China offers Africa financial aid including $10 billion in loans

Sunday, November 8, 2009

China has offered Africa concessional loans worth US$10 (€6.5) billion as part of a host of new measures aimed at improving the economy of African nations. The announcement was made at the opening of the Forum on China-Africa Cooperation (FOCAC) in Sharm el-Sheikh, Egypt. Leaders of nearly 50 African countries are attending the two-day conference.

China had already stated today at the 3rd Conference of Chinese and African Entrepreneurs, held immediately before the FOCAC, that Chinese firms would be encouraged to invest in Africa, while both sides would work together to improve the tourism, telecommunications and finance industries. China also said that governments should work with businesses to ensure co-operation between China and Africa.

As well as the loans, made over three years, China will write off the debt of Africa’s poorest countries, build 100 African green energy facilities and systematically lower import duties on 95% of all African products exported to China. Another promise is a loan of one billion dollars aimed at small and medium sized businesses in Africa. There will also be efforts to promote each other’s culture and increased medical assistance to Africa. Medical assistance comes in the form of 500 million yuan (US$73.2 million) of goods for the 60 hospitals and malaria centers China has already built, as well as 3,000 doctors and nurses. Roads will also be improved.

China also plans to assist with satellite weather monitoring, to help combat desertification and work within the urban environment, all aimed at reducing global warming. The new energy facilities will focus on solar, biogas and small-scale hydroelectrical installations. Another new measure is a promise to aid African farmers to ensure the continent is fed, increasing the number of demonstrations of agricultural technology in Africa to 20 and sending 50 teams of agricultural technology experts to the continent. Training in agricultural technology will be provided to 2,000 people.

“The Chinese people cherish sincere friendship toward the African people, and China’s support to Africa’s development is concrete and real,” said co-chair Chinese Premier Wen Jiabao as the FOCAC opened up, adding “Whatever change that may take place in the world, our friendship with African people will not change.” He described this friendship as ‘unbreakable’. Two years ago China pledged US$5 (€3.37) billion at the last FOCAC in Beijing and now, according to Jiabao, “China is ready to deepen practical cooperation in Africa.”

We want more investment from China

China has fulfilled its 2006 pledge, investing a total of US$7.8 (€5.26) billion in Africa last year alone. 49 African countries are represented at the FOCAC, which was created in 2000, although Jiabao noted that relations between China and Africa go back fifty years. China had already forgiven or reduced the debt for thirty nations at that FOCAC summit.

According to Chinese state-owned paper China Daily, trade between China and Africa increased by 45% last year, to give a total value of US$107 (€72.1) billion, a tenfold increase since 2001 and up from US$491 (€331) million in 2003. The Chinese have a 9.8% market share, the largest of any nation, according to the U.S. Commerce Department. China has paid for schools, hospitals, malaria clinics and Chinese scholarships for African students. 50 more schools are to be built and 1,500 people trained to staff them.

Since 2006 Chinese energy firms have committed to spend at least US$16 (€10.8) billion securing African oil and gas. China’s Sinopec Group, an oil giant, bought up Addax Petroleum Corporation from its Swiss owners that year, gaining control of oilfields in Nigeria, Cameroon and Gabon. China promised earlier this year to spend US$9 (€6) billion on infrastructure in the Congo in exchange for mineral deposits for mining operations.

Jean Ping, leader of the African Union, said the told those at the conference that the money is coming at an opportune time, because African growth was “totally compromised” by the global financial crisis. Ping said one of the lessons learned is that the world is paying for “the irresponsible and lax behavior” of large financial companies whose philosophy was to make short-term profits.

We thank China particularly for backing efforts by our countries to achieve peace and stability in Africa’s zones of conflict

Not all Africans are happy with China’s increasing involvement in their continent. Trade practices are a concern for some, with a view that China exploits Africa for raw materials before selling back finished goods. Among these are Egyptian Trade and Industry Minister Rachid Mohamed Rachid. Egypt is the richest nation in the Middle East and is discussing this perceived issue with China. Rachid told Bloomberg “What is a worry for me is if competition is unfair. That is where we are unhappy.” Jiabao described the trade as being based on “win-win programmes… and transparency.”

Others in Africa are delighted with the situation. “We want more investment from China,” Tanzanian President Jakaya Mrisho Kikwete told the forum. Egypt’s own President Hosni Mubarak talked of “peace, security and growth,” and of “boosting cooperation between China and Africa.”

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China investing in Africa: Good or bad?
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Jiabao also used his speech to respond to criticisms that China worked with nations regardless of their human rights record, such as Sudan, whose President Omar al-Beahir is wanted on a warrant issued by the International Criminal Court for war crimes. “Africa is fully capable of solving its own problems, in an African way,” he said, adding that “China has never attached any political strings […] to assistance to Africa.”

Beshir thanked China in a speech for diplomatic work in Sudan, including working to defuse the Darfur conflict, which the United Nations says has left 300,000 dead. “We express our deep appreciation for China’s efforts in backing the comprehensive peace agreement in Sudan and its peace efforts in Darfur,” he said, referring to a peace deal between the northern and southern parts of his country. “We thank China particularly for backing efforts by our countries to achieve peace and stability in Africa’s zones of conflict.” Jiabao said China was willing to work towards “the settlement of issues of peace and security,” in Africa.

A further criticism has been that China has brought in Chinese workers and used their own knowledge, instead of training locals. Jiabao’s speech indicated an intention to co-operate better in the fields of science and technology, as well as improve training for African students on technical courses.

“Why do some only criticise China?” asked Jiabao. “Is this a view representing African countries, or rather the view of Western countries?”

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Massachusetts lawmakers enact plan for universal health coverage

Friday, April 7, 2006Legislators in the Massachusetts General Court, their name for the state legislature, approved legislation on Tuesday, April 4, that would make it the first state in the United States to require all residents to have health insurance and impose penalties for non-compliance. Massachusetts Governor Mitt Romney, a Republican who is expected to run for U.S. President in 2008, is expected to sign the bill.

The bill passed the lower house, the Massachusetts House of Representatives by a vote of 155-2, and unanimously by the state senate. The Democratic Party holds supermajorities in both houses of the legislature.

Among the bill’s provisions are these:

  1. Businesses that employ more than 10 people are required to provide health insurance for all staff or face fines of $295 per year per uninsured worker.
  2. Individuals will be required to enroll in a health plan by July 1, 2007, or face tax penalties.
  3. Health insurers will provide partially to fully subsidized coverage for low-income residents.

At least one other state (Hawaii) requires employers to provide employee health insurance, but no other state holds individuals accountable for coverage.

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Category:March 17, 2012

? March 16, 2012
March 18, 2012 ?
March 17

Pages in category “March 17, 2012”

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Trading Baskets Part I

In another article, I wrote about a rather conservative method of being in the stock market. See: “A Triple Dipper: How to Make 3 Profits on 1 Stock” at http://www.traderaide.com/Selected_Articles/Tripple_Dipper.html.This time lets talk a little about trading “baskets”. The definition above maybe needs to be expanded just a bit. You can trade baskets using longer term buy and hold strategies, a shorter-term swing trading approach or as a day trader. A basket of stocks is nothing more then any group of stocks that someone has grouped together for any of a number of reasons. They may be of the same sector, or they may be made up of a number of stocks in different sectors.An example of a few baskets could look like what is sited below. To save time and space Ill use the stock symbols only. You can look them up later if you are interested. Lets say you see stem cell research as the thing of the future and wanted to be invested in it. If you dont know which stock is going to fair the best, you may want buy a basket of stocks that is made up of ASTM GERN and STEM. This would be a basket of stem cell stocks. Now lets say you think the Internet stocks look good and, again, you are not sure which ones will do the best. In your Internet basket you may want to pick up some shares of EBAY, YHOO and AMZN. Obviously your basket can contain any number of stocks you want. Many online brokers will actually allow you to set up baskets in your account, and you can put in a sell order all at once on the entire basket or pick and chose which ones you want to sell. Im not recommending these stocks in any way, shape or form, but merely using them as examples. Okay, thats pretty basic, but Im sure you get the picture. The examples above would more or less be the type of baskets you would probably be thinking of holding for some time and not day trading.Most day traders have an entirely different kind of basket of stocks. A day trader may have any number of stocks in his trading basket that he or she has been become very familiar with. They have studied them and even charted them for intraday movement (I hope) for some time and have learned the trading habits of the individual stocks. They have a fairly good idea of how the stock moves on a daily basis with or without news. They have knowledge of how it reacts to earnings, analyst upgrades, analyst downgrades and other events that may be reoccurring. They have also probably learned how they trade when hit by surprise events as well. They know which market makers to watch the closest. They also know who the main market maker in the stock is, often referred to as the axe.A day traders basket may be any number of stocks. A good average could be somewhere between 25-50 stocks. But it may also be larger or smaller. I have known traders that traded one stock all day long and nothing else. I have known others that were able to watch 300 stocks. Personally, I think that is way too many.When I was trading I had a basket of about 75 stocks. Some I knew were only going to be in play on news or when reporting earnings. Others were fairly reliable moves on a daily basis. And still others were extremely sensitive to any sort of news or event. Today, if I was going to put together a basket of stocks, I would be looking at the following symbols: GOOG, TASR, TZOO, AIRT, QLGC, SYMC, PLMO, KMRT, EBAY, SINA, RIMM, RMBS, PCLN, and DCLK as well as other NASDAQ stocks. I would not over look New York Stock Exchange stocks, although many do. I would be looking at: MO, PFE, CAT, GE, GM, TYC, MRK, MOT, and others as well. Keep in mind, I am not recommending any of these stocks specifically for you to buy or trade. I am merely trying to give you an example of what a basket may look like. You have to decide yourself what stocks you would add to you your basket based on your own knowledge gained through experience and research on each stock.I think every trader should have a basket of stocks he or she follows and trades. Day trading without your own basket raises the risk level and puts you in a position where you are always looking for something to trade. On slow days where the market is just not offering up much in the way of trading opportunities, you may have a tendency to jump on stocks, that under different circumstances, you would have passed on. Having your own basket of stocks will lower your exposure to risk. They may not move any better under slow market conditions, but at least you will have some knowledge of how they move.In Part II I will tell you about a special trading basket technique I used during the early boom days of day trading. It may still be a valid concept today.

[youtube]http://www.youtube.com/watch?v=vVaSRwaqfwE[/youtube]

Voluntary sterilization of poor women proposed by Louisiana state legislator

Thursday, September 25, 2008

A Louisiana representative has proposed a controversial solution to “generational welfare,” which would pay women on welfare to get sterilization. Republican John LaBruzzo said he thought of the idea because of his constituents’ outrage over paying for welfare.

“You have these people who are just fed up with working their buns off to try to provide for their own family and being forced by the government [to] provide for others’ families who just want to have unlimited kids”, he commented. He is currently working with Baton Rouge to gather data in support of his proposal.

The idea, which LaBruzzo has not finished forming, would award any woman on government assistance a check of $1,000 if she gets a tubal ligation operation. LaBruzzo is also considering rewarding sterilization in poor men and giving tax incentives for higher-income families to have more children.

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Is this proposal modern-day eugenics?
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LaBruzzo, who is pro-life, said that the people “on the other side of the political spectrum are pro-choice. Well, let’s give these people the ability to choose.”

While LaBruzzo has stated that he has received an outpouring of support over his idea, the ACLU spoke out against the proposal and called it a “meanspirited attempt to eliminate the poor.” Planned Parenthood representative Julie Mickelberry called it a “bribery”, suggesting a solution which attacked the root of the problem was needed and that the representative needed to “go back to addressing issues of education about unintended pregnancy and opening healthcare access.”

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Buffalo, N.Y. hotel proposal delayed further

Buffalo, N.Y. Hotel Proposal Controversy
Recent Developments
  • “Old deeds threaten Buffalo, NY hotel development” — Wikinews, November 21, 2006
  • “Proposal for Buffalo, N.Y. hotel reportedly dead: parcels for sale “by owner”” — Wikinews, November 16, 2006
  • “Contract to buy properties on site of Buffalo, N.Y. hotel proposal extended” — Wikinews, October 2, 2006
  • “Court date “as needed” for lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, August 14, 2006
  • “Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled” — Wikinews, July 26, 2006
  • “Elmwood Village Hotel proposal in Buffalo, N.Y. withdrawn” — Wikinews, July 13, 2006
  • “Preliminary hearing against Buffalo, N.Y. hotel proposal delayed” — Wikinews, June 2, 2006
Original Story
  • “Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006

Friday, March 10, 2006

Buffalo, New York —The Common Council of Buffalo voted on Tuesday to send the Elmwood Village Hotel proposal “to committee for further discussion”, after citing the need for more public involvement.

The Elmwood Village Hotel is a development proposal by the Savarino Construction Services Corporation, a project designed by the architect Karl Frizlen of The Frizlen Group. The hotel would be placed on the southeast corner of Elmwood and Forest Avenues in Buffalo.

To make way for the project, at least five buildings located at 1109 to 1121 Elmwood Ave would be demolished. At least two properties on Forest Avenue could also be demolished. The Elmwood properties, according to Eva Hassett, Vice President of Savarion Construction, are “under contract”, but it is unclear if Savarino Construction actually owns the Elmwood properties. Hans Mobius, a former mayorial candidate, is still believed to be the current owner the properties. Mobius also owns 607 Forest Avenue.

The properties 605 and 607 Forest Avenue could also be included in the proposal according to Hassett.

“We would use a Special Development Plan to rezone 1119-1121 Elmwood and 605 Forest to a C-2 zoning category,” stated Hassett. It is possible that Savarino Construction may try to obtain a variance for 605 Forest, which would allow them to enforce eminent domain, should the hotel be allowed to go forward.

The building at 607 Forest was also discussed to be rezoned, but it is unclear what the plans would be for that property. During the February 28 Common Council meeting, Hassett stated that the properties 605 and 607 were “now off the agenda”.

Pano Georgiadis, owner of Pano’s Restaurant at 1081 Elmwood, owns the property at 605 Forest and attended Tuesday’s Common Council meeting.

“Having a hotel is a bright idea. We all love the idea of a hotel, but the way that it is presented, is wishful thinking. This hotel does not fit. It’s like putting two gallons of water in a gallon jug, it does not fit. At the last meeting, the architect admitted that they are planning to put the undergound parking lot and the hotel, right at the property line. If I open my window, I will be able to touch the wall, that goes fifty feet high”, said Georgiadis.

“There is a problem having a seventy-two room hotel and fifty-five parking spaces. That means that all the other cars will spill all over the neighborhood. The footprint is simply too small. If you have a bigger [parking] lot, and a smaller hotel, I will welcome a hotel. I have a parking lot at my own business, and I am chasing people all day long. Remember, the city says it has ‘zero tolerance [for illegal parking]’. Try telling that to the guy from Albany who came to see his kids, that are going to Buffalo State, who would get tickets totaling over a hundred dollars”, added Georgiadis.

The city’s Planning Board is scheduled to meet on March 14, 2006 at 9:00 a.m. about the proposal. Although a discussion will take place, no vote is expected to be taken.

At the moment, none of the properties are zoned for a hotel. Savarino Construction plans on asking for a C2 zoning permit. If that does not work, they plan to implement a new zoning plan called a “special development plan” which would allow for only a hotel on the site. That zone would not be able to be changed.

“This [project] justifies Mobius’s refusal to invest in any maitenance[sic] or improvements”, on the properties said Clarence Carnahan, a local resident. “Where were the Council persons over the years? Where were the city inspectors over the years, to make sure that he maintained and improved his properties? The government was supposed to be protecting, not being preditorial. I see a predatorial issue here when it comes to this hotel. Over the years: Why has the local government been disfunctional when it came to Mobius’s properties? Refusal to invest in improvements, doesn’t that sound like a slumlord? Maybe I am missing a point here, but what kind of messages does this send to other slumlords that havn’t[sic] been jailed or fined? It’s [the hotel] trying to be pushed through.”

Carnahan also presented signs for residents and or business owners who are opposed to the hotel, that could be placed in windows or on stakes in the yard. Some of the signs said, ‘No tell hotel’, ‘Hans off, no hotel’, ‘It takes more than a hotel to make a village’. and ‘Keep Elmwood free, no hotel’. Carnahan plans on making more signs for a protest to be held on Saturday March 18, at 2:00 p.m. (EST) on Elmwood and Forest. Some signs were given to individuals after the meeting.

“First things first, Hans is the problem, and I don’t think it has been addressed. Let’s roll back the clock on this project. What can we do with Hans? There is such thing as eminent domain, which could be of greater interest to the community, to seize the property at its lowest assessed value”, said Nancy Pollina, co-owner of Don Apparel with Patty Morris at 1119 Elmwood. “There are so many ideas that have not been explored and we are about to give this parcel away, to a big developer.”

Mobius has not returned any calls by Wikinews regarding the situation.

A freelance journalist writing for Wikinews has obtained a letter, exclusively, addressed to one of the five business owners from Hans Mobius stating:

There is a proposal to develop my property which you are currently renting. Because of opposition to this development, it does not look like it will happen. I will let you know if there any changes.

Despite the letter, there have been no plans or decisions made to end the proposal.

To date, none of the business owners or residents of 1119-1121 Elmwood have received an eviction notice.

Business owners and residents gave an indication of what they would like to see happen at the corner; a project similar to one done locally last year. There, developers renovated two buildings on Auburn and Elmwood Avenues, merging the buildings into one thus allowing for more shop space. Among some of the shops to move in after the development were Cone Five Pottery, The Ruby Slipper, and Abraham’s Jewelers. Prior to the renovation work, the left building in the picture was boarded up for several years. Many of the concerned locals would like to see a similar development on Forest and Elmwood.

Rocco Termini, a developer in Buffalo, proposed a similar design at the February 28 community meeting

In an interview after the February 28 meeting, Termini stated, “I will be willing to take a look at this myself, or I would be more than happy to be partners with Sam, Sam Savarino”, who is President and Chief Executive Officer of Savarino Construction Services Corp.

So far Savarino Construction has no plans to team up with Termini.

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Canada’s Etobicoke North (Ward 1) city council candidates speak

This exclusive interview features first-hand journalism by a Wikinews reporter. See the collaboration page for more details.

Monday, October 30, 2006

On November 13, Torontoians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Etobicoke Centre (Ward 3). One candidate responded to Wikinews’ requests for an interview. This ward’s candidates include Francis Ahinful, Ted Berger, Anthony Caputo, Suzan Hall (incumbent), Andre Lucas, Rosemarie Mulhall, Brian Prevost, and Sonali Verma.

For more information on the election, read Toronto municipal election, 2006.

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Canada’s Astral Media Inc. to aquire Standard Radio

Monday, February 26, 2007

Canadian Astral Media Inc. will buy out Standard Radio Inc., which runs many radio stations in Canada. Standard Radio Inc. is the largest privately owned multimedia company in Canada.

Montreal based Astral Media Inc. will buy all of the assets from Standard Radio Inc. for about CAN$1.2-billion. Standard Radio Inc.’s 52 radio stations, and Astral’s 29, will be brought together by Astral Media Inc. This will give Astral 81 radio stations in total. This makes Astral the largest radio operator in Canada of FM and AM radio.

“With the acquisition of Standard Radio, Astral Media will not only be acquiring the best performing radio stations in the country, we will at the same time acquire a company with similar values and culture. said Ian Greenberg, President and CEO of Astral Media.

“Over the past four decades the Slaight family has built a remarkable collection of strong radio brands and has contributed meaningfully in shaping the Canadian radio industry as we know it today. We are delighted with the prospect of welcoming Standard Radio’s employees into our team.”

Gary Slaight, President and CEO of Standard Radio also commented on the deal.

“We are looking forward to becoming a part of the Astral Media family,” said Gary Slaight, President and CEO of Standard Radio. “We are pleased to see our legacy live on with a company such as Astral that has such a strong track record and commitment to its employees and to the Canadian radio and television industries.”

All of Astral’s radio stations are run in Quebec and Atlantic Canada and it also runs various television stations across Canada. Astral also has two french channels that broadcast on Sirius satellite radio Canada.

The company hopes to finalize the deal in or before April.

Retrieved from “https://en.wikinews.org/w/index.php?title=Canada%27s_Astral_Media_Inc._to_aquire_Standard_Radio&oldid=4199241”

Japanese H-IIA rocket launches satellite into orbit

Saturday, February 18, 2006

The Japan Aerospace Exploration Agency has successfully launched another of their H-IIA space rockets. Its payload, the MTSAT-2 satellite designed to control air traffic and track weather patterns, has successfully separated from the rocket. It is due to be inserted into a geostationary orbit on the 21st of February.

The satellite is owned by the Civil Aviation Bureau and the Japan Meteorological Agency, part of the Ministry of Land, Infrastructure and Transport.

The rocket was launched from the Tanegashima space centre in the southern region of Kagoshima, at 15:55 (06:55 GMT). It is the ninth in a series of H-IIA rockets, which form the main part of the Japanese space program. A previous H-IIA rocket was launched less than a month ago.

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