ACHIEVEMENTS

A lot has been achieved in SADC since its inception in April 1980 in Lusaka, Zambia. Some of the foremost achievements of SADC have been:

• to demonstrate that regional co-operation is NOT only desirable but possible;
• to inculcate a sense of regional belonging as well as a tradition of consultation among the people and governments of Southern Africa
• to put in place a regional programme of action - the SADC Programme of Action - which covers cooperation in various economic sectors.
• Under the SADC Programme of Action a number of infrastructural projects have been undertaken to rehabilitate roads, railway lines and harbours as well as the development through research of a number of seed various to cater for the different climatic conditions of the SADC Region.
These hard-earned achievements have provided a firm foundation without which any attempt at building a regional development community would have definitely failed.


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THE SADC PROGRAMME OF ACTION -SPA

The SPA is a totality of Sectoral Programmes, with their policy objectives, strategies and projects designed to realise the overall goals and objectives of SADC. The SPA has evolved over time in line with the priorities and challenges facing the organisation.
The number of projects under the SPA now stands at 407 with an estimated cost of US$8.09 billion. Approximately 90 per cent of this amount is from external sources and close to 50 per cent has already been secured.
Under the SPA, several protocols have been developed and signed in the areas of Shared Water Course Systems, Energy, Combating Illicit Drug Trafficking, Transport, Communication and Meteorology, Trade, Education and Training, Mining, Immunities and Privileges, Health, Wildlife Conservation and Law Enforcement, Tribunal and Legal Affairs. Most of these have been ratified and are at various stages of implementation.

The Trade Protocol is critical for SADC's integration process and entered into force on the 25th of January, 2000 following its ratification by the required number of member States. The implementation of this protocol was launched on 1st September 2000.
In addition to these protocols, the Summit has signed a Declaration on Gender and Development. This declaration calls for the equal representation of women and men in the decision making of member states and SADC Structures at all levels, and the achievement of at least 30 per cent target of women in political and decision-making structures by the year 2005. In addition, a Declaration on Productivity which commits member States to increase productivity in order to meet global competetiveness challenges was signed in August 2000.


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INSTITUTIONAL FRAMEWORK

In deciding on the Conference's institutions, the Founding Fathers were particularly sensitive to the lessons and experiences of past attempts at regional co-operation in Africa, some of which had ended in dismal failure and bitter disappointment. Such failures were largely because sensitive issues of how best to equitably share the costs and benefits of regional co-operation had not been sufficiently addressed and agreed upon at both national and regional levels.
To avoid similar pitfalls, SADC from the very beginning placed particular emphasis on a decentralised institutional arrangement that would ensure that member States are the principal actors in the formulation and implementation of policy decisions.

However, under the new restructuring exercise, it has become clear that there are a number of problems that inhibit the efficient and effective performance of the current structure and these include:

• Inadequate provision of resources and staffing by member States which has led to inequitable distribution of responsibilities and obligations.
• Different management and administrative procedures and rules, varying standards, qualifications and performance criteria for staff involved in the management of the Regional Programme.
• Rapid increase of Sectors and therefore a plethora of priorities and activities dependent on limited resources which has led to a proliferation of meetings and an increase in associated costs.
• Under the current structure and circumstances, the Secretariat has been unable to execute its mandate as provided for in the Treaty, especially that of undertaking strategic planning and management.
• Lack of an institutional framework in which Ministers responsible for Foreign Affairs in the SADC region could discuss and adopt common positions on matters pertaining to the organization in various international fora.


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TRANSFORMATION FROM CONFERENCE TO COMMUNITY

This transformation occurred in August 1992, when the Heads of State and Government of the Southern African Development Co-ordination Conference met in Windhoek, Namibia, to sign a Declaration and Treaty establishing the new SADC - the Southern African Development Community.
The SADCC leaders had come to realise that although the co-ordination conference had served them well and had demonstrated the crucial need to cooperate in their development efforts, time had come to give the Organisation a legal and more formal status.
There was also a need to shift the focus of the organisation from co-ordination of development projects to a more complex task of integrating the economies of member States. Hence the Treaty, which is the blueprint for building a Community of Southern African states.

SADC and its member States are expected to act according to the following principles:

• Sovereign equality of all member States;
• Solidarity, peace and security;
• Human rights, democracy, and the rule of law;
• Equity, balance and mutual benefit;
• Peaceful settlement of disputes

The objectives of SADC are to:

• Achieve development and economic growth, alleviate poverty, enhance the standard and quality of life of the people of Southern Africa and support the socially disadvantaged through regional integration;
• Evolve common political values, systems and institutions;
• Promote and defend peace and security;
• Promote self-sustaining development on the basis of collective self-reliance, and the interdependence of Member States;
• Achieve complementarity between national and regional strategies and programmes;
• Promote and maximise productive employment and utilisation of resources of the Region;
• Achieve sustainable utilisation of natural resources and effective protection of the environment;
• Strengthen and consolidate the long standing historical, social and cultural affinities and links among the people of the Region.

The ultimate objective of SADC, the Community is, therefore, to build a Region in which there will be a high degree of harmonisation and rationalisation to enable the pooling of resources to achieve collective self-reliance in order to improve the living standards of the people of the region.

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China’s Economy Shows Signs of Recovery on Stimulus

Feb. 13 (Bloomberg) -- China’s economy is showing signs that a 4 trillion yuan ($585 billion) stimulus package is taking effect.

The world’s third-biggest economy may expand 6.6 percent in the second quarter after slowing to 6.3 percent in the three months to March 31, the weakest pace since 1999, according to the median estimates of 14 economists surveyed by Bloomberg News.
China is trying to reverse an economic slide that has already cost 20 million jobs, raising the risk of social unrest as exports plunge and the property market sags. Spending on roads railways and housing has increased prices for iron ore, put a floor under industrial output and helped to drive a record $237 billion of new loans in January.

“China looks set to be the first major economy to recover from the current global meltdown,” said Lu Ting, an economist with Merrill Lynch & Co. in Hong Kong. “China is the only economy in the world to see significant growth in credit to corporate and household sectors after September 2008, when the financial crisis worsened to a near collapse.”
The government’s stimulus plan, announced in November, is beginning to gather momentum. Projects such as the building of 3.5 billion yuan of public houses in Shaanxi province and Shanghai began in December, while Shandong province started work on three new railway lines the same month.
China is committing about 1.2 trillion yuan of central government funds to the plan, which means banks’ willingness to fund projects is crucial. So far they are responding.

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The margin requirements must be respected by Friday at 23:00 GMT and before holidays.
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Stop Order Execution
Volatile market conditions can result in prices gapping, which may prevent the execution of stop orders (sell stop, buy stop, stop loss) at the price you initially requested. However, our dealers strive to execute all stop orders at the price, or failing that, at the best attainable rate the market allows.

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JEWISH WORLD / Pro-Israel camp would be wise to heed Muslim cries for peace

As technology advances and televisions get flatter, bigger, and clearer, one subject will always be broadcast to the world in black and white: the Israeli-Palestinian conflict.
The recent events in Gaza have engendered a predictable world reaction: polarization, anger, hatred, and fear. The left screams "massacre," while the right wants to get tougher.
Watching the mass protest and reading about strident calls for Israel's dissolution, we Jews can't help but get that lonely feeling in the pits of our stomachs: The world is against us. Call it a Pavlovian response conditioned by persecution on a mass scale.

But the pro-Israel camp would be wise to pay attention not only to the bellicose cries coming from the mosques and streets, but also to the Muslim voices courageously speaking out against Hamas.
The Muslim Canadian Congress, for example, has issued a statement holding Hamas responsible for precipitating the recent conflict in Gaza.
The statement begins by condemning the recent Israeli attacks in Gaza as "disproportionate," but quickly turns its attention to censuring Hamas. According to the congress, Hamas is responsible for using the Palestinian people as "human bait," in an effort to kindle an all-out war in Gaza.

In words that would have made Alan Dershowitz blush, the statement asserts that: "No other national liberation movement in modern history has offered martyrdom as a substitute to freedom and statehood. Hamas has set back the clock for the Palestinians and it is time for all Palestinians to recognize that Hamas offers only death, destruction and a place in Paradise, not a Palestinian State."
The columnist Mona Eltahawy, to give another example, who writes for Egypt's Al Masry Al Youm and Qatar's Al Arab, published a piece in which she lambasts Hamas and the Arab world for their self-destructive addiction to Israel.

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Dow Jones Industrial Average

With the current inclusion of only 30 stocks, critics like Ric Edelman argue that the DJIA is not a very accurate representation of the overall market performance even though it is the most cited and most widely recognized of the stock market indices.

Additionally, the DJIA is criticized for being a price-weighted average, which gives relatively higher-priced stocks more influence over the average than their lower-priced counterparts, but takes no account of the relative size or market capitalisation of the components. For example, a $1 increase in a lower-priced stock can be negated by a $1 decrease in a much higher-priced stock, even though the first stock experienced a larger percentage change. In addition, a $1 move in the smallest component of the DJIA has the same effect as a $1 move in the largest component of the index. As of February 2009, IBM is the highest priced stock in the index and therefore has the greatest influence on it. Many critics of the DJIA recommend the float-adjusted market-value weighted S&P 500 or the Dow Jones Wilshire 5000, the latter of which includes all U.S. securities with readily available prices, as better indicators of the U.S. market.
Another issue with the Dow is that not all 30 components open at the same time in the morning.

On the days when not all the components open at the start, the posted opening price of the Dow is determined by the price of those few components that open first and the previous day's closing price of the remaining components that haven't opened yet; on those days, the posted opening price on the Dow will be close to the previous day's closing price (which can be observed by looking at Dow price history) and will not accurately reflect the true opening prices of all its components. Thus, in terms of candlestick charting theory, the Dow's posted opening price cannot be used in determining the condition of the market.

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Hanwha Group | Introduction

Hanwha Group is one of South Korea's top ten chaebol s—or conglomerates—with diversified holdings stretching from explosives to retail to financial services and beyond. The group operates through a complex network of subsidiaries, many of which are publicly listed entities, including flagship company Hanwha Energy Corporation. Hanwha's operations are grouped under five major divisions:

Manufacture/Construction, Distribution/Leisure, Finance/Trade, SI/Communication, and Sports. Manufacture/Construction includes Hanwha Corporation's explosives production; Hanwha Chemical Corporation, which produces PVC; Hanwha L&C, which produces PVC-based products; H-Pharm Company, which produces non-prescription drugs and health and beauty products; and Hanwha Advanced Materials, a partnership with Solvay, which produces materials for the automobile and other industries. Distribution/Leisure comprises the company group's Hanwha Stores, which operates the seven-store Galleria Department Store chain, and Hanwha Resort Company, the largest leisure company in South Korea. Since 2002, Hanwha has made a push into the financial services market, grouping its 51 percent stake in former state-owned insurance group Korea Life under its Finance/Trade division.

The company also operates asset management and other insurance subsidiaries. The two remaining divisions, SI/Communication and Sports, include operations in the advertising and e-commerce sectors and ownership of the Hanwha Eagles professional baseball team. Hanwha, which emerged somewhat humbled from the economic debacle of the late 1990s, is led by chairman Kim Seung Yeon, son of the company's founder.

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Daewoo Shipbuilding

Company Description

Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) operates as a specialized shipbuilding and offshore contractor that builds various vessels, offshore platforms, drilling rigs, floating oil production units, submarines, and destroyers for its worldwide customers.

Its commercial vessels include tankers, LNG and LPG carriers, container ships, roll roll-on roll-off carriers, chemical carriers, product tankers, and passenger ferries. The company’s offshore plants comprise fixed platforms, rigs, and FPSO/FPU/FSOs for offshore oil and gas exploration and production. Its specialty vessels consist of submarines, destroyers, battle ships, submarine rescue vessels, AUV, and other specialty vessels. DSME is building environmentally safe vessels with a 10-year life span and outfitting that allows easy maintenance and repairs, while complying with international standards, including IMO. The company was founded in 1973 and is headquartered in Seoul, South Korea.

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