Geneva- The Swiss National Bank reported Friday a 8.5 billion franc (8.71 billion dollars) loss in the first nine months of 2010, citing exchange rate loss as the main reasons.
However, according to SNB, earnings on foreign currency investments and valuation gains on gold and the UBS stabilization fund "all had a positive impact on the result," a statement said.
It mentioned that risks from the stabilization fund, set up to support banking giants UBS in 2008 when the crisis -hit bank needed a bailout, were declining in the first three quarters this year.
The appreciation of Switzerland's currency this year, owing to its status as a safe haven and the impact of monetary policy decisions in other countries, led to exchange rate losses that totaled 21.2 billion frances, data showed.
Central bankers have warned as recently as last week that they were ready to act if the rising franc would cause deflationary risks. They are already predictions that Swiss inflation could turn negative for a brief period next year.
The SNB earlier this year made market interventions to weaken the franc versus the euro, but in June stopped purchasing foreign currencies, saying deflation risks have "largely disappeared," though economic conditions have since changed once again.
Regarding its gold, the bank said it holds 1.040 tonnes of the precious metal in the form of currency reserves and made 4.6 billion frances in valuation gains this year, as the price of gold has skyrocketed.
Another story is below, and it looks like Hollywood and Bollywood going to be creating films together:
Hollywood, Bollywood ink deal on films
New Delhi- The worlds two leading film industries have announced an agreement to strengthen joint productions and commercial cooperation, a press release said Thursday.
Between the two, the US and Indian film industries (Hollywood and Bollywood) produce most of the world's commercial films.
The pact between the city of Los Angeles-home to Hollywood- and the Indian film industry represented by the Film and Television Producers Guild of India and Film Federation of India was signed at the Paramount Pictures Studios, a statement issued by the Motion Picture Association of America said.
Hollywood and Bollywood, "agree to develop and strengthen motion picture production, distribution, technology, content protection and commercial cooperation between the two film-making communities."
The two sides also aim at creating a joint film council to encourage Indian film production in Los Angeles.
India has always held fascination for Hollywood and this agreement pulls us closer together with the aim of sharing ideas and best practices on domestic and international film production," said producer Bobby Bedi, who represented the Indian delegation.
Tuesday, May 10, 2011
Monday, May 9, 2011
Joint tourism marketing agreement initiated
Originally published by South Africa-The Good News:
Cape Town Tourism, Johannesburg Tourism and Durban Tourism met at the 2011 Tourism Indaba this weekend to initiate a joint marketing agreement between the three cities. These cities are South Africa's economic and tourism hot spots and the marketing agreement will see them collaborate to maximize tourism development and marketing.
The three organizations agree that cities are the lead brands for countries. Cities are globally recognized as the window through which countries are viewed and are described as a country's most durable assets. Cities have history, heritage that has stood the test of time as well as promising developmental futures.
The joint agreement is the outcome of the three cities reassessing strategies and committing to go beyond the tradition to challenge compartmentalized marketing thinking. "Cape Town, Johannesburg and Durban tell three very different and unique but complementary stories. I strongly believe that we add value to each other's leisure and business tourism offering and I think that this will also go a long way towards providing the prospective international traveller with a seamless impression of destination South Africa. The time has come for us to use creative and innovative ways to maximize the domestic and international leisure as well as business tourism potential, for all three cities," says Mariette du Toit-Helmbold, CEO of Cape Town Tourism.
Lindiwe Kwele, CEO of Johannesburg Tourism added: "All three cities have the confidence to define themselves in the minds of out markets. Johannesburg is a frontier city and personifies urban chic, achievement and a sophisticated energy. Duban is diverse, with a leading port city that exemplifies warmth and tradition. Cape Town is a city of inspiration, hope and freedom with a rich cosmopolitan culture set against the backdrop of unprecedented natural beauty."
The joint marketing forum will see high-level collaboration on marketing and branding initiatives and knowledge exchange on an executive level. The will look at improved city branding and how the unique offering of all three cities are being presented and packaged to both domestic and international travelers.
Philip Sithole of the Kwini Municipality's Business Support and Tourism concluded: "One of the secrets of a winning destination is for cities to realize that we are brands; that we should harness our assets. Positive perception, unique identities, authentic experiences and a powerful story is the armory of a successful city brand. The joint marketing agreement is a formal recognition of our synergies and will go a long way to present a conducive and integrated city tourism experience for both demestic and international travellers."
The three organizations agree that cities are the lead brands for countries. Cities are globally recognized as the window through which countries are viewed and are described as a country's most durable assets. Cities have history, heritage that has stood the test of time as well as promising developmental futures.
The joint agreement is the outcome of the three cities reassessing strategies and committing to go beyond the tradition to challenge compartmentalized marketing thinking. "Cape Town, Johannesburg and Durban tell three very different and unique but complementary stories. I strongly believe that we add value to each other's leisure and business tourism offering and I think that this will also go a long way towards providing the prospective international traveller with a seamless impression of destination South Africa. The time has come for us to use creative and innovative ways to maximize the domestic and international leisure as well as business tourism potential, for all three cities," says Mariette du Toit-Helmbold, CEO of Cape Town Tourism.
Lindiwe Kwele, CEO of Johannesburg Tourism added: "All three cities have the confidence to define themselves in the minds of out markets. Johannesburg is a frontier city and personifies urban chic, achievement and a sophisticated energy. Duban is diverse, with a leading port city that exemplifies warmth and tradition. Cape Town is a city of inspiration, hope and freedom with a rich cosmopolitan culture set against the backdrop of unprecedented natural beauty."
The joint marketing forum will see high-level collaboration on marketing and branding initiatives and knowledge exchange on an executive level. The will look at improved city branding and how the unique offering of all three cities are being presented and packaged to both domestic and international travelers.
Philip Sithole of the Kwini Municipality's Business Support and Tourism concluded: "One of the secrets of a winning destination is for cities to realize that we are brands; that we should harness our assets. Positive perception, unique identities, authentic experiences and a powerful story is the armory of a successful city brand. The joint marketing agreement is a formal recognition of our synergies and will go a long way to present a conducive and integrated city tourism experience for both demestic and international travellers."
Foreign miners submit Zimbabwe ownership plan
Originally published in the Sunday Times:
A government notice issued on March 25th by Indigenization and Economic Empowerment Minister Saviour Kasukuwere gave miners 45 days to provide plans on how they would comply with a law that seeks to give stakes of at least 51% to locals.
Kasukuwere said, "most of the major mines are with us and they are cooperating. What is left is for us to evaluate the substance of their co-operation to see if it meets our expectations."
Although the 45 days have passed, the closing date hasn't come yet because it is 45 days excluding public holidays and weekends. By this calculation the deadline would extend to June 2nd. Foreign mining companies then have until September 30th to comply with the law and surrender 51%.
Kasukuwere told Reuters last week that Zimbabwe's government is strapped for cash and would not pay any money for the mining stakes but would base any payment negotiations on the state's ownership of the southern African country's untapped mineral wealth.
He said on Monday that Kazakh the mining group ENRC and Zimbabwe Mining and Smelting Company, which is owned by Sinisteel of China, had also submitted their local ownership proposals.
"The companies are continuing to come in with their plans," Kasukuwere said.
The coalition government, formed by bitter foes President Robert Mugabe and Prime Minister Morgan Tsvangirai, is divided over the implementation of the Indigenization and Economic Empowerment Act, signed into law in 2008. But critics say this will harshly hurt the country's economic recovery prospects.
Tsvangirai has called the empowerment drive "looting and plunder by the greedy elite.
Kasukuwere said, "most of the major mines are with us and they are cooperating. What is left is for us to evaluate the substance of their co-operation to see if it meets our expectations."
Although the 45 days have passed, the closing date hasn't come yet because it is 45 days excluding public holidays and weekends. By this calculation the deadline would extend to June 2nd. Foreign mining companies then have until September 30th to comply with the law and surrender 51%.
Kasukuwere told Reuters last week that Zimbabwe's government is strapped for cash and would not pay any money for the mining stakes but would base any payment negotiations on the state's ownership of the southern African country's untapped mineral wealth.
He said on Monday that Kazakh the mining group ENRC and Zimbabwe Mining and Smelting Company, which is owned by Sinisteel of China, had also submitted their local ownership proposals.
"The companies are continuing to come in with their plans," Kasukuwere said.
The coalition government, formed by bitter foes President Robert Mugabe and Prime Minister Morgan Tsvangirai, is divided over the implementation of the Indigenization and Economic Empowerment Act, signed into law in 2008. But critics say this will harshly hurt the country's economic recovery prospects.
Tsvangirai has called the empowerment drive "looting and plunder by the greedy elite.
War veterans upset over compensation
Original story is from Public Eye News
A group of former Lesotho Liberation Army members are planning to express their anger to King Letsie III as they fight for compensation from the government.
The veterans have accused the Maseru government of neglecting them despite their huge role in helping end the illegal Basotho National Party rule. The LLA- a military sector of the the Basotho Congress Party- took up arms in 1970.
The former soldiers are now demanding the state compensates them for their contribution to the rise to power of the Congress parties, and have since formed an umbrella body called the Liberation Army Veterans Association (LAVETA)- which seeks to lobby for stakeholders support and government recognition.
On April 30th, the former soldiers met at Sefrika High School and agreed to take their case to the King, insisting since 1993- when they came back into the country from exile- they had been battling to get some form of compensation but to no success.
The veterans allege after the BCP government came into power in 1993, it had only managed to employ 115 of the LLA members, leaving 196 without jobs.
Though the former fighters could not decide when they would be visiting King Letsie III, the Deputy President of LAVETA, Mohloka Koki told Public Eye they intended to talk to the Prime Minister again before taking the matter to the king.
"The Prime Minister was the one who first said we should draft the policy document. We feel it is only fair that we make him aware that nothing is happening, before we take our grievances to the king. DPM Lehohla will be visited again for the last time to check how far he is with the matter."
Efforts to get a comment from government spokesperson, Mothejoa Metsing were not successful.
Journalist killed in car crash/Man suffers seizure, killed by car
The accident took place in Ga-Rankuwa, right after Sebesto had gone to visit his mother for Mother's Day on Sunday. Police say his car crashed into a truck and was then taken to the hospital in serious condition where he died Monday morning.
The SA National Editors Forum spokesperson Femida Mehtar said "Sebesto was regarded as one of South Africa's finest journalists."
Sebesto worked as a bulletin writer for the SABC from 1987 to 2001. He returned in 2008 to be a senior political reporter. Because of his many years in the industry, Sebeteso was one of South Africa's most experienced political journalists.
Also...
Man suffers seizure, killed by car
Johannesburg-A from Jeffreys Bay was killed when he was hit by a car after suffering an epileptic seizure in the city of Uitenhage. Priscilla Naidu from the Eastern Cape police said "the man was in the company of two friends and they were walking in De Gamma Road when he suffered from a seizure."
The still unidentified 39-year-old man died on the scene.
Police ask that anyone with information or anything that could help them find his family to contact the Jeffreys Bay detective Unit on 042-200-6600.
Four dead in bus accident
According to interstate manager George Mokhothu, "The bus was from Thaba Nchu and Botshabelo, and it was workers and students to Bloemfontein. Ambulances emerged from the three main hospitals of the city, Pelonomi.
The names of the victims could not be released because some family members have yet to be notified properly.
Another story is below:
In Johannesburg, the bodies of a man and woman who appeared to have drowned were found at the Wolfgat Nature Reserve on the False Bay coast on Sunday.
National Sea Rescue spokesperson Craig Lambinon said the NSR Strandfontein was activated at 6:45pm after it received a report of two possible drownings at the nature reserve.
He also said the woman "is believed to be in her 30's, but is otherwise unidentified."
The male was last seen by eyewitnesses floating in shallow water at 8:15pm. He's also believed to be in his 30's also but was not yet identified.
It's unclear what caused the man and woman to drown and a full investigation is under way.
Sunday, May 8, 2011
Ex-South African cop arrested for raping daughter
Taken from the Cape Times Newspaper:
A former police officer was arrested in the town of Tzaneen for allegedly kidnapping and raping his 23-year-old daughter.
According to Limpopo police, it is suspected that on Wednesday the suspect, who has not been identified, kidnapped his biological daughter and drove with her through the towns of Polokwane, Thohoyandou and Bolobedu, raping her multiple times.
The daughter said that she had been sexually abused since 2005, when she was 17-years-old. According to Limpopo police spokesperson Brigadier Hangwani Mulaudzi, the man was chased by police and eventually caught.
"He rammed a police car with his car and in the process the police shot him in the leg while attempting to arrest him," said Mulaudzi.
The man is expected to appear in the Tzaneen Magistrate's Court on Monday.
Another story from the Cape Times:
A North West policeman died in the hospital on Sunday morning after he was shot in the stomach and jaw and then dragged out of his vehicle by two men at Modidi village near Klipgat on Friday night.
Warrent Officer Setungu Aaron Modukanele, 42, was waiting in a car with three of his relative fourth family member sometime around midnight. No one else was hurt in the shooting.
Modukanele was taken to Odi Hospital and then transferred to George Mukhari Hospital where he died. No arrests have been made.
A former police officer was arrested in the town of Tzaneen for allegedly kidnapping and raping his 23-year-old daughter.
According to Limpopo police, it is suspected that on Wednesday the suspect, who has not been identified, kidnapped his biological daughter and drove with her through the towns of Polokwane, Thohoyandou and Bolobedu, raping her multiple times.
The daughter said that she had been sexually abused since 2005, when she was 17-years-old. According to Limpopo police spokesperson Brigadier Hangwani Mulaudzi, the man was chased by police and eventually caught.
"He rammed a police car with his car and in the process the police shot him in the leg while attempting to arrest him," said Mulaudzi.
The man is expected to appear in the Tzaneen Magistrate's Court on Monday.
Another story from the Cape Times:
A North West policeman died in the hospital on Sunday morning after he was shot in the stomach and jaw and then dragged out of his vehicle by two men at Modidi village near Klipgat on Friday night.
Warrent Officer Setungu Aaron Modukanele, 42, was waiting in a car with three of his relative fourth family member sometime around midnight. No one else was hurt in the shooting.
Modukanele was taken to Odi Hospital and then transferred to George Mukhari Hospital where he died. No arrests have been made.
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