World Bank Earmarks US$100bn for Poor Countries

first_imgThe World Bank Group has announced series of measures aimed at strengthening itself to better meet the evolving needs of clients across the world. The Bank’s president Jim Yong Kim declared Tuesday that the measures will include a startling US$100 billion increase lending capacity of the Bank’s lending arm for middle-income countries over the next decade.The World Bank Group president noted that the Bank will take advantage of new innovations in financial management and a boost in the institution’s ability to provide private sector support. The Bank’s announcement follows the record US$52 billion replenishment of International Development Association (IDA), the World Bank’s fund for the poorest countries, in December, 2013.   Speaking at the Council on Foreign Relations (CFR) in Washington D.C in advance of the World Bank/IMF Spring Meetings, Kim outlined how the Bank is positioning itself to better achieve its goals of ending extreme poverty by 2030 and boosting shared prosperity for the lowest 40 percent in developing countries.“We now have the capacity to nearly double our annual lending to middle-income countries from US$15 billion to US$26 to $28 billion a year. This means that the World Bank’s lending capacity will increase by $100 billion to roughly US$300 billion over the next ten years,” said Kim. “This is in addition to the largest IDA replenishment in history, with US$52 billion in grants and concessional loans to support the poorest countries.” It is estimated that those living in extreme poverty were estimated at 21 percent in the developing world, and 17.7 percent globally in 2010. Boosting IBRD’s Margins for ManeuverIn addition to the previously announced $400 million in cost savings over the next three years that can be reinvested, Kim described a series of measures at the International Bank for Reconstruction and Development (IBRD)—which provides financing, risk management products, and other financial services to middle-income countries—that have the potential to transform IBRD by substantially increasing its ability to serve its clients.These include: increasing IBRD’s Single Borrower Limit by US$2.5 billion for Brazil, China, Indonesia, India, and Mexico, with a 50 basis point surcharge on the incremental amount; revising IBRD’s minimum equity-to-loan ratio to reflect improvements in portfolio credit risk, enabling more efficient utilization of shareholder capital while remaining financially prudent; changing IBRD’s loans terms, including restoring the 25 basis point commitment fee charged on undisbursed balances, and offering longer maturities with increased maturity differentiation.This will allow IBRD’s annual lending commitment capacity to expand immediately from the current US$15 billion in annual lending to more than US$25 billion per year. Therefore, the Bank’s clients over the next 10 years can see IBRD’s capacity, in terms of the maximum loan book it can prudently support, increase from about US$200 billion to nearly US$300 billion, which would also boost the Bank’s countercyclical crisis-response capacity. With an infrastructure financing gap currently estimated at US$1.2-1.5 trillion per year in emerging market and developing economies, additional resources that remain attractive relative to bond markets should continue to be in demand.“New Innovations at MIGA move further toward “One World Bank Group”Mr. Kim also described how separate arms of the World Bank Group are working even more closely together to achieve greater efficiencies. For example, he explained that the Bank Group’s political risk insurance arm, the Multilateral Investment Guarantee Agency (MIGA) is entering into an innovative MIGA/IBRD exposure exchange agreement to improve the diversification of each organization’s portfolios, thereby freeing up capacity to support additional business. The first exchange will be of an IBRD exposure to Brazil for a MIGA exposure to Panama, under a MIGA contract for non-honoring of sovereign financial obligations. Both Panama and Brazil will see benefits, as IBRD and MIGA will have more headroom to do additional business in each country.The World Bank boss also noted that MIGA is planning to increase its new guarantee extension by nearly 50 percent over the next four years.Harnessing the private sector to help end povertyKim described how IFC is looking to enhance its support in achieving the global lender’s twin goals, with an expectation that it will close to double its financing over the next decade.“IFC, the largest provider of multilateral financing for the private sector in developing countries, expects it will nearly double its portfolio over the next decade to US$90 billion. In 10 years, we believe its annual new commitments will increase to US$26 billion.” said Kim.The World Bank Group has seen its financial support to developing countries double over the past ten years, from US$25.8 billion in FY04 to US$52.6 billion in the last fiscal year.  The cumulative effect of the additional lending capacity at IBRD, the largest-ever IDA envelope, and growing business at IFC and MIGA will be significant, Kim noted.“Taken as a whole, the World Bank Group’s annual commitment, which today is around US$45 to US$50 billion, is expected to grow to more than US$70 billion in the coming years. This increased financial firepower represents unprecedented growth for the World Bank Group. We are now in a position to mobilize and leverage, in total, hundreds of billions of dollars annually in the years ahead.”Enhancing the World Bank’s Equity Management FrameworkIn his speech at CFR, Kim noted, “We are strengthening our financial house to make sure that we have the capability and financial firepower to scale up our revenue and build our capital if we are going to meet some of the great needs in the developing world.”Another such measure is to stabilize and protect income generated from IBRD equity to improve the Bank Group’s financial sustainability. An enhanced Equity Management Framework will allow management to respond with more flexibility to changing market and macroeconomic conditions, within agreed rules and risk parameters. The Framework is designed to reduce the interest rate sensitivity of IBRD’s equity income, which accounts for a major portion of revenues, and aims to achieve income stability and protection by applying prudent governance and careful risk oversight.‘A Better ‘Solutions Bank’Kim asserted that the World Bank Group is now on a better footing to help countries meet their development challenges going forward.“Today, we are now better positioned to be the ‘Solutions Bank.’ We are aligning our programs and our talent to help countries grow more inclusively, which will help the poor and vulnerable, to lift themselves out of poverty.”Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

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GVL Senior Staff Ends Seminar in Sinoe

first_imgA three-day Golden Veroleum Liberia sponsored management-training course has ended in Greenville, Sinoe County with over 30 company senior managers participating in leadership, management, supervisory skills and techniques, managing performance, among others.  Managers in attendance ranged from vice presidents to assistant managers, a press release said yesterday.Mariama Kamara, lead facilitator and trainer, stressed that staff development remains an effective system to inspire professional improvement in any work environment. “Developing employees to perform a variety of roles also makes good business sense,” Kamara said.She added that her team remains prepared to provide more training, if requested, to build an effective and efficient management.  GVL Vice President for Administration and Personal Development, V. Ramakrishna commended the trainers and encouraged his fellow managers to advance on what they learned. “Effective management is crucial to the success of any company. One of the best ways to maintain staff and cultivate employee skills is to constantly promote professional development activities,” he said. “Encouraging professional growth is crucial to employee progress because it motivates and strengthens their capacity and increases their loyalty. This is our dream and this is what GVL stands for.” Acknowledging the training, McDonald Wlemus, manager of community affairs and social sustainability, applauded GVL for implementing the training and called on his colleagues to apply what they have learned.  “We who are trained today, owe it to our over 3,600 employees,” Wlemus stressed. “Those of us who are Liberians have a duty to pass on the knowledge we have acquired; this will help also develop our careers while advancing community development, our local people and the company.” Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

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Relocate Broomes from Natural Resources Ministry – Jeffrey

first_img– transfer of interest to children is not the answerDespite no longer having legal control of her mining interests, concerns still abound that preferential treatment and favours will be granted to the children of Minister within the Ministry of Natural Resources Simona Broomes, who recently announced that her children have taken over all her mining operations in an effort to quiet down conflict of interest concerns.Minister Simona BroomesHowever, political commentator Dr Henry Jeffrey contended that the only way those concerns can be eliminated is by completely removing the Minister from the Natural Resources Ministry. “I don’t think Minister Broomes understands clearly what conflict of interest means, I can understand her dilemma being in mining all this time and you know it’s a family business and she is now in the Ministry involved with mining. What she should be asking is for government to remove her from there and put her somewhere else. She could be in another Ministry,” Dr Jeffrey stated.Documents showing dredge licence granted to the Junior Natural Resources Minister’s daughter, Simona BroomesThe recent approval of an application to operate a dredge in the name of ‘Simona Broomes’ sparked much controversy and once again raised conflict of interest concerns. However, reports indicate that the applicant ‘Simona Broomes’ is actually the daughter of the Minister, who shares the same name as her mother.According to reports, Broomes said since becoming a Minister, she took a personal decision to relinquish control of all her dredges. In this regard, Broomes dismissed conflict of interest concerns with her children operating dredges, insisting that they have been in the mining industry all their lives.But, questions still remain as to whether the minister is using her children as a front.Another political commentator Ramon Gaskin, in an invited comment, supported the notion that the transfer of mining operations to her children does not put to rest conflict of interest concerns. “That doesn’t solve the problem because when the children go into Guyana Geology and Mines Commission (GGMC) to do business, they know that the children’s mother is the Minister, so that really don’t solve the problem,” he explained.Blind trustGaskin said the best way to settle the conflict of interest concerns is to set up a blind trust. “You don’t hear from them and they don’t hear from you. They just running it for you and you have nothing to do with it. That’s how you deal with those kinds of situations. Not by giving it to your children and all that nonsense, that doesn’t solve the problem,” he stated.A blind trust protects an investor from charges of conflict of interest and other improprieties because its specific assets and trading practices are unknown to the investor. In modern societies, corporate employees and public officials often use blind trusts to avoid charges of insider trading and corruption, respectively.In fact, Gaskin said blind trusts should be established for all government ministers who have business interests. “This also goes to all ministers who have businesses, all of them should be required to set up a blind trust and turn over all their business deals, have nothing to do with it at all, ever. In that way, you would avoid any allegations of impropriety, because it is blind,” he stated.Code of ConductAccording to the draft code of conduct, “Ministers, Members of Parliament and public office holders should avoid using their official position or transmitting any information made available to them in the course of their work to benefit themselves, their relations or any other individuals with whom they are associated.They should avoid compromising themselves or their office which may lead to an actual or perceived conflict of interest. Failure to avoid or declare any conflict of interest may give rise to criticism of favouritism, abuse of authority or even allegations of corruption.”The Code is further meant to engender and reinforce public confidence in the manner in which senior government officials perform their duties in service to the people. It is based on ten principles – Accountability, Dignity, Diligence, Duty, Honour, Integrity, Loyalty, Objectivity, Responsibility and Transparency – and is a Coalition Government manifesto promise.Reports indicate that the government is still receiving feedback from stakeholders on the draft code of conduct before finalising it and passing in it in the National Assembly. Something which was supposed to have been done since August last year.last_img read more

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Guyanese man gunned down in TT

first_imgThirty-year-old Guyanese Troy Allen, who had been residing in San Juan, Republic of Trinidad and Tobago, was killed in a shooting incident on Nelson Street in Port-of-Spain, the Trinidad capital, on Saturday at about 06:00h.Information reported by local media in the twin-island republic detail that Allen was found in an unconscious state by ranks of the Duncan Street Police Post, and was rushed to the Port-of-Spain General Hospital, where he was receiving treatment; but he subsequently succumbed to his injuries.A probe into the man’s killing has since been launched by the Trinidad authorities.last_img

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Police continue to investigate into explosion near Pouce Coupe

first_img[asset|aid=1513|format=mp3player|formatter=asset_bonus|title=99f1b453266c72c81456a83635433283-Brad Sabo 2_1_Pub.mp3]Sabo says no one was injured in the incident. He says the Fort St. John forensic identification services are helping in the investigation.He says the person or persons responsible will be reprimanded.If anyone has information on this case, please call the Dawson Creek RCMP Detachment at 250-784-3700 or Crime Stoppers at 1-800-222-TIPS.Advertisement For pictures of the incident, Click Here The Dawson Creek RCMP detachment is still investigating the explosion near Pouce Coupe.Police were called at around 11 o’clock last night, after the caller heard a loud explosion.Constable Brad Sabo says debris from what was a bear-proof garbage can was found scattered across a rest stop in Gumbo Gulch.- Advertisement -[asset|aid=1512|format=mp3player|formatter=asset_bonus|title=99f1b453266c72c81456a83635433283-Brad Sabo 1_1_Pub.mp3]The area is 25 kilometers south of Dawson Creek, on the northern side of Highway 2.Sabo says police believe that this is an isolated incident and that residents should not worry.Advertisementlast_img read more

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£20m for PL ace, move for Arsenal reject considered and more Chelsea rumours

first_img 8 Emmanuel Adebayor: Chelsea to gamble on free agent not wanted by Arsenal, Tottenham, Man City and Real Madrid? – If Mourinho is after a short-term option in attack, then ex-Arsenal and Spurs striker Emmanuel Adebayor might be the perfect answer. The 31-year-old is a free agent and would guarantee goals if given the service. Discussing options available to the Blues, the Guardian suggests Adebayor could be considered in a bid to bolster Mourinho’s options until the end of the season. Chelsea’s season has been a disater so far and Jose Mourinho is reportedly ready to spend big in January in order to save their campaign.A new striker seems to be the priorty for the Blues, who have struggled in front of goal, and there are some surprising names linked with a mid-season switch, including a man who has enraged every supporter he has played in front of.Here, talkSPORT looks at the latest rumours, which are growing stronger with just over a month to go before the window opens. 8 8 8 Robin van Persie: Another short term fix for Mourinho? – Chelsea’s gamble on Radamel Falcao seems to have failed, so could they turn to his ex-Manchester United strike partner? Van Persie has struggled since moving to Turkey and much like with Adebayor, the Guardian report a loan move in January is an option the club may keep in mind. 8 Vincent Koziello: Nice ace coveted by both Arsenal and Chelsea – We all love a battle between Jose Mourinho and Arsenal manager Arsene Wenger and we might have one here in the battle for 20-year-old midfielder Koziello, one of the hottest young players in Europe. With neat feet, a sharp turn of pace and an eye for a pass, he might suit Arsenal more than Chelsea. But Spanish website TMW (Todo Mercado Web) says Mourinho is keeping a close eye on his development. 8 8 Harry Kane: Chelsea to take Tottenham Hotspur goal machine? – After a quiet start to the season Harry Kane has found his feet and Spurs are reaping the rewards. Nine goals in eight games has fuelled rumours that Chelsea are preparing a big bid and the Mail claims the Blues will go all out to sign him next summer. Manager Mauricio Pochettino may insist his star striker wants to stay in north London, however, don’t rule out a January bid just yet! The 22-year-old won’t be cheap, but his form suggests he would be worth every penny. Jamie Vardy: Leicester City – click the yellow arrow above, right, to see more Chelsea transfer rumours – Vardy has taken the Premier League by storm this season and could score for the 11th game in a row when Leicester play Manchester United on 29 November. His blistering pace, ice cool finishing and unshakable self-belief would make him an asset to any team, and the Mirror claim that Stamford Bridge boss Jose Mourinho is considering a £20m move. Nikola Kalinic: Serie A hotshot to be looked at – Kalinic, as some of you might remember, has been in the Premier League before with Blackburn Rovers. Now at Italian side Fiorentina, he is one of the in-form strikers in Serie A having scored 10 goals in nine matches. Gazzetta dello Sport believes Chelsea are watching with interest and a winter move could be on the cards. Mousa Dembele: Tottenham Hotspur man to fix Chelsea’s midfield? – There might be a lack of goals at Chelsea right now, but that doesn’t mean they are only linked with strikers. Midfield has been another problem position for Mourinho and the Mirror reports they are preparing a £20m bid for Tottenham’s powerful Mousa Dembele in January. 8 Amadou Diawara: ‘Strong interest’ in the Bologna man – Chelsea have often deployed powerful central midfielders in the last decade, so it is no surprise to see them linked with Bologna’s Amadou Diawara. The 18-year-old has set tongues wagging in Italy with a string of fine displays and Europe’s big clubs are beginning to circle. His agent further fuelled the rumours by saying: “There is a strong interest of Chelsea.” Is a deal imminent?last_img read more

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Bordeaux in PSG line of fire

first_imgBordeaux will be hoping they can end PSG’s 14 Match winning streak (Photo by Agency)Satisfaction can transcend into spectacular glorification if Ligue One runaway leaders Paris Saint Germain can negotiate a potential banana skin away to Girondin Bordeaux on Sunday.An unprecedented fourteen match winning streak has propelled the Parisians to a double digit advantage over the chasing pack five matches to the mid-season winter break.Thomas Tuchel’s go getters were somewhat subdued in dispatching Alain Cassanova’s Toulouse 1-0 last Saturday. But they should come back all guns blazing following the return from injury of talismanic pair Kylian Mbappe Lottin and Neymar Junior. Both featured prominently in Wednesday’s 2-1 Champions League victory over Liverpool, with Neymar scoring the winning goal.Bordeaux will be the less fresh of the two sides as on Thursday they had to navigate a demanding Europa League match with Czech Republic league leaders Slavia Prague.PSG’s extra forty eight hours of rest makes them stonewall favourites to extend their all-time European best winning streak to fifteen matches.On Saturday evening, former champions Olympique Lyon lock horns with fast and rising Lille Metropole in a northern France derby.Having started the campaign like a bullet train, Christophe Galtier’s Lille have gone off the boil in recent weeks. They are without a win in three matches ahead of the visit of Bruno Genesio’s hard hitters.There are at least half a dozen fascinating duels to look out for. Thierry Henry’s Monaco go in search for the second victory of his tenure when they host high flyers Montpellier.Meanwhile, Rudi Garcia’s Olympique Marseilles must contend with energetic newcomers Reims less than 72 hours after a Europa League trip to Germany’s Eintracht Frankfurt.Patrick Vieira’s red hot Nice will be chasing their fifth Fresh Ligue One victory in a row when they travel to misfiring Guingamp, and the game between Toulouse battle Dijon is a collision of two sides to whom victory is anathema. Both haven’t tasted three points in months.FIXTURES:Friday.-Saint Etienne v Nantes @10:45pmSaturday.-Lille Metropole v Olympique Lyon @07:00pm-Guingamp v Nice @10:00pm-Monaco v Montpellier @10:00pm-Angers v Caen @10:00pm-Nimes v Amiens @10:00pmSunday.-Toulouse v Dijon @05:00pm-Marseille v Reims @07:00pm-Rennes v Strasbourg @07:00pm-Bordeaux v Paris SG @11:00pmBET ON ALL THESE GAMES AND MANY MORE @Bunga BetComments Tags: French Ligue Onetoplast_img read more

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Revolt in the Darwin Camp

first_imgWith minor skirmishes, the Neo-Darwinian Synthesis (natural selection acting on random genetic mutations) has held sway in evolutionary theory since the 1930s.  Now, discontent with the pre-eminence of natural selection is leading to a major skirmish between evolutionists to be fought at a conference this summer.  Susan Mazur calls this the “Woodstock of Evolution” in The Scoop Independent News.It’s not Yasgur’s Farm, but what happens at the Konrad Lorenz Institute in Altenberg, Austria this July promises to be far more transforming for the world than Woodstock.  What it amounts to is a gathering of 16 biologists and philosophers of rock star stature – let’s call them “the Altenberg 16” – who recognize that the theory of evolution which most practicing biologists accept and which is taught in classrooms today, is inadequate in explaining our existence.  It’s pre the discovery of DNA, lacks a theory for body form and does not accomodate [sic] “other” new phenomena.  So the theory Charles Darwin gave us, which was dusted off and repackaged 70 years ago [the Neo-Darwinian Synthesis], seems about to be reborn as the “Extended Evolutionary Synthesis”.Mazur personally interviewed many of the combatants and posted their pictures in her article.  Some of them are determined to hang on to the old theory, convinced this is much ado about nothing.  Others, to varying degrees, have risked their careers to challenge the orthodoxy.  Few are willing to state their challenges publicly, and some fear excommunication.  Stanley Salthe, for instance, said he can’t get published in the mainstream media for his views, e.g.:Oh sure natural selection’s been demonstrated… the interesting point, however, is that it has rarely if ever been demonstrated to have anything to do with evolution in the sense of long-term changes in populations…. Summing up we can see that the import of the Darwinian theory of evolution is just unexplainable caprice from top to bottom.  What evolves is just what happened to happen.Jerry Fodor, another critic of natural selection (see 01/21/2008), argues “biologists increasingly see the central story of Darwin as wrong in a way that can’t be repaired.”  His article “Why Pigs Don’t Have Wings” in the London Review of Books, in which he laid out his criticisms of natural selection, caused such a stormy aftermath that he joked to Mazur that he has taken refuge in the Witness Protection Program.  He was apparently reluctant to talk to Mazur after being so besieged.  “You can’t put this stuff in the press because it’s an attack on the theory of natural selection,” he told Mazur, even though he is convinced “99.99% of the population have no idea what the theory of natural selection is.”  He’s not giving up on the grand evolutionary story – he is just convinced that whatever new mechanism emerges to explain evolution, it will not be selectionist.    Statements like this make traditional Darwinian selectionists like Richard Lewontin and Kevin Padian furious.  Padian hung up on Mazur’s call, harrumphing that “On some things there is not a debate.”  Others, like Stuart Kauffman, see a need to expand and extend Darwin’s ideas.  He recognizes, for instance, that Darwinism begins with life already in place and does not explain the origin of life.    What could possibly replace natural selection?  Stuart Pivar is toying with the idea that body form is an outgrowth of the egg cell membrane structure.  His critics deny that this is a complete or fruitful hypothesis; it is devoid of empirical evidence, they complain.  Pivar is another maverick having trouble getting his ideas published.    Radicalism in the evolution camp is not new.  Mazur quoted Richard Milner describing the late Stephen Jay Gould, who along Niles Eldredge had criticized selectionism (or adaptationism) in the 1990s.  Milner described Gould as “a popular articulator of Darwinian evolution to a new generation, while privately, his creative and rebellious mind sought to move beyond it.”  Their hypothesis of “punctuated equilibria” never quite gained traction – the idea that most of evolutionary history involves stasis, with rapid evolutionary jumps in between.  Milner continued, “Gould took issue with those who used natural selection carelessly as a mantra, as in the evidence-free ‘just-so stories’ concocted out of thin air by mentally lazy adaptationists.”  Gould’s critics, on the other hand, viewed punctuated equilibria as deficient in mechanisms that could generate functional innovation.    Traditionalists like Richard Lewontin think that no new extended synthesis is necessary, and that the mavericks are just trying to garner prestige for themselves.  To him, all that is necessary to prove natural selection is to ask yourself, “do you survive?”  Whether or not the mavericks will gain traction at Altenberg, it seems clear that there is war in the Darwin Camp.  About the only thing they agree on is that intelligent design and creationism are bad, bad, bad.  ID ideas are off the table.  Looking in from the outside at this skirmish, the pro-ID Discovery Institute blog Evolution News and Views had some fun.  This article gives the lie to the NCSE’s claim that there is “no controversy” about evolution, wrote Robert Crowther.  It also demonstrates the risk any critics of Darwinism have for getting Expelled.    The papers for the July conference have already been submitted and will be published, ironically, for Darwin Day in 2009.  If Neo-Darwinism is in so much trouble, is an emerging new consensus in the offing?  It appears that all Mazur could find were a dirty-laundry list of problems, and a preliminary airing of ethereal suggestions.  Regardless of what transpires at the conference, Crowther observed, “a paradigm shift is on the way.”This is called giving your opponents enough rope to hang themselves.  We didn’t have to say any of the following:The central story of Darwin [is] wrong in a way that can’t be repaired. (Mazur summarizing Fodor)99.99% of the population have no idea what the theory of natural selection is. (Fodor)The import of the Darwinian theory of evolution is just unexplainable caprice from top to bottom. (Salthe)[There is] reluctance to scientists being discouraged about taking a chance on ideas originating outside their peer group plus their dependence on government grants – which are tied-in to support for natural selection. (Pivar)Self-organization mingles with natural selection in barely understood ways to yield the magnificence of our teeming biosphere. (Kauffman)Astrobiology doesn’t exist.  What are the laws? (Fodor)Natural selection [is used] carelessly as a mantra, as in the evidence-free “just-so stories” concocted out of thin air by mentally lazy adaptationists. (Gould)All we needed to do was hold up the microphone to them after announcing to the crowds, “Hear ye, hear ye!  Come on over and listen to the secrets of the universe!  Hear the world’s experts tell where you came from!  Find out why this theory must be taught in public schools to the exclusion of anything else!  Learn why Darwin Day should become an international holiday!”Now can we say, “Teach the controversy”?(Visited 28 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

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SA set for currency futures

first_img9 March 2007South African stock exchange operator the JSE is set to launch a currency futures market that will give retail investors access to offshore foreign exchange markets while giving added stimulus to the country’s economy.The rand futures market, which will operate on Yield-X, the JSE’s interest rate exchange, will also allow individuals to trade in the currency futures market through a regulated exchange for the first time in South Africa.“Currency futures will be used for trading, hedging and speculating,” says Yield-X senior manager Warren Geers. “Participants will be able to take a view on where the currency is moving to and protect themselves by buying or selling currency futures.”According to Geers, currency futures will “bring offshore markets closer to home. This means positive growth for our economy. They will also provide a successful mechanism to ensure that the development of South African financial markets happens in a safe and controlled way.”Finance Minister Trevor Manuel gave the JSE the go-ahead to launch the market in his 2007/08 Budget speech in February, saying it would would “deepen SA’s financial markets and increase liquidity in the local foreign exchange market”.According to news agency Reuters, market players have welcomed the move, with analysts saying it would put South Africa on par with other developed emerging markets as well as facilitate foreign investment.The JSE’s currency futures contracts are standardised, cash-settled, rand-denominated contracts. Rand dollar contracts will be traded to begin with, with more currency futures contracts expected to follow.Individuals and foreigners will be allowed to trade currency futures without limits, while pension funds and long-term insurance companies will be able to trade subject to their 15% foreign allocation allowance, and asset managers and registered collective investment schemes subject to their 25% foreign allocation limit.Corporates and trusts will not be allowed to trade currency futures unless they have a valid exchange control approval number or approval from the South African Reserve Bank.The JSE chose Yield-X as the platform for the new market because of the link between currencies and interest rates. The Yield-X platform “will ensure that only standardised contracts will be traded on a fully electronic platform, resulting in guaranteed settlement, a transparent dealing environment and true price discovery,” says Geers.“We have worked very closely with South African Reserve Bank, National Treasury and with the two market makers, Standard Bank and Investec, on creating this product,” Geers says, adding that trading will begin “once agreements between all parties have been finalised.” reporter Want to use this article in your publication or on your website?See: Using SAinfo materiallast_img read more

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What to do about the frogeye leaf spot showing up in southern Ohio

first_imgShare Facebook Twitter Google + LinkedIn Pinterest There are late reports of frogeye developing on susceptible cultivars in southern Ohio. So the next question is what to do. During 2005-2008, we were able to measure a mean difference in yield of five to 10 bushels per acre when soybeans were treated at R3 in fields where frogeye was present.  We have also been able to measure a greater yield difference on highly susceptible varieties when frogeye was present during the early flowering stages.  However, last year, when frogeye was less than one spot per 40 feet on a moderately susceptible variety, and the conditions were very dry and warm over the next two weeks, we could not measure any yield effect — although we could measure differences in the level of disease.Conditions for frogeye leaf spot are cooler (below 80 degrees F), heavy dews, and frequent rains.  Frogeye has a long latent period of seven to 10 days, which is the time from infection to symptom development and sporulation. Interestingly, it will only infect new foliage, not the older foliage in the lower canopy.If frogeye can readily be found in the field, in a highly susceptible variety then:• If your soybeans are in the later growth stages (R4 & R5 or greater), and the beans are finished flowering and beginning to fill, there is no need to spray. What lesions will form will be few and will have little impact on yield.• If your soybeans are at R3, they still have more growth to fill out, it is a high yielding field, rains and favorable conditions for infection, our data indicates that you should be able to measure yield differences of five  bushels or greater.The next question is which fungicide to use. There are many populations in the region that are no longer controlled by the strobilurin fungicides. Therefore, any fungicide that is used, should not be one of these, and that leaves primarily the triazoles. They are all effective, so price of fungicide and application costs should be a consideration here.Finally, leave check strips. And leave at least three untreated strips and make notes on how much disease was present and the growth stage. This will improve decision making in the future.last_img read more

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