SADC leaders at UN call for increased agricultural investment

Southern African leaders attending the 63rd Session of the United Nations General Assembly have called for increased investment in agriculture to ensure food security on the continent. During the annual summit in New York held at the end of September, leaders from the Southern African Development Community (SADC) called for a review of existing treaties governing international trade to allow African farmers to compete effectively with those from the North. Currently, food products in the North are much cheaper than those in Africa because of the huge subsidies that the governments in developed countries give to their farmers, the leaders said.
Tanzanian President, Jakaya Kikwete, who is African Union (AU) chairperson, called on the international community to support farmers in Africa and cushion them against the unfair competition from foreign products. "It is going to be difficult to have food security, with the current trade imbalance between the West and Africa. The moment has arrived for an in-depth reform of the mechanism of cooperation for development starting with agriculture," Kikwete said. Mozambican President, Armando Guebuza, highlighted the importance of global cooperation to enhance agricultural productivity in developing countries by improving access to inputs and boosting investment in infrastructure to increase market access. Guebuza said that the causes of the current global food shortages are many, and that countries must join forces to help poorer nations to make the leap forward from "their current subsistence farming into commercial agriculture."

For his part, President Bingu Wa Mutharika of Malawi spoke about the detrimental impacts of severe climate change on food production, especially in sub-Saharan Africa, lamenting that little concrete international action has been taken on the issue. "Agriculture and food production have been given low priority by international development institutions in their allocation of resources and investment funds. This has been compounded by low national budgetary allocations of food production in many countries on the African continent," Mutharika said.
Namibian leader, Hifikepunye Pohamba, advocated for the replacement of financing measures that involved long and complicated procedures with investments based on direct assistance to beneficiaries that includes equipment and other agricultural inputs. "In contrast to traditional financing, this innovative partnership offers an immediate and credible response to the food crisis, the rural exodus and the troubling phenomenon of illegal immigration," Pohamba said. He assailed the agricultural subsidies in rich countries, which "continue to poison international trade and seriously afflict the economy of developing countries, particularly in Africa." Pohamba said that contrary to common perception, Africa is not poor but a victim of inequitable practices, which impoverish the continent and contribute to its marginalisation. He noted that by aiding the development of Africa, the developed countries could resolve their own crises.

The President of Zimbabwe, Robert Mugabe also called for investment of more resources in agriculture through research and assistance in irrigation technology. "We call for more research into better seed varieties and assistance in irrigation technology and improved water harvesting methods, necessary to mitigate the effects of climate change on agriculture," Mugabe said. He also added that the challenges faced in the agricultural sector should be addressed in the context of other development programmes that recognise the pillars of economic and social thrusts as well as environmental protection.
The SADC leaders also called for massive investment in rural areas, greater control of water and a more efficient distribution of seeds and fertilisers, citing a decrease in recent years both in the volume and effectiveness of development aid. The leaders noted that despite recent considerable improvements, the full and timely achievement of the global anti-poverty targets that make up the Millennium Development Goals (MDGs) "remains elusive." While welcoming the commitments made by Africa and its partners so far, the leaders recommitted themselves to "reinvigorate and strengthen a global partnership that equals with the explicit objective of turning existing commitments into concrete actions."
In doing so, they committed to strengthening support for the implementation of the New Partnership for Africa’s Development (NEPAD), ¬ the continent’s overarching framework for sustainable socio-economic development. The General Assembly occupies a central position in the conduct of international affairs and is the chief deliberative, policymaking and representative organ of the UN. Comprising 192 members, it provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the UN Charter. It also plays a significant role in the process of standard setting and the codification of international law. The General Assembly meets in regular session between September and December each year, and thereafter as required. The sessions provide an opportunity for UN members to discuss international issues on an equal footing. Representatives from Member States expound on views and issues of common concern.
Other issues discussed at this year’s session included the democratisation of the UN, climate change and the problem of debt. The theme of the general debate for this year was "The impact of the global food crisis on poverty and hunger in the world, as well as the need to democratise the United Nations."

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Zimbabwe: Summit a Test of SADC Leaders' Sincerity

SADC chair Kgalema Motlanthe has a not-so-easy task on Monday to save the faltering prospects of the formation of an all-inclusive government in Zimbabwe.
Events of this week, when mediation once again broke down, have diminished prospects of Sadc's success in resolving the crisis here. The regional bloc's options are ebbing as the problem has kept growing.
Sadc leaders have since March last year held three extraordinary summits and three security summits in hopes of forging a unity government. Monday's is the seventh.
The meeting in Pretoria requires a different approach to unlock the deadlock.

It is important for the regional heads to confront fundamental issues of governance and the country's fast-degenerating human rights record and not just pushing for the swearing in of a new government.
The Sadc leaders have to realise that they are now dealing with leaders who not only distrust each other but have also grown to hate each other since September last year when agreement to form a unity government was signed. It should not be business as usual for Sadc.
The South African leader and his delegation came to Zimbabwe this week with a plan they hoped would unlock the political logjam and lead to the formation of a government of national unity.
This to them appeared like a simple task in which they expected MDC-T leader Morgan Tsvangirai to immediately join the government of national unity and then work with Mugabe to sort out a myriad of outstanding issues to do with appointments of security ministers, governors, diplomats and other senior government officials.
The plan was rejected by the MDC. The proposals were always going to be rejected because according to the MDC they failed to address issues which prompted the deadlock at the end of last year.
The Sadc plan, according to the MDC, dovetails with the aspirations of President Mugabe to continue holding onto power. This is the curse of the Sadc intervention in Zimbabwe.
It has become a cumbersome process in which Mugabe has domesticated the bloc to give an impression that his rule has the endorsement of his peers.
Mugabe and his minions today believe they are running a legitimate show in Harare backed by the region.

This is the connection that has encumbered the regional leaders from achieving success in the mediation.
The leaders meeting in Pretoria this week are therefore not expected to achieve much as long as they believe that the Zanu PF regime can be rehabilitated when Tsvangirai's MDC agrees to join the GNU.
This is a hopeless position that has blinded the leaders to egregious human rights abuses here. The silence is construed by our rulers as loud messages of solidarity.
The Sadc summit is therefore a serious test of the region's resolve to deal decisively with abductions and alleged torture of Mugabe's political opponents by state security officers.
At the meeting this week, Tsvangirai added to a basket of unresolved issues which Sadc has to deal with the abductions and alleged torture of his supporters.
The new demands for the release of the MDC activists have been viewed in certain quarters as vexatious and a ploy by Tsvangirai to stall proceedings. Why is he introducing these deal-breakers now?
The issues he is raising have nothing to do with the formation of an all-inclusive government, the official line goes.
And this is how the Zanu PF regime gets away with acts of impunity which have over the years resulted in the democratic deficit we face today.
There are imprudent Zimbabweans who have come to accept torture and abductions as normal inconveniences in daily people's existence.

These excesses must be condemned. In Pretoria next week, Sadc heads should address this issue as part of their mediation. How does the region expect Tsvangirai to join a government in which he is branded as the face of terrorism against the state?
They must muster the courage to speak out not because that is what Tsvangirai wants to hear but because they have a moral obligation to straighten the ways of their peer.
They have an obligation to set the standard of human rights in the region. This is what will make the Sadc mediation relevant to the crisis to hand.
There is no denying that issues to do with the democratic deficit have been at the centre of the conflict in Zimbabwe and it cannot be addressed by merely sharing positions in government. It takes more than that. This is the major task to hand for Sadc heads.
To tackle this issue, the heads have limited options: to denounce Mugabe and risk losing his attention altogether or to ignore Tsvangirai's bidding, which will then be construed as an apt endorsement of Mugabe's projects.
Not an easy call. But then nobody ever said doing the right thing was a walk in the park.

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Sadc leaders arrive in S.Africa for summit

ZIMBABWEAN and regional political leaders arrived in Pretoria, South Africa on Sunday ahead of Monday’s Extraordinary Summit on Zimbabwe which is expected to be attended by all leaders of the 15-nation Southern African Development Community (Sadc).
The meeting which will be chaired by South African President and current Sadc Chair, Kgalema Motlanthe will seek to break the deadlock in the all-party power-sharing negotiations aimed at resolving the political and economic crisis in Zimbabwe.
President Mugabe and his Zanu PF delegation arrived on Sunday. The delegation includes negotiators to the talks and Justice Minister Patrick Chinamasa, Labour and Social Welfare Minister Nicholas Goche and Minister of Rural Housing and Social Amenities Emmerson Mnangagwa — as well as Foreign Affairs Minister Simbarashe Mumbengegwi.
The larger formation of the Movement for Democratic Change confirmed that party leader, Morgan Tsvangirai, Secretary General Tendai Biti and deputy party leader Thokozani Khupe were heading to the South African capital on Sunday.

Professor Arthur Mutambara who leads the breakaway formation of the MDC, Secretary General Professor Welshman Ncube and Priscilla Misihairabwi-Mushonga were also reportedly in Pretoria.
President Lt Gen. Seretse Khama Ian Khama, who was the first Sadc head of state to confirm his attendance to the extraordinary Summit on Monday, arrived in Prestoria yesterday.
President Rupiah Banda of Zambia and his entourage touched down at Oliver R. Tambo International Airport around 15:15 hours yesterday. He visited Zambia’s Chief Justice Ernest Sakala and that country’s Chief Whip Vernon Mwaanga who are currently receiving medical attention in South Africa, before being whisked to Sandton Southern Sun Hotel where he is lodging.
Namibian news agency, Nampa confirmed that President Hifikepunye Pohamba will definitely be attending the summit.
The Extraordinary summit follows a Sadc meeting that was held in Zimbabwe last Monday. The outcome of the meeting was inconclusive.
It was attended by President Motlanthe, his Mozambican counterpart and deputy chair of the Sadc Organ Troika and President of Mozambique Armando Emilia Guebuza and former SA President Thabo Mbeki - all of whom will be in attendance at today's summit.
The last extraordinary summit on Zimbabwe held in Sandton, South Africa on 9 November 2008, resolved that an all-inclusive Government be formed forthwith in Zimbabwe and that the Ministry of Home Affairs be co-managed between the Zanu PF and MDC-T.
The regional leaders recommended that the efficacy of the above arrangement be reviewed after six months by the Parties with the assistance of the guarantors, Sadc, AU and the Facilitator and that to give effect to these decisions and the provisions of the Global Political Agreement, the Parties must, without any further delay, introduce the Constitution of Zimbabwe Amendment Number 19.
Zanu PF hopes that Sadc will not veer from this position and has indicated that it will not agree to any more concessions.
The MDC party refused to join the all-inclusive Government saying two issues remained unresolved.
Tsvangirai said the crucial issues were the equitable allocation of cabinet positions and provincial governorships, and the release of opposition supporters and human rights activists who are remanded in custody pending court hearing on allegations of training militias to topple the Government of President Mugabe.
The Zanu PF party argues that outstanding issues raised by MDC-T should be dealt with after an all-inclusive Government is formed.
Regional leaders see the unity agreement signed by the main parties on September 15, 2008 as the best chance to resolve the crises in the country.

DENMARK SUPPORTS SADC FACILITATION

Meanwhile, the Danish Government has expressed support for the latest effort by Sadc to resolve the Zimbabwean crisis.
Danish Foreign Minister Per Stig Moller said an African solution must be found to the economic, political and social crisis in Zimbabwe.
It is an African problem and we hope that there will be an African solution," the minister said at the Union Buildings in South Africa on Friday where he held meetings with his South African counterpart, Dr Nkosazana Dlamini Zuma.
"We know of the Southern African Development Community [SADC] meeting on Monday and we hope that SADC will use its influence to make sure a solution to the political impasse is found," he said.
Dr Zuma said Monday’s extraordinary Sadc summit will only facilitate the process necessary to end the crisis in Zimbabwe. She explained that it was unfortunately not entirely in the hands of Sadc, but with the three leaders of the main parties in Zimbabwe.


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Parties lobby Sadc leaders

INTENSE lobbying of Southern African Development Community (Sadc) leaders by main parties is taking place in the run-up to the Extraordinary Summit on Zimbabwe scheduled for next Monday.

Both Zanu PF and the Movement for Democratic Change are trying frantically to influence the decision of the 15-member body which guaranteed the Global Political Agreement signed on September 15, 2008.
The principals to the Inter-Party Agreement, President Mugabe, MDC-T leader Morgan Tsvangirai and Professor Arthur Mutambara of the smaller formation of the opposition MDC, failed to reach a compromise when they met on Monday this week, prompting the Sadc trio leading that meeting to call a special summit.
The principals met under the auspices of a delegation chaired by President Motlanthe, Sadc Chairman, President Guebuza of Mozambique, Deputy Chairman of the Sadc Organ on Politics, Defence and Security and former South African President Thabo Mbeki, the facilitator in the Zimbabwe Inter-Party Dialogue.
The wider meeting with the Sadc delegation was preceded by a meeting of President Mugabe and Tsvangirai, in which it was reported off the record that Tsvangirai raised the issues of the detention of members of the MDC and civil society on allegations of plotting an insurgency to topple the Zanu PF Government.
It is believed that the MDC formation led by Tsvangirai has sent its list of proposals to individual members of Sadc who were not in Monday’s meeting, ahead of next week’s special summit.

The opposition party rejected proposals by Sadc to “Proceed immediately with the formation of the Inclusive Government as prescribed in the Agreement” and to “swear-in the Prime Minister and Deputy Prime Ministers by 24 January 2009 and thereafter proceed to appoint ministers.” They would like Cabinet to be formed once all outstanding issues are resolved.
Zanu PF is said to be pressing for the recognition of the Sadc proposals issued on Monday calling for the immediate formation of an all-inclusive Government.

The party argues that outstanding issues raised by MDC-T should be dealt with after an all-inclusive Government is formed.
Sadc suggested leaving provincial governors in place until a vacancy occurs — a move said by the MDC-T to be against what was agreed in the MoU. The regional group also wants to leave conflict resolution to the Joint Monitoring and Implementation Committee which according the Global Political Agreement. MDC says JMIC has no effective power as it will meet “from time to time”.
Tsvangirai and his team did not agree to the Sadc proposals, but put forward proposals of their own which Sadc Executive Secretary Tomaz Salomão said next week’s special summit would consider.


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Former Lehman banker to head London Stock Exchange

LONDON: The London Stock Exchange named former Lehman Brothers executive Xavier Rolet as its new chief executive on Friday, putting the trading veteran in charge as the bourse faces increasingly tough competition from new rivals.
Rolet, 49, who ran Lehman Brothers operations in France, had been widely expected to replace Clara Furse in the top job.

"With his deep knowledge of the Exchange's customers and understanding of the exchange business, plus his strategic mindset, Xavier is uniquely well placed to take the group forward in the next phase of its development," said LSE chairman Chris Gibson-Smith.
During her eight-year tenure, Furse fended off a number of hostile takeover approaches and presided over a merger with Borsa Italiana.

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Market at day's high; Nifty cruises above 2950

MUMBAI: Investors turned bullish on Indian markets on Friday ahead of interim budget which is being touted as a third financial stimulus to

revive the economy. Key indices were near intra-day’s highs getting support from positive opening of European markets.
At 2:30 pm, National Stock Exchange’s Nifty was at 2962.45 up 69.4 points or 2.40 per cent. The broader index touched a high of 2966.80 and low of 2896.85.
Bombay Stock Exchange's Sensex was at 9680.23, up 214.40 points or 2.26 per cent. The index touched a high of 9695.59 and low of 9540.60.

BSE Midcap Index was up 1.89 per cent and BSE Smallcap Index rose 1.16 per cent.
ZEE Entertainment (6.63%), NALCO (6.45%), M&M (6.09%), BHEL (5.25%) and Tata Steel (5.01%) were the top Nifty gainers.
Sun Pharmaceutiacals (-2.13%), ABB (-1.73%), RANBAXY Laboratories (-0.42%), GAIL (-0.42%) and Ambuja Cement (-0.34%) were the major Nifty losers.
Market breadth on BSE showed 1529 advances against 806 declines.
Meanwhile, European markets opened higher extending overnight gains led by banks and metals. FTSE 100 was up 2.03 per cent, DAX gained 2.24 per cent and CAC 40 moved up 2.62 per cent.

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Ireland's financial industry

The following is from the introduction to the resultant report:

Over the last 15 years Ireland has been exceptionally successful in attracting international financial services companies to locate here. The list of international companies with operations here is a “who’s who” of the international financial services sector – Citigroup, JP Morgan Chase, ABN AMRO, ING Group, MBNA, Merrill Lynch, State Street, Unicredito and AIG to name but a few. These companies have been attracted to Ireland for a variety of reasons, including an attractive fiscal and regulatory environment; availability of highly skilled educated workforce; favourable relative cost structure; robust telecoms infrastructure; political stability; and by effective marketing. However, over the last couple of years many in the industry believe there has been a loss of momentum and a slowdown in the growth of the international services sector.

Few would argue that the global financial services industry is undergoing major change at present. Business models are changing because of advances in technology, advances in telecommunications and the impact of globalisation. The European market is gradually becoming more integrated partially driven by EU initiatives such as the Financial Services Action Plan.
Furthermore, Ireland’s attractiveness as a location for international financial services has also undergone major changes over the past 5 years or so.

The corporate fiscal environment is still very favourable although other jurisdictions have emulated Ireland in this respect. The availability of skilled labour is even greater now having been supplemented by returning emigrants from the US and the UK in particular. The telecoms infrastructure has also improved considerably. Notwithstanding these positive developments there are other factors that are less positive. Although Ireland still has cost advantages over many international centres, it is no longer considered to be a low cost location. The cost of skilled labour and property has increased relative to other markets in recent years. In addition other countries/regions have “upped their games” considerably in terms of marketing the attractiveness of locating there.

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€7bn rescue plan for Ireland's banks

The Irish Government last night announced a revised bank recapitalisation, pumping 7 billion euro (£6.2 billion) into Allied Irish Banks and Bank of Ireland.
The money will be split equally in an attempt to shore up the two finance houses amid fears of failing loan books and massive share price falls.
Under the plan, senior executives' salaries will be slashed by a third, bonuses will not be paid and no pay rises will be handed out for last year or this year.
Non-executive directors will also take a 25% pay cut at least.

Finance Minister Brian Lenihan insisted the Government does not intend to take-over AIB and Bank of Ireland.
Instead the Government will take a holding in the bank through preference shares which can be bought in five years time at a low price if the banks stock market value increases.
"The State will not hold ordinary shares in either bank... but it will have an option to buy shares in five years time at a predetermined strike price, thus providing the State with the potential for a significant return," Mr Lenihan said.
The Government will also have the power to select a quarter of the boards in both banks.

In a short statement Bank of Ireland said: "The package of measures will enable Bank of Ireland to play a full role in supporting our customers and aiding economic recovery."
The Government also said home repossessions will be suspended under the deal.
The two banks, who loaned huge sums to first time buyers during Ireland's boom years, have agreed to stall legal action for six months after mortgage arrears begin.
Court cases to seize houses will be held off for a full year.
"The recapitalised banks have, in addition, assured Government that in the normal course of events they will make every effort to avoid repossessions," the minister said.

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eHealth, Inc. Announces Fourth Quarter and Fiscal 2008 Results

eHealth, Inc. (NASDAQ: EHTH), the leading online source of health insurance for individuals, families and small businesses, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2008.

Gary Lauer, chief executive officer of eHealth, stated, "Our financial results illustrate that we continue to execute on our operating plans and grow our business in the midst of an extraordinary macroeconomic environment. Fourth quarter performance is reflective of our disciplined approach to managing our company and growing our membership base profitably. In this economy we are focused on continued operating efficiency and aggressive marketing, and most importantly helping people find quality health insurance options online."


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