Soweto looting spree sends foreign shopkeepers fleeing

SOWETO, South Africa (AFP) — Nazil Munssi stared at his ravaged hardware store near Soweto township with tears in his eyes, despondent and terrified after anti-foreign mobs went on a looting rampage this week in South Africa.

“They are targeting all the foreigners,” said Munssi, an Indian national who has lived in South Africa for 26 years. “I don’t think it’s a safe place anymore. There is no law and order.”

The outbreak of pillaging, which targeted dozens of stores, began in Soweto after a foreign shopkeeper shot dead a teenager who allegedly tried to rob him on Monday night.

With poverty and unemployment widespread, frustration in Johannesburg’s run-down neighbourhoods often boils over into anti-immigrant violence.

In 2008 South Africa was hit by a wave of xenophobic violence that left 62 people dead.

The most recent looting spread to other townships west of Johannesburg, including Kagiso, where Munssi, the hardware store owner, has his shop.

Inside his store bags of cement, tubs of paint and tools were strewn across the floor.

“I have a good relationship with everyone here,” said 43-year-old Munssi. “I’m feeling very badly.”

On Thursday he locked up his store and left on the advice of the authorities. Moving the foreigners was easier than fighting off a mob, one police officer told AFP

“We won’t stay and rebuild,” Munssi said.

Mini grocery shops mainly run by Pakistanis, Somalis and Bangladeshis have cropped up in many South African townships, with the owners frequently accused of squeezing out small local businesses with cut-rate prices.

Around the corner from Munssi’s shop, a group of Bangladeshi store owners loaded what was left of their stock — bottles of Pepsi, sacks of maize meal and chocolate bars — into a truck.

Earlier on Friday, a crowd of about 50 people had gathered in front of the store and threatened the staff, before the police arrived and chased them off with rubber bullets.

“I was very scared, we were shaking,” said Tshegofatso Mogalo, the 22-year-old store receptionist.

She said the looters, many of them young men, were driven by nyaope, a street drug common in South Africa that is a mix of heroin and cannabis.

Provincial police Lieutenant General Lesetja Mothiba agreed, saying, “Youth who are addicted to drugs, particularly nyaope, are taking advantage of this situation.”

By Friday afternoon, 162 people had been arrested and some appeared in court on charges of possession of stolen goods and public violence.

President Jacob Zuma has condemned the violence, urging the police to restore order.

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Soweto looting spree sends foreign shopkeepers fleeing

Opposition welcomes shift in US foreign policy on Cuba

By Balford Henry

Wednesday, December 17, 2014 | 4:33 PM    

KINGSTON, Jamaica — Opposition Spokesperson on Foreign Affairs and Foreign Trade, Ed Bartlett, this afternoon welcomed announcement of a resumption in diplomatic relations between the governments of the United States and Cuba.

Bartlett, in a release on the development, described it as “an epochal moment in Caribbean political history and diplomatic relations.”

“We are truly delighted as, on both sides of the governmental aisle, we have been united on the principle of the removal of the embargo, which has been seen as unfair and unjust,” he said.

He added that the Opposition also took particular note of US president Barack Obama’s description of the shift in policy, as the “most significant change” in his country’s foreign policy in more than fifty years.

“Jamaica has been at the centre of this matter within the Caribbean, and we note that this has significant implications, as it signals the normalisation of diplomatic relations within the region, as well as the normalization of relations between two of our most important friends and neighbours,” he stated.

In closing, Bartlett said that, given that the USA is Jamaica’s largest trading partner, and Cuba its closest neighbour, there will clearly be new opportunities for discussions on trade and also deeper economic collaboration between Jamaica Cuba and the USA.

“We look forward for discussions on this co-operation particularly in the areas of tourism and the development of our logistics hub capabilities, and we encourage continued steps towards the full removal of the trade embargo which will certainly unlock the gates to free trade among the Americas,” Bartlett told the Observer,

US President Barack Obama announced today that the United States would restore diplomatic relations it severed with Cuba more than 50 years ago.

After 18 months of secret talks facilitated by the Vatican and Canada, Obama and Cuban President Raul Castro agreed by phone on Tuesday on a prisoner exchange and the opening of embassies in each other’s countries.

In a television speech on Wednesday, Obama announced the end of what he called a rigid and outdated policy of isolating Cuba that had been ineffective in achieving change on the island.

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Opposition welcomes shift in US foreign policy on Cuba

Scotia named Bank of the Year, Best Foreign Exchange Trader in Jamaica

SCOTIABANK was last month named Bank of the Year and Best Foreign Exchange Trader in Jamaica by The Banker, a Financial Week publication, and Global Finance magazine, respectively.

Scotia, in a news release on Friday, said that this was the second consecutive year that it has received the Bank of the Year award, and the seventh year in which it took the title of Best Foreign Exchange Trader.

“We are proud of this award because it is a reflection of the hard work of our employees and their focus on providing sound financial advice and good service to our customers,” the news release quoted Jacqueline Sharp, president and CEO, Scotia Group. “Scotiabank has had a presence in Jamaica for 125 years and we’re pleased to be known for our customer service and for delivering superior results for our shareholders.”

She added: “I would like to thank the customers who continue to believe in us and support us. I am fortunate to work with a professional team of exceptionally talented individuals who continuously demonstrate their commitment to helping our customers discover what’s possible.”

Scotia also said it was named Bank of the Year in Antigua, Bahamas, Barbados, Belize, Grenada, Guyana, and Trinidad & Tobago by The Banker. The publication, Scotia explained, has been the reference point for accessing the performance of banks across the world.

“The award acknowledges the success and overall achievements of the world’s top financial institutions as it seeks to reward and promote industry-wide excellence in the global banking community. One award is given to a single bank in each country for best overall performance. Winners of the award are selected based on their ability to deliver shareholder returns and gain strategic advantage,” the news release said.

Global Finance has been highlighting outstanding financial institutions in the banking industry since 1987. The criteria for choosing the winners in foreign exchange trading included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

Scotia said that these prestigious awards are the latest in a series of accolades it has received, which include:

* Best Consumer Internet Bank Award 2014 – Global Finance

* World Class Certification for Customer Contact Centre 2014 – Service Quality Management Group – (three years in a row)

* Best Bank in Jamaica 2013 – Euromoney Magazine

* Best Emerging Markets Bank – 2013

* Global Bank of the Year and Bank of the Year in the Americas – The Banker 2012.

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Scotia named Bank of the Year, Best Foreign Exchange Trader in Jamaica

Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

Almond Beach Village, Barbados (File photo)

BRIDGETOWN, Barbados, Sunday July 27, 2014, CMC - Jamaican hotelier, Gordon ‘Butch’ Stewart’s, Sandals Group will within a few days purchase a Barbados flagship tourism property, Almond Beach Village, for US$53 million.

Reporting on the matter, the Sunday Sun newspaper, hailed the pending transaction for providing a boost to Barbados’ highly stressed foreign exchange coffers.

“It will all be in the form of badly needed foreign currency,” the paper stated.

The property is currently owned by state corporation, Barbados Tourism Investment Inc.(BTI), through which government has been borrowing money from another state entity, National Insurance Service, to keep that premier real estate afloat.

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Sandals Chairman, Gordon “Butch” Stewart.

The sale of Almond to Sandals was recently examined by Cabinet and approved by prime minister Freundel Stuart.

The Sunday newspaper quoted from a note sent to Cabinet by BTI when the purchase was being considered, “It is also worthy of note that Barbados would have been able to convert a Barbados dominated loan facility, namely borrowings from [NIS] and Almond Resorts Inc., which was all in Barbados currency, into United States dollars at a rate of $2 to $1?.

The emphasis on the foreign exchange gain from this anticipated purchase comes against the background of an analysis by international rating agency Moody’s on the perilous threat the Barbados dollar faces if its foreign currency reserve suffers further drops.

“Any further erosion in reserves would likely put further pressure on Barbados’ currency, which is pegged to the US dollar,” Moody’s stated in a July 21 report.

Moody’s added, “After recovering slightly during the previous three quarters, foreign exchange reserves have resumed their decline, and as of 30 June remained around 25 per cent below early-2013 levels,” Moody’s noted. “This decline occurred despite a slight recovery in long-term private financial inflows that traditionally help support the central bank’s international reserves”.

Half-year figures from the Barbados Central Bank show the foreign exchange reserve falling from BDS$1,219.9 (One BDS dollar = 50 US cents) at the end of June 2013 to BDS$1,093.3 at June 30 this year.

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Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

Almond Beach Village, Barbados (File photo)

BRIDGETOWN, Barbados, Sunday July 27, 2014, CMC - Jamaican hotelier, Gordon ‘Butch’ Stewart’s, Sandals Group will within a few days purchase a Barbados flagship tourism property, Almond Beach Village, for US$53 million.

Reporting on the matter, the Sunday Sun newspaper, hailed the pending transaction for providing a boost to Barbados’ highly stressed foreign exchange coffers.

“It will all be in the form of badly needed foreign currency,” the paper stated.

The property is currently owned by state corporation, Barbados Tourism Investment Inc.(BTI), through which government has been borrowing money from another state entity, National Insurance Service, to keep that premier real estate afloat.

Click here to receive free news bulletins via email from Caribbean360. (View sample)

Sandals Chairman, Gordon “Butch” Stewart.

The sale of Almond to Sandals was recently examined by Cabinet and approved by prime minister Freundel Stuart.

The Sunday newspaper quoted from a note sent to Cabinet by BTI when the purchase was being considered, “It is also worthy of note that Barbados would have been able to convert a Barbados dominated loan facility, namely borrowings from [NIS] and Almond Resorts Inc., which was all in Barbados currency, into United States dollars at a rate of $2 to $1?.

The emphasis on the foreign exchange gain from this anticipated purchase comes against the background of an analysis by international rating agency Moody’s on the perilous threat the Barbados dollar faces if its foreign currency reserve suffers further drops.

“Any further erosion in reserves would likely put further pressure on Barbados’ currency, which is pegged to the US dollar,” Moody’s stated in a July 21 report.

Moody’s added, “After recovering slightly during the previous three quarters, foreign exchange reserves have resumed their decline, and as of 30 June remained around 25 per cent below early-2013 levels,” Moody’s noted. “This decline occurred despite a slight recovery in long-term private financial inflows that traditionally help support the central bank’s international reserves”.

Half-year figures from the Barbados Central Bank show the foreign exchange reserve falling from BDS$1,219.9 (One BDS dollar = 50 US cents) at the end of June 2013 to BDS$1,093.3 at June 30 this year.

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Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

Further erosion of foreign reserves puts Barbados dollar in danger – Moody’s

BRIDGETOWN, Barbados, July 23, 2014, CMC - With Barbados’ foreign reserves standing below the 2013 level, International credit rating agency, Moody’s has warned that strain could be put on the dollar.

“Any further erosion in reserves would likely put further pressure on Barbados’ currency, which is pegged to the US dollar,” Moody’s stated in a July 21 report.

The agency issued its analysis based on the Central Bank of Barbados’ fiscal first quarter report issued on July 15.

The analysis is titled, ‘Barbados’ Mounting Fiscal Challenges and Persistent Economic Weakness Are Credit Negative’.

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“After recovering slightly during the previous three quarters, foreign exchange reserves have resumed their decline, and as of 30 June remained around 25 per cent below early-2013 levels,” Moody’s noted. “This decline occurred despite a slight recovery in long-term private financial inflows that traditionally help support the central bank’s international reserves.”

In its July report the Central Bank set Government’s financing needs for the remaining three quarters of the current fiscal year at BDS$300 million, to be financed by commercial banks, NIS, and other non-bank organisations.

But stating that the fiscal first quarter, ended in June, was an important test for the government’s ability to deliver its deficit reduction program introduced in August 2013, Moody’s raised the level of Government’s estimated financial needs.

Any further erosion in reserves would likely put further pressure on Barbados’ currency, which is pegged to the US dollar

“Given the larger budget gap in the last fiscal year, we now estimate that the authorities need a total adjustment of at least BD$450 million (5.2 per cent of projected 2014 GDP) to reach their deficit objective in the current fiscal year,” Moody’s stated.

Moody’s stated that although it expects Barbados’ fiscal consolidation to accelerate over the next three quarters, “it will remain constrained by revenue underperformance, difficulty reining in transfers and subsidies and rising interest costs.

“Consequently, we are adjusting our 2014 budget deficit projection to 8.5 per cent of GDP from 8.0 per cent, about two percentage points above the government’s target, with risks firmly tilted to the downside.”

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Further erosion of foreign reserves puts Barbados dollar in danger – Moody’s

Influx of foreign talent weakens England team -- FA chairman

LONDON, England (AP) — An alarmingly small talent pool of Englishmen in the Premier League has weakened the national team, the head of the English football said yesterday.

New Football Association chairman Greg Dyke complained that the Premier League he helped to establish in 1992 led to an influx of foreign players that was never foreseen, denying first-team opportunities to home-grown prospects.The former television executive says the fact the Premier League is now “largely owned by foreign owners, managed by foreign managers and played by foreign players” has “weakened, rather than strengthened” the England team.“I am not being xenophobic but my job is to help ensure that English football and particularly the England team is in a healthy state,” Dyke said, addressing a lunch in London.In the inaugural Premier League season — 1992-93 — 69 per cent of players in starting line-ups were English, but Dyke said that had plummeted to 32 per cent last season — an “alarming” and “frightening trend”.Wigan beat Manchester City in the FA Cup in May with just one Englishman in the starting line-up, although home-grown Ben Watson came off the bench to score the winner.Just 25 per cent of new recruits by Premier League clubs in the summer transfer window were English, down from 37 per cent just two years ago, Dyke said, while only 65 English players started in games last weekend.“Taking into account that some of these players are not international standard I think it’s fair to say we already have a very small talent pool and it’s getting smaller,” he said.In the summer transfer window, £490 million ($760 million) of the £630 million ($980 million) spent by English sides went to overseas clubs — up 60 per cent year-on-year, according to accountancy firm Deloitte.Dyke pointed to how Sunderland — owned by an American (Ellis Short) and managed by an Italian (Paolo Di Canio) — made 14 signings in the summer transfer window but only one was English.One reason, Dyke pointed out, is that it appears to be cheaper to import players, meaning that “English football is now full of a lot of very average foreign players as well as some brilliant ones”.Dyke is concerned about the number of British work permits being granted to players from outside of the European Union, claiming that around 30 per cent of applicants “did not meet the standard criteria”.“In the future it’s quite possible we won’t have enough players qualified to play for England who are playing regularly at the highest level in this country or elsewhere in the world. As a result, it could well mean England’s teams are unable to compete seriously on the world stage… year by year, the position is getting worse.”To find out why England is struggling and to produce solutions to the “serious and growing problem”, Dyke is setting up a commission that will include the heads of the Premier League, the Football League, the League Managers’ Association and the Professional Footballers’ Association.“Often the toughest challenge is implementing ideas for change, particularly when the tanker needs turning,” Dyke said. “And English football, I think, is a tanker which needs turning.”While not writing off England’s chances completely of competing at tournaments, Dyke does not expect the 1966 World Cup winners to challenge for honours at the next two World Cup or European championships.

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Influx of foreign talent weakens England team -- FA chairman

Foreign ministry meets with Canadian officials

News

Friday, August 09, 2013

Foreign Minister, Senator A J Nicholson (third right) yesterday received a courtesy call from members of the Canadian Parliament and private sector, led by Don Meredith (third left), a Jamaican-born member of the Canadian Senate. While in Jamaica, the Canadian team visited the Denbigh Agricultural, Industrial and Food Show in Clarendon, and attended the Independence Grand Gala at the National Stadium in Kingston. The foreign ministry said yesterday that the participation of the Canadians is part of a wider programme to promote greater collaboration in trade and investment between Canadian and Jamaican interests. Participating in the discussions are David Prendergast (centre), head of the Trade Agreements Implementation Coordination Unit, Foreign Trade Division; wife of Senator Meredith, Michelle (second left); Sima Gandhi (left), an official from the Canadian private sector; Cherryl Gordon, (second right), acting deputy director, Foreign Trade Department, Ministry of Foreign Affairs and Foreign Trade; and Deon Williams, acting director, Bilateral Affairs Department of the ministry.

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Foreign ministry meets with Canadian officials