Category: Industry

The ball Argentine football star Diego Maradona punched through English keeper Peter Shilton’s fists to score the opening goal of the quarterfinal match the eventual champions went past during the Mexico 1986 World Cup sold Wednesday at auction for £2 million (US$2.4 million).

Also known as the “Hand of God” ball, the white Adidas Azteca item was in possession of the Tunisian match referee Ali Bin Nasser, who put it up for auction at the UK-based Graham Budd Auctions six months after the jersey Maradona wore in that game sold for nearly US$ 9.3 million.

Maradona admitted afterward that it was scored “a little with the head of Maradona and a little with the hand of God,” leading to its iconic name.

The auctioned ball — inspired by the architecture and murals of the Aztec civilization — was used throughout the full 90 minutes of the 1986 game between Argentina and England, as it occurred years before the multi-ball system began in football.

Hence, it was also the ball Maradona kicked in to score the Goal of the Century -deemed so according to a 2002 FIFA poll- after dribbling past five English defenders. The clash was the first between the two teams after the 1982 Falklands War.

Bin Nasser said he felt it was the right time to share the item with the world and expressed hope the buyer — who has not been disclosed — would put it on public display. The shirt auctioned in May will be on display in Qatar during the 2022 World Cup, which kicks off on Sunday.

The referee also defended his decision to let Maradona’s contentious first goal stand. “I couldn’t see the incident clearly. The two players, Shilton and Maradona, were facing me from behind. As per FIFA’s instructions issued before the tournament, I looked to my linesman for confirmation of the validity of the goal — he made his way back to the halfway line indicating he was satisfied that the goal should stand.”

“At the end of the match, the England head coach Bobby Robson said to me: ‘You did a good job, but the linesman was irresponsible’.”

Argentina won that game 2-1 and went on to lift the World Cup. Maradona died in 2020 at the age of 60. The upcoming World Cup in Qatar, which starts Sunday, will be the first since Maradona’s death.

Source: NAM NEWS NETWORK

African women entrepreneurs from 35 countries have called for more support from lenders and governments to help them benefit from the African Continental Free Trade Area. Meeting in Cameroon’s capital for the U.N.-sponsored African Women Entrepreneur Forum, the women say their businesses are mostly small, informal, and suffer discrimination.

More than 200 women from 35 countries are meeting in Yaounde for the second African Women Entrepreneurs Forum under the theme, “Female Entrepreneurs, Challenges and Opportunities.”

The African Continental Free Trade Area that started in 2021 brought great hope that a market of 1.2 billion people would boost women-run businesses and reduce poverty.

But while Africa’s women entrepreneurs still see opportunities, they also face many challenges.

Former Interim President of the Central African Republic Catherine Samba-Panza spoke Wednesday night at the forum.

She said many women are missing out on the opportunities of trade integration because their small businesses have low productivity and get little or no funding from governments and lenders.

Panza says as CAR’s former president and an African female leader she wants African governments and funding agencies to know that a majority of Africa’s 30% of women entrepreneurs need assistance. She says the COVID-19 pandemic, climate disruptions, persistent armed conflicts in Africa and Russia’s war in Ukraine are affecting most female-owned businesses.

Panza added that many female businesses in the C.A.R., Cameroon, Chad, Mali, Niger, and Nigeria have been forced to close because of armed conflicts.

Women entrepreneurs say they often face harassment and discrimination in Africa’s male-dominated trade.

Niger’s director for the promotion of rural enterprises Bissso Nakatuma led a 15-member delegation to the three-day Yaoundé forum.

She says women who want to export their farm produce and benefit from opportunities offered by the African Continental Free Trade Area are targeted by customs and police officers who want bribes. Nakatuma says women are forced to depend on their families and communities to fund their businesses because banks refuse to give loans to female investors.

The forum demanded a stop to discriminatory practices against women entrepreneurs. It also called for more access to financing for women-led businesses, including export credits and guarantees.

Achilles Bassilekin is Cameroon’s Minister of Small and Medium Sized Enterprises. He says Africa’s economic ministers are committed to solving the challenges for women that were raised at the forum.

“I am convinced that women entrepreneurs from various countries of Africa will go back to their respective countries with a clearer vision, a clearer picture of what the continental FTA [Free Trade Area] is about and how they can take advantage of this wonderful opportunity, which happens to be the [African] Continental Free Trade Area,” said Bassilekin.

Despite the challenges, the forum said female entrepreneurs this year contributed an estimated $350 billion to Africa’s economic growth, about 13% of the continent’s Gross Domestic Product, or GDP.

The U.N. says the female economy is the world’s largest emerging market with the potential to add $12 trillion to global GDP by 2025.

Source: Voice of America

U.S. Treasury Secretary Janet Yellen heaped pressure on Russia on Monday ahead of the G-20 summit in Indonesia, saying the best way to end world economic tumult was to stop the Ukraine war.

“Ending Russia’s war is a moral imperative and the single best thing we can do for the global economy,” Yellen told reporters as she met French counterpart Bruno Le Maire in Nusa Dua, on the resort island of Bali.

High fuel and food prices are among the top issues set to be discussed at the summit and few G-20 countries have escaped the economic pain.

Yellen will hope to build diplomatic pressure for an end to the war by blaming Russia.

Host Indonesia has called for talks and a peaceful resolution to the conflict but, like fellow G-20 members China, South Africa and India, has largely avoided criticizing Russia directly.

The summit is also expected to discuss the need to extend a Turkish and U.N.-brokered agreement allowing vital Ukrainian grain and fertilizer exports to transit safely through the Black Sea.

Ukraine is one of the world’s largest producers of both products. Russian President Vladimir Putin had appeared to walk away from the agreement but faced a sharp backlash from developing countries.

The current agreement expires on November 19. Le Maire underscored the need to counteract the effects of Russia’s invasion, namely on soaring fuel prices in Europe.

“I really think that the first issue that we have on the table is how to bring down energy prices and how to get rid of inflation,” he said.

Source: Voice of America

SHARM EL SHEIKH (Egypt)— Kenyan President William Ruto has asked developed nations to invest in Africa to save the globe from the adverse effects of climate change.

He said there are opportunities on the continent to produce wind power, geothermal electricity and solar energy.

In his address at the ongoing COP27 in Egypt, the President cited the case of East Africa whose hydroelectric power potential is 100,000 megawatts. He insisted the world can no longer afford to power its industrialisation using dirty energy.

“Developed economies must decarbonise their production by directing industrial investments to Africa and using clean energy to manufacture for the world,” he explained.

Ruto, who is also the coordinator of the Committee of African Heads of State and Government on Climate Change, insisted that Africa’s march to green growth is unstoppable.

He further told the more than 120 Heads of State attending the Summit that Kenya’s next significant export will be carbon credits.

“This is why we are calling for simplified, more transparent carbon market systems that directly benefit communities.” He challenged the leaders to focus on keeping their commitments.

Source: NAM NEWS NETWORK

Malawi is the first low-income country to reach a staff-level agreement to receive up to about US$88.3 million (50 percent of Malawi’s IMF quota) in emergency financing through the IMF’s new Food Shock Window under the Rapid Credit Facility . Malawi has also requested Program Monitoring with Board involvement .

This emergency financing under the new Food Shock Window will help Malawi address urgent balance of payments needs related to the global food crisis. Program Monitoring with Board involvement will support the government’s economic reforms to restore macroeconomic stability and provide the foundation for an inclusive recovery.

Malawi’s request will be discussed by the IMF’s Executive Board as soon as possible. Malawi is implementing a comprehensive debt restructuring needed to restore debt sustainability. A credible process for the debt restructuring would need to be underway prior to the IMF Executive Board’s consideration.

Washington DC: An International Monetary Fund (IMF) team led by Mika Saito held discussions with the Malawian authorities during October 11-17, 2022, in Washington DC, following meetings in Lilongwe during October 5-8, 2022, on Malawi’s request for emergency financing under the IMF Rapid Credit Facility’s new Food Shock Window and for Program Monitoring with Board involvement.

The authorities have initiated a comprehensive debt restructuring process to restore debt sustainability and build a track record with the Program Monitoring with Board Involvement towards an IMF-supported economic program financed under the Extended Credit Facility .

At the conclusion of these discussions, Ms. Saito issued the following statement:

“The IMF team reached a staff-level agreement with Malawi on a Rapid Credit Facility through the IMF’s new Food Shock Window and Program Monitoring with Board involvement (PMB) to help restore macroeconomic stability and provide the foundation for an inclusive economic recovery. The disbursement under the Food Shock Window, of up to about US$88.3 million (50 percent of IMF quota), combined with the PMB, will help address Malawi’s urgent balance of payments needs related to the global food crisis and will support economic adjustment and structural reforms.

“IMF staff are now preparing to present to the IMF’s Executive Board for approval the authorities’ request for emergency financing through the IMF’s Food Shock Window and for Program Monitoring with Board involvement as soon as possible.

“To complement their strong reform program, the authorities are implementing a comprehensive debt restructuring needed to restore debt sustainability. A credible process for the debt restructuring needs to be underway prior to the IMF Executive Board’s consideration of Malawi’s request.

“The authorities are strongly committed to continuing their efforts to implement structural reforms and prudent macroeconomic—fiscal, monetary and exchange rate—policies, which, together with the ongoing debt restructuring process, will steer the country towards macroeconomic stability and a sustainable debt path. In turn, this will help to set the foundation for inclusive growth and improve the life of Malawians.

“The IMF mission held meetings with Minister of Finance and Economic Affairs Sosten Gwengwe, Reserve Bank of Malawi Governor Wilson Banda, and senior government and Reserve Bank of Malawi officials. The mission team thanks the Malawian authorities for the engaging and productive discussions.”

Source: International Monetary Fund

ZANZIBAR— THE Zanzibar government has initiated a process to formulate a new fisheries policy which is expected to boost production, exports, and job creation in fishery resources.

This was revealed by the Zanzibar’s Chief Secretary Eng Zena Ahmed Said, who pointed out that the policy will be a milestone in implementation of the Blue Economy agenda in the Isles.

“Be free to discuss and give views to the proposed new policy. You can continue giving opinions at any planned stakeholders’ forum, because we aim at having a comprehensive policy,” she said opening the forum for Zanzibar’s Permanent/Principal Secretaries and their deputies to discuss the fisheries draft policy

Said asserted that the new fisheries policy would potentially transform the sector as stipulated in the Blue Economy agenda.

The agenda focuses on promoting sustainable fisheries and observing the regional, continental and international agreements like the Sustainable Development Goal (SDGs.14).

“The new policy is aimed at boosting government revenues from the fisheries sector. The government moves to regulate fisheries in a belief that it will increase the ability to meet social and economic needs,” she said.

This will be the first time ever for Zanzibar to have an ‘independent’ Fisheries Policy.

Currently, matters related to fish development are contained in the Agricultural policy.

The Chief Secretary welcomed comments from stakeholders so as to have a participatory and comprehensive policy document for the large and diverse fisheries sector of the Islands.

She also thanked development partners led by the United Nations Development Programme (UNDP) for offering technical and financial support that will enable Zanzibar to have the policy.

Researchers say that the fisheries sector plays an important role in building a strong national economy by increasing household food security, income and employment opportunities while nurturing the fisheries resources.

But, despite its importance, the fisheries sector faces several challenges including sustainable fisheries resource management and utilisation; processing and marketing; aquaculture development and quality control.

Godfrey Nyamrunda, Deputy UNDP representative in Zanzibar, promised to maintain good relations with Zanzibar government at this time of implementing the blue economy agenda which aims at attaining food security, poverty reduction, increased national income and hence increased contribution to national Gross Domestic Product (GDP).

The Blue Economy and Fisheries Ministry Permanent Secretary Dr Aboud Jumbe said the ongoing initiatives by President Hussein Ali Mwinyi to develop the fisheries sector necessitate the formulation of new fisheries policy.

He mentioned some achievements recorded within two years of Dr Mwinyi’s presidency as purchasing of fishing vessels with support from IFAD, a new project for fisheries and marine resources development supported by the World bank, and the ‘Blue economy program’ by the UNDP.

He said using the IMF Covid-19 relief Fund, Zanzibar allocated 36.5bn/- to improve fisheries including purchasing of fishing boats, and equipment for seaweed farmers and fish farmers.

Source: Nam News Network