Serhiy Marchenko took the lead of the Ministry of Finance on March 30, 2020, at the onset of a challenging coronacrisis period. In an interview with UNIAN, the minister spoke about the progress in negotiations with the IMF, his vision of pension reform, the ministry's plans for the year, and features of the latest affordable mortgage program.

Photo from UNIAN, Viktor Kovalchuk

How would you assess the situation with public finances today? Are there any risks of non-fulfillment of the national budget?

The situation with public finances remains stable. In case no force majeure happens, we will meet the revenue target. Active negotiations with the IMF are underway. I hope that in the near future we will finalize talks and reach a common understanding of how we should move forward.

In terms of revenues, the budget is rather tight, but at the same time realistic. Our January results confirm this point. After all, the actual revenues to the general fund exceed the target by UAH 3.5 billion. The overfulfillment is due to the tax service (UAH 3.4 billion), while the main thing is domestic VAT. Revenue growth off this tax in 2020 stood at 132.4% on year. That is, we have significantly increased VAT inflows. This positive dynamic is our main result, which has been strengthening Ukraine's public finances since last year. The base for this is de-shadowing. I emphasize that, if no unexpected decisions are taken, I see the end of the year quite optimistic, because we started the year with a record high balance in treasury accounts compared to the corresponding periods in recent years (UAH 71 billion). We'll be seeing the peak of public debt payments in September this year. The situation is completely under control and does not cause concern.

The Cabinet recently approved the annual rise in pensions for all categories, starting 2022. This year, additional payments are provided for retirees over 75. The prime minister also announced higher salaries for medics and teachers. At the same time, the increase in utility tariffs provokes higher subsidies. Is the budget ready to cover such expenses?

Indexation of pensions is being discussed. It is desirable that this be within budget allocations, so as not to create additional risks. As for educators expenditures have been laid down in the budget. As for medics, quarterly results will m clarify the situation. COVID-19 designates the current trend toward medical funding. Last year it was quite chaotic, but we boosted medical expenses by more than UAH 85 billion. And we support this pace.

As for the subsidies Following this heating season, we will draw preliminary conclusions. We're seeing no critical issues for the time being.

Is it already possible to assess the impact of the January lockdown on Ukraine's economy?

We are inclined to partner estimates: the NBU estimates such impact at 0.1-0.2% of GDP. Most economic agents have adapted. Meanwhile, December payments yielded a positive effect on the situation. The main consumer demand was actually met prior to lockdown. The actors had the opportunity to prepare in advance, while the government offered a certain safety cushion.

Let's return to negotiations with the IMF. Is it possible to make any predictions about the next tranche? How do international partners assess progress in the implementation of structural beacons?

Negotiations are calm. New issues arise, including government regulation on the gas market. The parameters of how this should be agreed with the IMF are now being worked out. There are still some older issues anti-corruption structure, NAPC [National Agency for Prevention of Corruption], NABU [National Anti-corruption Bureau], and judicial reform.

There are some structural beacons unresolved from last year regarding the law on banks and banking. Instead, the government ensured transition of tax and customs agencies to operations from single HQs from January 1. This beacon has been checked. The decision was made to liquidate tax police, so this point has been fulfilled as well, so to speak. We are in discussion with the IMF on 2022 budget parameters: how to consolidate the budget to get to 3.5% of the budget deficit.

Are there any deadlines for Ukraine to receive the IMF tranche, after which we could face problems? How will this affect this year's debt payments?

We were supposed to receive the tranche in August last year. We did everything possible to this end. For reasons beyond the control of the Finance Ministry, this never happened. Nevertheless, we have fully complied with our commitments, first and foremost to service and repay our debts. These are protected expenditures, and there is no reason to believe that this will affect the government's ability to service its debts.

But, of course, our main scenario is cooperation with the IMF. This course allows us to expect continued cooperation with the World Bank and the European Commission. It's a question both of receiving credit assistance and of a more loyal attitude to Ukraine in general. This will allow borrowing at lower yields, increasing the value of our bonds and, accordingly, reducing the country's debt risks. The Ministry of Finance is ready for any scenario, but we confidently hope to minimize any risks. The Stand-By Arrangement is designed for 18 months, due to complete in December this year. Therefore, by year-end, we plan to receive funds from the IMF under the current arrangement.

Photo from UNIAN, Viktor Kovalchuk

What other international partners are expected to help the country in case things work out with the IMF?

The second tranche of EU macro-financial assistance (EUR 600 million) is linked to our continued cooperation with the IMF.

Since last year, we have also been expecting two $350 million DPL tranches from the World Bank. The other day I talked to the World Bank chief representative in Ukraine. We discussed the terms of allocations. As for the first tranche, it is a staff level agreement with the IMF. And for the second tranche, it's the adoption of a package of agriculture-related laws, which, in principle, is realistic. The Verkhovna Rada will meet for a plenary session in a week. Therefore, there is a chance these bills will be considered so that we could get the two tranches worth $700 million from the World Bank.

You have previously announced plans to cease borrowing from the International Monetary Fund in the coming years. Is it really possible? At whose expense?

It's about lending to the budget. This is a realistic situation, as the option of the IMF lending to the budget is not typical for the Fund. It is more understandable and acceptable to move to the situation where IMF funds replenish NBU reserves, being mostly aimed at maintaining the balance of payments. We have calculations at hand to consider the possibility of abandoning in 2023 loans directly to the budget. We will do everything necessary to this end throughout 2021 and 2022.

What is the situation in customs and tax agencies? Are there any success stories in the fight against smuggling and VAT evasion, which were high on the agenda last year?

We are satisfied with the performance of tax authorities over the last year target indicators were exceeded by almost UAH 50 billion despite decline in economic dynamics. Due to de-shadowing and the fight against fraud, the agency managed to cope with their task.

The situation with customs is more complicated. Personnel reshuffles took place. We weren't happy with their leaders' work due to the fact that the requirements for the implementation and even overfulfillment of budget indicators were not fully met. And at the same time there are also requirements to reform the agency, which is highly sensitive to corruption. In particular, it's about eradicating smuggling. I'm not going to cover up these negative things and say that everything's fine there.

There is a fairly objective indicator to assess customs performance the ratio of incoming turnover and revenues to the budget. There were times when such indicators were just fine. But they were unstable. This proved that changes were needed there. And we pursued, despite the fact that it was politically difficult. But facts are out there and we only need to look at the result whether it's egood or bad.

Indeed, this is our zone of responsibility, in particular with regard to staff rotations. Now a new leader has come in, a team has been formed, and there is hope that they will succeed.

Are you now satisfied with the new customs chief?

It is too early to assess his work. In January, the targets were met in full. Let's see how things will go in February and March. Everything is in their hands.

Recently, President Zelensky stressed the need to accelerate customs reform. How is this reform going on right now, what has been done, and what are further plans?

The customs reform plan has been agreed with international partners. This is actually a strategic document drawn the Ministry of Finance our roadmap for the transformation of customs authorities. First of all, it is about launching the format of a single legal entity from January 1. We've already done that. An experimental project on testing qualifications and integrity of customs officers has been launched. A mechanism for unifying import duty rates on light industry goods has been developed. The program of the authorized economic operator (AEO) has been launched the first application for granting AEO authorization has already been accepted from one of the enterprises.

A pilot test of the national electronic transit system has been underway since November 16. From November 7, the possibility of submitting a general declaration of arrival by carriers has been introduced, as provided by the Customs Code of Ukraine and the EU Customs Code. A pilot project on automatic clearance has been in place since May, which allows for the automated release of goods under the appropriate customs regime without physical participation of a customs official.

We are experimenting, implementing various innovations, but I'll say this again this is just the beginning. The requirements for customs are quite serious. They are not only on the part of the government the president has taken the issue of customs under personal control.

Photo from UNIAN, Viktor Kovalchuk

The government is set to introduce next year the second level of pensions. Many experts criticize the decision due to the lack of tools for effective investment of long-term savings, as well as people's distrust of private pension funds. On the other hand, there's the perpetual deficit of the Pension Fund and the growing number of retirees. How do you assess the chances of this reform? Will it work in Ukraine?

All bills currently registered in the Rada fail to solve the key task. Pension reform cannot be fragmentary where some offer a third tier of the savings system and some talk about the second. That's besides the fact that we have an unresolved issue of what to do with the solidarity system, with pension supplements, with various current formats of pension accrual. Therefore, I'm skeptical of the existing innovations and proposals.

The team of the Ministry of Finance, together with the World Bank, is working out a systemic solution. We need to understand how to get an effective cumulative element in 2030-2040, when to implement it, and what needs to be done with existing systems. In addition, we have to index pensions and ensure decent payments to current retirees.

Besides, we have a deficit of the Pension Fund at UAH 195.6 billion, and constantly growing as some are willing to raise pensions at the expense of the national budget. So this is a comprehensive solution that we will discuss with the public and experts. We have to offer an option for which we will find compensators, for example, of the second tier. It is possible, for example, through government bonds financing instruments. We are not considering other options yet.

It should be understood that the savings system is not for current retirees. We have to protect them and provide them with decent pay. But to say that current retirees or those who have to retire in the next 10 years may be interested in the cumulative element would be self-deception. Such a mechanism should be of interest to today's most active economic category. But a significant part of it, unfortunately, is not ready to pay a single social contribution, they don't understand why it is necessary, and in general, they don't see themselves as future retirees.

How do you plan to implement the new "Affordable Mortgage" program? Who will have access to it?

It was decided to introduce a mortgage at 7% in parallel lines with the current business "5-7-9" lending program at the expense of the Entrepreneurship Development Fund. We are currently discussing the issue, because, unfortunately, we don't have a mortgage market yet, only creating its certain segments.

It is important to create some economic dynamics, to introduce incentives the development of new housing construction as a key project idea. We understand that we have to give a certain impetus and resource to the current mortgage system, too. The configuration can still be changed, various options are on the table. But the key markers include the 7% rate, mortgage cap at UAH 2 million, the term of up to 20 years, and down payment of 15% of the value. There is a regulatory area given the number of family members. We consider the primary and secondary housing markets. We are ready to discuss the issue with the banking community, so that the first soft loans could be issued in the near future.

We strive to create conditions to have part of the risks transferred from banks to government. This is a realistic project, we have enough resources, so we're moving in this direction.

Will this mortgage be available to any family or are there any criteria?

The criteria are provided by the current resolution. First of all, we are talking about internally displaced persons, teachers, doctors, public sector workers, young families in need of better living conditions, residents of dormitories and houses in emergency condition. But in the future we strive to abandon categorization and provide an opportunity for all citizens to take advantage of affordable mortgage.

In general, we see global challenges in the development of affordable mortgage. This, in particular, is about the introduction of new financial instruments, stimulating competition among financial service providers, which will affect further reduction of interest rates.

The Verkhovna Rada passed a law establishing the Bureau of Economic Security. What will it bring Ukraine?

The idea is to minimize pressure on businesses. This body will be coordinated by the Cabinet of Ministers. By the way, establishing a financial investigation body is part of Ukraine's international obligations, including before the IMF. It is envisaged to optimize the structure of law enforcement agencies, their material and technical base, to introduce new analytical approaches to combating financial crimes in order to prevent them, not to allow budget losses, as well as to minimize unfair competition.

But the main thing is not to create another monster that would investigate crimes in the economic sphere, while maintaining the influence of other existing law enforcement agencies. This is the biggest risk we must avoid. I expressed my opinion publicly prior to the adoption of the new law we supported the creation of an analytical department in the system of the Ministry of Finance. But this is no longer relevant, because the law has been passed. Now we have to eliminate tax police.

How do you assess the situation on the foreign exchange market? Now the hryvnia is strengthening, but for how long will the trend prevail?

This is a typical seasonal strengthening of the hryvnia. Before the sowing campaign, we usually exchange currency to buy fuel, fertilizers, and seeds. Remember, two weeks ago there was another trend.

I recommend that people not pay attention to small fluctuations. There is every reason for the rate to be stable. It was just as stable last year, despite crisis. There was a speculative attack in March, before the introduction of quarantine, but it was a temporary phenomenon. National Bank reserves are sufficient to maintain the exchange rate. I see no reason for the deterioration of exchange rate dynamics.

Photo from UNIAN, Viktor Kovalchuk

What are the main plans for the Ministry of Finance for 2021?

We are currently updating the ministry's Strategy we've developed last year. Many tasks have already been completed, but now we're facing new challenges. Among this year's main tasks is to search for a conceptual vision of pension reform with budgetary compensators, recalibration between local and state budgets, and finding a formula of when, how, and for whom we're doing it.

An important element is the creation of the National Debt Agency. I'm proud to acknowledge that we have the best debt market specialists in Eastern Europe. Almost every public transaction with which Ukraine enters international capital markets receives the highest recognition from reputable international outlets. The National Debt Agency will be able to apply public debt management tools more comprehensively and effectively and, as a separate central executive body, won't be dependent on political factors, which is important for increasing investor confidence and predictability of public debt management processes in the long run.

We will also continue to implement our medium-term budget planning we are already working to draft the Budget Declaration for 2022-2024 as a strategic paper that will become the basis of the national budget for 2022. Besides, we're creating a basis for developing medium-term local budget forecasts.

In the first half of the year, we will come up with a package of initiatives to amend the Tax Code. First of all, they will be aimed at addressing legislation gaps that still allow tax evasion. But rest assured that we plan no innovations that would be too drastic.

We harbor plans to boost budget funds efficiency: we will change approaches to funding higher education and social support. Our task is to protect budget funds from risks of misuse. To this end, we have a mechanism for preventive verification of government payments, aimed at ensuring that the ultimate recipients are precisely those who really need help. The State Audit Office will also check the use of COVID Fund disbursements.

In addition, we plan to create at the Tax University a modern scientific and educational hub based on the best world models. We want this university to become one of the flagships of changes in the educational environment. This is a quality field for successful transformation. We must create conditions for graduates to form the core of human resources for the finance ministry, tax, customs, and other government agencies.

Kateryna Zhyriy

Author: Kateryna Zhyriy

Excerpt from:
Finance Minister Serhiy Marchenko: Our main scenario is cooperation with the IMF - UNIAN-Economy

Cultivation is only one of the many business components to be regulated by the Medicinal Cannabis Authority. The rest include processing and extraction, transportation and import/export. (Photo by Tim Platt for Kent Online).

By Orville Williams

After raising the alarm over the disclosure of a more than quarter-million-dollar cannabis licensing fee, residents may welcome the news of an adjustment to fees specifically for locals set to come early next month.

A post-Cabinet report in late January stated that the fee for a licence within the local cannabis sector was US$325,000 and that there was an agreement by Cabinet members for no waivers to be granted.

This almost immediately drew the ire of many residents, who argued that the costly fee would prevent the average man from entering the industry, in favour of wealthier, more privileged individuals or foreign investment.

However, the CEO of the Medicinal Cannabis Authority, Algernon Roberts, sought to quell those fears during an Observer AM interview this week, assuring that changes are afoot.

[At] this parliamentary session, the major changes to the Substances Act will be made [and] once that is complete, the regulations will then be signed off by the [Legal Affairs] Minister. So, hopefully by lets say the first week in March, you will see significant changes to the fees in relation to the local population

Roberts explained further, that understanding the concerns from residents a genuine attempt was being made to ensure that they have fair access to a slice of the pie.

What were trying to do with the new fees I couldnt really disclose it [in the past], because parliament had not done what they were supposed to do as yet to [make it] different than what it is [now] for the locals.

The fees are going to change more so for the locals. There are also some adjustments on the foreign investor, but most of the changes [are for] the local population and theres a reason for that; [its to] make more local individuals become involved in the whole [medicinal cannabis industry] process.

Local ownership is pivotal to the whole process. You cannot have [for example] King Frank-I and [the Rastafari community] that suffered so much over this period, and then you have total outside investors coming to take the whole market, Roberts explained.

In reinforcing his point about the importance of local investment, the CEO disclosed that the provisional licence that was previously reported to have been issued, was given to a local group from right here in Antigua, for cultivation purposes. He added that, were about to issue a next one the decision is already made and this is also a local group.

While the post-Cabinet report stated that the US$325,000 was a licence fee, Roberts also clarified that the figure was actually in reference to the application fee, which is different from a licence fee.

For each one of the [business components], there is a separate fee. The US$325,000 is the application fee for an integrated business [that is] one that seeks to do multiple medicinal cannabis business activities [and] it also took into consideration a nominal amount of staff.

For that example, when we add the licensing fees with a nominal amount of staff, it came up to US$405,000, [so] when you add those two [fees] you get US$730,000.

Within the Caribbean, other countries have issued [combined] licence and application fees of US$1 million it means that we have a competitive advantage when you compare [us] to some of our neighbours.

The adjustment to the fees for locals will likely be of the most importance to the public, but there are some other changes meant to be made that will disturb the reported operations of some already existing businesses.

In relation to the amendments, what happened is that even though there was agreement by Cabinet based on our recommendations that were going to bring down the fees, there were several other things in the law that the authority believes should have been [included].

For example, we have these massage places within Antigua and we all know that theyre also using medicinal cannabis products to do the massages. In other societies, those are regulated by the medicinal cannabis authority. So, we are moving toward regulating those individuals [as well], Roberts disclosed.

More information on the changes to local fees will probably not come for another few weeks and until then residents will still be sceptical, given the state of the economy and the ongoing spread of the coronavirus.

Roberts explained that the reason for the high fees is due to the need for adherence to international standards, which require significant investment on a global scale. He issued a bit of advice, however, for those locals who remain concerned about the substantial financial requirements.

One of the issues that were facing as a people is that were not [readily] willing to get into partnerships and as soon as we see something, we will say that that is prohibitive for us to get into the business.

Partnership is the key to success in this business, because even if the government brings down the fees [for] the local population, it is [still] an expensive enterprise to get involved in. Unless one man has a very deep pocket, he is going to have significant hurdles to overcome.

The Antigua and Barbuda Medicinal Cannabis Authority was established under the Cannabis Bill 2018 and is tasked with overseeing and regulating the medicinal cannabis industry in Antigua and Barbuda, as well as overseeing research and development that is critical to advance the industry.

Link:
Changes expected to local fees for cannabis sector early next month - Antigua Observer

If youre in the middle of designing a new kitchen or you just want to spruce up an old kitchen design, you might be considering a new look for your kitchen cabinets. If you want to save money by not replacing your cabinets with brand new ones, then you have a couple of options available to you refacing cabinets or painting them.

Both cabinet painting and refacing have pros and cons to consider, and you must choose the method which best suits your existing kitchen cabinetry. Ultimately, youre trying to make the most out of your old cabinets, so you need to choose your new kitchen look based around their condition and style.

Our Kitchen Infinity staff is going to help explain the difference between cabinet refacing vs cabinet painting and answer your most common questions!

Cabinet refacing is when you give your kitchen cabinets a new look by replacing the front-facing hardware but leaving the cabinetry framework in place. The cabinets frames and internal shelves remain the same, but you get brand new cabinet doors, hinges, handles, and fixtures.

Basically, youre replacing the parts that people can see.

If youre choosing a very different color scheme to your old cabinets, you might use a wood veneer (or possibly paint) to change the color of the old cabinetry framework so it matches the new cabinet doors design. This way, you can give the illusion of brand new cabinets, even though the core of the refaced cabinets hasnt really changed.

Refaced cabinets are ideal if youre happy with the layout of your kitchen and the storage space you have, but you just want a fresh look. Refaced cabinets might have new doors and drawer fronts, as well as new hinges, door handles, and other pieces of hardware.

Painting

The real difference between painting (or refinishing) and refacing your cabinets is relatively straight forward. Painting your cabinets gives your existing cabinetry a fresh look, whereas refacing them gives your cabinets almost an entirely new look. Cabinets refacing should not be confused with resurfacing or refinishing. A resurface cabinet is an old cabinet which has been sanded down (assuming its wooden) to create a new design, but this is not always possible because lots of existing cabinets will not be thick enough to be sanded down into new styles.

You cant salvage everything!

Refacing

On the other hand, refacing your cabinets is when you replace the doors and drawer fronts entirely you dont try to salvage the old ones. The idea is that youre giving a new face to the existing cabinet framework. However, with refinishing or resurfacing, youre polishing up or sanding down the existing front-facing doors.

Its easy to get this mixed up when every term starts with re.

Basically, you should reface cabinet designs if the front-facing doors are ugly and you want to change them entirely. However, if the cabinet front-facing doors are in good condition and you just want to modify their style, refinishing or resurfacing could be the way to go.

Obviously, cabinet painting is when you repaint your existing cabinet doors with new paint. You can always paint your unfinished cabinets yourself. Although this sounds like the better option, its not always the case. Painted cabinet boxes can easily flake, peel, or fade in a kitchen environment, especially if youre cleaning them frequently. The more you clean them, the easier it is for the paint to fade away over time.

They can also look a little drab if youre not careful, so beware.

Also bear in mind that painted kitchen cabinet naturally attract dust, dirt, and grime, so youre going to need to clean more often and just generally get more maintenance done on them. It becomes a vicious circle because the paint attracts dust, so you need to clean them a lot, but then you remove the paint by cleaning them.

Not ideal.

While its very possible to paint your unfinished kitchen cabinets yourself, especially if youre good with DIY, I wouldnt recommend that most people do this. Although painting cabinet doors and drawer fronts looks easy, its easy to have streaky, splotchy, and uneven finishes if youre not a professional painter.

Its not as easy as it looks!

Painting around the sides of hinges and door handles is very intricate work, as it will look incredibly sloppy if you dont do it right. Also, if youre not careful, its easy to get drips of stray paint on your expensive granite countertops or other pricey pieces of kitchen equipment. In general, its just not worth the risk. Hire a professional if youre going to paint your kitchen cabinets. And if youre going to DIY think about the best finish for your kitchen cabinets.

Replacing cabinets requires you to buy completely new cabinetry from top to bottom, while cabinet refinishing requires some maintenance so its usually cheaper. When you reface cabinets, youre only replacing hardware for the doors (and possibly a veneer for the framework) but when you replace the cabinets, youre buying EVERYTHING new again the doors, the frames, the shelves, everything.

So yes, refacing cabinets is almost always cheaper than replacing them entirely.

The only exception would be if you wanted to replace your old kitchen cabinet with VERY basic and cheap cabinets rather than refacing them with a more luxurious front-facing design. Ultimately, it all depends on the condition of your current kitchen cabinets and how you want them to look when the redesign is complete. Kitchen renovation is an expensive task so if you could save some bucks by refinishing cabinets, then go for it!

Generally speaking, cabinet refacing does add significant value to your home when it comes time to sell. Although the ROI is hard to measure accurately, there are estimates that homes with refaced kitchen cabinets see profits of 50% for the work completed when it comes time to sell.

Quite an impressive way to add value!

On the other hand, people who replaced their kitchen cabinets entirely only see around a 30% profit when it comes time to resell because theyve had to spend a lot more money on installing brand-new cabinets from top to bottom. If your old kitchen cabinets are in a decent condition, refacing just makes more financial sense. We are that by now the difference between cabinet refacing vs painting is becoming more apparent.

If you like your cabinets but you just want to freshen them up or update their color scheme, then painting could be a decent option for you. However, bear in mind that paint will only last so long before it begins to fade, chip, peel, and require maintenance work. The life expectancy of cabinets depends on whether you do them yourself or not.

If you paint the cabinets yourself (assuming that you do a good paint job) then the paint should look decent for at least a couple of years before it might start to need maintenance. Painting cabinet doors not only adds freshness to your kitchen look but also saves the face frames, base cabinets and cabinet boxes from water damage. Its useful to know how to repair water damaged cabinetry. But obviously regarding the paint on your cabinets, this is very subjective and depends on your kitchen and how much you use it regularly.

We dont all have time to cook every night!

On the other hand, if you get a professional team to paint your kitchen cabinets, they could easily last for 8-15 years on average, though they may require maintenance work from time to time. Painted wood cabinets will last for a while, but refaced cabinets will undoubtedly have a longer life expectancy in your kitchen.

So, you dont know whether painting or refacing is right for your cabinets. Well, the choice ultimately comes down to the condition of the cabinetry, the overall feel youre going for, and what youre trying to achieve with the kitchen design.

Here are some tips to help you decide between painting and refacing:

You should reface your kitchen cabinets if they meet the following criteria:

You should be painting your kitchen cabinets if they meet the following criteria:

I know its not always easy to decide, but hopefully these tips have given you some food for thought (no kitchen puns intended).

I hope youve enjoyed this guide to cabinet painting and refacing. Redesigning your kitchen can be difficult at the best of times, so its essential to work with reliable contractors and interior designers who have your best interests at heart, as well as the homes future resale value.

While painting cabinets may seem like the cheaper and easier option, refacing your cabinetry is a very cost-effective way to give your home a significant facelift without breaking the bank in the process. If youre happy with the layout and condition of your existing cabinetry, refacing can be a very sensible idea.

Either way, we wish you luck!

Read the original here:
Cabinet Refacing vs Painting | Which Should You Choose?

Every Friday, SAfms radio anchor Sakina Kamwendo speaks to Martin Creamer, publishing editor of Engineering News & Mining Weekly. Reported here is this Fridays At the Coalface transcript:

Kamwendo: South Africas mining industry is at the ready to make big investments into electricity generation.

Creamer: This was made very clear this week at the ENSafrica conference when the head of Eskom Andre de Ruyter said he would support red tape being removed to allow the private-sector to self-generate 50 MW of electricity unrestricted. At the moment, if you dont want red-tape, you do 1 MW, which is hopelessly inadequate. Now, they want the nod to be given to 50 MW without red tape.

I personally got 12 responses immediately from organisations saying they were ready now to invest and move in with renewable energy, particularly mining companies, because theyre facing higher upcoming Eskom power tariffs. Theyre going to have to pay more for electricity. There are so many mining companies around that want renewable energy on their mine sites.

The mines dont even have to set it up themselves; all they have got to do is agree to buy the electricity from an independent power producer at a certain price, which is always below the Eskom price. So, a huge surge, which could mean about 5000MW of new electricity, is likely, which would help to take the strain off Eskom. This needs to go ahead and were looking to the Cabinet to give the nod, fast.

Kamwendo: The Northern Cape this week received another boost with the announcement of a new mining development.

Creamer: Its amazing that a company with a primary listing in Australia, secondary listing in Joburg, can pave the way for new mine development, junior mining development, like no other company in South Africa. The South Africans seem unable to do it. Now, Orion Minerals has come in with a second big base metals hub.

They are just about to release the Prieska hub, which is a magnificent project for them, because its an existing but closed mine and they found so much new copper and zinc and base metals around it. Now, probably in 18 to 24 months time, they could well come in with a second one. This time at Okiep, near the town of Springbok, 450km away, which is also very rich in available resources information, also has ready-built infrastructure, and also has an existing but closed mine there to build on, and then expand, because there is so much more scope around there.

These two hubs could be a major boost to the economy of the Northern Cape. We know that the Northern Cape is very prospective, but South Africans have been so slow in turning this great mineral endowment to positive account. South Africans dont explore, and here you get Orion Minerals coming in with a primary listing in Australia, showing us the way, how to do these things, because were really not good at junior mining.

Kamwendo: This weeks Mining Indaba saw Botswana going all out to attract new investment in exploration.

Creamer: Its very good that the country next door, Botswana, is also showing us how fast they can move, and how slow we move here. We still havent come out with our exploration strategy, and the President of Botswana Mokgweetsi Masisi was full of life at the Mining Indaba.

He was saying Botswana is ready to go ahead at full steam. Botswana has got new geoscience information, new digitising techniques, and intends using these to attract international investors and local investors, and President Masisi is opening the way for them. Already Botswana has shown that it can attract exploration investment, but it wants to do so even more intensely, because its far too heavily linked to diamonds, and it needs to move into the other metals and minerals.

President Masisi also pointed out that Botswana is endowed with copper, for which there is significant upcoming demand, gold, nickel, soda ash and other metals and minerals. President Masisi also indicated that Botswana has got potential in new-era metals, the rare earths and lithium. We know in Namibia they found lithium. We know that Botswana has already attracted exploration investment and I think that it is setting a very good example for us to follow, with President Masisi determined to attract more foreign investment into Botswana, to do exploration, a low-hanging investment fruit.

Kamwendo: Thanks very much. Martin Creamer is publishing editor of Engineering News & Mining Weekly.

Read the rest here:
On-The-Air (05/02/2021) - Creamer Media's Mining Weekly

The Telegraph

Chinese billionaire Jack Ma, who hasnt been seen in public for several weeks after criticising Chinas financial regulatory system, has now disappeared as a judge on a TV talent show that he created. Mr Ma was absent from the final of The Apprentice-style Africas Business Heroes, a show that offers budding African entrepreneurs the chance to compete for a share of US$1.5 million (1.1 million) in prize money. Mr Ma was originally due to be part of the panel that judged contestants business ideas. But he was replaced as a judge by an executive from Alibaba, the ecommerce company that he founded, in the November final. His photograph has also been taken down from the judging webpage and he was left out of a promotional video, according to the Financial Times, which also reported that broadcast of the final has been delayed until the spring. The paper cited a spokesperson for Alibaba as saying that Mr Ma could no longer be part of the judging panel due to a schedule conflict. One of Chinas most successful entrepreneurs, Mr Ma appears to have fallen foul of its leaders after he criticised the countrys regulators and its state-owned banks in late October. In a speech in Shanghai, he called for reform of the regulatory system, which he said was stifling innovation. About a week later, the Shanghai Stock Exchange ordered a US$37 billion initial public offering of Ant Group, a financial technology firm co-founded by Mr Ma, to be suspended. Mr Ma reportedly hasnt been seen in public since then. In late December, Chinese authorities announced an investigation into Alibaba for suspected monopolistic behaviour, and ordered Ant Group to restructure its operations to meet regulatory guidelines. Chinese authorities are trying to tighten oversight of the countrys financial sector, but are also seen as wanting to rein in the huge influence of private tech giants. Mr Ma is a popular figure in China, and one of the countrys best-known businesspeople abroad. Formerly an English teacher, he founded Alibaba in 1999, which became Chinas biggest online ecommerce company. He stepped down as the companys chairman in 2019, but is still one of its largest shareholders.

Continue reading here:
How to get the COVID-19 vaccine if you're facing trouble - Yahoo News

On New Years Day 2014, the New York City mayor, Bill de Blasio, entered office promising to end the tale of two cities with a progressive agenda that he said would address the economic and social inequalities that threaten to unravel the city we love.

But seven years and a global pandemic later, campaigning to decide the Democrats successor is heating up, and the next mayor looks set to inherit a city where experts say those disparities are not only on the rise, but are in a state of crisis.

In the wake of coronavirus, which to date has killed more than 25,000 people in the city, New York faces an unemployment rate of 12.1% almost double that of the US overall the threat of mass evictions, surging gun violence and burglary, a multibillion-dollar funding gap and an exodus of more than 300,000 residents.

This is undoubtedly the toughest situation any mayor has had to face, said Kathryn Wylde, the president and CEO of business group the Partnership for New York City. 9/11 was difficult, but it was contained to one geographic area of the city.

While she said the health implications of Covid-19 were becoming better understood, the economic impact is only just unfolding. So nobody really knows the consequences there, thats still a moving target and an increasing number.

And yet despite the unprecedented challenges, there is no shortage of people vying to become the next mayor. So far, 32 candidates have filed paperwork to participate in the 2021 race, according to the citys Campaign Finance Board (CFB).

It is a diverse field that includes several former members of the De Blasio administration, a member of Barack Obamas White House cabinet and a former New York police officer. The former Democratic presidential candidate Andrew Yang has filed paperwork and is reportedly preparing to launch a run in early or mid-January.

De Blasios term does not officially end until 31 December 2021. But with less than six months to go until the Democratic primaries on 22 June which, due to the left-leaning politics of the city, will probably decide the winner of Novembers election candidates will not have long to make their case.

With industries including retail, tourism, restaurants, culture and entertainment suffering, and a third of the citys 240,000 small businesses predicted not to reopen, the citys economic recovery is likely to take centre stage.

Jonathan Bowles, the executive director of the Center for an Urban Future said the city was on the verge of a potential fiscal catastrophe if it did not get the help it needs from the federal government, which could lead to major cuts in subways, sanitation and parks.

Although the $900bn stimulus bill passed by Congress in December included some funding for public transport, it did not include aid for state and local governments, and New Yorks Metropolitan Transportation Authority still faces an $8bn deficit.

Even as the city is losing all sorts of revenue, tax revenue, the needs for the safety net are growing. People are going hungry, theyre standing in line for soup kitchens, there are more people becoming homeless, so these are massive issues that are facing the city, said Bowles.

At the same time, the way that the pandemic has changed the economy, with people working from home, it creates all sorts of risks that some people will move out of New York or people that have moved temporarily may not come back.

The next mayor needs to prioritise building back more inclusively, he said, because too few New Yorkers got ahead during the boom times of the last decade and a lot of those disparities, those racial and ethnic disparities, have been accelerated in this pandemic.

Other issues likely to be on the incoming mayors immediate priorities are education, social and racial justice and crime.

The first thing is jobs, schools, crime. Thats it. You get any one of those working, youll be better than the current mayor, said Mitchell Moss, an NYU professor of urban policy and planning. De Blasio, he said, had clearly checked out and lost the trust of teachers, police, parents and his own staff.

While his successes include implementing free prekindergarten for all, the mayor has faced criticism of his leadership including his handling of the pandemic and the Black Lives Matter protests following the police killing of George Floyd and his failed 2020 presidential run. He has also been known to publicly bicker with the New York governor, Andrew Cuomo.

Bill Neidhardt, a spokesman for the mayor, said: Mayor de Blasio just made the single largest move in decades to integrate public schools on the same day as committing to over 20 new NYPD reforms If someone doesnt believe that work is important or urgent, then Im not sure what to tell them.

At the moment, Moss said, it is a wide open race. As well as campaigning during a pandemic, candidates will also be faced with educating voters on a new ranked-choice voting system, which critics argue has not been sufficiently explained to voters.

They will also need to convince New Yorkers to come out to vote. In 2013, De Blasio won the Democratic mayoral primary in which only registered Democrats can vote with the votes of only about 3% of all New Yorkers.

Among the frontrunners so far are the city comptroller, Scott Stringer; the Brooklyn borough president, Eric Adams; the lawyer and civil rights activist Maya Wiley; Obamas housing secretary and the budget director Shaun Donovan; the ex-sanitation commissioner Kathryn Garcia; the former non-profit executive Dianne Morales and the former Citigroup vice-chairman Ray McGuire, who launched his campaign with a video narrated by Spike Lee.

Adams, 60, was a New York City police department (NYPD) officer for 22 years and in 2013 was elected Brooklyns first Black borough president. He decided to join NYPD after he was beaten by police when he was 15 because he wanted to change it from within.

I know New York City, Ive had some challenging times, Ive overcome them and now we need a mayor that can overcome and help people overcome the challenging times that theyre facing, he said.

He does not believe in defunding the police, but says police spending could be improved to move from being reactionary to crime and become proactive.

He wants to improve relations between New Yorkers and its police force by hiring more officers from the city and would also have a zero tolerance approach to abusive police officers.

He called for ranked choice voting to be postponed because he said the city has failed to educate voters on the new system which in effect will disenfranchise voters.

Stringer, 60, who has been city comptroller since 2013, said if he became mayor he would turn the page on the last eight years.

His first order of business, he said, would be to close our budget gap and get to work on kickstarting the economy in a just and equitable way.

Donovan, 54, said his experience with crises, budget handling and relationships with the Biden administration from his time at the White House would serve him well as mayor. He added: Building back has to begin with repairing our civic fabric and repairing our quality of life.

He plans to focus on equity and to appoint the citys first chief equity officer and make New York the leading equity city in the world.

If Wiley, 55, who was a top counsel to De Blasio and has worked as a legal analyst for NBC News and MSNBC, becomes mayor she would be the first woman and only the second Black person in the role.

She said New York needs to learn from the citys previous crises where the city recovered but did not fix its underlying problems.

For every single time we have had crises in this city, we have recovered we just havent recovered everyone.

Instead, she said, the city should invest its budget fairly and justly and in ways that preserve its diversity.

She said coronavirus has created a historic humanitarian crisis in the city and the subsequent loss of life has caused unspeakable trauma.

We are traumatised as a city, we are afraid, we have lost. And thats why we need a leadership that actually calls us together to pull on our strengths, to pull us together.

View post:
The race to replace Bill de Blasio: Who will be New York City's next mayor? - The Guardian

The Telegraph

Chinese billionaire Jack Ma, who hasnt been seen in public for several weeks after criticising Chinas financial regulatory system, has now disappeared as a judge on a TV talent show that he created. Mr Ma was absent from the final of The Apprentice-style Africas Business Heroes, a show that offers budding African entrepreneurs the chance to compete for a share of US$1.5 million (1.1 million) in prize money. Mr Ma was originally due to be part of the panel that judged contestants business ideas. But he was replaced as a judge by an executive from Alibaba, the ecommerce company that he founded, in the November final. His photograph has also been taken down from the judging webpage and he was left out of a promotional video, according to the Financial Times, which also reported that broadcast of the final has been delayed until the spring. The paper cited a spokesperson for Alibaba as saying that Mr Ma could no longer be part of the judging panel due to a schedule conflict. One of Chinas most successful entrepreneurs, Mr Ma appears to have fallen foul of its leaders after he criticised the countrys regulators and its state-owned banks in late October. In a speech in Shanghai, he called for reform of the regulatory system, which he said was stifling innovation. About a week later, the Shanghai Stock Exchange ordered a US$37 billion initial public offering of Ant Group, a financial technology firm co-founded by Mr Ma, to be suspended. Mr Ma reportedly hasnt been seen in public since then. In late December, Chinese authorities announced an investigation into Alibaba for suspected monopolistic behaviour, and ordered Ant Group to restructure its operations to meet regulatory guidelines. Chinese authorities are trying to tighten oversight of the countrys financial sector, but are also seen as wanting to rein in the huge influence of private tech giants. Mr Ma is a popular figure in China, and one of the countrys best-known businesspeople abroad. Formerly an English teacher, he founded Alibaba in 1999, which became Chinas biggest online ecommerce company. He stepped down as the companys chairman in 2019, but is still one of its largest shareholders.

See the original post here:
Remembering the lives lost to COVID-19 in 2020 - Yahoo News

Health Minister Stephen Donnelly has admitted that he is nervous about revellers kissing lots of people at potential New Years Eve celebrations.

The Cabinet is expected to meet this Wednesday afternoon to discuss implementing a full Level 5 lockdown.

Pubs and restaurants were forced to shut their doors on December 24 as the Government confirmed Level 5 restrictions with some modifications.

Household visits fell to just one other household from December 26 but will cease completely from January 1.

The Cabinet is expected to discuss closing non-essential retail and gyms at their emergency meeting this afternoon. It has also been suggested that 5km travel restrictions may be reimplemented.

Speaking to Newstalks The Hard Shoulder, Health Minister Stephen Donnelly admitted that the Government is worried about the climbing number of COVID-19 cases.

The Fianna Fail TD for Wicklow said that, in particular, he is worried about people becoming overly amorous at potential New Years Eve celebrations.

He told Newstalk that there was no question that increased socialisation over the last number of weeks has led to increased COVID-19 case figures.

Minister Donnelly went onto say there should be no kissing lots of people on New Years Eve.

He noted that the emergency Cabinet meeting was called to discuss both the increasing case figures and the concerning number of hospitalisations over the last week.

He explained: It is in response to two things. One is the very serious and ongoing rise in cases.

The second is linked to a very big increase in hospitalisations.

We will be meeting to consider new measures. Its an unscheduled Cabinet meeting and we are meeting specifically in the context of the NPHET advice which is to move to full Level 5 and indeed the rise in cases and hospitalisations.

But suffice to say the purpose of the meeting is to look at the measures and see are there more changes required given the situation were facing.

Stephen Donnellys comments come as Ireland recorded its highest ever COVID-19 case count.

The National Public Health Emergency Team (NPHET) confirmed an additional 1,546 COVID-19 cases. There were also another nine deaths linked to the virus.

There were 409 people in hospital with the virus on Tuesday evening.

See the original post:
Stephen Donnelly says kissing lots of people on New Years Eve is not allowed - Extra.ie

Kitchen Cabinet Services Market 2020-2025 report offers a comprehensive valuation of the marketplace. The report examines factors influencing growth of the market along with detailing of the key trends, drivers, restraints, regional trends, and opportunities. Moreover, Reports Intellect provides a competitive landscape to the companies and their strategic developments. Each segment is examined carefully by articulating in sales, revenue and market size in order to understand the potential of growth and scope.

The main purpose of this report is to provide up-to-date information relating to the Kitchen Cabinet Services market and discover all the opportunities for enlargement in the market. The report offers an in-depth study on industry size, shares, demand & supply analysis, sales volume and value analysis of various firms along with segmentation analysis related to significant geographies. This information helps business planners to perform, analyze, or study the market at a minute level. The report not only explores the historic phase of the market, but also analyzes present Kitchen Cabinet Services market status to provide reliable and precise forecast estimation for trends, consumption, sales, and profitability.

Get PDF Sample Copy of this Report to understand the structure of the complete report: (Including Full TOC, List of Tables & Figures, Chart) @ https://www.marketresearchhub.com/enquiry.php?type=S&repid=2864274&source=atm

Our team analysts have used advanced primary and secondary research techniques and tools to compile this report using top-down and bottom-up approaches and further analyzed using analytical tools. The report offers effective guidelines and recommendations for players to secure a position of strength in the market. New players can also use this research study to create business strategies and get informed about future market challenges. We provide a comprehensive competitive analysis which includes detailed company profiling of leading players, a study on the nature and characteristics of the vendor landscape, and other important studies.

The key players covered in this study

Do You Have Any Query Or Specific Requirement? Ask to Our Industry [emailprotected] https://www.marketresearchhub.com/enquiry.php?type=E&repid=2864274&source=atm

Why us:

segment by Type, the product can be split intoInstallationRepairRefacing

Market segment by Application, split intoHouseholdCommercial

You can Buy This Report from Here @ https://www.marketresearchhub.com/checkout?rep_id=2864274&licType=S&source=atm

Reasons to Buy

Contact Us:

marketresearchhub

Tel: +1-518-621-2074

USA-Canada Toll Free: 866-997-4948

Email: [emailprotected]

About marketresearchhub

marketresearchhub is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfil all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organisations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price.

https://mmcthemonitor.com/

See the original post here:
Research Report and Overview on Kitchen Cabinet Services Market, 2020-2025 - The Monitor

A "toxic and unprecedented level of scenarios" have emerged as a result of the increase in COVID-19 cases, according to the CEO of the HSE.

Positivity rates for tests on some days are reaching as high as 20%, including on tests carried out yesterday.

It comes as the Cabinet is gathering to consider reintroducing level five restrictions, which would close non-essential retail and gyms.

The unscheduled meeting is taking place this afternoon due to the soaring rates of coronavirus in Ireland.

1,546 new caseswere confirmed yesterday while 454 patients are currently in hospital today with the virus following 59 further hospitalisations in the last 24 hours.

The head of the HSE Paul Reid says the scale of which the virus is transmitting is worrying.

He told a HSE briefing this afternoon that most of his worst concerns about the capacity of the health system which had been outlined before Christmas "have certainly been realised".

Mr Reid said: "There's what I describe as an unprecedented and toxic combination of potential scenarios [which] have literally been realised and have emerged.

"That's a combination of a massively high level and rapidly growing daily cases."

Added to this is high levels of positivity which "we haven't seen in such a long time" and "extreme" numbers of close contacts.

Speaking at the same briefing, Dr Colm Henry, the Chief Clinical Officer at the HSE saidthe R-number of COVID-19 transmission in Ireland is now at 1.8.

Mr Reid said the HSE were extremely concerned about the number of hospitalisations, particularly in the past 48 to 72 hours.

He made an "urgent and serious call to the public" over the "alarming and high-risk situation" with the virus at the moment.

Transmission levels in the community are very worrying, he added, and so he called on "everybody to take immediate actions" over withdrawing from any planned activities involving meeting people in the coming days.

The average positively rate over the past seven days has been at around 10%, but on some days, including yesterday, that hit 20%.

Demand for community testing has also increased by 100% in the last few weeks, he said.

On the roll-out of the vaccination programme, which began yesterday, Mr Reid said the "immediate focus" in the coming days would be on healthcare workers.

Additional reporting by Andrew Lowth

Link:
HSE's worst concerns over COVID-19 have been realised, chief says - Newstalk