JSE lists Berkshire Hathaway SSFs

first_imgThe other IDX products trading on the JSE currently include blue-chip companies such as Nokia, LVMH Moet Hennessy Louis Vuitton, BP, Vodafone, GlaxoSmithKline and Apple. Rand hedge While retail investors and corporate entities do not have any exchange control restrictions, institutional investors do have to comply with foreign portfolio regulations. Berkshire Hathaway is a holding company listed on the New York Stock Exchange with headquarters in Omaha, Nebraska, USA. South African investors can now trade one of the world’s most successful investment companies – without using their R2-million foreign allowance – through the listing of a single stock future (SSF) on Warren Buffet’s company Berkshire Hathaway. “This offers investors hassle-free international exposure cost effectively on a trusted trading platform with none of the counter-party risk associated with over-the-counter trading.” 22 July 2009 International derivativescenter_img “With this listing the JSE is able to offer South African investors increased opportunities for portfolio diversification through exposure to world class companies,” said Investec equity derivatives head Adam Myers. The company’s core business is insurance, including property and casualty insurance, reinsurance and specialty nonstandard insurance. It also owns a diverse range of businesses, from sweet manufacturers and jewellers to several regional electric and gas utilities. “Like the other international derivatives (IDX) listed on the JSE, the Berkshire Hathaway SSF can be purchased through any JSE-registered broker in the same way one would purchase local derivatives products,” JSE derivatives trading head Allan Thomson said in a statement this week. Contracts are priced and settled in rands – if the rand depreciates, then the local investor will benefit, allowing IDX products to be used as a rand hedge. The JSE will charge an initial margin of R50 000 per Berkshire Hathaway contract, excluding brokerage charges. SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

Reshaping reportage on Africa

first_imgJournalists in newsrooms and editorial offices all over Africa, and abroad, will benefit from the proposed syllabus. (Image: Wikimedia) MEDIA CONTACTS • Jaco du ToitUnesco Southern Africa +264 61 291 7221 • Prof Fackson BandaSchool of Journalism and Media Studies+27 46 603 7156 or +27 78 208 7529RELATED ARTICLES • Boosting African journalism • Press freedom on Sanef agenda • Unesco, AU to boost journalism • SA celebrates media freedomJanine ErasmusSouth Africa’s Rhodes University, in the Eastern Cape province, and Unesco are in the process of developing a syllabus for better reporting on Africa.The two organisations have a common goal of ensuring top-quality journalism education and training on the continent, which will result in equally high-calibre reportage. A crucial step towards achieving this is to provide media learning institutions with the capacity to deliver good journalists.The university’s SAB-Unesco Chair of Media and Democracy, Prof Fackson Banda, is at the helm and is working closely with Unesco’s regional office, based in Windhoek, Namibia.Zambian-born Banda specialises in new media, media policy and sustainability, and political communication. He is a frequently published, award-winning author and lecturer who obtained his PhD from the University of South Africa, as well as an MA degree from the University of Leicester in the UK, and a BA degree in Mass Communication from the University of Zambia.Online discussionUnesco and Rhodes’ School of Journalism and Media Studies have opened up an online discussion that, they hope, will attract the necessary expert opinion to enhance the proposed syllabus.The syllabus will be based on Unesco’s model curricula for journalism education, which is a generic model that any country can adapt and use for its own specific needs.This model took four Unesco journalism experts two years to develop, with extensive input from experienced journalism teachers in developing nations, and is aimed at both undergraduates and post-graduates. It was finally presented at the World Journalism Education Congress in Singapore in 2007.To date, 16 groups have joined the online discussion, including the Ghana Institute of Journalism, Namibia University’s Department of Media Studies, and journalism departments from the Tshwane University of Technology, Stellenbosch University, and the Walter Sisulu University.Consultation and input at all stages of development from experts and relevant bodies, such as African Journalism Schools and the World Journalism Education Congress, will ensure a practical, easily accessible syllabus.African journalism experts and practitioners are encouraged to have their say during the development stages, thus applying their experiences to the development of a convincing style of African journalism, which also presents the continent to the world as an attractive and interesting subject.Interested parties may register on the African Journalism Schools website.Unesco, through its ongoing collaboration with Rhodes to promote excellence in African journalism, will seek insights from its already-established centres of excellence and potential centres of excellence. These were identified during a continent-wide investigation in 2009.Expert participationThe success of the project rests on two facets – research and development, and presentation and distribution.A small team of pan-African experts will undertake the former, drawing up a framework for the syllabus, as well as researching specific subjects, and later gathering more expert input.The latter aspect is to take place during panel discussions at the second World Journalism Education Congress, which sits from 5-7 July 2010 in Grahamstown, where Rhodes University is based.Distinguished experts already confirmed for the panel include communications specialist Prof Alfred Opubor from Benin; Prof Ralph Akinfeleye from the Department of Mass Communications at Lagos University, Nigeria; and Prof Kwame Karikari, executive director of the Ghana-based Media Foundation for West Africa.Accurate reportingReporters, especially those from overseas, at times struggle with compiling accurate, wholly representative news and features from the continent. Even African journalists are not immune to misrepresentation, but often they are just conforming to the models already established by foreign media.Not only should any reporting reflect Africa’s immense cultural diversity, it should also be relevant and sophisticated enough to appeal to a global audience. Basic journalism practices and media theory must entrench this thinking to avoid formulaic reporting.“Such a project promises to open up new possibilities for negotiating how foreign – especially Western – journalists could possibly see the continent afresh,” stated the project’s introductory document.“The same applies, albeit with some differences, to African journalists. But the process of leading up to such a reconfiguration of journalistic attitudes and behaviours must be driven by Africans themselves as a way of subverting the imperial, unidirectional gaze under which Africa has been seen and reported in the West, and possibly elsewhere in the world.”By positively influencing the way Africa is portrayed in the media, said the document, Africans will regain the intellectual ground they have lost over many years.last_img read more

Watch for Palmer amaranth during harvest

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The perch from the combine this fall offers a great view for catching breakouts of Palmer amaranth and other problem weeds in fields.Ohio State university weed control specialist Mark Loux is still emphasizing the importance of spotting problem weeds before they take over a field.“Keep an eye out for waterhemp and Palmer amaranth when harvesting, with the goal of preventing further spread if found. Where plants or patches of these are encountered, think twice about just harvesting right through them,” Loux said. “Doing so will disperse seed more widely throughout the field being harvested and also contaminate combines with the possibility then of spread to other fields. We have seen all of this occur in our investigations of Palmer amaranth. The wiser choice where these weeds are encountered, or where additional help with identification is needed: avoid harvesting through the weeds for now, get positive identification, and remove them by hand prior to harvesting the crop in that area.”Palmer amaranth emergence begins in May and lasts through the fall, said Seed Consultant, Inc. agronomist Matt Hutcheson. The weed has a prolific growth habit and resistance to multiple herbicide modes of action, making it is critical to identify and control Palmer amaranth.It can be easily confused with other pigweed species. It is important for growers to have the ability to identify Palmer amaranth so that it is not confused with other pigweed species. There are a number of useful universities resources for ID and control of Palmer, including: http://u.osu.edu/osuweeds/super-weeds/palmer-amaranth/.Hutcheson offers the following tips for controlling Palmer amaranth in the future.‪1. Scout for and identify problem weeds early. Palmer Amaranth is a pigweed species and can easily be confused with other pigweeds, such as redroot pigweed, during early growth stages. It is critical to identify weeds correctly in order to keep them from spreading. Universities such as Ohio State, Purdue, and Michigan State have excellent fact sheets with pictures to aid in weed identification.‪2. Start with a weed-free seedbed. Effective burndowns or deep tillage will help control Palmer Amaranth and will allow growers to begin the season with a weed-free seedbed. Apply herbicides when the seedlings are less than four inches tall.‪3. Use residual herbicides. Use of residual herbicides will control seedlings at emergence and limit the number of plants that will need to be controlled by post-emergence applications. This is especially critical in soybean fields, where effective post-emergence options are very limited‪4. Crop rotation from soybeans to corn will allow for the use of additional herbicide modes of action (herbicides used in corn) that are effective at controlling Palmer amaranth.‪5. Consider hand weeding if plants escape normal management practices. Removal before they produce seeds is essential. If a seed head has formed, place a trash bag over the seed head before removing the plant from the field to eliminate the spread of seeds across the field.‪6. Manage drainage ditches, field borders, etc. Regularly mowing ditches, waterways, field borders, etc. will help control the spread of this weed. Although weeds growing in ditches do not directly compete with field crops, they will produce seeds and promote the spread of Palmer amaranth.last_img read more

Policeman killed in militant attack in Shopian

first_imgA policeman was killed in a militant attack on a police station in Jammu and Kashmir’s Shopian district on Sunday, police said.“Terrorists in District Shopian fired indiscriminately on Police Station Shopian. The attack was repulsed by alert jawans,” a police spokesman said.Constable Saqib Mir sustained injuries and was evacuated to a nearby hospital for medical treatment, he said. However, the injured jawan succumbed to injuries. Police have registered a case and investigation has been initiated in the matter, he added.last_img

StoltNielsen Sees Drop in Net Profit

first_imgzoom Oslo-listed shipowner Stolt-Nielsen reported a net profit of USD 22.2 million in the third quarter of 2016, down from USD 37.8 million seen in the second quarter of the year.Revenue for the period slightly decreased to USD 474.1 million, from a revenue of USD 478.9 million reached in the previous quarter.The company said that the net profit for the first nine months stood at USD 90.3 million, compared with a net profit of USD 111.3 million recorded in the same period a year earlier, while revenue for the respective periods was at USD 1.41 billion and USD 1.48 billion.“Stolt-Nielsen’s third-quarter results were mixed. Stolt Tankers’ results were held down by weak summer demand, combined with the impact of Chinese production cutbacks and a weaker clean petroleum products (CPP) market, which pushed swing tonnage into the chemical tanker markets. As expected, the result was a reduction in volume with a corresponding softness in spot freight rates,” Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said.Stolt Tankers reported a drop in operating profit to USD 31.4 million, compared with USD 45.3 million, reflecting lower deep-sea rates and reduced COA volume, and a loss on bunker hedges of USD 0.5 million, compared with a gain of USD 6.5 million in the prior quarter.Stolthaven Terminals’ operating profit was at USD 14.8 million, up from USD 13.8 million, mainly due to improved operating performance at its wholly-owned terminals. As marginally lower trading results were offset by higher income from joint ventures Stolt Tank Containers’ operating profit was unchanged at USD 10.7 million, according to the company.“It is difficult to forecast what the year ahead may bring. Volume growth has not kept pace with supply-side growth, a situation made more acute by the recent influx of CPP swing tonnage. On the demand side, the weak return volumes from China and the Far East are likely to continue,” Stolt-Nielsen said, adding that they believe the decline in rates and the margin squeeze “will soon bottom out.”last_img read more

Budget Caps Have a Role in Taming Defense Spending Experts Say

first_imgDespite almost-universal opposition to the statutory spending caps from defense advocates since the 2011 Budget Control Act (BCA) was enacted, defense budget experts on Monday said the limits should remain in place to keep DOD spending in check.“I would keep the Budget Control Act, or at least budget caps, because I think the process needs discipline, but I would raise them for defense and probably non-defense also,” former Pentagon Comptroller Robert Hale said during a discussion at the Brookings Institution.Ideally, Congress would reach a multi-year budget deal that addresses entitlements, revenue and the deficit, said Hale, currently a senior fellow at Booz Allen Hamilton, reported Defense News.Maya MacGuineas, president of the Committee for a Responsible Federal Budget, echoed Hale. “I think the disciplining notion of a cap is useful. I think it should be paralleled on the revenue side,” MacGuineas said.She also agreed that in the absence of a long-term deal, it makes sense to raise the budget caps to allow more discretionary spending for defense and non-defense programs.Alice Rivlin, a former director of the Office of Management and Budget, criticized the Budget Control Act for focusing on discretionary spending while ignoring entitlement programs and changes to the tax code. “I wouldn’t revise the BCA, I would repeal it and replace it with a broader budget process that forces the Congress to think ahead, and several decades ahead,” said Rivlin, a senior fellow at Brookings. Dan Cohen AUTHORlast_img read more

HERES YOUR CHANCE School Committee Vacancy To Be Filled On August 13

first_imgWILMINGTON, MA — What if I told you you could become a Wilmington School Committee member without having to spend three months campaigning and hundreds (thousands?) of dollars?The Wilmington Board of Selectmen and Wilmington School Committee will hold a joint meeting on Monday, August 13, 2018 to fill the School Committee seat recently vacated by Peggy Kane. The meeting will take place within the Board of Selectmen’s Meeting scheduled for that evening.Per Massachusetts General Law Chapter 41, Section 11, the remaining six School Committee members and the five Selectmen are responsible in appointing a resident to fill Kane’s unexpired term, which is up in April 2019. The “winning” candidate would need a simple majority — affirmative votes from at least six of the eleven officials — to secure the appointment.Residents wishing to serve on the School Committee must send a letter of interest to the Town Manager’s Office (directed to Kevin A. Caira, Chairman of the Board of Selectmen, 121 Glen Road, Wilmington, MA 01887) by Friday, July 27, 2018 at 4:30pm.The Town Manager’s Office will distribute the letters to each member of the Board of Selectmen and School Committee, giving them a couple of weeks to have conversations with candidates prior to the August 13 meeting.The joint meeting was originally eyed for July 9 — the Board of Selectmen’s next regularly scheduled meeting — but multiple School Committee members would be unable to attend.Selectmen unanimously backed the process, which was outlined by Town Manager Jeff Hull after consulting with Selectmen Chair Kevin Caira and School Committee Chair Julie Broussard.Wilmington Apple has confirmed that Jesse Fennelly, the runner-up in April’s School Committee election, intends on being a candidate for the appointment.Wilmington Apple has also heard that a former School Committee member may be interested in returning to the board.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… RelatedUPDATE: ZERO Letters Of Interest Received For Vacant School Committee Seat So Far; Deadline Is July 27In “Education”Special Education PAC Chair Jo Newhouse Appointed To Wilmington School CommitteeIn “Education”BREAKING NEWS: Peggy Kane Resigns From Wilmington School CommitteeIn “Breaking News”last_img read more

Ershads second namazejanaza held

first_imgHM Ershad.AFP file photoThe second namaz-e-janaza of Jatiya Party chairman HM Ershad was held at the South Plaza of Jatiya Sangsad on Monday morning, according to UNB.The janaza took place around 10:55am.His body will be taken to the party’s central office at Kakrail to allow Jatiya Party leaders and activists to pay their last tributes. After Asr prayers, the third janaza will be held at the Baitu lMukarram National Mosque.President Abdul Hamid, ministers, members of parliament, senior political leaders from different political parties attended the janaza.The first janaza took place at the Army Central Mosque around 1:45pm on Sunday.Meanwhile, condolence books will be opened at the Jatiya Party chairman’s Banani office and the party’s Kakrail central office till 18 July between 11:00am and 4:00pm, said party chairman’s press and political secretary Sunil Shuvo Roy.Ershad, a former military strongman and five-time MP, breathed his last at 7:45am on Sunday while undergoing treatment at the Combined Military Hospital (CMH) at the age of 89.His body will be kept at the CMH mortuary. It will be flown to his home district Rangpur on Tuesday where his fourth janaza will be held after Zohr prayers at the Zila School grounds. He will be laid to rest at the Military Graveyard in Banani the same day.Ershad’s Qulkhwani will be held on Wednesday at Gulshan’s Azad mosque.last_img read more