors and officers. 3. Financing the Acquisition BC Ltd has engaged Macquarie Capital Markets Canada Ltd. to lead a syndicate of agents in a marketed subscription receipt financing of up to CAD 45,000,000 on terms to be determined, but which will be in accordance with the policies of the TSX-V (the “Concurrent Financing”). Tova anticipates applying for an exemption from the sponsorship requirement pursuant to the policies of the TSX-V. THE SECURITIES OF BC LTD TO BE ISSUED IN CONNECTION WITH THE QUALIFYING TRANSACTION WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS. 4. Corporate Matters Following completion of the Transaction, it is expected that the board of the Company will consist of Bongani Mtshisi, George Pirie, Tony Harwood, Alan Friedman, Tim Searcy, and Heye Daun. It is expected that Mr. Searcy will be appointed President, Mr. Daun will be President of Africa & Operations and Mr. Friedman will be Executive Vice President, Corporate Development. Alan Rootenberg will be appointed CFO and Corporate Secretary of the Company. Mr Mtshisi is a mining engineer and founder & CEO of BSC Resources Ltd, an exploration company active in the development of copper & nickel assets in South Africa. Mr Mtshisi has worked for DeBeers and Anglo Platinum and has had exposure to a wide variety of commodities, including coal, diamonds, PGM’s, base metals and gold. Mr. Pirie has over 25 years in all facets of the mining industry, including finance, operations, exploration, and development. He is the former President and CEO of Breakwater Resources Ltd., and the former President and CEO of Placer Dome (CLA) Limited. Mr. Pirie was formerly a director of Paladin Energy, a uranium company with operations in Namibia. Mr. Harwood is a Johannesburg based junior-mining executive and has held executive and director roles with many private and public companies. While the Vice President Generative Exploration (Africa-Eurasia) for Placer Dome Inc, a position he held for 8 years, Mr. Harwood opened Placer’s African office in Johannesburg and subsequent to that, the company acquired interests in two gold mines in Africa. Previously, Mr. Harwood lectured at universities in South Africa and the UK. Mr. Searcy is a Professional Geologist registered in British Columbia. He is the former President and CEO of Luna Gold Corp, and the former VP Business Development of Nautilus Minerals Inc. Mr. Daun is a mining engineer with extensive mine building and finance experience gained working for Rio Tinto, Anglo American and Gold Fields. He is the former Mine Superintendent at Anglogold’s Sadiola & Yatela Mines and a former Mine Manager at Goldfields Tarkwa mine in West Africa. Since 2004 he has been engaged in mining project finance and fund management for the Old Mutual Group and Nedbank Capital, and he is currently a partner with South Africa’s Bright Group. Mr. Friedman is director of Adira Energy Ltd, president of Rivonia Capital Inc, and President and CEO of Tova. He has been involved in the reso Mr Rootenberg is a chartered accountant who has served as the Chief Financial Officer of a number of publicly traded mineral exploration companies listed on the TSX, TSXV and OTCBB. Mr. Rootenberg has a Bachelor of Commerce degree from the University of the Witwatersrand in Johannesburg, South Africa and has received his Chartered Accountant designation in both South Africa and in Ontario, Canada. All information provided in this press release related to BC Ltd has been provided by management of BC Ltd and has not been independently verified by management of Tova. Trading in the common shares of Tova will remain halted until such time as the TSX-V provides its permission to resume trading. On behalf of the Board of Tova Ventures Inc. Alan Friedman, President and CEO Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and if applicable pursuant to TSX Venture Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. Qualified Person Statement. The technical content contained in this release has been reviewed by Tim Searcy P.Geo who is a director of Tova Ventures Inc. and is a Qualified Person defined by NI 43-101. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Contacts: Nigerien military junta appoint transitional government 02/03/2010en.rian.ru/(RIA Novosti) The government reportedly consists of 20 ministers, including five soldiers and five women. BBC quoted Nigerien state radio reports as saying three generals close to the ousted president were appointed defense, sports and environment ministers. Senior army official Col. Salou Djibo, named head of the military junta government, was quoted by BBC as saying elections would be held in Niger after a transitional period of an unspecified duration. On February 18, the military launched an assault on the presidential palace in Niamey, where the government was meeting. Tandja was captured and the constitution suspended. Niger’s air and land borders were closed. Last week, Mahamadou Danda, who held the post of political counselor at Niger’s Embassy to Canada when Tandja was overthrown, was appointed interim prime minister. Niger has been in a major political crisis since August 2009, when Tandja amended the constitution to allow him to remain in office indefinitely. In October 2009, parliamentary elections were held in Niger despite protests by the country’s opposition and the international community. Tandja’s ruling party, the National Movement for a Developing Society, won the elections. The international community, including the European Union, the United Nations and the Economic Community of West African States (ECOWAS), has condemned the coup. The African Union suspended Niger’s membership in the bloc. MOSCOW, March 2 (RIA Novosti) AUSTRALIA :
Keller FY Profit Falls Reuters) – Ground engineer Keller Group posted a 34 percent fall in pretax profit, hurt by a shortage of contracts due to a severe downturn in global construction, and sees a challenging 2010. Keller, which specialises in foundation works and ground improvement ahead of large infrastructure projects, said it had not yet seen a sustained upturn in orders as reflected in its order book, which was 14 percent below the same time last year on a constant currency basis. “Commercial construction in the developed world is likely to contract further, particularly in the U.S., which will increase the downward pressure on our margins,” the company said in a statement. However, the company expected government spending in most parts of the world to remain at a relatively high level and the underlying fundamentals in Australia, Eastern Europe, North Africa, the Middle East and Asia to remain strong. Keller said it was confident of maintaining its track record of out-performing its markets over the medium to long term. It raised its total dividend by 5 percent to 21.75 pence per share. For the year ended December 31, the company posted pretax profit of 74.7 million pounds, compared to 119.4 million pounds a year ago. Revenue fell 13 percent to 1.04 billion pounds. Shares of the company closed at 675 pence on Monday on the London Stock Exchange. (Reporting by Shivani Singh in Bangalore; Editing by Aradhana Aravindan) EUROPE :
CHINA :
Exploring the openings created by Arctic melting China has started paying attention to the strategic implications of the melting of Arctic ice and could seek a more active role in regulating use of the region, a report said yesterday. The report comes as Russia prepares to sail a large oil tanker the entire length of its Arctic sea coast for the first time, opening a strategic energy trading bridge between European Russia and east Asia. The findings of the Stockholm International Peace Research Institute’s paper indicate that the Arctic could emerge as another area in which China starts defining global strategic interests, following its increasing investments in Africa and moves to build a presence in the Indian Ocean. SIPRI said the prospect of the Arctic being navigable during the summer had driven Beijing to allocate more funds for polar research, and scholars were increasingly pushing the government to develop an Arctic strategy. “Because China’s economy is reliant on foreign trade, there are substantial commercial implications if shipping routes are shortened during the summer months each year,” the report said. It added that taking the northern route through an ice-free Arctic could shorten the trip from Shanghai to Hamburg by 6,400km compared with sailing through the Strait of Malacca and the Suez Canal. In addition, piracy-induced high insurance costs could be avoided. The report said another potential strategic interest for China could be the extraction of the Arctic’s natural resources. Linda Jakobson, author of the report, said although China had one of the world’s strongest polar research programmes, Beijing had yet to assess the economic and security implications of an ice-free Arctic as it was “wary that active overtures would [alarm] other countries due to China’s size and status as a rising global power”. Sovcomflot, Russia’s state shipping company, will sail an oil tanker accompanied by nuclear-powered ice breakers from Vitino on the White Sea to Japan in July, in a pilot voyage marking the start of oil exports along the northern route. Sergei Frank, chief executive of Sovcomflot, said the Arctic route would be a “floating pipeline”, gradually helping Russia re-orientate its oil and gas exports away from Europe towards more dynamic eastern markets, including China. Mr Frank ruled out the possibility of Chinese container vessels using the route, citing unpredictable navigation conditions and high insurance rates. “It’s nonsense,” he said. “China is particularly wary of Russia and whether it might demand high passage fees, which could erase some or most of the potential efficiency gains,” Ms Jakobson said. Sovcomflot, already the world’s biggest owner of ice-class vessels, expects to corner the market in Arctic energy shipping as huge new oil and gas reserves are developed in Polar regions. Mr Frank said Russia’s northern route would not be closed to foreign shipping companies but users would need to comply with Russian environmental and navigation rules. Ms Jakobson added that the strategic situation in the Arctic was “much more complicated” than the Antarctic. FACTBOX-Sources of tension between China and the U.S. March 2/ (Reuters) March 2 (Reuters) – U.S. Deputy Secretary of State James Steinberg was due to arrive in Beijing on Tuesday for the talks with Chinese officials that Washington has said could ease recent tensions with Beijing. [ID:nTOE62100W] With the two giant nations closely bonded economically, Sino-U.S. tensions are unlikely to escalate into outright confrontation, but could make cooperating on global economic and security issues all the more difficult. Here are the main sources of tension: CURRENCY AND DEBT The United States complains that China keeps its currency artificially undervalued, unfairly helping exporters. China has unofficially pegged the yuan to the dollar since mid-2008, meaning its currency has weakened against other trade partners as the value of the dollar has slid. Beijing is concerned the value of its dollar holdings could be eroded by massive debt issuances to fund the U.S. stimulus. The U.S. Treasury Department said last month that China held $894.8 billion of Treasury securities at the end of December and was the largest single holder of U.S. government debt. [ID:nWAT014175] U.S. lawmakers want to take action on the yuan, but U.S. law makes it difficult to investigate alleged subsidies. Rash U.S. moves that threaten China’s massive purchases of U.S. debt, and its funding of the U.S. deficit, are unlikely. TRADE AND INVESTMENT A World Trade Organisation panel is judging U.S. duties on Chinese tyres after the United States for the first time imposed safeguard duties agreed to when China joined the WTO. Other trade disputes centre around steel products, poultry, Chinese tariffs on raw materials exports, and quality and safety concerns over Chinese-made food, toys and other goods that Chinese manufacturers view as a type of protectionism. U.S. firms investing in China complain about intellectual property theft, murky regulations, corruption and unfair advantages enjoyed by domestic rivals. China complains about investment barriers on the U.S. side, citing resource investments blocked on national security grounds. In 2009, U.S. exports to China totaled $77.4 billion, but were dwarfed by $220.8 billion in exports from China to the United States, China’s second biggest trade partner. Falling demand thanks to the financial crisis narrowed the trade gap. In late February, Chinese Premier Wen Jiabao expressed hope that trade frictions would ease and said China was not deliberately seeking a trade surplus with the United States. [ID:nTOE61Q00Y] TIBET AND TAIWAN Exiled Tibetan spiritual leader the Dalai Lama makes frequent visits to the United States, and met President Barack Obama in the White House last month, drawing condemnation from Beijing, which says he is a separatist. [ID:nTOE61I02S] China accused Obama of damaging ties by meeting the Dalai Lama and said it was up to Washington to repair relations. China fears that ethnically distinct Tibetan areas will strive for independence, taking with them one-sixth of China’s territory. Taiwan also remains a sore point. China has threatened sanctions against companies making weapons or planes involved in the U.S. plan to sell $6.4 billion of arms to Taiwan, the self-ruled, democratic island off the mainland’s coast. Beijing has never renounced the use of force to enforce its claim on Taiwan, which it considers its sovereign territory. The United States says it is obliged by U.S. law to help the island defend itself. China has yet to act on its sanctions threat, and last month allowed a U.S. aircraft carrier to visit Hong Kong. But Beijing has said it will curtail military exchanges with Washington to show its anger. DIPLOMATIC AND MILITARY INFLUENCE As China has grown to the world’s third-largest economy, it is gaining greater clout, especially in Asia and Africa. It is also upgrading its military and space capability, and Was China is wary of the United States’ global military strength. U.S. patrols in waters China considers its exclusive zone led to minor incidents last year. In 2001, a U.S. spy plane was forced to land in China after colliding with a Chinese fighter. Yet China and the United States work together in talks to get North Korea to give up its nuclear weapons programme. China worries that if its neighbour collapses refugees could destabilise northeast China. Washington wants China to put stronger pressure on North Korea, as well as Iran, over their nuclear activities. INTERNET FREEDOMS U.S. Internet firms have fared poorly in China, which censors content and blocks many foreign websites, including popular social media such as Twitter and Facebook, and YouTube. In January, Google Inc (GOOG.O) said it might pull out of the country after a sophisticated cyber-attack from within China, adding that it would seek talks about offering a legal, uncensored search engine in China. U.S. Secretary of State Hillary Clinton called on China to openly and thoroughly investigate the attacks. China has rejected the claims, and last month its Foreign Ministry said Google’s assertion that its computers were attacked by hackers based in China was “groundless”. [ID:nN23123365] (Writing by Chris Buckley; Editing by Ben Blanchard and Ron Popeski) Zimbabwe: Why It Pays to Look East Harare — AS the global economic balance of power shifts from West to East, it is becoming increasingly evident that we are living through the end of 500 years of Western ascendancy. Consequently, Zimbabwe must exercise long-term strategic vision, by perfecting the art of benefiting from China. Most analysts agree that China will break away from the US and have the world’s largest and most influential economy by 2025; however, as it stands America needs China to buy her Treasury bills; and China needs America to buy her exports. They are like two drunken giants leaning on each other. Yet a sobering reckoning of some sorts seems inevitable; and it is difficult to see how both can be winners. The eureka moment of the past decade that indicated that only one giant will remain standing, was the crippling global recession and consequent realisation that China holds vast global reserves, while the US lives increasingly unsustainably on credit. US reliance on Chinese capital to stabilise its accounts signifies that the decline and fall of America’s undeclared empire might therefore be due not to despicable terrorists at the gates nor to the rogue regimes that sponsor them, but to a fiscal crisis at home. For 500 years prior to this crisis, what had given the West the edge over the East was five key features: the capitalist enterprise, the scientific method, global imperialism, the consumer society and the “Protestant” ethic of work and capital accumulation as ends in themselves. China has clearly replicated one and two; however, others it may be in the process of adopting with some alterations (consumption and the work ethic). Only number three — imperialism — shows little sign of emerging in the People’s Republic. The New World order will not commence after China’s economy overtakes that of the US in 2025, it has started already. The US was the old order’s main architect, and China is the rising power of the new. Thus, the decision by President Mugabe to Look East was strategic and prescient; however, Zimbabwe must now perfect the art of benefiting from China’s colossal rise. In order to do so Zimbabwe must recognise and expand mutually beneficial areas of political, economic and social co-operation with China. Geo-strategic Importance of Sino-Zimbabwe Relations From the outset it is important to note that looking East does not mean completely turning one’s back to the West. A great deal of emphasis has been placed on the need to re-engage the Bretton Woods institutions and détente with the West, and rightly so; however, this rapprochement must occur in simultaneity with a strengthening of economic relations with China, which has fast become of great geo-strategic importance to Zimbabwe on several fronts: Firstly, President Mugabe’s administration has had links with the Chinese government ever since China provided Zimbabwe’s guerrillas with training, logistical and material support to wage the liberation struggle. Chinese authorities’ associations with the Second Chimurenga, and subsequent cordial political relations, have resulted in the crucial formation of an ideological alliance with a permanent member of the UN Security Council. This alliance has been unwavering throughout the Third Chimurenga, where China’s support was instrumental in derailing attempts by Western nations to use the UN Security Council to impose sanctions on Zimbabwe, pursuant to illegal regime change. Illegal economic sanctions have brought Zimbabwe and China closer by resulting in the former’s increased reliance on the latter for imports of telecommunications, road-building, irrigation and farming equipment that can no longer be imported from the West, which in turn has resulted in over 40 Chinese companies operating in Zimbabwe. From China’s perspective, this long-standing alliance serves as a means of not only improving political ties with its fifth largest trading partner in Africa, but also cultivating good relations with a nation that is strategically nestled between its two biggest African trading partners, namely Angola and South Africa. Crucially for China, Zimbabwe neighbours its flagship infrastructure project on the continent, a transcontinental railroad linking Tanzania’s port to copper-filled Zambia and oil-rich Angola. China’s keen interest in Zimbabwe is by no means confined to the location of Zimbabwean soil, but also includes the abundant natural resource endowment that lies beneath it. These strategic minerals include the second largest platinum deposits in the world, estimated in excess of US$500 billion; voluminous yet to be exploited coal-bed methane gas; vast coal reserves and immense hydroelectric power potential; as well as the geological treasure zone in the Great Dyke region, home to abundant deposits of copper, chromium, nickel and gold, to mention but a few. Secondly, China’s voracious appetite for these mineral resources has driven it to become the largest investor in Zimbabwe. The People’s Republic has also overtaken Western nations as the investor with the fastest growing foreign direct investment in Zimbabwe. Crucially for Zimbabwe, increased FDI and export opportunities are more likely to come from an economy that is continuing to grow at a booming pace, than from those that are begging for bailouts and ssistance from it. Finally, Beijing’s propensity to give Zimbabwe assistance in the form of interest-free loans and grants is of increasing importance as Western capitals, and the multilateral institutions they commandeer, continue to maintain illegal economic sanctions on Harare. Over the past three years, China has provided approximately half a billion dollars to Zimbabwe in direct assistance for investment in infrastructure including schools, clinics and transport routes. These no-strings-attached soft loans for economic development are a far cry from IMF and World Bank “reforms” that require a reduction in spending on the aforementioned infrastructure. Why would Government look West and agree to voluntarily lower its citizens’ living standards on the back of exorbitant loans, when it can receive virtually interest free loans aimed at investing in development and improving peoples living standards, by simply looking East? Chinese loans and grants in Africa last year amounted to more than US$8 billion to Angola, Nigeria and Mozambique alone, compared to the US$2,3 billion granted by the World Bank to the entire Sub-Saharan African region. Therefore, as important as World Bank and IMF approval is as an indicator for countries and investors like, the deepest and most generous pockets are found in the East. The economic tectonic shift eastward may have taken 500 years but the Government of Zimbabwe must waste no time in perfecting the art of benefiting from China, by focusing on strengthening Sino-Zimbabwe relations on all fronts. Garikai Chengu is a scholar at Harvard University’s Faculty of Arts and Sciences. He writes in his personal capacity. Somali pirates set to gain from Asia coal boom LONDON (Reuters) – Booming Asian demand for South African coal will put more ships at risk from Somali pirates operating in the Indian Ocean and raise insurance and freight costs already hiked due to seaborne attacks. Emboldened by rising ransom payments, Somali pirates have stepped up attacks in recent months, making tens of millions of dollars by hijacking ships in the Indian Ocean and the Gulf of Aden. While pirates have hijacked oil tankers, passenger ships and yachts, they have started to target slow moving coal bulk carriers, which are easier to overcome than a large tanker. A Somali pirate who gave his name only as Hassan told Reuters that armed gangs can operate far out to sea and were able to dodge naval warships deployed to combat their activities. “If there are more coal ships coming, it is good news,” said Hassan, who was involved in a coal vessel hijacking last year. “A bulk ship means bulk ransom.” Last October, a Chinese coal ship headed for Indian trader Adani’s Mundra port was hijacked and ransomed for $4 million (2.7 million pounds). “Piracy is becoming a real headache and it’s going to get much worse as more coal leaves South Africa for India, China and elsewhere in Asia,” one South African shipping source said. “It is definitely costing people more money in insurance, in fuel, in security measures.” Asia, led by India and China, could take 75 percent of South Africa’s 65 million tonnes of thermal coal exports in 2010 as demand shifts from glutted Europe, putting many more ships in the gun sights of Somali pirates, analysts said. VULNERABLE VESSELS Companies involved in this seaborne coal trade said they have already had to swallow higher costs due to taking longer routes to avoid pirate hotspots and insurance premiums. A senior shipper said piracy risk cover on a voyage from South Africa to India added $30,000 on top of the basic insurance cost. A further $40,000 to $50,000 had to be added for longer diversions aimed at avoiding pirates. J. Peter Pham, an African security adviser to U.S. and European governments and private companies, said dry bulk ships carry commodities such as coal, iron ore and grains, were vulnerable partly due to their slow speed and older age. “When they are fully loaded with their cargo they tend to have a low freeboard (the distance between a ship’s railings and the water) so they are easier as targets to attack even when they are moving,” he said. “If you are moving more coal in these types of carriers, it is fairly reasonable to say you are probably going to get more attacks on them.” Global pirate attacks on dry bulk carriers hit their highest last year since 2003 with 109 ships targeted, data from the International Maritime Bureau watchdog showed. FLAMMABLE CARGOES Foreign navies have been deployed off the Gulf of Aden since the start of 2009 and have operated convoys, as well as setting up a transit corridor across dangerous waters. But their forces have been stretched over the vast expanses of water including the Indian Ocean, leaving merchant vessels vulnerable. Pirates typically use mother ships to sail hundreds of miles to sea and then attack in small skiffs, turning the Indian Ocean into a major risk. “It is a massive area and there are just not the warships to patrol it,” said Peter Hinchliffe, marine director with the International Chamber of Shipping (ICS), which represents 75 percent of the global shipping industry. Hinchliffe said it was vital to ensure the “free and unhindered passage of world trade by sea,” urging the targeting of mother ships. “We are seeing governments effectively not doing much more than putting a sticking plaster over the problem,” he said. With Somali pirates increasingly firing rocket propelled grenades to force vessels to stop, coal ships face other perils. John Dalby, chief executive of MRM, which provides armed and unarmed personnel to merchant vessels in the region, said coal was as dangerous to transport as petroleum cargoes. Coal gives off toxic gases in a sealed cargo hold which would ignite and explode if a ship was fired upon. “Crews should consider themselves to be on a similar level of risk as on a tanker,” Dalby said. Some of India’s biggest coal traders said they doubted much could be done to combat piracy. “We haven’t been affected so far, perhaps we’ve just been lucky,” one major coal trader said. (Additional reporting by Abdi Sheikh in Mogadishu; Editing by Giles Elgood) Niger: Who Really Ousted Tandja, And Why? As I leave Niamey today (Tuesday March 2) ready to face some eight hours of driving back to Abuja via Katsina, it is clear to my mind that although I gained a better, more nuanced, understanding of the coup that took place in this landlocked, poor but proud nation of some 15 million, I still have several questions running around my head. Questions I still don’t have answers to. Newer questions than the ones I came hoping to find answers to. At least two sources indicated there may be a military takeover in Niger Republic, weeks if not months before it actually happened. So when someone raised the issue of doing something on the last ECOWAS meeting, I suggested to my colleagues on the Trust Editorial Board that we focus on what is likely going to happen in that country. We agreed to advise reporters to find out what was really going on, especially as a faction of the Nigerien opposition had given a press conference threatening to spark off a civil war if President Mamadou Tandja, was not checked. That was in Abuja, on the very day ECOWAS was issuing its own communiqué. Barely twenty-four hours later, just as every worker was going for lunch in Niamey around 1.00pm, the soldiers struck. And within a few hours, they staged a quick and clinical coup. Except for a few dead and some arrests, the junta came out at 6pm to say it is now in-charge, and everyone went to bed relatively peacefully. I have lived through countless coups in my own country to know that is not normal. The usual refrain was that the people had tired of what was going on, that Tandja had it coming and that the coup, though unconstitutional (like any other coup), came as a relief. Now the country could move forward. But can it, really? Since when did France and China (both major players in Niger), the USA, or the bureaucrats at ECOWAS and the AU secretariats and, especially the fat-cats heading our countries, begin to worry about constitutions or popular feelings? And why should they start now? And despite the mild, public condemnations by most of these countries nobody came out to demand that the soldiers hand back power and return to their barracks. Indeed the first American response, through a State Department spokesman, Philip Crowley, was that Tandja had only himself to blame. “President Tandja has been trying to extend his mandate in office. And obviously, that may well have been, you know, an act on his behalf that precipitated this act today,” Crowley said. But how many dictators had the Americans kept, and still keep, in power regardless of what their people or constitution say? Not only that, even before the new military regime could send out emissaries to canvass for international support all the major players started to rush to Niamey for talks and photo-ops with the new President, Squadron-Leader Salou Djibo (or Salihu Jibo, as the Hausas will say). Could the presidents of Nigeria, Togo, Cameroun, Gabon, Sudan, Corte d’Ivoire, and all the usual suspects, really be so concerned about Tandja’s tempering with the constitution, tenure elongation and all that? What of France? Since when had any coup attempt, not to talk of a regime change, ever taken place in any of its former colonies without its knowledge and tacit approval? The facts appear to be this; the immediate pressure (some will say incentive) to move against Tandja may be internal, and probably genuine or funded by former Nigerien leaders (in and out of the country) and the opposition parties they lead, but the real reason Tandja lost the support of his main partners, China and France, and why he was removed could be what some would call “resource control” – especially control of uranium and oil. Niger is the world’s third largest producer of uranium, after Canada and Australia, the control of which used to be a monopoly of the French. Its deposits are some of the purest in the world. They were paying Niger very low prices on the pretext that the cost of evacuation is high given the remote location of the mines. Attempts to get a fairer deal for the country led to the French engineering the removal of Niger’s first leader, the late President Hamani Diori, in addition to his perceived sin of refusing to follow the French in its unconditional support for Biafra. Tandja could not have been ignorant of that history as he pushed for higher prices for uranium. He also started diversifying ownership and control as he brought in the Chinese, Koreans, Americans and others. But even more strategic, Niger’s original agreement with France did not include any clause stipulating that the uranium could only be used for peaceful purposes. France was not likely to ignore any threat to a legally clean source for uranium it could use, or sell, to make weapons. As Tandja came to rely more and more on China- for developing Niger’s hydrocarbons, to build petroleum refinery and dam, as well as an alternative market for uranium, he had started playing with fire. Even if China was aware he was going to be removed (and they probably had their own reason why they wanted him out) they were apparently ready to continue dealing with whoever emerges. Unlike the Americans or the Europeans they had no law limiting the inducements or even actual bribes they could dish out to promote their businesses. And as Tandja moved closer to Gaddafi and Venezuela (most likely in his pursuit of greater autonomy for his country) the Americans were getting jittery, and probably would welcome a more docile replacement. Also, could what they saw as the emergence of “political Islam” in Niger and neighbouring northern Nigeria; could this have also contributed to their opposition to Tandja? What role did all these countries actually play in this coup d’état? Was Nigeria too busy with its own problems to bother about what was going on next door? Some of these questions would probably remain unanswered for some time to come. Other must be addressed now. As members of the opposition, and probably most people in Niger, either celebrate or at least feel some relief, the agenda on the table is: what next? The US State Department had this suggestion. “Clearly, we think this underscores that Niger needs to move ahead with the elections and the formation of a new government.” How, how soon and based on which constitution? Tandja is out, the opposition leaders would never agree among themselves. Can those in power now put in place mechanisms to resolve the log-jam and restore democracy to Niger in under 18 months? This is the immediate question. The wider issues of our inability in Africa to resolve issues without bringing in undemocratic means and organs would be with us for some time. Atlas Copco Pushes China Growth as Mining Gear Leads Recovery March 2 (Bloomberg) — Atlas Copco AB, the Swedish compressor maker that has cut 6,000 jobs since mid-2008, said it may add factories in emerging markets as mining investment resumes and Chinese demand grows. The company has about 70 factories, including 11 in China, and that tally may rise to as many as 100 in two years, Chief Executive Officer Ronnie Leten said in an interview. “If you want to be competitive in India, China, you have to be there, produce there, design there and develop markets there,” said the 53-year-old Belgian. Leten said his outlook aims to show that “we have no problem investing when growth comes,” and that the number of added sites isn’t essential. Atlas Copco is transferring construction and mining division head Bjoern Rosengren to Shanghai to defend its leading share of the Chinese market from expanding local rivals. A recovery in North America and Europe has yet to take hold, and business in the regions remains disappointing, Leten said. By contrast, India, Brazil, Indonesia and southern Africa are growing, and Leten said management is analyzing plans for the Middle East, as markets such as Beirut are “suddenly up again.” Higher prices for iron ore, copper and platinum mean mining companies are more bullish, spurring spending on equipment like rock drills and blast-hole rigs, he said. The Stockholm-based supplier of compressors that drive pneumatic drills has cut jobs in Sweden, Germany, France and the U.S. as orders plunged in the financial crisis. Atlas aims to save 2 billion kronor ($277 million) annually from the measures. Leten became only the second foreigner to run the company nine months ago. Chinese Competition Leten’s strategy mirrors that of Joe Hogan, the CEO of Swiss power-grid builder ABB Ltd., who outlined a growth strategy built on emerging market expansion. Europe and the U.S. may need more time to emerge from the steepest economic slump in half a century, he said in an interview Feb. 23. Atlas Copco’s orders in the fourth quarter fell 9 percent as a drop in North America offset growth in Asia and Latin America, which now account for 21 percent and 12 percent of sales, respectively. The company had the equivalent of $1.7 billion in cash last year, compared with $5.46 billion in cash a year earlier, according to data compiled by Bloomberg. Capital spending fell by almost half to about $226 million, the data shows. China, where 4,000 of Atlas Copco’s workforce of almost 30,000 are based, remains a prime focus. The nation overtook the U.S. last year as the company’s biggest market, generating just above 10 percent of revenue, spokesman Daniel Frykholm said. Rosengren’s transfer will accelerate decision making at a time when Chinese companies are seeking to advance their share of the market. “Our main task is making sure these guys aren’t becoming too big in their home market,” Leten said. “If we want to remain the market leader in the world we have to be number one in China.” –Editors: Andrew Noel, Benedikt Kammel Metorex Sees Higher Copper Prices This Year on China (Update1) (Adds CEO comment in second paragraph.) By Ron Derby March 2 (Bloomberg) — Metorex Ltd., a copper producer in Africa, sees prices of the metal rising this year to $6,800 to $7,000 a metric ton on growth in China and other developing nations, Chief Executive Officer Terence Goodlace said. “Copper fundamentally is in a pretty position,” Goodlace said in a telephone interview from Johannesburg today. Prices more than doubled last year as the U.S., Europe and Japan moved out of recession, with copper for immediate delivery averaging $5,178 a ton in London trading. Nomura Holdings Inc. raised its 2010 forecast to $7,716 a ton, from an earlier estimate of $6,614, it said in a report yesterday. Metorex jumped 32 cents, or 8.3 percent, to 4.19 rand as of 11:11 a.m. in Johannesburg trading after forecasting copper output in the fiscal third-quarter through March of 12,500 tons. It also estimated cobalt output of total 750 tons. The metals contribute about 75 percent of revenue, Bloomberg data show. The company reported a net loss for the six months through December of 453.9 million rand ($59 million), compared with profit of 667.6 million rand the previous year, it said. –Editor: Tony Barrett, Alastair Reed Diamond regains its glitter thanks to Chinese demand No matter how bad the economic climate, there will always be someone willing to spend big money on the truly unique. One such eye-catching purchase was made last week when the Cullinan Heritage Diamond, a whopping 507-carat precious stone, sold for $35.3 million (Dh130m) – the highest paid for a rough diamond. That is a lot of money for a lump of carbon but this is no ordinary bauble. The Cullinan Heritage is not only massive, it is also a white diamond and flawless. As a result, it sold for more than twice what a rare blue diamond might cost per carat. The buyer was Chow Tai Fook, a large Asian jewellery chain, which is symbolically appropriate as it is China that has driven demand for diamonds recently. China is thought to have overtaken Japan as the second-largest consumer of precious stones and the eagerness of Chinese brides to have diamonds in their wedding bands has helped prices recover after a terrible 2009. The adoption of diamonds in China has happened quite quickly and there was not much of a culture of wearing them until the recent boom. But as China’s population has urbanised and becomes more affluent young women have happily latched onto the old marketing adage that “diamonds are forever”. Diamonds are, of course, a luxury product and it is not surprising that the market was hammered last year during the economic downturn, with prices falling by about 60 per cent. De Beers, the world’s largest diamond miner, cut production by 49 per cent to 24.6 million carats last year and its sales also halved to $3.2 billion. Quick action by De Beers to eliminate costs and reduce production meant that the market was not suddenly awash with stones, which would have resulted in an even greater price collapse. However, De Beers still had to ask for a $500m loan from its shareholders: Anglo American, which owns 45 per cent; the Oppenheimer family, which owns 40 per cent; and the government of Botswana, which owns 15 per cent. These shareholders have also agreed to pump a further $1bn into the business through a rights issue in order to cut debt and strengthen the balance sheet. Thanks largely to China, demand for diamonds is now recovering and prices have recovered to about 75 per cent of their August 2008 peak (it is difficult to be exact about prices because the stones are not openly traded but sold in “sights” to select buyers). While the record price achieved by the Cullinan Heritage will certainly add to the growing confidence in the diamond market, this stone was always going to fetch a high price no matter what was happening in the wider world. Just as people seem to find money to buy rare artwork in the face of economic Armageddon, the Cullinan Heritage is such a unique and unusual stone it was bound to attract a buyer with deep pockets. The sale has given Petra Diamonds, which owns the Cullinan mine in South Africa where the stone was found, an big boost and it is a cherry on the top for the company after it bought Cullinan from De Beers just over two years ago. Cullinan was founded in 1903 and two years later the world’s largest diamond was found at the mine, the staggering 3,106-carat Cullinan Diamond. The two largest pieces of that diamond are now in Queen Elizabeth II’s crown jewels. Cullinan has since become famous for its big stones and it is also virtually the only source of blue-coloured diamonds in the world. The mine’s bread and butter, however, is the production of about one million carats of “ordinary” diamonds every year. Despite the mine’s pedigree, De Beers was struggling to make it profitable and Cullinan was sold to Petra at the end of 2007. The smaller company has been able to change the way the mine is exploited to eek out every carat and production is now up to 1.4 million carats a year with plans to move to two million carats by 2014. Petra has also set up a process designed to find the mega-diamonds like the Cullinan Heritage. This has given the mine a new lease of life and Petra has estimated that it could have another 20 to 40 years of profitable production in it. With prices recovering and a lucrative new source of demand in China, diamond producers are a lot more optimistic about the future than they were this time last year. For Petra, the sale of the Cullinan Heritage means that 2010 will already be a good year. – The author is business correspondent of The Times of London. The views expressed are his own. INDIA :
BRASIL:
EN BREF, CE 02 mars 2010 … AGNEWS / OMAR, BXL,02/03/2010 |
BURUNDI – AFRICA / INTERNATIONAL : 02 MARS 2010 [U.S. Ups Criticism, Pressure On Kenya]
