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International Court of Justice refuses to grant provisional measures sought by Qatar

Africa - INTER PRESS SERVICE - Mon, 07/23/2018 - 20:59

By WAM
ABU DHABI, Jul 23 2018 (WAM)

The United Arab Emirates (UAE) welcomes the decision of the International Court of Justice (ICJ) on 23rd July 2018 in regards to Qatar’s request for Provisional Measures under the International Convention on the Elimination of all Forms of Racial Discrimination.

The ICJ refused to grant any of the Provisional Measures specifically requested by Qatar. By a very narrow margin, the Court indicated certain measures with which the UAE is already in compliance.

The ICJ’s decision reflects that Provisional Measures sought by Qatar are without a valid basis and were unsupported by the evidence. Instead of these unproductive maneuvers, Qatar should be engaging with the legitimate concerns of the UAE and the other three States that have ended relations with Qatar regarding its continuing support for terrorism and its efforts to destabilize the region.

In a statement today, the UAE reiterated its position that its actions are directed at the Qatari government and not towards the Qatari people. Contrary to Qatar’s false allegations, thousands of Qataris continue to reside in and visit the UAE. Qatari visitors may enter the UAE with prior entry permission issued through the telephone hotline announced on June 11, 2017.

“We urge Qatar to constructively engage on the requests made by the UAE and other countries for Qatar to comply with its international obligations. The UAE reiterates that it will continue to welcome Qatari citizens into its territory, as affirmed in the statement issued by the Ministry of Foreign Affairs and International Cooperation on July 5th, 2018,” the statement added.

WAM/Hatem Mohamed

The post International Court of Justice refuses to grant provisional measures sought by Qatar appeared first on Inter Press Service.

Categories: Africa

De Beers moves 200 elephants from South Africa to Mozambique

BBC Africa - Mon, 07/23/2018 - 19:35
Diamond firm De Beers is relocating them from its reserve to Mozambique, where poachers are active.
Categories: Africa

Chancel Mbemba: Porto sign defender from Newcastle

BBC Africa - Mon, 07/23/2018 - 19:16
Porto sign defender Chancel Mbemba from Premier League side Newcastle for a reported £7.14m fee.
Categories: Africa

Loris Karius: Mohamed Salah posts message of support to Liverpool keeper

BBC Africa - Mon, 07/23/2018 - 18:13
Mohamed Salah tells Liverpool team-mate Loris Karius to "ignore those who hate" after more criticism following his latest pre-season match.
Categories: Africa

Simon Murray: Striker joins South Africans Bidvest Vits from Hibernian

BBC Africa - Mon, 07/23/2018 - 17:27
Striker Simon Murray joins South African top-flight side Bidvest Wits from Hibernian.
Categories: Africa

Will it be third national team lucky for Maarouf Yussuf?

BBC Africa - Mon, 07/23/2018 - 16:50
Zamalek's Maarouf Yussuf is to begin the process of becoming an Egyptian citizen having already been in squads for both Nigeria and Burkina Faso.
Categories: Africa

Ethiopia and Eritrea set for first match in 20 years

BBC Africa - Mon, 07/23/2018 - 15:28
Ethiopia and Eritrea agree to play their first football match in 20 years as relations between the two nations continue to improve.
Categories: Africa

China, a strategic partner: UAE’s Department of Energy

Africa - INTER PRESS SERVICE - Mon, 07/23/2018 - 13:43

By WAM
ABU DHABI, Jul 23 2018 (WAM)

Awaidha Murshed Al Marar, Chairman of the Department of Energy, DoE, has emphasised the strength of the economic partnership between the UAE and China.

Today, several Chinese companies are playing a major role in strengthening the economic relationship between both parties and taking part in developing numerous vital and strategic projects at the country level.

Today, several Chinese companies are playing a major role in strengthening the economic relationship between both parties and taking part in developing numerous vital and strategic projects at the country level.

This came in light of Chinese President Xi Jinping’s visit to the UAE to demonstrate ways of mutual development in all fields. It is worth mentioning that the DoE has a strategic partnership with China’s JincoSolar Holding, which signed a contract to implement the Noor Abu Dhabi solar photovoltaic, PV, project in Suwaihan, in a joint venture with Japanese Marubeni Corp. The project includes the development, financing, establishment, operation and maintenance of the independent plant at a capacity of 1,177 MW, which is expected to be completed during the second quarter of 2019.

Al Marar commended Abu Dhabi’s experience in attracting major companies and international coalitions who are seeking to invest in the Middle East especially projects implemented by the DoE in partnership with the private sector.

An example of this is Noor Abu Dhabi project an independent solar power plant using PV technology located in Suwaihan, 120 km south-east of Abu Dhabi, at a total cost of AED3.2 billion. He also stated that the project will reduce the need for gas imports, achieve savings in water and electricity sector, fulfil the government’s attempts for diversifying energy resources and using clean energy, promote sustainable economy in Abu Dhabi, and create job opportunities for UAE nationals, especially in the eastern region. Further, the plant is expected to supply Abu Dhabi grid with electricity within the second quarter of 2019.

In addition, Al Marar indicated that this project serves Abu Dhabi’s vision in achieving sustainability of the sector. Besides, it goes under one of the most significant government programmes aimed at building an integrated system of water and electricity being produced and generated from renewable and conventional resources, which depend on innovative and sustainable solutions.

He also appreciated the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, and the supervision of H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, to provide the requirements of a decent life and well-being as the core priority of the country.

The Chairman of the DoE has also lauded Abu Dhabi’s experience as one of the best countries in terms of energy production and foreign investments compared to the local economy as well as the major financial deals with global, regional and local entities.

WAM/Nour Salman

The post China, a strategic partner: UAE’s Department of Energy appeared first on Inter Press Service.

Categories: Africa

Kenyan TV unveils husband and wife news team

BBC Africa - Mon, 07/23/2018 - 13:07
A married couple are presenting the news on Kenya's leading TV station for the first time.
Categories: Africa

Somalia's al-Shabab carries out attack on military base

BBC Africa - Mon, 07/23/2018 - 12:44
Al-Shabab says it has killed 27 soldiers, but there is no independent confirmation of casualties.
Categories: Africa

Warner Bros. World Abu Dhabi enriches UAE’s civilisational legacy: Hazza bin Zayed

Africa - INTER PRESS SERVICE - Mon, 07/23/2018 - 11:40

By WAM
ABU DHABI, Jul 23 2018 (WAM)

Warner Bros. World Abu Dhabi is a significant landmark and tourist destination that translates the far-sighted vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to enrich the country’s civilisational legacy, H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, has stated.

“Warner Bros. World Abu Dhabi inculcates the culture of happiness embraced by the country and adds to the impressive cultural potential boasted by Abu Dhabi as a preferred global destination and a significant bridge for intercultural dialogue and communication,” Sheikh Hazza said in his comment on today’s opening of the landmark destination in the UAE capital.

WAM/Hatem Mohamed

The post Warner Bros. World Abu Dhabi enriches UAE’s civilisational legacy: Hazza bin Zayed appeared first on Inter Press Service.

Categories: Africa

Mohammed bin Rashid, Mohamed bin Zayed open Warner Bros. World Abu Dhabi – Update

Africa - INTER PRESS SERVICE - Mon, 07/23/2018 - 11:28

By WAM
ABU DHABI, Jul 23 2018 (WAM)

His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, today opened Warner Bros. World Abu Dhabi, the world’s first-ever Warner Bros. branded indoor theme park developed by Miral, Abu Dhabi’s creator of destinations. The world-class destination officially opens to the public on 25th July.

Their Highnesses also attended the inauguration ceremony for the theme park, which took place at the Warner Bros. Plaza at Warner Bros. World Abu Dhabi. The ceremony included a series of festive celebrations where guests were also treated to the first screening of the Warner Bros. Cinema Spectacular, a captivating show that brings Warner Bros.’ unparalleled film library to life, as well as a specially produced video by YouTube celebrity sensation Devin Super Tramp.

Sheikh Zayed bin Ahmed bin Zayed Al Nahyan, and Saif and Ahmed bin Hamed bin Zayed Al Nahyan took the stage, along with a number of famous cartoon characters of Warner Bros. and pressed a button to mark the official start of the new theme park’s operations.

Their Highnesses toured the new 1.65 million square feet theme park, located at Saadiyat Island, which offers a new entertainment destination for families and visitors of different age groups. They were briefed about the various development phases of the project, and the high standards of safety and security that the project has maintained to ensure visitors have a high-quality experience.

"It is with great pride that we celebrate the opening of Warner Bros. World Abu Dhabi on Yas Island today. This is a milestone moment for us as we continue to cement Abu Dhabi’s positioning as one of the world’s leading family and tourism destinations. I am confident that the addition of this theme park to our already rich portfolio will further enhance Yas Island’s offering,"
Mohamed Khalifa Al Mubarak, Chairman of Miral
“It is with great pride that we celebrate the opening of Warner Bros. World Abu Dhabi on Yas Island today. This is a milestone moment for us as we continue to cement Abu Dhabi’s positioning as one of the world’s leading family and tourism destinations. I am confident that the addition of this theme park to our already rich portfolio will further enhance Yas Island’s offering,” said Mohamed Khalifa Al Mubarak, Chairman of Miral.

“We’re delighted that our partnership with Warner Bros. Entertainment has resulted in us delivering our promise of creating an attraction that will amaze and entertain both the young, and the young at heart,” added Al Mubarak.

The park transports guests to six expertly designed lands, including DC’s Metropolis and Gotham City, as well as Cartoon Junction, Bedrock, Dynamite Gulch and Warner Bros. Plaza. From the meticulously curated musical arrangements to the faithfully created landscapes, Warner Bros. World is uniquely designed to truly immerse guests in the places they’ve seen in movies, comic books and on TV. Home to a total of 29 exhilarating rides, interactive family-friendly attractions and unique live entertainment shows, the park will offer an incredible range of themed experiences. Guests will also enjoy authentically themed dining experiences, from grab-and-go eateries to full-service sit-down restaurants and cafes, as well as custom designed shops featuring bespoke Warner Bros. merchandise inspired by fan-favorite characters, some of which has been developed exclusively for the park.

“Warner Bros. has an almost-100-year legacy of producing and distributing high-quality entertainment to global audiences, and this world-class attraction continues that tradition in grand style,” said Kevin Tsujihara, Chairman and CEO, Warner Bros. “Warner Bros. World Abu Dhabi literally brings our characters to life and provides fans a truly unique immersive entertainment experience. We couldn’t have better partners than our colleagues at Miral, and we look forward to continuing our longstanding relationship,” he continued.

Warner Bros. World Abu Dhabi is the latest addition to Yas Island’s immersive theme parks, including Ferrari World Abu Dhabi, Yas Waterworld Abu Dhabi and the upcoming attraction, CLYMB. These are complemented by: Yas Marina Circuit – one of the most technologically-advanced Formula 1 circuits in the world; Yas Marina – a vibrant venue offering dining, fitness and leisure facilities; Yas Mall– the largest shopping mall in Abu Dhabi with 400 retail stores; Yas Beach; Yas Links Abu Dhabi – the 46th golf course in the world; as well as seven sophisticated hotels ranging from 3 to 5 stars.

The event was also attended by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council; H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman; H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council; H.H. Sheikh Nahyan bin Zayed Al Nahyan, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation; H.H. Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Deputy National Security Adviser; Chairman of Abu Dhabi Department of Transport H.H. Sheikh Diab bin Mohamed bin Zayed Al Nahyan; Sultan bin Tahnoun bin Mohammed Al Nahyan; and Director of The Martyrs’ Families’ Affairs Office at the Abu Dhabi Crown Prince’s Court Sheikh Khalifa bin Tahnoun bin Mohammed Al Nahyan, in addition to a number of senior officials.

 

WAM/Hatem Mohamed

The post Mohammed bin Rashid, Mohamed bin Zayed open Warner Bros. World Abu Dhabi – Update appeared first on Inter Press Service.

Categories: Africa

Building the Caribbean’s Climate Resilience to Ensure Basic Survival

Africa - INTER PRESS SERVICE - Mon, 07/23/2018 - 11:13

Grenada has rebounded after being destroyed by Category 4 hurricane Ivan in 2004 which destroyed 90 percent of homes. More than a decade later, the island’s prime minister Dr. Keith Mitchell says adjusting to the new normal requires comprehensive and coordinated efforts to mainstream climate change considerations in development planning. Credit: Desmond Brown/IPS

By Desmond Brown
ST GEORGE’S, Jul 23 2018 (IPS)

In 2004, when the Category 4 hurricane Ivan hit the tiny island nation of Grenada and its 151 mph winds stalled overhead for 15 hours–it devastated the country. But not before pummelling Barbados and other islands, killing at least 15 people.

And again last year, the destruction left behind in several Caribbean islands by Hurricanes Irma and Maria once again highlighted the vulnerability of these island countries.

It has also emphasised the need for a strong natural resource base to protect and make communities and ecosystems more resilient to the impacts of climate change, which are expected to become even more severe in the future.“We have seen first-hand how poverty and social weaknesses magnify natural disasters. This need not be the case.” -- Grenada’s prime minister Dr. Keith Mitchell

“Building the region’s resilience to climate change, natural hazards and environmental changes is not only a necessary and urgent development imperative, but it is also a fundamental requirement to ensure our basic survival as a people,” Grenada’s prime minister Dr. Keith Mitchell told IPS.

“We have no choice as a region but to pursue climate-smart development, as we forge ahead to build a climate-resilient Caribbean.”

Grenada is among 10 Caribbean countries getting help from the Global Environment Facility (GEF) to address water, land and biodiversity resource management as well as climate change.

Under the five-year Integrating Water, Land and Ecosystems Management in Caribbean Small Island Developing States (GEF-IWEco Project), countries are implementing national sub-projects at specific sites in order to enhance livelihood opportunities and socio-economic co-benefits for targeted communities from improved ecosystem services functioning.

Project sites include the upper reaches of the Soufriere Watershed in Saint Lucia, the Cedar Grove and Cooks Watershed areas and McKinnons Pond in Antigua, and the Negril Morass in Jamaica.

“Adjusting to the new normal requires comprehensive and coordinated efforts to mainstream climate change considerations in development planning,” Mitchell said.

“In practice, this will require a shift in focus, from sustainable development to climate-smart sustainable development.”

In addition to Grenada―Antigua & Barbuda, Barbados, Cuba, Dominican Republic, Jamaica, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago ―are also participating in the project, which also aims to strengthen policy, legislative and institutional reforms and capacity building.

Half of the 10 countries ― Antigua and Barbuda, Grenada, St. Kitts and Nevis, Saint Lucia, and; St. Vincent & the Grenadines ― belong to the sub-regional grouping, the Organisation of Eastern Caribbean States (OECS). Their participation in the project is being funded by the GEF to the tune of USD20 million.

IWEco is being co-implemented by United Nations Environment and the U.N. Development Programme and co-executed by U.N. Environment’s Caribbean Regional Coordinating Unit (U.N. Environment CAR RCU), which is the Secretariat to the Convention for the Protection and Development of the Marine Environment of the Wider Caribbean Region (the Cartagena Convention).

All OECS countries are signatories to the Cartagena Convention, a comprehensive, umbrella agreement for the protection and development of the marine environment.

Fresh and coastal water resources management, sustainable land management and sustainable forest management are all challenges to Caribbean SIDS, and more so as the region’s economies face numerous demands and, inevitably, another hurricane season.

Addressing these challenges while improving social and ecological resilience to the impacts of climate change are objectives of the IWEco Project.

Stating that storms and hurricanes do not have to result in catastrophic disasters, Mitchell said in too many instances in the region this has been the case because of the prevailing susceptibilities of communities.

“We have seen first-hand how poverty and social weaknesses magnify natural disasters. This need not be the case,” he said.

“We must redouble our efforts to improve the conditions for the most vulnerable in our societies so that they are empowered and supported to manage disasters and climate risks.”

Grenada, along with all participating countries, will benefit from regional project activities aimed at strengthening policy, legislative and institutional frameworks, strengthening monitoring and evaluation, and public awareness.

At a recent meeting in Montserrat, the regional coordinator of the Cartagena Convention, Dr. Lorna Inniss noted that since the particularly destructive hurricane season of 2017, perhaps even as a consequence of it, the trend in the region towards consolidating several related areas of responsibility into single ministries seems to have grown.

Grenada, for instance, now has the combined ministry of climate resilience, the environment, forestry, fisheries, disaster management and information. Dominica now has the ministry of environment, climate resilience, disaster management and urban renewal.

The most recent projections in climate research all anticipate a significant increase in the frequency and/or intensity of extreme weather events, as well as slow onset climate-related changes, such as sea-level rise, less rainfall and increased sea surface temperatures.

These impacts can disrupt Grenada’s economy and critical economic sectors like agriculture and tourism and damage critical infrastructure and personal property.

The findings of a regional study concluded that climate change has the potential to increase the overall cost to local economies by one to three percent of GDP by 2030 in the Caribbean. It also alters the risk profile of the islands by impacting local sea levels, hurricane intensity, precipitation patterns and temperature patterns.

According to the Caribbean Catastrophe Risk Insurance Facility (CCRIF), in absolute terms, expected losses may triple between 2010 and 2030. Climate change adaptation is therefore critical for the economic stability of the tri-island state.

“Charting a course to 2030 is even more an urgent requirement as the impacts of climate change are increasingly affecting CCRIF’s Caribbean and Central American member countries,” CCRIF CEO, Isaac Anthony said.

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The post Building the Caribbean’s Climate Resilience to Ensure Basic Survival appeared first on Inter Press Service.

Categories: Africa

Zvirekwi hopes to inspire others following amputation of left hand

BBC Africa - Mon, 07/23/2018 - 10:05
Zimbabwe defender Hardlife Zvirekwi says his strength of faith has helped his return to professional football, following the amputation of his left hand.
Categories: Africa

Letter from Africa: The Ghana quiz show bigger than the World Cup

BBC Africa - Mon, 07/23/2018 - 09:57
Elizabeth Ohene explores whether it has inspired a generation of scientists and mathematicians.
Categories: Africa

Green light for 'phenomenal' malaria drug

BBC Africa - Mon, 07/23/2018 - 09:53
A drug that can stop people getting recurrent bouts of malaria has been approved by regulators in the United States.
Categories: Africa

Anger over racist joke by SA comedian

BBC Africa - Mon, 07/23/2018 - 09:42
Trevor Noah says he will "never" repeat a 2013 joke about Aboriginal women, after a renewed backlash.
Categories: Africa

How international observers undervalue the Chinese bond market

Africa - INTER PRESS SERVICE - Mon, 07/23/2018 - 07:57

By Dan Steinbock
Jul 23 2018 (Manila Times)

After explosive growth, China’s bond market provides diversified investment options to Chinese and foreign investors. But should you believe the hype, China’s bonds are overshadowed by fatal defaults.

Dan Steinbock

While China bulls might accuse such coverage of being excessive “glass is half empty” reporting, a more substantial problem haunts these briefings. The latter tend to assess the financial future of large emerging economies, which have high growth rates but low living standards, with the same benchmarks as major advanced economies, which are amid secular stagnation.

As a result, these reports systematically undervalue financial future in emerging economies, while overvaluing those in advanced economies. That’s misleading to investors at a historical moment of transition when financial might is following economic power toward emerging economies.

Low foreign participation as an investment opportunity
Rather than a great one-time opportunity for foreign investors, the low share of these investors in China’s bond market is often portrayed as a major liability.

Here are the realities: China has the world’s third-largest bond market, which was valued at about $12 trillion in year-end 2017. Currently, foreign investors own only 1.6 peercent of the total market. That is not a problem, but an investment opportunity.

Here’s why: Since the early 1990s, the Chinese bond market has achieved an annualized average growth rate of almost 40 percent. Just as Chinese industrialization took off in the late 20th century, China’s financial sector is following in the footprints, but with a time lag.

Let’s put the time lag in context, however. In the US, the Treasury bond market was created as part of the funding plans for World War I. In other words, it took almost 140 years of independence to create the first bond markets in America. In China, the bond market was created in the early 1990s; barely 40 years after China’s independence –more than three times faster than in the US.

It is the historical pace and structural importance of the Chinese bond market to ordinary Chinese and Beijing’s central government that should make it attractive to international investors as well.

Here’s why: After four decades of the most rapid catch-up in world history, Chinese per capita incomes, adjusted to purchasing power, are today on average about $18,100; or 30 percent of those in the US. In America, multiple generations have contributed to the bond market; in China, barely one.

Due to the lower prosperity levels of individual Chinese and Beijing’s national growth plan, the Chinese bond market is a priority for the well-being of Chinese families and for Beijing’s economic welfare plans – a priority that can now benefit foreign investors as well.

China’s impending financial expansion
In the past four decades, China’s economy has grown almost six-fold to more than 12 percent of the global economy. In the future, that share will continue to expand, as evidenced by the Chinese contribution to global growth, which has been around 30 percent since the 2008 global crisis. This is about 2.5 times more than its current share of the global GDP.

Relative to its rising economic importance, China’s role in the global financial market was limited until the early 2000s, however. Financial reforms started with pilot programs a decade ago and have dramatically accelerated, along with the internationalization of the renminbi. At the same time, sovereign paper, which dominated the bond market until the late 2000s, has been augmented by corporate bond issuance, particularly after the global crisis.

Today, the rapidly growing Chinese bond market comprises an expansive mix of sovereign, quasi-sovereign (policy banks), sub-government (municipal and state-owned enterprises, SOEs) and corporate bonds.

Moreover, the rapid growth of the Chinese bond market is not likely to be exhausted any time soon. By 2020, China is likely to catch up with Japan as the second-largest bond market in the world.

Indeed, the Chinese bond market has much more space to grow: relative to the $12 trillion economy, the bond market is less than 100 percent of China’s GDP. This ratio is far smaller than those in major economies. For instance, in the US, the ratio is closer to 200 percent. And China’s population base is more than four times larger than that of the US.

While cases of defaults and downgrades in the Chinese bond market have increased in recent years, these have remained under the control of the government, particularly regarding the state-owned enterprises (SOE) and local government subsidiaries (e.g. local government financing vehicles, LGFVs). Yet, only a decade ago the LGFVs were often portrayed as fatal to China’s economy by a slate of “China crash” theorists in Western media.

Chinese government may even have used some defaults as “demonstration effects” to signal the need for greater market discipline, while the campaign against corruption has enhanced regulators’ grip over potential credit events.

International takeoff

As the gap between media perceptions and investor realities has broadened, many investors ignore media reports that downplay opportunities. According to June data, overseas investors are pouring funds into China’s domestic bonds at record pace, despite what media portray as the “yuan’s jitters.”

The future of Chinese bond market expansion is likely to mimic that of China’s role in the IMF’s reserve currency basket (SDR), which is today 11 percent. That’s less than that of the US dollar (42 percent) and the Euro (31 percent), but more than the Japanese yen (8 percent) and the UK pound (8 percent). For all practical purposes, the Chinese bond market is likely to emulate the SDR allocations, which would imply that foreign participation has the potential to grow at least six-fold. Unsurprisingly, central banks and sovereign-wealth funds were the first to participate in RMB following its inclusion in the IMF’s SDR basket.

In contrast, private-sector investors—pension funds, insurance companies and asset managers—remain largely under-represented. Yet, in the past few years, the likelihood of their entry has been boosted by a number of highly regarded global index operators that have incorporated Chinese assets into their index space, including the IMF (SDR for global reserve currencies), MSCI (global equities) and Bloomberg-Barclays (BBGAI for global bonds).

It is the critical moments of historical transition that highlight the importance of unbiased financial reporting. The coming explosion of the Chinese bond market is a textbook example.

Dan Steinbock is the founder of Difference Group and has served as research director of international business at the India, China and America Institute (US) and a visiting fellow at the Shanghai Institute for International Studies (China) and the EU Center (Singapore). For more, see http://www.differencegroup.net/

This story was originally published by The Manila Times, Philippines

The post How international observers undervalue the Chinese bond market appeared first on Inter Press Service.

Categories: Africa

Bad career choice?

Africa - INTER PRESS SERVICE - Mon, 07/23/2018 - 07:46

By Rukhsana Shah
Jul 23 2018 (Dawn, Pakistan)

As with so many other professions, nursing remains a neglected line of work, despite its practitioners being responsible for the treatment, safety and quick recovery of patients, as well as post-op management and specialised interventions. Doctors need them because no doctor can care for each patient.

Rukhsana Shah

According to the latest Economic Survey, there are 208,007 doctors and 103,777 nurses in the country. This reflects a ratio of one doctor to less than 0.5 nurses, while the recommended ratio is 1:4. This should not be surprising as 90 per cent of nurses here are females working in a highly misogynist culture, encountering sexual harassment and being treated as inferiors by doctors and hospital administrators.

They have long working hours and low wages. Their career trajectories are poor as they are inducted in Grade 16 after BSc in nursing, with prospects of promotions and perks like their officers in the public sector with similar qualifications. Many nurses are qualified from abroad but are not integrated at policymaking levels.

Nurses in Pakistan work in a highly misogynist culture.

In the private sector, nurses are paid between Rs12,000 to Rs20,000 per month with frequent double shifts due to shortage of staff. The quality of their qualifications varies as some nursing teaching institutions exist only on paper, while many others lack basic infrastructure. There is poor monitoring of benchmarks and discipline as the Pakistan Nursing Council is often hampered by the health bureaucracy and even by executive district officers who interfere in nursing recruitment, training, inspection and examination. Even transfers and postings of nurses are not controlled by directors generals of nursing in the provinces.

According to an Aga Khan University study, there is a highly skewed physician-centred culture in Pakistan with most nurses not being recognised as medical professionals in their own right. “The low socioeconomic status of nurses, unsafe work environment, lack of respect from doctors, and the very nature of nurses’ work create a dichotomy in society’s attitude towards the nursing profession.” It was noted that nursing shortage and the image of the profession had a reciprocal relationship: while most people appreciated the critical role of nursing in healthcare, very few considered it a suitable profession for their daughters or sisters, and even television portrayed nurses as handmaidens of doctors.

This is in complete contrast with the more feasible and affordable nurse-centred culture in developed countries, where public health is embedded in the nursing profession to reduce healthcare costs. Nurses work in a variety of settings in primary, secondary, community and social care services in hospitals, health centres, hospices and teaching institutions. They serve local communities in emergencies, work as midwives, nurse the sick and old, and also cater to persons with disabilities and mental illnesses. In the UK, despite NHS budget cuts, there are 300,000 nurses, while in the US, the ratio is one doctor to four nurses.

In India, high-powered institutional mechanisms such as the Bhore and Kartar Singh Committees have brought about major changes in the nursing culture, improving their working hours and recommending a minimum of Rs20,000 per month as starting salary. From 2000 to 2016, BSc colleges increased from 30 to 1,752 and MSc colleges from 10 to 611 in India. There are also eight institutions offering PhD programmes in nursing. Florence Nightingale Awards including medals and cash are given every year on International Nursing Day to 35 nurses for outstanding services.

In Pakistan, neither the legislators nor health professionals have effectively addressed the problems faced by nurses in the country. According to a Pakistan Medical Association office-bearer, it is an emergency situation and a special commission has to be put in place to review the entire system of nursing and align it with the requirements of not only the SDGs but the entire public health system. The number of nursing teaching colleges needs to be increased manifold and PhD programmes introduced. In order to improve the dismal doctor to nurse ratio, the government must take affirmative action to support nurses with higher salaries, a proper service structure and improve their image by publicly acknowledging through the media their services as a critical component of healthcare.

It is imperative that the bureaucracy of the health sector provide respect and space to the Pakistan Nursing Council to fulfil its mandate of training, inspection and protection of nurses without interference, providing modernised curricula, and ensuring access to foreign trainings which are usually used up by bureaucrats based in Islamabad. Other bodies such as the Pakistan Nursing Federation and Pakistan Nursing Association should also play their due role in empowering nurses, providing leisure facilities and encouraging the use of social media such as Twitter and WhatsApp to communicate with patients.

The writer is former federal secretary.

This story was originally published by Dawn, Pakistan

The post Bad career choice? appeared first on Inter Press Service.

Categories: Africa

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