16
saturday, november 9, 2013
guyanatimesgy.com
Africa
Caribbean
Digicel invests in Haiti’s leading micro lender Earth, wind and water: Ethiopia
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igicel has invested US$2 million in Haiti’s largest microfinance institution, Sèvis Finansye Fonkoze, which states that it will use the funds to expand its microcredit and other financial service offerings through its network of 46 fullservice branches which cover all 10 departments of Haiti. Sèvis Finansye Fonkoze announced that it had closed the US$2-million equity in-
vestment earlier in the week. The microfinancier’s products and services provide an economic lifeline for hundreds of thousands of Haitians. Digicel’s investment will allow for the expansion and creation of products and services that meet the growing and diverse financial services needs of Haitian individuals and small businesses, the company said. “We deeply admire what
Fonkoze has accomplished over almost 20 years in Haiti,” said Damian Blackburn, Digicel Group business development director. “With our knowledge of the Haitian market, strong business experience, and the most advanced mobile network in Haiti, we believe Digicel is in a unique position to support Fonkoze in achieving its poverty-reduction goals,” continued Blackburn. (Jamaica Observer)
North America
BlackBerry board rejects proposals to break up company
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lackBerry Ltd’s board does not believe a break-up of the Canadian smartphone maker is currently in its best interests, even though Microsoft Corp, Apple Inc and Lenovo Group Ltd, among others, have expressed interest in acquiring parts of the company, according to people familiar with the discussions. The board rejected proposals from several technology companies for various BlackBerry assets on grounds that a break-up
did not serve the interest of all stakeholders, which include employees, customers and suppliers in addition to shareholders, said the sources, who did not want to be identified as the discussions were confidential. Microsoft and Apple had both expressed interest in BlackBerry’s intellectual property and patents, a source briefed on the matter told Reuters. In 2011, the three companies had teamed up with others to buy patents from bankrupt
Canadian telecoms company Nortel. BlackBerry had also held discussions with Cisco Systems Inc, Google Inc and Chinese computer maker Lenovo, among others, about selling all, or parts of itself, Reuters previously reported. A BlackBerry spokeswoman declined to comment on the board’s deliberations, and it is not known what specific proposals were rejected by directors during the company’s three-monthlong review of strategic options. (Reuters)
Europe
bids to be Africa’s powerhouse
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thiopia is turning to renewable energy technology as the East African country looks to become a powerhouse for its regional partners. Last month, Ethiopia launched one of the continent’s largest wind farms in a bid to rapidly boost its generating capacity over the next three to five years. The Ashegoda Wind Farm and the Grand Renaissance Dam, under construction on the Nile, are just two of
the major projects outlined in the Ethiopian government’s five-year Growth and Transformation Plan. Both developments will see Ethiopia’s transition into one of the regions biggest energy exporters as electric output surges from 2000 megawatts (MW) to 10,000 MW. More than half of this is expected to come from the Renaissance Dam. And with further commitments to geothermal power and potential for oil explo-
ration, Ethiopia’s energy resources are set to be among the most diversified in Africa. Jerome Douat, chief executive of Vergnet, the French wind turbine company contracted to build the Ashegoda farm, told CNN that Ethiopia is an energy “reservoir” in the region. Douat said: “The wind comes from the ocean to the Rift Valley. We have placed the turbines at 2200 meters above sea level in one of the windiest places in Ethiopia.”
(CNN)
Asia
China trade data adds to recovery hopes
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hina’s exports and imports rose in October, the latest in a series of figures indicating a recovery. Exports, a key driver of its growth, rose 5.6 per cent from a year earlier, while imports jumped 7.6 per cent. This follows data released this month which showed that manufacturing activity in China grew at its fastest pace in 18 months in October. The numbers come ahead of key meetings of China’s Communist Party, with economic reforms
set to be discussed. Known as the Third Plenary Session of the Central Committee, the meeting will run from November 9-12, and top leaders are expected to discuss reforming key areas such as the financial sector and state-owned enterprises. China’s economy, the world’s second biggest, has shown signs of a pick-up after seeing its growth rate slow in the first half of the year. Its economy grew 7.8 per cent in the July to September quarter
from a year earlier, up from the 7.5 per cent expansion recorded in the previous three months. Some analysts said the pickup had been helped by a recovery in demand from key export markets such as the U.S. “Combined with the better export data in Korea and Taiwan, China’s export numbers suggest some – although not yet decisive – improvement in global demand momentum,” said Louis Kuijs, an economist with Royal Bank of Scotland. (BBC News)
Middle East
France told to reform labour market Surging Gulf Arab car sales after second credit rating downgrade underline consumer boom
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resident François Hollande’s beleaguered administration came under pressure on Friday to push through far-reaching labour market reforms after a surprise downgrade in France’s credit rating. Standard and Poor’s (S&P) cut its rating by one notch to AA from AA+, in a move that puts France on a par with Belgium and two notches above Italy in the agency’s estimate of creditworthiness.
France’s reliance on tax rises to reduce its annual budget deficit had run out of steam while limited reforms of business subsidies, red tape and labour restrictions had failed to lift the country’s growth prospects, S&P said. Hollande’s critics jumped on S&P’s analysis and called for more flexible labour markets and an end to the 35hour week. The ratings agency said: “We believe the French government’s reforms
to taxation, as well as to product, services, and labour markets, will not substantially raise France’s medium-term growth prospects. “Furthermore, we believe lower economic growth is constraining the government’s ability to consolidate public finances.” In essence, S&P has accused Paris of locking itself into a slow decline after a brief period of public goodwill towards reform evaporated. (The Guardian)
Market statistics Gold Prices – Guyana Gold Board
Cambio Rates
Fixed as at July 24, 2013 Calculated at 94% purity
Bank of Guyana Cur
Buying
Selling
GBP
$330.28
$334.42
CAN
$196.40
$198.66
USD
$205.49
$207.93
U.S.
$1335.00
Cambio
$202.67
Gross
$254,331
Net
$236,527
Selling
$262,426
Indicators as on November 7, 2013 USD Per Once
Indicators
Bid/Ask
Live Spot Gold $1288.40
$1289.40
Crude Oil
Low/High
$1280.30
$1311.10
Change
-19.20
-1.47
USD GBP EUR
AM
PM
1309.00 814.16 975.12
1285.50 803.69 961.91
AM
PM
Nov 7
$103.46
USD per Ounce
Change %
-1.72 Change %
$21.50 $1444.00
Last: 15761.78
1307.25 815.66 978.48 Changes: +167.80
Open: 15591.54
High: 15764.29
% Change: +1.08 Low: 15579.35
% YTD: 20.28
52Wk Hi: 15721.00
52 Wk Lo: 12471.49
USD GBP EUR
1316.00 818.46 973.45
Silver
Platinum
London Gold Fix
Nov 8
Price
US$ per barrel
-0.17
-6.00
A
surge in passenger car sales across most Gulf Arab countries underlines the momentum behind the region’s consumer spending boom, and sales are likely to continue rising strongly for at least a few years, automobile sector executives said. Car sales are an important indicator of business activity in a region where official macroeconomic data, such as gross domestic product, is
often unreliable and released with delays of many months. Analysts estimate GDP in the richest Gulf Arab economies – Saudi Arabia, the United Arab Emirates, Kuwait and Qatar – is now growing at annual rates of around three to five per cent, fuelled by high oil prices and heavy government spending. Data from executives at this week’s Dubai International Motor Show
suggest important areas of consumer spending are rising at much faster rates, and that Gulf citizens are spending much of the welfare handouts which governments have provided since the Arab Spring uprisings of 2011 to ensure social peace. “Sales are 17 per cent up so far (this year). It will be a good strong end of the year as well,” said Trevor Hill, managing director at Audi Middle East. (Gulf Business)
and ask questions. Contact the company and let them know you are interested. There may be agency opportunities posted in the newspaper or on the Internet. Monster, Career Builder, or Craig’s list often have agency operator listings posted. To be considered for an agency operator position you must be accepted by the company. A thorough application is required and they will most often perform a credit check. When you are accepted, the work begins. There are some minor costs you will incur in the beginning. You will have to set up a corporation for your business. A lawyer is recommended for this step; however, it is possible to
do over the Internet. Another advantage of hiring an attorney is at the time of reviewing the contract. The company must protect their assets and there will be a lot of reading to do. The contract is drawn up by lawyers and is difficult for the average person to understand. Make sure you understand everything on your contract before signing it. An accountant will charge a small fee to set you up with the necessary tax identification numbers you will need to operate legally. The rental company may require you to have business liability insurance. Get all of the necessary requirements before contacting an insurance company. (Business Dictionary)
Investors' guide Be your own boss with no money down (part one)
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arge corporations are downsizing and moving their businesses to cheaper labour areas. Many good hard working people have found themselves on the unemployment line. There may be an opportunity in your area to start a business with low or no money down. Agency operators for car rental locations are in demand in many areas in the United States. Avis, Budget and Hertz have car rental locations owned by them but run by independent business people. The first step is to contact the company you would like to be affiliated with. Check the local car rental offices near you to see what brand might be available. Visit car rental locations
Business concept – Separation of powers The constitutional principle that limits the powers vested in any person or institution. It divides governmental authority into three branches: legislative (parliament or Senate), executive (president or prime minister and the (Cabinet), and judiciary (chief justice and other judges). This principle is expressed fully in the U.S. Constitution, but is used only as a guide in the UK.