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By ZamChro

It is very scary to see  Kwacha depreciating at a very fast rate. It is costing almost K6 000/per $1. The Jump from Nov’08 to February is just too enormous. This is what we predicated way back here at Zambian Chronicle, the collapse of the world economy is evidently has a lot of impact on the Zambian economy .

That is what happens when you are so dependent on the outside funding. Something is really wrong. This is what happened to Zimbabwe.

In America the economy is souring twice as much, although unlike Kwacha, the $ is appreciating. People are losing homes like crazy and job losses are sky rocketing.

US bank shares hit 17-year low yesterday on rising fears the government will have to nationalize troubled institutions such as Citigroup and Bank of America wiping out investors’ confidence as they feared government controlling of large portion of the financial sector.

According to the Financial Times report, Bank of America shares slid 14% to $3.93 their lowest point since 1984. Share in Citi were down 13.8%, closing at $2.51, their lowest since 1991.

There some options for the banks being discussed. One option, at least for Citi- would be to convert some or all of the government’s $45bn holding of preferred shares, as well as the $35bn in preferred shares held by sovereign wealth funds and other investors into common stock.

There is some refreshing news though from at least one country.

Canada has shown itself to be a pretty  good manager of the financial system in ways that haven’t always been in the United States. This is due to stricter regulation and their conservative culture, one that depends heavily on a vast and stable retail branch network, and clubby working relationship,.

Canada‘s banks have remained the strongest in the G7 and according to the October report by the world Economic Forum, the soundest in the world.

According to a Finance professor at the University of Toronto,  “… in Canada they do it the old fashioned way, where you need money you go to the bank and they will lend you no more than 75% of the value of your house. Canada is a more conservative place and as much as it limits growth in good times, that approach pays off when others begin a race to the bottom.”

It even gets better to know that there is a country like Canada in this world with reliable banks. Instead of our consulting Nigerians, it may be beneficial if President Banda would surround himself with world leaders like the Prime Minister of Canada.

In Canada, five banks the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Bank of Montreal , Largely control the market through thousands of branches across the country, forcing geographic diversification and efficiencies of scale generally not found in US or other countries.

Canadian investment banks, as part of commercial banks, are more tightly regulated and kept in check by main institutions, which would pay a price for unwise investing.

The Financial Times reported that after President Obama’s first visit to Canada, he has decided on taking a path that other presidents have not taken in the past putting banks his agenda and staying open minded to new ideas.

More drama on the souring economy.

On another note, UBS has been sued on account of 52,000 Account holders. The Department of Justice sued the Swiss bank giant for records on thousands of U.S customers. The DOJ says UBS agreed to pay a $780Million fine and reveal information on 250 US customers to avoid prosecution but vowed to fight the broader disclosure. Though some think the end of secret Swiss banking is nigh.

Copyrights © 2009 Zambian Chronicle. All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom. 

Zambian Chronicle is a wholly owned subsidiary of Microplus Holdings International, Inc.

Copyrights © 2009 Microplus Holdings Int., Inc.

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HOPING TO BOOST FOREIGN INVESTMENT

 

Zambia is to defer payments on a 30% customs duty for mining equipment for one year to allow foreign mining companies time to get operations running smoothly.

LUSAKA (Reuters)  – 

Zambia will defer payments on customs duties in a bid to boost foreign investment in its mining industry, finance minister Ng’andu Magande told Reuters in a weekend interview.

Magande said Zambia’s Treasury will defer payments on a 30 percent customs duty on imported mining equipment for up to one year to give companies a chance to get operations going smoothly and gain profits from copper and cobalt projects.

“I can’t tax somebody who is not making profits,” he said.

The Treasury has said it would raise mineral royalties to 3.0 percent from 0.6 percent and corporate tax to 35 percent from the current 30 percent for mining companies following a rise in global metals prices.

Magande said negotiations on royalties, which were scheduled to start in September because Zambia was hiring foreign consultants on the talks.

“We should be able to start this process by the end of September or October. Everybody thinks that perhaps within three months we should be through with the negotiations,” he said.

Copper mining earns the bulk of Zambia’s foreign exchange but analysts say the country does not reap enough benefits becaue the mines are owned by foreigners.

He noted there was no fresh investment from new foreign companies but that existing projects were expected to raise output.

“Most of the big companies that have already had (investment) plans are saying to us that the highest curve of investments is this year and then next year we will see production coming up,” said Magande.

Foreign firms operating in Zambia include London-based Vedanta Resources Plc , Canada’s First Quantum Minerals , Swiss firm Glencore International AG and Australia’s Equinox Minerals Ltd.

Most of Zambia’s big copper mines are majority-owned by foreign firms, with the government holding no more than a 14 percent stake in any one venture.

Zambia forecasts finished copper output to hit 670,000 tonnes in 2007 from 515,000 tonnes the previous year.  

http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=25358&sn=Detail

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It already has 2,500 employees in its construction phase. The Lumwana Project already houses the largest crane in Africa – the diesel powered Hitachi EX5500 excavator with at least 27 EH4500 diesel AC drive trucks to haul the needful. 

A 72 Km power line is taking shape with a substation carrying 330/33Kv capacity is expected to be fully functional this fall. Main housing units approximately 178 (houses) are ready for occupancy and water and sewerage systems are fully functional. 

Peter Tomsett with 25 years experience in the mining industry including his last 20 at Placer as CEO and President has been appointed as the Non-executive Chairman.

classy-daddy-3.gifLumwana is backed by secured $584 million contingent letters of credit from 12 international banks on four continents has a dual listing in Canada & Australia respectively. Lumwana has already paid as much as $3 million in direct taxes to the Zambian government.

With just as much copper, just as much cobalt, just as much gold and just as much uranium in one shove, Lumwana is the best thing to ever happen to the Zambian Enterprise since sliced bread by Supaloaf; to those old enough to reckon … thanks a trillion

Brainwave R Mumba, Sr. 

CEO & President – Zambian Chronicle 

Copyrights © 2007 Zambian Chronicle.  All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom.

Zambian Chronicle is a wholly owned subsidiary of Microplus Holdings International, Inc. 

Copyrights © 2007 Microplus Holdings Int., Inc. 

Just how can the North Koreans teach our U-20 Chipolopolo Boys umupila? But that’s what we are being told they br-01-2.jpgwill offer expertise in. The North Koreans are nowhere in Canada where the best of the best have just advanced to the semi-finals and they will come to Zambia to offer technical expertise in “sports” we are told. Zambia beat Uruguay by 2 to nothing having drawn with Jordan earlier.

 

Our lads are doing just fine and thanks for asking but if it ain’t broke don’t fix it; so do the Texans say and I don’t think we need our cheer leaders from somewhere else because our Chipolopolo fans did a fabulous job both in Vancouver and Toronto.

What we need is to shun these North Koreans at all costs and our good top diplomat Honorable Lupudo Mwape can just tell them that we ain’t looking for new friends we are doing just fine with the ones we got …

We would hate to wake up some day and the world has been embroidered in a nuclear holocaust with North Korea at the helm using Zambian uranium … thanks a trillion

Brainwave R Mumba, Sr. 

CEO & President – Zambian Chronicle 

Copyrights © 2007 Zambian Chronicle.  All rights reserved. Zambian Chronicle content may not be stored except for personal, non-commercial use. Republication and redissemination of Zambian Chronicle content is expressly prohibited without the prior written consent of Zambian Chronicle. Zambian Chronicle shall not be liable for any errors, omissions, interruptions or delays in connection with the Zambian Chronicle content or from any damages arising therefrom.

Zambian Chronicle is a wholly owned subsidiary of Microplus Holdings International, Inc. 

Copyrights © 2007 Microplus Holdings Int., Inc.