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Resource Curse and Dutch Disease

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first_imgFrom the moment ExxonMobil announced it had struck a “significant” oil find off our coast — on May 20, four days after the 2015 election results were announced — analysts and observers have been sounding alarm bells that we should avoid what has been called the “Dutch Disease” or “Resource Curse”. While the terms are related, the first can be seen as a subset of the second.To be educated on the pitfalls of an oil industry and not repeat those mistakes, a delegation from Guyana, headed by Natural Resources Minister Raphael Trotman, was sent to Uganda, which was at a similar stage in overall development and also in oil, to be “mentored”.Having witnessed, in neighbours such as Sudan, the persistent poverty in the face of extraordinary levels of oil pumped in the previous decades, Ugandans discussed the issues of “Dutch Disease” and “Resource Curse” intensively, in an effort to avoid falling victim to these situations. Their efforts should be an object lesson to us, but it is obvious that the Government is ignoring their “mentors”. The following is excerpted from a Ugandan report of 2012:“The phrase ‘natural resource curse,’ also sometimes called ‘the paradox of plenty,’ was originally coined by economists who found that countries with a rich endowment of natural resources tended, in the long term, to record slower economic growth than countries with fewer natural resources. It has since come to be used more widely and generally to describe a situation where, rather than bringing widespread benefits, the extraction of a country’s mineral, oil or gas resources causes significant harm [as Opposition Leader Bharrat Jagdeo noted here].For the general problems of the resource curse, commentators often recommend an equally general list of ‘governance’ remedies: greater transparency; stronger and more accountable government institutions; curbing corruption; more equitable distribution of resources and social investments; making sure that there are tangible benefits for communities where the resource is found; etc.  These, doubtless, are worthy recommendations, but they rarely come with suggestions as to the specific processes and mechanisms by which they can be achieved.While ‘the natural resource curse’ is now used to describe a wide range of issues, ‘Dutch Disease’ remains a more specific and technical economic concept. It refers to a situation wherein growth in national income from natural resource extraction damages other sectors of a country’s economy. It is named after the experience of the Netherlands in the 1960s, when major gas finds brought a short-lived boom that created problems in other areas of the economy.This happens because increased revenues from natural resource exports tend to increase the real value of the exporting nation’s currency.  That makes the country’s other exports, such as agricultural products and manufactured goods, more expensive and therefore less competitive in world markets.  Imports, meanwhile, become cheaper, and this can undermine local producers and manufacturers.At the same time, demand also tends to rise for some service industries — such as the construction industry — since resource booms often fuel a building boom. This tends to make those services more expensive, which can hurt poorer citizens. The economy as a whole becomes over-reliant on the natural resources that it is exporting, and this can be particularly damaging if, for any reason, there is a drop in world price for those natural resources.The paper advises that some of the measures that can be taken are to form a “Sovereign Wealth Fund” that invests in international stocks and bonds. The Fund should not be used for budgetary support, as this Government has announced, but for strategic investments made at a measured pace into the economy so as to minimise the adverse effects mentioned above.With our sugar industry facing challenges, one strategic decision that could be made at this time is to not shut down the four estates but to subsidise them as a holding operation until the oil funds can be injected to diversify the drained and irrigated lands into crops demanded by the burgeoning Chinese and Indian middle classes.last_img read more

Gor down Tusker to inch closer to third Top 8 title

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first_imgGor head coach Jose Marcelo Ferreira handed promoted Gor Youth skipper Amos Nondi his first start of the season deploying him on the right side of midfield while Ernest Wendo marshaled the middle alongside Francis Kahata in the absence of Khalid Aucho and Collins ‘Gattuso’ Okoth.Coming off a run of five unbeaten matches and having not conceded, Gor were not just about to let their feet off the gas pedals.Tuyisenge opened the scores in the 13th minute after controlling the ball with his thigh and using his sheer strength to wade off the pressure from Eugene Asike before shooting past Tusker keeper Martin Musalia.Gor Mahia Jacques Tuyisenge-Eric Ouma and Amos Nondi.PHOTO/Raymond Makhaya.Gor had asserted their authority early and the goal was an imprint of their intent from the start.Tusker had a chance in the 18th minute with Osborne Monday’s shot from the edge of the box deflected for a corner which Collins Shivachi headed inches wide from Shafik Batambuze’s delivery.That would only be a scare for K’Ogalo and they kept their attacking mantra and Tuyisenge should have doubled his tally with a shot from the right, when he rolled across the face of goal in the 20th minute.The defending champions doubled their lead in the 23rd minute with Enock Agwanda rising high to head in a corner from Francis Kahata.Tusker Eugene Asike against Gor Mahia Jacques Tuyisenge.PHOTO/Raymond Makhaya.Two minutes to half time, Wafula missed a glorious opportunity shooting wide from a good scoring range after being put through by Tuyisenge who had intercepted possession off Tusker.Tusker head coach Paul Nkata sought a new formula to tackle the remaining 45 minutes, choosing to pull out winger Noah Wafula for the more skillful Danson Kago.But still, Tusker continued playing second fiddle to Gor and the latter should have been two up 10 minutes into the half but Agwanda shot wide after being set up by Eric ‘Marcelo’ Ouma who took on a powerful run on the left before cutting back.On the other end, Monday came close for Tusker with a freekick that flew over the wall and went a yard off target despite Jerim Onyango well beaten.Gor Men At Work Caps.PHOTO/Raymond Makhaya.Humphrey Mieno, who is linked with a move to the record 15-time league champions, was Tusker’s best player on the pitch as he drove the team from midfield but the results were minimal.New signing Baron Oketch was given his debut with 20 minutes left coming on for Agwanda and he gave a good account of himself with good runs on the wing.In the 74th minute he came close with a shot that flew wide after beating Shivachi on the right.With 10 minutes to stoppage time, Tusker threw everything in attack, bringing on striker Stephen Owusu for Antony Ndolo but K’Ogalo kept their composure to ensure a comfortable score line heading into the return leg.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Gor Mahia Enock Agwanda leads celebrations after scoring the second goal against Tusker FC in KPL Top 8.PHOTO/Raymond Makhaya.NAIROBI, Kenya, June 12- Defending champions Gor Mahia edged closer to their third Kenyan Premier League Top 8 title after seeing off Tusker FC 2-0 in the first leg of the semi-final played at Nyayo National Stadium on Sunday.Goals in the first half from Rwandese Jacques Tuyisenge and Enock Agwanda eased Gor to the important win heading into next weekend’s return leg.last_img read more

Vigil held for teen who died after insurance company finally decided to pay for liver transplant

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first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECoach Doc Rivers a “fan” from way back of Jazz’s Jordan ClarksonFamily members said messages and telephone calls from across the nation and around the world have been received, mostly to give their condolences, said Raffi Ganoumian, Nataline’s cousin.“We are taking everything as it comes,” Ganoumian said. “Everyones thoughts are going out to the family.”Attorney Mark Geragos, who attended the vigil, has said he would pursue a civil case against CIGNA Healthcare, for her death.He also plans to ask the district attorney to press murder or manslaughter charges against against the insurance company.The District Attorney’s office has yet to comment. ENCINO – Hundreds of people gathered inside an Encino school auditorium tonight, for a memorial service and candle light vigil for a 17-year-old girl who died hours after her health insurer reversed its previous decision and said it would pay for a liver transplant.Family members and friends remembered Nataline Sarkisyan at the Holy Martyrs Armenian Elementary and Ferrahian High School, just days after the Northridge girl died.Members of the Armenian Youth Federation, who organized the vigil, lined up to remember the teen with the bright eyes, who was an active member of their organization before she became ill.“This was our way to get those who knew Nataline to say their peace, to say what they remember about her, and to let her know that we will be here for her family,” said Levon Demirjian, chairman of the San Fernando Valley Chapter of the organization. Nataline died Thursday at about 6 p.m. at the University of California, Los Angeles, Medical Center. She had been in a vegetative state for weeks before she was taken off life support at 5:20 p.m. with the family’s approval.She had been battling leukemia and received a bone marrow transplant from her brother. She developed a complication, however, that caused her liver to fail.Doctors at UCLA determined she needed a transplant and sent a letter to CIGNA on Dec. 11. The Philadelphia-based health insurance company denied payment for the transplant, saying the procedure was experimental and outside the scope of coverage.About 150 teenagers and nurses had protested outside CIGNA’s office in Glendale on Thursday. As the protesters rallied, the company reversed its decision and said it would approve the transplant.A statement was released by CIGNA on Friday.“Their loss is immeasurable, and our thoughts and prayers are with them,” the statement said. “We deeply hope that the outpouring of concern, care and love that are being expressed for Nataline’s family help them at this time.”Funeral services have been set for 11 a.m. Friday at St. Mary’s Armenian Apostolic Church, 500 S. Central Ave., Glendale, family members said.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Children’s Fishing Pond at Patoka Closed For Repairs

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first_imgRepairs are being made to the pond that will allow for more accessible bank fishing. The work will extend over an undetermined time frame.“Our staff plans to enhance this area by dredging the bottom to remove depository materials. We will notify the public as soon as the pond reopens to youth fishing opportunities,” says Dana Reckelhoff, Interpretive Naturalist. “This work may affect the annual Kids’ Fishing Derby that takes place each year during the first weekend in June.” The Children’s Fishing Pond near the Modern Campground at Patoka Lake, Newton Stewart State Recreation Area will be closing.Patoka Lake management determined that the pond was becoming too shallow to provide quality habitat for fish and fishery source for youth. Many areas of the pond are at depths under five feet. Therefore the pond will remain closed until further notice.last_img read more

The Osborne Family Spectacle of Dancing Lights Extended

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first_imgShare This!©Rikki NiblettIt’s well known that The Osborne Family Spectacle of Dancing Lights will be ending this year, but if you’ll be down there early this week, I bring you good news! Guests will have an additional opportunity to see the lights, as they have been extended through Wednesday at Disney’s Hollywood Studios.In addition, the park will remain open until 10:00 p.m. Monday, January 4 through Wednesday, January 6. The Osborne Family Spectacle of Dancing Lights will be available from dusk until 9:00 p.m. on the Streets of America.So if you’ll be in town and the lights are a favorite of yours, make sure you catch them before the glow away forever on Wednesday, January 6.last_img read more

Anderson wins second ATP title

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first_img6 March 2012South Africa’s Kevin Anderson captured the second ATP Tour title of his career on Sunday when he defeated Australia’s Marinko Matosevic 6-4, 7-6 to win the Delray Beach International Championships. Previously, Anderson lifted the South African Open title in Johannesburg in 2011.“It feels fantastic. It’s my first one in the United States, which is great,” Anderson told the ATP Tour’s website.“I feel apart from South Africa, this is my new home. My wife Kelsey was here for the weekend.”Former winnersFormer winners of the title include, among others, Lleyton Hewitt, Stefan Koubek Tommy Haas, Mardy Fish, and Juan Martin del Potro.The victory lifted Anderson up to 30th in the world rankings and came not long after he had slipped a little to 37th a month ago after being sidelined by an injury.The tall South African was seeded seventh for the tournament in Delray Beach and had to overcome some tough matches to make it through to the final. It all began relatively easily with a 6-4, 6-1 over Austin Krajicek, but in the second round Anderson faced Xavier Malisse, the champion in 2005 and 2007. The match went to three sets, with Anderson claiming a 6-3, 3-6, 6-3 victory.Wonderful contestIn the quarterfinals, Anderson faced fourth seed Andy Roddick. In a wonderful contest, the South African star fought back from a set down and saved three match points on his way to a superb 2-6, 7-6 (11-9), 6-4 win.Anderson’s reward was a semi-final showdown with top seed and world number 11 John Isner. Like the showdown with Roddick, the match pitted two big servers against one another.Tie-breakerIt proved to be a very tight contest, but Anderson broke Isner once in the first set and the big American served a double fault in the second set tie-breaker, which was enough for Anderson to triumph 7-5, 7-6 as Isner dropped a tie-breaker for only the second time in 11 tie-breakers this year.Anderson faced Marinko Matosevic in the final after the Australian became only the second player in the 20-year history of the event to make it through qualifying to the title-decider. The Croatian-born player had scored some impressive wins himself on his way to the last two.He solved the problem of the big-serving Ivo Karlovic in the first round, winning 6-3, 6-4, and then defeated sixth-seed Alexander Bogomolov 4-6, 6-1, 6-3.Winning streakIn the quarterfinals he saw off 2010 champion Ernests Gulbis 3-6, 6-1, 6-1 to set up a semi-final match against Israel’s Dudi Sela. After a very hardfought contest, Matosevic emerged a 5-7, 6-4, 7-6 victor to take his winning streak to 12 matches.After his victory in the final, which lasted just short of two hours, Anderson said his mental approach had played a big role in his success. He told the ATP Tour: “I think at the end, I felt I was mentally composed throughout [the tournament]. I didn’t let any patches of bad tennis affect my mindset [this week].”‘I think we have done well’On court, after receiving the winner’s trophy, Anderson paid tribute to his coach, Louis Vosloo, saying: “Thanks for all the patience. Each day I try to work as hard as I can. I know I can be pretty difficult sometimes, but I think we have done well, so let this be the second [title] of many.”He also thanked his parents for the opportunity that they had given him to play tennis and thanked his wife of three months Kelsey, whom he met when both were students at the University of Illinois.“Thanks for coming out, I love you, and I’m so glad you were here to share this with me,” Anderson said to her.Would you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

Stop Searching The Web – Let Yotify Do It For You

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first_imgAsking For HelpThe social aspect of Yotify comes into play under the “Ask Friends” section. Here, you can share your scouts on Facebook and FriendFeed and get responses. Using either option will post your query directly to those social networks and when people reply you’ll be informed via email. If you want to share a scout with select friends only, that can be done under the “Edit Scout” section where you can enter in individual email addresses instead. You can also share the scout with your friends on Yotify. How It Compares In a lot of ways, Yotify is reminiscent of the newly launched Alerts.com, a service which differentiates itself by letting you receive updates via SMS, email, voice, or IM. In a lot of ways, those various contact options from Alerts.com makes that service the more useful of the two, especially since a lot of our information overload today begins with email, which is currently the only way to receive Yotify updates. However, Yotify’s options for sharing your scouts with friends give it a unique twist as do the various options for fine-tuning your searches. Still, we definitely like the new direction Yotify is going with their service. Instead of adding to our social media burden by creating yet another place to “hang out” online, they’re using the network of connections we’ve already built to make their service more useful to us. Our lives are busy enough, so we hope this is the start of a new trend of smart social apps. A new personal web scout called Yotify just launched into public beta today. This service lets you track anything on the internet and only reports back when it has results for you to review. Your Yotify “scouts,” as the searches are called, can be shared with others via email, Facebook, FriendFeed, or even directly with the other Yotify members you befriend on the site. But don’t worry, this isn’t yet another social network designed to waste more of your time. Instead, it’s just the opposite: Yotify utilizes the power of the social web to save you time and give you your life back…you know, the one away from the computer? What You Can Do With YotifyYotify lets you track any number of things from hotel room rates to sports scores or even the latest videos on YouTube. The list of things you can track is practically endless. To help you find the scout you need, the different types are organized into broad categories which include shopping, fun, travel, classifieds, and news and blogs. Why Tech Companies Need Simpler Terms of Servic… sarah perez Saving MoneyWhen it comes to product searches, Yotify is very smart. It doesn’t just look at keywords, but also lets you know what the current best price is and then lets you select a checkbox to have the service alert you if the price drops below a certain point. You can also optionally check to be alerted when there are new product reviews available. The shopping section features scouts for common searches like digital cameras and laptops, but the shortcuts section lets you create more specific searches for a keyword, like a product ID or model number. Tags:#Product Reviews#web Staying InformedThe News and Blogs section lets you search a handful of sites, including The Wall Street Journal, USA Today, and The Huffington Post among others, but most people won’t be satisfied with the small selection provided and will need to turn to the shortcuts section instead. From here, you can track any site’s RSS feed, or for sites without RSS, you can search the blog itself just by entering its URL. You can also track changes to search results as well as track vanity search results for your name. The shortcuts section includes a few other useful scouts, too, including one which lets you track a profile on LinkedIn, another to track local events (provided by Eventful), one for eBay auctions, and even one that tracks your FriendFeed. Related Posts Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai… 8 Best WordPress Hosting Solutions on the Marketlast_img read more

Saint Louis County Executive resigns after indictment

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first_img(AP) Saint Louis County Executive Steve Stenger has resigned after being indicted by a federal grand jury.He’s accused of providing political favors in exchange for campaign donations. We learned about the bribery, mail fraud, and theft counts Monday.The Democrat is looking at up to 20 years in prison on each count if convicted.last_img

Jefferson City authorities search for missing driver in Missouri River

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first_imgThe Missouri State Highway Patrol says divers have found a missing vehicle in the Missouri River, but they are still looking for the driver.Dispatchers got a report about a vehicle in the river at the Noren River Access in North Jefferson City at about 9:30 p.m. Friday. MSHP said Saturday afternoon the vehicle had been found in 25 feet of water, and removed from the river.The search continues for the 18-year-old male driver.last_img

“Plug-in” and do more with the SSD Pro 1500 Series in your enterprise!

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first_imgIntel® SCS with SSD Pro Series Plug-inUnlock the potential!The value you find in an Intel® Solid-State Drive Professional 1500 Series (Intel® SSD Pro 1500 Series) is built-in. Get even more value from your drives with a new plug-in from Intel® Setup and Configuration Software (Intel® SCS). This allows IT departments to easily access information and configure the drives in your managed devices.Intel® SCS’s new modular framework allows you to add “plug-in” functionality and feature sets into an existing Intel SCS installation (v9.0 and above). With one such plug-in, you can use Intel SCS to tune your Intel® SSD Pro 1500 Series drives and collect drive health data and allow IT to make proactive business decisions.ManageabilityDiscoverable and configurable through Intel® SCSRollup of drive health statistics for proactive health management & monitoring Enhanced SecurityProtects Data (Self-Encrypting)No Encryption OverheadOPAL Key Management Download Intel® SCS & Get Started!Follow us @IntelvProlast_img read more