Saturday, July 30, 2011
Interim committee to regulate television content
Story by Ernest Dela Aglanu/Myjoyonline.com/Ghana
Source:Modern Ghana
Film producers and representatives of television stations together with the Information Ministry have agreed to set up an interim committee to establish standards for the previewing and classification of films shown on TV.
The decision was made during a meeting between the various bodies and the Deputy Minister for Information, Baba Jamal in Accra Thursday.
Thursday's meeting was attended by Film Producers, representatives from; Ghana Television, the Independent Broadcasters Association (GIBA), the National Film and Television Institute (NAFTI), the National Media Commission, the Cinematography Board and the Ministry for Information.
A source told Myjoyonline.com that the meeting was necessitated by the minister's complaints about the content of movies and programmes shown on television stations.
The various representatives at the meeting agreed to nominate a member each to be part of the interim committee which will meet in a weeks time to formulate the standards.
This committee will work in the absence of the official regulatory bill before parliament.
He urged film producers to also produce movies that are suitable for the family, especially children, and not only audiences of 18 years and above.
The Minister also used the meeting to call on television stations to show more local content on their channels so as to help the local industry grow.
Representatives who were at Thursday's meeting will meet in two weeks to discuss the implementation of the interim committee's proposed standards.
Story by Ernest Dela Aglanu/Myjoyonline.com/Ghana
Helicopter crash in Nigeria kills 3
LAGOS, Nigeria (AP) — A Nigerian businesswoman, her personal assistant and their Filipino pilot were killed Saturday in a helicopter crash in Nigeria's southwest, authorities said.
Josephine Oluwadamilola Kuteyi chartered a helicopter to travel from the commercial capital of Lagos to the central Nigerian city of Ilorin in Kwara state, said Harold Demuren, the director general of the Nigerian Civil Aviation Authority.
Kuteyi ran a business in the town of Bacita about 124 miles (200 kilometers) away from Ilorin. According to its website, Josepdam Group imports and markets refined industrial sugar. It also has a stake in Nigeria's maritime, agro-allied and real estate industries.
The helicopter hired from OAS helicopters crashed in a hilly area outside Ife-Odan in Osun state about 71 miles (115 kilometers) away from its final destination Saturday, killing all three occupants, said the spokesman for the National Emergency Management Agency, Yushau Shuaib.
Shuaib said villagers helped to search for the bodies for six hours inside a forest because a device meant to send out distress calls and provide exact location details had not been activated on the aircraft.
The agency's director-general, Muhammed Sani-Sidi, has invited all airline and aircraft operators to meet Thursday in Lagos to reinforce the use of the device known as a 406 MHZ Beacon which is also installed on ships.
The agency said a private plane crash that killed a British pilot and a Nigerian plane engineer on a test-run just outside the northern Nigerian city of Kaduna in May did not have its emergency device activated either.
Josephine Oluwadamilola Kuteyi chartered a helicopter to travel from the commercial capital of Lagos to the central Nigerian city of Ilorin in Kwara state, said Harold Demuren, the director general of the Nigerian Civil Aviation Authority.
Kuteyi ran a business in the town of Bacita about 124 miles (200 kilometers) away from Ilorin. According to its website, Josepdam Group imports and markets refined industrial sugar. It also has a stake in Nigeria's maritime, agro-allied and real estate industries.
The helicopter hired from OAS helicopters crashed in a hilly area outside Ife-Odan in Osun state about 71 miles (115 kilometers) away from its final destination Saturday, killing all three occupants, said the spokesman for the National Emergency Management Agency, Yushau Shuaib.
Shuaib said villagers helped to search for the bodies for six hours inside a forest because a device meant to send out distress calls and provide exact location details had not been activated on the aircraft.
The agency's director-general, Muhammed Sani-Sidi, has invited all airline and aircraft operators to meet Thursday in Lagos to reinforce the use of the device known as a 406 MHZ Beacon which is also installed on ships.
The agency said a private plane crash that killed a British pilot and a Nigerian plane engineer on a test-run just outside the northern Nigerian city of Kaduna in May did not have its emergency device activated either.
Thursday, July 28, 2011
Three Jubilee Oil Cargoes in September
Ghana will ship three cargoes of Jubilee crude in September, one more than in August, according to a loading program obtained by Bloomberg News. All shipments are 950,000 barrels each, the plan showed.
One shipment was deferred to Sept. 7 to Sept. 8 from Aug. 30 to Aug. 31, reducing the total number of cargoes for August to two from the originally planned three, according to the plan.
The Jubilee field is operated by U.K.-based Tullow Oil Plc (TLW) and started production in December. The crude is light and sweet, or low sulfur, meaning it will produce more profitable fuels such as gasoline and diesel.
One shipment was deferred to Sept. 7 to Sept. 8 from Aug. 30 to Aug. 31, reducing the total number of cargoes for August to two from the originally planned three, according to the plan.
The Jubilee field is operated by U.K.-based Tullow Oil Plc (TLW) and started production in December. The crude is light and sweet, or low sulfur, meaning it will produce more profitable fuels such as gasoline and diesel.
Ghana to Sell $133 Million of Five-Year Bonds in December for Investments
Ghana will sell more five-year bonds in December following today’s offering of the maturity, its first since June 2007 to develop infrastructure in West Africa’s second-biggest economy after Nigeria.
The Bank of Ghana plans to auction 200 million cedis ($133 million) of the debt, it said in an issuance calendar on its website today. It offered 300 million cedis of the same duration today.
The bank will also sell 300 million cedis of three-year bonds in October, its fourth this year of the maturity in 2011, according to the calendar. The offerings in February and April were oversubscribed, while in June the Accra-based bank failed to meet its target.
The three-month borrowing costs of the world’s second- biggest cocoa producer have retreated to 10.2 percent, the lowest in at least four years, as inflation slows. The cedi, which reached the weakest in at least 17 years against the dollar on Feb. 3, has strengthened 5.1 percent since then.
The Bank of Ghana plans to auction 200 million cedis ($133 million) of the debt, it said in an issuance calendar on its website today. It offered 300 million cedis of the same duration today.
The bank will also sell 300 million cedis of three-year bonds in October, its fourth this year of the maturity in 2011, according to the calendar. The offerings in February and April were oversubscribed, while in June the Accra-based bank failed to meet its target.
The three-month borrowing costs of the world’s second- biggest cocoa producer have retreated to 10.2 percent, the lowest in at least four years, as inflation slows. The cedi, which reached the weakest in at least 17 years against the dollar on Feb. 3, has strengthened 5.1 percent since then.
Nigeria Eurobond Yields Fall to Record Low on Debt, Policy-Change Optimism
Nigeria’s dollar bond yields fell to a record as its debt stock is low compared with that of European peers and on expectations Ngozi Okonjo-Iweala, a managing director at the World Bank, will help spur policy changes to encourage investment when she returns to the Cabinet.
The yield on the 6.75 percent Eurobonds due 2021 of Africa’s biggest oil producer fell two basis points, or 0.02 percent to 5.87 percent, the lowest level since the debt was issued in January, as of 2:32 p.m. in London, according to data compiled by Bloomberg. The bonds’ price gained 0.1 percent to 106.313 cents on the dollar. The $500 million of bonds are Nigeria’s only international notes.
The federal government’s domestic debt rose to 5.21 trillion naira ($34 billion) at the end of June, from 4.87 trillion naira as of March, according to statements on the website of the Abuja-based Debt Management Office. The amount is equivalent to 15.3 percent of 2011 gross domestic product based on National Bureau of Statistic estimates, said Gregory Kronsten, head of macroeconomic and fixed income research at FBN Capital Ltd. The eurozone’s average debt as a percentage of GDP was 85.1 percent by the end of 2010, according to Eurostat.
“It’s still very, very low” compared to European peers, Kronsten said by phone from London today. “It’s still pretty strong credit Nigeria, the strength is the external balance sheet and public indebtedness and reserves.”
Nigeria’s foreign reserves increased 5.3 percent this month to $33.5 billion as of July 26. This is down from $37.6 billion a year ago, according to Central Bank of Nigeria data. Africa’s most populous nation is rated B+ by Standard & Poor’s and BB- with a “negative” outlook by Fitch Ratings.
Reform Expectations
President Goodluck Jonathan, who was returned to power in April elections, slashed almost 500 billion naira off a budget adopted two months earlier, taking the final spending plan to 4.5 trillion naira. Nigeria’s Senate passed a bill last month creating a sovereign-wealth fund to help the country save more of its oil revenue and funnel money into projects.
“There’s a feeling this presidency might actually achieve something,” said Kronsten. “There are quite high expectations of reforms” as Okonjo-Iweala leaves her World Bank post mid- August to become coordinating minister for the economy and minister of finance in Nigeria, the Washington-based lender said July 8.
As Nigeria’s finance minister from 2003 to 2006, Okonjo- Iweala spearheaded talks that led the Paris Club group of creditors to write off $18 billion in Nigerian debt. At the World Bank since 2007, she had special oversight for work in Africa, eastern Europe, and central and South Asia
The yield on the 6.75 percent Eurobonds due 2021 of Africa’s biggest oil producer fell two basis points, or 0.02 percent to 5.87 percent, the lowest level since the debt was issued in January, as of 2:32 p.m. in London, according to data compiled by Bloomberg. The bonds’ price gained 0.1 percent to 106.313 cents on the dollar. The $500 million of bonds are Nigeria’s only international notes.
The federal government’s domestic debt rose to 5.21 trillion naira ($34 billion) at the end of June, from 4.87 trillion naira as of March, according to statements on the website of the Abuja-based Debt Management Office. The amount is equivalent to 15.3 percent of 2011 gross domestic product based on National Bureau of Statistic estimates, said Gregory Kronsten, head of macroeconomic and fixed income research at FBN Capital Ltd. The eurozone’s average debt as a percentage of GDP was 85.1 percent by the end of 2010, according to Eurostat.
“It’s still very, very low” compared to European peers, Kronsten said by phone from London today. “It’s still pretty strong credit Nigeria, the strength is the external balance sheet and public indebtedness and reserves.”
Nigeria’s foreign reserves increased 5.3 percent this month to $33.5 billion as of July 26. This is down from $37.6 billion a year ago, according to Central Bank of Nigeria data. Africa’s most populous nation is rated B+ by Standard & Poor’s and BB- with a “negative” outlook by Fitch Ratings.
Reform Expectations
President Goodluck Jonathan, who was returned to power in April elections, slashed almost 500 billion naira off a budget adopted two months earlier, taking the final spending plan to 4.5 trillion naira. Nigeria’s Senate passed a bill last month creating a sovereign-wealth fund to help the country save more of its oil revenue and funnel money into projects.
“There’s a feeling this presidency might actually achieve something,” said Kronsten. “There are quite high expectations of reforms” as Okonjo-Iweala leaves her World Bank post mid- August to become coordinating minister for the economy and minister of finance in Nigeria, the Washington-based lender said July 8.
As Nigeria’s finance minister from 2003 to 2006, Okonjo- Iweala spearheaded talks that led the Paris Club group of creditors to write off $18 billion in Nigerian debt. At the World Bank since 2007, she had special oversight for work in Africa, eastern Europe, and central and South Asia
Jobless Claims in U.S. Decreased to Three-Month Low
Applications for unemployment benefits dropped last week to the lowest level since April, a sign the weakness in the labor market is fading.
Jobless claims fell by 24,000 to 398,000 in the week ended July 23, Labor Department figures showed today in Washington. The level of claims was fewer than forecast, as the median estimate of economists in a Bloomberg News survey called for a drop to 415,000. There were no special factors associated with the decrease other than the usual volatility that occurs each year in July, a Labor Department spokesman said.
A reduction in firings is a necessary step toward the point when employers are more willing to add workers. The lack of hiring means the unemployment rate will probably keep hovering near 9 percent, restraining consumer spending, which accounts for about 70 percent of the economy.
“Layoffs clearly remain elevated, but the worst part of the adjustment to the first-half slowdown is abating,” said Richard DeKaser, an economist at Parthenon Group in Boston. “I still don’t expect relief on the unemployment rate in the next few months.”
Stock-index futures rose after the report, erasing earlier losses. The contract on the Standard & Poor’s 500 Index maturing in September rose 0.2 percent to 1,301.3 at 8:36 a.m. in New York. Treasury securities held earlier gains, sending the yield on the benchmark 10-year note down to 2.95 percent from 2.98 percent late yesterday.
Survey Results
The median forecast was based on a survey of 44 economists. Estimates ranged from 400,000 to 440,000. The Labor Department revised the prior week’s figure up to 422,000 from a previously reported 418,000.
The seasonal-adjustment figures projected a drop for last week as the usual quarter-end increase receded, and the actual decrease was even larger, the Labor Department spokesman said as the data was released to the press. The projected drop also reflected the end of the traditional auto retooling shutdowns.
The timing of closing for the new model year has been difficult to predict this year, making adjusting the claims data for these seasonal variations more challenging, the spokesman has said.
The four-week moving average, a less volatile measure than the weekly figures, fell to 413,750 last week from 422,250.
The number of people continuing to receive jobless benefits dropped by 17,000 in the week ended July 16 to 3.7 million.
Extended Benefits
The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.
Those who’ve used up their traditional benefits and are now collecting emergency and extended payments increased by about 62,400 to 3.76 million in the week ended July 9.
The unemployment rate among people eligible for benefits decreased to 2.9 percent from 3 percent in the prior week, today’s report showed.
Twenty states and territories reported an increase in claims, while 33 reported a decrease. These data are reported with a one-week lag.
Initial jobless claims reflect weekly firings and tend to fall as job growth -- measured by the monthly non-farm payrolls report -- accelerates.
The economy’s growth slowed in the second quarter to a 1.8 percent annual rate, following a 1.9 percent pace in the first three months of 2011, according to the median forecast in a Bloomberg survey ahead of a Commerce Department report tomorrow. Consumer spending likely grew at a 0.8 percent rate, down from 2.2 percent in the first three months of the year.
Debt Talks
Businesses and consumers also are concerned about the outcome of negotiations between President Barack Obama and Congress to reach a debt-ceiling agreement by Aug. 2 that would avert a U.S. default.
Companies that are cutting jobs include Lockheed Martin Corp. (LMT) The world’s largest defense contractor said on July 19 it’ll offer a voluntary separation plan to 6,500 employees in the U.S. The Bethesda, Maryland-based company will in mid-August evaluate the need for involuntary reductions.
Tellabs Inc. (TLAB), a telecommunications equipment maker based in Naperville, Illinois, said on July 26 that it will cut 330 jobs or 10 percent of its workforce over the next year as part of a restructuring plan, while also adding some workers.
The elevated jobless rate remains a major concern for Federal Reserve policy makers, who are likely to keep interest rates close to zero for an extended period to stimulate growth.
“The most recent data attest to the continuing weakness of the labor market,” Fed Chairman Ben S. Bernanke said in a statement to lawmakers on July 13. For the economy as a whole, “the pace of the expansion so far this year has been modest.”
Jobless claims fell by 24,000 to 398,000 in the week ended July 23, Labor Department figures showed today in Washington. The level of claims was fewer than forecast, as the median estimate of economists in a Bloomberg News survey called for a drop to 415,000. There were no special factors associated with the decrease other than the usual volatility that occurs each year in July, a Labor Department spokesman said.
A reduction in firings is a necessary step toward the point when employers are more willing to add workers. The lack of hiring means the unemployment rate will probably keep hovering near 9 percent, restraining consumer spending, which accounts for about 70 percent of the economy.
“Layoffs clearly remain elevated, but the worst part of the adjustment to the first-half slowdown is abating,” said Richard DeKaser, an economist at Parthenon Group in Boston. “I still don’t expect relief on the unemployment rate in the next few months.”
Stock-index futures rose after the report, erasing earlier losses. The contract on the Standard & Poor’s 500 Index maturing in September rose 0.2 percent to 1,301.3 at 8:36 a.m. in New York. Treasury securities held earlier gains, sending the yield on the benchmark 10-year note down to 2.95 percent from 2.98 percent late yesterday.
Survey Results
The median forecast was based on a survey of 44 economists. Estimates ranged from 400,000 to 440,000. The Labor Department revised the prior week’s figure up to 422,000 from a previously reported 418,000.
The seasonal-adjustment figures projected a drop for last week as the usual quarter-end increase receded, and the actual decrease was even larger, the Labor Department spokesman said as the data was released to the press. The projected drop also reflected the end of the traditional auto retooling shutdowns.
The timing of closing for the new model year has been difficult to predict this year, making adjusting the claims data for these seasonal variations more challenging, the spokesman has said.
The four-week moving average, a less volatile measure than the weekly figures, fell to 413,750 last week from 422,250.
The number of people continuing to receive jobless benefits dropped by 17,000 in the week ended July 16 to 3.7 million.
Extended Benefits
The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.
Those who’ve used up their traditional benefits and are now collecting emergency and extended payments increased by about 62,400 to 3.76 million in the week ended July 9.
The unemployment rate among people eligible for benefits decreased to 2.9 percent from 3 percent in the prior week, today’s report showed.
Twenty states and territories reported an increase in claims, while 33 reported a decrease. These data are reported with a one-week lag.
Initial jobless claims reflect weekly firings and tend to fall as job growth -- measured by the monthly non-farm payrolls report -- accelerates.
The economy’s growth slowed in the second quarter to a 1.8 percent annual rate, following a 1.9 percent pace in the first three months of 2011, according to the median forecast in a Bloomberg survey ahead of a Commerce Department report tomorrow. Consumer spending likely grew at a 0.8 percent rate, down from 2.2 percent in the first three months of the year.
Debt Talks
Businesses and consumers also are concerned about the outcome of negotiations between President Barack Obama and Congress to reach a debt-ceiling agreement by Aug. 2 that would avert a U.S. default.
Companies that are cutting jobs include Lockheed Martin Corp. (LMT) The world’s largest defense contractor said on July 19 it’ll offer a voluntary separation plan to 6,500 employees in the U.S. The Bethesda, Maryland-based company will in mid-August evaluate the need for involuntary reductions.
Tellabs Inc. (TLAB), a telecommunications equipment maker based in Naperville, Illinois, said on July 26 that it will cut 330 jobs or 10 percent of its workforce over the next year as part of a restructuring plan, while also adding some workers.
The elevated jobless rate remains a major concern for Federal Reserve policy makers, who are likely to keep interest rates close to zero for an extended period to stimulate growth.
“The most recent data attest to the continuing weakness of the labor market,” Fed Chairman Ben S. Bernanke said in a statement to lawmakers on July 13. For the economy as a whole, “the pace of the expansion so far this year has been modest.”
U.S. Stocks Climb on Economic Data
U.S. stocks rose, halting a three- day slump, as improving data on jobless claims and home sales bolstered confidence in the economy and diverted attention away from the budget impasse. European shares fell as earnings missed estimates. Treasuries and the dollar gained.
The Standard & Poor’s 500 Index added 0.4 percent to 1,310.16 as of 10:46 a.m. in New York after tumbling 2 percent yesterday, while the Stoxx Europe 600 Index lost 0.3 percent. The Dollar Index increased 0.2 percent, while the yen climbed versus 13 of 16 major peers monitored by Bloomberg. The yield on the 10-year Treasury note fell two basis points to 2.96 percent, while Italy’s yield rose nine points after a debt sale.
Equities recovered some of yesterday’s sell-off as initial jobless claims decreased below 400,000 for the first time since April and contracts to buy previously owned homes unexpectedly increased 2.4 percent. The House of Representatives plans to vote today on a debt-limit increase proposal that confronts unified Democratic opposition in the Senate, setting the stage for a congressional showdown to avert a U.S. default.
“The jobless claims report provided a temporary reprieve for markets amid so much other disturbing news,” Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC, said in a telephone interview. The Philadelphia- based firm manages about $54 billion. “It’s a hint that there may be turnaround after the loss of momentum in the economy that we’ve experienced coupled with Washington not helping to generate any enthusiasm for equities at the moment.”
Moving Together
Stocks and Treasuries are moving in tandem twice as often as they normally do, a sign investors are growing convinced the U.S. will lose its AAA credit rating and that an impasse among lawmakers may spur losses in both markets.
The S&P 500 has risen or fallen together with 10-year Treasury notes 80 percent of the time in the last 10 days, compared with the average since 2000 of 41 percent, according to data compiled by Bloomberg.
Passage of the House debt-ceiling measure, which all 51 Senate Democrats and two independents oppose, will lead to negotiations among leaders on both sides in an attempt to avert a U.S. default.
The S&P 500 tumbled 2 percent yesterday, its biggest loss since June 1, and has declined 2.9 percent since July 8, the day before Alcoa Inc. unofficially started the earnings season on July 11, even as four companies beat analyst estimates for every one that missed, according to data compiled by Bloomberg. In Europe’s Stoxx 600, more companies have trailed projections than surprised positively.
Jobless Claims Drop
Jobless claims fell by 24,000 to 398,000 in the week ended July 23, fewer than forecast, Labor Department figures showed today in Washington. The median estimate of economists in a Bloomberg News survey called for a drop to 415,000.
Cisco Systems Inc. rallied 3 percent to lead gains in the Dow Jones Industrial Average after Goldman Sachs Group Inc. advised buying the shares. DuPont Co. climbed 2.1 percent after raising its full-year earnings forecast
Exxon Mobil Corp. fell 1.5 percent after reporting second- quarter profit of $2.18 a share, compared with a $2.32 average estimate of seven analysts in a Bloomberg survey.
The four-day drop in the Stoxx 600 is the longest losing streak in seven weeks. Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, lost 2.4 percent after second-quarter profit fell 52 percent, and BASF SE, the world’s largest chemical company, sank 4.9 percent after signaling growth will slow. Air France-KLM Group and Deutsche Lufthansa AG, Europe’s biggest airlines, fell more than 3.4 percent as earnings missed estimates.
The Standard & Poor’s 500 Index added 0.4 percent to 1,310.16 as of 10:46 a.m. in New York after tumbling 2 percent yesterday, while the Stoxx Europe 600 Index lost 0.3 percent. The Dollar Index increased 0.2 percent, while the yen climbed versus 13 of 16 major peers monitored by Bloomberg. The yield on the 10-year Treasury note fell two basis points to 2.96 percent, while Italy’s yield rose nine points after a debt sale.
Equities recovered some of yesterday’s sell-off as initial jobless claims decreased below 400,000 for the first time since April and contracts to buy previously owned homes unexpectedly increased 2.4 percent. The House of Representatives plans to vote today on a debt-limit increase proposal that confronts unified Democratic opposition in the Senate, setting the stage for a congressional showdown to avert a U.S. default.
“The jobless claims report provided a temporary reprieve for markets amid so much other disturbing news,” Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC, said in a telephone interview. The Philadelphia- based firm manages about $54 billion. “It’s a hint that there may be turnaround after the loss of momentum in the economy that we’ve experienced coupled with Washington not helping to generate any enthusiasm for equities at the moment.”
Moving Together
Stocks and Treasuries are moving in tandem twice as often as they normally do, a sign investors are growing convinced the U.S. will lose its AAA credit rating and that an impasse among lawmakers may spur losses in both markets.
The S&P 500 has risen or fallen together with 10-year Treasury notes 80 percent of the time in the last 10 days, compared with the average since 2000 of 41 percent, according to data compiled by Bloomberg.
Passage of the House debt-ceiling measure, which all 51 Senate Democrats and two independents oppose, will lead to negotiations among leaders on both sides in an attempt to avert a U.S. default.
The S&P 500 tumbled 2 percent yesterday, its biggest loss since June 1, and has declined 2.9 percent since July 8, the day before Alcoa Inc. unofficially started the earnings season on July 11, even as four companies beat analyst estimates for every one that missed, according to data compiled by Bloomberg. In Europe’s Stoxx 600, more companies have trailed projections than surprised positively.
Jobless Claims Drop
Jobless claims fell by 24,000 to 398,000 in the week ended July 23, fewer than forecast, Labor Department figures showed today in Washington. The median estimate of economists in a Bloomberg News survey called for a drop to 415,000.
Cisco Systems Inc. rallied 3 percent to lead gains in the Dow Jones Industrial Average after Goldman Sachs Group Inc. advised buying the shares. DuPont Co. climbed 2.1 percent after raising its full-year earnings forecast
Exxon Mobil Corp. fell 1.5 percent after reporting second- quarter profit of $2.18 a share, compared with a $2.32 average estimate of seven analysts in a Bloomberg survey.
The four-day drop in the Stoxx 600 is the longest losing streak in seven weeks. Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, lost 2.4 percent after second-quarter profit fell 52 percent, and BASF SE, the world’s largest chemical company, sank 4.9 percent after signaling growth will slow. Air France-KLM Group and Deutsche Lufthansa AG, Europe’s biggest airlines, fell more than 3.4 percent as earnings missed estimates.
Ghana Plans Fivefold Increase in Coffee Production by 2015
Ghana, the world’s second-biggest cocoa producer, plans a more than fivefold increase in coffee output by 2015 as it replants old farms.
The Ghana Cocoa Board, which also oversees the coffee industry in the West African nation, is targeting output of 10,000 metric tons, up from 1,700 tons now, said Noah Amenyah, a spokesman for the Accra-based board, in an interview yesterday. By 2021, production may reach 20,000 tons, he said.
“The board is weeding farms for farmers free of charge,” he said. “All other inputs and extension services are also being offered at no cost to the farmers.”
Ghana neighbors Ivory Coast, the world’s top cocoa producer and Africa’s third-biggest coffee grower. Both countries produce mainly the robusta variety of beans, which are used in instant coffee and espresso.
In 2012, the Ghanaian board, known as Cocobod, will encourage farmers to plant new trees that will quadruple the area under coffee cultivation to 2,000 hectares (4,942 acres), said William Quaittoo, the board’s manager for coffee, by phone July 25.
“We are taking advantage of cocoa-growing areas that are lying idle,” he said. Cocobod will spend 4 million cedis ($2.6 million), Quaittoo said.
Cocobod asked companies that buy coffee from farmers to register with the board, similar to the cocoa industry’s system of licensed buyers, Amenyah said. The agencies will be able to get loans from the board and banks to purchase coffee, he said.
The board is also considering setting a fixed minimum buying price for coffee beans, he said. Ghana establishes a similar rate at the start of every cocoa harvest
The Ghana Cocoa Board, which also oversees the coffee industry in the West African nation, is targeting output of 10,000 metric tons, up from 1,700 tons now, said Noah Amenyah, a spokesman for the Accra-based board, in an interview yesterday. By 2021, production may reach 20,000 tons, he said.
“The board is weeding farms for farmers free of charge,” he said. “All other inputs and extension services are also being offered at no cost to the farmers.”
Ghana neighbors Ivory Coast, the world’s top cocoa producer and Africa’s third-biggest coffee grower. Both countries produce mainly the robusta variety of beans, which are used in instant coffee and espresso.
In 2012, the Ghanaian board, known as Cocobod, will encourage farmers to plant new trees that will quadruple the area under coffee cultivation to 2,000 hectares (4,942 acres), said William Quaittoo, the board’s manager for coffee, by phone July 25.
“We are taking advantage of cocoa-growing areas that are lying idle,” he said. Cocobod will spend 4 million cedis ($2.6 million), Quaittoo said.
Cocobod asked companies that buy coffee from farmers to register with the board, similar to the cocoa industry’s system of licensed buyers, Amenyah said. The agencies will be able to get loans from the board and banks to purchase coffee, he said.
The board is also considering setting a fixed minimum buying price for coffee beans, he said. Ghana establishes a similar rate at the start of every cocoa harvest
Ghana Needs as Much as $3.6 Billion for Housing Each Year
By Ekow Dontoh (Bloomberg)
Ghana needs between $2 billion and $3.6 billion each year over the next decade to address a shortage of housing as the population of the world’s second- biggest cocoa producer climbs.
“We need to annually construct between 120,000 and 150,000 units of houses consistently for next 10 years to resolve the deficit, Alban Bagbin, minister for water resources, works and housing, told reporters in Accra, the capital, today.
Ghana’s population climbed 28 percent to 24 million people over the past decade, according to a census conducted last year by the Ghana Statistical Service. Government investments in housing haven’t kept pace with the expansion, Bagbin said. Ghana provides housing for many of its civil servants, including police officers and government workers.
The state raised $1.5 billion from a group of international banks, led by Barclays Capital, in a deal with STX Corp. of South Korea to build 30,000 housing units for security officials across Ghana, Bagbin said. The homes will be finished by 2015, he said.
Ghana wants to encourage more public-private partnerships to fill gaps in its housing sector by helping companies secure land grants and providing tax exemptions on building equipment, Bagbin said.
Ghana Cedi Gains for Second Day as Dealers, Miners Sell Dollars
Ghana’s cedi appreciated for a second day as mining companies sold dollars and traders speculated the central bank’s first auction of five-year bonds since 2007 will boost demand for Ghana’s currency.
The currency of the world’s second biggest cocoa producer gained as much as 0.4 percent to 1.5042 per dollar, its strongest intraday level since June 7, according to data compiled by Bloomberg. It traded 0.2 percent higher at 1.5072 as of 1:26 p.m. in Accra, the capital.
The Bank of Ghana will offer 300 million cedis ($199 million) of five-year bonds on July 28, it said on its website.
“Currency traders took positions in anticipation that the bond auction on Thursday may weaken the dollar on offshore investor inflows,” Chris Nettey, a currency trader at Stanbic Bank Ghana Ltd., said in a telephone interview today. “Mining firms also sold the dollar today to finance their cedi- denominated activities.”
The currency of the world’s second biggest cocoa producer gained as much as 0.4 percent to 1.5042 per dollar, its strongest intraday level since June 7, according to data compiled by Bloomberg. It traded 0.2 percent higher at 1.5072 as of 1:26 p.m. in Accra, the capital.
The Bank of Ghana will offer 300 million cedis ($199 million) of five-year bonds on July 28, it said on its website.
“Currency traders took positions in anticipation that the bond auction on Thursday may weaken the dollar on offshore investor inflows,” Chris Nettey, a currency trader at Stanbic Bank Ghana Ltd., said in a telephone interview today. “Mining firms also sold the dollar today to finance their cedi- denominated activities.”
Tullow Oil Rises in 1st Ghana Bourse Listing in 2-1/2 Years
Tullow Oil Plc, the London-based explorer with the most licenses in Africa, advanced in its first day of trading on the Ghana Stock Exchange.
The stock, which listed at 31 cedis, climbed to 31.05 cedis by 10:04 a.m. in the capital, Accra.
The debut is the West African nation bourse’s first since November 2008, Elizabeth Mate-Koli, head of listing at the exchange, said by phone yesterday. The company sold 3.5 million shares at 31 cedis each, raising 109.5 million cedis ($73 million), Tullow said on July 21.
Tullow, which also trades in the U.K. and Ireland, operates Ghana’s Jubilee oil field, West Africa’s biggest discovery of crude from an offshore field in a decade. Daily output from the field is expected to climb to 120,000 barrels per day by August or September from 80,000 barrels now, according to Tullow.
The stock, which listed at 31 cedis, climbed to 31.05 cedis by 10:04 a.m. in the capital, Accra.
The debut is the West African nation bourse’s first since November 2008, Elizabeth Mate-Koli, head of listing at the exchange, said by phone yesterday. The company sold 3.5 million shares at 31 cedis each, raising 109.5 million cedis ($73 million), Tullow said on July 21.
Tullow, which also trades in the U.K. and Ireland, operates Ghana’s Jubilee oil field, West Africa’s biggest discovery of crude from an offshore field in a decade. Daily output from the field is expected to climb to 120,000 barrels per day by August or September from 80,000 barrels now, according to Tullow.
Freeze On Public Sector Employment, Youth Revolt Looms - TUC Warns
The Trades Union Congress (TUC) fears of a possible chaos and tension among the youth in the country if urgent measures are not taken to curb the growing unemployment situation.
Consequently, the labour union is asking the government to disregard the warning by the International Monetary Fund (IMF) and World Bank and lift the freeze on employment in the public- sector.
Secretary-General of the TUC, Mr Kofi Asamoah, said in an interview with the Graphic Business that “we will assess the performance of government mainly on the basis of the number of jobs created during the year and not the level of inflation as the main indicator of its performance”.
The IMF and the World Bank have warned against an over-bloated public sector employment to stem the rising public sector wage bill and have therefore called for a tight fiscal monetary policy.
The IMF and the World Bank have in their Public Expenditure Review document for 2011 asked the government to cut recruitment into the public sector.
The two institutions maintains that the heavy burden of the public sector wage bill remains a major concern.
Between 2002 and 2008, wages absorbed an average of 44.5 per cent of total tax revenue. This number rose to 49.5 per cent in 2009.
But the TUC boss disagrees with “the notion that the public sector is over-bloated. The size of the public sector should not be measured by the size of the public sector wage bill only,” he said.
“It should appropriately be measured by the adequacy of essential services to the people of Ghana”, he stressed.
The Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana estimates that about 230,000 youth enter the labour market every year, out of which only two per cent or 4,500 of the number are absorbed into the formal economy.
To the labour union, government has failed to articulate any strategy of its own that addresses the unemployment crisis.
“I regret to say that government has not considered the several proposals submitted to it by the TUC on measures to tackle the unemployment crises”, Mr Asamoah said.
“This portends a danger to the economy as this phenomenon, if not dealt with could explode in our face”, adding that “the trend is very scary, from where I sit, if the situation is not addressed, we are likely to see some tension among the jobless youth”, the labour boss warned.
Reports from the UN's International Labour Organisation shows Africa needs to generate 2.4 million jobs a year for the next five years in order to reach the UN’s goal of slashing unemployment to the current global average of 6.5 per cent by 2015.
But Employment and Social Welfare Minister, Mr Enoch Teye Mensah, had in an earlier interview with the Graphic Business said the picture is not that gloomy, considering the fact that government is examining various strategies in its review of the country’s employment policy that is yet to be presented to Cabinet.
”To contain the wage bill, the government has adopted a selective hiring freeze under which new recruitment is principally in the education and health services"
“The problem we are facing is not that of unemployment but under-employment: that is people who are just doing anything to survive”, he said.
“These are the people with no social protection whatsoever, and they are the ones we see selling on the streets and doing all sorts of menial jobs”, he added.
The review of the employment policy will entail skills training and employment placement to the teeming under employed.
At a presentation on the State of the Ghanaian Economy report by the Institute of Statistical, Social and Economic Research in Accra, Senior Research Fellow and Head of the Economic Division of the policy think tank, Dr Felix Asante, said the continent faces many challenges, one of which is economic growth rate that are not able to create sufficient employment opportunities for an ever increasing demand for jobs.
He said inadequate employment also exacerbates poor human development and restricts social and political participation. It is also agreed that youth employment is a critical element of a nation’s stability and a proven antidote to the loss of hope which often results in social and political turmoil.
The picture is most dim for young Africans. The ILO says that 20 per cent of all Africans between the ages of 25 and 30 are jobless. Ghana is also faced with that problem- the nation mobilised a National Youth Employment Programme in 2006.
In the first four months of the initiative roughly 40,000 jobs were created, about half of those in agriculture. That industry is seen as risky by the ILO because many of its employees have "low and unstable" incomes.
Consequently, the labour union is asking the government to disregard the warning by the International Monetary Fund (IMF) and World Bank and lift the freeze on employment in the public- sector.
Secretary-General of the TUC, Mr Kofi Asamoah, said in an interview with the Graphic Business that “we will assess the performance of government mainly on the basis of the number of jobs created during the year and not the level of inflation as the main indicator of its performance”.
The IMF and the World Bank have warned against an over-bloated public sector employment to stem the rising public sector wage bill and have therefore called for a tight fiscal monetary policy.
The IMF and the World Bank have in their Public Expenditure Review document for 2011 asked the government to cut recruitment into the public sector.
The two institutions maintains that the heavy burden of the public sector wage bill remains a major concern.
Between 2002 and 2008, wages absorbed an average of 44.5 per cent of total tax revenue. This number rose to 49.5 per cent in 2009.
But the TUC boss disagrees with “the notion that the public sector is over-bloated. The size of the public sector should not be measured by the size of the public sector wage bill only,” he said.
“It should appropriately be measured by the adequacy of essential services to the people of Ghana”, he stressed.
The Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana estimates that about 230,000 youth enter the labour market every year, out of which only two per cent or 4,500 of the number are absorbed into the formal economy.
To the labour union, government has failed to articulate any strategy of its own that addresses the unemployment crisis.
“I regret to say that government has not considered the several proposals submitted to it by the TUC on measures to tackle the unemployment crises”, Mr Asamoah said.
“This portends a danger to the economy as this phenomenon, if not dealt with could explode in our face”, adding that “the trend is very scary, from where I sit, if the situation is not addressed, we are likely to see some tension among the jobless youth”, the labour boss warned.
Reports from the UN's International Labour Organisation shows Africa needs to generate 2.4 million jobs a year for the next five years in order to reach the UN’s goal of slashing unemployment to the current global average of 6.5 per cent by 2015.
But Employment and Social Welfare Minister, Mr Enoch Teye Mensah, had in an earlier interview with the Graphic Business said the picture is not that gloomy, considering the fact that government is examining various strategies in its review of the country’s employment policy that is yet to be presented to Cabinet.
”To contain the wage bill, the government has adopted a selective hiring freeze under which new recruitment is principally in the education and health services"
“The problem we are facing is not that of unemployment but under-employment: that is people who are just doing anything to survive”, he said.
“These are the people with no social protection whatsoever, and they are the ones we see selling on the streets and doing all sorts of menial jobs”, he added.
The review of the employment policy will entail skills training and employment placement to the teeming under employed.
At a presentation on the State of the Ghanaian Economy report by the Institute of Statistical, Social and Economic Research in Accra, Senior Research Fellow and Head of the Economic Division of the policy think tank, Dr Felix Asante, said the continent faces many challenges, one of which is economic growth rate that are not able to create sufficient employment opportunities for an ever increasing demand for jobs.
He said inadequate employment also exacerbates poor human development and restricts social and political participation. It is also agreed that youth employment is a critical element of a nation’s stability and a proven antidote to the loss of hope which often results in social and political turmoil.
The picture is most dim for young Africans. The ILO says that 20 per cent of all Africans between the ages of 25 and 30 are jobless. Ghana is also faced with that problem- the nation mobilised a National Youth Employment Programme in 2006.
In the first four months of the initiative roughly 40,000 jobs were created, about half of those in agriculture. That industry is seen as risky by the ILO because many of its employees have "low and unstable" incomes.
Ivory Coast to boost oil drilling
Ivory Coast said Thursday it plans to boost oil drilling by year's end to become a major regional producer.
"We want to start drilling in seven wells by the end of the year to ensure a production of 300,000 barrels a day by 2020, up from 40,000 barrels now," Adama Toungara, the new oil minister, said during a meeting with press barons here.
"We want to make Ivory Coast a sub-regional oil power even though the country will not be an African Kuwait," he added.
He deplored the fact that oil drilling "dropped in intensity" under the rule of president Laurent Gbagbo, who was deposed after more than a decade in power and a bitter leadership struggle over disputed presidential polls last November.
Gbagbo was captured in an underground bunker in Abidjan on April 11 by forces loyal to Preisdent Alassane Ouattara, backed by France and the United Nations.
Toungara said the country awarded exploration permits to companies "which have neither the technical expertise nor the financial capacity to explore."
And he slammed the "bad governance" in the country's oil sector.
Out of 28 oil fields in the country, 23 are operated by firms from Canada, the United States, Italy, Russia, Ireland, Kuwait and Malaysia, according to official data.
Ivory Coast was until recently the leading oil producer in the eight-nation West African Economic and Monetary Union of West Africa, which excludes Nigeria, the top oil producer in sub-Saharan Africa.
Ghana's recent discovery of oil reserves off its coast last year sparked off a row with Ivory Coast over the border, with Accra accusing Abidjan of claiming part of its maritime
space
"We want to start drilling in seven wells by the end of the year to ensure a production of 300,000 barrels a day by 2020, up from 40,000 barrels now," Adama Toungara, the new oil minister, said during a meeting with press barons here.
"We want to make Ivory Coast a sub-regional oil power even though the country will not be an African Kuwait," he added.
He deplored the fact that oil drilling "dropped in intensity" under the rule of president Laurent Gbagbo, who was deposed after more than a decade in power and a bitter leadership struggle over disputed presidential polls last November.
Gbagbo was captured in an underground bunker in Abidjan on April 11 by forces loyal to Preisdent Alassane Ouattara, backed by France and the United Nations.
Toungara said the country awarded exploration permits to companies "which have neither the technical expertise nor the financial capacity to explore."
And he slammed the "bad governance" in the country's oil sector.
Out of 28 oil fields in the country, 23 are operated by firms from Canada, the United States, Italy, Russia, Ireland, Kuwait and Malaysia, according to official data.
Ivory Coast was until recently the leading oil producer in the eight-nation West African Economic and Monetary Union of West Africa, which excludes Nigeria, the top oil producer in sub-Saharan Africa.
Ghana's recent discovery of oil reserves off its coast last year sparked off a row with Ivory Coast over the border, with Accra accusing Abidjan of claiming part of its maritime
space
Sunday, July 24, 2011
Israel PM guards tell women reporters to remove bras
Foreign journalists on Friday spoke of their distress after being asked to remove their bras for a security check before being allowed into the offices of Israel's prime minister.
The three women were told by security personnel to undress and take off their bras for x-ray in two separate incidents at the Jerusalem offices of Prime Minister Benjamin Netanyahu earlier this week.
All three complied with the request, despite the distress it caused, in an incident denounced by the Foreign Press Association (FPA) as "unnecessary, humiliating and counter-productive."
Each of the women was taken behind a curtain in the lobby of the entrance hall and patted down before being told to undress, then their bras were passed out in full view of male and female colleagues and security personnel, to be put through an x-ray machine.
Their personal effects were also emptied out in public view and put through the machine.
"The Foreign Press Association strongly condemns the continued harassment of journalists attending media events at the prime minister?s office," a statement from the Tel-Aviv based group said.
"This type of treatment is unnecessary, humiliating and counter-productive."
Sara Hussein, who works for Agence France-Presse (AFP), described the incident as utterly humiliating.
"I can only describe the experience as among the most humiliating in my life," she wrote in a complaint to the FPA. "I have covered meetings of presidents at the White House and not been subjected to anything similar."
Neither of the other two women reporters, both of whom were deeply distressed by the incident, wished to be identified.
All three have filed detailed complaints with the FPA, which is pursuing the matter with the Israeli authorities.
Officials at the prime minister's office refused to comment directly on the two incidents, saying only: "We are aware of the concerns and we are looking into the matter."
In January this year, Netanyahu's security staff came under fire for ordering a pregnant Arab correspondent for Al-Jazeera to remove her bra in order to attend a cocktail event for the press at a five-star hotel in Jerusalem.
The FPA said it was considering whether or not to continue sending its members to events where they risked such treatment at the hands of the premier's security team.
"After repeated appeals and promises by security officials, it appears that the prime minister's office does not have the desire to stop this happening," it said.
"The FPA will begin consulting its members over whether the foreign media should no longer cover events at the PM's office as this is the only occasion where this type of incident occurs."
The three women were told by security personnel to undress and take off their bras for x-ray in two separate incidents at the Jerusalem offices of Prime Minister Benjamin Netanyahu earlier this week.
All three complied with the request, despite the distress it caused, in an incident denounced by the Foreign Press Association (FPA) as "unnecessary, humiliating and counter-productive."
Each of the women was taken behind a curtain in the lobby of the entrance hall and patted down before being told to undress, then their bras were passed out in full view of male and female colleagues and security personnel, to be put through an x-ray machine.
Their personal effects were also emptied out in public view and put through the machine.
"The Foreign Press Association strongly condemns the continued harassment of journalists attending media events at the prime minister?s office," a statement from the Tel-Aviv based group said.
"This type of treatment is unnecessary, humiliating and counter-productive."
Sara Hussein, who works for Agence France-Presse (AFP), described the incident as utterly humiliating.
"I can only describe the experience as among the most humiliating in my life," she wrote in a complaint to the FPA. "I have covered meetings of presidents at the White House and not been subjected to anything similar."
Neither of the other two women reporters, both of whom were deeply distressed by the incident, wished to be identified.
All three have filed detailed complaints with the FPA, which is pursuing the matter with the Israeli authorities.
Officials at the prime minister's office refused to comment directly on the two incidents, saying only: "We are aware of the concerns and we are looking into the matter."
In January this year, Netanyahu's security staff came under fire for ordering a pregnant Arab correspondent for Al-Jazeera to remove her bra in order to attend a cocktail event for the press at a five-star hotel in Jerusalem.
The FPA said it was considering whether or not to continue sending its members to events where they risked such treatment at the hands of the premier's security team.
"After repeated appeals and promises by security officials, it appears that the prime minister's office does not have the desire to stop this happening," it said.
"The FPA will begin consulting its members over whether the foreign media should no longer cover events at the PM's office as this is the only occasion where this type of incident occurs."
PRESS STATEMENT-AMA BENYIWA DOE MUST RESIGN HER POSITION
Central Regional Minister, Madam Ama Benyiwa Doe
We the Youth Members of Central Regional Youth for Unity, Stability and Development are calling on the Central Regional Minister, Madam Ama Benyiwa Doe to resign her position as Central Regional Minister for misappropriation and embezzlement of funds meant for the Cape Coast Sports stadium.
The fact of the matter is that we are fully aware that the Ministry of Finance as part of its efforts to honour President Mills's commitment to complete the Cape Coast stadium project allocated 500 million Ghana Cedis for the speedy completion of the project. We are aware that that 70 million Ghana Cedis has been released by the Ministry of Youth and Sports to the Central Regional Administration for the project to resume and be completed latest by March 2013. We were excited by this project as it would give hundreds of us youth who are unemployed and walking aimlessly along the beaches and markets something to do.
So far what we have seen are contractors coming and going from the regional office and on the site but no work has begun on this project. Our investigations reveal that instead of focusing to deal with this important project to lift up the image of the Region and to fulfil the promise made by President that Cape Coast will get a befitting stadium just like other regional capitals, The Regional Minister and her allies at the Regional Secretariat are alleged to be using the money for their selfish personal agendas. We are angry to learn that Madam Ama Benyiwa Doe between April and June distributed 3000 Ghana Cedis to all the women organisers of the party in the region without the knowledge of regional executives. She has also bought large tracts of land confirmed to be 100 acres each in Briwa and Mumford. She has also awarded 3 road contracts, 17 school building contracts and 8 contracts to rehabilitate the government houses in Cape Coast municipality to herself. Meanwhile Cape Coast Stadium which is needed to serve the needs of the people and restore the Central Region as a competitive arena for sports remains a dream.
We call on President Mills to set up a committee to investigate the circumstances regarding management and disbursement of funds by Madam Ama Benyiwa Doe, the conduct of officials of the Youth and Sports in the region as well as the Finance department of the regional secretariat in failing to follow proper procedure. We are tired and fed up with Ama Benyiwa Doe and others who are undermining the President's vision for the region. If the Cape Coast Stadium monies are not properly accounted for then we the members in Cape Coast and the entire region will advise ourselves in 2012.
Samuel Kojo Boham
Kwesi Orleans Lindsay
Ali Abdulai
Kofi Atta
Eric Beecham
Source-Central Region Youth for Unity, Stability and Development, Cape Coast, Central Region
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