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Gains of Tanzania, India local currency trading

admin — Tue, 13 Jun 2023 07:00:01 +0000

Gains of Tanzania, India local currency trading

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admin Tue, 06/13/2023 - 07:00

Sunday, May 28, 2023

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The Citizen

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Gains of Tanzania, India local currency trading

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To trade under this mechanism, Tanzanian banks will have to open SRVA in India by approaching authorised Indian banks that will, in turn, approach RBI for their approval with details of the arrangement, the statement further stated.

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Dar es Salaam. Tanzania and India can minimise reliance on major global currencies and foster stable and efficient trading environment by promoting trade in local currencies, stakeholders have said.

The stakeholders gathered in Tanzania recently for a consultation meeting organised by the Indian Institute of Chartered Accountants.

They discussed the implications of the Rupee Nostro Account System, following the recent announcement of both countries to commence trading in their respective local currencies.

How Tanzania trades with world's leading economies

One of the key advantages highlighted during the discussion was the reduction in dependency on hard currencies.

Stakeholders were upbeat that the system would alleviate the need for constant currency conversions and reliance on foreign exchange reserves.

Managing director of Bank of India in Tanzania, Mr Antaryami Sarangi, said the system offers immense potential for business entities, which can effectively manage their forex balances and mitigate exchange risks associated with volatile global currencies.

“The banking sector also stands to gain from implementing this system. Banks could facilitate importers by providing them with increased flexibility and reduced dependencies on hard currencies.

“This would streamline trade processes and enhance the overall efficiency of cross-border transactions,” he said.

Managing director of Bank of Baroda, Mr Aditya Narayan Singh, said the arrangment is likely to contribute to lower transaction costs, which would be beneficial to businesses of all sizes.

“By eliminating the need for constant currency conversions, settlement times can be significantly reduced and yield lower transaction costs,” he said.

Indian Deputy High Commissioner, Mr Shri Manoj Verma, expressed optimism on the prospects for the Rupee Nostro Account System and its potential in deepening economic ties between Tanzania and India.

“It will encourage trade partners to buy more goods and services from each other, thus giving incentive to domestic industry and exporters and generating employment and income,” he said.

Mr Verma said this could create an opportunity for local banks and businesses to enjoy payment transactions in domestic currencies.

In a press release posted on its website, the Indian High Commission in Dar es Salaam said the Reserve Bank of India (RBI) had cleared the way for trade using local currencies by allowing authorised banks in India to open Special Rupee Vestro Accounts (SRVA) in Tanzania.

To trade under this mechanism, Tanzanian banks will have to open SRVA in India by approaching authorised Indian banks that will, in turn, approach RBI for their approval with details of the arrangement, the statement further stated.

“Tanzania can conserve foreign exchange, and boost bilateral trade,” he said.

India and Tanzania have bilateral trade currently valued at nearly $4.5 billion, during an interview with The Citizen Indian High Commissioner to Tanzania Binaya Pradhan revealed that at the end of 2023, the trade volume is expected to cross $6 billion.

The Dar es Salaam (Tanzania) Chapter of the Institute of Chartered Accountants of India (ICAI) was formally inaugurated on January 13th, 2015 as the 26th overseas chapter of ICAI.

The Chapter conducts CPE programmes as per ICAI regulations and provides facilities for interaction amongst members by holding regular meetings and organising talks and lectures of professional interest and operates principally in Dar city.

The chapter has also signed and Memorandum of Understanding (MoU) with National Board of Accountants and Auditors (NBAA)Tanzania in September 2018, where as a part of MoU Implementation, they assisted NBAA is reviewing their syllabus and course contents with ICAI New Delhi.

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Dominica Chess Federation will host National Championship Trophy Ceremony at the Dominica State College

admin — Mon, 20 Jun 2022 00:20:01 +0000

Dominica Chess Federation will host National Championship Trophy Ceremony at the Dominica State College

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Friday, June 17, 2022

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Dominica Chess Federation will host National Championship Trophy Ceremony at th…

Roseau, Dominica, June 17, 2022: The Dominica Chess Federation will host our National Championship trophy ceremony at the Dominica State College on Saturday June 18 at 3pm. The Dominica Chess Federation has completed its first ever National Chess Championships as a FIDE-recognized federation, over the weekend of May 13-15.

After 7 rounds of fierce competition only one person could emerge the winner; with the winner being determined by the player with the most points.

The point system being as follows:

1 point for a win, 1/2 point for a draw, and 0 points for a loss; with each player receiving a ‘bye’ in different rounds that is a guaranteed 1 point for them.

Therefore, the final scores are as follows:

1st Nigel Francis 6.5 points

2nd Lyndon Auguiste 5.5 points

3rd Brandon Henry 4.5 points

4th Adam St. Ville 3.5 points

5th Edgar Berridge 3 points

6th Larry Thomas 3 points

7th Romel Laudat 2 points

The Trophy Ceremony is one step closer to Federation representing Dominica at the 44th Chess Olympiad in India. A group of players have already been selected to represent Dominica come July 27th to August 10th 2022 in India.

The DCF has also received financial sponsorship by FIDE amounting to $25,000, minus eating expenses. The federation has been very active in its regular training and coaching sessions, as well in its Sensitization drive to raise awareness around the sport and its activities.

The next Month of Competition between Dominica and some of the brightest and skilled players in the world, is one that brings more recognition to sport and one step closer to the overall aim of inspiring the youth to use their energies in a positive way.

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A Commonwealth for the 21st Century

admin — Sun, 19 Jun 2022 19:20:01 +0000

A Commonwealth for the 21st Century

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Friday, June 17, 2022

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A Commonwealth for the 21st Century

The long delayed (on account of COVID-19) Commonwealth Heads of Government Meeting (CHOGM), 2022 takes place 20-25 June 2022, in Kigali, Rwanda. According to the Commonwealth Secretariat, its leaders will travel to Rwanda to reaffirm their common values and agree actions and policies to improve the lives of all their citizens.

For some, the Commonwealth represents a colonial past and is a reflection of what the world used to be when the United Kingdom (UK) was a superpower, not what the world is now. The unresolved mystery presented by the Commonwealth is why a group of nations that struggled to win their independence from the UK, reconstituted themselves in an organisation that is closely patterned after its former colonial master. Critics have also called the Commonwealth institutions outmoded and ineffective.

The United Kingdom, with its monarchy as the titular Head of the Commonwealth, is navigating its own place in the world since its exit, (Brexit) from the European Union (EU). Post-Brexit, London has pushed for a vision of a more outward-looking foreign policy, known as “Global Britain.” Key to this goal of revitalizing the UK on the world stage is the Commonwealth.

Brexit supporters, skeptical of deeper integration with the EU have for a long time, seen the Commonwealth as a more natural forum for the UK, due to historical ties, a common language, and similar legal traditions. Therefore, some policymakers in the UK advocate that the UK’s post-EU future should lie in deepening trade and immigration with the Commonwealth.

It is certainly not lost on these policy makers that amongst the Commonwealth’s members are India, the world’s second most populated country and fifth largest economy; Canada and Australia,advanced economies; Nigeria, Africa’s most populous country and an emerging economy; South Africa, the most dynamic economy in Africa; as well as several emerging economies in Asia. These are economies with which the UK can grow vital trade, economic and investment relations.

As far as the UK is concerned, it must also contend with a small, but not insignificant number of countries increasingly decoupling themselves from the British monarchy. This leaves in doubt the future leadership of the body when Queen Elizabeth’s reign ends.

Notwithstanding the foregoing, it is a misnomer to reduce the Commonwealth to a body which primarily caters to the needs of the UK. It is an organisation comprising 54 members with a combined population of 2.5 billion people. It is also instructive that 32 Commonwealth members are small states. Therefore, the Commonwealth has to be seen through the lens of how it can deliver benefits for all its Members.

Is the Commonwealth relevant? This question has to be answered in the context of prevailing global realities. The threat of climate change and natural disasters, the demands of the digital age, democratic backsliding and global exogenous shocks such as the COVID-19 pandemic all suggest that bodies which encourage cooperation between and amongst countries remain vitally important.

There is also much scope for the Commonwealth to take concrete actions to pursue trade and economic development initiatives which can deliver real benefits to its peoples. In a context of fractured multilateralism, it might be a useful exercise to Commonwealth Members to create a Commonwealth-wide trade and economic partnership agreement. This might be seen as too far-fetched and difficult a task. However, the journey of a thousand miles begins with a single step.

Steps can also be taken to pursue concrete actions on climate change, particularly as it relates to supporting the many Small Island Developing States (SIDS) of the Commonwealth to build resilience to the threat of climate change and natural disasters.

Other important discussions taking place outside of the Commonwealth can also be tested within the Commonwealth. For example, issues such as debt forgiveness and alternative financing mechanisms for SIDS can be usefully pursued by Commonwealth members.

The Commonwealth is not irrelevant. It still has an important role to play as a norm shaper in international affairs and in delivering real benefits to its Members. However, maybe there is scopeto reimagine how to make it more meaningful and effective.

Joel K Richards is a Vincentian national living and working in Europe in the field of international trade and development.
Email: joelkmrichards@gmail.com

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Minister Peters leads discussions at WTO as global tech industry pushes for data flows to be exempt from cross-border tariffs

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Minister Peters leads discussions at WTO as global tech industry pushes for data flows to be exempt from cross-border tariffs

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Friday, June 17, 2022

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Original Article

Minister Peters leads discussions at WTO as global tech industry pushes for dat…

The global technology industry is pressing the World Trade Organization to exempt data flows from cross-border tariffs, saying a failure to do so would undermine a global recovery already threatened by spiralling prices.

The WTO’s 164 members presented their views on the topic on Wednesday, [June 15] the final scheduled day of a four-day ministerial conference.

Keisal Peters, [minister of state in the Ministry of Foreign Trade] of St Vincent and the Grenadines, who is leading discussions, said at the conference that divergences remained. As time ran out, WTO members should consider meeting halfway, she added.

The WTO agreed in 1998 to a moratorium on e-commerce tariffs and repeatedly extended it at ministerial conferences, which the Geneva-based trade body normally holds every two years.

Now India, Indonesia, Sri Lanka, Pakistan and South Africa were threatening to block an extension, trade sources close to talks at the WTO said. This raises the prospect that tariffs could be imposed on such data flows as music streaming and financial transactions.

That possibility has prompted 108 tech company associations, including groups from India and Indonesia, to write to the WTO urging members to renew the moratorium, saying failure to do so would be a historic setback for the WTO and would undermine the global recovery.

Small developing countries, they say, would lose the chance to increase their digital competitiveness without a moratorium.

John Neuffer, chief executive of the U.S.-based Semiconductor Industry Association, said tariff-free data flows were essential for countries wishing to attract foreign [trade]. They also offered clear benefits to consumers and small businesses, he said.

“We heard alarm bells that things were in trouble, with much more risk of the moratorium not being extended.”

Studies demonstrated that tariff revenue benefits would be outweighed by economic losses, he said.

An EU official said countries favouring a moratorium extension were still hoping for a multilateral deal. They were not yet at the point of seeking a plan B – forming a smaller alliance in which they would not impose tariffs on data flows between them (Reuters).

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UN Secretary-General Appoints Cornelius Nagbe as International Humanitarian Law Expert on the UN Security Council’s Panel of Experts on Yemen

admin — Sun, 19 Jun 2022 16:10:01 +0000

UN Secretary-General Appoints Cornelius Nagbe as International Humanitarian Law Expert on the UN Security Council’s Panel of Experts on Yemen

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admin Sun, 06/19/2022 - 16:10

Tuesday, May 31, 2022

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Diaspora – FrontPageAfrica

Original Article

UN Secretary-General Appoints Cornelius Nagbe as International Humanitarian Law…

NEW YORK – United Nations Secretary-General Antonio Guterres has appointed a Liberian national and international law specialist, Mr. Cornelius Nagbe, to the UN Panel of Experts on Yemen, an investigative body of independent experts assisting the Security Council Committee established pursuant to resolution 2140 (2014) to implement its mandate, including on sanctions monitoring.

In a letter dated 17 May 2022 from the Secretary-General addressed to the President of the Security Council, Mr. Guterres referred to resolution 2624 (2022), adopted on 28 February 2022, by which the Council decided to extend the mandate of the Panel of Experts on Yemen until 28 March 2023, and requested him to take the necessary administrative measures to that effect.

The Secretary-General informed the President of the Security Council that, after consulting with the Security Council Committee established pursuant to resolution 2140 (2014), he had accordingly appointed the following experts to the Panel of Experts on Yemen: Mr. Debi Prasad Dash, finance (India), Mr. Cornelius Nagbe, international humanitarian law (Liberia) and Mr. Wolf-Christian Paes, arms (Germany). He also designated Mr. Dash to serve as the coordinator of the Panel.

Mr. Nagbe’s appointment to the Panel of Experts on Yemen follows a competitive process started in January 2022 by the UN Department of Political and Peacebuilding Affairs (DPPA) and culminating in review and clearance of his and the other experts’ candidacies by the Security Council Committee established pursuant to resolution 2140 (2014). As the international humanitarian law expert, Mr. Nagbe will contribute to the monitoring of sanctions measures and investigation of alleged sanctions violations or non-compliance as mandated by Security Council resolutions related to Yemen. He will also contribute to the reports of the Panel to the 2140 Sanctions Committee and the Council.

Prior to his appointment to the Panel of Experts on Yemen, Mr. Nagbe worked as a Consultant on Children and Armed Conflict in the South Asia Regional Office of the United Nations Children’s Fund (UNICEF). He also recently provided expertise to the American Bar Association Center for Human Rights as an Expert on Compliance with International Humanitarian Law in the Middle East and North Africa. Mr. Nagbe earlier served at UN Headquarters in New York as Human Rights Programme Management Officer in the Counter-Terrorism Centre of the UN Office of Counter Terrorism (UNOCT). Before that, Mr. Nagbe delivered field assignments in Somalia, Kenya, Iraq, and South Sudan with the African Union Mission for Somalia (AMISOM), the UN Assistance Mission for Iraq (UNAMI), and the UN Mission in South Sudan (UNMISS).

In his home country Liberia, Mr. Nagbe has served as a strategic communications and outreach manager on democracy and governance projects funded by the World Bank and USAID, including as Communications Coordinator and technical secretariat member of the high-profile Governance and Economic Management Assistance Program (GEMAP); as administrative manager of the office of the House Majority Leader, Legislature of Liberia; as an electoral assistance and information specialist at the UN Mission in Liberia (UNMIL) and the National Elections Commission (NEC); as information lead for Save the Children; and, as a manager, writer, and consultant in the media and civil society.

Mr. Nagbe holds a Master’s in International Human Rights Law from Oxford University and Master’s in International Relations and Bachelor’s in Mass Communication from University of Liberia.

–Link to UN SG’s letter appointing the Panel: https://digitallibrary.un.org/record/3974469?ln=en

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Pain as cost of ugali on the rise

admin — Sun, 19 Jun 2022 08:50:01 +0000

Pain as cost of ugali on the rise

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admin Sun, 06/19/2022 - 08:50

Wednesday, June 15, 2022

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Politics

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Pain as cost of ugali on the rise

The cost of ugali is likely to shoot up after millers hiked flour prices due to a biting shortage of maize in the local and regional markets.

Coming at a time more than three million Kenyans are staring at starvation due to drought and declined crop and livestock production across the country, the looming increase in the cost of putting ugali on the table is likely to hit households hard.

Maize flour prices have more than doubled in the North Rift region, the country’s food basket, with a two-kilogram packet going for Sh200, up from Sh85 barely two months ago.

Read: Families hit hard by price rise of basics

The millers fear the price of maize flour may continue its upward trend as the supply of the stable deteriorates.

“Consumers should brace themselves for higher prices of unga as we face more difficulties sourcing maize to sustain our milling operations,” said Grain Belt Millers Association (GBMA) chairperson Kipngetich Mutai.

A 90kg bag of maize is now going for Sh5,200, up from Sh4,500 two weeks ago.

The millers said they were facing challenges importing the grains from Tanzania due to tough conditions set by the East Africa Community (EAC) member state.

Also read: Reject new taxes on flour, MPs told

“Although there is some maize in Tanzania, the stringent conditions for obtaining an export licence – popularly known as Kibali – are making it hard for our members to import the grains into the country,” added Mr Mutai.

He said 400 lorries loaded with maize were stuck at the Namanga border due to slow clearance procedures.

“The importers are required to produce an export licence to facilitate entry of the grains to the country,” explained Mr Mutai.

The millers want the government to negotiate with Zambian and Tanzanian authorities to facilitate importation of six million bags of maize to plug the current shortage and lower flour prices, which have hit Sh165, up from an average of Sh130 per two-kilogram packet across the country.

“It is also critical for the government to support transport and logistics for the importation of maize from these countries. The high cost of transporting produce from neighbouring countries ultimately drives up the price of finished products,” added the millers in their petition.

The millers explained that it costs Sh185,000 to transport a tonne of the grains from Lusaka, Zambia, into Kenya, up from Sh120,000, adding that sea freight costs had worsened due to the aftershocks of the Covid-19 pandemic and the Russia-Ukraine conflict.

Read: Here is the road to Kenya’s recovery

A 90-kilogram bag of maize from Tanzania is selling at Sh5,000 while that from Zambia and Malawi lands at Sh5,200, which the millers have termed too expensive.

“Consumers are already struggling due to the rising commodity prices. Implementation of these recommendations will be crucial in mitigating rising costs of wheat and maize-based commodities should the situation persist,” said the millers.

The petition has been endorsed by the Kenya Association of Manufacturers (KAM), Cereal Millers Association (CMA), Association of Kenya Feed Manufacturers (Akefema), Eastern Africa Grain Council (EAGC), Agro-Processors Association of Kenya (APAK), Grain Belt Millers and Farmers Association (GBMFA), Agriculture Sector Network (ASNET) and United Grain Millers Association (UGMA).

Maize production in Kenya is estimated at 3.2 million metric tons annually, against a consumption rate of 3.8 million metric tons.

The deficit is bridged through imports from EAC member states. Kenya produces approximately 100,000 metric tonnes of wheat, against an annual demand of 2.4 million metric tons. This means the country relies heavily on imported wheat, which is estimated at -96% of the produce.

“Kenya imports 60 per cent of the deficit mainly from Ukraine and Russia. The current situation in the two countries has disrupted the importation supply chain. As a result, players in the sector have turned to the expensive wheat from USA, Argentina, Australia and Canada. This has been aggravated by the total ban on imports from India by the Kenyan government,” explained the millers.

The National Cereals and Produce Board (NCPB) has exhausted its emergency maize stocks.

The agency sold the more than 300,000 bags it purchased last season on commercial basis to millers.

“We have sold out all our maize stocks and the acute shortage of the grains has to be handled at high government policy level,” said NCPB Managing Director Joseph Kimote.

The board sought Sh10.3 billion for emergency food stocks in the last financial year but faced stiff competition from millers and traders, who offered better prices and prompt payment.

The board was to purchase three million bags of maize at Sh7.56 billion and 50,000 bags of beans at Sh405 million to stock its National Food Reserve.

According to NCPB Chairman Mutea Iringo, the board was to buy 30,000 bags of green grams at Sh270 million and 20,000 bags of 25kg powdered milk at Sh340 million, but it failed to achieve the target due to stiff competition from millers and traders.

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International musician wants more done to take local creatives to the next level

admin — Sun, 19 Jun 2022 07:30:01 +0000

International musician wants more done to take local creatives to the next level

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admin Sun, 06/19/2022 - 07:30

Saturday, May 21, 2022

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Entertainment Archives - Barbados Today

Original Article

International musician wants more done to take local creatives to the next level

Trinidad-born international musician Roger Ryan says more needs to be done to take local creatives to the next level.

Ryan recently held a meet and greet with several local musicians, who will be part of an Indie Music Project being supported by the NCF.

“There are a lot of brilliant singers here [but] I found most of them at hotels singing, but they don’t have a career,” Ryan said.

“They sing at the hotel every weekend, paid x amount of dollars but they don’t have their own projects, there is no showcase for them and when they sing for 10 or 20 years it’s over, and someone else will fill their spot.”

According to Ryan, too often in the Caribbean, music and other creative subjects are still being highly influenced from a European perspective, rather than the rich history ingrained in West Indian and African culture.

“My whole idea of coming to the Caribbean is to let us show the world how great our talent is here. All of the pop music that you guys are consuming right now, all of them have Caribbean undertones, all of them. [However] none of them [is] from Barbados or Trinidad. Like, what is the problem? We have to start thinking differently, so that is why I am here.”

While acknowledging the major worldwide success Rihanna has had over the years with her music and fashion brand, Ryan says the island may have missed a major opportunity to capitalize on the extra attention the island was getting in terms of providing more avenues for local performers to grow their craft.

“Rihanna is one of maybe 5, 000 or 10, 000 kids here that have the same potential but they did not get lucky. We are not fostering them – some of the other people that have potential, we should have a media centre here already. From the time [Rihanna] hit, we should have started building a media centre here with a studio, a small rehearsal room, a video room so that we have videography [and] people learn how to do media and start fostering, as opposed to waiting to see who gets lucky.”

Artists involved in the indie project are John Yarde, Shadia Marshall, Trinity Clarke, Ruby Tech, Ki’Ann Browne, Judah Goddard and SugaRhe, and though no completion date has been set, the project is expected to be released some time before the end of 2022. (SB)

The post International musician wants more done to take local creatives to the next level appeared first on Barbados Today.

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Police Arrest 154 Suspects for Various Crimes in Borno

admin — Sun, 19 Jun 2022 04:20:02 +0000

Police Arrest 154 Suspects for Various Crimes in Borno

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admin Sun, 06/19/2022 - 04:20

Thursday, June 16, 2022

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THISDAYLIVE

Original Article

Police Arrest 154 Suspects for Various Crimes in Borno

The Police have arrested no fewer than 154 suspects various crimes in Borno State. The Commissioner of Police in the state, Mr. Abdul Umar, confirmed this while briefing newsmen at the command headquarters in Maiduguri.

Umar said that out of the 154 suspects, 67 of them were charged to court and remanded in prison custody for being in possession of dangerous arms and disturbance of public peace in Maiduguri metropolis and its environs.

He explained that during the period under review, there were a total of 45 cases reported at the command, 87 suspects arrested, 10 cases charged to court and 35 cases were still under investigation.

He listed the cases to include four cases of rape; eight cases of culpable homicide with nine suspects arrested and being investigated; four cases of kidnapping with nine suspects arrested and being investigated.

Others were 11 cases of criminal conspiracy, disturbance of public peace, assault and possession of dangerous weapons with 19 suspects arrested, seven charged to court and four being investigated.

“There was also a case of criminal conspiracy and theft of armoured cables with five suspects arrested and one being investigated; three being in possession of dry leaves suspected to be Indian hemp with eight suspects wanted and three being investigated; 12 cases of theft with 18 suspects arrested, three charged to court and nine being investigated,” he said.

Umar noted that there were cases of criminal conspiracy, forgery, abetment and official breach of trust with a suspect arrested and being investigated.

According to him, nine other suspects were arrested for destroying and theft of government properties.

Umar said that a joint effort of the military and the police led to the recovery of three guntrucks and arms after a fierce battle with Boko Haram insurgents.

The police commissioner reiterated the commitment of the command toward fighting crimes in the state, lauding other security agencies and media for their complementary roles.

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Boat Builders Commence Training Module

admin — Sun, 19 Jun 2022 03:10:01 +0000

Boat Builders Commence Training Module

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admin Sun, 06/19/2022 - 03:10

Tuesday, June 14, 2022

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Local – Dominica Vibes News

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Boat Builders Commence Training Module

The Emergency Agricultural Livelihoods and Climate Resilient Project (EALCRP) of the Ministry of Blue and Green Economy, Agriculture and National Food Security (MoBGEANFS) will undertake the training of twenty-five (25) boat builders and their assistants.

The Boat Building Training Module of the Fisheries Component of the Project is scheduled to begin on Tuesday June 14th, 2022 at 10:00am at the Hope Boat Building Facility in Layou Village.

The training will be a two-phased, facilitated virtually and in person by Consultant Naval Architect, Mr. Derrick Menezes from India.

Phase 1 is the theoretical training component, scheduled for June 14-22 2022.

Phase 2 is the practical training which allows participants a hands-on approach in construction of the plug and mould and will run from July 4 2022 until early September 2022.

Project Background

Following the devastation of Hurricane Maria in September 2017, the Government of Dominica with the financial support of the World Bank started the implementation of the “Dominica Emergency Agricultural Livelihoods and Climate Resilience Project (DEALCRP). The Project is designed to help farmers and fisher folk affected by Hurricane Maria restore their agriculture and fishing livelihoods and adopt climate resilient practices.

The project has three components:

Restoration of the Productive Base for the Recovery of Agricultural Livelihoods
Restoration of Key Productive Infrastructure and Institutional, Livestock and Forestry.
Project Management and Coordination

OBJECTIVES

To contribute to restoring Agricultural livelihoods and enhancing climate resilience of farmers and fisher folks affected by Hurricane Maria in Dominica.
To contribute directly to Dominica’s National Agricultural Policy and Action Plan 2025 that identified several key needs for agricultural development, including a more modernized agriculture sector, increased farm productivity, and overall climate resilience of the country’s agriculture and food systems.
The direct beneficiaries of the project are crop and livestock farmers, fisher folks, and producer organizations affected by Hurricane Maria.

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Lafarge Cement Zimbabwe cedes 76,4% stake

admin — Sun, 19 Jun 2022 01:50:01 +0000

Lafarge Cement Zimbabwe cedes 76,4% stake

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admin Sun, 06/19/2022 - 01:50

Tuesday, June 7, 2022

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Business Archives - NewZimbabwe.com

Original Article

Lafarge Cement Zimbabwe cedes 76,4% stake

By Alois Vinga

LISTED cement manufacturer, Lafarge Cement Zimbabwe (LACZ) has entered into a binding agreement for the disposal of its 76,45% stake to Fossil Mines Private Limited.

The development follows months of negotiations with different suitors who were bidding to acquire the stake.

In a statement Tuesday, LACZ acting company secretary Arnold Chikazhe informed stakeholders that “Further to the cautionary announcement dated 31 May 2022, shareholders and members of the investing public are advised that Associated International Cement Limited, a member of the Holcim group, has entered into a binding agreement for the sale of its 76.45% stake in Lafarge Cement Zimbabwe Limited to Fossil Mines (Private) Limited”.

He added: “The transaction, if successfully concluded, may have a material effect on the Company’s securities. Accordingly, shareholders and members of the investing public are advised to exercise caution when dealing in the Company’s securities until a full announcement is made”.

The disposal of Holcim’s Zimbabwean shareholding follows prior disposals of Holcim shareholding in the Northern Ireland, Zambian and Malawian markets amid plans that the group is in the process of disposing its Indian cement business.

On 25 January 2022 the group announced the intention to dispose of their 76,45% shareholding in LACZ as part of their strategy to divest from the cement manufacturing business before inviting interested bidders to submit their expressions of interest to its Financial Advisors, ABSA Corporate and Investment Banking in South Africa.

Internal documents seen by NewZimbabwe.com Business show that Fossil’s offer is backed by local banks, pension funds and wealth managers.

Fossil engaged local Financial Advisors, and Commercial Attorneys to act on its behalf on the bid as well as Cliff, Decker and Hofmeyer of South Africa to act as its Transaction Advisory Team.

“As part of evaluating the bids Holcim invited the bidders to South Africa for negotiations. The final round of negotiations between Holcim and Fossil took place in South Africa from 28 May 2022 to 30 May 2022 wherein Fossil’s offer to acquire 76,45% of Lafarge Zimbabwe was accepted,” the documents said.

However, the transaction is still pending due to further due diligence of the asset and regulatory approvals.

“Should Fossil takeover Lafarge, the planned strategy is to maintain Lafarge as a Listed business and also recapitalize Lafarge leading to an increase in the cement output from the plant.

“Currently, 40% of Zimbabwe’s cement requirements are imported, an opportunity that Fossil wants to capitalize on by providing the market with readily available cement,” added the documents.

The post Lafarge Cement Zimbabwe cedes 76,4% stake appeared first on NewZimbabwe.com.

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Gains of Tanzania, India local currency trading

Summary

Thank you for reading Nation.Africa

How Tanzania trades with world's leading economies

It's the content that counts

Dominica Chess Federation will host National Championship Trophy Ceremony at the Dominica State College

A Commonwealth for the 21st Century

Minister Peters leads discussions at WTO as global tech industry pushes for data flows to be exempt from cross-border tariffs

UN Secretary-General Appoints Cornelius Nagbe as International Humanitarian Law Expert on the UN Security Council’s Panel of Experts on Yemen

Pain as cost of ugali on the rise

Related

Cooking oil prices could rise further

Prices of maize flour, cooking oil to increase

International musician wants more done to take local creatives to the next level

Police Arrest 154 Suspects for Various Crimes in Borno

Boat Builders Commence Training Module

Lafarge Cement Zimbabwe cedes 76,4% stake