The first multi-asset derivatives exchange is going live in Mauritius from April.
The first of its kind of currency and derivatives exchange in this region – Global Board of Trade (GBOT) – plans to offer eight-currency pairs with the dollar as the base – including Kenyan shilling and Ugandan shilling.
Joseph Bosco, deputy managing director and Chief Operating Officer (COO) of GBOT thinks that the region, with all its natural resources and huge potentials, is slowly waking up. “The African region is coming out of its troubled past and realizing its real strength,” he said adding that GBOT offers the region a better platform to exploit its natural resources and commodities like sugar and coffee. “Cocoa and coffee from the African region and Mauritius sugar are the world class,” he added.
It also expects to trade futures contracts in zinc, copper, aluminium, nickel, gold, silver and platinum apart from coffee, sugar and maize as well as crude oil and carbon credits.
The exchange will trade in 14 commodities, such as precious metals, base metals and agricultural commodities and eight dollar-based currency pairs - including the Mauritius rupee, euro, yen and sterling.
A good futures market can also control volatility of currency. “We will offer them the required risk management mechanism to hedge themselves against uncertainty,” Bosco added. “The east African countries like Kenya and Uganda can benefit a lot from it.”
The African continent has lately been on the radar of global powers like China and India. “And Mauritius is the gateway for Africa to the rest of the world,” he said. The Indian Ocean island nation offers every facility for an investor and has a democratic framework with a strong judicial system. “Apart from that its tax structure is very much favourable to the investors,” he said adding that the companies based in Mauritius and trading on other parts of the world would get 80 per cent tax rebate. “On top of that the people of Africa trust Mauritius more than any other.”
GBOT's main promoter is India's Financial Technologies (FT) that is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India.
The exchange that has invested around $20 million was looking to add options contracts in due course, apart from international stocks, bonds and IRFs. “But initially, we are looking at $1 billion to $1.5 billion per trading day for each of the two categories of products (commodities and currencies) from second year trade given a limitations in the region,” Bosco said adding that “though it would definitely go up by the time.”
Thursday, February 4, 2010
Wednesday, February 3, 2010
Nissan most favourite car brand in Mauritius
Nissan is the most favourite car in domestic market.
It has been the most favourite car of the Mautitians as it has been the leading brand in terms of sales for almost one-and-half decade. “Despite the economic recession, we have sold 1,004 units of Nissan in the year 2009,” said Dean Ah-Chuen, executive director of the ABC Motors that is the sole dealer of the Nissan cars in Mauritius. “We are best selling brand since 1996,” he added.
In a country of 1.3 million population there are 40 brands in the market giving a customer a wide variety of choices. But the Japanese car brands have been riding ahead the British and European brands in the domestic market, though they entered into the market only after mid-60s.
Mitshubishi sold 830 units and Toyota sold 630 units in the year 2009, according to the Motor vehicles sales statistics.
From 1990, the Motor Vehicle Dealers Association (MDVA) started to compile the data of sales of every brands sold in the domestic market. “Nissan was the brand leader in the first two years – from 1990 to 1991 – then Toyota overtook it,” he said adding that “for four year – from 1992 to 1996 – Toyota led the market.
The domestic car market has been witnessing around four to five per cent growth annually. “So are we,” claims Ah-Chuen.
In 2008, ABC Motors sold 1,499 units of Nissan surpassing its sales record of 1,303 in 2007. In 2006 it sold 1,190 units of Nissan, according to him, who is more upbeat over the current year’s promising start. “The demand has started picking up in the first month itself,” he said adding that the signs of overall economic rebound are going to help accelerate the sales of automobiles in the year 2010.
The constructions that were halted last year have started to gain momentum pushing demands up for the automotives like pick-ups. “It is definitely going to help propel the auto sector,” he said.
It has been the most favourite car of the Mautitians as it has been the leading brand in terms of sales for almost one-and-half decade. “Despite the economic recession, we have sold 1,004 units of Nissan in the year 2009,” said Dean Ah-Chuen, executive director of the ABC Motors that is the sole dealer of the Nissan cars in Mauritius. “We are best selling brand since 1996,” he added.
In a country of 1.3 million population there are 40 brands in the market giving a customer a wide variety of choices. But the Japanese car brands have been riding ahead the British and European brands in the domestic market, though they entered into the market only after mid-60s.
Mitshubishi sold 830 units and Toyota sold 630 units in the year 2009, according to the Motor vehicles sales statistics.
From 1990, the Motor Vehicle Dealers Association (MDVA) started to compile the data of sales of every brands sold in the domestic market. “Nissan was the brand leader in the first two years – from 1990 to 1991 – then Toyota overtook it,” he said adding that “for four year – from 1992 to 1996 – Toyota led the market.
The domestic car market has been witnessing around four to five per cent growth annually. “So are we,” claims Ah-Chuen.
In 2008, ABC Motors sold 1,499 units of Nissan surpassing its sales record of 1,303 in 2007. In 2006 it sold 1,190 units of Nissan, according to him, who is more upbeat over the current year’s promising start. “The demand has started picking up in the first month itself,” he said adding that the signs of overall economic rebound are going to help accelerate the sales of automobiles in the year 2010.
The constructions that were halted last year have started to gain momentum pushing demands up for the automotives like pick-ups. “It is definitely going to help propel the auto sector,” he said.
Monday, February 1, 2010
2010 begins with surge in tourists’ arrival
Nepal continued to enjoy the sustained positive growth in the international visitor arrivals that has started since June 2009 in the first month of this year too.
According to the Immigration Office, Tribhuvan International Airport (TIA), visitor arrivals in January, compared with the same month last year, have increased by 18.8 per cent to 26,071.
Almost all the sector has shown positive growth in the first month of 2010. India, which constitutes the major market, has recorded positive growth of 9.9 per cent. In the SAARC region, arrivals from Bangladesh, Pakistan and Sri Lanka have registered positive growth by 43.3 per cent, 37.3 per cent and 9.9 per cent respectively.
In aggregate the South Asian segment has registered a positive growth of 15.6 per cent.Arrivals from Asia -- other than South Asia -- have also recorded positive growth in aggregate but countrywise the region has shown mixed performance. Visitor arrivals from Japan, Malaysia and South Korea have registered a positive growth by 19.5 per cent, 57.2 per cent and 87.2 per cent respectively.
However, China, Thailand and Singapore have registered negative growth of 18.3 per cent, 25.1 per cent and 3.2 per cent respectively. In aggregate the Asian segment has registered a positive growth of 15.4 per cent, the Nepal Tourism Board (NTB) saidAn overall positive growth of 34.9 per cent has been observed from the European markets with arrivals from major generating markets such as the UK, France, Germany, Italy, the Netherlands, Spain, and Switzerland up by 12.6 per cent, 17 per cent, 25.8 per cent, 40.9 per cent, 92.2 per cent, 62.4 per cent and 5.8 per cent respectively. Tourist arrivals from Australia, Canada and USA have also registered robust growth of 17.5 per cent, 69.2 per cent and 10.2 per cent respectively.“The figures reflect confidence among visitors and tour operators to Nepal,” said the NTB.
Last year India showed mixed performance in visitor arrivals to Nepal however the start of the year has begun with positive note. The sustained positive growth will undoubtedly be effective in turning Nepal Tourism Year 2011 a grand success.A total of 31,672 foreign tourists departed from TIA in January 2010. The number of Nepalis arrivals stood at 57,894 while 65,383 Nepalese departed from TIA in January 2010.
According to the Immigration Office, Tribhuvan International Airport (TIA), visitor arrivals in January, compared with the same month last year, have increased by 18.8 per cent to 26,071.
Almost all the sector has shown positive growth in the first month of 2010. India, which constitutes the major market, has recorded positive growth of 9.9 per cent. In the SAARC region, arrivals from Bangladesh, Pakistan and Sri Lanka have registered positive growth by 43.3 per cent, 37.3 per cent and 9.9 per cent respectively.
In aggregate the South Asian segment has registered a positive growth of 15.6 per cent.Arrivals from Asia -- other than South Asia -- have also recorded positive growth in aggregate but countrywise the region has shown mixed performance. Visitor arrivals from Japan, Malaysia and South Korea have registered a positive growth by 19.5 per cent, 57.2 per cent and 87.2 per cent respectively.
However, China, Thailand and Singapore have registered negative growth of 18.3 per cent, 25.1 per cent and 3.2 per cent respectively. In aggregate the Asian segment has registered a positive growth of 15.4 per cent, the Nepal Tourism Board (NTB) saidAn overall positive growth of 34.9 per cent has been observed from the European markets with arrivals from major generating markets such as the UK, France, Germany, Italy, the Netherlands, Spain, and Switzerland up by 12.6 per cent, 17 per cent, 25.8 per cent, 40.9 per cent, 92.2 per cent, 62.4 per cent and 5.8 per cent respectively. Tourist arrivals from Australia, Canada and USA have also registered robust growth of 17.5 per cent, 69.2 per cent and 10.2 per cent respectively.“The figures reflect confidence among visitors and tour operators to Nepal,” said the NTB.
Last year India showed mixed performance in visitor arrivals to Nepal however the start of the year has begun with positive note. The sustained positive growth will undoubtedly be effective in turning Nepal Tourism Year 2011 a grand success.A total of 31,672 foreign tourists departed from TIA in January 2010. The number of Nepalis arrivals stood at 57,894 while 65,383 Nepalese departed from TIA in January 2010.
Friday, January 29, 2010
Mauritius ranks sixth in 2010 Environmental Performance Index
Mauritius ranks the sixth with 80.6 score in the 2010 Environmental Performance Index (EPI).
Iceland leads the world with a score of 93.5 in addressing pollution control and natural resource management challenges, according to EPI produced by a team of environmental experts at Yale University and Columbia University. This is the third edition of the EPI, which has been revisited biannually since 2006.
Released on Thursday at the World Economic Forum annual meeting, the EPI ranks 163 countries on their performance across 25 metrics aggregated into ten categories including: environmental health, air quality, water resource management, biodiversity and habitat, forestry, fisheries, agriculture, and climate change..
Iceland’s top-notch performance derives from its high scores on environmental public health, controlling greenhouse gas emissions, and reforestation. Other top performers include Switzerland, Costa Rica, Sweden, Norway and Mauritius – all of which have made substantial investments in environmental infrastructure, pollution control, and policies designed to move toward long-term sustainability, said the report.
Occupying the bottom five positions are Togo, Angola, Mauritania, the Central African Republic, and Sierra Leone –impoverished countries that lack basic environmental amenities and policy capacity.
The US places 61st in the 2010 EPI, with results on some issues, such as provision of safe drinking water and forest sustainability, and weak performance on other issues including greenhouse gas emissions and several aspects of local air pollution. This ranking puts the United States significantly behind other industrialized nations like the UK (14th), Germany (17th), and Japan (20th). Over 20 members of the EU outrank the US.
Of the newly industrialised nations, China and India rank 121st and 123rd respectively – reflecting the strain rapid economic growth imposes on the environment. However, Brazil and Russia rank 62nd and 69th, suggesting that the level of development is just one of many factors affecting placement in the rankings. Similarly, France ranked seventh, Australia eighth, South Africa at 115th and Madagaskar at the 120th.
The 2010 EPI report provides a detailed analysis for each country, showing its performance on each of the 25 basic indicators, the ten core policy categories, and the two over-arching objectives of environmental public health and ecosystem vitality. In addition, each nation is benchmarked against others that are similarly situated with groupings based on geographic regions, level of development, trading blocs, and demographic characteristics. These peer group rankings make it easy to highlight leaders and laggards on an issue-by-issue basis and to identify “best practices.”
Analysis of the policy drivers underlying the 2010 rankings suggests that income is a major determinant of environmental success. At every level of development, however, some countries achieve results that exceed what would be anticipated, demonstrating that policy choices also affect performance. For example, Chile, where substantial investments in environmental protection have been made, ranks 16th, while its neighbor, Argentina, which has done much less to improve its pollution control and natural resource management, lags in 70th place. Regulatory rigor, the rule of law and good governance, and the absence of corruption also show strong correlations with high EPI scores.
The Environmental Performance Index builds on the best data available with indicators drawn from international organizations, such as the World Bank, the UNDP, the UN Food and Agriculture Organisation (FAO), and the UN Framework Convention on Climate Change, as well as research groups such as the World Resources Institute and the University of British Columbia. But many of these data sets are based on reporting by national governments that is not subject to any external review or verification.
Serious data gaps, moreover, limit the ability to measure performance on a number of important issues. And incomplete data resulted in the exclusion of dozens of countries from the 2010 EPI, the report observes.
Ranking
1 Iceland 93.5
2 Switzerland 89.1
3 Costa Rica 86.4
4 Sweden 86.0
5 Norway 81.1
6 Mauritius 80.6
7 France 78.2
14 United Kingdom 74.2
17 Germany 73.2
20 Japan 72.5
28 Singapore 69.6
38 Nepal 68.2
61 United States of America 63.5
115 South Africa 50.8
120 Madagascar 49.2
121 China 49.0
123 India 48.3
Iceland leads the world with a score of 93.5 in addressing pollution control and natural resource management challenges, according to EPI produced by a team of environmental experts at Yale University and Columbia University. This is the third edition of the EPI, which has been revisited biannually since 2006.
Released on Thursday at the World Economic Forum annual meeting, the EPI ranks 163 countries on their performance across 25 metrics aggregated into ten categories including: environmental health, air quality, water resource management, biodiversity and habitat, forestry, fisheries, agriculture, and climate change..
Iceland’s top-notch performance derives from its high scores on environmental public health, controlling greenhouse gas emissions, and reforestation. Other top performers include Switzerland, Costa Rica, Sweden, Norway and Mauritius – all of which have made substantial investments in environmental infrastructure, pollution control, and policies designed to move toward long-term sustainability, said the report.
Occupying the bottom five positions are Togo, Angola, Mauritania, the Central African Republic, and Sierra Leone –impoverished countries that lack basic environmental amenities and policy capacity.
The US places 61st in the 2010 EPI, with results on some issues, such as provision of safe drinking water and forest sustainability, and weak performance on other issues including greenhouse gas emissions and several aspects of local air pollution. This ranking puts the United States significantly behind other industrialized nations like the UK (14th), Germany (17th), and Japan (20th). Over 20 members of the EU outrank the US.
Of the newly industrialised nations, China and India rank 121st and 123rd respectively – reflecting the strain rapid economic growth imposes on the environment. However, Brazil and Russia rank 62nd and 69th, suggesting that the level of development is just one of many factors affecting placement in the rankings. Similarly, France ranked seventh, Australia eighth, South Africa at 115th and Madagaskar at the 120th.
The 2010 EPI report provides a detailed analysis for each country, showing its performance on each of the 25 basic indicators, the ten core policy categories, and the two over-arching objectives of environmental public health and ecosystem vitality. In addition, each nation is benchmarked against others that are similarly situated with groupings based on geographic regions, level of development, trading blocs, and demographic characteristics. These peer group rankings make it easy to highlight leaders and laggards on an issue-by-issue basis and to identify “best practices.”
Analysis of the policy drivers underlying the 2010 rankings suggests that income is a major determinant of environmental success. At every level of development, however, some countries achieve results that exceed what would be anticipated, demonstrating that policy choices also affect performance. For example, Chile, where substantial investments in environmental protection have been made, ranks 16th, while its neighbor, Argentina, which has done much less to improve its pollution control and natural resource management, lags in 70th place. Regulatory rigor, the rule of law and good governance, and the absence of corruption also show strong correlations with high EPI scores.
The Environmental Performance Index builds on the best data available with indicators drawn from international organizations, such as the World Bank, the UNDP, the UN Food and Agriculture Organisation (FAO), and the UN Framework Convention on Climate Change, as well as research groups such as the World Resources Institute and the University of British Columbia. But many of these data sets are based on reporting by national governments that is not subject to any external review or verification.
Serious data gaps, moreover, limit the ability to measure performance on a number of important issues. And incomplete data resulted in the exclusion of dozens of countries from the 2010 EPI, the report observes.
Ranking
1 Iceland 93.5
2 Switzerland 89.1
3 Costa Rica 86.4
4 Sweden 86.0
5 Norway 81.1
6 Mauritius 80.6
7 France 78.2
14 United Kingdom 74.2
17 Germany 73.2
20 Japan 72.5
28 Singapore 69.6
38 Nepal 68.2
61 United States of America 63.5
115 South Africa 50.8
120 Madagascar 49.2
121 China 49.0
123 India 48.3
Wednesday, January 27, 2010
Airlines suffered record drop in traffic
Geneva: International airlines suffered their biggest decline in traffic since 1945 last year as passenger demand fell by 3.5 per cent, the International Air Transport Association (IATA) said.
Freight also fell, by 10.1 per cent, as "full-year 2009 demand statistics for international scheduled air traffic showed the industry ending 2009 with the largest ever post-war decline," IATA said. "In terms of demand, 2009 goes into the history books as the worst year the industry has ever seen," said Giovanni Bisignani, director general of the world's biggest airlines' association.
"We have permanently lost 2.5 years of growth in passenger markets and 3.5 years of growth in the freight business," he added. Passenger traffic had improved in the final months of 2009, after a slump triggered by the financial and economic crisis. In December, passenger traffic increased by 4.5 per cent in December compared to the same month the previous year, and by 1.6 per cent over November, latest IATA data showed.
While airlines had continued to cut capacity and flights, yields were still five to 10 per cent below 2008 levels by the end of last year. IATA predicted a slow recovery for cash-strapped carriers. "Revenue improvements will be at a much slower pace than the demand growth that we are starting to see," said Bisignani. "Profitability will be even slower to recover and airlines will lose an expected $5.6 billion in 2010," she added.
The industry association warned last month that airlines faced another turbulent year after they racked up an estimated $11 billion in losses in 2009 despite a recovery in passenger traffic. "We are ending an Annus Horribilis that rings to a close the 10 challenging years of an aviation Decennus Horribilis," Bisignani told journalists last month. IATA represents some 230 carriers that account for more than 90 per cent of scheduled air traffic. AFP
Tuesday, January 26, 2010
Global unemployment soars, to remain high in 2010
The number of jobless worldwide reached nearly 212 million in 2009 following an unprecedented increase of 34 million compared to 2007, on the eve of the global crisis, the International Labour Office (ILO) said in its annual Global Employment Trends report.
Based on IMF economic forecasts, the ILO estimates that global unemployment is likely to remain high in 2010. In the Developed Economies and EU, unemployment is projected to increase by an additional three million people in 2010 to 8.9 per cent (up from 8.4 per cent in 2009 and 6.0 per cent in 2008), according to the report. Overall, despite comprising less than 16 per cent of the global workforce, Developed Economies and EU region accounted for more than 40 per cent of the increase in global unemployment since 2007.
Asia and the Pacific will fare slightly better than elsewhere in the world, the report predicts. Still, the region as a whole can expect an average unemployment rate in 2010 ranging from 4.3 per cent to 5.6 per cent (Southeast Asia and Pacific at 5.6 per cent while East Asia and South Asia predicting slight declines to rates of 4.3 per cent and 4.9 per cent respectively).
A rapid improvement in the Chinese domestic market, as well as the positive spill-over effects to neighbouring countries, led to an improvement in the economic and labour market figures for the region.
However, the ILO also said the number of unemployed youth worldwide increased by 10.2 million in 2009 (to 13.4 per cent) compared to 2007, the largest hike since 1991, with East Asia and Southeast Asia and Pacific showing some of the steepest increases. In East Asia, from 1999 - 2009, youth participation in the labour force declined by 9.3 per cent in East Asia and 5.3 per cent in Southeast Asia and the Pacific, compared with a global average decline of 3.4 per cent for the same period.
The report says that coordinated stimulus measures have averted a far greater social and economic catastrophe; yet millions of women and men around the world are still without a job, unemployment benefits or any viable form of social protection. “As the World Economic Forum gathers at Davos, it is clear that avoiding a jobless recovery is the political priority of today” said ILO Director-General Juan Somavia. “We need the same policy decisiveness that saved banks now applied to save and create jobs and livelihoods of people. This can be done through strong convergence of public policies and private investment.”
Somavia added, “With 45 million young women and men entering the global labour market every year, recovery measures must target job creation for our young people.”
According to the ILO, the share of workers in vulnerable employment worldwide is estimated to reach over 1.5 billion, equivalent to over half (50.6 per cent) of the world’s working population. The number of women and men in vulnerable employment is estimated to have increased in 2009, by as much as 110 million compared to 2008. The report also says that, worldwide, 633 million workers and their families were living on less than $1.25 per day in 2008, with as many as 215 million additional workers living on the margin and at risk of falling into poverty in 2009.
The ILO report says that it is urgent to establish wide coverage of basic social protection schemes to cushion the poor against the devastating effects of sharp fluctuations in economic activity.
To address these issues, the ILO constituents which represent the ‘real economy’ have agreed a Global Jobs Pact that contain a balanced set of tried and tested measures to promote a robust response to the employment challenge by
focusing on accelerated employment generation, sustainable social protection systems, respect for labour standards, and strengthening social dialogue. The Pact has received strong backing from the G20 heads of state and from the UN.
Key Findings
• The global unemployment rate rose to 6.6 per cent in 2009, an increase of 0.9 percentage points over 2007. However it varied widely by region, ranging from 4.4 per cent in East Asia to more than 10 per cent in Central and South-Eastern Europe (non-EU) and Commonwealth of Independent States (CSEE & CIS) as well as in North Africa.
• The global youth unemployment rate rose by 1.6 percentage points to reach 13.4 per cent in 2009 relative to 2007. This represents the largest increase since at least 1991, the earliest year for which global estimates are available.
• The overall impact of the economic crisis on women and men is far more important than the differences in impact between these groups.
• Preliminary estimates of growth in labour productivity, measured as output per worker, indicate that productivity levels fell in all regions except East Asia, South Asia and North Africa. The largest decline in output per worker occurred in Central and South-Eastern Europe (non- EU) & CIS, — 4.7 per cent, thus reversing part of the gains that were made in the first half of the decade.
• As a result of declining output per worker, working conditions are deteriorating especially in regions where labour productivity was already low preceding the economic crisis.
Based on IMF economic forecasts, the ILO estimates that global unemployment is likely to remain high in 2010. In the Developed Economies and EU, unemployment is projected to increase by an additional three million people in 2010 to 8.9 per cent (up from 8.4 per cent in 2009 and 6.0 per cent in 2008), according to the report. Overall, despite comprising less than 16 per cent of the global workforce, Developed Economies and EU region accounted for more than 40 per cent of the increase in global unemployment since 2007.
Asia and the Pacific will fare slightly better than elsewhere in the world, the report predicts. Still, the region as a whole can expect an average unemployment rate in 2010 ranging from 4.3 per cent to 5.6 per cent (Southeast Asia and Pacific at 5.6 per cent while East Asia and South Asia predicting slight declines to rates of 4.3 per cent and 4.9 per cent respectively).
A rapid improvement in the Chinese domestic market, as well as the positive spill-over effects to neighbouring countries, led to an improvement in the economic and labour market figures for the region.
However, the ILO also said the number of unemployed youth worldwide increased by 10.2 million in 2009 (to 13.4 per cent) compared to 2007, the largest hike since 1991, with East Asia and Southeast Asia and Pacific showing some of the steepest increases. In East Asia, from 1999 - 2009, youth participation in the labour force declined by 9.3 per cent in East Asia and 5.3 per cent in Southeast Asia and the Pacific, compared with a global average decline of 3.4 per cent for the same period.
The report says that coordinated stimulus measures have averted a far greater social and economic catastrophe; yet millions of women and men around the world are still without a job, unemployment benefits or any viable form of social protection. “As the World Economic Forum gathers at Davos, it is clear that avoiding a jobless recovery is the political priority of today” said ILO Director-General Juan Somavia. “We need the same policy decisiveness that saved banks now applied to save and create jobs and livelihoods of people. This can be done through strong convergence of public policies and private investment.”
Somavia added, “With 45 million young women and men entering the global labour market every year, recovery measures must target job creation for our young people.”
According to the ILO, the share of workers in vulnerable employment worldwide is estimated to reach over 1.5 billion, equivalent to over half (50.6 per cent) of the world’s working population. The number of women and men in vulnerable employment is estimated to have increased in 2009, by as much as 110 million compared to 2008. The report also says that, worldwide, 633 million workers and their families were living on less than $1.25 per day in 2008, with as many as 215 million additional workers living on the margin and at risk of falling into poverty in 2009.
The ILO report says that it is urgent to establish wide coverage of basic social protection schemes to cushion the poor against the devastating effects of sharp fluctuations in economic activity.
To address these issues, the ILO constituents which represent the ‘real economy’ have agreed a Global Jobs Pact that contain a balanced set of tried and tested measures to promote a robust response to the employment challenge by
focusing on accelerated employment generation, sustainable social protection systems, respect for labour standards, and strengthening social dialogue. The Pact has received strong backing from the G20 heads of state and from the UN.
Key Findings
• The global unemployment rate rose to 6.6 per cent in 2009, an increase of 0.9 percentage points over 2007. However it varied widely by region, ranging from 4.4 per cent in East Asia to more than 10 per cent in Central and South-Eastern Europe (non-EU) and Commonwealth of Independent States (CSEE & CIS) as well as in North Africa.
• The global youth unemployment rate rose by 1.6 percentage points to reach 13.4 per cent in 2009 relative to 2007. This represents the largest increase since at least 1991, the earliest year for which global estimates are available.
• The overall impact of the economic crisis on women and men is far more important than the differences in impact between these groups.
• Preliminary estimates of growth in labour productivity, measured as output per worker, indicate that productivity levels fell in all regions except East Asia, South Asia and North Africa. The largest decline in output per worker occurred in Central and South-Eastern Europe (non- EU) & CIS, — 4.7 per cent, thus reversing part of the gains that were made in the first half of the decade.
• As a result of declining output per worker, working conditions are deteriorating especially in regions where labour productivity was already low preceding the economic crisis.
Friday, January 22, 2010
Commodities prices continue to rise
Food prices have seen a significant rise in the recent years.Poor summer harvests domestically and across much of India are a significant factor keeping prices in Nepal high
However, losses in India are not as bad as initially expected and it is likely that the country produced a surplus summer crop, said a report jointly produced by World Food Programme (WFP) – Food Security Monitoring and Analysis Unit, MoAC – Department of Agriculture, Agribusiness Promotion and Marketing Development Directorate (ABPMDD) FNCCI/ AEC – Federation of Nepalese Chamber of Commerce and Industries/ Agricultural Enterprise Centre CIPF – Consumer Interest Protection Forum.
The price of rice continued to be at the same or higher level even after the recent crop harvest; the prices in most Terai markets are higher by 10 per cent to 40 per cent compared with the same period last year. The most recent year-on-year food price inflation figure provided by the Nepal Rastra Bank in November was over 16 per cent. The report said national food price inflation remains of significant concern. Compared to the same period last year, the price of black-gram is up by 37 per cent, wheat flour by 19 per cent, musuro (broken lentil) by 17 per cent and coarse rice by 11 per cent.
However, cooking oils are the only commodity which has not significantly increased during the past 12 months. “Similarly, a seasonal increase in the supply of fruit and vegetables has significantly reduced prices across much of the country,” the January report said. “For instance, the Kalamati wholesale fruit and vegetable market has experienced a decrease in the price of tomatoes, onion, carrot and cauliflower of around 25 per cent during the past one month period. During December the government lifted the pulse export ban which had been in place since the end of July 2009. Traders are now allowed to export a maximum of 15,000 tonnes of pulses. The price of lentils appeared to be stable during the period of the export ban
However it is not known whether this was a direct result of the ban. “The price of diesel and kerosene has been increased by three rupees per litre. It now costs fifty-eight rupees per litre, pushing the commodity prices high. The report said that 90 per cent of markets surveyed across Nepal reported that the supply situation had remained stable or improved during December. This was a result of both improved road access following the reopening of monsoon damaged transportation routes (particularly in the mid and far-western hills and mountains) and also the ongoing summer crop harvest which re-stocked markets with paddy (and to some extent maize and millet
However, a number of hill and mountain markets reported ongoing supply constraints, including Bajura, Dailekh, Dolpa, Mugu and Humla. The Kolti region of Bajura is facing a particularly severe shortage of food supply and NFC supply is virtually the only grain stock available in local markets. “This is mostly due to the monsoon which caused a severe damage to transportation routes and blocked food transportation for much of the period, and an outbreak of diseases which has affected a large proportion of the mules and donkeys used for food transportation in the region,” the joint report said. “The Karnali highway was still not fully operational in the reporting period.” The report also attributes the price rise to bandhs that have caused disruption to almost every market surveyed by WFP during December
“Almost 70 per cent of markets were forced to close at least once during December. Markets in Kailali and Kanchanpur were closed for five days during the month, the main market in Udayapur was closed for four days, and markets in Saptari, Siraha, Dailekh, Mugu and Doti were each closed for three days. Significant supply disruptions were also noted in the Eastern hill and mountain districts of Mechi.” It noted
The report also forecast that further price hike of key commodities in the coming months. “Price of wheat is likely to rise further until the next harvest in April, May. Although the price of rice has been stable in the past month due to recent harvest, it is likely to rise in the coming months and such increases are likely to continue until the next main harvest in November-December 2010,” the report concludes.
However, losses in India are not as bad as initially expected and it is likely that the country produced a surplus summer crop, said a report jointly produced by World Food Programme (WFP) – Food Security Monitoring and Analysis Unit, MoAC – Department of Agriculture, Agribusiness Promotion and Marketing Development Directorate (ABPMDD) FNCCI/ AEC – Federation of Nepalese Chamber of Commerce and Industries/ Agricultural Enterprise Centre CIPF – Consumer Interest Protection Forum.
The price of rice continued to be at the same or higher level even after the recent crop harvest; the prices in most Terai markets are higher by 10 per cent to 40 per cent compared with the same period last year. The most recent year-on-year food price inflation figure provided by the Nepal Rastra Bank in November was over 16 per cent. The report said national food price inflation remains of significant concern. Compared to the same period last year, the price of black-gram is up by 37 per cent, wheat flour by 19 per cent, musuro (broken lentil) by 17 per cent and coarse rice by 11 per cent.
However, cooking oils are the only commodity which has not significantly increased during the past 12 months. “Similarly, a seasonal increase in the supply of fruit and vegetables has significantly reduced prices across much of the country,” the January report said. “For instance, the Kalamati wholesale fruit and vegetable market has experienced a decrease in the price of tomatoes, onion, carrot and cauliflower of around 25 per cent during the past one month period. During December the government lifted the pulse export ban which had been in place since the end of July 2009. Traders are now allowed to export a maximum of 15,000 tonnes of pulses. The price of lentils appeared to be stable during the period of the export ban
However it is not known whether this was a direct result of the ban. “The price of diesel and kerosene has been increased by three rupees per litre. It now costs fifty-eight rupees per litre, pushing the commodity prices high. The report said that 90 per cent of markets surveyed across Nepal reported that the supply situation had remained stable or improved during December. This was a result of both improved road access following the reopening of monsoon damaged transportation routes (particularly in the mid and far-western hills and mountains) and also the ongoing summer crop harvest which re-stocked markets with paddy (and to some extent maize and millet
However, a number of hill and mountain markets reported ongoing supply constraints, including Bajura, Dailekh, Dolpa, Mugu and Humla. The Kolti region of Bajura is facing a particularly severe shortage of food supply and NFC supply is virtually the only grain stock available in local markets. “This is mostly due to the monsoon which caused a severe damage to transportation routes and blocked food transportation for much of the period, and an outbreak of diseases which has affected a large proportion of the mules and donkeys used for food transportation in the region,” the joint report said. “The Karnali highway was still not fully operational in the reporting period.” The report also attributes the price rise to bandhs that have caused disruption to almost every market surveyed by WFP during December
“Almost 70 per cent of markets were forced to close at least once during December. Markets in Kailali and Kanchanpur were closed for five days during the month, the main market in Udayapur was closed for four days, and markets in Saptari, Siraha, Dailekh, Mugu and Doti were each closed for three days. Significant supply disruptions were also noted in the Eastern hill and mountain districts of Mechi.” It noted
The report also forecast that further price hike of key commodities in the coming months. “Price of wheat is likely to rise further until the next harvest in April, May. Although the price of rice has been stable in the past month due to recent harvest, it is likely to rise in the coming months and such increases are likely to continue until the next main harvest in November-December 2010,” the report concludes.
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