“China-Guinea deal highlights Africa business ties - Twin Falls Times-News” plus 4 more |
- China-Guinea deal highlights Africa business ties - Twin Falls Times-News
- UPDATED: Bail bond industry battling slump in business - Star-Press
- CA-BUSINESS Summary - ReportonBusiness.com
- San West, Inc. Announces 5-for-1 Forward Split Record Date Set for ... - Stockhouse
- Business people and places - Cincinnati.com
| China-Guinea deal highlights Africa business ties - Twin Falls Times-News Posted: 25 Oct 2009 07:25 AM PDT A $7 billion mining deal between Guinea's repressive military regime and a little-known Chinese company underscores China's full-throttle rush into Africa and its willingness to deal with brutal and corrupt governments. The deal announced last week by the West African country's military junta offers the company, China International Fund, access to Guinea's bauxite and other minerals and could provide major revenues to a government facing international isolation. Guinea's soldiers opened fire on demonstrators late last month, killing up to 157, and raped women in public. Human rights groups decried the pact. China's government has declined to confirm it or answer related questions, and the company also refused to comment. In many ways, the Guinea deal reflects established Chinese business practices in Africa, characterized by huge investments in a still-poor continent but also secrecy and often scant regard for labor and human rights. China's defenders point out that other investors from the West, Japan, India and elsewhere are also major economic partners with less-than-democratic African governments. In Guinea, Alcoa of the United States and Anglo-Australian Rio Tinto PLC are already major players in the bauxite business. Also, China has given aid, loans or investment to more than 17 African nations, some of which do have democratic governments. But China's practices have raised questions about whether the huge sums will hamper the progress of human rights and good governance in Africa, even as they raise the standards of living and line the pockets of some. China has given large chunks of money to corrupt and abusive regimes such as those in oil-rich Nigeria and Sudan, much criticized over abuses in the Darfur region. For example, China has a controversial $9 billion agreement with violence-plagued Congo. "There's obviously mixed emotions with regard to China-Africa relations," said Kellie Jane Whitlock, of the South African magazine Corporate Africa. Unlike companies from the recession-struck West, there are "Chinese companies that are still growing and looking into investing further into Africa," Whitlock said. The Chinese are "quite inclined to look after their investment and build their investment. They are serious about investing in Africa." Scrutiny and mixed emotions are rising in Africa as the volume of China's dealings soar. Trade has soared 10 times since 2001, passing the $100 billion-mark last year. Estimates of Chinese investment in Africa range upward from $6 billion as China tries to lock up oil, gas, and other key resources for its resource-hungry economy. Estimates for total loans, investment and aid donations _ often difficult to distinguish from each other _ run closer to $50 billion. Hong Kong-registered China International Fund has done big deals with another undemocratic African government: Angola. The company, known as CIF, is building housing, highways and the capital's airport in Angola, which is one of China's leading suppliers of oil. CIF is a private company, though its ultimate ownership is unclear. But in embarking on these deals, it can count on high-level access to leading Angolan officials and a web of contacts to China's state-backed industries and companies, especially the Export-Import Bank of China, which funds many of the country's major overseas investments. CIF's directors are also believed to have ties to China's military and security forces, boosting their relationships with the country's communist leadership. In the case of China International Fund and Guinea, it isn't known whether the company was working on the deal before December's coup that brought Capt. Moussa "Dadis" Camara to power. The British think-tank Chatham House recently reported that CIF had been working on a $1.6 billion investment plan for the country spanning infrastructure, housing, mining, transport, tourism, and food production. In exchange, the company would theoretically gain access to Guinea's plentiful deposits of bauxite, the raw material used to make aluminum, along with diamonds and gold. Mines Minister Mahmoud Thiam said the Chinese company "will be a strategic partner in all mining projects." Thiam also said that new power-generating plants, railway links, and planes for both international and local air transportation are part of the deal. Founded in 2003, CIF appears to be among the boldest _ and best connected _ of the Chinese investors in Africa. The company's Hong Kong business registration lists it as 99 percent owned by Dayuan International Development Limited, identified by Chatham House analysts as the parent company of China Angola Oil Stock Holding Ltd., which exports Angolan oil to China. The remaining 1 percent is owned by CIF's chairwoman, Lo Fong Hung, who is also one of Dayuan's four directors and whose husband, according to Chatham House, has been a director of the Chinese government's two biggest investment arms. CIF has become a broker for huge infrastructure projects in Angola, tapping financing from China's Exim Bank and secured by the African nation's oil revenues. Among the company's projects: 215,500 housing units totaling more than 333 million square feet (31 million square meters); the restoration of 1,000 miles (1,600 kilometers) of highway and 1,665 miles (2,680 kilometers) of railway; and the construction of the capital's new airport. Many of those remain in the planning stages, however, and some have run aground. Chinese media reports say other Chinese subcontractors have complained that CIF was failing to pay for work and materials supplied for some other African construction projects. "Some projects have been slow to get off the ground, and there are bottlenecks," said Chatham House's Weimer. "They are not delivering on their timelines." A receptionist who answered the phone at its Beijing office said she had no information about the Guinea mining deal and there was no one available to comment. A woman who answered the phone at the fund's Hong Kong office declined to comment and there was no response to questions faxed to the office. Despite CIF's deep connections to the government, Africa expert Stephen Morrisson said the company likely hatched the deal on its own, without excessive Chinese government involvement. "Often these decisions are taken quite independently and often there is little internal policy coordination or deliberation," said Morrisson, of the Center for Strategic and International Studies in Washington. He also questioned reports characterizing the deal as a "lifeline" to the Guinean regime, saying the leadership likely lacked the wherewithal to fully see it through. "Overall, I don't think this will rescue the current miserable crowd attempting to rule Guinea," Morrisson said. --- Associated Press reporters Carley Petesch and Donna Bryson in Johannesburg contributed to this report. This content has passed through fivefilters.org. |
| UPDATED: Bail bond industry battling slump in business - Star-Press Posted: 25 Oct 2009 09:12 AM PDT INDIANAPOLIS (AP) — Crime doesn't pay like it used to — at least not for the bail bond industry. Dozens of bail agents are closing up shop as part of a national trend that has seen many hurting for business. Agents blame the economy and, in Marion County, new bond policies for those charged with minor offenses. "I am just trying to hang on," said Mark Thompson, owner of Hollywood Bonding, where business is down about 60 percent. "I am going week-to-week these days. But it's just not worth it anymore." Bail agents are independent contractors backed by surety companies who post bonds for defendants, allowing them to get out of jail while awaiting trial. Their business thrives as long as a steady stream of criminal defendants seeks bond insurance, which typically costs 10 percent of the bond amount and requires collateral such as a house or car. Crime usually goes up with when jobs disappear, and so does the bail bond business. But more clients are asking for bail without the required collateral, and a new Marion County policy sets lower cash bonds for minor offenses and lets the bonds be paid directly to the court, with no collateral necessary. That's been a blow to the bond business. "In the past, when things went bad, bail bonds were always OK because people still got arrested," said bail agent Kate Sweeney, 38, of Indiana Bail Bonds. "But with this latest crash, things sort of tanked." Sweeney says she's decided to get out of the business. She's not alone. Indiana has 383 licensed bail and recovery agents. About a third have until Oct. 31 to renew their licenses, according to the Indiana Department of Insurance, but already 40 have sent notice that they will not be renewing. Leslie Sebring, owner of AAA Bailbonds for 44 years, says he's sticking with it. "We are writing fewer bonds," he said, "but they are higher bonds." Marion County judges say the county's new policy helps hold down jail crowding and note that it's difficult for unemployed criminal defendants to afford conventional surety bonds. "Some people can't even afford a thousand-dollar bond," said Marion Superior Court Judge Robert Altice Jr. Altice said defendants can use their cash bond refunds to hire a private attorney rather than rely on a public defender. "Anything we can do to lessen the workload for our public defenders is a good thing," Altice said. This content has passed through fivefilters.org. |
| CA-BUSINESS Summary - ReportonBusiness.com Posted: 25 Oct 2009 08:51 AM PDT Quarter's fine print to set fate of gold stocks TORONTO (Reuters) - Strong gold prices and tame cost inflation should lead to robust third-quarter results from Canadian gold producers, but investor focus will likely be on updates on new mines and fresh details on the unwinding of Barrick Gold's Qatar Airways still interested in Bombardier's CSeries DOHA (Reuters) - Qatar Airways is "very interested" in buying Bombardier Inc's Standard Life not planning Canadian sale:source LONDON (Reuters) - British insurer Standard Life TSX tumbles on weaker oil, Agrium outlook TORONTO (Reuters) - The TSX fell more than 1 percent in a broad slump on Friday, dragged lower by softer oil prices and a weak outlook from fertilizer producer Agrium Inc Canadian dollar falls on weak oil, BoC warnings TORONTO (Reuters) - The Canadian dollar sank further against the greenback on Friday as warnings from the Bank of Canada that the currency's strength was a risk to economic growth weighed on investor sentiment. On Thursday, Governor Mark Carney said in a news conference that intervention in currency markets was an option but also stressed the bank's main concern was controlling inflation. Artumas starts drilling in onshore Mozambique block JOHANNESBURG (Reuters) - Canada's Artumas Group Inc Carl Icahn quits Yahoo board, commends CEO SAN FRANCISCO (Reuters) - Billionaire activist investor Carl Icahn gave up his seat on the Yahoo Inc Oil falls toward $80 as dollar firms, stocks fall NEW YORK (Reuters) - Oil prices fell on Friday as a stronger U.S. dollar and doubts over the pace of economic recovery halted the commodity's recent rally. The dollar gained against a basket of other currencies, while the S&P stock index fell more than 1 percent, as weak industrial sector earnings made investors question the pace of an economic recovery. Ford Canada plant idled due to India labor unrest OTTAWA/TORONTO (Reuters) - Ford Motor Co Canada runs C$23.7 billion budget deficit over 5 months OTTAWA (Reuters) - Economic weakness and subsequent stimulus plans pushed Canada's federal budget deficit to C$5.34 billion ($5.09 billion) in August from C$1.86 billion a year earlier, the Finance Department said on Friday. For the first five months of the fiscal year, the deficit was C$23.68 billion, compared with a surplus of C$1.09 billion in the corresponding period of 2008. © Reuters Limited. All Rights Reserved. This content has passed through fivefilters.org. |
| San West, Inc. Announces 5-for-1 Forward Split Record Date Set for ... - Stockhouse Posted: 25 Oct 2009 09:05 AM PDT SAN DIEGO, CA, Oct 25, 2009 (MARKETWIRE via COMTEX News Network) -- San West Inc. (OTCBB: SNWT), a Company that designs, manufacturers, sells and repairs off-road vehicles, apparel and accessories, is proud to announce that tomorrow (Monday, October 26th) is the last day to purchase SNWT stock to be on record and eligible for the forward stock split. All shareholders of record at the close of business Monday will be positioned to benefit from the upcoming five-for-one forward stock split to be executed at the start of business on November 2, 2009. The stock split will be affected in the form of a stock dividend and will distribute four additional shares of its common stock for every share of common stock held. San West has satisfied all requirements necessary to execute the forward split and looks forward to sharing the company's recent successes with its loyal shareholders. "The upcoming forward split is designed to strengthen shareholder value by facilitating increased trading among retail investors and also reposition our share price after substantial appreciation in recent months. In addition, I'm excited to state that all shareholders of record at the close of business Monday will be in a position to benefit from this strategic action and look forward to updating the public on the progress that we continue to make on many fronts, in the coming weeks and months," stated San West Inc. CEO Frank Drechsler. About San West Inc.: San West designs, manufacturers, sells and repairs off-road buggies, and additionally provides aftermarket performance products and accessories for off-road buggies. Products are sold via three divisions: at retail store locations, via the online store and through its growing dealer network. Buggy repair services are sold and fulfilled at the Santee, California retail location. For further information about San West Inc. visit www.CountyImports.com, www.BuggyWorld.net and www.SanWestInc.com. Certain statements contained herein are "forward-looking" statements (as defined -- Private Securities Litigation Reform Act of 1995). SNWT cautions that the statements made in this press release constitute forward-looking statements and no guarantees of future performance and actual results or developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time the statements are made. Contact: San West, Inc. Corporate Communication (858) 246-6822 SOURCE: San West, Inc. Copyright 2009 Marketwire, Inc., All rights reserved.This content has passed through fivefilters.org. |
| Business people and places - Cincinnati.com Posted: 25 Oct 2009 08:51 AM PDT Promotions and new jobsMatt Wood has been named senior vice president for the eastern region and Rich Dunning senior vice president for transit management at downtown's First Transit, a division of FirstGroup America. John R. Nelson has been named assistant dean for administrative services at UC Clermont. Connie Heidenreich has joined Harvest Financial Advisors LLC in West Chester as vice president and wealth manager. Monika Royal Roberts has joined Sanger & Eby in the West End as s new business director, and Aaron Johnson has joined the firm as Web application developer. Joining Jaguar Land Rover Cincinnati in Montgomery are: Jeff Spieser, sales administrator; Casey Head and Richard Rothchild, sales guides. Susan Stockman has joined USI downtown as benefits consultant. Fifth Third Bancorp has promoted these employees to officer: Angela Vitch- ner, Matt Beard, Kenneth Webb, Jill Gietzen and Tom Compton. Dr. Gregory A Howes has joined Riverhills Healthcare as a neurosurgeon. Named board members at the Character Council of Greater Cincinnati & Northern Kentucky were: Jeffrey A. Lloyd, Rich Mason, Frank Hickman II and Pete Dowd. Hugh F. Smart has been named assistant vice president and director of advanced markets group at Columbus Life Insurance Co., a member of Western & Southern Financial Group. Bob Brow n has joined the Matrix Cos. in Roselawn as business development manager, while Jon McDermott has joined the firm as business development associate. Sean Fullen has been promoted to director at Deloitte & Touche LLP. Amy Magenheim has been promoted to director at Deloitte Tax LLP. Ben Hensley has been hired as director of business development at Security National Automotive Acceptance Corp. in Mason. AwardsThomas M. "Tommy" Coyne, owner and board chairman of Coyne Textile Services, has been named winner of the Lifetime Achievement Award by the Textile Rental Services Association of America, the national association of the textile rental services industry. Business notes New bridal boutique opensO'BRYONVILLE - Longtime bridal consultant Brigid Horne-Nestor has opened i-do Boutique at 2009 Madison Road next to Ten Thousand Villages. The business specializes in wedding and event planning services, including data from more than 75 vendors selling flowers to makeup to music. It's open seven days a week. Contact: 513-871-6400 or www.i-do-boutique.com. Watson's Pools and Spas expandsEVENDALE - Watson's Pools and Spas has added 6,000 square feet and renovated its showroom to offer a larger selection of indoor fireplaces and stoves and outdoor pizza ovens, firepots and kitchens. Watson's will keep selling indoor and outdoor pools, spas, pool tables and other recreational items. Contact: 513-326-1100 or www.watsons.com. NuVision gains certificationO'BRYONVILLE - NuVision Communications LLC has been certified by the Women's Business Enterprise National Council. Co-owner Karla Tedford says certification gives her firm the opportunity to obtain minority contracts and compete in supplier diversity programs offered by public and private entities. The company offers communications, marketing, training and development services to large and small businesses. Tedford and her husband, K. Michael Hauck, started the business in 2002. Contact: 513-321-3110 or www.nuvisioncom.com Buffalo Wings opens in NorthgateCOLERAIN TWP. - Alan and Amal Alsabbagh have opened a Buffalo Wings & Rings location in the food court at Northgate Mall. The couple relocated the store from Forest Park. The husband-and-wife team have owned a Buffalo Wings & Rings franchise since 2005. The mall location will employ seven people, Alan Alsabbagh says. Contact: 513-671-9464. 2nd Chance Resale Shop opens upNORTHSIDE - Chemical dependency counselor Donna Butler has opened a thrift store that helps pay for drug and alcohol recovery for people who can't afford it. The 2nd Chance Resale Shop at 4020 Hamilton Ave. sells used appliances, jewelry, purses and shoes; clothing for men, women and children; electronics; and various items donated by supporters. The shop is a byproduct of New Direction Treatment Services, a Northside business that Butler also owns. Contact: 513-477-0320 or www.newdirectiontreatment.com Chipotle opening store at Jungle Jim'sFAIRFIELD - Chipotle Mexican Grill plans to open a new location Friday at 5410 Dixie Highway in the Jungle Jim's Shopping Plaza. It also will host a fundraiser for Fairfield Senior High School's athletic department on Thursday. Contact: www.chipotle.com CPS to help suppliers with workshopCORRYVILLE - The Cincinnati Public Schools supplier diversity department will sponsor a workshop Thursday Oct. 29 to help businesses boost sales. The "Selling in the New Normal Environment" educational workshop will be presented by Jana Alverson, partner at Lynn McInturf Associates and the workshop's facilitator. How to find and develop effective salespeople and apply new sales strategies in today's business world will be among topics discussed. The free event is open to the public, but space is limited. It will be from 4 to 7 p.m. in Room 1A at the CPS Education Center, 2651 Burnet Ave. To register, call Beverly Holland at 513-363-0474. E-mail business@enquirer.com with news of new hires, promotions and awards. E-mail jmckinney@enquirer.com with openings, expansions and other news about neighborhood businesses. And make the announcement yourself online. Go to Cincinnati.Com or NKY.com and use Share. It's free. 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