World News - .geographical media - RSS

Global Properties holds raffle draw

Tue, 02 Dec 2008 05:36:46 GMT

Tuesday, December 02, 2008

The Global Properties in providing individual and corporate institutions and companies the opportunity to cater for plots of land for their staff members at an affordable scheme, on Monday held its monthly raffle draw at its head office along the Kairaba Avenue.

Speaking after the raffle draw, Saul Freizer, the Managing Director and CEO of Global Properties said, his company is a real estate company, which aims at helping the people of The Gambia to acquire land at an affordable price. He said the raffle draw is for the clients who actually paid their monthly installments at the right time.

According to him, it is difficult for one to get a piece of land in The Gambia now, and they are here to make it affordable to the people, adding that they have different projects in Farato, Brufut and Sunchu Sorri. He thanked their customers and urged them to keep the momentum.

Malick Mboob, Head, Media relations said this draw is to thank their customers, especially those who paid their monthly payments at the right time. He further went on to say that Global Properties is here to help the low income earners, the opportunity to own a plot of land payable in 60 instalements within five years.

He said sixteen clients wins D5,000, D10,000, D15,000 and D20,000, respectively which amounts to two hundred thousand dalasis (D200,000).

Author: by Alieu Ceesay

Seven new investors buy into EL’s IDZ

Thu, 27 Nov 2008 20:10:00 GMT

Thursday, November 27, 2008

THE East London Industrial Development Zone netted seven new investors worth R239 million this year, despite gloomy economic conditions. Most of the investors are South African-based companies looking to expand operations and are spread across the aquaculture, renewable energy, agro processing, construction and automotive industries. The zones previous investors were mostly automotive component suppliers to Mercedes-Benz SA. Total investment at the zone now tops R1 billion. Although Elidz...

Source: http://www.dispatch.co.za/article.aspx?id=274849

2010 hospitality package sales top R1bn

Wed, 26 Nov 2008 00:34:11 GMT

Wednesday, November 26, 2008

Over 50 000 hospitality packages for the 2010 World Cup have been soldto South African companies, the Local Organising Committee told a mediabriefing in Johannesburg on Tuesday. So far these sales totalled over $115 million.

Source: http://feeds.feedburner.com/~r/SAGoodNews/~3/466308870/2010_hospitality_package_sales_top_r1bn.html

Egypt Factors: Financing trade in times of turmoil

Wed, 26 Nov 2008 00:00:00 GMT

Wednesday, November 26, 2008

CAIRO: At times of global financial turmoil, companies can fall victim to tightened credit conditions from commercial banks. But when money gets tight, factoring companies thrive.With Egypt’s first factoring company now up and running, local exporters can turn to a less traditional source of finance to ensure they have access to credit.“At times like these when liquidity is an issue, we have a very good opportunity in the market,” said Marius Savin, general manager of newly-established Egypt...

Source: http://www.dailystaregypt.com/article.aspx?ArticleID=18082

KENYA: Joseph Maina: "For every 30kg of waste, they pay me 50 shillings"

Sat, 22 Nov 2008 14:46:45 GMT

Saturday, November 22, 2008

NAIROBI Wednesday, November 12, 2008 (IRIN) - Joseph Maina rummages through waste at Boma, the nickname for the Dandora municipal dumpsite in the eastern part of Nairobi. He is looking for bottles, plastic containers, anything that shop owners and local companies will buy for recycling. He talked to IRIN about eking a living out of the 12 hectare rubbish site. "I came here in 1996 after I stopped going to school because there was no money. "I come here every day early in the morning. We remove...

Source: http://www.irinnews.org/report.aspx?ReportId=81430

Gamtel/Gamcel - Spectrum Partnership Terminated

Mon, 10 Nov 2008 04:15:15 GMT

Monday, November 10, 2008

The Government of the Gambia on Friday 7th November 2008 terminated the partnership agreement between Gamtel/Gamcel, the country’s telecommunications and cellular companies respectively and Spectrum company, a Lebanese-owned company which bought 50 percent shares of both companies on August 1st 2007.

A news release from the Office of the President said the move is necessitated by the fact that there are fundamental breaches of the terms and conditions as stated in the contract agreement.

The release, which follows a subsequent 72-hour ultimatum issued by the government for the management of Spectrum to provide information to government regarding the financial status of Gamtel/Gamcel, added that there is a deterioration of the services of the company since taking over the company.

The Office of the President noted in a news release issued on Tuesday 28th October 2008 that since Spectrum took over Gamtel/Gamcel, the quality of services has decreased significantly, which in itself is an abuse to the rights of consumers to quality telecom services.

According to recent reports by the Joint Sessions of the Public Accounts and Enterprises Committees of the National Assembly, Gamtel/Gamcel required further clarification and consultations with regard to the true and full picture of the state of finances and accounts of both companies.

The committee, readers would recall, went further to call on the management of Gamtel/Gamcel (Spectrum), the Department of State for Finance and Department of State for Communication and Information Technology, to make recommendations on reporting mechanisms for the future.

Source: Picture: Gamtel Head Office

Market Beat: The Dalasi Update

Tue, 28 Oct 2008 08:25:26 GMT

Tuesday, October 28, 2008

We welcome you back from the “Koriteh” break and hope you all had a great time? However, we are back to the market and back to trading where among other things we try our best to analyze the buying and selling of the Dalasi against major world currencies notably the US Dollar, Euro and Pound Sterling.

This week we wish to bring you figures after three weeks’ break from trading and we shall see in a minute what the Dalasi has install for us in the coming weeks against other major world currencies. With financial tsunami all over the West, I hope and pray we are saved from the vibrations and reverberations that come with these uncertain financial times. However, these unhealthy times poses serious questions about ourselves.

Some of these questions are whether we are truly financially independent, whether our central banks and insurance companies are independent of western financial institutions? Whether we can as nation states move and survive without financial aid from the west? Over to you and I do hope we are truly financially independent.

The Us Dollar
As at the closing of trading last week ending, the October 10th, all banks in the Gambia registered some minor losses against the US Dollar except Bank BSIC which is the only bank to register some minor gains as per its last trading figures. TBL, FIB,, GTB, ICBG and ACCESS are all non-movers as per their last published trading figures as per the US Dollar. SCBG, PHB, AGIB and ECOBANK all registered minor losses against the US Dollar this week.

The scarcity in Dollar as an International trading currency may be due to the financial mayhem engulfing US financial institutions at the present time. This week only SCB, ACCESS and PHB made some losses at trading against the US Dollar,

Non Movers
ECOBANK and TBL are non movers this week as they still maintain their last week trading figures in their entirety.

Mixed Blessings
All banks operating in the Gambia this week registered some mixed pictures as per trading against major world currencies with the exception of ECOBANK and TBL. All banks made some gains and some loses and some are non-movers as per our last week trading figures of the 10th. October, 2008.

This is not a bad situation as there are no clear winners or losers as per this week trading figures and we look forward to a week of relative calm in trading and expecting the Dalasi to make further gains against major world currencies.

Market Beat has the privilege to bring to you the INDICATIVE RATES currency tables as we buy and sell in our major banks as dictated by the Central Bank of the Gambia (CBG) as at the 17th. October 2008, thus:

Author: by Momodou Camara

Face of Africell – A Dazzling Depth of Talent

Thu, 28 Aug 2008 05:53:45 GMT

Thursday, August 28, 2008

Ever since the Face of Africell competition initiated by Africell, one of the leading GSM companies in the country, started, Gambians have seen a lot of young talented and intelligent girls most of whom would not have been exposed without the competition.

This competition has shed light on the wealth of talented, intelligent and articulate young women that are growing up in our nation. We must ask, seeing these young women in action, what opportunities we are creating for them here in The Gambia and could we be doing more? There has been a notable encouragement and empowerment of women in this country by President Jammeh since he came to power. These girls’ ancestors would not recognise The Gambia as it exists today because of the enormous change that has taken place in terms of women’s rights and entitlement. This notwithstanding, many women in this country still face enormous challenges. Many girls are not educated and are still kept at home doing menial chores while their brothers are sent to school. Africell should be commended for their exposure of these girls and their highlighting of the great wealth of talented intelligent women in The Gambia but is it not disappointing that if not for the GSM company we might never have met these young women? How many more potential contestants are there in the country who will never get a chance to take part because they are not receiving the education to which they are entitled under international law?

The prizes on offer to the contestants are a fully paid scholarship to study abroad or a brand new Nissan “Pathfinder” 4X4. It will be very interesting to see which prize the eventual winner will choose. Will she choose to go abroad and further her education and on the way broaden her mind and experience through travel? Or will she choose to take the 4X4 and be content to cruise the streets in a brand new vehicle to the admiration of all who see her? The choice will reveal much about the winners expectations in life.

We strongly encourage the eventual winner to choose the scholarship package if they are successful. Even if they have been educated already they should further their studies abroad. Knowledge is never a burden and extra education is always empowering and beneficial. While many might be tempted to choose the vehicle if they are declared the winner they should remember that a vehicle will eventually wear out, especially on Gambian roads, but the intellectual benefits they will reap from furthering their education will stay with them for the rest of their lives. As a well-educated person in the profession of their choice they can get a job that will allow them to purchase any car they wish at a time of their choosing.

We wish the contestants well tomorrow and thank Africell for showing us all the wonderful abundance of intelligent, talented young women living in The Gambia today. They will be wonderful future leaders. Don’t forget the final is tomorrow.

Barclaycard Helps Hart House

Mon, 21 Jul 2008 05:51:34 GMT

Monday, July 21, 2008

Barclaycard, one of the UK’s leading credit card companies, yesterday donated a good sum of money to Hart House at Sinchu Alhajie in Kombo North.

Robert Brise, a member of staff at Barclaycard, donated £500 to Geoff Hunwicks the chief executive officer of the Gambian Home for Children with Learning Difficulties on behalf of his group.

Robert Brise arrived this week to deliver the money raised through several events organised by himself and other team members at Barclaycard in the UK.

Robert said they chose Hart School for Children with Learning Difficulties after reading about the respite care and education programme they offer. “The lack of resources and funding make it a constant struggle for Hart House to meet the demands of the children who stay there. At times there can be up to 16 children there at any one time all with weekly overnight care facilities for families with a disabled child to get respite,” he added.

He further said that employees strive to raise funds throughout the year for numerous projects not only in the UK but all around the world.

Robert observed that the running and upkeep of Hart House is a constant challenge for Geoff and Rohey Hunwicks, the founders. “Since Hart House is ongoing there is a need for donations to continue as the service it offers is free of charge to Gambian children. Barclays Bank UK wishes them every success in maintaining the service and care they offer,” he said.

Geoff Hunwicks expressed appreciation and thanked Robert Brise, Barclaycard and his team. “We need more people to see reason and help these kids they deserve it,” he said. He finally informed all those gathered that the Hart House website is www.harthouse.org.

Author: By Augustine Kanjia

Source: Picture: Geoff receives cheque from Robert - (Friday 18th July 2008 Issue)

CFAO Holds 34th AGM

Tue, 08 Jul 2008 06:59:24 GMT

Tuesday, July 08, 2008

CFAO Gambia Limited, one of the leading and oldest trading companies in The Gambia, last Thursday convened its 34thAnnual General Meeting at the company’s premises at Kanifing.

The highlight of the meeting saw the adoption of the report of the directors and the financial statements for the year ended 31stDecember 2007, the approval of the dividends and proposals by the directors among other businesses.

According to reports of the meeting, the company achieved a gain after tax of D5, 325, 418 against a gain of D17, 090, 939 last year.

The main factors for this performance, reports reveal, are the absence of reversal of provisions on debtors and stocks as in 2006, no exceptional profit as in 2006 due to the sale of assets, heavy investments in marketing and promotion, which resulted in increased volumes of vehicles sold, and the high increase of electricity cost (plus 30%).

Also part of the factors include the instability of the Dalasi during the second semester which had a negative impact on the company’s profits and the investments in cars to equip AVIS car rental fleet, department of CFAO (G) Limited.

“The conditions of the environment are still tense as the Dalasi is not yet stabilised and remains quite strong Vs foreign currencies; this is not helpful for the Gambian economy, especially in the world context of price increment.

“In addition, pressure from The Gambia Revenue Authority (GRA) became stronger as they force companies into setting duties on materials in stock which affects cash flow and slows down the sales”, said Mr C. Sartini, chairman of the company’s board of directors.

Due to certain slow-downs in the sales, the report further states, the company plans to focus on after-sales activities (parts and service) to consolidate its professionalism and remain a reference in the market. “More over, customers will start to come more and more to service their vehicles as they grow older. That is why we recruited an engineer at the workshop last September. He has already improved things in a big way in terms of quality and figures,” he stated.

The company’s report also confirmed the good results of 2006 despite an uncertain economic environment during half of the year. “2008 will be harder and we need to keep on improving on procedures and monitoring our expenses so as to sustain our efforts. Consequently, our target for this year is mostly to improve internal control and settlement of procedures to be in line with CFAO shareholders”, the report added. During the “Any Other Business” section it was unanimously agreed by the stakeholders that the name of the company be changed from CFAO to CFAO Motors to be in line with international standards.

Author: By Ahmed Carayol