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Undergraduate wins N.5m in Western Lotto game

LAGOS, Nigeria, Aug. 29, 2017 (GLOBE NEWSWIRE) — An undergraduate of the Tai Solarin University of Education, Ijebu Ode, Ogun State went home N500,000 richer Monday, August 28, 2017, following his win in one of the games on the Western Lotto platform and pledged to continue to play for more winnings. A photo accompanying this […]
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CHINESE FIRM TO REVIVE DEFUNCT ZIMBABWEAN STEEL COMPANY

HARARE, A Chinese property company, R&F, has agreed to inject up to 2.0 billion US dollars to revive the defunct Zimbabwe Iron and Steel Company (ZiscoSteel), with first production of stainless steel expected in 18 months, says Zimbabwe's Industry and Commerce Minister, Mike Bimha.

R&F is a multi-billion dollar company with interests in various areas, including real estate, tourism, mining and construction in different countries.

ZiscoSteel had been sold to Indian firm Essar Africa Holdings in 2011, but after delays in consummating the deal, Essar pulled out as it had committed the funds it had earmarked for Zisco elsewhere. The deal, worth an estimated 750 million USD, was stalled by squabbles over mineral rights and other technicalities.

Bimha said Monday the new deal, to be funded through R&F's investment arm based in Hong Kong, would be implemented in three phases, culminating in the production of stainless steel.

A month ago I went to China, representing the government, to sign the agreement and therefore what we are now doing is looking into how best to implement this project, he said. We we are looking at an initial injection of over 1/0 billion USD and it will probably come to 2.0 billion when we proceed, but it is not a small project, it is a huge project.

Bimha, who was speaking to the media after R&F founder and president Zhang Li paid a courtesy call on President Robert Mugabe at State House here, said the deal was negotiated over the past six months, while the Chinese engineers who did due diligence on the project concluded that only about 15 to 20 per cent of the equipment at the plant was still usable.

It (the deal) is configured in a way that we would want the investors to focus more on steel making and we will hive off some of the subsidiaries of Zisco which will allow other players to participate. You have subsidiaries like Lancashire Steel, like the coke ovens and a number of similar subsidiaries; these will be hived off so that the new company can concentrate more on steel-making, he said.

There is also a lot of work to be done in terms of ensuring that we finalise on the implementation matrix, there is also a lot of work to be done in terms of getting a number of ministries and government departments to make their contributions in making sure that this project becomes a success.

ZiscoSteel, once the biggest integrated steel works in Africa, folded up in 2008 after experiencing serious viability problems.

Source: NAM NEWS NETWORK

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CHINESE FIRM TO REVIVE DEFUNCT ZIMBABWEAN STEEL COMPANY

HARARE, A Chinese property company, R&F, has agreed to inject up to 2.0 billion US dollars to revive the defunct Zimbabwe Iron and Steel Company (ZiscoSteel), with first production of stainless steel expected in 18 months, says Zimbabwe's Industry and Commerce Minister, Mike Bimha.

R&F is a multi-billion dollar company with interests in various areas, including real estate, tourism, mining and construction in different countries.

ZiscoSteel had been sold to Indian firm Essar Africa Holdings in 2011, but after delays in consummating the deal, Essar pulled out as it had committed the funds it had earmarked for Zisco elsewhere. The deal, worth an estimated 750 million USD, was stalled by squabbles over mineral rights and other technicalities.

Bimha said Monday the new deal, to be funded through R&F's investment arm based in Hong Kong, would be implemented in three phases, culminating in the production of stainless steel.

A month ago I went to China, representing the government, to sign the agreement and therefore what we are now doing is looking into how best to implement this project, he said. We we are looking at an initial injection of over 1/0 billion USD and it will probably come to 2.0 billion when we proceed, but it is not a small project, it is a huge project.

Bimha, who was speaking to the media after R&F founder and president Zhang Li paid a courtesy call on President Robert Mugabe at State House here, said the deal was negotiated over the past six months, while the Chinese engineers who did due diligence on the project concluded that only about 15 to 20 per cent of the equipment at the plant was still usable.

It (the deal) is configured in a way that we would want the investors to focus more on steel making and we will hive off some of the subsidiaries of Zisco which will allow other players to participate. You have subsidiaries like Lancashire Steel, like the coke ovens and a number of similar subsidiaries; these will be hived off so that the new company can concentrate more on steel-making, he said.

There is also a lot of work to be done in terms of ensuring that we finalise on the implementation matrix, there is also a lot of work to be done in terms of getting a number of ministries and government departments to make their contributions in making sure that this project becomes a success.

ZiscoSteel, once the biggest integrated steel works in Africa, folded up in 2008 after experiencing serious viability problems.

Source: NAM NEWS NETWORK

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News in Brief 28 August 2017 (AM)

28 Aug 2017

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President of the General Assembly Peter Thomson, addressing the 2017 World Water Week in Stockholm, Sweden. Photo: UNPGA Twitter feed

"Ocean unites us": UN General Assembly President on World Water Week

Safeguarding the ocean and meeting the Sustainable Development Goal (SDG) on life below water, needs an inclusive and integrated approach.

That's according to the President of the General Assembly, Peter Thomson, speaking at the opening session of World Water Week, in Sweden, organized by the Stockholm International Water Institute.

He outlined the success of June's Ocean Conference at UN Headquarters, saying that a strong call to action and integrated work plan was already underway to realize SDG 14, on protecting marine life and environments.

This year's World Water Week theme focuses on conservation, stressing the need to reduce and reuse water consumption, and waste.

Mr Thomson, who led the Ocean Conference and leaves his post next month, said everyone had something to offer towards the success of the second Ocean Conference, due to take place in 3 years' time, organized by Portugal and Kenya.

"We must always have an inclusive, integrated approach and never fall back into the failing silos of past status quos. So I commend the World Water Week for bringing us together to discuss the challenges of our time and to appreciate our interconnectedness. North and south, east and west, the ocean unites us and we have to bring humanity back into a relationship of balance and respect with the water."

"Hellish" journeys of asylum seekers in Central America highlighted by Grandi

More protection must be given to asylum seekers and refugees making "hellish" journeys across Central America to escape violence at home, said the UN Refugee Agency chief on Monday.

UNHCR's Filippo Grandi is on a five-country tour of the region, talking to governments, refugees, UN staff and NGOs; trying to strengthen the regional responses to displacement.

He said many refugees were threatened by criminal gangs and given an ultimatum to join or flee, often with the complicity of local officials.

Although many are hoping to find sanctuary in the United States, asylum applications are increasingly being made in Mexico and Guatemala.

He said UNHCR was working with governments and partners to try and keep vulnerable refugees safer, and find a long-term solution to the crisis.

"In some respect it's more like hell than a journey. One of the main objectives for us is to strengthen the protection structures of all these countries, but we also have to look for solutions. Solutions in the countries of asylum; integration of refugees in the communities and societies hosting them, but also addressing the root causes of displacement."

Deputy chief of UN Mission in South Sudan appointed

The Secretary-General announced the appointment of Alain Noudéhou of Benin to be his Deputy Special Representative for the UN Mission in South Sudan (UNMISS) on Monday.

Currently the Director of the Executive Office of the UN Development Programme in New York, Mr Noudéhou will also serve as UN Resident Coordinator, Humanitarian Coordinator and UNDP Resident Representative.

He succeeds Eugene Owusu of Ghana, who completed his assignment last month.

Mr Noudéhou previously served as the UN Resident Coordinator and Representative in China, for two years, up to 2016, and UN Resident Coordinator and Humanitarian Coordinator in Zimbabwe.

Duration: 3'01"

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