Corporate Governance

Parly summons Zifa – DailyNews Live

Nigel Matongorere  •  23 January 2018 10:11AM  •  0 comments HARARE – The Parliamentary portfolio committee on Primary and Secondary Education, Sports and Arts has summoned the Zimbabwe Football Association (Zifa) and the Sports and Recreation Commission (SRC). The SRC, Zifa and other football stakeholders are expected to appear before the portfolio committee chaired by Zanu PF legislator for Bindura North, Kenneth Musanhi on Thursday. At the hearing, the SRC is expected to table their long awaited report following the…

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Hoteles City Express Announces the Intention to Create a Lodging REIT Under the Name FIBRA STAY

MEXICO CITY, Jan. 22, 2018 /PRNewswire/ — Hoteles City Express S.A.B. de C.V. (“Hoteles City Express” or “The Company”) (bmv:HCITY) announced the intention to create a trust under the tax regime of a Lodging REIT (“Fibra Hotelera”) and place a minority percentage of REIT Shares (“Certificados Bursàtiles Fiduciarios Inmobiliarios”) issued by the Lodging REIT on the market through a Primary Public Offering. Hoteles City Express plans to contribute a portfolio of 42 wholly-owned hotels to a lodging REIT named FIBRA STAY,…

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Trust in business bosses jumps as social media become the biggest bogeymen

Business leaders have enjoyed a surprise turnaround in public trust, according to a prominent survey of Britons’ faith in institutions – although social media companies have become the new bogeyman. The credibility of chief executives has improved by 14 percentage points during the last year, with 42 per cent of more than 3,000 Britons surveyed by US public relations firm Edelman saying they trust bosses. At the start of 2017 the annual survey found trust across the world in chief…

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PM signals action against executives who abuse pension schemes

Executives who “try to line their own pockets” and put pensions in peril will face new sanctions, the Prime Minister has announced. In the wake of the collapse of Carillion, Theresa May said the Government will in the spring publish “tough” proposals to end “unacceptable abuse” of pension schemes. The move drew a warning from business leaders against policymaking “in the heat of the moment”. “Extensive consultation” must be taken to protect employees and shareholders, Roger Barker, the Institute of…

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The politics of privatisation in Zimbabwe

Tau TawengwaIn 1980, Government adopted scientific socialism as its developmental and governance paradigm. Scientific socialism refers to a combination of political and economic science and empirical scientific methodologies to achieve socialism; where socialism is the belief that people are equal and should, therefore, equally share a country’s resources. One economic strategy associated with this paradigm was expanding State-owned enterprises (SOEs). It was not by accident fluke that Government adopted scientific socialism over free market capitalism in 1980. Firstly, Zimbabwe’s Independence…

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New Zim is coming: Chamisa

Gift Phiri  •  20 January 2018 12:02PM  •  0 comments HARARE – In the most comprehensive policy speech of the presidential campaign, MDC vice president Nelson Chamisa has presented an opposition MDC Alliance vision of a growth and fairness economy, an economic agenda intended to end cash shortages, revive derelict factories, lift wages, expand social services, and combat a widening gap between rich and poor. Chamisa said “the defining economic challenge of our time” is to usher a new Zimbabwe…

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Larry Fink Is Right to Demand Responsibility

Larry Fink, the chairman and chief executive of BlackRock, is right to demand that public companies behave more responsibly even as investors are more likely keep their money in passive funds, said Robin Wigglesworth in the Financial Times. “Every company must not only deliver financial performance, but also show how it makes a positive contribution to society,” Fink wrote this week in his yearly letter to the boards of companies. He said the world’s biggest fund manager would double its…

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OSCE states to mull economic progress and security in region

Baku, Azerbaijan, Jan.18 By Nigar Guliyeva -Trend: Vienna will host the 1st Preparatory Meeting of the 26th OSCE Economic and Environmental Forum on Jan.22-23. Promoting economic progress and security in the OSCE area through innovation, human capital development, and good public and corporate governance will be the theme of the event. The event, organized by the 2018 Italian OSCE Chairmanship and the Office of the Co-ordinator of OSCE Economic and Environmental Activities, will gather high-level officials, experts and key stakeholders…

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3 in 10 Singapore firms did not disclose remuneration packages: study

The higher the remuneration, the less transparent the companies were in disclosing remuneration paid to top executives. Over 30% of the companies either did not disclose or provided incomplete information on remuneration packages, according to a study. Further, 23% who disclosed aggregate remuneration identified less than five key management personnel, whilst around 10% who disclosed identified more than five key management personnel. The study titled “The Singapore Report on Remuneration Practices: Avoiding the Apaycalypse” was conducted by corporate governance advocate…

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NRBC left without govt funds after media reports

The government agencies have withdrawn their funds, amounting to Tk 500 crore, from NRB Commercial Bank recently due to media reports on its precarious financial position, the bank’s Chairman Tamal SM Parvez said yesterday. He, however, claimed that the general public is yet to pull out funds from the bank, in an encouraging signal for the fourth generation bank. At present, the embattled bank’s deposit stands at Tk 4,700 crore, he said at a press conference to disclose the bank’s…

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UPDATE 1-Premier Foods plays down Batchelors sale talk – Finance News

(Updates with details on Batchelors) LONDON, Jan 15 (Reuters) – Premier Foods said on Monday any talks it has had with third parties as part of a business review had not yet gone beyond “an exploratory stage”, playing down talk of a possible sale of its Batchelors noodles to Nissin Foods Holdings. The statement followed a weekend report in the UK’s Times newspaper saying Premier was in talks to sell Batchelors, valued at more than 200 million pounds ($276.4 million)…

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I count on Dr Lall to keep books clean, make provisions: Vaidyanathan

Vaidyanathan built Capital First into a ₹20,000-crore retail franchise from scratch with funding from Warburg Pincus. The former ICICI Bank hand now prepares for a big role as the chief executive of the merged IDFC Bank-Capital First, which is yet to get a new name. In an interview with Shilpy Sinha and Saloni Shukla, Vaidyanathan describes what lured him into this deal and how he intends to build the bank. Edited excerpts: Why do you need a bank when you…

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Swipha Explains Why It Shut Down Operations

The Managing Director of Swiss Pharma (Swipha) Nigeria Limited, Gaby El Khoury, has said it decided to temporarily shut down its operations in Nigeria because of the uncooperative attitude of its staff who embarked on strike since mid December, protesting against the layoff of some workers by the company in order to strengthen its operations in Nigeria.  El Khoury in a statement said the critical decision had to be taken to safe the company’s property and equipment from being damaged…

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China to Step up Banking Oversight in “arduous” Fight on Financial Risks

China will step up oversight in the banking sector this year to reduce financial risks, the country’s banking regulator said, stressing that long-term efforts would be needed to control banking sector chaos. The China Banking Regulatory Commission (CBRC) said late on Saturday in a statement that its priorities included increasing supervision over shadow banking and interbank activities. “Banking shareholder management, corporate governance and risk control mechanisms are still relatively weak, and root causes creating market chaos have not fundamentally changed,”…

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Omotola: Key Problem with Nigeria’s Economy is Excessive Reliance on Importation

Lai Omotola Mr. Lai Omotola is the Chief Executive of CFL Group, one of Nigeria’s leading infrastructure development companies with 15 different subsidiaries. At an interactive session with some journalists at the company’s Maryland head office in Lagos, Omotola examined the challenges faced by the Nigerian economy and proposed solutions to the country’s socio-economic problems. He also explained rationales behind the company’s new multimillionaire head office. Gboyega Akinsanmi was there. Excerpts: How has the current economic decline affected the real…

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Keppel O&M bribery case: The rise and stumble of Singapore’s biggest rig builder

SINGAPORE: In February 2001, a joint venture of Keppel Offshore & Marine (Keppel O&M) in Brazil snagged a US$75 million (S$99.6 million) contract to convert an aging tanker into an offshore production centre. The floating production storage and offloading facility (FPSO) would be deployed for oil and gas production at Caratinga, a deep-water oil field located northeast of Rio de Janeiro. The contract, awarded by a Brazilian subsidiary of US engineering company KBR Inc, was a win for the young joint venture…

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