KhulBuzz: September 2010

Thursday, September 30, 2010

New Twitter Is About 50 Percent Rolled Out — Where’s The Facebook-Style Backlash?

"I'd like to believe that if Facebook changed the order of "Developers" and "Careers" in the footer of their site, it wouldn't lead to a huge user..."

Click here (http://feedproxy.google.com/~r/Techcrunch/~3/tx6q-5_dy7k/) to read the full story

Yahoo loses 3 execs, including head of Americas

"SAN FRANCISCO (Reuters) - Yahoo Inc confirmed the departure of three senior executives, including U.S. head Hilary Schneider, the latest in a string..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/j0WqJn0n6Z0/idUSTRE69001Q20101001) to read the full story

EU finance ministers meet to settle bank taxes row

"BRUSSELS (Reuters) - European Union finance ministers met on Friday in a fresh attempt to agree a common approach to taxing banks for the cost of..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/9TaP8cdg6zY/idUSTRE6900MI20101001) to read the full story

The luck of the Irish

"Ireland's property hangover continues

ON SEPTEMBER 30th, the Irish government revealed the full extent of its financial-sector bail-out. Anglo Irish..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/I9lzso6MqB8/displaystory.cfm) to read the full story

On the right path

"Access to HIV/AIDS treatment is increasing for those who need it most

THE latest dispatch from the war on AIDS brings good news. At 5.25m, the number..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/ZquNdW_YRnY/displaystory.cfm) to read the full story

Hollywood actor Tony Curtis dies

Celebrated Hollywood actor Tony Curtis, star of films including Some Like It Hot, has died at the age of 85, a family spokesman has said.

For more details: http://www.bbc.co.uk/news

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Tuesday, September 28, 2010

How DARE they spend so much?

"People love to point fingers and act indignant about how much people spend on other things….until it comes to themselves. "I can't BELIEVE she spends..."

Click here (http://feedproxy.google.com/~r/IWillTeachYouToBeRich/~3/ihbL09s7qcY/) to read the full story

I’m hiring: Executive Assistant & Content Editor

"I'm hiring for two paid part-time positions: Executive assistant: I work extremely closely with my executive admin, who helps plan my travel,..."

Click here (http://feedproxy.google.com/~r/IWillTeachYouToBeRich/~3/em1ZeUXjtbk/) to read the full story

Settling in

"Israeli construction in the West Bank and Gaza

ISRAEL's ten-month moratorium on construction of settlements in the West Bank expired late on Sunday..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/ln-lgpxaU7Q/displaystory.cfm) to read the full story

Dealing with debt

"Which countries would prefer to raise taxes or cut spending

THANKS in part to the extraordinary measures taken to stop the global economic crisis..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/-wnaumXbseU/displaystory.cfm) to read the full story

BP spill: Scientists scramble to find out where the oil went

"Researchers set off in search of data on oil discharged in Gulf of Mexico, and a slice of the $500m fund pledged by BP

The twin drilling platforms..."

Click here (http://www.guardian.co.uk/environment/2010/sep/28/bp-oil-spill-science-research-fund) to read the full story

Just what Zimbabwe needs - the arrival of Wal-Mart

"Could the Waltons soon be doing business under Robert Mugabe's regime? A curious detail in Wal-Mart's $4.6bn (£2.9bn) takeover offer this week for the..."

Click here (http://www.guardian.co.uk/business/andrew-clark-on-america/2010/sep/28/wal-mart-zimbabwe) to read the full story

Sunday, September 26, 2010

Obama won as cool and unflappable. But presidents need to act angry too | Gary Younge

"Americans want a leader they can relate to, as well as revere. Until Obama delivers, he must at least reflect the public mood

In the runup to the..."

Click here (http://www.guardian.co.uk/commentisfree/2010/sep/26/obama-connect-people-pain) to read the full story

Beyond GDP

"A new global comparison of standards of living

MANY people complain that conventional measures of GDP fail to capture a country's true standard of..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/S3uURt28-Hc/displaystory.cfm) to read the full story

Beyond GDP

"A new global comparison of standards of living

MANY people complain that conventional measures of GDP fail to capture a country's true standard of..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/S3uURt28-Hc/displaystory.cfm) to read the full story

Blacked out

"Where The Economist is censored

SINCE January 2009 The Economist has been banned or censored in 12 of the 190-odd countries in which it is sold, with..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/3SnC4aSI6oA/displaystory.cfm) to read the full story

Meeting targets

"A progress report on the the Millennium Development Goals

ON SEPTEMBER 22nd world leaders wrap up a three-day UN-sponsored summit in New York to..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/qKbgBtwPMbk/displaystory.cfm) to read the full story

Fat of the lands

"The bulging problem of obesity

ONE IN six adults in the 33 mostly rich countries of the OECD is obese (measured as a body mass index of 30 or more)..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/JVboUHCtajw/displaystory.cfm) to read the full story

How Do You Measure a Complex Bank's Risk?

"Can all of a bank's many operations be boiled down to a single measure of overall risk? And—given the ripple effect that a bank failure has on the..."

Click here (http://www.newsweek.com:80/2010/09/26/how-do-you-measure-a-complex-bank-s-risk.html?from=rss) to read the full story

Asian stocks rally as dollar dips to five-month low

"SINGAPORE (Reuters) - Asian stocks rose on Monday to their highest in more than two years in response to optimism on the U.S. economy, while the..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/v77sNkqesGE/idUSTRE67G0CV20100927) to read the full story

Global stock underwriting down 9 percent so far this year

"NEW YORK (Reuters) - Global stock underwriting proceeds have slipped nine percent so far this year as investors prove less willing to take risks amid..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/n1uDp1HNuuk/idUSTRE68Q08Y20100927) to read the full story

Yuan rise could worsen China's imbalance: central banker

"BEIJING (Reuters) - A rise in the value of the yuan may intensify expectations for further increases and could lead to a worsening of China's..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/XlATRoIiqDA/idUSTRE68Q0C420100927) to read the full story

Economy grows but not out of the woods yet

FINANCE Minister Tendai Biti is upbeat about the performance of the economy
but is at the same time concerned that without "fiscal marksmanship",
treasury would not be able to meet the nation's ever-growing needs.
Addressing a Government Work Programme (GWP) review and 2010 pre-budget
ministerial workshop on Thursday, Biti said the second half of the year has
performed well prompting the ministry to revise growth projections upwards.

"There has been a serious rebound in the second half of the year such that
our growth projection to December 2010 would be 8,1%.
"This is underpinned by a serious rebound in agriculture, where we had said
growth will be 18,8%, we think that agriculture will grow by 34,1% largely
as a result of a strong performance in tobacco where 120 million kgs have
been delivered, manufacturing 4,2%; mining 44% and tourism 6,5%," Biti said.

Initially Biti had revised downwards the growth projections to 5,4% in the
midterm review in July from the 7,7% he had earlier projected.
The International Monetary Fund has projected that Zimbabwe would record a
real GDP growth of 2,2% this year and zero growth next year.

Biti said inflation - once the country's number one enemy - is under check
as month-on-month inflation between June to August was -0,1% meaning that
the country was on course for an inflation target of 4% in December.

But the minister warned that treasury was constrained and the concept of
cash budgeting would continue. "We have to eat that which we have killed, we
have to live within our means and in achieving fiscal discipline given what
others call a shortage economy, that is, a situation where there is high
demand, huge expectations and low fiscal space it means that the art of
crafting a budget requires serious fiscal marksmanship," Biti said.

He said focus would be put on utilities and infrastructure but it was
difficult for treasury to meet the country's competing needs adding that the
economy had survived up to this stage by the grace of God.

"We are trying to work on an Irrigation Master Plan and the total cost of
that plan is US$7 billion against a budget of US$1,9 billion.
"Our debt situation is US$7 billion, the total budget from our revenue is
US$1,9 billion.

"Just to attend to short term electricity requirements that will require
Zimbabwe to generate electricity at 50% requires US$400 million," he said.
Biti's growth projections came at a time government has admitted that it has
achieved 60% of what it undertook to accomplish in the GWP, according to
Prime Minister Morgan Tsvangirai.

"It looks like we've achieved - or are on track to achieve - only 60% of
what we undertook to do in the GWP.

"I don't want to pre-empt the reports and discussions on why that is, but I
do want to say that I find this a little disappointing," Tsvangirai said.
The GWP outlines the priorities, objectives and targets which government has
committed itself to deliver, within the limitations of time and resource
constraints.

Zimbabwe requires capital to kick-start the economy which suffered a decade
of decline when the political environment went downhill.
According to the three year Macro-economic Policy and Budget Framework,
Zimbabwe requires US$29, 8 billion to finance requirements in the three
years up to 2012.

Of the amount US$9,3 billion is required this year, US$10,4 billion next
year and US$10 billion in 2012.

BY NDAMU SANDU

Used car imports banned

THE government has banned the importation of second-hand vehicles as part of
a raft of new measures aimed at arresting the carnage on the country's
roads.

According to Road Traffic (Construction, Equipment and Use) Regulations
published in the government gazette of September 17, the Ministry of
Transport and Infrastructural Development is also phasing out left-hand
vehicles.

The regulations that will also hit hard owners of unroadworthy vehicles and
cripple local car dealers come into effect on March 1 2011.

Vehicles older than five years will be affected and the move will push the
price of locally assembled cars beyond the reach of many.

The statutory instrument says in part: "No person shall import any vehicle
for registration and use on any road in Zimbabwe if the year of manufacture
from the country of origin is more than five years."

"Provided that this shall not apply to any motor vehicle registered in
Zimbabwe before the 31st of March, 2011."

Used Japanese cars (pictured) have become popular with Zimbabweans over the
years as they are cheaper than those assembled locally.

Previous attempts by government to raise import duty on second hand vehicles
have been met with a lot of resistance.

Last month, Environment and Natural Resources minister Francis Nhema caused
a stir when he proposed the ban on the importation of used vehicles in order
to "save lives and protect the environment."

Nhema said the majority of the cars had been banned on the roads in their
countries of origin and were being dumped on Zimbabwe.

Tough regulations on emissions force Japanese car owners to replace old
vehicles with newer models.

The new regulations in Zimbabwe go further to say: "No person shall drive on
a road any motor vehicle registered in terms of the Vehicle Registration
and Licensing Act (Chapter 13:14) for the first time in Zimbabwe on or
after the 31st of March, 2011, if the steering wheel of the vehicle is on
the left hand side."

However, left-hand drives are not very popular in Zimbabwe. Partson Mbiriri,
the permanent secretary in the Ministry of Transport and Infrastructural
Development last month said government was considering banning the left-hand
driven vehicles because they contributed to the high carnage on the country's
roads.

"Government is considering banning all left-hand-driven vehicles because it
has become clear that they are one of the major causes of accidents on the
roads," Mbiriri said at the launch of the Global Road Safety week.

Government has also gone further to ban the use of tints on windows and
tightened regulations governing the carrying of passengers.

For example owners of light vehicles other than public service vehicles will
not be allowed to carry more than five passengers "unless a seating width of
at least 380 mm and 300 mm is allowed for the driver and every passenger
respectively, measured along the rear of such a seat level."

BY KHOLWANI NYATHI

Monday, September 20, 2010

Free Report: Natural Cancer killer -- 10,000 times stronger than Chemo

An Urgent Alert for Investment U readers

OUTRAGE!

Billion-dollar drug company hides astounding discovery of a natural cancer
killer.

10,000 times stronger than chemo -- but without the side effects!

For seven years a major U.S. pharmaceutical company knew of a true cancer
killer -- but decided to tell nobody about it...ever!!

Dear Reader,

There isn't a scarier moment in anyone's life than when a biopsy comes back
positive. It's cancer...It's the beginning of a battle in which no holds are
barred. Anyone with any sense will do almost anything at all to try and
destroy the killer disease...

Imagine one pharmaceutical company had the answer...had it, as it was, for
SEVEN FULL YEARS...yet, not only didn't tell anyone about it -- but
decided not to tell anyone about it ever!?

The truth is shocking: Deep within the Amazon Rainforest grows a tree that
could literally revolutionize what you, your doctor, and the rest of the world
thinks about cancer treatment and chances of survival. The future has never
looked more promising. Research shows that with extracts from this
miraculous tree it now may be possible to...

Attack cancer safely and effectively with an all-natural therapy that does not
cause extreme nausea, weight loss and hair loss

Protect your immune system and avoid deadly infections

Feel stronger and healthier throughout the course of the treatment

Boost your energy and improve your outlook on life

The source of this information is just as stunning: It comes from one of
America's largest drug manufacturers, the fruit of over 20 laboratory tests
conducted since the 1970s! What those tests revealed was nothing short of
mind numbing... Extracts from the tree were shown to:

Effectively target and kill malignant cells in 12 types of cancer, including
colon, breast, prostate, lung and pancreatic cancer.

The tree compounds proved to be up to 10,000 times stronger in slowing the
growth of cancer than Adriamycin, a commonly used chemotherapeutic
drug!

What's more, unlike chemotherapy, the compound extracted from the
Graviola tree selectively hunts down and kills only cancer cells. It does not
harm healthy cells!

The amazing anti-cancer properties of the Graviola tree have been
extensively researched -- so why haven't you heard anything about it? If
Graviola extract is as half as promising as it appears to be -- why doesn't
every single oncologist at every major hospital insist on using it on all his or
her patients?

The spine-chilling answer illustrates just how easily our health -- and for
many, our very lives(!) -- are controlled by money and power.

http://hsionline.com/signups/graviola-beyond-chemo/xhsil905/

_____________________________

InvestmentU.com

Contributing Editors

Alexander Green: Chief Investment Strategist

Louis Basenese: Advisory Panelist

Karim Rahemtulla: Advisory Panelist

David Fessler: Advisory Panelist

Marc Lichtenfeld: Advisory Panelist

Lee Lowell: Advisory Panelist

Dr. Scott Brown: Advisory Panelist

Executive Committee

Julia C. Guth: Founder

Robert Williams: Publisher

Martin Denholm: Senior Editor

Diamonds sharpen Zimbabwe power struggle

Diamonds sharpen Zimbabwe power struggle
Zimbabwe's generals are accumulating a secret slush fund from diamond sales,
a campaign group claims.

Published: 6:00AM BST 20 Sep 2010

Diplomats fear the vast mines put the army in a powerful position to dictate
the terms of succession after the death of Robert Mugabe.

The warning comes days after Zimbabwe's pro-democracy prime minister, Morgan
Tsvangirai, appealed to lower ranked army and police not to participate in
any coup against the constitutional order when Mr Mugabe, 86, finally dies.

The military's control over the vast Marange fields — the source of a
quarter of the world's diamonds — has become an important factor in the
future of Zimbabwe.

The eight-member Joint Operational Command (JOC) of military and police
leaders earns revenues from the mines through the control of companies.

The campaign group Global Witness says smugglers also sell on stones dug by
forced labour gangs overseen by the military. The group's researchers say
locals are made to mine them by gun-wielding soldiers.

The diamonds are smuggled over the Mozambican border, where they are traded
on the black market.

The revenues then return to the military.

"The general pattern is that units are rotated to make sure they maintain
the loyalty of the army by allowing everyone to benefit," said Annie
Dunnebacke, of Global Witness.

"It's safe to assume that the cut of JOC generals, who some believe are
those who really run the country, is fairly consistent." A senior Western
diplomat said last week that Zimbabwe's diamond wealth was being diverted by
the military elite with catastrophic consequences. "There are lots of other
[mining] sites and I have no doubts the generals have quite a lot of it,"
the diplomat said. "The money is running into a handful of pockets."

Zimbabwe's power sharing government, which included Mr Tsvangirai's Movement
for Democratic Change (MDC), has halted the country's economic decline.

However, the impoverished country relies on Western aid to provide such
basic services as books in schools. Its treasury received $30 million (£19million)
from the first official sales of diamonds last month.

Among those alleged to have earned many millions from diamond sales are
factions headed by the defence minster, Emmerson Mnangagwa, and Solomon
Mujuru, the former head of the armed forces and husband of the
vice-president Joyce Mujuru.

Both are reported to be jockeying for position amid persistent rumours that
President Mugabe is close to death. A series of military men have said
publicly that they will never let Mr Tsvangirai's MDC take power — all
refuse to salute him at national events.

Alan Martin, who compiled a report on the military's role in Marange for the
pressure group Partnership Canada Africa, said Mr Mujuru and Mr Mnangagwa,
were preparing for the death of Mr Mugabe.

"Undoubtedly, they are building up their war chests," he said. "None of them
will make a move until he dies but there will be a succession fight after
his death.

"If there was an open contest in Zimbabwe now, the MDC would win. That would
set in motion a pretty drastic set of events. The JOC has made clear it
would not accept an MDC president."

Mr Mnangagwa, chairman of the JOC, oversees military control of Marange.

Global Witness says the two companies licensed to mine in partnership with
the government at Marange, Mbada Mining and Canadile, channel funds to the
military elite.

Miss Dunnebacke said the "opaque" ownership of the firms means more security
agents could be secretly making money from diamonds.

Sunday, September 19, 2010

Why the Gordon Gekko Approach Could Lose You Money... Investing Lessons from George Washington... Don't Be a Pawn in Wall Street's Game

Why the Gordon Gekko Approach Could Lose You Money... Investing
Lessons from George Washington... Don't Be a Pawn in Wall Street's Game

If you missed any of our Investment U columns from last week, here's a
quick rundown of the top stories...

*****************

Selling Your Investments: Why the Gordon Gekko Philosophy Could Lose
You Money

http://www.investmentu.com/2010/September/selling-your-investments.html

"Greed, for lack of a better word, is good. Greed works."

Famous words uttered by Gordon Gekko in the movie, Wall Street (the
highly anticipated sequel - "Money Never Sleeps" - will be released in five days,
by the way.) But should you take the ruthless Gekko's words to heart when
investing?

Karim Rahemtulla says "no." He argues that while the decision to buy an
investment is a big one, the decision to sell is arguably more important.

Why? Because with greed being a primal emotion that drives the stock
market's behavior, it's crucial that you don't allow it to cloud your judgment
when it comes to selling - particularly in the volatile, time-sensitive options
world.

Karim warns investors against getting greedy when sitting on gains and
gives examples of when you should take the money and run.

http://www.investmentu.com/2010/September/selling-your-investments.html

*****************

What George Washington Can Teach You About Portfolio Diversification

http://www.investmentu.com/2010/September/george-washington-teaches-portfolio-diversification.html

Did you know that in addition to being America's first president and
Redcoat-conquering General, George Washington can also teach you a lot
about investing?

With many investors wondering how to allocate their portfolio assets
properly, Carl Delfeld explains that you can take lessons from George
Washington if you want to have a well-balanced and diversified portfolio.
Carl illustrates this with a model portfolio.

http://www.investmentu.com/2010/September/george-washington-teaches-portfolio-diversification.html

*****************

Don't Be a Pawn in Wall Street's Game

http://www.investmentu.com/2010/September/a-pawn-in-wall-streets-game.html

Do you know who's supplying your investment research?

More importantly, do you know the motives behind the research and
recommendations? In the often-shady Wall Street world, where so much
happens behind the scenes that can hurt everyday investors, Marc
Lichtenfeld warns investors not to become a pawn in Wall Street's game.

He discusses the importance of knowing where your investment research
comes from and ensuring that the firms/analysts whose advice you're taking
don't have a conflict of interest with the companies they're recommending.

http://www.investmentu.com/2010/September/a-pawn-in-wall-streets-game.html

*****************

Bonehead Alert: How Washington's Latest "Brainwave" Could Crush Our
Prosperity

http://www.investmentu.com/2010/September/washington-crushes-americas-prosperity-before-it-begins.html

As the old adage goes, there are only two certain things in life: Death and
taxes.

Actually, make that three. Toss Congressional stupidity into the mix, too.

So says David Fessler, who notes that with Congress currently bickering
over the Bush tax cuts (due to expire on January 1, 2011), there's an even
more onerous tax debate happening - one that could pose a serious threat to
the U.S. economy if it goes the wrong way.

David explains how some members of Congress want to eliminate a tax
deduction known as the IDC ("intangible drilling costs"). Simply put, this
allows oil and gas companies to offset some of the huge upfront costs
associated with exploring and drilling by deducting these IDC expenses.

Given that the United States (and the world) needs all the energy it can get,
David outlines the ramifications of eliminating this tax deduction for the
companies concerned... for oil and gas prices... for the U.S. job market...
and most of all, for American citizens. And ironically, he says a decision to
scrap this deduction might have the opposite effect that Congress wants -
lowering tax revenue instead of raising it.

http://www.investmentu.com/2010/September/washington-crushes-americas-prosperity-before-it-begins.html

*****************

Are You Ready for The Evergreen Portfolio?

http://www.investmentu.com/2010/September/the-evergreen-portfolio.html

Do you know how to handle the stock market's "new normal?"

Specifically, this includes high unemployment and consumer debt levels,
excess housing capacity, difficult-to-obtain credit and lower-than-historic
returns from stocks, bonds, real estate and cash.

Rather than run and hide from these negatives, or fight them, Pimco's highly
respected and top-performing portfolio manager, Bill Gross, is advising his
clients to adjust to the "new normal."

And on that theme, Alexander Green profiles a new book - The Evergreen
Portfolio - which doesn't try to convince investors that the climate isn't
tough or that pessimism doesn't exist. Rather, the authors encourage investors
not to lower their expectations, but to simply learn how to adapt to today's
factors.

Packed full of many well-respected experts, the book features economic
insights, investing wisdom, wealth advice and shows exactly how investors can
adjust to today's "new normal." Forget buy-and-hold... the authors outline
unconventional and unusual ideas, plus proven strategies and
recommendations that are likely to produce high returns with an acceptable
level of risk - including The Evergreen Portfolio itself.

Read on to find out the reasons why you need to read The Evergreen
Portfolio.

http://www.investmentu.com/2010/September/the-evergreen-portfolio.html

*****************

INVESTMENT U - Extra

Be sure to check out some of the other investment stories that we've
published this week on our website at: http://www.investmentu.com.

- Bank of Japan Steps In as Yen Hits 15-Year High Against U.S. Dollar
http://www.investmentu.com/2010/September/yen-hits-15-year-high-against-dollar.html

- Nokia's Precarious Position in the Mobile Phone Industry
http://www.investmentu.com/2010/September/nokia-and-the-mobile-phone-industry.html

- China's IT Services Industry Challenges India in Outsourcing
http://www.investmentu.com/2010/September/chinas-information-technology-services-industry.html

- Daktronics: Dominating the Digital Display Industry Since 1968
http://www.investmentu.com/2010/September/daktronics-dominates-digital-display-industry.html

*****************

Saturday, September 18, 2010

Happiness doesn't depend on having a job, study finds

"'Having a good day' keeps the unemployed smiling as daily job stresses are replaced by leisure time

It is not what a government determined to get..."

Click here (http://www.guardian.co.uk/society/2010/sep/19/unemployment-happiness-study) to read the full story

Sweden gears up for national polls

"Asylum-seekers fear electoral gains of far-right parties may dash hopes for better future as Swedes get ready to vote."

Click here (http://english.aljazeera.net//news/europe/2010/09/20109192336562209.html) to read the full story

Afghans tally vote amid fraud fears

"Low turnout reported in parliamentary election marred by violence and allegations of voter irregularities."

Click here (http://english.aljazeera.net//news/asia/2010/09/2010918231948957225.html) to read the full story

New aid convoy sets off for Gaza

"Viva Palestina vehicles leave London en route to besieged Strip for what organisers say will be biggest aid convoy yet."

Click here (http://english.aljazeera.net//news/europe/2010/09/20109190194211735.html) to read the full story

November election will define Obama presidency

"The congressional election in November will define President Barack Obama's next two years in office as Republicans look likely to pick up seats and..."

Click here (http://www.businessday.co.za/articles/Content.aspx?id=121422) to read the full story

Chancellor accused of £100bn economic growth gamble thinktank

"Report by Compass thinktank casts doubt on George Osborne's assumption that private sector investment will fill gap left by state

George Osborne's..."

Click here (http://www.guardian.co.uk/business/2010/sep/18/chancellor-economic-growth-gamble) to read the full story

United and Continental merge to create world's biggest airline

"Airlines' shareholders approve tie-up, as unions fear job cuts and customers mourn end of United's tulip logo

The world's biggest airline got..."

Click here (http://www.guardian.co.uk/business/2010/sep/17/united-continental-merger-agreement) to read the full story

BP's Deepwater Horizon leak ready to be permanently sealed

"Mud and cement will be pumped through relief well to seal ruptured well from bottom

After five months, the oil well that spewed millions of gallons..."

Click here (http://www.guardian.co.uk/environment/2010/sep/17/bp-deepwater-leak-seal-oil) to read the full story

Financial crisis puts Wall Street back under the movie spotlight

"The scandal-ridden financial sector doesn't expect new films to show its good side

When Hollywood meets Wall Street, two worlds collide in a tectonic..."

Click here (http://www.guardian.co.uk/business/2010/sep/17/wall-street-film-financial-crisis) to read the full story

Gold prices – the highs and lows since 1971

"After gold reached a new high today, here is a timeline of gold's trading history

Gold hit a new peak of $1,282.75 an ounce today, boosted by demand..."

Click here (http://www.guardian.co.uk/business/2010/sep/17/gold-price-timeline) to read the full story

HIV cases in Africa decline

"Countries in Sub-Saharan Africa are leading a global decline in new HIV infections, the UN has said. UNAids said 22 countries in the world's worst..."

Click here (http://www.africanews.com/site/list_message/30426?data%5Bsource%5D=rss#m30426) to read the full story

Drill hole reaches Chile miners

"Hole must now be widened so that 33 miners trapped since early August can be brought out safely."

Click here (http://english.aljazeera.net//news/americas/2010/09/2010917155956135355.html) to read the full story

Zim civil servants march against low salaries

"About 300 civil servants marched through Zimbabwe's capital, Harare, on Friday demanding higher pay and benefits."

Click here (http://www.mg.co.za/article/2010-09-17-zim-civil-servants-march-against-low-salaries) to read the full story

U.S. woes are not our fault, Chinese economists say

"BEIJING (Reuters) - China is not to blame for U.S. economic woes, Chinese economic researchers said in state media reports on Saturday, hitting back..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/n6xKh1EGOrM/idUSTRE68H0GT20100918) to read the full story

Wall Street critic Warren to shape consumer watchdog

"WASHINGTON (Reuters) - President Barack Obama named Wall Street critic Elizabeth Warren on Friday to oversee creation of a new consumer financial..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/2Nqvcp0Ui9w/idUSTRE68E4BZ20100918) to read the full story

GM IPO to be open to "all" investors: Treasury

"DETROIT (Reuters) - The upcoming initial public offering of General Motors Co will be open to the widest possible range of investors, including both..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/7XaqF9p71BY/idUSTRE68G5FE20100918) to read the full story

UAL and Continental shareholders approve merger

"ELK GROVE VILLAGE, Illinois (Reuters) - Shareholders of United Airlines parent UAL Corp and Continental Airlines Inc approved the merger of the two..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/s7Ztdq1PMdw/idUSTRE68G3VM20100917) to read the full story

Obama Gains Momentum in Fight Over Tax-Cut Extensions (Time.com)

"Time.com - After failing to make political hay out of almost anything, the President may have regained some momentum with his claim that Republicans..."

Click here (http://us.rd.yahoo.com/dailynews/rss/business/*http://news.yahoo.com/s/time/20100918/us_time/08599201983300) to read the full story

Best Buy CEO: The Reports Of Microsoft’s Death Are Grossly Exaggerated… By Me.

"All day, the Internet has been erupting with news that the age of notebook and netbooks is over, and the age of tablets -- specifically, the iPad, of..."

Click here (http://feedproxy.google.com/~r/Techcrunch/~3/GPVpPD6ls-M/) to read the full story

Six Banks Fail, Marking 125 for 2010

"Regulators seized six banks Friday in the Southeast, Midwest and Northeast, marking 125 failures for 2010."

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/U2xv5F9yi5g/SB10001424052748703904304575498451652016186.html) to read the full story

Sharp Blasts Tokyo On Yen, Taxes

"The president of Sharp criticized the Japanese government for failing to create a better environment for "fair international competition.""

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/iqlvP6oldlY/SB10001424052748703904304575497193040329172.html) to read the full story

IMF taps eight billion dollars for low-income countries (AFP)

"AFP - The International Monetary Fund announced Friday it had reached a deal with four economic powers to provide eight billion dollars worth of..."

Click here (http://us.rd.yahoo.com/dailynews/rss/business/*http://news.yahoo.com/s/afp/20100917/bs_afp/imfdevelopmentjapanbritainfrancechina) to read the full story

Thursday, September 16, 2010

Zim making progress amid the 'madness'

"While Zimbabwe is making "tangible" progress, the "madness" still persisted, Prime Minister Morgan Tsvangirai said in Johannesburg on Thursday."

Click here (http://www.mg.co.za/article/2010-09-16-zim-making-progress-amidst-the-madness) to read the full story

“You just need to get started” is bad advice

"I'm fascinated by people at the top levels of every field. Whether it's CEOs, best-selling authors, presidents, or even Jason Bourne in The Bourne..."

Click here (http://feedproxy.google.com/~r/IWillTeachYouToBeRich/~3/mj6GMZ46OLc/) to read the full story

Basel III - The Whimper

"New rules on bank capital are not particularly tough

ON SEPTEMBER the 12th the Basel Committee, a club of supervisors and bank regulators, reached..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/cB18BscsWRQ/displaystory.cfm) to read the full story

Crisis and collusion

"The 50 years under OPEC have been eventful

OPEC, the cartel of oil producers, celebrates its 50th anniversary on September 14th. The organisation was..."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/O6A94JGc1Ok/displaystory.cfm) to read the full story

Zim moves to assure foreign firms over mining law

"A Zimbabwe government minister on Wednesday sought to assure foreign firms, saying a new equity law did not entail "xenophobic dispossession"."

Click here (http://www.mg.co.za/article/2010-09-15-zim-moves-to-assure-foreign-firms-over-mining-law) to read the full story

Silver Hits Highest Point Since 1980

"Silver futures on Thursday hit their highest level since 1980, the year the Hunt brothers allegedly attempted to corner the market. Gold hit a record."

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/zzIiYC3XRwM/SB10001424052748704394704575496243286593442.html) to read the full story

BlackBerry Gets Squeezed by Rivals

"Research In Motion posted a surge in quarterly profit and revenue though it added fewer new BlackBerry subscribers than it had expected despite the..."

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/2iMwU9N9YxY/SB10001424052748703440604575496153973191356.html) to read the full story

Gold rises to record on market jitters

"GOLD swept to a record high above 1275/oz yesterday , as currency market jitters and broader economic uncertainty attracted investors to the metal's..."

Click here (http://www.businessday.co.za/articles/Content.aspx?id=121309) to read the full story

US sharpens tone on China trade

"Treasury secretary vows to rally world powers to push for China reforms, but urges caution over straining US-China ties."

Click here (http://english.aljazeera.net//business/2010/09/2010916184722666293.html) to read the full story

Monday, September 6, 2010

SADC troika to discuss Zimbabwe political deadlock in Maputo

Maputo - The Mozambican capital on Thursday will host a special summit of
the Southern African Development Community (SADC) billed to discuss the
political deadlock situation in Zimbabwe, state-controlled Radio Mozambique
reports on Monday.

The summit to be attended by the SADC Troika on Security Policy will discuss
the situation in Zimbabwe which has deteriorated after the Prime Minister
Morgan Tsvangirai has decided to suspend cooperation with the party of
President Robert Mugabe.

This decision, taken more than two weeks ago, is threatening the functioning
of the Unity government signed by both parties in 2009 to end political
violence and rebuild the wrecked economy.

"They agreed to hold a meeting in Maputo on Thursday, but we still do not
know any details about the meeting," Mozambique Foreign Ministry
spokesperson Yunassy Muchanga told the station.

James Maridadi, spokesman for the Prime Minister of Zimbabwe, confirmed the
involvement of Morgan Tsvangirai in the Maputo meeting.

"The Prime Minister will be in Maputo on Thursday to attend the conference
on the power sharing agreement ," he said.

Last month, Mozambican President Armando Guebuza received the first vice
minister of Zimbabwe Thokozani Khupe who called for "help" to "resolve
certain differences in that country."

The request was made days prior to the SADC annual summit held last month in
Windhoek, Namibia.

Twitter power: how social networking is revolutionising the music business

"A&R men and other traditional insiders bypassed as new sites connect artists directly to fans

In decades gone by, misunderstood teens with..."

Click here (http://www.guardian.co.uk/media/2010/sep/05/twitter-power-social-networking-music) to read the full story

Trapped Chilean miners protest at restrictions

"Day 32: Family members say the men are 'very angry' that government has been censoring mail

The Chilean miners trapped in a collapsed mine shaft are..."

Click here (http://www.guardian.co.uk/world/2010/sep/05/trapped-chilean-miners-protest) to read the full story

Afghan government poised to bail out Kabul Bank

"Bank in corruption scandal to get $200m lifeline from state as thousands of customers queue to withdraw savings

The Afghan government is preparing a..."

Click here (http://www.guardian.co.uk/world/2010/sep/05/afghanistan-government-kabul-bank-bailout) to read the full story

Exit from eurozone is Greece's worst option, says Jean-Claude Trichet

"German economist Hans-Werner Sinn warns further austerity might push Greece to the brink of 'civil war'

Greece's exit from the eurozone would be the..."

Click here (http://www.guardian.co.uk/business/2010/sep/05/debt-crisis-europeanbanks) to read the full story

Google faces first US competition inquiry

"Search engine giant alleged to have manipulated rankings of rivals myTriggers, SourceTool/TradeComet and Foundem

Regulators in Texas have launched..."

Click here (http://www.guardian.co.uk/technology/2010/sep/05/google-faces-competition-inquiry) to read the full story

Ousted Hewlett-Packard chief, Mark Hurd, in talks to join Oracle

"Larry Ellison, Oracle chief executive, praised Hurd for restoring Hewlett-Packard to its former glory

Mark Hurd, who resigned as chief executive of..."

Click here (http://www.guardian.co.uk/business/2010/sep/05/hewlettpackard-oracle) to read the full story

US rig owner Transocean accused of compromising safety in North Sea

"Unions argue that abusive behaviour and racism are widespread and wants shake-up of system in light of worsening safety record

Transocean, the..."

Click here (http://www.guardian.co.uk/business/2010/sep/05/transocean-oil-rig-safety) to read the full story

Hurdles for global recovery — IMF

"THE world economy is recovering moderately but still faces difficulties such as the need for medium- term fiscal consolidation, the International..."

Click here (http://www.businessday.co.za/articles/Content.aspx?id=120121) to read the full story

Obama launches big week on economy

"WASHINGTON (Reuters) - President Barack Obama launches several economic initiatives this week aimed at generating some desperately needed U.S. job..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/fr3lCjQoP3s/idUSTRE67O4WF20100906) to read the full story

Australia's Macquarie warns on profit

"SYDNEY (Reuters) - Australia's top investment bank Macquarie Group Ltd warned investors it would miss profit forecasts after weak markets took a toll..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/opmqTEQrFc8/idUSTRE6850CF20100906) to read the full story

China allows insurers to invest in PE, property

"SHANGHAI (Reuters) - China will allow insurers to broaden their investment channels into private equity and real estate, a long-awaited move that..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/fk6YiwwhRVA/idUSTRE6850C420100906) to read the full story

BP restarts sale of Alaskan assets: report

"LONDON (Reuters) - BP has revived the sale of its Alaskan assets after failing to offload them to U.S. oil and gas company Apache in July, the..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/sFsJ2WhxyAI/idUSTRE68502Y20100906) to read the full story

As Gold Climbs, So Do the Deals

"Gold prices are edging up toward a high, at $1,249.20 an ounce, triggering multibillion-dollar deals by miners doubling down on the staying power of..."

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/9PIoakTy7GY/SB10001424052748704855104575469982112990238.html) to read the full story

New Zealand, Taiwan Lead Asia Higher

"Asian stock markets were higher Monday, as stocks rallied 1.1% in New Zealand after an earthquake there while tech companies rose in Taiwan."

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/pzyA0c8Tj_0/SB10001424052748703417104575474491150840452.html) to read the full story

China Needn't Fear BHP Buying Potash, Exec Says

"Investors are keen for signs of whether China fears a BHP Billiton takeover of Potash Corp. enough to try to disrupt it. One industry executive says..."

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/UnJhz1aL-RE/) to read the full story

Key oil spill evidence raised to Gulf's surface (AP)

"AP - Investigators looking into what went wrong in the Gulf of Mexico oil spill are a step closer to answers now that a key piece of evidence is..."

Click here (http://us.rd.yahoo.com/dailynews/rss/business/*http://news.yahoo.com/s/ap/20100905/ap_on_bi_ge/us_gulf_oil_spill) to read the full story

Saturday, September 4, 2010

Mozambique's food riots – the true face of global warming | Raj Patel

"The violence in Maputo is just the latest manifestation of the crippling shortcomings of the global economy

It has been a summer of record..."

Click here (http://www.guardian.co.uk/commentisfree/2010/sep/05/mozambique-food-riots-patel) to read the full story

Online ads still don't pack a fraction of print's punch

"Two new reports suggest that online ads still don't pay like paper-and-ink ones

You can have opinion (and hope, and aspiration) or you can have..."

Click here (http://www.guardian.co.uk/global/2010/sep/05/preston-online-advertising) to read the full story

South African billionaire in bid to take control of Minerva group

"Nathan Kirsh's move on the property group, which owns major developments in the City, is causing waves with West Bank campaigners as well as..."

Click here (http://www.guardian.co.uk/business/2010/sep/05/minerva-group-nathan-kirsh) to read the full story

Israel launches raids on Gaza

"Cross-border rocket fire draws airborne response from Israeli military, which injures at least three Palestinians."

Click here (http://english.aljazeera.net//news/middleeast/2010/09/20109505237711605.html) to read the full story

Alliance not disintergrating: Zuma

"The ANC-led tripartite alliance is not collapsing, President Jacob Zuma said in Durban on Friday."

Click here (http://www.businessday.co.za/articles/Content.aspx?id=120090) to read the full story

IMF's Lipsky says moderate world recovery underway

"GWANGJU, South Korea (Reuters) - The world economy is recovering moderately but still faces challenges such as the need for medium-term fiscal..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/jwoO7eDAyN0/idUSTRE68406520100905) to read the full story

Obama says his economic policies halted "bleeding"

"WASHINGTON (Reuters) - President Barack Obama, previewing a big push on the U.S. economy next week, on Saturday defended policies that he said "have..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/mZQZSPOFV7I/idUSTRE6830TU20100905) to read the full story

Tony Blair Takes on the World

"In an excerpt from his memoirs, Blair argues the West has become too imbued with doubt and lacking in mission."

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/JNYcygoxHSU/SB10001424052748704206804575467673238817104.html) to read the full story

BP Moves Forward With Plans for Oil Well

"BP has placed a new blowout preventer at the top of the well that unleashed the Deepwater Horizon oil spill, and it is moving forward with a procedure..."

Click here (http://feeds.wsjonline.com/~r/wsj/xml/rss/3_7011/~3/I4iHZrSfaFA/SB10001424052748703946504575470673965368364.html) to read the full story

BP: Crews lifting device from Gulf face delay (AP)

"AP - A crane hoisted a key piece of oil spill evidence to the surface of the Gulf of Mexico on Saturday, giving investigators their first chance to..."

Click here (http://us.rd.yahoo.com/dailynews/rss/business/*http://news.yahoo.com/s/ap/20100905/ap_on_bi_ge/us_gulf_oil_spill) to read the full story

We need a credible budget: Biti

HARARE - Finance Minister Tendai Biti (Pictured) has said that it is
critical that the government produces a credible budget for next year that
will work as an instrument to buttress the nascent economic recovery and
ensure Zimbabwe is on course to meeting its development targets.

Biti, who has pursued frugal policies since taking over the finance
portfolio at the formation of the unity government last year, is due to
present the 2001 budget to Parliament next November.
He said his ministry will consult all stakeholders over the budget to ensure
the financial blueprint for the next year will have the backing of every
Zimbabwean.
"It is my sincere hope that all stakeholders will use this consultative
platform to engage with the government on key policy interventions for the
2011 national budget," said Biti, who doubles up as secretary general of
Prime Minister Morgan Tsvangirai's MDC-T party.
Biti said his office would by next week issue a circular to all accounting
officers in government ministries to assist them in the formulation of
expenditure proposals.
"The Budget proposals by ministries should be submitted by October 1, 2010.
The expenditure proposals by line ministries will undergo scrutiny by
government at Ministry of Finance level as well as other structures of
government, including the budget committee, ministerial cabinet committees
and Cabinet itself," said Biti.
Zimbabwe's economy has shown signs of recovery since the coalition
government came into office last year.
The economy grew by 5.1 percent in 2009 - the first time in 10 years that it
was expanding - and is expected to grow by 4.5 percent this year.
However analysts say economic recovery remains fragile because of Zimbabwe's
heavy dependence on imports at a time the country does not have access to
balance-of-payments support.

Massive job cuts loom

ZESA inadequacies blamed
HARARE -Zimbabwe's economic recovery prospects are dimming as the country
grapples worsening power cuts and an unpredictable policy environment, with
analysts warning of massive job cuts unless conditions improve during the
next 12 months.

Struggling Zimbabwe Electricity Supply Authority (ZESA) Holdings has
extended power cuts across the country, resulting in most of Zimbabwe
experiencing rolling blackouts during the past few weeks.

The power cuts have seen some areas going for days without electricity, a
development that has severely affected businesses and home owners.

The Confederation of Zimbabwe Industries (CZI) said in July that factories
were sometimes going for as long as three days without production because
there was no power, a situation the organisation said could derail efforts
to revive the manufacturing sector that is battling to emerge from a decade
of unprecedented decline.

Leading gold producer Falcon Gold Zimbabwe last week announced that its
operations and those of several other mining houses have been severely
constrained by erratic power supplies.

Ageing power stations
In a shareholder trading update, the company said it was "cautiously
optimistic" about the overall recovery of the country's mining sector
against the backdrop of the rolling blackouts.

ZESA has attributed the power cuts to constant breakdowns at its ageing
power stations.

CZI president Joseph Kanyekanye urged the cash-strapped Harare government in
July to allow private investors to operate some of its electricity plants to
help boost generation and end power cuts hampering manufacturing sector
production.

Zimbabwe requires at least 2 000 megawatts for domestic and industrial
consumption, but the country is currently generating around 1 100MW.

The country has over the years failed to attract independent power producers
despite having several power projects on the cards, which if implemented
would make the country a net exporter of electricity.

An unstable political environment and lack of policies that encourage
private sector investment in the sector has kept potential investors away.

ZESA has struggled to raise revenue from customers since the introduction of
multi-currencies early this year as part of reforms to lift the southern
African country from a deep economic crisis.

Low growth prospects

The energy utility is seeking an independent power producer to develop its
Gokwe North power plant to produce 1 400MW at a cost of US$1.6 billion.

To guarantee adequate supply, Zimbabwe has long planned to add two more
units at Hwange, generating 300MW each, and expand its Kariba hydro power
plant with two generators, adding 150MW each by 2012 at a total cost of
US$800 million.

Zimbabwe could also put on its grid 300MW from Lupane Gas project, a
Greenfield project at a cost of US$300 million while ZESA jointly owns with
Zambia the Batoka power project with potential to generate 1 600MW at a cost
of US$1.8 billion

Respected Harare-based economist John Robertson said Zimbabwe's growth
prospects from 2011 are likely to "remain low, partly because of power cuts
and partly because longer-term bank finance will remain scarce and
expensive".

"These constraints have prompted the IMF (International Monetary Fund) to
set its forecast for 2011 at 2,2 percent and it suggests that, if current
policies are not changed, the growth rate will fall to zero in 2012,"
Robertson said.

The IMF, which has sent at least two review missions to Zimbabwe since the
beginning of the year, has urged Harare's coalition regime to implement
radical changes in economic policy without delay before it can access
concessionary financing.

Companies downsizing
"At present, given its power shortages, high operating costs and political
uncertainties, Zimbabwe will not readily attract foreign investment funding
into any project that seems likely to take some years to show a return,"
Robertson said.

Local funds for such projects are not readily available because bank
liquidity remains low.

Substantial project registration fees and new provisions that require some
registration procedures to be repeated in two years have further discouraged
business promoters.

He said many companies are "known to be making strenuous attempts to
downsize their operations".

"Reports indicate that, but for the costs of funding severance packages,
many more people would have been retrenched," the economist warned.

Any further job losses would worsen the economic and social crisis in a
country already suffering unprecedented unemployment estimated at more than
70 percent and where low disposable incomes are impacting negatively on
business profitability.

EU approves US$20m aid package for Zim

Sent from my Nokia phone
-----Original Message-----
From: Barbara Goss

HARARE – The European Union (EU) has approved a €16 million (US$20.4
million) aid package to assist Zimbabwe cope with the impact of the global
financial crisis and economic downturn.

In the first sign of thawing relations between Brussels and Harare, Zimbabwe
was listed among 19 African, Caribbean and Pacific (ACP) countries that were
allocated a total of €264 million (US$338 million) by the EU last Thursday
under the European bloc's so-called Vulnerability Support for Fluctuations
in Export Earnings (V-FLEX)
mechanism.
The V-FLEX mechanism is the EU's swift response to help countries most
affected by the economic downturn due to their poor resilience to external
shocks.
The EC announced last Thursday that it would provide "upon their request"
support to Antigua & Barbuda, Benin, Burundi, Burkina Faso, Cape Verde,
Central African Republic, Grenada, Guinea Bissau, Haiti, Lesotho, Liberia,
Malawi, Democratic Republic of Congo (DRC), Samoa, Sierra Leone, Togo,
Tonga, Tuvalu and Zimbabwe.
"Developing countries continue to face important difficulties, including
funding gaps in their government's budgets, as a direct consequence of the
global financial crisis. This year, this EU mechanism will help 19 ACP
countries maintain their level of public spending in priority areas, and
therefore mitigate the social impact of the economic downturn," EU
Commissioner for Development Andris Piebalgs said.
The cash-strapped Harare regime received the fifth largest allocation after
the DRC which got €50 million, Haiti €26 million, Lesotho €21 million and
Malawi €19 million.
The V-FLEX mechanism is a demand-driven facility that targets countries with
a high degree of economic, social and political vulnerability, the right
policies in place to fight the crisis and sufficient absorptive capacity as
well as a financing gap in their
budgets.

All amounts are paid in form of budget support which would enable the 13
countries to maintain their levels of public spending in priority areas,
including in the social sectors, without jeopardising macroeconomic
stability.

The instrument against vulnerability works pre-emptively, based on forecasts
of fiscal losses and other vulnerability criteria, helping to ease the
impact rather than acting after the damage is done.

The V-FLEX facility provides rapid and targeted grants and acts as a
complement to the loan-based assistance of World Bank, International
Monetary Fund and other regional development banks with whose support it was
developed.

Based on the criteria for assistance, Zimbabwe qualifies for aid under the
facility, given that the southern African country is currently facing
problems financing its economic reconstruction programme.

The 2010 national budget unveiled by Finance Minister Tendai Biti exposed a
US$800 million funding gap that the Harare regime is supposed to plug
through elusive foreign budgetary support.

This was the second package of financing decisions in the framework of a
€500 million (US$640 million) V-FLEX mechanism which was adopted in March
2009 as a response to the economic crisis for ACP countries.

15 countries have previously benefited from €236 million funding under
V-FLEX: Benin, Burundi, the Central African Republic, the Comoros, Dominica,
Ghana, Grenada, Guinea Bissau, Haiti, Malawi, Mauritius, the Seychelles,
Sierra Leone, Solomon Island, and Zambia.

Zimbabwe was left out of the first round of disbursements in December last
year due to the country's protracted political dispute.

The snub by the EU came in the wake of deadlocked talks to break a stalemate
between President Robert Mugabe's Zanu (PF) and the MDC-T of Prime Minister
Morgan Tsvangirai over outstanding power-sharing issues.

Mugabe has dug in on demands by the West and the MDC-T to allow far-reaching
reforms in a country devastated by a decade of political strife and economic
meltdown.

Zimbabwe and the EU are presently engaged in talks to normalise their ties
which soured after the Europeans and their Western allies slapped visa
restrictions on Mugabe and 200 of his Zanu (PF) lieutenants in 2002
following presidential polls allegedly stolen by the Zimbabwean strongman.

Friday, September 3, 2010

David Cameron recruits business big hitters to advise on economic strategy

"• Justin King and Michael Rake agree to join PM's advisory panel

• Group likely to influence debate over spending cuts

David Cameron has assembled..."

Click here (http://www.guardian.co.uk/business/2010/sep/03/david-cameron-advisory-panel) to read the full story

England 4-0 Bulgaria

"The result may have had the ring of vigorous revival after indignities of the World Cup, but this was also an enjoyable muddle of a match. Fabio..."

Click here (http://www.guardian.co.uk/football/2010/sep/03/england-bulgaria-euro-2012) to read the full story

The Rand hits new technical high

"The Rand has leapt more than one percent against the dollar, and driven through a technical level that could see it continue to strengthen against the..."

Click here (http://www.businessday.co.za/articles/Content.aspx?id=120069) to read the full story

Please delete

"The internet has become too important for governments to ignore

GOVERNMENTS are increasingly finding ways to enforce their laws in the digital realm...."

Click here (http://feedproxy.google.com/~r/economist/news_analysis_and_views/~3/csQEKUX7uVE/displaystory.cfm) to read the full story

BP Threatens to Cut Aid to Spill Victims if Not Allowed to Drill

"In what could be a new low at BP, the company said it may not be able to pay for the damages from the Deepwater Horizon if Congress prohibits it from..."

Click here (http://www.newsweek.com:80/blogs/the-gaggle/2010/09/03/bp-threatens-not-to-help-spill-victims-if-drilling-is-halted.html?from=rss) to read the full story

Japan Noda warns on yen, suggests joint steps difficult

"TOKYO (Reuters) - Japanese Finance Minister Yoshihiko Noda said on Saturday Tokyo would take decisive steps to stem the yen's rise when needed, while..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/YqhDycFdyu0/idUSTRE6830HR20100904) to read the full story

China tells state companies to explore Potash bid

"TORONTO/HONG KONG (Reuters) - Chinese officials have ordered state companies to meet investment bankers to explore ways to block BHP Billiton's $39..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/gwt9BWx1kR8/idUSTRE67G1R620100904) to read the full story

BP says failed blowout preventer off Gulf well

"HOUSTON (Reuters) - BP Plc removed a failed blowout preventer from atop its ruptured Gulf of Mexico oil well on Friday afternoon, a company spokesman..."

Click here (http://feeds.reuters.com/~r/reuters/businessNews/~3/eYSkCvJ6d4M/idUSTRE6813IQ20100904) to read the full story

Obama to address new economic ideas next Wednesday

"WASHINGTON (Reuters) - President Barack Obama said on Friday he would outline new measures next week to boost the U.S. economy, but analysts were..."

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Petrobras to sell $65 billion stock in record offer

"RIO DE JANEIRO (Reuters) - Brazilian state oil company Petrobras on Friday filed to sell up to $64.5 billion of new stock -- the largest in capital..."

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Zimbabwe Government Said to Seek Ban on Foreign Investment in Retail Sector

Jindal Steel and Power of India is bidding again for a strategic stake in
the Zimbabwe Iron and Steel Company or ZiscoSteel after an unsuccessful bid
two months ago

Gibbs Dube | Washington 03 September 2010

The Zimbabwe government in conjunction with the National Indigenization and
Economic Empowerment Board is said to be drafting legislation to block
foreigners from investing in the retail sector.

Sources said the law is aimed in particular at Nigerian and Chinese
entrepreneurs who established a major presence in Zimbabwean retail over the
decade of economic decline through 2009.

The sources said officials will be seeking the repeal of the Zimbabwe
Investment Authority Act under which foreign investors are allowed to
participate in retail merchandising.

Affirmative Action Group President Supa Mandiwanzira argued that the
government should use the indigenization program to block foreigners from
investing in the retail sector.

Mandiwanzira told VOA Studio 7 reporter Gibbs Dube that local authorities
should immediately cease issuing new retail licenses to foreigners. But
economic commentator Rejoice Ngwenya said moves to block foreigners from the
retail sector will cause chaos in Zimbabwe.

Economist Godfrey Kanyenze said such discriminatory laws are
counterproductive.

Meanwhile, Jindal Steel and Power of India is re-bidding for a major stake
in the Zimbabwe Iron and Steel Company or ZiscoSteel after an unsuccessful
bid two months ago.

According to the Economist newspaper of India, the steel giant wants a 70
percent stake in ZiscoSteel though the Zimbabwe government is offering only
a 51 percent stake.

Jindal Steel's previous bid was reportedly rejected by the government which
said the company had no concrete plans to handle the ZiscoSteel debts
amounting to some US$300 million.

Economic and political commentator Bekithemba Mhlanga said the huge
ZiscoSteel debt may force government to accept a multinational corporation
to rescue the collapsed steelmaker.

Govt told to focus on luring investors

HARARE - Zimbabwe Platinum Holdings (Zimplats), the country's largest
producer of platinum, has called on the government to focus more on luring
foreign investors than on its controversial economic empowerment drive.

The firm that has said it is ready to pump in a further $500 million to
expand its operations but is holding out until there is clarity on the
government's indigenisation policy said it supports any effort to empower
locals.

But Zimplats said such efforts to increase the participation of locals in
the economy should be carried out in a way that does not "compromise
Zimbabwe's desire to be seen as a preferred investment destination".

Writing in the company's annual report to shareholders, Zimplats chairman
David Brown said: "It is our firm belief that at this time, Zimbabwe's
greatest need is for increased levels of foreign direct investment to create
more employment in the country.

"We therefore urge the authorities to implement this law in a way that does
not compromise Zimbabwe's desire to be seen as a preferred investment
destination."

The government earlier this year published rules demanding that
foreign-owned companies should cede 51 percent of their shareholding to
locals, a move that scared investors and divided the unity government.

The government later revised the law and last month named committees to
recommend varying percentages of shareholding foreign-owned companies in the
different sectors of the economy must transfer to locals.

Zimplats and other firms especially in the mining sector that have invested
heavily in social infrastructure such as roads, schools and hospitals want
these to be converted into empowerment credits, which would mean they would
not be forced to cede too much stake to blacks.

President Robert Mugabe has previously said the government had accepted the
principle of empowerment credits as a vital component of the indigenisation
law.

While Mugabe insists that the empowerment programme is meant to ensure
blacks have control of the country's economy and resources, critics say the
ZANU PF leader wants to press ahead with transferring majority ownership of
foreign-owned companies as part of a drive to reward party loyalists with
thriving businesses. -- ZimOnline

Financial results fail to rouse ZSE

TRADING on the Zimbabwe Stock Exchange opened the week bearish with the key
industrial index shedding 0,45 points to close at 132,48 points, as interim
financial results fail to stimulate the local bourse.
Commentaries of companies that have released results so far say they do not
see the current operating environment characterised by liquidity challenges,
erratic supplies of utilities, high cost of finance and shortage of lines of
credit "improving much" during the second half of the year.
Consequently the selling point for some of the companies is the future
prospects and assets, making it a combination of "a future story" backed by
a strong earnings, sales and asset base.
Natfood fell 10 cents to close at 80 cents, Seed Co slipped from 92,50 cents
to 90 cents as Murray and Roberts dipped two cents to 20 cents. CAFCA lost a
cent to close at 13 cents and CFI retreated 0,79 cents to trade at 13,20
cents.
The companies, however, said they are confident of achieving their targets
powered by improved liquidity, low operating costs and increased margins in
their sales
Losses were countered by gains in Pretoria Portland Cement Company (PPC)
which rose three cents to 335 cents as Old Mutual added two cents to close
at 155 cents.
Meikles went up 1,10 cents to close at 27,10 cents, Econet was slightly up
at 466 cents and PGI advanced 0,10 cents to close at 2,90 cents.
The mining index lost 2,99 points (2,24%) to close at 130,36 points due to
RioZim which dropped 24 cents to close at 201 cents. Bindura, Falgold and
Hwange were unchanged at 10 cents, four cents and 22 cents respectively.
Analysts this week, however said short term investors were failing to
realise that there was a difference between a good company and a good
stock, resulting in buying a counter that appeared cheap. On Tuesday the
industrial index lost a further 1,56 points (1,18%) to 130,92 points. Most
heavyweight counters lost ground as Innscor and PPC were each two cents
lower at 48 cents and 333 cents respectively.
Interfin was also down two cents as it settled at 20 cents in the day's
trades. Delta slipped 1,50 cents to close at 48,50 cents as Barclays shed a
cent to nine cents.
Heading northwards were Econet which pushed up eight cents to close at 474
cents and Dairibord which inched up 0,61 cents to close at 9,61 cents.
Meikles ended 0,40 cents higher at 27,50 cents and Zimplow added 0,30 cents
to close at 4 cents.
The mining index retreated 2,72 points (2,09%) to end at 127,64 points as
Hwange shed two cents to close at 20 cents.
Bindura and Falgold were unchanged whilst RioZim added four cents to close
at 205 cents.
After Tuesday's trade and mixed trading that has characterised the equities
market over the past two weeks, some analysts felt it appeared there are
three kinds of investors- those who do not know where the market is headed
and those who do not know that they do not know.
The third type of investor is the investment professional, who indeed knows
that they do not know, but whose livelihood depends upon appearing to know.
On Wednesday the industrial index gained 1,75 points (1,34%) to close at
132,67 points. The cement maker Lafarge rose five cents to 100 cents and
Seed Co was up three cents to close at 93 cents.
Border, Econet and Murray and Roberts rallied 2 cents each to close at 50
cents, 476 cents and 22 cents respectively.
Phoenix led the shakers with a 0,50 cents loss at 2,50 cents as African Sun,
FBCH, Pearl and ZBFH lost 0,20 cents each to trade at 4 cents, 2.80 cents ,
1,80 cents and 5,80 cents in that order.
The mining index went up 4,64 points (3,64%) to close at 132,28 points due
to Hwange which added two cents to close at 22 cents and Bindura rose 0,90
cents to trade at 10,90 cents.
Falgold was unchanged at four cents whilst RioZim dropped two cents to trade
at 203 cents.
Despite liquidity challenges currently prevailing in the country more than
5,2 billion shares worth US$255,5 million changed hands on the local bourse
for the eight months to August 31, ZSE CEO Emmanuel Munyukwi said this week.
There has been a steady increase in the volume of shares compared to the
same period last year largely due to a significant drop in share prices.
Last year between February 19 and December 31, 4,5 billion shares valued at
US$413 976 724 traded on the local bourse with foreign trades accounting for
35,3% of the figure.
The indigenisation regulations announced early this year, knocked down the
market significantly resulting in foreign participation on the market
declining.

Paul Nyakazeya

Divided opinions over potential Zimbabwe mining boom 3rd September 2010

Zimbabwe may not be on the verge of another mining industry boom, according
to one company with several interests in the country.

With rich deposits of platinum and other minerals, government departments
and investment firms have been trumpeting Zimbabwe's potential explosion as
a production hub.

However, DRA Mineral Resources, a South African project management and
engineering group involved with the Unki, Mimosa and Ngezi mines, has
offered a more cautious assessment.

Director for Project Services Rodney Drew explained that it is not clear
whether a boom will happen in the near future as Zimbabwe's policy and
revival strategy following its financial crisis are "still on the drawing
board".

"The Zimbabwe government is still getting back on its feet after the turmoil
of the 2006 to 2008 economic meltdown," he said in an interview with Mining
Weekly.

"But, since Zimbabwe has decided that the mining industry is key to its
recovery, we don't think it will be too long before everything falls into
place, opening the way for new mines to be constructed."

Mr Drew also explained that a number of bureaucratic hurdles are impacting
on companies' plans to expand or bring their mining operations to Zimbabwe.

He noted that the Zimbabwe Revenue Authority and the Zimbabwe Immigration
Ministry are putting pressure on both indigenous firms and their foreign
contractors.

And with taxes remaining sky-high in the country - it has not signed a
double tax agreement with South Africa since 1965 - Mr Drew claimed that
mining projects are less appealing at present.

"DRA used to be able to brag that it could build a process plant more
cheaply in Zimbabwe than it could in South Africa, but this is no longer the
case," he added.

Meanwhile, a more bullish assessment was offered by Victor Gapare, President
of the Zimbabwe Chamber of Mines, who predicted that the country's mining
industry could grow by as much as 30 per cent in 2010.

He also suggested that this figure could increase in 2011, assuming the
Zimbabwe Electricity Supply Authority does not experience problems and more
power plants are constructed.

"As much as $160 million was spent by mines on local procurement in 2009 and
this is projected to increase threefold in 2010 and significantly more in
2011 and beyond," he told the news provider.

"The mining industry is on the verge of a mining boom, particularly if
government retains the current mining fiscal regime and improves the
investment climate, which is competitive and can attract the risk capital
for exploration that is key for mining development."

Mr Gopare also claimed that the easing of the economic restrictions in
Zimbabwe should allow it to properly capitalise on favourable international
pgm prices for the first time.

Meanwhile, Zimplats, which is operated by Impala Platinum, revealed last
month that its pgm output in concentrate increased from 93,845 oz to 95,144
oz in Q2 2010 on a quarter-on-quarter basis.

Biti wades into Kingdom war

FINANCE minister Tendai Biti has officially intervened in the "vicious
corporate war" between Meikles Africa Ltd and Kingdom Financial Holdings Ltd
(KFHL), which has drawn into its vortex President Robert Mugabe and other
high-profile politicians.

The involvement of Mugabe, Biti and Reserve Bank governor Gideon Gono in the
intensifying battle for KFHL has left the corporate giant smouldering.

Mugabe has openly declared his support for the embattled KFHL founder Nigel
Chanakira and wants to resort to his controversial Indigenisation laws to
settle the dispute in the struggling banker's favour despite that the
companies in the dispute are already owned by Zimbabweans.

Biti says he wants a "win-win solution" in what he recently described in a
letter to Gono, which the Zimbabwe Independent has in its possession, as a
"vicious and unkind corporate war".

Gono recently said Biti and himself have had "enough of this nonsense" and
gave the two merged corporate entities an ultimatum to resolve the issue to
avoid further destabilising the fragile banking sector.

The fight between the companies has been affecting the banking sector, the
image of the country to investors, and the local securities market. New
proposals have now been put on the table to try to resolve the issue. The
two entities and their lawyers are currently discussing the latest
proposals.

In a bid to resolve the issue, Biti on August 26 wrote to Gono suggesting
ways of disentangling the convoluted corporate merger. KFHL merged with
Meikles Africa Ltd in 2008 to form Kingdom Meikles Africa Ltd (KMAL) amid a
blaze of publicity to create a financial concern which had ambitions of an
offshore listing. The new conglomerate included TM stores, Meikles Hotel,
Meikles stores, Tanganda, Cotton Printers and Kingdon Bank and its
subsidiaries.

In October last year, Chanakira entered into an agreement with Meikles
shareholders, including John Moxon, to acquire 43% of KFHL after the
de-merger. However, Chanakira failed to raise the required US$15 million.
Deadlines given for payment expired. Extensions were sought and granted.
Time limits provided in the extensions also expired, but Chanakira still
failed to raise the money, setting off fresh clashes in the protracted
struggle over the KMAL de-merged matrix.

Biti says in his letter to Gono that a "win-win solution" could be found
which would "achieve the objective of stabilising the market and quashing
the noise, enabling Chanakira to hold on to his bank and unlocking
shareholder value in both institutions".

"It is self-evident from the correspondence and report you have provided
that the relationship between the parties has irretrievably broken down with
no prospects of reconciliation," Biti wrote to Gono in his August 26 letter
titled Meikles Holdings versus Kingdom Bank.

"To put it mildly, the parties are locked in a vicious and unkind corporate
war. Under these circumstances it is my opinion that the demerger of the two
entities is the proper and logical solution," Biti said. "The net result of
this is that Kingdon Bank will be listed separately. I hope and trust that
for the sake of stabilisation of our country, this advice is upheld."

In his letter, Biti makes suggestions of the way forward on the issue which
has created a storm in political circles.
"The second issue relates to the settlement of the cross-shareholding by
shareholders in both institutions. The papers before me disclose the fact
that Chanakira has offered to buy out Meikles Holdings' interest in his bank
for the sum of US$15 million," Biti says.

"It also appears that BancABC are prepared to pay this amount. From the
discussion with yourself it appears that only an amount of US$7, 5 million
is available. Assuming BancABC has the full amount, then I advise that the
money be deposited in the creditor's bank account at Stanbic. I see no merit
in payment of this amount to the central bank".

A row had erupted over where the money from Chanakira to Moxon should be
kept, with Reserve Bank officials saying the funds must be kept at the
central bank, and Meikles executives demanding it must go to their account
at Stanbic. Biti says the money must be paid to the creditor's Stanbic
account.
Biti also says in his letter that he agreed with Gono that if Chanakira does
not have the US$15 million, then the shareholdings and shares in dispute
must be evaluated before a deal is done. However, Biti then says valuation
process would cause problems because "any evaluation, either professional or
otherwise, will always be subjective and in many situations fail to agree on
the persona of the evaluator".

Biti goes on to suggest that the evaluation should be left to the market if
the de-merger occurs and KFHL is re-listed on the Zimbabwe Stock Exchange.
"In short, let the market determine the values of the shares in both
entities," he says.

On the last contentious issue of US$22, 5 million which is theoretically
held by the Reserve Bank, Biti says it was a "technical issue touching on
capital reduction and other corporate issues".

The US$22,5 million sum was lodged with central bank by Meikles in 2004. The
funds were used to recapitalise Kingdom Bank's three subsidiaries to meet
the prescribed minimum capital requirements.

"My view of the matter is that this is not an issue that should stand in the
way of a settlement. Moreover as minister responsible for the administration
of the Companies Act, I would expect that the same is complied with, in
particular Section 92. I hope the above suggestions may help you guide the
parties to a win-win situation," Biti tells Gono in the letter.

Dumisani Muleya

Deal exposes RBZ’s diamond activ ities

A MINING joint-venture deal which turned sour has exposed how the Reserve
Bank of Zimbabwe (RBZ) has been involved in the extraction and processing of
diamonds and gold in the Midlands, the Zimbabwe Independent can reveal.
Carslone Enterprises, a subsidiary of the RBZ, entered into a joint venture
with Gweru farmer Magiel Casper Jovner, who owns Kleimpton Farm, in 2007 to
carry out mining activities at his Mangwe Mine claim 24 for a three year
period up to June 2010. The matter is now before the courts.
Under the Tribute Agreement, Carslone was supposed to conduct mining
activities at Mangwe claim 24 from June 25 2007 until June 24 2010, which
was subject to renewal once the parties agree on an extension of the
agreement.
Under the agreement, Carslone was due to pay Jovner 5% of the total gross
value of the gold and/or other valuable products from the mine.
But the deal went sour recently after Jovner refused to renew the agreement
citing the RBZ subsidiary's failure to meet its obligations and entered into
a new three- year partnership with Shuma Mining Syndicate running from June
15 2010 up to June 14 2013.
Jovner accused the RBZ subsidiary of not meeting its obligations of paying
royalties amounting to "5% of the total gross value of the products won."
The RBZ's mining activities are revealed in an urgent chamber application
filed by Jovner seeking a court order to permanently interdict the central
bank's subsidiary, its agents, servants, proxies, associates and nominees
from entering his farm and mines, including coming within 100 metres
thereof.
Jovner, who is setting up a diamond processing plant which is nearing
completion at his farm located about 18 kms from Gweru along the
Gweru-Bulawayo road, says his mining activities have recently been hampered
by the RBZ's unlawful actions in the area which include illegal mining and
trespassing, behaviour which has resulted in his mining activities being
seriously affected.
The Gweru farmer says although he held a Tribute Agreement with Carslone,
the agreement was for Mangwe claim 24 only and not for Mangwe claim 20 and
21, where the apex bank's mining subsidiary has forcefully settled.
Despite the expiry of the Tribute Agreement on June 24, Carslone has
continued to mine and ignored Jovner's demand that the plant close down as
there is no Tribute Agreement in existence and that the RBZ subsidiary is
mining in wrong claims.
Jovner says Carslone has made racial threats and threatened that they would
cause his arrest and grab his farm as he has no right to own the farm and
mine, they claimed.
The farmer said at one time the police removed Carslone from his farm after
he made a police report, but the miners have since returned to his farm.
"Respondent (Carlsone) is clearly undeterred and has continued unlawful and
unauthorised mining activities," reads part of Jovner's urgent chamber
application filed in the High Court in July seeking to interdict Carslone,
its agents, servants, proxies, associates and nominees from mining on his
claims.
In his letter to the Mining Commissioner for Gweru, only identified as WM
Dube, a copy of which is in the possession of the Independent, Jovner said
he was surprised that Carslone is still carrying out mining activities on
his mining claims without his consent yet he had clearly indicated to the
company that he had no intention of working with them again after the expiry
of the Tribute Agreement.
In a letter written to the Officer Commanding Midlands Police, Mining
Commissioner Dube ordered the police to halt Carslone's mining activities.
"Mr Magiel Casper Jovner has reported that Carslone is working illegally on
12400BM Mangwe on an expired agreement. If the allegations are correct,
could you stop all mining operations and instruct both parties to visit this
office for arbitration," reads Dube's letter dated July 19.
But on July 29 Police Assistant Inspector Jachi absolved the RBZ of
illegally mining on Jovner's claims and instead accused the Gweru farmer of
making a false report to the police.
"It is alleged that Migel Casper Jovner reported a case of illegal mining
against Carslone Enterprises in that the said company is mining diamonds
without relevant documents from the Ministry of Mines. This resulted in
police acting upon the information and arrested persons who were found at
the mining premises. The people arrested were Carslone Enterprises employees
working at the plant. They were not gold panners. We cleared them of the
allegations since they were false," Jachi wrote in a letter dated July 29.
In his opposing affidavit, Emmanuel Shuro, the director of Carslone, accused
Jovner of creating statements of illegality, unlawfulness, trespassing and
harassment.
Shuro said the RBZ engaged Jovner as a consultant in the diamond mining and
processing venture and this saved him from being evicted from his farm which
was seized by the government under the Sour deal exposes RBZ's diamond
activities
land grab exercise.
"The presence of the government diamond project at the farm has made the
government to suspend allocation of the farm to landless people. That is
what has made applicant (Jovner) stay at the farm. Moreover, we pleaded with
the Governor of Midlands (Jason Machaya) on his behalf for him to stay at
the farm since he was the consultant of the project."
The diamond processing plant, which Shuro says cost the government US$20
million to establish, would also process alluvial diamond-bearing ore from
the central bank's Somabhula mining projects.
The value of the mined and processed diamonds could not be ascertained.
Besides mining and processing diamonds, Carslone has consolidated its
presence in the gold-mining sector by acquiring closed or struggling mines.
It owns Golden Kopje mine, in Chinhoyi, among other mines.

Kumbirai Mafunda