Mozambique eyes export markets

first_imgPLANS to boost export coal traffic from the near-mothballed Moatize coalfield will revive rail routes in northern Mozambique. The first phase would see a US$30m upgrading of rail and port facilities at Nacala to handle up to 1000 tonnes an hour. This would help to clear a stockpile of 200000 tonnes at the mines. The second phase covers rehabilitation of CFM’s Moatize – Beira line at a cost of US$300m, providing the capacity for mining to resume on a regular basis. Preparatory work is due to begin this year. The biggest project will be restoration of the Zambezi bridge at Dona Ana, destroyed in 1986 during the civil war. A feasibility study is under way for an iron ore smelting plant at Manica in central Mozambique, which would exploit the local Temane gas field. The Beira Iron Project involves bringing between 2·8 and 5million tonnes of ore per year by rail from Zimbabwe’s Buchwa Iron Mining Co and dispatching 2million tonnes of hot briquetted iron to Beira for export to eastern industrial markets. olast_img read more

IPE Views: Must institutional investors consider human rights?

first_imgIPE contributing editor Joseph Mariathasan asks whether, when it comes to human rights, institutional investors should have to worryNext month marks the second anniversary of a tragedy in Bangladesh that has implications for institutional investors in Europe. On 23 April 2013, the eight-storey Rana Plaza in Dhaka, Bangladesh, housing five factories, collapsed, killing more than 1,100 people and injuring more than 2,500. At one level, the tragedy was a reflection of the very low levels of workplace safety tolerated in many emerging markets that would be completely unacceptable in the developed economies. But at another level, it was an indication of the lack of effort on the part of well-known brand names to ensure human rights are being supported in the supply chain for their goods.Garment factories are producing goods for well-known brand names that constantly scour the globe to obtain the cheapest labour – garment manufacturing is one of the key industries any emerging country seeks to attract first, as it requires little investment beyond buildings, power supplies and sewing machines, together with a large supply of cheap labour. The pressure to reduce costs is immense to remain competitive against other, newer emerging countries, whether Cambodia or perhaps Myanmar in the future. As the Bangladesh experience showed, cutting corners to maximise production can be tragic. But how can shareholders respond to human rights issues, such as labour conditions, in the supply chain of companies they are supporting through their investments?   For institutional investors, the issue may not be purely academic. The OECD produces guidelines for multinational enterprises that serve to emphasise that human rights need to be respected by corporations. But does that mean institutional investors can leave it to the companies they invest in to take the lead? The answer appears to be no. In 2013, an international coalition of NGOs filed an OECD complaint against APG and the Norwegian Bank Investment Management, managers of Norway’s sovereign wealth fund, for having minority investments in the South Korean company Pohang Iron and Steel Company (POSCO). POSCO was planning to develop a large steel plant, mining operations and a port in the Indian state of Odisha, including roads and railroads. However, this had attracted controversy because of a range of alleged human rights violations including forced evictions. Whatever the rights or wrongs of POSCO’s actions, the issue institutional investors face is that of being publicly criticised for making ‘irresponsible’ investments.Institutions cannot be expected to undertake due diligence on every activity by companies they invest in. Yet, at the same time, they can be understandably criticised if they appear to be doing nothing with respect to ensuring human rights are being taken into consideration. For institutions, the answer to this problem may lie in the new UN Guiding Principles for Business and Human Rights Reporting Framework, launched in February. It has already been adopted by companies including Unilever – the first adopter – Ericsson, H&M, Nestlé and Newmont. Boston Common Asset Management is one of the lead investor signatories to a statement of support for the Framework, alongside many well-known European asset management firms including Robeco, BNP Paribas Investment Partners, MN Services and Aviva Investors.Lauren Compere, managing director at Boston Common, was very excited when I spoke to her about the impact the Framework is likely to have on the way human rights can be taken account of by institutional investors. As she points out, it is part of a broader push to encourage companies to take human rights into consideration. The EU’s own new non‐financial reporting Directive will require around 6,000 companies to report on their management of human rights risks. What the new UN Framework provides is a set of ‘smart’ questions that enable companies to begin reporting on their human rights performance, regardless of size or how far they have progressed in implementing their responsibility.If institutions apply pressure on companies to take this seriously, it will incentivise them to improve over time. Institutional pressure on companies is unlikely to eliminate all future calamities such as the Rana collapse. But it may at least help to prevent some.Joseph Mariathasan is a contributing editor at IPElast_img read more

Dual-living home on big riverside block sure to draw interest

first_imgThe home at 92 Bray Rd, Lawnton. Picture: supplied.Sitting on a quiet street and backing onto North Pine River, this two-storey home is light-filled and peaceful. Owners Sue and Martin Norman bought the 1960s property at 92 Bray Rd, Lawnton in 1981 and undertook three major renovations since then. Mrs Norman said the first renovation saw the once highset house become a two-storey home. The second renovations resulted in a granny flat, carport, new upstairs windows and the cladding replaced with gyprock, while the third saw the bathrooms and granny flat kitchen get revamped and the home repainted. The open-plan kitchen and dining area at 92 Bray Rd, Lawnton. Picture: supplied.Mrs Norman said “pretty much” the entire home had been touched up at some point. “I think there are only two original windows left in the house,” she said. The house it set on a 2228sq m block with a fenced yard, water tanks and access to the river.“When you come down the hill (into this section of Bray Rd) it is like entering another world,” Mrs Norman said. “We get beautiful breezes coming up the river and if you sit in the lounge room and all you can see is bush.” Mrs Normal said the home was spacious, bright and airy. One of the outdoor spaces at 92 Bray Rd, Lawnton. Picture: supplied.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoThe main house has polished hardwood floors upstairs, wood-look vinyl flooring downstairs and a kwila timber staircase. There is an open-plan living, dining and kitchen area flowing out to a veranda. Upstairs there is a second living area opening to a balcony. There are four bedrooms, with built-in wardrobes and airconditioning to three, and two bathrooms. The granny flat has two bedrooms and an airconditioned living room. The kitchen and bathroom were updated six years ago and feature stone benchtops. The home is close to local shops, train station, schools and the USC Moreton Bay Campus. The property is being marketed by Nathan Taylor of David Deane Real Estate.last_img read more

Trojan Grapplers Take 3 Of 4 At Weekend Home Meet

first_imgThe East Central Trojans Wrestling team recently participated at their home 5-Way meet. EC took three out of four with wins over Batesville, Rushville, and Cambridge City Lincoln while falling short in a close battle with Lawrenceburg.Wrestling – Media ReleaseThe Trojans JV will be hosting a Round Robin on Saturday the 22nd starting at 9 AM. The Varsity will return to action on Friday the 28th and Saturday the 29th at Madison.Courtesy of Trojans Coach Scott Schwartz.last_img

Eagles dare to spoil Gerrard’s day

first_imgDeparting Liverpool captain Steven Gerrard’s final appearance at Anfield ended in disappointment as his side could not give him the send-off the occasion demanded. The 34-year-old midfielder bade an emotional goodbye to his spiritual home in a 3-1 defeat to Crystal Palace, ahead of his summer move to Los Angeles Galaxy. For the majority of the 44,673 inside the ground the result was not important. But you can guarantee there was one man on the pitch for whom this stung as much as any other defeat. Adam Lallana’s opener was cancelled out by Jason Puncheon’s free-kick before substitute Wilfried Zaha scored 23 seconds after coming on as a substitute. Glenn Murray spoiled the Liverpool celebrations of their long-time servant by firing home the rebound after missing an added-time penalty as Palace deservedly left with three points. Two mosaics – SG8 in the Kop and Captain along the lower tier of the Centenary Stand – and a guard of honour paid tribute to one of the club’s greatest players. However, in the first half there was little evidence of the Gerrard whose name and deeds are writ large in Liverpool’s rich history. It was Jordan Henderson spraying the raking crossfield balls and making driving runs into the area, his midfield colleague restricted to dropping deep and knitting play together with easy lay-offs. The testimonial feel of the pre-match guard of honour, mosaic and back-slapping was extended into the first 20 minutes with hardly a shot or tackle in anger. Liverpool’s breakthrough, in the 26th minute, came via a helping hand from former Reds academy graduate Martin Kelly, whose backpass to Scott Dann sold his central defensive partner short allowing Lallana to steal possession and fire past Wayne Hennessey. After that Palace dominated with Yannick Bolasie, who gave Dejan Lovren all kinds of problems on the left side of a reconstituted three-man defence, Joe Ledley and Puncheon all threatening. It was the preamble to a brilliant equaliser as Puncheon whipped a 43rd-minute free-kick over the wall to leave Simon Mignolet, who had shifted his weight fractionally to his right, motionless. That was not scripted as part of Gerrard’s fond farewell and the question was whether the Liverpool captain, kicking towards an adoring – occasionally imploring – Kop, could do anything about it in the second half. When the ball dropped invitingly on the edge of the area many expected to see Gerrard charging in to smash home, much like his famous strike against Olympiacos. Instead it was Henderson, the man expected to at the very least take over the armband from Gerrard next season, who arrived and bundled a shot into the ground and wide. When the Liverpool captain finally got himself in a position to shoot his effort did not carry the power to beat Hennessey. The fact he was that far forward at all was out of necessity as Eagles substitute Zaha had put the visitors ahead with his first touch after coming on when he converted a deflected cross from Bolasie, who later hit the crossbar, despite there being a suspicion of offside. Palace boss Alan Pardew would argue that was some compensation for not getting a penalty earlier for Martin Skrtel’s challenge on Lee Chung-Yong, whose protests earned a reprimand from referee Jon Moss. Lucas Leiva’s appearance off the bench drew one or two glances from Gerrard, concerned his swansong may be cut short, but Brendan Rodgers’ plan was to move his captain further forward. That allowed him to at least be in the vicinity of the right areas as almost the whole ground was willing the ball to fall to the home captain for one last hurrah. One 30-yard free-kick and a sliced effort well over from ‘Gerrard territory’ were as close as he came. He fought till the end, with one crunching tackle on Pape Soure winning the ball back in a dangerous position, but even his often super-human powers could do little about the penalty award for Lucas’s foul on Zaha or prevent Murray firing in the rebound after Simon Mignolet had initially saved. Press Associationlast_img read more

Ashwin, Saha rescue India

first_img… Teenage paceman Alzarri Joseph enjoys dream debut with prized wicket Virat Kohli(REUTERS) – An unbeaten century stand for the sixth wicket by Ravichandran Ashwin and Wriddhiman Saha put India in a respectable position after the first day of the third Test against West Indies in St`Lucia yesterday.Alzarri Joseph dismisses Virat Kohli for his maiden Test wicket on the first day of the third Test at Gros Islet.Alzarri Joseph dismisses Virat Kohli for his maiden Test wicket on the first day of the third Test at Gros Islet.The visitors were 234 for five at the close of play with all-rounder Ashwin on 75 and wicketkeeper Saha on 46, the pair having added 108 to leave honours even at the Darren Sammy Stadium in Gros Islet.Opener Lokesh Rahul chipped in with a brisk 50 earlier but India’s batsmen were otherwise bogged down until Ashwin and Saha cut loose against the second new ball, plundering 46 runs off the final nine overs.The late flurry took the gloss off what had been an encouraging day for West Indies after the hosts won the toss and decided to bowl.Teenage paceman Alzarri Joseph enjoyed a dream debut, in his third over claiming the prized wicket of India captain Virat Kohli, caught at first slip for three.Joseph (2-38) also snared Rohit Sharma, caught behind for nine, while all-rounder Roston Chase continued his excellent series by picking up two wickets with his off spin.Fast bowler Shannon Gabriel (1-68) was expensive although he at least took the first wicket of the day when Shikhar Dhawan (one) gloved a short ball down the leg side to wicketkeeper Shane Dowrich.Jason Holder and Miguel Cummins bowled with discipline in the four-pronged pace attack but went wicket-less.The day belonged to Ashwin, who was dropped on 21 and received another reprieve on 35 when he was caught at point off a Gabriel back foot no-ball.THORN IN SIDEAshwin has been a thorn in West Indies’ side the entire series, making a century and claiming seven wickets in the first Test before picking up another six victims in the second match.Rahul followed up his 158 from the second Test by reaching his half-century in 64 balls before falling to the very next delivery when he flicked Chase straight into the waiting hands of short fine leg.“I wanted to attack the bowlers and put them under pressure because the wicket was a little damp the first hour,” said Rahul.“The ball was doing a bit with sideways movement … and with this being an open ground, and with the breeze, there was swing throughout the day.“I did my job pretty well, got the team off to a decent start and the boys carried on from there. We’re pretty happy with our effort at the end of the day.”India lead the four-Ttest series 1-0.INDIA 1st inningsL. Rahul c K. Brathwaite b Chase 50S. Dhawan c Dowrich b Gabriel 1V. Kohli c Da. Bravo b Joseph 3A. Rahane b Chase 35Ro. Sharma c Dowrich b Joseph 9R. Ashwin not out 75W. Saha not out 46Extras: (b-5, lb-2, nb-7, w-1) 15Total: (for 5 wickets, 90 overs) 234Fall of wickets: 1-9, 2-19, 3-77, 4-87, 5-126Bowling: S. Gabriel 16-2-68-1 (nb-5), A. Joseph 14-3-38-2, M. Cummins 14-5-36-0 (w-1), J. Holder 15-6-27-0, R. Chase 23-8-38-2, K. Brathwaite 8-1-20-0.RefereesUmpire: Nigel LlongUmpire: Rod TuckerTV umpire: Gregory BrathwaiteMatch referee: Ranjan Madugallelast_img

‘Candy Man’ Hardy to face Carlos Monroe Jrfor WBA FEDELATIN Middleweight title

first_imgGUYANA’s Simeon ‘Candy Man’ Hardy will step into the ring against American, Carlos Monroe Jr, on May 11 for the WBA FEDELATIN Middleweight title, in Atlanta, Georgia.“I’m excited about this fight,” the 31-year-old Guyanese boxer told Chronicle Sport in an exclusive interview.The New York-based Hardy also added that the “chances are good and a title is on the line. It’s short notice and I’ve been expecting something like this, so I was working with the intent of a call which eventually came and I took it without second thoughts… Carlos is a young strong undefeated prospect and I’m going to beat him. I’m excited and looking forward to this fight.”In his 16 professional bouts, Hardy, a former WBC CABOFE Champion, came out victorious 14 times, winning 11 by TKO. He however, he was defeated twice. In his last fight, ‘Candy Man’ won via a first round TKO over Brandon Baue.Monroe is a 24-year-old undefeated fighter, who won 11 of his 14 fights by knockout.Hardy’s first blemish on his record came against Armenian Vito Gasparyan, where he suffered a Unanimous Decision loss, despite a good showing in the ring.Before migrating, the Sophia native had kayoed Iwan Azore to win the vacant CABOFE welterweight title at the Cliff Anderson Sports Hall.Hardy’s last fight in Guyana was against Howard Eastman in 2012, when he picked up a Majority Decision win after out-boxing the former Commonwealth middleweight champion.last_img read more

Grassley says he is supporting and praying for Ernst

first_imgNEW HARTFORD — Iowa Senator Chuck Grassley says he is praying for his colleague and fellow Senator Joni Ernst.The private life of Senator Ernst has become very public lately, with the release of documents surrounding her divorce. There are allegations of extramarital affairs, physical abuse by her now-ex-husband and Ernst said Wednesday night she was raped while she was a student at Iowa State University.“People know how much I respect Senator Ernst and I don’t think I should comment in any way on her private life,” Grassley says. “She’s got to deal with a very tough situation that probably shouldn’t be discussed publicly but it seems to me she’s handling it very well.” Grassley, who is 37 years older than Iowa’s junior senator, was asked if he’s attempted to talk with Ernst since the personal details of her life went public, to offer his advice or comfort.“Obviously, I support her totally and it may sound sentimental to say that I’ll pray for her,” Grassley says. “To be more direct to your question and not to really expand on anything I said, but yes, I did reach out to her.” Grassley says it should be clear from the schedule Ernst keeps that “she’s working hard for Iowans every day.”last_img read more

Reed blazes unique trail… Pittsburgh native making his mark at ESPN the Magazine

first_imgby Malik VincentPittsburgh has its fair share of natives that have made a name for themselves in the fields of media and journalism with Sharon Epperson from CNBC; Bev Smith, formerly of American Urban Radio Networks; and the late Dennis Schatzman, author, former Courier city editor and Los Angeles Sentinel columnist. KEITH REED Keith Reed, originally from Lincoln-Larimer, is moving on a similar path.As a sports and business journalist, Reed’s itinerant journey has landed him in four different states. He has had jobs with publications such as the Boston Globe, Cincinnati Inquirer, and Catalyst-Cleveland magazine where he was the editor-in-chief.Last year, at age 34, he accepted a position as senior editor of ESPN the magazine.“I’d learned of my talents at an early age,” Reed said. “I knew I could write.”His duty, along with the other five senior editors at the magazine, is to conceive and execute all of its content. Specifically, Reed has been designated to head up its coverage of fighting sports such as mixed martial arts and boxing, as well as business-related topics.“On a day-to-day basis, I’m having some of the most fun that I’ve had in my life at this job,” Reed said. “The relationships that I built with my colleagues is amazing. Some of them aren’t just that, they’re some of my best friends. Some of us grew up in the business together.”Jemele Hill, a staple on ESPN TV shows like Around the Horn, ESPN’s First Take, and The Sports Reporters gives Reed’s work at what they call “the mag”, high regards.“Hiring Keith was one of the best decisions they could have made for the magazine,” said Hill, who is a contributor. “He brings this innate practicality as a journalist. He’s very curious and he brings real world experience to the job. It’s really refreshing.”Reed graduated from Westinghouse High School in 1995. He transferred there after being excused from Schenley after his freshman year, where he was a part of the city’s magnet program.“I got in a lot of trouble that year,” he said. “My grades weren’t great so they kicked me out.”Just before Reed got to Schenley, he and his mother Yvonne lived in Washington, DC.“It was a good thing for me to experience a major metropolitan area at that point in my life,” he said. “I got to see a lot of good things and progressive Black people that were rich and powerful.”That may have played a part in him choosing not to stay in Pittsburgh past high school. He matriculated to Coppin State College, a historically Black college/university in Maryland, that fall. He earned a degree in English in 2000.“I tried to get him to stay and attend Pitt,” said Yvonne Reed, who is a graduate of Point Park College with a journalism degree. “He attended the Black college tour and visited Coppin. He liked how it was in a bigger city (Baltimore) and how they had a great journalism program.”In his sophomore year at Coppin, he learned that he’d be a father to his son Malik. Reed has full custody of the now 15 year old. His younger son, Elijah, lives in Pittsburgh.“Granted, I love my job,” he said. “But the greatest thing about it is to be able to provide a good living for me and my boys.”“Keith has been a dedicated father,” Yvonne Reed added. “He does and has done everything he can to support his boys, both morally and financially.”He and his older son currently live in West Harford, Conn., which is close to ESPN’s Bristol campus.Reed proudly serves as treasurer of the National Association of Black Journalists, the organization he credits with most of his professional opportunities.“It’s a big deal to me to be able serve as a leader of NABJ,” he said. “I’ve met a lot of people there. It’s created so many ways for me and some of my closest friends to grow.”According to Reed, being from Pittsburgh, with its small-town feel, isn’t the worst thing for success in his field.“You don’t have to be from DC, Chicago, New York, Boston, or Miami in order to make it to ESPN,” he said. “I’m a kid from a rust-belt city who grew up in a neighborhood with a lot violence, but also in a family that had a lot of love.”His mother is his biggest inspiration. He credits her for establishing a “solid foundation” for his success.“She would write me stories when I was very young,” he said. “I would read them and automatically want to emulate it. It fueled an interest for me to become a good writer.”Print publication encompasses most of Reed’s experience, but he hasn’t ruled out other possibilities in his career, down the road.“Don’t be surprised if you ever saw me on one of the shows, in the future,” he added.“I’ve told him for a long time that he would be great on television,” Hill said. “He’s established himself as a very good resource for the business end of Sports. He would be a true asset if that is something that he chooses to do.”(Malik Vincent can be reached at or on Twitter @malikvincent.)last_img read more