Africa still ‘top of mind’ for Chinese investors

first_imgA drillship conducting a flow test in a natural gas field off the coast of Mozambique. Recent examples of China’s involvement in Africa include China National Petroleum Corporation’s acquisition of a stake in Mozambique’s fields, and China National Gold Group Corporation’s investment in the Republic of Congo. (Image: Anadarko)• Standard Advisory (China) LimitedShanghai+86 21 6156 8900+86 21 6156 6388Beijing+86 10 6649 [email protected] writerChina is still unquestionably Africa’s largest single trading partner, and the continent remains an important and strategic investment destination for the 2 000 or so Chinese companies operating there, even as the Asian economic powerhouse shows signs of a slowdown.Research by the Standard Bank Group estimates Sino-African trade to have reached US$210-billion in 2013, up 6% from $198-billion in 2012. Chinese imports from Africa, mostly hard commodities, reached some $115-billion last year while Chinese exports to the continent totalled about $94-billion.“When Chinese firms consider investment destinations around the world, Africa is always top of mind,” said George Fang, Standard Bank’s Beijing-based head of mining and metals in Asia. “Africa is usually among the first destinations that are considered by Chinese companies that are looking to expand internationally, not only because of its abundant natural resources but also because of its rich cultural heritage, which in many ways is more similar to Chinese custom than that of the Western world.”Despite China’s official Purchasing Managers’ Index slipping to a six-month low of 50.5 in January, the research suggests the Chinese economy will expand by 7% in 2014. This follows economic growth of 7.7% in in each of the previous two years.‘Africa and China are fundamentally intertwined’Fang said this slowdown is partly due to China’s government placing greater emphasis on more sustainable economic expansion, rather than simply chasing growth for its own sake. Although the global economy has undergone a fundamental paradigm shift since the 2008 financial crisis, Africa remains an important future strategic partner for China, he said.“The economic ambitions of Africa are ultimately the same as those of China – to open up new worlds of opportunity for its people. When China visits countries in Africa it creates partnerships and investments; it doesn’t leave a vacuum behind.”Data from the Information Office of the Chinese State Council shows that China’s cumulative investment in Africa more than doubled from $9.33-billion in 2009 to $21.23-billion in 2012. The Standard Bank Group estimates that China has loaned African governments between $30-billion $40-billion, the bulk of which has been used to improve infrastructure on the continent.Some recent examples of China’s involvement in Africa include China National Petroleum Corporation’s acquisition of a stake in Mozambique’s offshore natural gas fields, China National Gold Group Corporation’s investment in the Republic of Congo, China National Nuclear Corporation’s acquisition of a stake in a Namibian uranium mine, and the Chinese-invested iron ore project expansion in Sierra Leone.China also played an active role at last year’s Brics Summit in Durban, at which the Multilateral Infrastructure Co-Financing Agreement for Africa was set up. This paves the way for new co-financing arrangements and investments for infrastructure projects across the continent.“The economic futures of Africa and China are fundamentally intertwined,” said Fang. “Africa’s rich natural resource base coupled with its emergence as one of the world’s fastest growing economic regions suggests its importance to China is only likely to increase over the coming years.”Edited by Mary Alexanderlast_img read more

Maharashtra announces ₹10,000 crore relief for farmers

first_imgThe outgoing Cabinet headed by Chief Minister Devendra Fadnavis has approved ₹10,000 crore as compensation to farmers who have suffered damages to their crops owing to unseasonal rains. Chairing a meeting of the Cabinet sub-committee on Saturday, Mr. Fadnavis asked the local administration to compile a “damage” report. He also directed that farmers from those places where the system is not accessible be allowed to upload photos from mobile phones as proof of damage. The crop-wise reimbursement would be decided as soon as “damage” report is received while the amount of reimbursement will be transferred to the farmers’ account directly. “We will sent a prospect report to the Centre requesting financial aid to redress this calamity. But the State will not solely depend on this and will provide financial aid from its own fund. Around 50 lakh farmers are crop insured in the State. Insurance companies should also help them immediately,” the CM said after the meeting. Senior members of the committee said damages would be paid crop-wise, connected to fruit crop damages, among others. “This is a crucial situation. Therefore, decision was taken to provide maximum help to the farmers. As soon as zonal crop damage report is received, reimbursement for each crop will be decided. A final decision will be taken in the coming days. Utilising human resources from the revenue and agriculture departments, agriculture colleges, and animal husbandry were also discussed,” said a member.The meeting was attended, among others, by Revenue Minister Chandrakant Patil, Water Irrigation Minister Girish Mahajan, Agriculture Minister Dr. Anil Bonde, and Animal Husbandry Minister Mahadev Jankar.last_img read more

10 months agoMan City ace Gabriel Jesus: I’m learning a lot from Aguero

first_imgAbout the authorPaul VegasShare the loveHave your say Man City ace Gabriel Jesus: I’m learning a lot from Agueroby Paul Vegas10 months agoSend to a friendShare the loveManchester City ace Gabriel Jesus admits he’s enjoying working alongside Sergio Aguero.The Brazilian’s lack of goals was partly down to limited game-time caused by the impressive form of his fellow South American Aguero.City’s all-time leading goalscorer recently missed three games with a groin injury, but City will expect to benefit from having both forwards healthy and in form.”Sergio is a good guy,” Gabriel said.”I like him. I like his football. He is a legend for City and I’m learning a lot from him.” last_img read more

a month agoMan Utd captain Ashley Young: A deserved win

first_imgMan Utd captain Ashley Young: A deserved winby Paul Vegasa month agoSend to a friendShare the loveManchester United captain Ashley Young was pleased with victory over Leicester City.United earned a 1-0 win at Old Trafford yesterday.”When you play as a defender, you want to keep a clean sheet and hope the boys up the top can go and get the goals,” said Young.”On days you’re not going to play well and you’re going to win games. On days you’re going to play well and not win games.”There’s going to be a balance and we just want to do the right things and keep applying ourselves the way we have this season.”I think we have been unfortunate, especially at Southampton the other week. I think it was unfortunate against Crystal Palace as well.”I think we’re very close [to getting it right]. It wasn’t a bad performance. I didn’t think it was a bad performance.”If we had gone on and got a second goal after we got the first then it would have been totally different.”But, like I say, we had to show that resilience and that grit and that determination not to concede a goal and we done that today.” About the authorPaul VegasShare the loveHave your saylast_img read more

a month agoVan der Gijp: Gerrard drunk recommending Liverpool’s Johnston to Feyenoord!

first_imgVan der Gijp: Gerrard drunk recommending Liverpool’s Johnston to Feyenoord!by Paul Vegasa month agoSend to a friendShare the loveFormer Liverpool fullback George Johnston has been slammed in Holland.Feyenoord teammate Liam Kelly, signed from Reading, is also being hammered as the Rotterdam giants struggle in the early rounds of the season.Former Holland striker Rene van der Gijp has rapped Feyenoord coach Jaap Stam for signing the pair.He told Veronica Inside “I must honestly say: also it is a sign of inability for Jaapie to take on Liam Kelly. “I mean: we saw that boy play half a game, then we all said: ‘That’s not the one in midfield who Feyenoord can count on’. Come on, dude. “Also loaning (sic) George Johnston has not worked out well for Feyenoord. He called Steven Gerrard for that. He said, ‘He’s very good’, but he was drunk!”Rangers boss Gerrard worked with Johnston as Liverpool U23 coach. TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

Video: Kelly Oubre Reflects On His Time At Kansas After Declaring For NBA Draft

first_imgWayne Selden, Kelly Oubre and Devonte' Graham celebrating Kansas' big 12 title.LAWRENCE, KS – MARCH 03: Wayne Selden Jr. #1 of the Kansas Jayhawks stands with Devonte Graham #4 and Kelly Oubre Jr. #12 after the Jayhawks defeated the West Virginia Mountaineers 76-69 in overtime to win the game and clinch their eleventh straight Big IX Championship title at Allen Fieldhouse on March 3, 2015 in Lawrence, Kansas. (Photo by Jamie Squire/Getty Images)Kansas freshman forward Kelly Oubre Jr., declared for the 2015 NBA Draft today. He’s pretty much a lock to be selected in the first round, and could even merit a spot in the lottery. Oubre Jr. made his move official in a video released by Kansas moments ago. In it, he declares he’s a “Jayhawk for Life.” //“It’s been a blessing to play the game with KANSAS across my chest…”Kelly Oubre Jr declares for the 2015 NBA Draft: kuathne.ws/1G59hxu #alwaysajayhawk #kubballPosted by Kansas Men’s Basketball on Wednesday, April 1, 2015Oubre Jr. averaged 9.3 points and 5.0 rebounds in 21.0 minutes per game in his lone season in Lawrence.last_img read more

Former Cincinnati Player Says Butch Jones Hit Players At Practice “Multiple Times”

first_imgJohn Lloyd tweets that Butch Jones hit players at practice.john lloyd cincinnati butch jonesLast week, a number of rumors regarding Tennessee head coach Butch Jones – including a claim that he punched a player this past summer during practice – made the rounds on social media. This Monday, Jones commented on the rumor, calling it “absolutely ridiculous.” Wednesday night, one of Jones’ former players made an interesting claim on Twitter regarding the situation.Former Cincinnati punter John Lloyd, who played for Jones from 2010-2012, told his followers that he saw Jones hit players “multiple times” during his time with the Bearcats. He also joked that Jones “probably” made Cincinnati’s video crew delete practice footage. It wasn’t a glowing review of his former [email protected] here are the tweets. pic.twitter.com/cFj2LkDLLn— Football Time in TN (@FootballTimeMag) October 8, 2015Lloyd has since deleted the tweets and moved his account to private, for what it’s worth. Despite Jones’ statement on the matter, it doesn’t seem that this story has gone away. We’ll keep you updated.last_img read more

Fishing idiots should be charged for indecency BC angling group

first_imgKathleen MartensAPTN NewsA boatload of ignorant fishermen should be charged for drinking, urinating and exposing themselves to families, said an angling group working to reduce conflict on B.C.’s Fraser River.“It’s the worst incident reported this summer,” said Rod Clapton, co-chair of the Fraser River Peacemakers.“They’re idiots…As far as we’re concerned they should be charged with indecent exposure if the information reported is accurate.”Clapton said he sent an email to the RCMP Monday asking them to find the five men caught on camera Saturday getting into a heated argument with members of the Union Bar First Nation.“We’re not going to let this go,” Clapton added in a telephone interview with APTN News. “No member of the sport fishing community would excuse this. It’s unacceptable.”Photos of the men in an aluminum boat were posted on Facebook. The men are seen drinking, urinating and making lewd gestures.One witness said a man dropped his pants and underwear and exposed himself to women and children cleaning fish on the shoreline.“They were casting, talking loud, swearing – and their voices carried,” said Stacy McNeil.“We said, ‘Hey, there’s children here.’ But instead of moving on one guy started peeing and told us to shut up.”McNeil said the man made “disrespectful” and unwanted sexual comments while exposing himself.“As adults, we see this all the time. But our kids were so confused and scared, with no idea why it was happening.”McNeil said several families were working in the fish camp between Hope and Yale when the incident occurred at about 5 p.m. on Aug. 25.She said her hands were shaking as she called Hope RCMP and described the scene to a dispatch operator on the line.No officer was available to come out but RCMP did provide an email address for witnesses to share their photos and video.She said three boats piloted by community members pulled up to the anglers and “told them to move along.”She said there was shouting back and forth and a fight came close to breaking out.“They said, ‘We started it, the women started it.’ They were calling down First Nations (people), saying we were stealing all the fish.”McNeil said the incident could have escalated into something more dangerous.“I was trying to be calm because my children were there,” she said of the kids that are between three- and 15-years-old.“My body was shaking because I was so angry. I was trying not to stoop to that level and respond.”She said she is proud the community was able to defuse the incident and there was no violence.Sto:lo Chief Ernie Crey, who co-chairs the Peacemakers group with Clapton, agreed.“We encourage people to share the river instead of getting into a fight over it,” he said.Crey said misunderstandings crop up when anglers are unaware they’ve anchored in a traditional fishing hole.“In the past they used to throw rocks at one another,” said Crey, “or branches of trees.”In 2009, he said former chief Willie Charlie was shot in the face with a pellet gun. That’s when Peacemakers was formed.“We don’t get involved in criminal activity,” added Clapton. “We go and talk and help resolve differences.”The group recently received an award from the federal government for its 10 years of advocacy and mediation.But this encounter shows it still has work to do.“This is a pretty nasty incident,” said Clapton.“We really expect the RCMP to pursue this and identify these individuals.”[email protected]last_img read more

Fitch downgrades Sri Lankas rating

first_imgCOLOMBO, Sri Lanka (AP) — Fitch Ratings has downgraded Sri Lanka’s long-term foreign-currency issuer default rating, citing political upheaval that has resulted in the country having no functional government.Fitch says it lowered the country’s rating to B from B plus with a stable outlook, reflecting heightened external financing risks, uncertain policy outlook and a slowdown in fiscal consolidation.Sri Lanka is now without a government after a court ordered disputed Prime Minister Mahinda Rajapaksa and his ministers to refrain from conducting their duties as it hears a case challenging their eligibility to hold office after losing two no-confidence votes in Parliament.The dispute arose after President Maithripala Sirisena sacked Ranil Wickremesinghe as prime minister and replaced him with Rajapaksa.Rajapaksa has been unable to form a parliamentary majority.The Associated Presslast_img read more

Taylor Fire Department hosting Peace Region Hoselay Competition as part of 60th

first_imgFORT ST. JOHN, B.C. — The Taylor Fire Department is celebrating its 60th Anniversary this year, and the department is gearing up to welcome firefighters from around Northeast B.C. to the Peace Region Hoselay Competition in May.Taylor Firefighters Association president Joshua Carrell says that the department is anticipating a high turnout of teams from over 12 different departments who have been invited to the event from as far away as Mackenzie and Fort Nelson. The competition takes place May 25th – 27th this year, and will see firefighters compete in various disciplines including an Old Time Hoseley competition, hose coupling, and hose hockey. screenshot--2018.03.07-10-46-59 screenshot--2018.03.07-10-44-43 screenshot--2018.03.07-10-45-07 screenshot--2018.03.07-10-45-26 In a letter to Taylor Council, Carrell said that the Association has budgeted roughly $12,500 to host the event, and that it was asking Council to forgive some user fees to host the competition. At Monday’s meeting, Council voted in favour of waiving the fees and allowing the department to use a number of venues in Taylor, as well as providing a sponsorship and other prizes.Fire Chief Edward Albury said that the fire department is hoping to get additional sponsors for the competition, and that he can be contacted at the Taylor District office for more information.last_img read more