Siam Commercial Bank PCL (SCB), following its policy of business partnership with Thai SMEs, recently hosted a press visit to SCB client KHT Central Supply Group (KHT), ASEAN's Number One Leader in Laundry Equipment. KHT is a leading manufacturer and distributor of industrial laundry equipment under the “Image” brand. Growing despite the economic crisis, the group revealed strategies for succeeding amid global competition and weathering the current economic crisis, and techniques for tapping into new markets. KHT also shared tips for success for Thai SMEs, including adaptation to changes and being alert to all risk factors.
SCB Executive Vice President Dr. Vivat Kittiphongkosol said, “The Electronics and appliance industry is ranked among Thailand's top in exports. There are potential businesses in this sector, particularly laundry equipment. Thai manufacturers are quite few, due to tough competition with rivals – mostly big global brands. KHT Central Supply Group is a manufacturer and distributor of laundry equipment for industrial use such as hospitals and hotels. The group's sales are at the top in ASEAN, the second in Asia, and 14th worldwide. KHT is a Thai SME success story amid the current economic turmoil.”
Accurate Technologies Co., Ltd. is a KHT company. Its Managing Director Visan Mahachavaroj said, “KHT is a provider of full-ranged industrial laundry equipment. We have been in the industry for over 30 years. The group is a manufacturer of laundry equipment, and 75% of our products are for export. We are also a distributor of chemical laundry supplies, and a provider of laundry service to businesses, with an average daily volume of 30 tons.”
“KHT is a family business. In the beginning, we were a distributor of detergents to hospitals. Seeing a market opportunity for laundry equipment in Thailand, we then imported the equipment from the USA, and SCB has supported us since 1992. We have taken business development seriously, starting with laundry equipment assembly. We developed product designs, technology, and effectiveness to meet industrial standards. Then we tackled building our own “Image”brand. At first, it was a lot of trouble, as our brand was relatively unknown and the market was dominated by major global brands. To create strength for the “Image”brand, we developed products to meet universal customer needs, and KHT now has the widest product range in the world. We can offer competitive price to battle foreign brands. As a result, we can rapidly tap into more and more domestic and overseas markets. At present, we are number one in Thailand, with the largest market share--40% market share in the hotel sector and 90% in the hospital sector. For overseas markets, our products are exported worldwide to 50 countries in Asia, Europe, the USA, Australia, and the Middle East.
A strength that makes KHT superior to foreign rivals is product differentiation. Our products are highly effective, particularly our washers. Image washers are designed for long operation, up to 24 hours, and have a spinning capacity of over 300G, which improves cleaning effectiveness. This responds to the needs of our foreign clients. We have to compete with rivals. Although there are a few brands in the market, they all are global brands. Service is also our priority, so we have customer service centers to thoroughly serve clients in every industrial sector. With teams of expert customer service staff and technicians, we are always ready to provide our clients with advice and product maintenance.
As for KHT's business plan for the next 5 years, the group aims at being among the world's top 5 players. For our continuous growth, we will tap into more overseas markets. The success of KHT is a result of our choice to be different from other SMEs. We have entered into an industry with unique markets. Despite major competitors, we can effectively compete with them with high-quality products. We hope our success can inspire Thai SMEs to weather crises with strength. We are also proud to be a vital driver behind Thailand's electronic and appliance industry.”
SCB is determined to be a business partner for Thai SMEs in the same way as its partnership with KHT for over 16 years. The Bank is ready to support Thai SME success in global competition, to inspire or serve as a model for other entrepreneurs to apply to their businesses and adapt to changes. Thai SMEs then can further their businesses and drive the economy forward to sustainable growth.
Monday, May 25, 2009
UPI NewsTrack Business
Two U.S. banks seized, making 36 failures
CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said.
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb were closed Friday, Marketwatch reported.
The Federal Deposit Insurance Corp. said Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, with Midland States Bank of Effingham, Ill., agreeing to acquire about $536 million worth of Strategic Capital's assets.
Morton Community Bank of Morton, Ill., meanwhile, has reportedly agreed to assume Citizens National's roughly $400 million in deposits and $437 million in assets.
Analysts told The Wall Street Journal the two Illinois bank seizures are the latest evidence that smaller banks across the United States are being squeezed by mortgage and other loan-related losses.
The newspaper said the 36 failures in 2009 are 11 more than the 25 recorded for all of last year, with dozens more banks expected to collapse through 2010.
FDIC board votes for more assessments
WASHINGTON, May 23 (UPI) -- The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds.
The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported.
Especially targeted by the FDIC board were the largest U.S. banks with at least $100 billion in assets, which will have to pay about $500 million more than was previously planned.
FDIC Director Sheila Bair said it was fair to hit the biggest banks with higher assessments because 'over the past 18 months, large banks, as a group, have posed much greater risks to the banking system than small banks have,' the Post reported.
Comptroller of the Currency John Dugan argued against raising the FDIC assessments, saying hitting larger banks was 'frankly perverse' because the insurance fund was being tapped mostly because of the failures of dozens of smaller banks, the newspaper said.
Bankrupt Hartmarx accepts $119M bid
CHICAGO, May 23 (UPI) -- Bankrupt Chicago clothing manufacturer Hartmarx says it has accepted a joint takeover bid from a London private equity firm and an Indian suitmaker.
The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co. (NYSE:WFC) , Hartmarx's chief lender, is reportedly pushing for that outcome.
BofA: Mortgage holders get $823M in relief
WASHINGTON, May 23 (UPI) -- Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America (NYSE:BAC) , state officials say.
Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and 'option ARM' mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, The Wall Street Journal reported.
The bank has so far modified 50,000 of the mortgages, a report provided to state attorneys general in California, Florida, Illinois and elsewhere this week indicated. They had sued BofA saying Countrywide's marketing and sale of such risky mortgages constituted predatory lending, the Journal said.
Subprime and option ARM mortgage holders with modified plans are saving an average of $195 per month in principal and interest payments, with biggest savings reportedly going to option ARM holders at $311 per month, Bank of America says.
The Journal said BofA has reported that 11,000 borrowers and tenants living in foreclosed buildings who didn't qualify for its loan modification efforts have collected $22.4 million in relocation assistance.
CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said.
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb were closed Friday, Marketwatch reported.
The Federal Deposit Insurance Corp. said Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, with Midland States Bank of Effingham, Ill., agreeing to acquire about $536 million worth of Strategic Capital's assets.
Morton Community Bank of Morton, Ill., meanwhile, has reportedly agreed to assume Citizens National's roughly $400 million in deposits and $437 million in assets.
Analysts told The Wall Street Journal the two Illinois bank seizures are the latest evidence that smaller banks across the United States are being squeezed by mortgage and other loan-related losses.
The newspaper said the 36 failures in 2009 are 11 more than the 25 recorded for all of last year, with dozens more banks expected to collapse through 2010.
FDIC board votes for more assessments
WASHINGTON, May 23 (UPI) -- The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds.
The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported.
Especially targeted by the FDIC board were the largest U.S. banks with at least $100 billion in assets, which will have to pay about $500 million more than was previously planned.
FDIC Director Sheila Bair said it was fair to hit the biggest banks with higher assessments because 'over the past 18 months, large banks, as a group, have posed much greater risks to the banking system than small banks have,' the Post reported.
Comptroller of the Currency John Dugan argued against raising the FDIC assessments, saying hitting larger banks was 'frankly perverse' because the insurance fund was being tapped mostly because of the failures of dozens of smaller banks, the newspaper said.
Bankrupt Hartmarx accepts $119M bid
CHICAGO, May 23 (UPI) -- Bankrupt Chicago clothing manufacturer Hartmarx says it has accepted a joint takeover bid from a London private equity firm and an Indian suitmaker.
The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co. (NYSE:WFC) , Hartmarx's chief lender, is reportedly pushing for that outcome.
BofA: Mortgage holders get $823M in relief
WASHINGTON, May 23 (UPI) -- Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America (NYSE:BAC) , state officials say.
Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and 'option ARM' mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, The Wall Street Journal reported.
The bank has so far modified 50,000 of the mortgages, a report provided to state attorneys general in California, Florida, Illinois and elsewhere this week indicated. They had sued BofA saying Countrywide's marketing and sale of such risky mortgages constituted predatory lending, the Journal said.
Subprime and option ARM mortgage holders with modified plans are saving an average of $195 per month in principal and interest payments, with biggest savings reportedly going to option ARM holders at $311 per month, Bank of America says.
The Journal said BofA has reported that 11,000 borrowers and tenants living in foreclosed buildings who didn't qualify for its loan modification efforts have collected $22.4 million in relocation assistance.
UPI NewsTrack Business
Two U.S. banks seized, making 36 failures
CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said.
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb were closed Friday, Marketwatch reported.
The Federal Deposit Insurance Corp. said Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, with Midland States Bank of Effingham, Ill., agreeing to acquire about $536 million worth of Strategic Capital's assets.
Morton Community Bank of Morton, Ill., meanwhile, has reportedly agreed to assume Citizens National's roughly $400 million in deposits and $437 million in assets.
Analysts told The Wall Street Journal the two Illinois bank seizures are the latest evidence that smaller banks across the United States are being squeezed by mortgage and other loan-related losses.
The newspaper said the 36 failures in 2009 are 11 more than the 25 recorded for all of last year, with dozens more banks expected to collapse through 2010.
FDIC board votes for more assessments
WASHINGTON, May 23 (UPI) -- The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds.
The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported.
Especially targeted by the FDIC board were the largest U.S. banks with at least $100 billion in assets, which will have to pay about $500 million more than was previously planned.
FDIC Director Sheila Bair said it was fair to hit the biggest banks with higher assessments because 'over the past 18 months, large banks, as a group, have posed much greater risks to the banking system than small banks have,' the Post reported.
Comptroller of the Currency John Dugan argued against raising the FDIC assessments, saying hitting larger banks was 'frankly perverse' because the insurance fund was being tapped mostly because of the failures of dozens of smaller banks, the newspaper said.
Bankrupt Hartmarx accepts $119M bid
CHICAGO, May 23 (UPI) -- Bankrupt Chicago clothing manufacturer Hartmarx says it has accepted a joint takeover bid from a London private equity firm and an Indian suitmaker.
The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co. (NYSE:WFC) , Hartmarx's chief lender, is reportedly pushing for that outcome.
BofA: Mortgage holders get $823M in relief
WASHINGTON, May 23 (UPI) -- Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America (NYSE:BAC) , state officials say.
Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and 'option ARM' mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, The Wall Street Journal reported.
The bank has so far modified 50,000 of the mortgages, a report provided to state attorneys general in California, Florida, Illinois and elsewhere this week indicated. They had sued BofA saying Countrywide's marketing and sale of such risky mortgages constituted predatory lending, the Journal said.
Subprime and option ARM mortgage holders with modified plans are saving an average of $195 per month in principal and interest payments, with biggest savings reportedly going to option ARM holders at $311 per month, Bank of America says.
The Journal said BofA has reported that 11,000 borrowers and tenants living in foreclosed buildings who didn't qualify for its loan modification efforts have collected $22.4 million in relocation assistance.
CHAMPAIGN, Ill., May 23 (UPI) -- Two Illinois banks have been shuttered by regulators, marking the 35th and 36th bank closings in the United States so far this year, officials said.
Strategic Capital Bank of Champaign and Citizens National Bank of Macomb were closed Friday, Marketwatch reported.
The Federal Deposit Insurance Corp. said Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, with Midland States Bank of Effingham, Ill., agreeing to acquire about $536 million worth of Strategic Capital's assets.
Morton Community Bank of Morton, Ill., meanwhile, has reportedly agreed to assume Citizens National's roughly $400 million in deposits and $437 million in assets.
Analysts told The Wall Street Journal the two Illinois bank seizures are the latest evidence that smaller banks across the United States are being squeezed by mortgage and other loan-related losses.
The newspaper said the 36 failures in 2009 are 11 more than the 25 recorded for all of last year, with dozens more banks expected to collapse through 2010.
FDIC board votes for more assessments
WASHINGTON, May 23 (UPI) -- The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds.
The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported.
Especially targeted by the FDIC board were the largest U.S. banks with at least $100 billion in assets, which will have to pay about $500 million more than was previously planned.
FDIC Director Sheila Bair said it was fair to hit the biggest banks with higher assessments because 'over the past 18 months, large banks, as a group, have posed much greater risks to the banking system than small banks have,' the Post reported.
Comptroller of the Currency John Dugan argued against raising the FDIC assessments, saying hitting larger banks was 'frankly perverse' because the insurance fund was being tapped mostly because of the failures of dozens of smaller banks, the newspaper said.
Bankrupt Hartmarx accepts $119M bid
CHICAGO, May 23 (UPI) -- Bankrupt Chicago clothing manufacturer Hartmarx says it has accepted a joint takeover bid from a London private equity firm and an Indian suitmaker.
The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co. (NYSE:WFC) , Hartmarx's chief lender, is reportedly pushing for that outcome.
BofA: Mortgage holders get $823M in relief
WASHINGTON, May 23 (UPI) -- Troubled U.S. homeowners could save up to $823 million from a predatory lending settlement reached this week with Bank of America (NYSE:BAC) , state officials say.
Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and 'option ARM' mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, The Wall Street Journal reported.
The bank has so far modified 50,000 of the mortgages, a report provided to state attorneys general in California, Florida, Illinois and elsewhere this week indicated. They had sued BofA saying Countrywide's marketing and sale of such risky mortgages constituted predatory lending, the Journal said.
Subprime and option ARM mortgage holders with modified plans are saving an average of $195 per month in principal and interest payments, with biggest savings reportedly going to option ARM holders at $311 per month, Bank of America says.
The Journal said BofA has reported that 11,000 borrowers and tenants living in foreclosed buildings who didn't qualify for its loan modification efforts have collected $22.4 million in relocation assistance.
Slovenia's 2009 GDP to drop 2.7 pct.
Slovenia's gross domestic product will drop 2.7 percent for all of 2009, while in 2010 the economy will recover and rise 1.4 percent, economists said.
The GDP decline was mainly caused by a drop in exports due to a financial crisis in the euro-zone and stricter borrowing conditions which hurt Slovenia's open economy, seriously hit by the global economic crisis, the Slovenian news agency STA (OOTC:SRPIF) said Monday, quoting a report by the International Monetary Fund.
In 2009, Slovenia's trade, production and investments declined drastically, while unemployment and the public debt went up.
The country's unemployment is likely to reach 6.2 percent this year, compared with 4.4 percent in 2008, and in 2010 is expected to drop to 6.1 percent.
IMF experts forecast Slovenian annual inflation in 2009 will be 0.5 percent, a considerable improvement when compared with 5.7 percent in 2008. In 2010, the inflation would be 1.5 percent.
The GDP decline was mainly caused by a drop in exports due to a financial crisis in the euro-zone and stricter borrowing conditions which hurt Slovenia's open economy, seriously hit by the global economic crisis, the Slovenian news agency STA (OOTC:SRPIF) said Monday, quoting a report by the International Monetary Fund.
In 2009, Slovenia's trade, production and investments declined drastically, while unemployment and the public debt went up.
The country's unemployment is likely to reach 6.2 percent this year, compared with 4.4 percent in 2008, and in 2010 is expected to drop to 6.1 percent.
IMF experts forecast Slovenian annual inflation in 2009 will be 0.5 percent, a considerable improvement when compared with 5.7 percent in 2008. In 2010, the inflation would be 1.5 percent.
Telemarketing company allegedly hid name
Telemarketers for a Florida company accused of violating consumer laws by using 'robocalls' were urged to never mention its name, a former employee says.
Transcontinental Warranty Inc. of Fort Lauderdale, Fla., had been slapped with a restraining order by a U.S. District Judge in Chicago after a Federal Trade Commission investigation determined it had used such illegal 'robocalls' and made misrepresentations in selling its car warranty products. A former employee told Monday's Los Angeles Times that telemarketers were instructed never to reveal the company's name to angry consumers.
'I understood it to be an acceptable practice at Transcontinental to say whatever was necessary to get the consumer to divulge his or her credit card number,' said Mark Israel, who worked the evening shift with about 30 other operators. 'Telemarketers were only disciplined for disclosing Transcontinental's name.'
The FTC alleges the company made illegal random automated 'cold calls' while pretending to know something specific about the consumers' car warranties when they responded.
'It was never, nor does it remain now our position that we have knowingly violated the best practices of telemarketing,' Transcontinental Chairman Chistopher Cowart told the Times in a prepared statement.
Transcontinental Warranty Inc. of Fort Lauderdale, Fla., had been slapped with a restraining order by a U.S. District Judge in Chicago after a Federal Trade Commission investigation determined it had used such illegal 'robocalls' and made misrepresentations in selling its car warranty products. A former employee told Monday's Los Angeles Times that telemarketers were instructed never to reveal the company's name to angry consumers.
'I understood it to be an acceptable practice at Transcontinental to say whatever was necessary to get the consumer to divulge his or her credit card number,' said Mark Israel, who worked the evening shift with about 30 other operators. 'Telemarketers were only disciplined for disclosing Transcontinental's name.'
The FTC alleges the company made illegal random automated 'cold calls' while pretending to know something specific about the consumers' car warranties when they responded.
'It was never, nor does it remain now our position that we have knowingly violated the best practices of telemarketing,' Transcontinental Chairman Chistopher Cowart told the Times in a prepared statement.
Hungary's 2009 GDP to drop 6.7 pct.
The Hungarian National Bank forecasts the country's gross domestic product will decline 6.7 percent for all 2009, revised figures showed Monday.
The central bank's earlier report estimated the GDP would drop 3.5 percent this year, the Hungarian news agency MTI reported.
The bank's projection see the annual inflation rate of 4.5 percent in 2009, instead of an earlier estimate of 4.2 percent.
In 2010, Hungary's economy is to drop 0.9 percent and its annual inflation will amount to 4.3 percent.
The central bank's earlier report estimated the GDP would drop 3.5 percent this year, the Hungarian news agency MTI reported.
The bank's projection see the annual inflation rate of 4.5 percent in 2009, instead of an earlier estimate of 4.2 percent.
In 2010, Hungary's economy is to drop 0.9 percent and its annual inflation will amount to 4.3 percent.
Many Swedes back adopting euro
A plurality of Swedes is in favor of ditching the kronor and adopting the euro as the nation's currency, a poll indicates.
The survey by the polling firm Novus on behalf of the Liberal Party was published in the Dagens Nyheter newspaper Monday. It indicated that 47 percent of Swedes backed a move to the euro with 44 percent against it, the Swedish news agency TT reported.
The poll showed male voters more strongly in favor of the euro with 50 percent in favor and 42 percent against, while the corresponding figures among women voters were 44-46 percent. The numbers presented a big change from the results of a 2003 referendum on adopting the euro, in which 56 percent voted to reject the idea while 42 percent were in favor, TT said.
Many members of two Swedish parties that favor adopting the euro, the Christian Democrats and the Social Democrats, do not agree with their party leaders and continue to voice strong opposition to the currency in the new poll, the news agency said.
Novus said it interviewed 1,000 Swedes between May 5-12 for the poll.
The survey by the polling firm Novus on behalf of the Liberal Party was published in the Dagens Nyheter newspaper Monday. It indicated that 47 percent of Swedes backed a move to the euro with 44 percent against it, the Swedish news agency TT reported.
The poll showed male voters more strongly in favor of the euro with 50 percent in favor and 42 percent against, while the corresponding figures among women voters were 44-46 percent. The numbers presented a big change from the results of a 2003 referendum on adopting the euro, in which 56 percent voted to reject the idea while 42 percent were in favor, TT said.
Many members of two Swedish parties that favor adopting the euro, the Christian Democrats and the Social Democrats, do not agree with their party leaders and continue to voice strong opposition to the currency in the new poll, the news agency said.
Novus said it interviewed 1,000 Swedes between May 5-12 for the poll.
New twists on credit scams
U.S. fraud investigators say they're finding new schemes to improve bad credit histories so lenders will approve mortgages or lines of credit.
In one case, a Sacramento man obtained unused Social Security numbers and had employees at a furniture company create fake credit histories for real people with lousy credit ratings, The Kansas City (Mo.) Star reported Monday.
Prosecutors in Kansas City allege some listings on the Web site Craig's list recently offered to 'rent' a credit history dating to 1999 on a Chase Visa card with a low balance and a $55,000 limit.
Similar scams discovered in other states threaten to further undermine the already shaky credit industry and the nation's economy, Assistant U.S. Attorney Linda Marshall said.
'As we've seen in recent years, what hits the lenders hits all of us,' Marshall said.
It's estimated that 19 of the largest U.S. banks could absorb $82 billion in credit card losses by the end of 2010, the Star reported.
In one case, a Sacramento man obtained unused Social Security numbers and had employees at a furniture company create fake credit histories for real people with lousy credit ratings, The Kansas City (Mo.) Star reported Monday.
Prosecutors in Kansas City allege some listings on the Web site Craig's list recently offered to 'rent' a credit history dating to 1999 on a Chase Visa card with a low balance and a $55,000 limit.
Similar scams discovered in other states threaten to further undermine the already shaky credit industry and the nation's economy, Assistant U.S. Attorney Linda Marshall said.
'As we've seen in recent years, what hits the lenders hits all of us,' Marshall said.
It's estimated that 19 of the largest U.S. banks could absorb $82 billion in credit card losses by the end of 2010, the Star reported.
Wednesday, May 20, 2009
SCB Family Plus Credit Card and MasterCard Worldwide return favor to clients
Siam Commercial Bank Executive Vice President Rungruang Sukkirdkijpiboon (right) and Mongkol Kritsaranon, MasterCard Worldwide Associate Vice President, Member Relations, hand prizes to winning clients participating in the “Super Shopper” campaign. The campaign was launched to seek SCB Family Plus Credit Card members who spent the most through the card at Central Department Store, The Mall, and The Emporium during March 25-31, 2009. The prizes include a Singapore package tour for 3 days and 2 nights, and a visit to the Audi Fashion Festival 2009.
SCB underwrites PTTEP debentures
SCB President Kannikar Chalitaporn, together with executives of other 13 leading banks, inks a debenture underwriting agreement with PTT President and Chief Executive Officer Mr. Prasert Bunsumpun. SCB is an underwriter of PTT Exploration and Production PLC (PTTEP) debentures worth Baht 40 billion. The issue is currently Thailand's top-rated debenture, rated AAA. The subscription is scheduled for May 25-28, 2009.
Dr. Kurokawa promotes “Multilayered Brain Circulation”: The Role of STI Partnerships in Capacity Building
Dr. Kiyoshi Kurokawa, Former Science Adviser to the Japanese Cabinet and leading Japanese advocate on science and technology innovation, led discussions at the World Bank with experts from government, academia and the private sector, on Science, Technology and Innovation (STI) capacity building for sustainable development and the potential role of the World Bank Group in brokering these strategic partnerships. STI partnerships have been established in order to reduce poverty, achieve the Millennium Development Goals, generate wealth, create better paying jobs, and foster sustainable development.
Innovative proposals for STI partnership programs include: A visiting professor program, referred to as a “Professor Corps” where accomplished professors spend a significant amount of time in a developing country, focusing on building capacity for the indigenous scientific community; and a Venture Capitalist in Residence program or “Venture Corps” where business innovators and entrepreneurs create an interface between the scientific and financing communities for the innovation of new products and services based on local scientific achievements.
“There are many existing networks and partnerships for higher education and training in the developing world which might be used as platforms for providing sustainable STI partnerships”, said Elizabeth King, Human Development’s Director for Education at the Bank. “This is an exciting potential new area for the Bank Group.”
These initiatives all revolve around a common theme: promoting knowledge and capacity flows from development partners – in both the North and South - who have an abundance of technical expertise and capacity building prowess to bring to developing country clients who need to augment their STI capacity. The overarching question is how to design and implement these partnerships so that developing countries build and sustain the STI capacity they need to address their high priority development needs.
Christian Delvoie, Director of the Knowledge Strategy Group, who is leading efforts to develop the Bank’s new knowledge agenda as a strategic priority, stressed the important role insightful knowledge has in decision-making and highlighted four STI-relevant components of the World Bank Group’s Knowledge Strategy:
* Leverage WBG’s global excellence across regions and sectors to provide innovative knowledge products and solutions for member countries;
* Strengthening WBG partnerships with external networks with strategic emphasis on South-South cooperation and dialogue;
* Unleash local entrepreneurship, synergies and knowledge networks to develop new strategic development partnerships; and
* Position the Bank as a world class knowledge platform for policy discussions
As part of its core work program, the STI Global Expert Team (GET), one of the Bank Group’s ten new GETs, is planning to organize a Global Forum on STI Capacity Building Partnerships for Sustainable Development to be held at the Bank in mid-December. The Forum will provide an excellent opportunity for Japan, the United States, other countries and partners to showcase new approaches and leading edge initiatives, to help other donors establish their own partnership initiatives, and to share cross-cutting ideas among participants.
Participating in the April 30 discussion were many key S&T for development stakeholders including Dr. Nina Fedoroff, S&T Adviser to the U.S. Secretary of State, and Peter McPherson, past USAID Administrator and current President of the Association of Public and Land Grant Universities. This group of 20 international experts posed and attempted to answer some key questions associated with STI partnership programs including:
* Can there be systematic efforts to exploit the potential synergy between individual partnership proposals and is there a role for the Bank in adding a sustainability factor to these initiatives?
* How can governance issues be addressed in the partnership programs that are currently under way or under discussion?
* How does the availability of new technology (especially communications technology and new media) facilitate new forms of partnerships, especially for collaborative research and distance education?
* How to provide basic needs for the potential influx of STI capacity (i.e. housing, ICT, visa support and other critical infrastructure) which are needed to sustain an intellectual network in a developing country setting?
* What is the role of the private sector in building the innovative capacity in developing countries?
Dr. Kurokawa discusses STI partnerships
at expert roundtable: Shown: Peter
McPherson, APLU President and previous
USAID Administrator, Dr. Kurokawa and
Dr. Nina Fedoroff, S&T Adviser to the U.S.
Secretary of State
“Huge advances in S&T policy as it relates to development have been made over the past decade”, said Kurokawa when talking with leading experts from the science policy and development communities about his experience in bringing the subject into the limelight in 2008 at the 4th Tokyo International Conference on African Development (TICAD4) and the Hokkaido Toyako G8 Summit. “With the recent focus on S&T as a driver for sustainable economic development, we need to encourage “multilayered brain circulation” which requires a scaling up of rapid global information sharing and many layers of collaboration within knowledge networks and between stakeholders. There is a need to engage with senior policy makers on complex multi-sector development challenges where solutions require the rapid deployment of the best global expertise.”
Japan is one of the leaders in developing STI partnership initiatives and has had a global influence on the use of STI for capacity building. Japan’s Science and Technology Research Partnership for Sustainable Development initiative is the manifestation of Japan’s commitment to African development through STI projects. The objective of this program is to acquire new knowledge using innovative delivery systems leading to addressing global issues across policy, scientific and business networks such as clean energy and environment, natural disaster prevention, infectious disease control and food security.
Innovative proposals for STI partnership programs include: A visiting professor program, referred to as a “Professor Corps” where accomplished professors spend a significant amount of time in a developing country, focusing on building capacity for the indigenous scientific community; and a Venture Capitalist in Residence program or “Venture Corps” where business innovators and entrepreneurs create an interface between the scientific and financing communities for the innovation of new products and services based on local scientific achievements.
“There are many existing networks and partnerships for higher education and training in the developing world which might be used as platforms for providing sustainable STI partnerships”, said Elizabeth King, Human Development’s Director for Education at the Bank. “This is an exciting potential new area for the Bank Group.”
These initiatives all revolve around a common theme: promoting knowledge and capacity flows from development partners – in both the North and South - who have an abundance of technical expertise and capacity building prowess to bring to developing country clients who need to augment their STI capacity. The overarching question is how to design and implement these partnerships so that developing countries build and sustain the STI capacity they need to address their high priority development needs.
Christian Delvoie, Director of the Knowledge Strategy Group, who is leading efforts to develop the Bank’s new knowledge agenda as a strategic priority, stressed the important role insightful knowledge has in decision-making and highlighted four STI-relevant components of the World Bank Group’s Knowledge Strategy:
* Leverage WBG’s global excellence across regions and sectors to provide innovative knowledge products and solutions for member countries;
* Strengthening WBG partnerships with external networks with strategic emphasis on South-South cooperation and dialogue;
* Unleash local entrepreneurship, synergies and knowledge networks to develop new strategic development partnerships; and
* Position the Bank as a world class knowledge platform for policy discussions
As part of its core work program, the STI Global Expert Team (GET), one of the Bank Group’s ten new GETs, is planning to organize a Global Forum on STI Capacity Building Partnerships for Sustainable Development to be held at the Bank in mid-December. The Forum will provide an excellent opportunity for Japan, the United States, other countries and partners to showcase new approaches and leading edge initiatives, to help other donors establish their own partnership initiatives, and to share cross-cutting ideas among participants.
Participating in the April 30 discussion were many key S&T for development stakeholders including Dr. Nina Fedoroff, S&T Adviser to the U.S. Secretary of State, and Peter McPherson, past USAID Administrator and current President of the Association of Public and Land Grant Universities. This group of 20 international experts posed and attempted to answer some key questions associated with STI partnership programs including:
* Can there be systematic efforts to exploit the potential synergy between individual partnership proposals and is there a role for the Bank in adding a sustainability factor to these initiatives?
* How can governance issues be addressed in the partnership programs that are currently under way or under discussion?
* How does the availability of new technology (especially communications technology and new media) facilitate new forms of partnerships, especially for collaborative research and distance education?
* How to provide basic needs for the potential influx of STI capacity (i.e. housing, ICT, visa support and other critical infrastructure) which are needed to sustain an intellectual network in a developing country setting?
* What is the role of the private sector in building the innovative capacity in developing countries?
Dr. Kurokawa discusses STI partnerships
at expert roundtable: Shown: Peter
McPherson, APLU President and previous
USAID Administrator, Dr. Kurokawa and
Dr. Nina Fedoroff, S&T Adviser to the U.S.
Secretary of State
“Huge advances in S&T policy as it relates to development have been made over the past decade”, said Kurokawa when talking with leading experts from the science policy and development communities about his experience in bringing the subject into the limelight in 2008 at the 4th Tokyo International Conference on African Development (TICAD4) and the Hokkaido Toyako G8 Summit. “With the recent focus on S&T as a driver for sustainable economic development, we need to encourage “multilayered brain circulation” which requires a scaling up of rapid global information sharing and many layers of collaboration within knowledge networks and between stakeholders. There is a need to engage with senior policy makers on complex multi-sector development challenges where solutions require the rapid deployment of the best global expertise.”
Japan is one of the leaders in developing STI partnership initiatives and has had a global influence on the use of STI for capacity building. Japan’s Science and Technology Research Partnership for Sustainable Development initiative is the manifestation of Japan’s commitment to African development through STI projects. The objective of this program is to acquire new knowledge using innovative delivery systems leading to addressing global issues across policy, scientific and business networks such as clean energy and environment, natural disaster prevention, infectious disease control and food security.
U.S. markets hold onto gains Wednesday
U.S. markets hold onto gains Wednesday
May 20, 2009 (United Press International) -- Early gains in U.S. stock markets settled appreciably by midday Wednesday, but equities remained in positive territory.
After a quick 80-point bounce, the Dow Jones industrial average eased back to a 20.15 point gain, 0.24 percent, to 8,495.00 in early afternoon trading. The Standard & Poor's (NYSE:MHP) 500 rose 0.43 percent, 3.91 points, to 912.04. The Nasdaq composite index added 6.21 points, 0.36 percent, to 1,740.75.
The benchmark 10-year U.S. Treasury bond rose 3/32 to yield 3.234 percent.
The euro rose to $1.3784, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 95.04 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
May 20, 2009 (United Press International) -- Early gains in U.S. stock markets settled appreciably by midday Wednesday, but equities remained in positive territory.
After a quick 80-point bounce, the Dow Jones industrial average eased back to a 20.15 point gain, 0.24 percent, to 8,495.00 in early afternoon trading. The Standard & Poor's (NYSE:MHP) 500 rose 0.43 percent, 3.91 points, to 912.04. The Nasdaq composite index added 6.21 points, 0.36 percent, to 1,740.75.
The benchmark 10-year U.S. Treasury bond rose 3/32 to yield 3.234 percent.
The euro rose to $1.3784, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 95.04 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
U.S. markets edge lower Wednesday
U.S. markets edge lower Wednesday
May 20, 2009 (United Press International) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.
The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'
After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.
On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.
The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
May 20, 2009 (United Press International) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.
The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'
After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.
On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.
The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
EU-Russian summit to tackle economy first
EU-Russian summit to tackle economy first
May 20, 2009 (United Press International) -- The Russian-European Union economic summit starting Thursday will concentrate on the global economy, presidential aide Sergei Prikhodko said in Moscow.
'It is the main issue,' Prikhodko, an aide to Russian President Dmitry Medvedev, said Wednesday.
Issues such as energy security for Europe and international trouble spots will be discussed in the light of economic cooperation, he said.
Russia's gross domestic product fell 9.5 percent in the first quarter of 2009 compared to the fourth quarter of 2008 and 23.2 percent compared to the first quarter a year ago, the Federal Statistics Service said. Inflation for consumers in Russia reached 6.6 percent from January until mid-May.
In the European Union, the GDP is predicted to fall 4 percent in 2009.
The European Union delegation to the Khabarovsk summit will be led by Vaclav Klaus, president of the Czech Republic and European Commission President Jose Manuel Barroso.
Russia will be represented by Medvedev and several cabinet members, the news agency reported.
May 20, 2009 (United Press International) -- The Russian-European Union economic summit starting Thursday will concentrate on the global economy, presidential aide Sergei Prikhodko said in Moscow.
'It is the main issue,' Prikhodko, an aide to Russian President Dmitry Medvedev, said Wednesday.
Issues such as energy security for Europe and international trouble spots will be discussed in the light of economic cooperation, he said.
Russia's gross domestic product fell 9.5 percent in the first quarter of 2009 compared to the fourth quarter of 2008 and 23.2 percent compared to the first quarter a year ago, the Federal Statistics Service said. Inflation for consumers in Russia reached 6.6 percent from January until mid-May.
In the European Union, the GDP is predicted to fall 4 percent in 2009.
The European Union delegation to the Khabarovsk summit will be led by Vaclav Klaus, president of the Czech Republic and European Commission President Jose Manuel Barroso.
Russia will be represented by Medvedev and several cabinet members, the news agency reported.
EU-Russian summit to tackle economy first
EU-Russian summit to tackle economy first
May 20, 2009 (United Press International) -- The Russian-European Union economic summit starting Thursday will concentrate on the global economy, presidential aide Sergei Prikhodko said in Moscow.
'It is the main issue,' Prikhodko, an aide to Russian President Dmitry Medvedev, said Wednesday.
Issues such as energy security for Europe and international trouble spots will be discussed in the light of economic cooperation, he said.
Russia's gross domestic product fell 9.5 percent in the first quarter of 2009 compared to the fourth quarter of 2008 and 23.2 percent compared to the first quarter a year ago, the Federal Statistics Service said. Inflation for consumers in Russia reached 6.6 percent from January until mid-May.
In the European Union, the GDP is predicted to fall 4 percent in 2009.
The European Union delegation to the Khabarovsk summit will be led by Vaclav Klaus, president of the Czech Republic and European Commission President Jose Manuel Barroso.
Russia will be represented by Medvedev and several cabinet members, the news agency reported.
May 20, 2009 (United Press International) -- The Russian-European Union economic summit starting Thursday will concentrate on the global economy, presidential aide Sergei Prikhodko said in Moscow.
'It is the main issue,' Prikhodko, an aide to Russian President Dmitry Medvedev, said Wednesday.
Issues such as energy security for Europe and international trouble spots will be discussed in the light of economic cooperation, he said.
Russia's gross domestic product fell 9.5 percent in the first quarter of 2009 compared to the fourth quarter of 2008 and 23.2 percent compared to the first quarter a year ago, the Federal Statistics Service said. Inflation for consumers in Russia reached 6.6 percent from January until mid-May.
In the European Union, the GDP is predicted to fall 4 percent in 2009.
The European Union delegation to the Khabarovsk summit will be led by Vaclav Klaus, president of the Czech Republic and European Commission President Jose Manuel Barroso.
Russia will be represented by Medvedev and several cabinet members, the news agency reported.
Crude oil prices rise Wednesday
Crude oil prices rise Wednesday
May 20, 2009 (United Press International) -- Crude oil prices pushed above $61 per barrel on the New York Mercantile Exchange Wednesday, riding along with a wave of rising stock prices.
Although demand is predicted to fall in 2009, gains in stock markets have given oil prices a boost recently.
Crude oil gained $1.58 cents to $61.68 per barrel. Heating oil prices rose 0.0474 cents to $1.5359 per gallon. Reformulated blendstock gasoline fell 0.0163 cents to $1.8062 per gallon. Natural gas prices gained 0.052 cents to $3.99 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.334 Wednesday, up from Tuesday's $2.314 a gallon, AAA said.
May 20, 2009 (United Press International) -- Crude oil prices pushed above $61 per barrel on the New York Mercantile Exchange Wednesday, riding along with a wave of rising stock prices.
Although demand is predicted to fall in 2009, gains in stock markets have given oil prices a boost recently.
Crude oil gained $1.58 cents to $61.68 per barrel. Heating oil prices rose 0.0474 cents to $1.5359 per gallon. Reformulated blendstock gasoline fell 0.0163 cents to $1.8062 per gallon. Natural gas prices gained 0.052 cents to $3.99 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.334 Wednesday, up from Tuesday's $2.314 a gallon, AAA said.
UPI NewsTrack Business
UPI NewsTrack Business
May 20, 2009 (United Press International) -- U.S. markets edge lower Wednesday
NEW YORK, May 20 (UPI) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.
The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'
After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.
On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.
The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
Treasury to loan GMAC (NYSE:GM) $7.5 billion
WASHINGTON, May 20 (UPI) -- The U.S. Treasury is planning to announce a $7.5 billion loan for GMAC LLC, sources close to the deal making said Wednesday.
The Treasury's recently concluded bank stress tests concluded with the government's mandate that GMAC find $11.5 billion in additional capital to weather a potential downturn in the economy.
In December, the government loaned GMAC $5 billion with a purchase of preferred stock.
Those shares, if turned into voting stock, would give the government 35 percent of the company. Depending on how the deal is structured, the new loan could put the government in control of GMAC, the lending arm for General Motors Corp., The Detroit News reported Wednesday.
GMAC is waiting for additional government support to begin assuming the role of primary lender for Chrysler Financial, the News said.
GMAC spokeswoman Gina Proia said Tuesday the company was still discussing how much support it required from the government.
The company plans to file a financial plan with the Chicago Federal Reserve Bank by June 8, the News said.
Death benefits survive shareholder vote
FORT WORTH, Texas, May 20 (UPI) -- A narrowly-decided shareholder vote in Texas allowed three top XTO Energy (NYSE:XTO) executives to keep huge death benefits that kick in, so to speak, if they kick off.
A proposition for the company to submit its executive death benefits policy to a shareholder vote was defeated with the proposition receiving 49 percent approval, the Fort Worth, Texas, Star-Telegram reported Wednesday.
Company Chairman Bob Simpson's death in 2008 would have set the company back $140 million, including a $110 million cash bonus and $4.35 million in unearned salary benefits in what the newspaper termed a 'golden coffin' arrangement.
The benefits available to Simpson if he was, so to speak, unavailable included a car allowance worth $158,000.
Chief Executive Officer Keith Hutton and XTO President Vaughn Vennerberg also have huge 'golden coffin' clauses in their contracts, which, irony notwithstanding, the company said would help retain top executives.
With the close vote, Simpson said he would 'relook' at the issue, the newspaper said.
Britain rules: Pringles are potato chips
LONDON, May 20 (UPI) -- An appeals court in Britain said Wednesday that Procter and Gamble's (NYSE:PG) snack treat Pringles were, technically, potato chips and subject to sales tax.
The ruling has a potential to require the company to pay $155 million in back taxes and $31 million per year, but a Procter and Gamble spokesperson said prior arrangements with Her Majesty's Revenue and Customs meant there were no back taxes due, The Daily Telegraph reported.
Foods are rarely subject to sales tax in Britain, but potato chips happen to be singled out as an exception.
The court heard arguments on whether or not Pringles, made 42 percent from potato and 33 percent from fat and flour, contained enough 'potatoness,' to be considered a potato chip, or crisp.
The court decided there was 'more than enough potato content for it to be a reasonable view that it is made from potato,' the Telegraph said.
May 20, 2009 (United Press International) -- U.S. markets edge lower Wednesday
NEW YORK, May 20 (UPI) -- Early gains in U.S. stock markets vanished by the close of trading Wednesday after Federal Reserve said the recovery would take longer than expected.
The central bank's Open Market Committee meeting minutes for the April 28-29 meeting, released Wednesday, said policy makers expected 'the pace of recover would continue to be dampened in 2010.'
After a quick 80-point bounce, the Dow Jones industrial average fell through the day, closing 52.81 points in the red, off 0.62 percent, to 8,422.04. The Standard & Poor's (NYSE:MHP) 500 dropped 0.51 percent, 4.66 points, to 903.47. The Nasdaq composite index lost 6.70 points, 0.39 percent, to 1,727.84.
On the New York Stock Exchange, 1,591 stocks advanced and 1,452 declined on a volume of 6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 16/32 to yield 3.19 percent.
The euro rose to $1.3774, compared to Tuesday's $1.3637. Against the Japanese yen, the dollar fell to 94.775 yen, compared to Tuesday's 96.04 yen.
In Tokyo, the Nikkei average gained 54.35 points to 9,344.64, up 0.59 percent.
In London, the FTSE index lost 13.84 points, 0.31 percent, to 4,468.41.
Treasury to loan GMAC (NYSE:GM) $7.5 billion
WASHINGTON, May 20 (UPI) -- The U.S. Treasury is planning to announce a $7.5 billion loan for GMAC LLC, sources close to the deal making said Wednesday.
The Treasury's recently concluded bank stress tests concluded with the government's mandate that GMAC find $11.5 billion in additional capital to weather a potential downturn in the economy.
In December, the government loaned GMAC $5 billion with a purchase of preferred stock.
Those shares, if turned into voting stock, would give the government 35 percent of the company. Depending on how the deal is structured, the new loan could put the government in control of GMAC, the lending arm for General Motors Corp., The Detroit News reported Wednesday.
GMAC is waiting for additional government support to begin assuming the role of primary lender for Chrysler Financial, the News said.
GMAC spokeswoman Gina Proia said Tuesday the company was still discussing how much support it required from the government.
The company plans to file a financial plan with the Chicago Federal Reserve Bank by June 8, the News said.
Death benefits survive shareholder vote
FORT WORTH, Texas, May 20 (UPI) -- A narrowly-decided shareholder vote in Texas allowed three top XTO Energy (NYSE:XTO) executives to keep huge death benefits that kick in, so to speak, if they kick off.
A proposition for the company to submit its executive death benefits policy to a shareholder vote was defeated with the proposition receiving 49 percent approval, the Fort Worth, Texas, Star-Telegram reported Wednesday.
Company Chairman Bob Simpson's death in 2008 would have set the company back $140 million, including a $110 million cash bonus and $4.35 million in unearned salary benefits in what the newspaper termed a 'golden coffin' arrangement.
The benefits available to Simpson if he was, so to speak, unavailable included a car allowance worth $158,000.
Chief Executive Officer Keith Hutton and XTO President Vaughn Vennerberg also have huge 'golden coffin' clauses in their contracts, which, irony notwithstanding, the company said would help retain top executives.
With the close vote, Simpson said he would 'relook' at the issue, the newspaper said.
Britain rules: Pringles are potato chips
LONDON, May 20 (UPI) -- An appeals court in Britain said Wednesday that Procter and Gamble's (NYSE:PG) snack treat Pringles were, technically, potato chips and subject to sales tax.
The ruling has a potential to require the company to pay $155 million in back taxes and $31 million per year, but a Procter and Gamble spokesperson said prior arrangements with Her Majesty's Revenue and Customs meant there were no back taxes due, The Daily Telegraph reported.
Foods are rarely subject to sales tax in Britain, but potato chips happen to be singled out as an exception.
The court heard arguments on whether or not Pringles, made 42 percent from potato and 33 percent from fat and flour, contained enough 'potatoness,' to be considered a potato chip, or crisp.
The court decided there was 'more than enough potato content for it to be a reasonable view that it is made from potato,' the Telegraph said.
China to send purchasing mission to EU
China to send purchasing mission to EU
May 20, 2009 (United Press International) -- China says it will send another purchasing mission to Europe, a sign of its growing reliance on the European Union for trade.
Premier Wen Jiabao, who led his country at the 11th China-EU summit in Prague Wednesday, announced the mission's trip as a follow-up to a similar delegation that went to Europe in February and produced $15 billion in deals, China Daily reported.
'I announce that China will send another purchasing delegation to Europe soon to increase imports from Europe,' Wen told reporters in Prague after the summit.
The summit received extensive coverage in the official Chinese media. The meeting came at a time when the Communist giant, with its economic clout, seeks to play a more dominant role in world finance and develop EU for growth of its exports even as the U.S. dollar faces increasing challenges to its role as the leading world currency.
The summit was originally scheduled to be held in France in December but was put off after French President Nicolas Sarkozy met with Tibetan spiritual leader Dalai Lama over objections from Beijing.
Wen said China is ready to work with the EU 'to further promote mutual investments, enhance cooperation in small- and medium-sized enterprises, trade facilitation, science and technology, transportation and post, in an attempt to fight all forms of trade and investment protectionism.' He urged EU to loosen restrictions on export of hi-tech products.
The EU is now China's largest trading partner with bilateral trade topping $400 billion last year.
May 20, 2009 (United Press International) -- China says it will send another purchasing mission to Europe, a sign of its growing reliance on the European Union for trade.
Premier Wen Jiabao, who led his country at the 11th China-EU summit in Prague Wednesday, announced the mission's trip as a follow-up to a similar delegation that went to Europe in February and produced $15 billion in deals, China Daily reported.
'I announce that China will send another purchasing delegation to Europe soon to increase imports from Europe,' Wen told reporters in Prague after the summit.
The summit received extensive coverage in the official Chinese media. The meeting came at a time when the Communist giant, with its economic clout, seeks to play a more dominant role in world finance and develop EU for growth of its exports even as the U.S. dollar faces increasing challenges to its role as the leading world currency.
The summit was originally scheduled to be held in France in December but was put off after French President Nicolas Sarkozy met with Tibetan spiritual leader Dalai Lama over objections from Beijing.
Wen said China is ready to work with the EU 'to further promote mutual investments, enhance cooperation in small- and medium-sized enterprises, trade facilitation, science and technology, transportation and post, in an attempt to fight all forms of trade and investment protectionism.' He urged EU to loosen restrictions on export of hi-tech products.
The EU is now China's largest trading partner with bilateral trade topping $400 billion last year.
Sunday, May 17, 2009
Chinese exporters say they face hard times upi
Chinese exporters, losing demand for their products in the current global crisis, are turning to the domestic markets, but some say the transition isn't easy.
At a recent trade fair in Guangzhou in southern China, organized to help exporters explore the domestic market, one trader complained about difficulties in selling her products, Xinhua reported.
'We sell them at factory-gate prices, but buyers still bargain. That makes me mad,' she said.
In Guangdong, which accounted for more than 25 percent of China's foreign trade last year, the Xinhua report said the global crisis has affected tens of thousands of exporters.
The region exported $98.5 billion worth of good in the first four months of this year, which was down 17.8 percent from the same period of last year, the report said. The report added that across the country, exports fell 20.5 percent in the same period.
Xinhua said the Chinese government, aware of the problem, has been devising policies to help the exporters reduce their reliance on foreign markets. However, the exporters say gaining a foothold in the domestic market is not easy because of tough competition and in some cases, price wars. Some of their products, they say, also are not suitable for the local markets.
At a recent trade fair in Guangzhou in southern China, organized to help exporters explore the domestic market, one trader complained about difficulties in selling her products, Xinhua reported.
'We sell them at factory-gate prices, but buyers still bargain. That makes me mad,' she said.
In Guangdong, which accounted for more than 25 percent of China's foreign trade last year, the Xinhua report said the global crisis has affected tens of thousands of exporters.
The region exported $98.5 billion worth of good in the first four months of this year, which was down 17.8 percent from the same period of last year, the report said. The report added that across the country, exports fell 20.5 percent in the same period.
Xinhua said the Chinese government, aware of the problem, has been devising policies to help the exporters reduce their reliance on foreign markets. However, the exporters say gaining a foothold in the domestic market is not easy because of tough competition and in some cases, price wars. Some of their products, they say, also are not suitable for the local markets.
Ohio mothballs new license plates upi
License plates co-designed by Ohio first lady Frances Strickland have been mothballed because drivers would be forced to pay $2.50 for them, officials say.
The 'Beautiful Ohio' license plates featuring a bucolic, sun-kissed tableau were supposed to become the standard plate this year, but state officials nixed the idea and put 1 million of them in storage rather than force drivers to fork over cash for them during a recession, The Columbus Dispatch reported Sunday.
Their pastel-hued, agriculture-themed design was partly conceived by the wife of Ohio Gov. Ted Strickland, the newspaper said.
'In the grand scheme of things, it doesn't sound like a lot of money, but it would be an additional cost we'd be passing along to the consumer,' said Tom Hunter, spokesman for the Ohio Department of Public Safety.
The 'Beautiful Ohio' license plates featuring a bucolic, sun-kissed tableau were supposed to become the standard plate this year, but state officials nixed the idea and put 1 million of them in storage rather than force drivers to fork over cash for them during a recession, The Columbus Dispatch reported Sunday.
Their pastel-hued, agriculture-themed design was partly conceived by the wife of Ohio Gov. Ted Strickland, the newspaper said.
'In the grand scheme of things, it doesn't sound like a lot of money, but it would be an additional cost we'd be passing along to the consumer,' said Tom Hunter, spokesman for the Ohio Department of Public Safety.
African Queen Completes $1.278 Million Private Placement
African Queen Mines Ltd. (AQ - TSX Venture, QM0 - FWB), is pleased to announce the closing of the second tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD $441,810. Together with the first tranche, previously announced, the Company raised aggregate gross proceeds in this private placement of CAD $1,278,060.
Under the terms of the private placement, the Company has issued in the second tranche 1,472,700 Units (the 'Units') at CAD $0.30 per Unit. Each Unit consists of one common share of the Company and one-half of one share purchase warrant (the 'Warrants'). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.45 until May 15, 2011. The Units issued in the second tranche are subject to a 4-month hold period in Canada expiring September 16, 2009.
The Company paid cash finders' fees, for the second tranche, of CAD $22,260, representing 5.04% of the proceeds of the second tranche.
Proceeds from the private placement will be utilized for acceleration of work programs on the Company's gold project in Mozambique as well as potential property acquisitions and working capital. According to Irwin Olian, CEO of the Company, 'We are very gratified by the strong investor response to African Queen's private placement, resulting in gross proceeds of CAD $1.278 million. The offering was oversubscribed, reflecting confidence in management's ability to execute its business plan for development of new exploratory resource projects. We are working hard to advance our regional gold project in Mozambique as well as our diamond projects in Botswana and Namibia. At the same time, we are pursuing acquisition of other new prospects to increase shareholder value.'
About African Queen
The Company is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals. The Company licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1350 sq km of gold and other metals licences under agreements with two other companies. Its operations in Botswana are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations in Namibia are carried out through its operating subsidiary PAM Minerals Namibia (Pty) Ltd.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada. The Company has its executive offices in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES LTD.
'Limor Rubin'
Limor Rubin
Chief Financial Officer & Director
For more information, contact:
Irwin Olian, President and CEO
E-mail: tigertail@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200
Carrie Howes, Corporate Communications
Email: carrie@africanqueenmines.com
Phone: Dusseldorf - +49 (0) 1722 1234 47
Phone: London - +44 (0) 7780 602 788
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: African Queen Mines Ltd.
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www.usetdas.com
Under the terms of the private placement, the Company has issued in the second tranche 1,472,700 Units (the 'Units') at CAD $0.30 per Unit. Each Unit consists of one common share of the Company and one-half of one share purchase warrant (the 'Warrants'). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.45 until May 15, 2011. The Units issued in the second tranche are subject to a 4-month hold period in Canada expiring September 16, 2009.
The Company paid cash finders' fees, for the second tranche, of CAD $22,260, representing 5.04% of the proceeds of the second tranche.
Proceeds from the private placement will be utilized for acceleration of work programs on the Company's gold project in Mozambique as well as potential property acquisitions and working capital. According to Irwin Olian, CEO of the Company, 'We are very gratified by the strong investor response to African Queen's private placement, resulting in gross proceeds of CAD $1.278 million. The offering was oversubscribed, reflecting confidence in management's ability to execute its business plan for development of new exploratory resource projects. We are working hard to advance our regional gold project in Mozambique as well as our diamond projects in Botswana and Namibia. At the same time, we are pursuing acquisition of other new prospects to increase shareholder value.'
About African Queen
The Company is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals. The Company licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1350 sq km of gold and other metals licences under agreements with two other companies. Its operations in Botswana are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations in Namibia are carried out through its operating subsidiary PAM Minerals Namibia (Pty) Ltd.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada. The Company has its executive offices in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES LTD.
'Limor Rubin'
Limor Rubin
Chief Financial Officer & Director
For more information, contact:
Irwin Olian, President and CEO
E-mail: tigertail@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200
Carrie Howes, Corporate Communications
Email: carrie@africanqueenmines.com
Phone: Dusseldorf - +49 (0) 1722 1234 47
Phone: London - +44 (0) 7780 602 788
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: African Queen Mines Ltd.
Maximum News Dissemination by Filing Services Canada Inc. *
www.usetdas.com
Czech GDP seen down 3.4 pct. in Q1
May 15, 2009 (United Press International) -- Czech authorities estimate the gross domestic product in the first three months of 2009 will show a 3.4 percent decline.
It would be the biggest economic quarterly drop year-on-year in the country's modern history, Prague Radio said.
Amid the global economic crisis that also hit the Czech Republic, Prague economists originally expected the GDP would shrink 2 percent in the first quarter.
Officials at the Czech Finance Ministry forecast the economic output would drop 2.3 percent for all of 2009, while in 2010 the GDP would slightly improve and rise 0.8 percent.
The country's unemployment rose from 7.7 percent in March to 7.9 percent in April, and is likely to rise to 10 percent by the year's end, the radio network said.
It would be the biggest economic quarterly drop year-on-year in the country's modern history, Prague Radio said.
Amid the global economic crisis that also hit the Czech Republic, Prague economists originally expected the GDP would shrink 2 percent in the first quarter.
Officials at the Czech Finance Ministry forecast the economic output would drop 2.3 percent for all of 2009, while in 2010 the GDP would slightly improve and rise 0.8 percent.
The country's unemployment rose from 7.7 percent in March to 7.9 percent in April, and is likely to rise to 10 percent by the year's end, the radio network said.
Relatively speaking, Sacramento recovering
Relatively speaking, Sacramento recovering
Sacramento, an early victim of the housing market collapse, is showing signs that the market's bottom is within sight, a housing analyst said.
'History suggests this is how things might look six months before prices bottom out,' MDA DataQuick analyst Andrew LePage said, The New York Times reported Tuesday.
With 28,898 foreclosures in Sacramento County since 2005, the market is crawling back to life on the backs of empty houses. Two-thirds of the 2,092 home sales in March in the county involved properties banks had taken over, the newspaper said.
The county's unemployment rate at 11.3 percent will test the area's recovery. Defaults notices also hit a record 2,919 in March, in part due to bank moratoriums on defaults coming to an end.
Buying a home in Sacramento County now appears to be cheaper than renting and there is a three-month inventory of homes on the market, compared to a national average of 10 months.
Michael Lyon, chief executive officer of Lyon Real Estate called signs of recovery 'fool's gold.'
With the crash chopping home prices in half from their peak in 2005, rising prices might, in fact, be too much to ask.
'A period of price stagnation would boost a lot of spirits,' LePage said.
Sacramento, an early victim of the housing market collapse, is showing signs that the market's bottom is within sight, a housing analyst said.
'History suggests this is how things might look six months before prices bottom out,' MDA DataQuick analyst Andrew LePage said, The New York Times reported Tuesday.
With 28,898 foreclosures in Sacramento County since 2005, the market is crawling back to life on the backs of empty houses. Two-thirds of the 2,092 home sales in March in the county involved properties banks had taken over, the newspaper said.
The county's unemployment rate at 11.3 percent will test the area's recovery. Defaults notices also hit a record 2,919 in March, in part due to bank moratoriums on defaults coming to an end.
Buying a home in Sacramento County now appears to be cheaper than renting and there is a three-month inventory of homes on the market, compared to a national average of 10 months.
Michael Lyon, chief executive officer of Lyon Real Estate called signs of recovery 'fool's gold.'
With the crash chopping home prices in half from their peak in 2005, rising prices might, in fact, be too much to ask.
'A period of price stagnation would boost a lot of spirits,' LePage said.
Pending home sales rose in March
Pending home sales rose in March
Pending U.S. home sales rose 3.2 percent in March as buyers found improved market conditions, the National Association of Realtors in Washington said Monday.
The Pending Home Sales Index, based on contracts signed in the month, rose from 82 to 84.5, NAR said.
'This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions,' NAR Chief Economist Lawrence Yun said in a statement.
However, 'we need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around,' Yun said.
In March, the pending sales index increased the most in the South, rising 8.5 percent. In the West, the index rose 3.9 percent. It fell in the Northeast and Midwest, however, dipping 5.7 percent and 1 percent, respectively.
Affordability has increased, NAR President Charles McMillan said.
'Compared to a year ago, the typical family can pay much less in mortgage costs for the same home or buy a better home without necessarily increasing their monthly payment,' he said.
In March, the median sales price for a single-family home was $174,900, the report said.
Pending U.S. home sales rose 3.2 percent in March as buyers found improved market conditions, the National Association of Realtors in Washington said Monday.
The Pending Home Sales Index, based on contracts signed in the month, rose from 82 to 84.5, NAR said.
'This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions,' NAR Chief Economist Lawrence Yun said in a statement.
However, 'we need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around,' Yun said.
In March, the pending sales index increased the most in the South, rising 8.5 percent. In the West, the index rose 3.9 percent. It fell in the Northeast and Midwest, however, dipping 5.7 percent and 1 percent, respectively.
Affordability has increased, NAR President Charles McMillan said.
'Compared to a year ago, the typical family can pay much less in mortgage costs for the same home or buy a better home without necessarily increasing their monthly payment,' he said.
In March, the median sales price for a single-family home was $174,900, the report said.
Thursday, May 14, 2009
Galyani Vadhana Institute of Music and SCB host Princess Galyani Vadhana Memorial Orchestra Concert
The Galyani Vadhana Institute of Music of Silpakorn University and Siam Commercial Bank PCL (SCB) recently hosted a “Princess Galyani Vadhana Memorial Orchestra Concert” to commemorate the late princess' royal patronage of classical music in Thailand. The concert was held on Her Royal Highness's birthday anniversary, May 6, 2009. Minister of Culture Mr. Teera Slukpetch presided over the concert, and was welcomed by H.E. Admiral ML Usni Pramoj, Prof. Emeritus Khunying Khaisri Sri-Aroon, and SCB Executive Director Khunying Jada Wattanasiritham.
The concert, conducted by H.E. Admiral ML Usni Pramoj, featured his 'Threnody', Mozart 'Concerto for Clarinet in A major', K622, and Schubert 'Symphony No.5 in Bb major', D485.
The concert, conducted by H.E. Admiral ML Usni Pramoj, featured his 'Threnody', Mozart 'Concerto for Clarinet in A major', K622, and Schubert 'Symphony No.5 in Bb major', D485.
World Bank Grant will Help Tajikistan Introduce an Efficient and Transparent System of Public Financial Management
The World Bank Board of Executive Directors today approved a US$ 5 million grant for Tajikistan’s Public Financial Management Modernization Project, to be funded by the International Development Association, the Bank’s fund for the world’s poorest countries. The total amount of the project is around USD 13 million, and it will be co-funded by the Government of Tajikistan (USD 1.3 mln), a grant from the Government of Japan (USD 0.97 mln), and the Multi-donor Trust Fund financed by the UK Department of Foreign International Development (DFID) and the European Commission (USD 5.8 mln).
Tajikistan needs an effective public financial management system that can help more efficiently allocate public finances and ensure their transparent and effective use to address development challenges, such as poverty alleviation and maintaining growth and macroeconomic stability. The global economic crisis reduces the amount of finances available through taxes, remittances and credits, posing additional constraints to growth and development. Therefore, better use of public resources through a modernized public financial management system makes a critical contribution for sustainable growth and social development.
The Public Financial Management Modernization Project will be implemented as a two-phase Adaptable Program Operation, supporting Tajikistan’s Public Financial Management Strategy, approved on March 20, 2009. The Program’s long-term objective is to improve effectiveness and transparency of public financial management in Tajikistan.
The Tajikistan Public Financial Management Strategy for 2009-2018 (PFM Strategy) lays out a comprehensive agenda for modernization of public financial management in Tajikistan. The immediate priority for Tajikistan is to reinforce stability, credibility, comprehensiveness and transparency of the budget. It is expected to be achieved by improving the quality of macroeconomic and fiscal forecasting, aligning borrowing with a debt management strategy, better managing fiscal risks, introducing integrated Budget Classification and Chart of Accounts, and improving adherence to the public procurement law.
The objective of the newly approved Project is to help establish basic processes for efficient and transparent management of public expenditures. The first phase of the Project, to be implemented during 2009- 2014, will support institutional reforms, legislative and organizational changes. It will finance a substantial capacity building program, redesigning core business processes, and operational and technological improvements in public financial management. The Project will be implemented by the Ministry of Finance of the Republic of Tajikistan.
The second phase of the Program is expected to support the implementation of the Financial Management Information System (FMIS), which will automate budget management process, enhance the reliability of the budget execution process, and improve financial reporting. This Project will be implemented in coordination with other on-going improvements in budget management, supported by the European Commission, the International Monetary Fund, and other donors. To improve coordination of various activities, the President of the Republic of Tajikistan has established a Public Financial Management Council, led by the Minister of Finance, which will be responsible for implementing the Government Public Financial Management Strategy.
“The Bank team is highly appreciative of the efforts that the Minister of Finance and its core team are investing in building effective system of public financial management. The Ministry has developed a vision of reforms, consolidated a dedicated team to implement the Project and has established good contacts with other countries implementing public financial reforms,” said Ms. Svetlana Proskurovska, the World Bank’s Project Task Team Leader. “The Ministry of Finance is committed to this project and this is a good basis for overcoming implementation challenges. After the Project is complete, public administration will be operating more professionally and efficiently in Tajikistan.”
The World Bank’s mission in Tajikistan is to promote economic growth, reduce poverty, and encourage a better quality of life. The World Bank plays a role as the catalyst of change and an institution bringing global experience to developing countries. The country became a member of the World Bank on June 4, 1993 and so far the Bank’s financial assistance to Tajikistan amounts to nearly US$478 million, in the form of grants and concessional credits.
The current portfolio of the World Bank in the country consists of 15 active projects. To date, the Bank has supported projects and carried out non-lending activities aimed at agriculture and rural development, health, education, social security, energy, water resources, infrastructure rehabilitation, and disaster management, among other things. World Bank assistance, in the form of soft loans, has helped the country rebuild the infrastructure destroyed during the civil war and has supported economic reforms.
Tajikistan needs an effective public financial management system that can help more efficiently allocate public finances and ensure their transparent and effective use to address development challenges, such as poverty alleviation and maintaining growth and macroeconomic stability. The global economic crisis reduces the amount of finances available through taxes, remittances and credits, posing additional constraints to growth and development. Therefore, better use of public resources through a modernized public financial management system makes a critical contribution for sustainable growth and social development.
The Public Financial Management Modernization Project will be implemented as a two-phase Adaptable Program Operation, supporting Tajikistan’s Public Financial Management Strategy, approved on March 20, 2009. The Program’s long-term objective is to improve effectiveness and transparency of public financial management in Tajikistan.
The Tajikistan Public Financial Management Strategy for 2009-2018 (PFM Strategy) lays out a comprehensive agenda for modernization of public financial management in Tajikistan. The immediate priority for Tajikistan is to reinforce stability, credibility, comprehensiveness and transparency of the budget. It is expected to be achieved by improving the quality of macroeconomic and fiscal forecasting, aligning borrowing with a debt management strategy, better managing fiscal risks, introducing integrated Budget Classification and Chart of Accounts, and improving adherence to the public procurement law.
The objective of the newly approved Project is to help establish basic processes for efficient and transparent management of public expenditures. The first phase of the Project, to be implemented during 2009- 2014, will support institutional reforms, legislative and organizational changes. It will finance a substantial capacity building program, redesigning core business processes, and operational and technological improvements in public financial management. The Project will be implemented by the Ministry of Finance of the Republic of Tajikistan.
The second phase of the Program is expected to support the implementation of the Financial Management Information System (FMIS), which will automate budget management process, enhance the reliability of the budget execution process, and improve financial reporting. This Project will be implemented in coordination with other on-going improvements in budget management, supported by the European Commission, the International Monetary Fund, and other donors. To improve coordination of various activities, the President of the Republic of Tajikistan has established a Public Financial Management Council, led by the Minister of Finance, which will be responsible for implementing the Government Public Financial Management Strategy.
“The Bank team is highly appreciative of the efforts that the Minister of Finance and its core team are investing in building effective system of public financial management. The Ministry has developed a vision of reforms, consolidated a dedicated team to implement the Project and has established good contacts with other countries implementing public financial reforms,” said Ms. Svetlana Proskurovska, the World Bank’s Project Task Team Leader. “The Ministry of Finance is committed to this project and this is a good basis for overcoming implementation challenges. After the Project is complete, public administration will be operating more professionally and efficiently in Tajikistan.”
The World Bank’s mission in Tajikistan is to promote economic growth, reduce poverty, and encourage a better quality of life. The World Bank plays a role as the catalyst of change and an institution bringing global experience to developing countries. The country became a member of the World Bank on June 4, 1993 and so far the Bank’s financial assistance to Tajikistan amounts to nearly US$478 million, in the form of grants and concessional credits.
The current portfolio of the World Bank in the country consists of 15 active projects. To date, the Bank has supported projects and carried out non-lending activities aimed at agriculture and rural development, health, education, social security, energy, water resources, infrastructure rehabilitation, and disaster management, among other things. World Bank assistance, in the form of soft loans, has helped the country rebuild the infrastructure destroyed during the civil war and has supported economic reforms.
World Bank Approves US $10 Million in Additional Financing for Moldova’s Rural Investment and Services Project II
The World Bank Board of Directors today approved an additional credit to the Republic of Moldova in the amount of US $10 million for the Rural Investment and Services Project (RISP) II. The additional financing will complement the total RISP II allocation of US $21 million and will be used for scaling-up ongoing project activities.
RISP II objectives are:
* To continue to foster post-privatization growth in the agricultural and rural sectors, by improving access of farmers and rural entrepreneurs to knowledge, know-how and finance; and
* To build capacity of the private and public institutions to ensure the sustainability of the activities.
“RISP Program has been a real catalyst for start-up businesses and young entrepreneurs across Moldova. I am confident that the additional US $10 million will provide the extra support needed to foster entrepreneurship in rural areas of the country,” underlined Melanie Marlett, World Bank Country Manager for Moldova.
“In 2009 I will increase my production capacity and I am expecting a profit of US $13,000,” says Victor Velisca, a carpenter from Varatic village. Mr. Velisca benefited from a US $28,000 preferential credit through RISP, which enabled him to purchase modern equipment for production of industrial wooden boxes. ACSA, the RISP-supported national extension agency, helped the start-up entrepreneur design his own business plan and define his business priorities.
As a result of the RISP Program (RISP I and II) over 1,700 new businesses have been created, which generated 7,000 new jobs, mainly in rural areas. Annually, over 350,000 Moldovan farmers benefit from the services of the national agricultural extension agency - ACSA - established with support from RISP.
The RISP II Project was launched in June 2006 and is the Second Phase of a two-phase Rural Investment and Services Program, co-financed with a US $6 million grant from the Swedish International Development Agency (SIDA).
RISP II objectives are:
* To continue to foster post-privatization growth in the agricultural and rural sectors, by improving access of farmers and rural entrepreneurs to knowledge, know-how and finance; and
* To build capacity of the private and public institutions to ensure the sustainability of the activities.
“RISP Program has been a real catalyst for start-up businesses and young entrepreneurs across Moldova. I am confident that the additional US $10 million will provide the extra support needed to foster entrepreneurship in rural areas of the country,” underlined Melanie Marlett, World Bank Country Manager for Moldova.
“In 2009 I will increase my production capacity and I am expecting a profit of US $13,000,” says Victor Velisca, a carpenter from Varatic village. Mr. Velisca benefited from a US $28,000 preferential credit through RISP, which enabled him to purchase modern equipment for production of industrial wooden boxes. ACSA, the RISP-supported national extension agency, helped the start-up entrepreneur design his own business plan and define his business priorities.
As a result of the RISP Program (RISP I and II) over 1,700 new businesses have been created, which generated 7,000 new jobs, mainly in rural areas. Annually, over 350,000 Moldovan farmers benefit from the services of the national agricultural extension agency - ACSA - established with support from RISP.
The RISP II Project was launched in June 2006 and is the Second Phase of a two-phase Rural Investment and Services Program, co-financed with a US $6 million grant from the Swedish International Development Agency (SIDA).
World Bank Supports Better Education and Job Creation in Bulgaria
The World Bank’s Board of Executive Directors today approved a US$200 million loan to Bulgaria to support the country’s reforms in the social sectors to modernize the education system, improve the financing of health services and create more and better jobs, while enhancing social protection in the economic crisis. The loan is the third and last of a series of Social Sector Institutional Reform Development Policy Loans (SIR DPL) for the Republic of Bulgaria. The support to Bulgaria through the SIR DPL series is part of the framework of the Country Partnership Strategy (CPS) that went to the Board in June 2006 and has included substantial World Bank technical assistance in education, health and social protection policy.
“Bulgaria aims to speed up its convergence in living standards with its European neighbors over the medium-term, despite the current economic downturn, and increased productivity lies at the heart of this agenda,” said Orsalia Kalantzopoulos, World Bank Director for Central European and Baltic Countries. “The measures adopted by the Government and supported by the SIR DPL series are expected to contribute to laying the ground for enhanced productivity through increased skills of the labor force, a better investment climate, and more efficient health, education, and social assistance systems,” said Ms. Kalantzopoulos.
Specifically, the SIR DPL3 supports much-needed reforms to raise the quality of education through the further roll-out of a system of school-based management, delegated budgets and enhanced external student assessment such as the new Matura. In line with Bulgaria’s new national employment strategy, it also includes reforms to reduce the regulatory burden on companies in order to create more new jobs and a new policy of opening opportunities for second chance education and training for early school leavers to improve their chances on the labor market. Lastly, the program supports measures to raise the efficiency and control of public spending on health and education.
At the same time, the SIR DPL 3 takes account of Bulgaria’s current economic downturn and the considerable uncertainty triggered by the turmoil in the global financial markets. According to Florian Fichtl, the World Bank’s country manager in Sofia, “social sector reforms supported through this loan with a medium-term outlook have been complemented by measures to cushion the immediate social impact of the economic crisis.” These include adjustments to unemployment benefits as well as active labor market programs for unemployed workers or those at risk of being laid off.
The objectives of the Government’s overall medium-term reform strategy promoted by the SIR DPL-supported program are to be achieved through the implementation of policies and actions in a number of areas.
The program creates opportunities and incentives for individuals to join the labor market and to move to more productive jobs. It will also make it easier for companies to start new businesses and hire workers by improving the institutional and regulatory framework.
In the area of education, the program has introduced changes to the finance and governance system for primary and secondary education to improve the quality of education and enhance the efficiency of resource use. In addition it will help education authorities to better assess the quality of education and use information critically to improve the education system.
The program also promotes improvements in health care by making the system financially sustainable and laying the groundwork for improving its quality. Further, it has prepared a plan for restructuring the health facilities network, while using insurance administrative systems to improve the efficiency of health expenditures, and making purchasing and reimbursement policies for pharmaceuticals more rational.
Finally, SIR DPL 3 promotes systematic monitoring and evaluation of social sector policies.
The loan approved has a maturity of 17 years, including a five-year grace period.
“Bulgaria aims to speed up its convergence in living standards with its European neighbors over the medium-term, despite the current economic downturn, and increased productivity lies at the heart of this agenda,” said Orsalia Kalantzopoulos, World Bank Director for Central European and Baltic Countries. “The measures adopted by the Government and supported by the SIR DPL series are expected to contribute to laying the ground for enhanced productivity through increased skills of the labor force, a better investment climate, and more efficient health, education, and social assistance systems,” said Ms. Kalantzopoulos.
Specifically, the SIR DPL3 supports much-needed reforms to raise the quality of education through the further roll-out of a system of school-based management, delegated budgets and enhanced external student assessment such as the new Matura. In line with Bulgaria’s new national employment strategy, it also includes reforms to reduce the regulatory burden on companies in order to create more new jobs and a new policy of opening opportunities for second chance education and training for early school leavers to improve their chances on the labor market. Lastly, the program supports measures to raise the efficiency and control of public spending on health and education.
At the same time, the SIR DPL 3 takes account of Bulgaria’s current economic downturn and the considerable uncertainty triggered by the turmoil in the global financial markets. According to Florian Fichtl, the World Bank’s country manager in Sofia, “social sector reforms supported through this loan with a medium-term outlook have been complemented by measures to cushion the immediate social impact of the economic crisis.” These include adjustments to unemployment benefits as well as active labor market programs for unemployed workers or those at risk of being laid off.
The objectives of the Government’s overall medium-term reform strategy promoted by the SIR DPL-supported program are to be achieved through the implementation of policies and actions in a number of areas.
The program creates opportunities and incentives for individuals to join the labor market and to move to more productive jobs. It will also make it easier for companies to start new businesses and hire workers by improving the institutional and regulatory framework.
In the area of education, the program has introduced changes to the finance and governance system for primary and secondary education to improve the quality of education and enhance the efficiency of resource use. In addition it will help education authorities to better assess the quality of education and use information critically to improve the education system.
The program also promotes improvements in health care by making the system financially sustainable and laying the groundwork for improving its quality. Further, it has prepared a plan for restructuring the health facilities network, while using insurance administrative systems to improve the efficiency of health expenditures, and making purchasing and reimbursement policies for pharmaceuticals more rational.
Finally, SIR DPL 3 promotes systematic monitoring and evaluation of social sector policies.
The loan approved has a maturity of 17 years, including a five-year grace period.
Tajikistan: Public Financial Management Modernization Project
The World Bank’s Board of Executive Directors today approved the following project:
IDA Grant: US$5 million equivalent
Project Description: The objectives of the Public Financial Management Modernization Adaptable Program Loan for Tajikistan are twofold: (i) to establish basic processes for efficient and transparent management of public expenditures and (ii) to develop adequate institutional capacity to support the implementation and sustained functioning of an automated financial management information system.
IDA Grant: US$5 million equivalent
Project Description: The objectives of the Public Financial Management Modernization Adaptable Program Loan for Tajikistan are twofold: (i) to establish basic processes for efficient and transparent management of public expenditures and (ii) to develop adequate institutional capacity to support the implementation and sustained functioning of an automated financial management information system.
Palestinian Authority: Southern West Bank Solid Waste Management Project
The World Bank’s Board of Executive Directors today approved the following project:
IDA Grant: US$12 million equivalent
Project Description: The Southern West Bank Solid Waste Management Project will improve solid waste disposal services for the communities and businesses of Palestinian municipalities and joint services councils in the Bethlehem and Hebron governorates through the provision of an efficient, socially acceptable, and environmentally friendly mechanism. Strengthening the joint services council administrative and technical capabilities will result in the cost-effective management of waste disposal services.
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IDA Grant: US$12 million equivalent
Project Description: The Southern West Bank Solid Waste Management Project will improve solid waste disposal services for the communities and businesses of Palestinian municipalities and joint services councils in the Bethlehem and Hebron governorates through the provision of an efficient, socially acceptable, and environmentally friendly mechanism. Strengthening the joint services council administrative and technical capabilities will result in the cost-effective management of waste disposal services.
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Moldova: Rural Investment and Services Project II
The World Bank’s Board of Executive Directors today approved the following project:
IDA Credit: US$10 million equivalent
TERMS: Maturity = 40 years; Grace = 10 years
Project Description: The objective of the Second Rural Investment and Services Project in Moldova is to continue to foster post-privatization growth in the agricultural and rural sectors. This will be accomplished by improving access granted to farmers and rural businesses to the knowledge and finance they need. The additional financing will increase the amount of funding for investments made available to rural beneficiaries through the existing RISP II credit line mechanism.
IDA Credit: US$10 million equivalent
TERMS: Maturity = 40 years; Grace = 10 years
Project Description: The objective of the Second Rural Investment and Services Project in Moldova is to continue to foster post-privatization growth in the agricultural and rural sectors. This will be accomplished by improving access granted to farmers and rural businesses to the knowledge and finance they need. The additional financing will increase the amount of funding for investments made available to rural beneficiaries through the existing RISP II credit line mechanism.
Ethiopia: Protection of Basic Services Program – Phase II Project
The World Bank’s Board of Executive Directors today approved the following project:
IDA Credit US$230.22 million equivalent
TERMS: Maturity = 40 years; Grace = 10 years
IDA Grant: US $309.78 million equivalent
Project Description: The development objective of the Protection of Basic Services Program Phase II Project is to expand access and improve the quality of basic services in education, health, agriculture, rural road upkeep, and water supply and sanitation in Ethiopia. This shall be done while continuing to deepen transparency and local accountability in service delivery.
IDA Credit US$230.22 million equivalent
TERMS: Maturity = 40 years; Grace = 10 years
IDA Grant: US $309.78 million equivalent
Project Description: The development objective of the Protection of Basic Services Program Phase II Project is to expand access and improve the quality of basic services in education, health, agriculture, rural road upkeep, and water supply and sanitation in Ethiopia. This shall be done while continuing to deepen transparency and local accountability in service delivery.
Bulgaria: Third Social Sector Institutional Reform – Development Policy Loan
The World Bank’s Board of Executive Directors today approved the following project:
IBRD Loan: US$200 million
TERMS: Variable-Spread Loan; Maturity = 19 years; Grace = 7 years
Project Description: The Development Policy Loan for Third Social Sector Institutional Reform in Bulgaria will support the Government of Bulgaria in meeting some of the challenges associated with the convergence in living standards with the rest of the European Union. The Development Policy Loan series supports the adoption and implementation of policies to increase employment and lays the foundation for long-term growth by providing incentives for job creation. The loan also aims to improve the quality of education for the citizens of Bulgaria, and promotes fiscal sustainability through efficiency gains in the social sectors.
IBRD Loan: US$200 million
TERMS: Variable-Spread Loan; Maturity = 19 years; Grace = 7 years
Project Description: The Development Policy Loan for Third Social Sector Institutional Reform in Bulgaria will support the Government of Bulgaria in meeting some of the challenges associated with the convergence in living standards with the rest of the European Union. The Development Policy Loan series supports the adoption and implementation of policies to increase employment and lays the foundation for long-term growth by providing incentives for job creation. The loan also aims to improve the quality of education for the citizens of Bulgaria, and promotes fiscal sustainability through efficiency gains in the social sectors.
The Impact of the Economic Crisis on EU Integration
The current economic crisis is a real-life stress test. Like elsewhere, the strengths and weaknesses of the economy, public institutions, and the general ability to respond—timely and adequately—to the challenges of this crisis are being exposed, evident even to the casual observer. Crises are always defining moments. The decisions, which the Government will take in the weeks to come, define whether Montenegro can come out of the crisis strengthened—or whether it will be weakened, lingering towards a prolonged period of economic anemia, comparable to that seen before the economic boom.
In a strange sort of way, the overall context, within which decisions have to be taken, is as beneficial as possible under current circumstances. First, elections have resulted in a clear outcome, having given the Government a clear mandate for the reforms required to make a “European” Montenegro a reality. Second, the European Union has responded positively to Montenegro’s recent membership application, permitting the country to present its case to Brussels. And finally, the crisis has exposed the areas of greatest weaknesses, defining immediate political and—especially—economic priorities, thus permitting the Government to convince its skeptics of its determination, seriousness, and competence needed to address the plethora of politico-economic challenges.
In December 2008, the Government took the EU’s promise of applying the regatta principle seriously, made its case, and decided—notwithstanding voices of caution—that it was the right time to submit its application to the EU. It might have been a gamble, but it paid off—largely because Montenegro was prepared and able to back up its case with a legacy of reforms. Having qualified, the bars are being raised now for the real competition.
Awaiting Brussels’ lengthy questionnaire, the responses to which will form the basis for the ultimate decision on Montenegro’s preparedness for candidate status, the time has come to internalize fully the EU’s principal promise, the one the EU has extended to all the countries of the Western Balkans: implementing policies in full compliance with the Copenhagen criteria will open the doors to EU membership. There are three groups of criteria, viz., (i) political criteria, relating to the stability of institutions guaranteeing democracy, the rule of law, human rights, and respect for and protection of minorities; (ii) legal criteria, relating to the acceptance of the acquis communautaire, demonstrating the country’s ability to take on the obligations of membership, including adherence to the aims of political, economic, and monetary union; and (iii) economic criteria, requiring the existence of a functioning market economy and the capacity to cope with competitive pressure and market forces within the EU.
Maybe not surprisingly, I will—in what follows—largely focus on the last set of criteria. And here, I believe, it becomes evident how the effective crisis response is entirely congruent with—in fact, largely defines—the EU integration agenda. I will mention only two examples.
First, the financial sector. We are all aware of the fact that the growth prospects of Montenegro’s economy—certainly this year—is constrained by the lack of credit from the banking sector. Following unparalleled private-sector credit growth rates during the boom years, financed by rapid increases in deposits and—at least in 2007—external credits from the parent banks, the financial crisis led to gradual (but consistent) withdrawals of deposits from the banks. Foreign parent banks became unable and unwilling to lend to the Montenegrin banking sector, certainly not in amounts comparable to the boom years up until the third quarter of 2008.
Considerably lower inflows of FDI, paired with tighter liquidity in the banking sector, both domestically and internationally, led to the dramatic deceleration of economic growth, which, in turn, affected detrimentally the ratios of non-performing loans—in some banks more so than in others, given their respective credit policies during the boom years. In hindsight, it is clear that the central bank measures, introduced in late 2007, as well as subsequent steps taken to strengthen banking supervision were correct, but they came late and were not strong enough—largely reflecting the legal constraints placed upon central bank conduct, as currently contained in the banking law.
A careful analysis of institutional features that have permitting recent developments in the financial sector to unfold should thus culminate in a debate on improved banking and central banking laws, fully in line with international best practice and European standards. In so doing, Montenegro would draw the appropriate lessons from the current crisis, while taking another important step in shadowing the obligations of a member of the euro zone. This will prove crucial once actual negotiations on membership commence.
At the same time, such a step makes economic sense. If one looks at the monetary history of countries in Europe and elsewhere, it will become evident that confidence in the financial sector can be strengthened by a policy commitment—on paper and in practice—to strong and independent central banks. It is thus no surprise to see that long-term economic performance of countries with enshrined central bank independence tends to exceed those, where central bankers need to conform their policies to the priorities of the government.
Second, the capacity to cope with competitive pressures. During the last few years, the Government has largely relied on foreign investments as a means to foster economic growth. This has proven a very successful policy, with growth rates during the immediate post-independence period exceeding those of countries elsewhere in Europe. Clearly, Montenegro’s ability to attract foreign investors would continue to help the Government in realizing its socio-economic objectives—but in an environment of a global liquidity squeeze, comparable inflows of foreign direct investment cannot be taken for granted.
Thus, in terms of crisis response, policymakers will have few options but to concentrate on those policy measures that are most effective in fostering innovation and the increase of overall productivity, both in terms of invested capital and employed labor. Government has several powerful instruments—public institutions, laws, regulations, and mechanisms ensuring their rules-based application. Today—even more so than in the years before—it is paramount that attention is being paid to the quality aspects of public expenditure, the careful definition of objectives and priorities, the strict adherence to highest standards during implementation, and the ex post assessment of whether, or to which degree, pre-specified goals were realized with the policies implemented.
This is hard work in areas where benefits can be had only indirectly and often with a considerable delay. High-quality public goods and a good and well-maintained public infrastructure enable viable enterprises operating in Montenegro—whether domestic or foreign-owned, small and large, connected or not—to remain successful, even in times as difficult as today.
This has budgetary implications, not least in relation to the emphasis placed on developing a consistent, medium-term expenditure framework, ensuring financing security for the highest-impact public infrastructure investments over the horizon of several fiscal years. This requires the definition of mechanisms within Government that allow for a prioritization of expenditures in relation to their socio-economic impact. At the same time, these are the types of reforms that, among several international organizations, the EU assesses periodically in its annual Progress Reports.
Again, there is a full congruency of effective crisis response and European integration objectives. Genuine efforts taken to address, in a serious manner, the various challenges caused by the current economic crisis, candidly described by the media, will earn respect and facilitate the decision by the current EU member countries to invite Montenegro to join them. No doubt, many decisions will be very difficult, and they will not be popular, certainly not in the short term. International institutions, like the one I represent, are willing to provide support, if requested by Government, in seeking most effective ways in addressing the most critical challenges.
And here, Montenegro can and should take full advantage of one specific feature of its economy, its relatively small size. Results become apparent and a corresponding reputation can be built more quickly. Thus—irrespective of the developments within the EU, or the time required to sort out the current institutional impasse—the clear focus on reforms aimed at strengthening public institutions, increasing the quality of the public goods, and ensuring the transparent and uniform application and judicial verification of rules and regulations promises considerable benefits, both in economic terms and relative to Montenegro’s EU integration agenda.
And with the ensuing improvement in the domestic business climate and, concomitantly, a more tangible EU integration perspective, investors’ confidence in Montenegro as a destination for economic activities will increase. Taking the crisis, which occurred for reasons entirely outside of Montenegro’s control, as an opportunity to focus on what is crucial, it is possible to set off a virtuous cycle towards a more successful and more prosperous Montenegro, with firms strong enough to compete in regional and European markets.
What are the alternatives?
In a strange sort of way, the overall context, within which decisions have to be taken, is as beneficial as possible under current circumstances. First, elections have resulted in a clear outcome, having given the Government a clear mandate for the reforms required to make a “European” Montenegro a reality. Second, the European Union has responded positively to Montenegro’s recent membership application, permitting the country to present its case to Brussels. And finally, the crisis has exposed the areas of greatest weaknesses, defining immediate political and—especially—economic priorities, thus permitting the Government to convince its skeptics of its determination, seriousness, and competence needed to address the plethora of politico-economic challenges.
In December 2008, the Government took the EU’s promise of applying the regatta principle seriously, made its case, and decided—notwithstanding voices of caution—that it was the right time to submit its application to the EU. It might have been a gamble, but it paid off—largely because Montenegro was prepared and able to back up its case with a legacy of reforms. Having qualified, the bars are being raised now for the real competition.
Awaiting Brussels’ lengthy questionnaire, the responses to which will form the basis for the ultimate decision on Montenegro’s preparedness for candidate status, the time has come to internalize fully the EU’s principal promise, the one the EU has extended to all the countries of the Western Balkans: implementing policies in full compliance with the Copenhagen criteria will open the doors to EU membership. There are three groups of criteria, viz., (i) political criteria, relating to the stability of institutions guaranteeing democracy, the rule of law, human rights, and respect for and protection of minorities; (ii) legal criteria, relating to the acceptance of the acquis communautaire, demonstrating the country’s ability to take on the obligations of membership, including adherence to the aims of political, economic, and monetary union; and (iii) economic criteria, requiring the existence of a functioning market economy and the capacity to cope with competitive pressure and market forces within the EU.
Maybe not surprisingly, I will—in what follows—largely focus on the last set of criteria. And here, I believe, it becomes evident how the effective crisis response is entirely congruent with—in fact, largely defines—the EU integration agenda. I will mention only two examples.
First, the financial sector. We are all aware of the fact that the growth prospects of Montenegro’s economy—certainly this year—is constrained by the lack of credit from the banking sector. Following unparalleled private-sector credit growth rates during the boom years, financed by rapid increases in deposits and—at least in 2007—external credits from the parent banks, the financial crisis led to gradual (but consistent) withdrawals of deposits from the banks. Foreign parent banks became unable and unwilling to lend to the Montenegrin banking sector, certainly not in amounts comparable to the boom years up until the third quarter of 2008.
Considerably lower inflows of FDI, paired with tighter liquidity in the banking sector, both domestically and internationally, led to the dramatic deceleration of economic growth, which, in turn, affected detrimentally the ratios of non-performing loans—in some banks more so than in others, given their respective credit policies during the boom years. In hindsight, it is clear that the central bank measures, introduced in late 2007, as well as subsequent steps taken to strengthen banking supervision were correct, but they came late and were not strong enough—largely reflecting the legal constraints placed upon central bank conduct, as currently contained in the banking law.
A careful analysis of institutional features that have permitting recent developments in the financial sector to unfold should thus culminate in a debate on improved banking and central banking laws, fully in line with international best practice and European standards. In so doing, Montenegro would draw the appropriate lessons from the current crisis, while taking another important step in shadowing the obligations of a member of the euro zone. This will prove crucial once actual negotiations on membership commence.
At the same time, such a step makes economic sense. If one looks at the monetary history of countries in Europe and elsewhere, it will become evident that confidence in the financial sector can be strengthened by a policy commitment—on paper and in practice—to strong and independent central banks. It is thus no surprise to see that long-term economic performance of countries with enshrined central bank independence tends to exceed those, where central bankers need to conform their policies to the priorities of the government.
Second, the capacity to cope with competitive pressures. During the last few years, the Government has largely relied on foreign investments as a means to foster economic growth. This has proven a very successful policy, with growth rates during the immediate post-independence period exceeding those of countries elsewhere in Europe. Clearly, Montenegro’s ability to attract foreign investors would continue to help the Government in realizing its socio-economic objectives—but in an environment of a global liquidity squeeze, comparable inflows of foreign direct investment cannot be taken for granted.
Thus, in terms of crisis response, policymakers will have few options but to concentrate on those policy measures that are most effective in fostering innovation and the increase of overall productivity, both in terms of invested capital and employed labor. Government has several powerful instruments—public institutions, laws, regulations, and mechanisms ensuring their rules-based application. Today—even more so than in the years before—it is paramount that attention is being paid to the quality aspects of public expenditure, the careful definition of objectives and priorities, the strict adherence to highest standards during implementation, and the ex post assessment of whether, or to which degree, pre-specified goals were realized with the policies implemented.
This is hard work in areas where benefits can be had only indirectly and often with a considerable delay. High-quality public goods and a good and well-maintained public infrastructure enable viable enterprises operating in Montenegro—whether domestic or foreign-owned, small and large, connected or not—to remain successful, even in times as difficult as today.
This has budgetary implications, not least in relation to the emphasis placed on developing a consistent, medium-term expenditure framework, ensuring financing security for the highest-impact public infrastructure investments over the horizon of several fiscal years. This requires the definition of mechanisms within Government that allow for a prioritization of expenditures in relation to their socio-economic impact. At the same time, these are the types of reforms that, among several international organizations, the EU assesses periodically in its annual Progress Reports.
Again, there is a full congruency of effective crisis response and European integration objectives. Genuine efforts taken to address, in a serious manner, the various challenges caused by the current economic crisis, candidly described by the media, will earn respect and facilitate the decision by the current EU member countries to invite Montenegro to join them. No doubt, many decisions will be very difficult, and they will not be popular, certainly not in the short term. International institutions, like the one I represent, are willing to provide support, if requested by Government, in seeking most effective ways in addressing the most critical challenges.
And here, Montenegro can and should take full advantage of one specific feature of its economy, its relatively small size. Results become apparent and a corresponding reputation can be built more quickly. Thus—irrespective of the developments within the EU, or the time required to sort out the current institutional impasse—the clear focus on reforms aimed at strengthening public institutions, increasing the quality of the public goods, and ensuring the transparent and uniform application and judicial verification of rules and regulations promises considerable benefits, both in economic terms and relative to Montenegro’s EU integration agenda.
And with the ensuing improvement in the domestic business climate and, concomitantly, a more tangible EU integration perspective, investors’ confidence in Montenegro as a destination for economic activities will increase. Taking the crisis, which occurred for reasons entirely outside of Montenegro’s control, as an opportunity to focus on what is crucial, it is possible to set off a virtuous cycle towards a more successful and more prosperous Montenegro, with firms strong enough to compete in regional and European markets.
What are the alternatives?
Private Sector Development Crucial to China's Innovativeness, says a World Bank Report
Continuous government support for private sector growth is of strategic importance to China if it is to build up an enterprise-led technological innovation system, says a World Bank report released today. "In China's existing national innovation system, state-owned enterprises and research institutes are the main performers of innovation activities; in the future, however, China's success in technological catching-up is likely to rely more on the capacity of its private sector, especially large private firms", the report concludes.
The report entitled " Promoting Enterprise-Led Innovation in China" is the result of a recent World Bank study designed to assist the Chinese government in implementing its strategy of "enterprise-led innovation". It notes that China has dramatically scaled up its investment in R&D since mid-1990s, with total R&D expenditure increased by 5.5 times in real terms during 1995-2006. China has also experienced a transition in which industrial enterprises replaced government-owned research institutes and universities to become the main performing sector of R&D activities. While industrial enterprises increased their spending on R&D, the relative importance of technology importation has declined significantly, the report shows.
Despite remarkable achievements such as expanded manufacturing capacity, greater ability to innovate at home and increased knowledge intensity of the economy, the World Bank study sees China still a late-comer in technological catch-up, facing substantial gap from international technological frontier. The global competitiveness of China's leading manufacturing sectors rests upon low input costs, scale of production, technology absorption, speed of response to market demands and customer orders, and increasing attention to the quality of products, according to €the report. To ensure sustainability, Chinese enterprises will have to derive their competitiveness more from innovation. " In today's highly globalized economy, innovation has become the key driver for growth and competitiveness. The capability to innovate will be increasingly a crucial determinant of the global competitiveness of nations over the coming decades", says Mr. Vikram Nehru, the World Bank Chief Economist for the East Asia and Pacific Region.
While innovation-driven growth is critical to the sustainability of China's development and poverty reduction, its national innovation system remains in a transition from traditional government-led model to an enterprise-led and market-based one, the report points out. In addition to weak capacity and limited role of the private sector in innovation, market institutions are found not fully developed to spur and guide innovation, demand side incentives such as government procurement and standard setting are yet to be fully utilized, and the domestic venture capital industry operates in a rudimentary ecosystem, which points to the difficulties for innovative firms to gain access to external risk capital.
The severity of the challenge in innovation is compounded by the need for job creation. As the report emphasizes, Chinese enterprises must not only innovate to sustain competition in the global market, but also create jobs to ensure full employment of a labor force of over 750 million workers, of whom more than 80 percent do not have an education attainment higher than junior secondary school. " This is like to solve a set of simultaneous equations", says Mr. Chunlin Zhang, the task team leader of the World Bank study. "The best solution, that is, the set of technologies that maximize both competitiveness and job creation capacity of Chinese enterprises, can only be found and installed by the collective action of the private sector and the market". The government could promote innovation by refraining from involvement in microeconomic decisions on innovation, the report recommends. "There is certainly a role for the government to play, but it should start at the point at which enterprises and the market cannot do more or better,".
The report also recommends that the government ensures the right balance between technology creation on one hand and adaptation and adoption on the other, recognizing that China, as is the case for India, stands to gain from a broad interpretation of innovation and sustained efforts in promoting technology adaptation and adoption. Further more, the government is encouraged to put a stronger emphasis on the effectiveness and efficiency of R&D spending, especially public R&D spending, given the fact that China's spending on R&D as a share of GDP is already the highest in the developing world.
A series of policy recommendations are made by the report on creating the right incentives, strengthening the capacity of private small and medium enterprises, and improving the ecosystem for domestic venture capital industry. In addition to continuous private sector development, the government is advised to further strengthen corporate governance and scale down the scope of state ownership. It is also recommended that the State Council formulate a special regulation to enforce Article 7 of the Anti-Monopoly Law, which requires the state to regulate SOE operations to "protect consumers' interest and promote technological progress." As to fiscal incentives, the report proposes that pooled R&D efforts, such as research consortia and joint programs with local or foreign higher education institutions, be encouraged, and the ceiling on tax-deductible training expenditures of enterprises, currently 2.5 percent, be reviewed. "The government could consider policy measures to allow for institutional investors to begin investing more in domestic venture capital institutions", the report further recommends, and adds that "recognizing that the risks of venture capital investing are high, the first step could be to develop a short- and medium-term action plan that would provide a roadmap for institutional investors to invest in private equity and venture funds". A range of programs aiming to enhance innovation capacity of small and medium enterprises are also recommended.
The report entitled " Promoting Enterprise-Led Innovation in China" is the result of a recent World Bank study designed to assist the Chinese government in implementing its strategy of "enterprise-led innovation". It notes that China has dramatically scaled up its investment in R&D since mid-1990s, with total R&D expenditure increased by 5.5 times in real terms during 1995-2006. China has also experienced a transition in which industrial enterprises replaced government-owned research institutes and universities to become the main performing sector of R&D activities. While industrial enterprises increased their spending on R&D, the relative importance of technology importation has declined significantly, the report shows.
Despite remarkable achievements such as expanded manufacturing capacity, greater ability to innovate at home and increased knowledge intensity of the economy, the World Bank study sees China still a late-comer in technological catch-up, facing substantial gap from international technological frontier. The global competitiveness of China's leading manufacturing sectors rests upon low input costs, scale of production, technology absorption, speed of response to market demands and customer orders, and increasing attention to the quality of products, according to €the report. To ensure sustainability, Chinese enterprises will have to derive their competitiveness more from innovation. " In today's highly globalized economy, innovation has become the key driver for growth and competitiveness. The capability to innovate will be increasingly a crucial determinant of the global competitiveness of nations over the coming decades", says Mr. Vikram Nehru, the World Bank Chief Economist for the East Asia and Pacific Region.
While innovation-driven growth is critical to the sustainability of China's development and poverty reduction, its national innovation system remains in a transition from traditional government-led model to an enterprise-led and market-based one, the report points out. In addition to weak capacity and limited role of the private sector in innovation, market institutions are found not fully developed to spur and guide innovation, demand side incentives such as government procurement and standard setting are yet to be fully utilized, and the domestic venture capital industry operates in a rudimentary ecosystem, which points to the difficulties for innovative firms to gain access to external risk capital.
The severity of the challenge in innovation is compounded by the need for job creation. As the report emphasizes, Chinese enterprises must not only innovate to sustain competition in the global market, but also create jobs to ensure full employment of a labor force of over 750 million workers, of whom more than 80 percent do not have an education attainment higher than junior secondary school. " This is like to solve a set of simultaneous equations", says Mr. Chunlin Zhang, the task team leader of the World Bank study. "The best solution, that is, the set of technologies that maximize both competitiveness and job creation capacity of Chinese enterprises, can only be found and installed by the collective action of the private sector and the market". The government could promote innovation by refraining from involvement in microeconomic decisions on innovation, the report recommends. "There is certainly a role for the government to play, but it should start at the point at which enterprises and the market cannot do more or better,".
The report also recommends that the government ensures the right balance between technology creation on one hand and adaptation and adoption on the other, recognizing that China, as is the case for India, stands to gain from a broad interpretation of innovation and sustained efforts in promoting technology adaptation and adoption. Further more, the government is encouraged to put a stronger emphasis on the effectiveness and efficiency of R&D spending, especially public R&D spending, given the fact that China's spending on R&D as a share of GDP is already the highest in the developing world.
A series of policy recommendations are made by the report on creating the right incentives, strengthening the capacity of private small and medium enterprises, and improving the ecosystem for domestic venture capital industry. In addition to continuous private sector development, the government is advised to further strengthen corporate governance and scale down the scope of state ownership. It is also recommended that the State Council formulate a special regulation to enforce Article 7 of the Anti-Monopoly Law, which requires the state to regulate SOE operations to "protect consumers' interest and promote technological progress." As to fiscal incentives, the report proposes that pooled R&D efforts, such as research consortia and joint programs with local or foreign higher education institutions, be encouraged, and the ceiling on tax-deductible training expenditures of enterprises, currently 2.5 percent, be reviewed. "The government could consider policy measures to allow for institutional investors to begin investing more in domestic venture capital institutions", the report further recommends, and adds that "recognizing that the risks of venture capital investing are high, the first step could be to develop a short- and medium-term action plan that would provide a roadmap for institutional investors to invest in private equity and venture funds". A range of programs aiming to enhance innovation capacity of small and medium enterprises are also recommended.
UPI NewsTrack TopNews
UPI NewsTrack TopNews
May 14, 2009 (United Press International) -- Obama outlines credit card user protection
ALBUQUERQUE, May 14 (UPI) -- Credit card reform to outlaw predatory and deceptive practices is critical for U.S. consumers needing a durable flow of credit, President Barack Obama said.
'It's time for strong and reliable protections for our consumers. It's time for reform that is built on transparency, accountability, and mutual responsibility -- values fundamental to the new foundation we seek to build for our economy,' Obama said in opening remarks to a town hall meeting at Rio Rancho, N.M., near Albuquerque.
Americans are putting more expenses on their credit card and finding 'they can't dig their way out of debt because of unfair practices,' Obama said, adding that credit card consumers pay about $15 billion each year in penalty fees.
'You should not have to worry that when you sign up for a credit card that you're signing away your rights,' he said. 'Enough's enough.'
He said he was committed to signing a credit card bill of rights into law by Memorial Day, calling on a conference committee to resolve quickly differences between House and Senate versions of the bill.
Among the provisions Obama said he wants included in the legislation would be protections that bar unfair rate increases and forbid abusive fees and penalties. Forms and statements sent to consumers must use plain language and be clear to understand.
Credit card firms also must make contract terms easily accessible online and give information needed when consumers do comparison shopping, as well as offer at least one 'simple, straightforward credit card.'
Finally, the system needs to be more accountable so those found engaging in deceptive practices can be held responsible. He also said college and university students also must be protected against deceptive credit card practices.
'More than anything this economic crisis reminds us we're all in this together,' Obama said.
Pelosi tells what she knew when on torture
WASHINGTON, May 14 (UPI) -- U.S. House Speaker Nancy Pelosi said Bush administration officials told legislators enhanced interrogation methods were legal and waterboarding wasn't in use.
Only later was it revealed that there were 'contrary opinions' about the legality of enhanced interrogation methods used by the CIA on terror suspects but they weren't shared by administration officials with appropriate congressional members, Pelosi said during a news conference Thursday.
Pelosi, D-Calif., called the conference to discuss what she knew about waterboarding -- which simulates drowning -- and other interrogation techniques and when she knew it.
Pelosi, as the ranking Democrat on the House Intelligence Committee at the time, was briefed in September 2002 about interrogation techniques used on suspected terrorist prisoners. At the time, she said, she was told waterboarding was 'not being employed.'
'Those briefing me in 2002 gave me inaccurate and incomplete information,' Pelosi said, calling recent Republican statements that she knew of the techniques 'a diversionary tactic' to move the spotlight from the released memos saying the methods were illegal.
House Minority Leader John Boehner, R-Ohio, disputed Pelosi's accusation, telling his own news conference he could not imagine intelligence officials lying to Congress.
After she was no longer the ranking Democrat on the intelligence panel, Pelosi said she was 'informed' that waterboarding was being used.
She renewed her call for a truth commission convened to investigate the issue, but if and until such a panel is constituted, appropriate House committees could investigate.
'I think the American people want to know how we got to this place,' Pelosi said.
'This is their (the Bush administration's) policy,' Pelosi said. 'This is what they conceived. This is what they developed. This is what they implemented.'
Connecticut House votes down death penalty
HARTFORD, Conn., May 14 (UPI) -- The House of Representatives in Connecticut voted 90-56 to abolish the death penalty, officials said.
The Hartford (Conn.) Courant reported that to successfully abolish the death penalty at least 76 members of the 151-member House needed to support the proposal.
Previous attempts to do away with the death penalty had fallen short of the needed number of votes. This time it carried with support from eighty-five Democrats and five Republicans.
The House vote leaves the 10 men now on death row in Connecticut facing a possible life sentence without the possibility of release, the Courant said.
New York, New Jersey and New Mexico all abolished the death penalty during the past five years. Overall, 35 states still have a death penalty.
Ukraine court moves presidential election
KIEV, Ukraine, May 14 (UPI) -- The Ukraine Constitutional Court voted in favor of President Viktor Yushchenko's appeal and moved the presidential election date from October to January.
The country's highest court declared 'unconstitutional' a parliamentary decree that set the election for Oct. 25 because Yushchenko's five-year term expires in January 2010, the Interfax-Ukraine news agency said Thursday.
On April 1, the Ukraine parliament scheduled the presidential election for Oct. 25 and on April 8, Yushchenko submitted his appeal to the court.
Yushchenko argued a constitutional amendment of 2006 says the presidential election should be held the last Sunday of the last month of the fifth year of the head of state in office, which in his case is Jan. 17, 2010.
Yushchenko was was elected president in December 2004 but formally took the office in January 2005.
Four young people found slain in Tijuana
TIJUANA, Mexico, May 14 (UPI) -- Four homicide victims, two young women and two young men, were found in a van with California license plates in Tijuana, Mexico, police said.
At least three of the victims were from Chula Vista, a California town just north of the border, the San Diego Union-Tribune reported Thursday. The two women, Brianna Hernandez Aguilera, 19, and Carmen Jimenez Ramos Chavez, 20, were reported missing to police in Chula Vista by their parents around the time their bodies were found at 1 a.m. Saturday.
The bodies were covered with blankets, and the van was parked on a residential street.
The Baja California Attorney General identified the men as Oscar Jorge Garcia Cota, 23, and Luis Antonio Games, 21.
A woman who described herself as the mother of one of Garcia's friends told the newspaper at a rosary service that his family are 'very nice people.'
'In Tijuana, the violence is terrible,' she said. 'If you party over there, you don't know who those people are. That's why I don't let my son go over there.'
The two women left Ramos's house at 9:30 p.m. Thursday, Lt. Scott Arsenault of the Chula Vista Police said. He said their mothers became worried late Friday because Ramos and Hernandez were not responding to cell phone calls.
Lawsuit filed in garage-door death of boy
CHICAGO, May 14 (UPI) -- A Chicago couple whose son died when trapped under a garage door filed a wrongful-death lawsuit against the homeowner and two companies, court officials said.
Angela Washington-Sanders and Marshall Sanders sued in Cook County Circuit Court on behalf of their son, Dijion, 6, who died Saturday when trapped under the garage door, authorities said. He had been playing alone when the incident occurred.
The lawsuit names as defendants Darrell Washington, the victim's uncle who owned the home, and Mid-America Door Co. and Sears, Roebuck & Co.
The suit alleged that the garage door wasn't equipped with a motion sensor and that Washington failed to warn his relatives that it 'could unexpectedly close or fall,' The Chicago Tribune reported.
May 14, 2009 (United Press International) -- Obama outlines credit card user protection
ALBUQUERQUE, May 14 (UPI) -- Credit card reform to outlaw predatory and deceptive practices is critical for U.S. consumers needing a durable flow of credit, President Barack Obama said.
'It's time for strong and reliable protections for our consumers. It's time for reform that is built on transparency, accountability, and mutual responsibility -- values fundamental to the new foundation we seek to build for our economy,' Obama said in opening remarks to a town hall meeting at Rio Rancho, N.M., near Albuquerque.
Americans are putting more expenses on their credit card and finding 'they can't dig their way out of debt because of unfair practices,' Obama said, adding that credit card consumers pay about $15 billion each year in penalty fees.
'You should not have to worry that when you sign up for a credit card that you're signing away your rights,' he said. 'Enough's enough.'
He said he was committed to signing a credit card bill of rights into law by Memorial Day, calling on a conference committee to resolve quickly differences between House and Senate versions of the bill.
Among the provisions Obama said he wants included in the legislation would be protections that bar unfair rate increases and forbid abusive fees and penalties. Forms and statements sent to consumers must use plain language and be clear to understand.
Credit card firms also must make contract terms easily accessible online and give information needed when consumers do comparison shopping, as well as offer at least one 'simple, straightforward credit card.'
Finally, the system needs to be more accountable so those found engaging in deceptive practices can be held responsible. He also said college and university students also must be protected against deceptive credit card practices.
'More than anything this economic crisis reminds us we're all in this together,' Obama said.
Pelosi tells what she knew when on torture
WASHINGTON, May 14 (UPI) -- U.S. House Speaker Nancy Pelosi said Bush administration officials told legislators enhanced interrogation methods were legal and waterboarding wasn't in use.
Only later was it revealed that there were 'contrary opinions' about the legality of enhanced interrogation methods used by the CIA on terror suspects but they weren't shared by administration officials with appropriate congressional members, Pelosi said during a news conference Thursday.
Pelosi, D-Calif., called the conference to discuss what she knew about waterboarding -- which simulates drowning -- and other interrogation techniques and when she knew it.
Pelosi, as the ranking Democrat on the House Intelligence Committee at the time, was briefed in September 2002 about interrogation techniques used on suspected terrorist prisoners. At the time, she said, she was told waterboarding was 'not being employed.'
'Those briefing me in 2002 gave me inaccurate and incomplete information,' Pelosi said, calling recent Republican statements that she knew of the techniques 'a diversionary tactic' to move the spotlight from the released memos saying the methods were illegal.
House Minority Leader John Boehner, R-Ohio, disputed Pelosi's accusation, telling his own news conference he could not imagine intelligence officials lying to Congress.
After she was no longer the ranking Democrat on the intelligence panel, Pelosi said she was 'informed' that waterboarding was being used.
She renewed her call for a truth commission convened to investigate the issue, but if and until such a panel is constituted, appropriate House committees could investigate.
'I think the American people want to know how we got to this place,' Pelosi said.
'This is their (the Bush administration's) policy,' Pelosi said. 'This is what they conceived. This is what they developed. This is what they implemented.'
Connecticut House votes down death penalty
HARTFORD, Conn., May 14 (UPI) -- The House of Representatives in Connecticut voted 90-56 to abolish the death penalty, officials said.
The Hartford (Conn.) Courant reported that to successfully abolish the death penalty at least 76 members of the 151-member House needed to support the proposal.
Previous attempts to do away with the death penalty had fallen short of the needed number of votes. This time it carried with support from eighty-five Democrats and five Republicans.
The House vote leaves the 10 men now on death row in Connecticut facing a possible life sentence without the possibility of release, the Courant said.
New York, New Jersey and New Mexico all abolished the death penalty during the past five years. Overall, 35 states still have a death penalty.
Ukraine court moves presidential election
KIEV, Ukraine, May 14 (UPI) -- The Ukraine Constitutional Court voted in favor of President Viktor Yushchenko's appeal and moved the presidential election date from October to January.
The country's highest court declared 'unconstitutional' a parliamentary decree that set the election for Oct. 25 because Yushchenko's five-year term expires in January 2010, the Interfax-Ukraine news agency said Thursday.
On April 1, the Ukraine parliament scheduled the presidential election for Oct. 25 and on April 8, Yushchenko submitted his appeal to the court.
Yushchenko argued a constitutional amendment of 2006 says the presidential election should be held the last Sunday of the last month of the fifth year of the head of state in office, which in his case is Jan. 17, 2010.
Yushchenko was was elected president in December 2004 but formally took the office in January 2005.
Four young people found slain in Tijuana
TIJUANA, Mexico, May 14 (UPI) -- Four homicide victims, two young women and two young men, were found in a van with California license plates in Tijuana, Mexico, police said.
At least three of the victims were from Chula Vista, a California town just north of the border, the San Diego Union-Tribune reported Thursday. The two women, Brianna Hernandez Aguilera, 19, and Carmen Jimenez Ramos Chavez, 20, were reported missing to police in Chula Vista by their parents around the time their bodies were found at 1 a.m. Saturday.
The bodies were covered with blankets, and the van was parked on a residential street.
The Baja California Attorney General identified the men as Oscar Jorge Garcia Cota, 23, and Luis Antonio Games, 21.
A woman who described herself as the mother of one of Garcia's friends told the newspaper at a rosary service that his family are 'very nice people.'
'In Tijuana, the violence is terrible,' she said. 'If you party over there, you don't know who those people are. That's why I don't let my son go over there.'
The two women left Ramos's house at 9:30 p.m. Thursday, Lt. Scott Arsenault of the Chula Vista Police said. He said their mothers became worried late Friday because Ramos and Hernandez were not responding to cell phone calls.
Lawsuit filed in garage-door death of boy
CHICAGO, May 14 (UPI) -- A Chicago couple whose son died when trapped under a garage door filed a wrongful-death lawsuit against the homeowner and two companies, court officials said.
Angela Washington-Sanders and Marshall Sanders sued in Cook County Circuit Court on behalf of their son, Dijion, 6, who died Saturday when trapped under the garage door, authorities said. He had been playing alone when the incident occurred.
The lawsuit names as defendants Darrell Washington, the victim's uncle who owned the home, and Mid-America Door Co. and Sears, Roebuck & Co.
The suit alleged that the garage door wasn't equipped with a motion sensor and that Washington failed to warn his relatives that it 'could unexpectedly close or fall,' The Chicago Tribune reported.
Grains close higher Thursday
Grains close higher Thursday
May 14, 2009 (United Press International) -- Grains closed higher on the Chicago Board of Trade Thursday as the dollar traded lower against the euro and crude oil prices rose modestly.
Corn was up 1 3/4 to up 2, soybeans were up 13 1/2 to up 19 1/2, wheat was up 2 3/4 to up 4 1/2 and oats were up 1/2 to up 1 1/2.
Rain continues to delay corn planting in the Midwest, but is forecast to abate by Sunday. India's trade secretary said a moratorium on wheat exports could end soon. China was in the market for soybeans Thursday, buying 120,000 metric tons, the U.S. Department of Agriculture said.
The prices:
Corn: May 4.21 1/2, up 2; Jul 4.28 1/4, up 1 3/4; Sep 4.37 1/2, up 2; Dec 4.49 1/4, up 2.
Soybeans: May 11.66, up 16; Jul 11.47 1/2, up 19 1/2; Aug 10.98 1/2, up 13 1/3; Sep 10.40 1/2, up 13 1/2.
Wheat: May 5.81 1/2, up 2 3/4; Jul 5.93 1/4, up 4 1/2; Sep 6.19 3/4, up 4 1/2; Dec 6.42, up 4 1/2.
Oats: May 2.23 1/2, up 1 1/2; Jul 2.28, up 1/2; Sep 2.36 1/2, up 1/2; Dec 2.49, up 1/2.
May 14, 2009 (United Press International) -- Grains closed higher on the Chicago Board of Trade Thursday as the dollar traded lower against the euro and crude oil prices rose modestly.
Corn was up 1 3/4 to up 2, soybeans were up 13 1/2 to up 19 1/2, wheat was up 2 3/4 to up 4 1/2 and oats were up 1/2 to up 1 1/2.
Rain continues to delay corn planting in the Midwest, but is forecast to abate by Sunday. India's trade secretary said a moratorium on wheat exports could end soon. China was in the market for soybeans Thursday, buying 120,000 metric tons, the U.S. Department of Agriculture said.
The prices:
Corn: May 4.21 1/2, up 2; Jul 4.28 1/4, up 1 3/4; Sep 4.37 1/2, up 2; Dec 4.49 1/4, up 2.
Soybeans: May 11.66, up 16; Jul 11.47 1/2, up 19 1/2; Aug 10.98 1/2, up 13 1/3; Sep 10.40 1/2, up 13 1/2.
Wheat: May 5.81 1/2, up 2 3/4; Jul 5.93 1/4, up 4 1/2; Sep 6.19 3/4, up 4 1/2; Dec 6.42, up 4 1/2.
Oats: May 2.23 1/2, up 1 1/2; Jul 2.28, up 1/2; Sep 2.36 1/2, up 1/2; Dec 2.49, up 1/2.
U.S. crude oil prices rise
U.S. crude oil prices rise
May 14, 2009 (United Press International) -- Crude oil prices rose slightly on the New York Mercantile Exchange Thursday on retail news and job figures that point to a continued slowdown in demand.
The U.S. Commerce Department said Wednesday retail sales fell 0.4 percent in April. On Thursday, the Labor Department said first-time claims for unemployment benefits jumped by 32,000 in the week ending May 9.
The International Energy (OOTC:ILGL) Agency in Paris said global oil demand would fall further than expected a month ago, dropping by 2.56 million barrels a day in 2009.
Crude oil prices rose 62 cents to $58.59 per barrel. Heating oil prices rose 0.0015 cents to $1.4915 per gallon. Reformulated blendstock gasoline rose 0.0345 cents to $1.722 per gallon. Natural gas prices rose 0.074 cents to $4.293 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.281, up from Wednesday's $2.267 a gallon, AAA said.
May 14, 2009 (United Press International) -- Crude oil prices rose slightly on the New York Mercantile Exchange Thursday on retail news and job figures that point to a continued slowdown in demand.
The U.S. Commerce Department said Wednesday retail sales fell 0.4 percent in April. On Thursday, the Labor Department said first-time claims for unemployment benefits jumped by 32,000 in the week ending May 9.
The International Energy (OOTC:ILGL) Agency in Paris said global oil demand would fall further than expected a month ago, dropping by 2.56 million barrels a day in 2009.
Crude oil prices rose 62 cents to $58.59 per barrel. Heating oil prices rose 0.0015 cents to $1.4915 per gallon. Reformulated blendstock gasoline rose 0.0345 cents to $1.722 per gallon. Natural gas prices rose 0.074 cents to $4.293 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $2.281, up from Wednesday's $2.267 a gallon, AAA said.
UPI NewsTrack Business
UPI NewsTrack Business
May 14, 2009 (United Press International) -- Markets close with modest gains Thursday
NEW YORK, May 14 (UPI) -- U.S. markets posted modest gains Thursday after the Labor Department said first-time unemployment claims rose by 32,000 for the week ending May 9.
The Bureau of Labor Statistics said the Producer Price Index rose 0.3 percent in April, although energy prices turned down 0.1 percent compared to March.
By close, the Dow Jones industrial average gained 46.43 points, or 0.56 percent, to 8,331.32. The Standard & Poor's (NYSE:MHP) 500 climbed 1.04 percent, 9.15 points, to 893.07. The Nasdaq composite index added 25.02 points, 1.5 percent, to 1,689.21.
On the New York Stock Exchange, 2,172 stocks advanced and 847 declined on a volume of 7.6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 6/32 to yield 3.092 percent.
The euro rose to $1.364, compared to Wednesday's $1.3637. Against the Japanese yen, the dollar advanced to 95.78 yen, compared to Wednesday's 95.75 yen.
In Tokyo, the Nikkei average lost 246.76 points to 9,093.73, off 2.64 percent.
In London, the FTSE index rose 0.72 percent, 31.21 points, to 4,362.58.
OPEC quotas shaky as demand drops
PARIS, May 14 (UPI) -- The International Energy (OOTC:ILGL) Agency in Paris said global oil demand would fall further than expected a month ago, dropping by 2.56 million barrels a day in 2009.
In April, the IEA, which tracks energy production and consumption among developed countries, said demand would fall 2.4 million barrels per day.
IEA noted the Organization of Petroleum Exporting Countries had increased output, suggesting it would have a difficult time keeping member countries to pledged production cuts agreed to in September, the Financial Times reported Thursday.
OPEC members have trimmed production by 3.2 million barrels a day, 78 percent of the announced production cut, which was instigated to support prices.
Oil prices reached $147 per barrel last July, but fell to $32 per barrel in February. On the New York Mercantile Exchange, prices reached $59 per barrel this week.
IEA's monthly report said 'performance versus targets has varied, and market reports abound suggesting disquiet among core OPEC members over the degree of compliance by Iran and Angola in particular.'
'April's weaker compliance is likely to fuel further discontent with the overproducers among member countries more closely adhering to their production targets,' the report said.
German deficit meets with election pledge
BERLIN, May 14 (UPI) -- German Finance Minister Peer Steinbruck said the government's budget deficit would reach $122 billion in 2010, its largest since the end of World War II.
The deficit for 2009 was on track to reach $68 billion this year, In 2008, Germany's deficit reached $16 billion, the Financial Times reported Thursday.
The budget gap could set back Chancellor Angela Merkel's campaign pledge to cut income taxes. Social Democratic Party officials said the budget gap figures revealed the chancellor's pledge to be 'pure electioneering.'
A general election is scheduled for Sept. 27.
'To promise tax cuts now is to deceive voters, purely and simply,' said Steinbruck, a member of the Social Democratic Party. Merkel belongs to the Christian Democratic Union.
President of the German Taxpayers' Association Karl Dake said, 'it is clear that taxpayers will be hugely affected by this economic crisis.'
'We welcome the debate about tax cuts but we know today's promises are unlikely to live beyond September 27,' he said.
Pfizer offers free drugs to unemployed
NEW YORK, May 14 (UPI) -- U.S. pharmaceutical giant Pfizer (NYSE:PFE) said it would offer free medication to eligible unemployed U.S. workers who had lost their health insurance.
The company will call the program MAINTAIN, an acronym standing for 'Medicines Assistance for Those who Are In Need,' the company said.
'We all know people who have been laid off recently and have lost their health insurance, making it difficult for them to pay for health care,' said Pfizer Regional President of Worldwide Pharmaceuticals Dr. Jorge Puente in a statement.
The program, which will help Pfizer maintain customer loyalty among unemployed U.S. workers, will be open for enrollment through the end of the year. It is open for 'eligible Americans who have been unemployed since Jan. 1,' the company said.
Pfizer said the program would run on matching Pfizer employee and company funding.
'Pfizer employees … asked to be able to do their part by donating their own money,' the statement said.
Eligibility requires loss of employment since Jan. 1, a lack of a health plan that covers prescriptions and compliance with a prescription for a Pfizer medication for a minimum of three months prior to the first day of unemployment or enrolling in the program.
May 14, 2009 (United Press International) -- Markets close with modest gains Thursday
NEW YORK, May 14 (UPI) -- U.S. markets posted modest gains Thursday after the Labor Department said first-time unemployment claims rose by 32,000 for the week ending May 9.
The Bureau of Labor Statistics said the Producer Price Index rose 0.3 percent in April, although energy prices turned down 0.1 percent compared to March.
By close, the Dow Jones industrial average gained 46.43 points, or 0.56 percent, to 8,331.32. The Standard & Poor's (NYSE:MHP) 500 climbed 1.04 percent, 9.15 points, to 893.07. The Nasdaq composite index added 25.02 points, 1.5 percent, to 1,689.21.
On the New York Stock Exchange, 2,172 stocks advanced and 847 declined on a volume of 7.6 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 6/32 to yield 3.092 percent.
The euro rose to $1.364, compared to Wednesday's $1.3637. Against the Japanese yen, the dollar advanced to 95.78 yen, compared to Wednesday's 95.75 yen.
In Tokyo, the Nikkei average lost 246.76 points to 9,093.73, off 2.64 percent.
In London, the FTSE index rose 0.72 percent, 31.21 points, to 4,362.58.
OPEC quotas shaky as demand drops
PARIS, May 14 (UPI) -- The International Energy (OOTC:ILGL) Agency in Paris said global oil demand would fall further than expected a month ago, dropping by 2.56 million barrels a day in 2009.
In April, the IEA, which tracks energy production and consumption among developed countries, said demand would fall 2.4 million barrels per day.
IEA noted the Organization of Petroleum Exporting Countries had increased output, suggesting it would have a difficult time keeping member countries to pledged production cuts agreed to in September, the Financial Times reported Thursday.
OPEC members have trimmed production by 3.2 million barrels a day, 78 percent of the announced production cut, which was instigated to support prices.
Oil prices reached $147 per barrel last July, but fell to $32 per barrel in February. On the New York Mercantile Exchange, prices reached $59 per barrel this week.
IEA's monthly report said 'performance versus targets has varied, and market reports abound suggesting disquiet among core OPEC members over the degree of compliance by Iran and Angola in particular.'
'April's weaker compliance is likely to fuel further discontent with the overproducers among member countries more closely adhering to their production targets,' the report said.
German deficit meets with election pledge
BERLIN, May 14 (UPI) -- German Finance Minister Peer Steinbruck said the government's budget deficit would reach $122 billion in 2010, its largest since the end of World War II.
The deficit for 2009 was on track to reach $68 billion this year, In 2008, Germany's deficit reached $16 billion, the Financial Times reported Thursday.
The budget gap could set back Chancellor Angela Merkel's campaign pledge to cut income taxes. Social Democratic Party officials said the budget gap figures revealed the chancellor's pledge to be 'pure electioneering.'
A general election is scheduled for Sept. 27.
'To promise tax cuts now is to deceive voters, purely and simply,' said Steinbruck, a member of the Social Democratic Party. Merkel belongs to the Christian Democratic Union.
President of the German Taxpayers' Association Karl Dake said, 'it is clear that taxpayers will be hugely affected by this economic crisis.'
'We welcome the debate about tax cuts but we know today's promises are unlikely to live beyond September 27,' he said.
Pfizer offers free drugs to unemployed
NEW YORK, May 14 (UPI) -- U.S. pharmaceutical giant Pfizer (NYSE:PFE) said it would offer free medication to eligible unemployed U.S. workers who had lost their health insurance.
The company will call the program MAINTAIN, an acronym standing for 'Medicines Assistance for Those who Are In Need,' the company said.
'We all know people who have been laid off recently and have lost their health insurance, making it difficult for them to pay for health care,' said Pfizer Regional President of Worldwide Pharmaceuticals Dr. Jorge Puente in a statement.
The program, which will help Pfizer maintain customer loyalty among unemployed U.S. workers, will be open for enrollment through the end of the year. It is open for 'eligible Americans who have been unemployed since Jan. 1,' the company said.
Pfizer said the program would run on matching Pfizer employee and company funding.
'Pfizer employees … asked to be able to do their part by donating their own money,' the statement said.
Eligibility requires loss of employment since Jan. 1, a lack of a health plan that covers prescriptions and compliance with a prescription for a Pfizer medication for a minimum of three months prior to the first day of unemployment or enrolling in the program.
Venture into Canada, U.S. investors told
Venture into Canada, U.S. investors told
May 14, 2009 (United Press International) -- The timing is right for U.S. investors and companies to venture deeply into Canada, a panel on cross-border opportunities said.
'Canada is a great breeding ground for U.S. investors to come north,' said Marc Faucher, partner of the Toronto's BlackBerry Partners Fund GP Inc., which focuses on companies in the mobile phone sector.
'From a cross-border standpoint, we're finding very good conditions for early-stage investments in telecom firms in Canada that we'll bring down to the U.S. for deals as the companies mature,' Faucher said at the Michigan Growth Capital Symposium in Ypsilanti.
The panelists outlined a number of reasons that make the timing right for U.S. companies seeking equity from Canadian investors or for U.S. venture capitalists looking to invest in Canada, Crain's Detroit Business reported.
They included a labor cost that's generally cheaper than in the United States, healthcare that's paid by the federal government, venture capital firms that are looking for U.S. partners and large Canadian tax incentives for early-stage companies, making such investment attractive for U.S. venture capital firms.
The Canadian venture capital industry is struggling, with first-quarter venture funding results down 25 percent to $275 million from $367 million a year ago, Canada's Venture Capital & Private Equity Association said.
One venture capital firm was so dismayed while looking for entrepreneurs to back -- and finding the cream of the crop departing for Boston or Silicon Valley -- that it funded and launched three Web companies of its own, The Wall Street Journal reported.
'We are at a crisis point in Canada's venture industry,' CVCA President Gregory Smith said.
The fund-raising gap with the United States 'must be addressed if Canada is to compete in the knowledge-based economy of the future,' he said.
May 14, 2009 (United Press International) -- The timing is right for U.S. investors and companies to venture deeply into Canada, a panel on cross-border opportunities said.
'Canada is a great breeding ground for U.S. investors to come north,' said Marc Faucher, partner of the Toronto's BlackBerry Partners Fund GP Inc., which focuses on companies in the mobile phone sector.
'From a cross-border standpoint, we're finding very good conditions for early-stage investments in telecom firms in Canada that we'll bring down to the U.S. for deals as the companies mature,' Faucher said at the Michigan Growth Capital Symposium in Ypsilanti.
The panelists outlined a number of reasons that make the timing right for U.S. companies seeking equity from Canadian investors or for U.S. venture capitalists looking to invest in Canada, Crain's Detroit Business reported.
They included a labor cost that's generally cheaper than in the United States, healthcare that's paid by the federal government, venture capital firms that are looking for U.S. partners and large Canadian tax incentives for early-stage companies, making such investment attractive for U.S. venture capital firms.
The Canadian venture capital industry is struggling, with first-quarter venture funding results down 25 percent to $275 million from $367 million a year ago, Canada's Venture Capital & Private Equity Association said.
One venture capital firm was so dismayed while looking for entrepreneurs to back -- and finding the cream of the crop departing for Boston or Silicon Valley -- that it funded and launched three Web companies of its own, The Wall Street Journal reported.
'We are at a crisis point in Canada's venture industry,' CVCA President Gregory Smith said.
The fund-raising gap with the United States 'must be addressed if Canada is to compete in the knowledge-based economy of the future,' he said.
Wednesday, May 13, 2009
World Bank Supports Morocco Solid Waste Strategy with $132.7 Million Loan
In 2006, Morocco enacted its first law on solid waste management, establishing fundamental principles to govern the management of the sector.
The following year, the government launched an ambitious national program to establish:
* Service and disposal standards for urban areas
* Quantitative goals for collection coverage (90 percent by 2021)
* Introduction of sanitary landfills (100 percent of urban areas equipped by 2021),
* Closure and rehabilitation of 300 existing open dumps, and the promotion of solid waste reduction, and recovery
The new Moroccan policy for the sector focuses on developing integrated and affordable solid waste management systems and mitigating negative impacts of the sector on public health and the environment.
For Moroccan waste generators, practitioners, and managers, this is a major transition. The 15-year national solid waste program will be implemented over three phases to support enforcement of the 2006 law. It takes political commitment, solid technical expertise, public desire to engage and an active private sector base for investment of this magnitude to succeed.
On March 18, the World Bank’s Board of Directors approved a $132.7 million loan to help the Moroccan government improve the economic, environmental and social performance of the municipal solid waste sector.
“With reforms underway in the solid waste sector and beyond, Morocco is building momentum for integration into the environmentally conscious European Union and US markets,” says Mats Karlsson, country director for Algeria, Tunisia, Morocco, and Libya.
Poor Practices Have Cost Morocco 0.5% of GDP
For the past few years, the World Bank’s Middle East and North Africa (MENA) department has been conducting analytical work through the Mediterranean Environmental Technical Assistance Program. The department’s work has revealed the significant impact of poor solid waste management on the degradation of and cost to the environment.
Cleanup of major routes and public spaces
With poor solid waste management practices costing 0.5 percent of GDP, Morocco had one of the highest costs in the Middle East and North Africa region, compared to 0.2 percent in Egypt and 0.1 percent in Algeria, Lebanon, Syria and Tunisia.
“This was a strong signal to the government that such an impact on the health, environment and tourism potential needed to be tackled strategically,” says Jaafar Friaa, World Bank senior urban environmental specialist for MENA.
Social and Environmental Aspects Key Features of Reform
The new Moroccan policy highlights social and environmental aspects as key features of the solid waste sector reform.
The government has so far enacted two decrees establishing the process for public consultation during the preparation of environmental impact assessments, and national and regional commissions for their review and approval.
The Bank’s loan will be complemented by an additional carbon finance operation that will allow access by Moroccan municipalities into the international carbon market.
Generating revenues to the sector through carbon trading is an added incentive for municipalities to tackle solid waste problems, as well as an opportunity for local governments to contribute to global climate change efforts.
Toward Integrated Solid Waste Management
Trash within close proximity of dwellings
In order to succeed, this project will rely on partnerships between the central government and municipalities, based on a clearly defined incentive mechanism for performance and results.
Meanwhile, the supported program is designed to improve transparency, competitiveness, and accountability for sustainable and cost-effective private sector participation. The plan also includes a strong public communication program.
“Changing perceptions and behavior will be key to move from a traditional function to keep Morocco “clean,” to environmentally responsible alliances bringing together the
The following year, the government launched an ambitious national program to establish:
* Service and disposal standards for urban areas
* Quantitative goals for collection coverage (90 percent by 2021)
* Introduction of sanitary landfills (100 percent of urban areas equipped by 2021),
* Closure and rehabilitation of 300 existing open dumps, and the promotion of solid waste reduction, and recovery
The new Moroccan policy for the sector focuses on developing integrated and affordable solid waste management systems and mitigating negative impacts of the sector on public health and the environment.
For Moroccan waste generators, practitioners, and managers, this is a major transition. The 15-year national solid waste program will be implemented over three phases to support enforcement of the 2006 law. It takes political commitment, solid technical expertise, public desire to engage and an active private sector base for investment of this magnitude to succeed.
On March 18, the World Bank’s Board of Directors approved a $132.7 million loan to help the Moroccan government improve the economic, environmental and social performance of the municipal solid waste sector.
“With reforms underway in the solid waste sector and beyond, Morocco is building momentum for integration into the environmentally conscious European Union and US markets,” says Mats Karlsson, country director for Algeria, Tunisia, Morocco, and Libya.
Poor Practices Have Cost Morocco 0.5% of GDP
For the past few years, the World Bank’s Middle East and North Africa (MENA) department has been conducting analytical work through the Mediterranean Environmental Technical Assistance Program. The department’s work has revealed the significant impact of poor solid waste management on the degradation of and cost to the environment.
Cleanup of major routes and public spaces
With poor solid waste management practices costing 0.5 percent of GDP, Morocco had one of the highest costs in the Middle East and North Africa region, compared to 0.2 percent in Egypt and 0.1 percent in Algeria, Lebanon, Syria and Tunisia.
“This was a strong signal to the government that such an impact on the health, environment and tourism potential needed to be tackled strategically,” says Jaafar Friaa, World Bank senior urban environmental specialist for MENA.
Social and Environmental Aspects Key Features of Reform
The new Moroccan policy highlights social and environmental aspects as key features of the solid waste sector reform.
The government has so far enacted two decrees establishing the process for public consultation during the preparation of environmental impact assessments, and national and regional commissions for their review and approval.
The Bank’s loan will be complemented by an additional carbon finance operation that will allow access by Moroccan municipalities into the international carbon market.
Generating revenues to the sector through carbon trading is an added incentive for municipalities to tackle solid waste problems, as well as an opportunity for local governments to contribute to global climate change efforts.
Toward Integrated Solid Waste Management
Trash within close proximity of dwellings
In order to succeed, this project will rely on partnerships between the central government and municipalities, based on a clearly defined incentive mechanism for performance and results.
Meanwhile, the supported program is designed to improve transparency, competitiveness, and accountability for sustainable and cost-effective private sector participation. The plan also includes a strong public communication program.
“Changing perceptions and behavior will be key to move from a traditional function to keep Morocco “clean,” to environmentally responsible alliances bringing together the
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