W EGUt\RI)[I\N. Wednesday. October 19, 2011
BUSINESS 115
11es MoneyWatch P23
Compulife P25
Still on interest-free banking model, relevance
Broadband development and financial implications Global stocks dip on low China's growth, Moody's waming to France
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GovtSOapsnationalprogranrrnae for 43tgIic? food security Adopts Chinese option, partners banks on agric financing Fl am Jot\" 1\k.1nmu, .&JI(Jja
A COCKTAIl of reromlS. )TSn trday, hal hm rl'ed Fct.Ier.l1 Go'v'tmment's app-lren t reac· tion to Ii ngrn ngTO'xi securi ty crisis p laguing mC''!'(onomy. Flrsl. mC' gcve rn m C'n t scra pptd the National I'rogrammt for Agricu lturt il nd Food 5ecu rit"j (NPAfS). with its workers IIOW being rtde ployed to tt e Ft:der;.l Mi nistry o f AgriCl IIl'u re and Ru ra l Oevelollmt nl . Agill n. theadm lnistrilti on has opted for OllneS( model o r fOod production, ' Vith some
As p a l1 of the efforts to achieve a sound and successful implemenlalion of Ihe agricultural transformation agenda, there was need to embark on focused restructuring of existing departments and agencies of the ministry. farm ers fro m thC' Far East As ian country now engaged In t ra ini ng their 10CiI1counter· parts on mod em fa ml tceh· niqucs for Improved prod uc·
tI"',y.
Also, the adm inistrat ion unfo ld ed plans to partner with n ine commercial });Inks
fo r improved fin.JInclng schnne fo r agricultural actillflies. A p r~s stateme nt by the Pennanem Secretuy o f the min ist ry, Dr. Ezekiel OVtm omi, noted th at as part o r th t efforts to achieve a sou nd and slKCC'SSful imple-
mematlon of th e agricu ltu ra l transfonnalion agenda, there was need to e mbark o n r~ restructuring of 6ist· Ing d epartm ents and age n· desof Ulc m inlstry as a Wilyof establish ing solid insti tu tlon for the im plt mC'nI:adon o f th e tra nsfonnadon agenda. The statemen t added that all onFioing p rogra mmes and projects th at are not In taflo dem with th t spirit and tl~s o f th e tfilOs fo rmat o n age nda a rc bei ng restru c· tured a nd ra tio nal ised Into releva nt departmen ts a nd agenCies th at have stannory rNnd ates for such activities.
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not on ly to e n~ure an efficient and focused Im plementation o f the agenda but .JIlso to avo id Ille currem noticeable dup llCiltion o f roles and rupo nsibllities. n le statemem a lso assured all donor .JIge nciesfd evelopment p.JIrtners Ihat Ihe ongoing restructuri ng is aimed atach ievIng a beu u rrformanct of Ihe .JIgricu ll u ra transformation .JIgtnd.JI .JInd would nOI in any wily affect th t smooth Implemenr.1tion of (jle ~sting col· [abo ratio n a nd partncrs hip betwee n gove rnme nt an d d o no r age ncies/develo pme nt CONTINUEO ON PAGE 16
' " lORLO stocks slipped yesVV ttrday and gO\-'f' mment bonds rose as slowC'r·t h.JIn· txptcted O llnese growt h and a warning to Fra nce abo ut kteplng its lOp cmlit rati ng made in\,cstor5autious. TIle warning from ra tings agency- Moody's. com pound· ttl investor litters after com· menlS t.hlswttk byGC'rmanv's finance minister, who said 11C: saw no dt fi nilive soIutJon on the tum zone debt crisis right away. The 1\&1 wOI"Jd equity inde.1 w.JIs down 0 .6 percentp.1 ring eJ rl ier losses as u.s. stocks tu m ed rn()(lC$tl~ hig her. The world indtx IssII II up roughly II per ctnl from a t5--month lowtarller thls month. U5. slocks' gains were led by the finan cial sector a rter majo r banks rtported qu,u· terry resullS, including B<lnk of AmeriCil . The second·largest US. bank byassets rOSe' 6.8 per cent to S6.44, whilt shares of Goldm.JIn Sachs we!'t up 2 per cenl at $98.90 e\-en after it POSled <t \\~der·th~ n-e)(pected q u<t rtt rly [05.5. The Dow Jon es induurial aver~ge was up 21.19 poinLo;, or 0.19 per cellt at 1I.418J9.1h e St,lOdard & Poor's 500 Index was up 5.21 pOints, or 0.4] per cent, at 1.206.07. TIlt Nasd.JI(1 Composltt Ind~ was up ].75 points, or 0,14 per [tnt, OIl 2.618.67. Eu ropt.JI1l slocks dipped 0.2 pcr ctnt wh ile emerging stocks lost 2.3 per cenL -Risk ave rsion came b.lck bcC.JIuse evt'lbody Is focused o n Europt, said Suvrat Prakas h, imerest rale stra te. g iSt ,11 BNP Pa ti b.Jis in Ncw furk. -It Stems that people a!'t not countJngon the Europea n Union su m mit,~ for iI sol ution o n the cure 1.one·s fiscal problems.. t.,·loody's Cilutioned it lIlay sl.JIp .JI ntgolltivt outlook o n France's Aila credit rating in th e next thret: montlls if costs fro m htlp lng to bail Ollt b.lnks a nd olhereurozone members stntch its budget too th in. Op ti m is m o\'tr a key CON TIr~U EO
ON PAGE 16
Why hunger crisis persists in Africa, by group UTGH cost or inpulS, poor
.r Amanagl!mml aOld ma rket· in~
skills a nd inad tquatt teChn ical adviSOr! services, a mo ng o the r ractors, a re responsible for lh ~ u nprKC'-de nt ro hunger ami food criSis [n Africa sillet th e globa.l ceonomic d ep~ion d thc: 19JOS. Th eCou nuy Rtpl1';en tati\'I!of i\clionAid NIgc:n a, Dr Hunai n i Ma mu. sald this in his add ress .lit the fT\.JIJden Ih! et-day Pan Africa Non-Stat,! Actors Dlalogut on Com;)rthensl\'{' Afr ic.JI Ag ri culturt
~Iopme n l Programme «(MOP), w h ic h o pt nw In Ahuja. on Monday: Ada mu, who was represe nt· by mt Policy Advocacy and Campaig n Co ordinato r for AclIonAla . Thnde Arrmu, noted that m o re tha n 265 m ill io n people, majo rity of Ih em women .JInd ch ild!'tn, mal· nou rished a nd chroni Cd1[y food ins«Urt'. l ie also noted thatth e5O.lring food eticC's had made -dCYi15ta ling'" Impact on the rura.l and urban poor.
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-As hu nger rises. the urban poor and ru ral commu nities across the continen t struggle 10 affo rd twic food commodl· ties.~ he said. Th t country di rector d escribed CAAOP as a an Integrated Inltlatl\l'l:: by the AU to help AfnCd n countrie"i !'tach a higl u~:r p.JIth o f Kono m lc growth t hro ug h agriculture fed de\'dopmeIlL n It programme, he said. was d~igned to t limln.u l!: hunger, red uce ~rty and food i~ curity as \Y~11 as expand agn·
cultura l expons. He h~ noted that the CAADP approach though prag· m.ltk, shriwM C'VIden t nexlC'Ct of wo men famlC'rs, lackeif def· Inlte and robust climate ada pl.ltl o n Str.ll~es aswt!1l as fund-
"These a rc shon com lngs which must: ~ resoNed quid:. III IfCMDPIs 1O m.lkt:a rea l dlr· ference to po\'erty and h u nger.~ he said. Adamu said ActionAld, OXFM t and lh e Agt nt)' for Cooperatioll In~.JI rra nge m e n ts. and Rt$eu ch In Deve[opment Our reseu c h into (MDP (ACORD) organised tile policy plans in six coun tries (Malin vf. d ialogue to -Interroga te the Nigeri a, Ethio pia. Ta nzania, CAADP Im plementation wilh a Kt:nY.ll and Ghana~ UllCO\,{,tro \-icw to ~mmending viable systema ti C policy neg lect o f ~ns for effective Implmll!'n\Yo m m falTflC'B and r"J1 ure to tltion milS objccUVC'!\.~ defin e robust climate adapta· In h is remarks, the Pan-Afiia tion stralegies. Head of Econo mic Justice,
OXFM1. Mou h.JImet liI m inC', desrnbetl tJlt nJlTCn( food crtsis in E.1st Moo as -an ~me C'XJllIpleor the brokt'n foodsystern," t.lm ine .JItUibured m e cr1sis to years of neglect of pastoraH.ru and small-scale food prod uct"1"!i, who If gtven the desired sup." pon.could boost rood ava ilabtlIty III tht region. '1lIe nJrrem food crisis in East Moo is an e.1trC'me e.1.ample of the bmkrn food system in a world with enough food for Mf)'Onc,~ htsa id