Category Archives: Resource Based Economy

NNPC Limited

there is the lingering fear that the new state-owned company will be bogged down by the same inefficiency and patronage that dogged its predecessor. The NNPC Limited is inheriting a workforce, management, and even organisational culture that was largely determined by discretion and corrupt incentives, rather than merit and rules. The board of the new company has also been put in place to fulfill mainly political imperatives, rather than any strategic human resource consideration.

Last month, Nigerians were greeted with news that our state-owned oil company, the Nigeria National Petroleum Corporation (NNPC) was now born-again as NNPC Limited, a public limited liability company owned by the Nigerian state. The rebirth is part of broader reforms in Nigerias oil and gas sector, as provided for in the Petroleum Industry Act (PIA), the long-overdue oil industry composite law, which is finally going into force after being enacted by the president in August last year.

One of the merits of the NNPC reforms is the expectation that as a limited liability company, though wholly owned by the Nigerian state, it will be insulated from political interference and bureaucratic inefficiencies. A key challenge that has dogged the heels of the corporation over the years has been its dual role as both regulator and commercial player in the sector. The new company has been freed of that unfair and incestuous burden and is now a strictly commercial entity that will not rely on government funding and direct controls.

But beyond that functional change, will the reforms at the NNPC Limited go beyond skin deep or is it just a case of old wine in a new bottle? What is expected of the new company under the PIA? Can the new NNPC Limited make the bold transformation from its predecessors 45-year-old reputation as an inefficient, corrupt, deeply politicised, and habitually loss-making statutory corporation? Does the new company really have what it takes to be both profitable and relevant in an industry that is struggling with profitability and relevance in view of the global energy transition? Can the NNPC Limited shed its old skin of culpability with joint venture partners in the social, economic, and ecological devastation of petro-resourced communities? Given the cessation of statutory payments into the federation account and that the NNPCs oil sales constituted the largest revenue stream for the Nigerian government, how will the reforms affect the countrys fiscal health?

First, there is the lingering fear that the new state-owned company will be bogged down by the same inefficiency and patronage that dogged its predecessor. The NNPC Limited is inheriting a workforce, management, and even organisational culture that was largely determined by discretion and corrupt incentives, rather than merit and rules. The board of the new company has also been put in place to fulfill mainly political imperatives, rather than any strategic human resource consideration. It is indeed a tall order to now expect a company saddled from the get-go with such a burden of inefficiency to compete profitably with peers that are operated by the industrys best.

The new NNPC Limited still carries the moral burden of its predecessors joint venture participations in wreaking havoc on the lands, lives, and livelihoods of oil-producing communities over the last seventy years. The Act, after all, transfers the assets and liabilities of the NNPC to NNPC Limited, or where that fails, to the government. The new NNPC, or at least its majority owner (the Federal Government), cannot, therefore, escape corporate accountability

Next lets look at profitability. We cant just wish away the NNPCs loss-making history in the eagerness to birth a profitable commercial firm. Year in, year out, the NNPC and its subsidiaries had been steeped in losses, until it posted an abracadabra profit for the first time in 44 years in its 2020 annual financial statement. This was rather controversial, given COVID-19 and the under-performance of businesses globally, especially in the oil and gas industry! Given this loss-making trend, it is understandable if we worry about the new ventures chances for bottom-line success, at a time when its industry is faced with dire prospects occasioned by the global energy transition. In 2020, the corporation also published its annual financial statements for the first time in its history. Before then, opacity was the watchword! With the announcement that the company will be ready for a public offer by June 2023, is it safe to expect that investor confidence will be quickly earned by magically emplacing the right systems and processes to drive efficiency and profitability?

NNPC Limited will also need to address the operational crisis and lethargy that has for so long dogged the defunct corporations subsidiaries. Take the refineries, for instance, that have remained comatose, refining nothing year-in year-out, while workers and management cart home stupendous salaries for being idle. Or the corporations perpetual cash call debts. Or the scandal after scandal that have rocked oil swap deals and the importation of refined products. Or even the highly corrupt fuel subsidy regime that has currently outpaced government capital spending. Granted, under the PIA some of these matters have now escaped the remit of NNPC Limited, but their shadow will cast a pall on the new company for some time yet.

Ahead of its privatisation, the Corporation had in 2021 become a supporting company of the Extractive Industries Transparency Initiative (EITI), committing to greater transparency. But real transparency and accountability to its shareholders and stakeholders will require going beyond just disclosing hitherto opaque transaction records, as it has already begun doing. Section 83(3) of the PIA, for instance, expects the company to maintain a publicly accessible register of contracts, licenses or leases it enters into with other firms. Also Section 59 (5) of the Act indicates that the Board of the new company will be subject to the Companies and Allied Matters Act (CAMA) 2020, which means that post-public offer shareholders will be subjected to beneficial ownership disclosure requirements of CAMA 2020. There will also be need, from the get go, to come clean on which assets have been carried forward into the new company and which have been left behind with the Nigerian government, according to the establishing law. These are really high bars and we watch to see how the NNPC Limited scales them. Pushing that transparency envelope further, the new company will have to start disclosing, at every step, exactly how profitable it is to plunge scarce investor resources into new capital projects, in a sector that is increasingly becoming a risky bet in view of the energy transition.

Also, the ongoing divestment drive among International Oil Companies (IOCs) throws a different kind of complication into the mix. The new NNPC Limited still carries the moral burden of its predecessors joint venture participations in wreaking havoc on the lands, lives, and livelihoods of oil-producing communities over the last seventy years. The Act, after all, transfers the assets and liabilities of the NNPC to NNPC Limited, or where that fails, to the government. The new NNPC, or at least its majority owner (the Federal Government), cannot, therefore, escape corporate accountability for the economic, social, and ecological liabilities that these hurriedly divesting companies are leaving behind in the Niger Delta. They are in it together!

while we expect the new state-owned oil company to step up to the plate on its corporate governance, profitability, accountability, and even its business relevance in the current global context, fundamental to its independence and success will be how Nigerias government navigates the huge revenue implications of this transformation and the fallout for the broader economy. At the crux of this challenge is the question of what the future holds for the NNPC Limited itself, and by extension, Nigerias fossil-based economy

In any case, by failing to offer preferential shares to extraction-affected communities, the PIA made it clear that it was starting off the new NNPC Limited on a premise that further compounds the exclusion of these communities and the contempt for the legacy issues they have been grappling with for decades. Furthermore, NNPC Limiteds shareholding structure rubbishes the principle of federalism and dis-empowers the sub-national governments (especially oil-producing states) by placing ownership of the new company in the Federal Government rather than the government of the federation. The same for its Board, which does not have autonomous nominees of the state governments on it. Going forward, we can expect to see agitations for these issues to be addressed, perhaps through a review of the PIA.

The new company will also need to take the energy transition more seriously. The defunct corporations Renewable Energy Division only feebly acknowledged this global switch through its controversial biofuels programme. Rather than an emissions reduction target or a plan to decrease oil and gas production volumes in the foreseeable future, what the new NNPC has inherited is a commitment to ramping up production and further investments in fossil fuel exploration efforts, including in frontier basins, where such investments are most likely not viable. In fact, the corporations management, which has transmuted to the management of the new NNPC Limited was actually at the forefront of a campaign for Nigeria to be excused from the energy transition! When a company sees that its primary markets are finding alternatives to its primary products, it makes strategic, even if difficult, decisions. Will the new NNPC Limited see the business case for embracing clean energy or will it continue in the myopia of its predecessor that saw the reduction of its carbon footprint as a mere inconvenience? One is tempted to say, time will tell, but theres really no time!

Finally, the big elephant in the room: Under the PIA, the new company ceases to make monthly payments to the federation account, which implies a massive reduction in revenues available for sharing among the three tiers of government. While the company will still have to pay dividends, taxes and 80% of its profit after tax to its owners (for now, solely the Federal Government), these payments will only level out in the medium to long term. In the short term, however, the national purse, already grappling with a revenue crisis, is in for a big fiscal shock. Debt service consumed over 100% of the nations revenue in the first four months of 2022, an amount that exceeds the capital expenditure budget for the entire year. The sudden cessation of NNPC remittances will have deleterious implications for sub-nationals, especially oil producing states whose appetite for derivation payments has been enlarged over time.

So, while we expect the new state-owned oil company to step up to the plate on its corporate governance, profitability, accountability, and even its business relevance in the current global context, fundamental to its independence and success will be how Nigerias government navigates the huge revenue implications of this transformation and the fallout for the broader economy. At the crux of this challenge is the question of what the future holds for the NNPC Limited itself, and by extension, Nigerias fossil-based economy, as the climate crisis worsens and oil and gas assets increasingly become stranded. Central to the foregoing, the re-branded national oil company will, alongside the IOCs, have to deal with an inevitable wave of conflict and fragility as many stranded communities suddenly come to terms with the reality of their betrayal by the fossil fuel establishment. Beyond the euphoria of a name change, these are the bigger existential questions the new company will need to grapple with in the years, nay months, ahead!

Tijah Bolton-Akpan, co-founder of Policy Alert, tweets from @Tijahbolt

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NNPC: Between rebranding and reforms, By Tijah Bolton-Akpan - Premium Times

Malaysia has made great strides since the Federation of Malaysia was established on Sept 16, 1963, with advancements in all segments, especially real estate. The local real estate market is heavily influenced by the countrys cultures, diversity and multiethnic backgrounds, traditions and spectacular food.

We asked local developers what makes their company uniquely Malaysian, what being Malaysian means to them, and their hopes for the country.

Our people make our company uniquely Malaysian. But this goes beyond the context of our citizenship it is Bon Estates shared values, perspectives and culture that bind us. These are elements we incorporate into our work, because we know creating a satisfying environment for Malaysians means understanding a quality of life that uniquely appeals to us, while elevating it to a level that also meets the aspirations of a new generation.

Being a Malaysian means the capacity to embrace a diversity of ideas, influences and experiences. Our multicultural heritage makes the word diversity our greatest strength, as we are an amalgamation of different voices that have found common purpose and mutual respect in a place we all call home.

My hope for the future of our country is harmony, which begins with better governance and accountability for all layers of society. To progress, we must first have the courage to embrace our shared history, so that everyone understands that we are all united with a singular purpose, shared goals and loyalty to each other. With this in place, together we can imagine, innovate and achieve a well-crafted nation.

What we do and who we are make EcoWorld a uniquely Malaysian brand. Through our efforts in nation-building and placemaking, we create environments and opportunities for Malaysians from all walks of life. We are powered by a young and dynamic team that constantly looks for innovative ways to shape the real estate industry.

We Malaysians are a passionate bunch. Nothing unites us faster and stronger than a common love for food and sports. So, like my fellow countrymen, Im all for Malaysian food undisputedly, the best in the world! Im also a huge fan of football and enjoy a good badminton match.

Malaysia is a truly beautiful country with so much raw potential. I hope that the country I love stays that way so that our children and their children will also be able to enjoy it. This is one of the reasons why it is so important for EcoWorld to create liveable and sustainable spaces that will last for generations to come.

As you know, E&O is a unique Malaysian brand. Our hotel is an emblem of Penang (and indeed, Malaysia) and its myriad cultures, while giving the briefest nod to our colonial past. The company itself features a true diversity of local talent, and we celebrate and respect our many festivals and customs joyfully and equally.

Being Malaysian to me means living together happily in the melting pot of cultures especially when it comes to the cuisine. Where else can you eat a Malay breakfast of nasi lemak, lunch of Indian banana leaf rice and top it off with Chinese bak kut teh for dinner?

In the future, I hope that all Malaysians will band together to protect and nurture this beautiful country to greater heights. We are stronger together, and I firmly believe that we can do it, both for ourselves and the generations that follow.

I believe these qualities sincerity, responsibility and originality make us uniquely Malaysian.

With these three qualities guiding us in everything we do, we are able to work with nature, preserving it and restoring our motherland. With originality, we are able to bring in innovative designs and town-making concepts that suit Malaysian needs. For example, we have brought in many firsts to Malaysia, such as New Zealands Skyline Luge in Gamuda Gardens, Cove Aerobar at Gamuda Cove and exciting rides and attractions at our upcoming SplashMania rainforest-themed water park to create places that our Malaysian community can be proud of, gather in and get to know one another.

I have always felt that the best thing about being a Malaysian is our wonderful multicultural society. At the same time, we care for and respect each others uniqueness. Personally, I also like that our society has grown to become more environmental-friendly and hopefully, with time, we will all learn to appreciate and work together to protect the natural beauty surrounding us.

My wish is for our people to be more progressive; be people-centric and learn to care for each other, regardless of our differences; and grow our civic-mindedness to nurture a society that cares about the environment.

Were a Malaysian company with a workforce that reflects the Malaysian demographic. Hock Seng Lees employees are 89% Malaysian. And like this country, we have a generally youthful workforce more than 85% are under 54 years old, with the largest segment (32%) between 25 and 34 years old, which matches Malaysias median age of 30 years. As a Sarawakian company, we are most proud that we reflect the regions racial make-up. Our human resource makes us a Malaysian company.

Being a Malaysian means unity in diversity and a strong can-do spirit; this is the true Malaysia Boleh mindset. Were a developing nation and a learning nation. Malaysians have a positive attitude, believing that we can achieve what we aim for. Being Malaysian means being excited that the best is yet to come. And while most countries are only learning to be multiracial, weve been multiracial and multicultural since independence.

My hope for Malaysia, and Sarawak within it, is to be harmonious, hardworking and entrepreneurial. Our country is a great melting pot of Asias cultures, and with a colonial heritage. Like the best of Asian nations, we can marry the best of east and west; Singapore, Hong Kong, South Korea and Japan come to mind. As a Malaysian company in the ambitiously governed Sarawak, Hock Seng Lee hopes to build on strong foundations for the next generation. Our company motto, Were Building Your Future Today, is inspired by Malaysias progressive forefathers who gave us independence.

To be Malaysian is to embrace the cultural richness and diversity that exists within the country. Malaysia is a melting pot of cultures where the population comes from individuals from all walks of life. Lest we forget our Malaysian identity, we set to emulate this same identity and implement it within the group.

As I reach the age of 60, I have had the opportunity to see Malaysia grow to where it is now from an agricultural to an industrial country that is a top producer and exporter of various products. To be able to witness such tremendous change in a lifetime, I, too, was inspired to be part of the change and contribute to the countrys development. It is a way for me to show my respect for my home country.

As Malaysia goes through a tumultuous time amid economic hardships, my aspiration for the country is to overcome these hurdles. I believe we can get back on our feet again, as we have done before. Getting through these challenging times wont be an easy feat, yet we can all do our part in moving forward together.

With that aspiration, I am committed to bringing our country to greater heights through our expertise in property development and our recent venture into the medical segment.

Malaysia is unique as it has a diversity of race, culture and religion. The upbringing of Malaysians in this environment has created a uniquely Malaysian talent pool.

Malaysian talent are well-versed in multiple languages and well-entrenched in diverse cultural practices.

Diversity of staff each drawing their respective strengths, in a mutually inclusive environment has become a natural characteristic of a Malaysian company.

The intrinsic ability of our talent to live and work harmoniously among these diversities and be readily inclusive to accept differences make Malaysian companies uniquely Malaysian.

While making our mark, Malaysian companies with this intrinsic ability are able to go to global markets to forge excellent business ties, as these companies are readily accepted by international communities.

Being a Malaysian means peace-loving, resilient and readily inclusive in accepting the co-living of diversities. The ability and willingness to accept, enjoy and celebrate cultural differences is a natural characteristic of all Malaysians.

From our well-established base, I hope that the strong attributes of Malaysians can be further enhanced with ease. I hope that the country will continue to nurture the uniquely Malaysian multitalented talent who will continue to bring the country to the world stage and be proud to be a Malaysian.

Established in the 1940s, the Low Yat Group played a key role in nation-building through the construction of several government and public institutions. After completing The Federal Hotel in Kuala Lumpur in 1957 in time for Merdeka, the company further developed another eight hotels throughout the country in the late 70s and 80s. My late father, Tan Sri Low Yow Chuan, was Fiabci Property Man of the Year in 1994 and received the Mayors Commendable Award for his contribution to the country at the Kuala Lumpur Mayors Tourism Awards in 2014.

Having travelled extensively and experienced different cultures, I take pride in being Malaysian and being able to live in a country blessed with abundance be it natural resources, amazing cuisine, diversity of rich cultures or, best of all, warm Malaysian hospitality.

Without doubt, our future lies with our children and the youth, and how they can be nurtured to learn from history and to preserve whats worthwhile, propelling towards a sustainable, progressive country and society in which we can all feel proud to be Malaysian.

With our talent pool of young professionals and entrepreneurs, I hope we can speed up the momentum in bringing Made in Malaysia products and services to the global stage.

One of Mah Sings main goals has always been to support the national agenda of providing Malaysians with quality, comfortable and affordable housing. As a responsible property developer, we strive to work hand in hand with the government in building a better nation together. Mah Sing is a multiracial company with a workforce that is ethnically and demographically diverse.

Being a Malaysian allows me to live in a multiracial and multicultural country where I can interact with people of different races and cultures. This makes Malaysians more adaptable and capable of embracing and respecting our differences while living harmoniously under one roof. We are also spoilt for choice when it comes to food, whether it is Malay, Chinese or Indian cuisine.

As a Malaysian, I fervently wish for the countrys economic and political stability. The economy is on the path of recovery and I am hopeful that the property development industry will also gradually improve. I hope our nations leaders and all of its people can work together to accelerate the economic recovery momentum and resolve the challenges that the country has faced following the pandemic, in order to build a better Malaysia for future generations.

Masteron Group is a home-grown company that meets public demands within Malaysia and embraces local culture. Our property development division constantly evolves to solve the needs of Malaysian communities our most recently launched development KR7 Residences addresses the growing local demand for future-proof homes with enhanced security and lockdown-friendly features.

Our hotel division strives to preserve Malaysian heritage. We fitted out the Four Points by Sheraton Hotel Chinatown KL with distinctively Malaysian Peranakan tiles, stained glass and marble table tops, and we evoke Malaysian nostalgia through offerings like Tau Foo Fah cocktails, Peranakan afternoon tea, and walking tours around Chinatown.

Our investment in the car park management business solves the quintessentially Malaysian problem of scarcity of car parks.

Being a Malaysian means that I am spoilt for choice by the amazing food, diverse cultures and vastly different natural landscapes. Being a Malaysian also means to own one of the most powerful passports in the world, with visa-free access to 180 countries and counting.

My hope for Malaysia is to reach its full potential economically and socially, through a government that prioritises the welfare of the people, a private sector that contributes to society and works with the government to nurture and cultivate talent, and individual citizens who can love each other plurally as Malaysians, regardless of race, religion and belief.

We have colleagues from almost all the states, including from East Malaysia. And since food is often close to our hearts, specially priced lunch sets of both halal and non-halal options had been arranged for the past two years to help our colleagues reduce their cost of living while providing them with hygienic food and helping them avoid crowded places.

Being a Malaysian means being endlessly curious about each ethnicity that make up Malaysia, learning about and understanding each other. Knowing how religion may only be one part of each others voluntary beliefs, guiding oneself to be good and do good, yet have other interests in life, as well as daily habits, we can have so much in common.

As for my hope, I grew up hearing stories of how Malaysians celebrated festivals together as a very closely knit community, but I have never experienced that kind of vibe in any public celebrations. What more with social policing due to technological advancements and popularisation of digital social platforms, anyone can feel empowered to judge and report any events that happened in front of their eyes (and their gadgets lens), one can only imagine greater self-restrain and conservatism moving forward. Will we be artificially pulled further apart? I hope not.

OSK Group has come a long way. Its visionary founder, Tan Sri Ong Leong Huat, executive chairman of OSK Holdings Bhd (OSK) who started off as a humble boy from Kampung Merbau, Perak grew and nurtured the company from a small stockbroking house into a full-fledged investment bank over a period of four decades, before OSK Investment Bank merged with RHB Banking Group, in 2012.

Since then, OSK Group has continued to grow and expand sustainably into what we are today a diversified conglomerate with five core businesses in property development, construction, financial services, industries and hospitality. The story of OSK is truly a Malaysian dream come true one that is about integrity, hard work and commitment.

Being a Malaysian means living harmoniously with one another, being inclusive, and drawing strength and unity from our diverse cultures and heritage. Our differences do not define us, but instead bring us closer together. We are Keluarga Malaysia.

My hope is that every Malaysian will have access to affordable and quality homes, where each of us is able to provide comfortable shelter for our loved ones, and to have a place for all of us to call home.

My late father, chairman Datuk Teo Chiang Quan, saw Paramount as an enabler in nation-building. Based on this principle, we have built schools, universities, homes and offices, guided by our vision of changing lives and enriching communities and driven by our core values of TRIBE (Trust. Respect. Integrity. Bravery. Energy).

The Paramount culture is also anchored on staying united, taking care of each other, learning to adapt to challenges, and giving back to the community. Over the past two years of the pandemic, Paramount employees kept their jobs and construction workers were also supported when they could not work during the lockdowns. This is how Malaysians help each other, and this is also the Paramount way.

My hope is for a united and fair Malaysia, where we are all Malaysians regardless of race or religion. Where good governance is practised, the rule of law is applied equally, and meritocracy is our guiding principle for decisions and policies. For a further democratisation of knowledge and ideas by leveraging technology to accelerate our progress towards becoming a developed nation.

Meanwhile, being a Malaysian means nasi lemak for breakfast, char kuey teow for lunch and banana leaf rice for dinner.

SDB was the first Malaysian company to construct and operate the worlds largest tin dredge during the tin mining days decades ago. We have a village named after us, called Kampung Selangor Dredging, which the company contributed to for the benefit of former tin mining workers and their families.

Fast forward to the present day, we have carved out a name as a leading boutique property developer with numerous successful projects in Malaysia and across the Causeway in Singapore. By utilising innovative design features that emphasise space, natural lighting and ventilation, our homes are built to complement the equatorial climate and meet buyers needs.

We emphasise on building spaces that promote communal living and our cultural diversity gives us the unique opportunity to embrace and learn from one another. Being Malaysian also means doing our part for nation-building and the less fortunate members of society. At SDB, we have a very active CSR programme to help this community, including special needs people whom we have provided gainful employment.

The younger generation needs to be empowered, as they are the ones who will be the leaders of tomorrow. As a property developer, we want to help them to realise their dreams of owning their first homes. I hope that there will be a more supportive ecosystem with the right policies and incentives to help first-time homebuyers.

I also hope that society will be more accepting and inclusive, regardless of a persons social status or background. As we strive to become a developed nation, we must develop a first-world infrastructure and mindset by empowering and rewarding people based on their efforts and achievements.

As a leading homebuilder, our townships are uniquely Malaysian in character and composition, where we see homeowners from all walks of life. For 50 years, we have been part of generations of homeowners, and we are excited to continue expanding the Sime Darby Property family across the country for years to come.

Being a Malaysian means being able to live in peace and harmony in a beautiful country rich in natural resources and greenery, and experience different cultures as well as enjoy the best cuisines in the world. Being Malaysian also gave me many opportunities for self-development and contribute as an individual, as part of a business and as an industry leader.

My hope is for everyone to continue living harmoniously and for Sime Darby Property to play its role as a value multiplier for people, businesses, economies and the planet. I hope to see a more prosperous nation that is committed to fulfilling its potential, meeting its goals of becoming carbon-neutral by 2050, and exceeding the 2030 Agenda for Sustainable Development pledges to become a more sustainable, resilient and inclusive nation.

SkyWorld, a city-centric property developer, is wholly owned and operated systematically by groups of innovative hardworking Malaysians of different races, religions and gender. I am proud to say that at SkyWorld, we engage local talent and we grow together in a conducive and sustainable environment with plenty of learning and development opportunities for everyone.

Being a Malaysian means I have the privilege to live in this peaceful, friendly, tolerant and beautiful tropical country with all my brothers and sisters of all faiths. We are so rojak that Malaysia has become a melting pot of cultures with delicious cuisine and celebrations almost all year round, in the most harmonious and unpretentious settings. Just look at how we celebrate our festive seasons and holidays! Also, our multilingual abilities give us greater ease to communicate locally and around the globe.

I sincerely hope the Malaysian economy will return to a stronger footing soon. I wish that our government will put priority on building a stable economy and supporting a sustainable business ecosystem for the property development sector primarily, and others as well, which would greatly improve the livelihood of the rakyat in many positive ways.

From our humble history as a small tin-mining company, we have advanced and risen alongside Malaysians for more than two generations.

We are very proud to have a nearly 50-year history of nation-building, and helped develop some of Malaysias largest urban communities including in Penang, Ipoh, the Klang Valley and Johor.

As a Malaysian company with a team with diverse backgrounds, we are committed to improving and enriching the quality of life of society, and contribute towards making our community and nation a better place for future generations.

I like to describe us as a living community serving another larger community, one that creates resilient and thriving ecosystems where everyone can live, learn, work and play in safe, healthy and connected environments.

As a conglomerate with 13 business units, our motivation is inherent and deep-rooted it is about doing the right things the right way. We do well by doing good.

Being a Malaysian means embracing and celebrating our cultural diversity, remembering our heritage and the purpose of our forefathers in building this country, and working together harmoniously as one nation.

It is my hope to see Malaysians come together, and see the advantages of doing so. And only by doing so can we turn our challenges into opportunities, and transform Malaysia to achieve our fullest potential.

The fact that a part of the group is owned by the people of Malaysia means that this plays a big role in our decision-making process and the ventures that we go into. The company runs its operations by what is in Malaysian taxpayers best interests. Although the company has global ambitions, we aspire to be a shining example for local companies in our vision, practices, products and governance. We are also very diverse and inclusive in the composition of our workforce, mirroring the melting pot of cultures within Malaysia.

Being Malaysian is not just about knowing the national anthem, its also about embodying patriotism through our actions and work. It means to be able to punch above our weight and to surpass all expectations. It also means that while we are ambitious and have the drive to succeed, we do not always take ourselves too seriously and see the lighter side of life.

I hope for a future where everyone, regardless of class or income level, has equity in a place where they call home. I hope that all Malaysians will eventually have access to housing with comfort, privacy and dignity, and that our countrys prosperity and the communal fruits of labour can truly be shared with everyone.

S P Setia was born and bred as a Malaysian company. Our founders are Malaysian and they intentionally cultivated Malaysian values into our culture. We have also been extremely proud and passionate about promoting our culture through elements in our projects such as the design of the Peranakan Straits homes of Setia Eco Templer in Selangor, which is inspired by the vibrant Baba-Nyonya culture, and the iconic Battersea Power Station in London features Malaysia Square, which showcases our countrys rich and riveting heritage.

On a deeper level, we believe what makes Malaysia stand strong is our spirit of unity amid diversity, which is why S P Setia actively works to strengthen this through community building. Each of our projects emphasises spaces for family bonding, flexibility for multigenerational living and intentional design that encourages gatherings between friends and neighbours. Its all about creating moments of togetherness that act as the glue that bonds us together.

Beyond our own communities, we endeavour to serve all Malaysians.

Being Malaysian means living in the spirit of solidarity, understanding, togetherness and humanity. As a nation of diverse ethnicities and cultures, our shared values tie us as one people. It is not despite our diversity but because of it that understanding, acceptance and appreciation are values we hold dear.

On the lighter side, one thing all Malaysians share is our love of food because we live in a food paradise! Nowhere else in the world are people so lucky to have such a spectrum of tastes and smells to delight their senses every day.

We are a young nation with its fair share of trials and tribulations but what makes us uniquely poised to overcome them is our abundance of resources, creative ingenuity, rich ethnic diversity and vibrant entrepreneurial ecosystem. To sustain our nations upward trajectory, we must continue to embrace the fundamental concepts of unity and diversity.

Since 1955, YTL has participated in the growth of the country, which had evolved from an agricultural and commodity-based economy to an industrialised economy by the 1990s. Starting from building ammunition depots and garrisons under British rule, we constructed public and private facilities like schools, hospitals, residential and commercial buildings, airports and power plants after independence in tandem with government initiatives to support a new Malaysia.

Read more here:

Embodying the spirit of Malaysia - The Edge Markets MY

A Q&A with La June Montgomery Tabron, president and CEO of the W.K. Kellogg Foundation

Earlier this month, Gov. Gretchen Whitmer appointed the president and CEO of a major Michigan foundation to the Michigan Economic Development Corp.s executive committee. In the role, La June Montgomery Tabron who has been the W.K. Kellogg Foundation for more than 35 years, including the past eight as president CEO will help provide policy direction and guidance to the states economic development arm. Montgomery Tabron says its a natural fit based on the nonprofits core mission to promote economic development across the country. She recently spoke with MiBiz about the major philanthropic organizations role in workforce development, its financial outlook during a period of economic turbulence, and the business case for racial equity.

How will your experience at the Kellogg Foundation apply to this economic development committee?

I am so honored to have been appointed by Gov. Whitmer. I believe this role overlaps with my work at the Kellogg Foundation completely. Our work at the Kellogg Foundation has been about economic development. We look at it from a workforce perspective and an employment equity lens. We also approach our work through a health equity lens, and we also look at it from an early childhood perspective. But the bottom line for us is: Our work is deeply embedded with growing Michigans economy. While we have always participated in public-private partnerships, I think this role squarely allows us to deepen our work from the Kellogg Foundations perspective and partner in ways that can really accelerate the growth across the state.

The foundation is a major financial backer of the redevelopment of the former McCamly Plaza in downtown Battle Creek. What is the organizations approach to these types of projects and how theyre selected?

I would say that our point of entry is the community. When we think about how we can support our community in this case, the Battle Creek community requires collaborative approaches to economic development. We need an anchor hotel in the city. It is a key asset to the entire revitalization strategy, and so what we like to do is be that catalytic investment to support some of those projects that require these public-private partnerships where they can leverage dollars given by the W.K. Kellogg Foundation. And we also consider ourselves a citizen in the community of Battle Creek, and as one of its corporate citizens we want to be a part of their master plan.

How has the recent economic turbulence affected the foundations financial outlook?

Our portfolio is volatile just like any portfolio. During the pandemic, while we saw the impact of capital dry up, our foundation actually issued social bonds in order to generate capital that we could then give away to nonprofit organizations who werent able to access the funds that were being made available at the federal level. Because of that, last year was one of our highest grantmaking years in the history of the foundation. We actually gave away well over $400 million across the nation. In Michigan alone, we gave out over $100 million this past year.

How has the foundations social equity mission and grantmaking shifted over the past couple of years?

One of the things we saw during the pandemic was the issue of workforce. Were still seeing disruptions in the workforce. One of our key areas of focus is creating a workforce pipeline and providing support to allow people to be on a career pathway, to access resources for training, and then also provide resources for entrepreneurship.

What we have found during this time is there will be a need for retooling. Our investments will be a part of that collaborative fiber in these communities, and were building what these communities need. Theres no more training for trainings sake. Were working in direct partnership with the businesses, the corporate sector, and were determining whats needed and beginning to build those pipelines that allow people direct access to livable wage jobs.

Can you talk about the Kellogg Foundations Business Case for Racial Equity?

Thats a publication we commissioned that talks about the win-win-win solution that we can create as it relates to economic growth by really making sure that everyone in the community has an opportunity to participate in our economy. What the business case says just for the state of Michigan, if we were to truly create equity, and equitable opportunities for all citizens is we could generate another $92 billion in economic output in our state. Those are resources were leaving on the table because were not providing those opportunities for everyone. It further says that if we could eliminate those inequalities across the entire United States, we would increase GDP by another $8 trillion by 2050.

So weve quantified it, weve shown that its a win-win-win solution, and that what were really asking for is these collaborations of business, public, private sector, coming together to really figure out how we create these opportunities and eliminate these disparities.

Whats the next frontier for the Kellogg Foundation and similarly sized, major nonprofits?

I cant stress how important I believe our work is around racial equity and racial healing. What we saw was a nation appalled by the brutality and the murder of a Black man being George Floyd. But more importantly, we saw people engaging and willing to engage now in conversations around race who had been on the sidelines in the past. What I see now is a true and sincere interest in people at least wanting to understand and to engage around these issues of racial equity and racial healing. At the end of the day, thats about building relationships and bringing people together across differences and allowing them to see their common humanity. Believe it or not, this work is more relevant and demanded now than it has ever been, and what were doing at the Kellogg Foundation is truly doubling down on how we can be helpful. The reason why we can be helpful is not only the resource that we have, but weve gone through and taken this journey. Our organization has been transformed after committing to becoming an anti-racist organization and taking the journey each of us to go through healing, and to do what were asking others to do.

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Nonprofit executive takes on state-appointed economic development role - MiBiz: West Michigan Business News

Toronto, Ontario TheNewswire - August 22, 2022 Noble Mineral Exploration Inc. (Noble or the Company) (TSXV:NOB,) (FRANKFURT:NB7), (OTC:NLPXF) Noble is pleased to announce that it has entered into a Exploration Agreement (Agreement) with the Constance Lake First Nation (CLFN)) in relation to exploration and potential development at both the Companys Nagagami and Boulder Projects near Hearst, Ontario.

The Agreement establishes a commitment by Noble to provide accommodation, to engage in ongoing consultation and establish a mutually beneficial cooperative and productive relationship with the CLFN located in the Projects area. The agreement also provides the First Nation with an opportunity to participate in the benefits of the Projects through priority access to business opportunities, employment and training, and through financial compensation.

Vance White, President and CEO of Noble, said: "we are fully committed to the responsible exploration and potential development of what we believe to be two very exciting opportunities in heretofore underexplored mineral lands. Our approach is to work with First Nations in order to create shared value through economic opportunities, while also being respectful and responsible stewards of the natural environment. Noble acknowledges Constance Lake First Nation in its commitment to protect and enhance the land and resource based economy within its Traditional Territory. We welcome the First Nation in a constructive and collaborative approach to the exploration and potential development of the Projects.

Chief Ramona Sutherland of the Constance Lake First Nation says, Constance Lake First Nation ensures that any development in our Territory is done right, only with respect for the lands and our people and only with our free, prior and informed consent. We are pleased that Noble has agreed to proceed in this respectful way.

The Projects

Nagagami Carbonatite Niobium and Rare Earths Project, Ontario (~14,000 ha)

An Early Exploration Permit has been received from the Province and helicopter supported drilling is expected to begin in September.

Past work in the Nagagami area has been spotty in the past. Part of this is due to the fact that the complex is not exposed on surface. Algoma Ore Properties performed the original airborne magnetic survey in the area that identified the complex. Limited drilling was aimed at the magnetic ring structure in search of iron deposits. Despite drilling in the wrong geology for niobium and rare earth metals, one of the Algoma drillholes returned 0.3% Nb205 from a grab sample of syenite taken at 230 feet downhole. Fluorite was noted in one drill hole as red-brown, waxy hydronephelite (an alteration form of nepheline) comprising 5-10% of the rock. The existence of fluorite is characteristic of carbonatite style mineralization.

Figure 1: Comparison of the Nagagami Complex (left) with the Niobec Mine in Quebec

The Boulder Project (~4,500 ha)

In 2019 Ontario Geological Survey analyzed a sample from the 140kg boulder and determined that the boulder contained: 71.8% copper; 3.5% lead, 1.09% zinc; 252 g/T of silver, 3.79 g/T of gold; 4.43 g/T of palladium; and 2.22 g/T of platinum and consisted primarily of the mineral cuprite

During the Fall of 2021 Noble launched an exploration program on the property to in an effort to identify the source of the boulder. Basal till samples collected from two fence lines of hand auger holes, located about 100 m and 1 km north of the boulder location, produced 35 gold grains. These gold grains defined a southeast-northwest trending dispersion train that indicates they were transported southeast by a glacial transport from a source area located to the northwest. The dispersion train appears to begin near a northeast trending magnetic anomaly to the northwest of the property. The gold grains are predominantly reshaped (24) but also include modified (7) and pristine (4), supporting evidence of local source. The cost of the staking, sampling and assaying to date has been.

Work will continue during the 2022 field season including a helicopter airborne survey, expected to be completed in September.

Figure 2: The Cousineau Boulder cut in half.

Historical exploration results disclosed in this news release are non-compliant with the requirements of National Instrument 43-101.

Michael Newbury PEng (ON), a qualified person as such term is defined by National Instrument 43-101, has reviewed the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Noble.

About Noble Mineral Exploration Inc.

Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold mineral rights to ~36,400 hectares, in the Timmins-Cochrane area of Northern Ontario, included in which Noble has acquired a 50% interest in 7 patents and 310 tenure identified mining claims totalling ~6,600ha in Carnegie, Kidd, Wark and Prosser Townships and an option on 4,800ha in Calder Twp. known as Project 81, as well as an additional ~11,000 hectares in the Timmins area Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. It will also hold its recently acquired ~14,600 hectares in the Nagagami Carbonatite Complex near Hearst, Ontario and ~14,400 hectares of mining claims in Central Newfoundland. In addition, it holds mineral rights to ~3,700 hectares in the Buckingham Graphite Property, ~518 hectares in the Laverlochere Nickel, Copper, PGNM property and ~482 hectares in the Cere-Villebon Nickel, Copper, PGM property, all of which are in the province of Quebec. More detailed information is available on the website at http://www.noblemineralexploration.com.

Nobles common shares trade on the TSX Venture Exchange under the symbol NOB.

Cautionary Statement

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Companys plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

H. Vance White, President

Phone: 416-214-2250

Fax: 416-367-1954

Email:This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations:This email address is being protected from spambots. You need JavaScript enabled to view it.

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Noble Mineral Exploration Signs Exploration Agreement with the Constance Lake First Nation - Junior Mining Network

Located in Sub-Saharan Africa, the Democratic Republic of Congo is one of the most natural resource rich nations holding massive untapped deposits of minerals including cobalt, copper, diamonds and gold amounting to approximately $24 trillion. It possesses extensive rainforest reserves and boasts one of the highest hydroelectric power capacities in Africa and globally.

Since its independence from Belgian colonial rule in 1960, DRC has encountered complex challenges in state-building due to a history of political instability and civil war. Until 1997, it remained under the kleptocratic, dictatorial regime of Mobutu Sese Seko supported by the West amidst Cold-War bipolarity.

With the advent of the 21st century, moving away from earlier trends of state-centric economic planning and ownership of private enterprises as well as appropriation of income by a corrupt political machinery, DRC has turned towards a market-oriented economic system undertaking structural reforms for macro-economic recovery with the involvement of the Bretton Woods Institutions. While economic improvements were witnessed in 2001-2014, DRCs economic condition has been in severe deterioration since 2016-2017. Ranking high in global poverty and human rights abuses, DRC continues to be one of the least developed countries in the world as indicated by its position of 175 out of 189 countries in the Human Development Index 2020. There is an evident causal relationship between the current humanitarian crisis and social unrest in DRC and the exploitation it endured under decades of colonial hegemony.

The DRCs strategic significance to Central Africa and world politics emanates from its potential as an economic powerhouse and its resource wealth amidst expanding global capitalism and resource demand which has resulted in a rising interest of multi-national corporations and neo-imperialist forces such as China. DRCs main source of export earnings i.e., its mining sector has consistently been controlled by foreign enterprises. Since 2006, Chinas stake in DRCs mining industry has been displaying ascendancy. The needs of Chinas rapidly growing economy has further diverted its attention to the Democratic Republic of Congo renowned for its premier quality supply of mineral resources.

While Sino-Congolese (DR) associations were established in the 1960s, formal relations have remained intact since 1972. The bilateral relationship exhibits a dualistic nature; firstly that of a strategic alliance favouring Chinas aim of maintaining a considerable presence in Africa and secondly, a deepening trade partnership allowing increasing private investment from China into the DRC. The latter trend can be understood in context of Chinas Zou chuqu (going out) policy; a component of Chinas broader economic reformation and modernization strategy instituted under Deng Xiaoping intended at encouraging surplus domestic capital to invest overseas in order to deepen access to foreign markets, natural resources and advanced technology, bringing about additional growth and stabilization. Chinas strategy towards DRC is shaped by a resource for infrastructure approach; wherein investment in infrastructure projects in resource-rich countries are undertaken in exchange for resource exploitation.

The Chinese strategy of investment, aid and development in DRC has been perceived as a profitable opportunity by the Congolese government fulfilling the urgent need of infrastructural development for socio-economic improvement. Moreover, contrary to the approach of Western powers and international financial institutions, Chinas developmental partnership is based on a policy of mutual economic benefit without any interference in domestic affairs of countries or political conditionalities. It does not impose demands of democracy, adequate human rights conditions, transparent and uncorrupt governance etc.; factors which have reached disastrous proportions in the Democratic Republic of Congo. Ipso facto, this has acted as a catalyst strengthening Sino-DRC relations.

China-DRC relations is essentially marked by an element of inequality due to Chinas status as a globally dominant power juxtaposed against DRCs status as a significantly weaker and lesser developed power. However, sturdy economic relations are expected to continue due to their mutually interdependent relationship and what China has termed a win-win arrangement. For China, the DRC is a secure source of strategic natural resources, market for its manufactured goods, and space for investment in infrastructure development. For the DRC, China is a source of finance and know-how for its infrastructural, and a source of manufactured goods.

An important landmark delineating the China-DRC economic relationship was the Sino Congolaise des Mines (Sicomines pact) in 2008. Through this agreement, Chinese partners (with a 68% stake) gained mining rights to cobalt and copper in exchange for Chinas agreement to spearhead infrastructural projects. The mutually beneficial agreement was envisaged to stimulate exports, economic growth, revenue and job opportunities in the Congo (DR) whilst bolstering Chinas critical mineral resource capacities through mining rights. According to the 2008 agreement, China would be the beneficiary of 10 million tonnes (mt) of copper and 600,000 mt of cobalt at an estimated value of US$50 billion over a 25-year period. It is noteworthy that the Sicomine agreement paved the way for the entry of Chinese investment and capital influx into DRCs political economy. Despite garnering substantial criticism, over the years, production of cobalt and broadly, DRCs macro-economic performance has risen lending weight to the notion of China as a valuable strategic partner for low-income countries. However, DRCs increased economic dependence on China entails a plausible threat of an asymmetrical relationship serving narrow interests given the high rates of corruption in the DRC. To illustrate further, while DRC accounted for 70% of the global cobalt production capacity as of 2020, Chinese investors occupied control over 70% of DRCs mining sector through RFI (Resources for Infrastructure) Deals expressive of Chinas growing monopoly in the cobalt market.

As elucidated above, DRC is integral to Chinese foreign policy which is best exemplified through Chinas One Belt One Road Initiative. It entails a China-led development approach based on investment and infrastructure building projects from Asia to Europe. While there have been substantial debates on whether the BRI is simply an economic venture or a strategic and coercive tool wielded by China to expand its political and geo-economic influence, increasing BRI partnerships have served to bolster its pace.

In January 2021, Kinshasa served as the location for inter-state negotiations between PRCs Foreign Minister and DRCs Minister of State and Foreign Affairs culminating in a Memorandum of Understanding on BRI. Bringing in DRC as the 45th BRI cooperation partner is one of the most recent developments defining Sino-Congolese relations. It is also indicative of a consistent and constantly deepening bilateral engagement on economic and other fronts between the two countries as we progress into the future. Welcoming DRC into BRI was precipitated by Chinas desire to forego DRCs interest free loans amounting to US$ 28 million in 2020 and Chinas decision to pledge US $17 million for development projects and aid. It must also be highlighted that in contrast to the total African debt on China of $140 billion, only 5% constitutes interest free loans. Essentially, by cancelling a miniscule amount of debt, China has beguiled DRC into its BRI ensuring that Chinese investors in the Congolese (DR) mining industry are incited to increase their stakes in the cobalt and copper industry; lucrative raw materials boosting Chinas rapidly growing manufacturing and energy capacities. The latest turn of events secures Chinas position as forerunner in the immediate future amidst the scramble for resources and expanding markets.

According to Chinese rhetoric, China is a development and trade partner aiding in economic advancement in the DRC. However, a critical lens towards Chinas approach in the DRC would highlight its neo-imperialist character. Chinas strategy towards nations with relatively lower bargaining potential has often been associated with the phenomenon of debt-trap diplomacy; this term is used to describe its predatory lending practices to countries making them vulnerable to Beijings demands which will further Chinas geostrategic interests in the long run. This has resounded an alarming concern in strategic communities in light of the fact that the Democratic Republic of Congo, among other Sub-Saharan African countries, accounts for a significant portion of Chinas lending in the continent according to World Bank International Debt Statistics.

Western anxieties are currently centered on Chinese investment in Africa as a possible trigger for another debt crisis in addition to the threat of Beijings expanding geopolitical influence. Conversely, the debt-trap narrative positioning China with loan shark ambitions in Africa has been met with scepticism as Chinese investment in strategic infrastructure projects is an indispensable option for African countries grappling with booming population growth, slow-paced economic development, lack of job creation and an under-developed manufacturing sector. Nevertheless, it must be pointed out that the focus on Chinese investments in African countries has been marked by a tendency of generalization perceiving the entire continent as a single entity ignoring the diverse socio-economic nature of African countries.

Accordingly, it is essential to conclude on the note that irrespective of the different viewpoints on Chinas engagements with the DRC, the outcomes of Sino-Congolese relations should ultimately be evaluated on the basis of holistic socio-economic enhancements and improvements spurred in the Democratic Republic of Congo. In that regard, Chinese development projects in DRC have yet to deliver.

[Image credit: Discott, CC BY-SA 3.0, via Wikimedia Commons]

The views and opinions expressed in this article are those of the author.

Shivangi Basu is a graduate of Lady Shri Ram College for Women, University of Delhi, India and has pursued a baccalaureate degree in Political Science. She is currently an intern at the Nepal Institute for International Cooperation and Engagement (NIICE) and the Politika and Consilium Research Institute, India (PCRI).

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China and the Democratic Republic of the Congo: A Progressively Deepening Bilateral Partnership - The Geopolitics

GEORGETOWN, Aug 25 (Reuters) - Ever since Exxon Mobil (XOM.N) found vast deposits of oil off Guyana's coastline in 2015, government leaders have pledged that black gold would transform the fortunes of one of South America's poorest countries.

This year alone, the economy should grow 48%, the fastest rate on the planet, according to the World Bank.

But managed poorly, development experts and diplomats warn, those funds will stoke Guyana's overheated, race-based politics, while adding the nation to a long list of petrostates whose people have remained poor despite vast resource wealth.

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In May, Guyana's government announced it had tapped the sovereign wealth fund that holds the royalties paid by oil producers for the first time. By year-end, drawdowns will exceed $600 million, a figure that will soon balloon into the billions.

By 2027, Exxon and its partners, New York-based Hess and China National Offshore Oil Corp (0883.HK), aim to pump 1.2 million barrels per day from Guyana's seabed, making the country by far the world's largest producer per capita. read more

"Prepare for a massive influx of government revenue with little expertise on how to handle it," wrote analysts at the U.S. Agency for International Development in a report released earlier this year.

Interviews with more than 30 politicians, entrepreneurs, activists and citizens across the country showed both the buoyant aspirations and profound anxieties of a nation on the cusp of radical transformation.

The current government, supported largely by Guyanese of East Indian descent, says the oil boom will fund broad-based development with a focus on infrastructure and education for the nation's roughly 790,000 residents. read more

"Our commitment as a government is to ensure that opportunities are real across the country, irrespective of where one lives, irrespective of who someone might have voted for," Guyana's Finance Minister Ashni Singh said in an interview.

But many communities, particularly in areas associated with the Afro-Guyanese opposition, are skeptical. Some complain cash and contracts are already flowing to government supporters and allege the ruling party is installing loyalists to bodies meant to govern the nation's newfound riches allegations that Guyana's leaders deny.

"What they're seeking to do is use oil for political patronage," said Aubrey Norton, a federal lawmaker and the head of the opposition. "There's no vision."

Tucked between Venezuela and Suriname, statecraft has long been volatile in Guyana, due in part to competition between its main ethnic groups.

Descendants of African slaves compose about 30% of the population. Another 40% of Guyanese descend from indentured workers from India. Mixed race and Amerindian peoples largely make up the remainder.

President Irfaan Ali of the largely Indo-Guyanese People's Progressive Party (PPP) assumed power in 2020 following a months-long political standoff after a disputed election.

In the legislature, the PPP is now in a position to make pivotal decisions regarding the nation's future thanks to a razor-thin, two-seat advantage over the opposition, led by a mainly Afro-Guyanese grouping of parties known as A Partnership for National Unity (APNU). In recent months, the two sides have butted heads on every issue from how the government's ballooning accounts should be audited to key appointments.

But perhaps the most central dispute has been fought over how to govern the Natural Resources Fund, the sovereign wealth fund holding Guyana's oil royalties. read more

Among the opposition's qualms with the current legislation, which came into effect this year, is that they have no right to appoint representatives to its board. That's a major concern in a country with a history of endemic corruption, they say.

The government calls those concerns baseless.

Singh, the finance minister, told Reuters a proposal under the previous APNU government, which was in power from 2015 through 2020, would have centralized power in the hands of the ruling party to an even greater degree.

In any case, he argued, the credentials of the government's board nominees are unimpeachable.

The opposition counters by saying that is beside the point. Regardless of any individual's qualifications, they deserve a seat at the table.

"When everyone is from one side, it sends one message - and that is that the fund will be politicized," said Vincent Adams, a former environmental regulator whose nomination to the board by the opposition was rejected by the government.

Beyond the halls of the National Assembly, Afro-Guyanese communities have taken to the streets at times to call out the government for allegedly unfair distribution of resources.

In an interview, the opposition leader Norton argued the government's generous use of cash handouts, often administered by local bureaucrats, promotes corruption and political favoritism.

The government has consistently denied any graft and said handout programs are subject to a federal audit. Outwardly, the government has made a point of adopting inclusive rhetoric.

But the fight for resources is often subtler than a battle over bags of cash.

Under the previous government, many state-owned sugar farms - known locally as estates - were closed or downsized amid flagging productivity. That enraged the Indo-Guyanese community, whose members make up the vast majority of workers on those estates.

Since the government changed hands, the roles have begun to reverse, with many Afro-Guyanese complaining that sugar-growing communities are getting outsized investments, while their own neighborhoods are neglected.

The Uitvlugt Estate west of Georgetown lost hundreds of workers to other industries as the former government refused to adjust salaries, its manager Yudhisthira Mana said.

But in the last year, government investment has flooded back.

"What is happening with sugar now, I have never seen in my lifetime in terms of capital injection," said Mana, a 38-year veteran of the trade. He recounted with a smile a recent visit from President Ali, whose personal residence is nearby.

Fifty miles south, however, in the primarily Afro-Guyanese bauxite-mining town of Linden, much of the population is wary.

The government has made significant investments here, including an aggressive push to pave and resurface the isolated region's undermaintained roadways.

But many residents suspect their region is getting less than they are owed.

"We're in mourning because it seems Linden isn't benefiting like the rest of the country," said Charles Antigua, a retired miner.

Also fueling the sense of inequality is that most of the country's major entrepreneurs are Indo-Guyanese, giving their ranks a massive advantage in cashing in directly from the fast-growing oil sector.

One such businessman, Nazar Mohamed, a port developer, said in an interview that President Ali had asked him if he could add an Afro-Guyanese investor to a planned project near Georgetown, but that few had the funds.

Ali's office did not respond to a request for comment regarding the purported request.

"We did approach several persons," said Mohamed. "But they couldn't even find the money for the studies, much less building the project."

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Reporting by Gram Slattery; Editing by Christian Plumb and Lisa Shumaker

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

Rio de Janeiro-based correspondent specializing in the oil and gas industry, as well as white-collar crime and corruption. Recent stories have shed light on criminal wrongdoing by some of the worlds largest commodity traders and revealed how organized crime groups have infiltrated Brazils largest fuel distributors. Previously posted in So Paulo and Santiago and has also reported extensively from Argentina and Bolivia. He was born in Massachusetts and graduated from Harvard College.

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Oil money is flooding into Guyana. Who will benefit? - Reuters

The pandemic brought about an economic shift in Spokane and the nation that has left those who track labor trends unable to predict the future.

Not since the Great Depression has the U.S. economic landscape presented a challenge for economists to immediately find ways to track labor changes, said Grant Forsyth, chief economist for Avista Corp.

The Great Depression really highlighted the need for better data measures for the economy so we could understand, from a policy point of view, what was happening and we could react to it, Forsyth said.

The pandemic created a new environment where workers all of the sudden are no longer bound by a central office. More are either working from home or using hybrid schedule that includes a little home and office.

If you look at hybrid versus centrally located workers, what are the pay differentials? Those are the kinds of things that we would like to know the answer to, but we dont have a good way of measuring and collecting that data on a regular basis, Forsyth said.

Human resource directors are forced, on the fly, to figure out pay for in-office employees who work in high-cost communities versus remote workers who may live states away in locales with a more affordable cost of living, he said.

Given the fact that we believe there are going to be some significant changes about where we live and we work we probably will have to think of new data measures going forward, he said. If not, maybe you make bigger policy mistakes because you dont have the right data about what is happening in the labor market.

Forsyth said hes seen some changes in questionnaires sent out by the U.S. Census. He said officials with the state of Washingtons Bureau of Labor Statistics must now rethink how the surveys gather information to get a clearer picture.

In that same vein, as researchers at U.S. statistical agencies are still grappling with how to measure this astonishing transformation, a host of academics and other experts has rushed to fill the data gap.

Theyve found that remote work has ebbed significantly since the height of pandemic shutdowns in 2020, when almost two-thirds of work was done remotely.

But it has since stabilized at an extraordinarily high level: Around a third of work was done remotely in the United States in 2021 and 2022, according to economists Jos Mara Barrero (Autonomous Technological Institute of Mexico), Nicholas Bloom (Stanford University) and Steven Davis (University of Chicago).

Other data points suggest remote workers are switching to a hybrid schedule.

A new poll shared with the Washington Post by Gallup found 29% of remote-capable workers working from home full time in June down from 39% in February while the share working hybrid schedules increased a comparable amount.

While its difficult to say whether those numbers will continue, Davis said: Theres no doubt that its increased dramatically compared to 2019 and that it will remain much higher than prepandemic levels.

In particular, the remote-work wave has reshaped so-called knowledge industries such as finance and information, a category that includes everything from journalists to search-engine developers.

There, some three of every five workdays are now done from home, according to Barrero, Bloom and Davis.

Within each industry, certain classes of jobs are more likely to be done remotely. For example, managers in most industries work from home more often than the people who report to them.

The highest rates of remote work appear among technology, communications, professional services, and finance and insurance workers, according to data from more than 200,000 businesses using the payroll and benefits provider Gusto.

Those data also shows remote work growing across the board.

There is different exposure of industries to remote work, but the exposure to remote work writ large is universal, said Liz Wilke, Gustos principal economist. Every single industry experienced an increase.

Forsyth, the Avista economist, said the shift to remote workers has suddenly expanded the universe for Spokane companies to hire employees from anywhere in the country.

We now have a labor market where locating a headquarters of a business may not be required any more, he said. When I talk to firms they are now hiring people from all over the U.S. and they are not requiring that person to come to Spokane.

That raises a new series of questions that didnt apply as late as 2020.

When they have a person doing the same job in Spokane, but you hired someone to do the same job in New York, you have to think about pay differential, he said. In the old days, the expectation was if I hire you, you are going to be working in a central-work location and the pay will be based on that areas cost of living.

If an employee works for a tech company thats based in the Silicon Valley but moves to Nebraska, We are going to adjust your pay because we had to pay you more to live in the Silicon Valley, Forsyth said. It requires you to think and track where your remote employees are, and what is an appropriate wage for that area.

While the remote revolution has shifted the labor dynamic, not all jobs, such as manufacturing, can be done at home.

The remote-work landscape looks different for food-service or warehouse workers.

In those industries, workers are averaging one day of remote work out of every five, but that probably reflects those people in sales, office and management positions.

Available data limits how deeply researchers can dive into specific industries and geographies.

But they can estimate the geographic effects of remote work by assuming that industries and occupations present in each county have adopted remote work at the national rate.

The places with the highest remote-work rates in the country include the dense urban cores of Washington, D.C., Manhattan and San Francisco, along with much of Northern Virginias suburban heartland, including Arlington, Falls Church, Alexandria, and Loudoun and Fairfax counties.

Also in the top 10 are the federal science hub of Los Alamos County, New Mexico, and the wealthy lakeside enclave of Forsyth County, Georgia, northeast of Atlanta.

Many workers in urban areas are continuing to experience the benefit of not being tied to a certain ZIP code and moving to more affordable exurbs, whether to be closer to family and support structures or to get more for their money and experience a different standard of living on their same paycheck, said Yvette Cameron, an Oracle senior vice president who specializes in human-resource management software.

The latest population estimates by the Census Bureau reveal seismic disruptions as Americans spread into rural, exurban and suburban areas at rates we havent seen in at least a decade, according to Economic Innovation Groups August Benzow.

White people are leading the exodus from the countrys large, urban cores, but theyre not the only ones who are leaving.

Notably, two of the counties with the most remote-eligible jobs, Manhattan (New York County) and San Francisco, experienced the fastest population loss of any county with more than 10,000 residents from 2020 to 2021.

Each saw their prime working-age population shrink by almost 10%.

What were definitely seeing is a shift away from these top 10 cities and toward both medium-sized and smaller metro areas and actually a pretty big jump for rural employment, Gustos Wilke said.

Maps show a similar pattern across urban America, with the core hollowing out as growth soars in long-range telecommuter enclaves a couple of hours away.

Home prices and rents show similar patterns.

Population losses were biggest in large urban counties that before the pandemic had a high share of jobs that could be done remotely, high housing costs and lots of people commuting in, said Adam Ozimek, Economic Innovation Group chief economist and remote-work expert.

This is all very consistent with remote work being a significant driver of pandemic population changes, and the effect extends beyond San Francisco and New York City.

Forsyth said he believes Spokanes housing market boom of 2021 came from workers who learned they could work remotely and chose to live in a more affordable community.

The Federal Reserve did some research and found a lot of evidence that working from home greatly increase the demand for housing in the U.S., he said.

Workers all the sudden needed a home that was suitable to double as their office, he said.

So the demand for housing and surge in housing reflected that fundamental shift for working from home, he said.

Now geography means less to both those looking for work and employers seeking the best employees, he said.

Remote work is sort of separating the choice from the job, he said. That has the potential to change migration patterns.

The Washington Post and Seattle Times contributed to this report.

Read more from the original source:

Remote-work revolution exposes need for better data, tracking tools to evaluate workforce, pay and economy - The Spokesman Review

CBC Alberta and Saskatchewan have teamed up for a new pilot series on weather and climate change on the Prairies. Meteorologist Christy Climenhaga will bring her expert voice to the conversation to help explain weather phenomena and climate change and how it impacts everyday life.

In the push to transition from fossil fuels to greener energy, a key piece of the puzzle is accessing materials to help accelerate the technological shift namely, rare earth elements.

The group of 17 metallic elements hasthe potential to be a key economic driver for countries mining and processing them. They arecrucialfor building components for everything from wind turbines andelectric-vehicle batteries to cell phones and other products.

But they also come with lingering questions over the short- and long-term environmental impacts associated with the mining process.

Canada currently has only one operational mine, in the Northwest Territories, but with large known reserves there is big potential for more.

So how do we balance the need for mining the minerals with those environmental risks associated with the operations? And where does climate change fit in?

The term rare earth elementsisused to describe 17 metallic elements, including the 15 lanthanide chemical elements, as well as scandium and yttrium.

These elements, which tend to occur in the same ore deposits,are extremely valuable for a number of industrial uses such as clean energy, aerospace and automotive, but the catch is that they come in low concentrations. The largest global use for theelementsis to produce permanent magnets in modern electronics.

China dominates the rare earth market with annual production estimated at 127,000 tonnes in 2020, accounting for almost 60 per cent of global production. The United States (34,000 tonnes), Myanmar (27,000 tonnes) and Australia (15,000 tonnes) are also major world players.

And Canada?

"Canada has some of the largest known reserves and resources of rare earths in the world," says Rebecca Gotto, manager of government relations at the Saskatchewan Research Council.

The research council is involved in the development of the first rare earth processing facility of its kind in North America, in Saskatoon.

As of last year, it's estimated that Canada has more than 14 million tonnes of rare earth oxides.

The federal government and many provincesare hoping to capitalize on this new revenue stream.

Ottawa earlier this year said it was investing up to $3.8 billion in a critical minerals strategy, which includes looking for, extracting and processing rare earth elements.

In Canada, there are currently 21 rare earth mining projects in various stages ofdevelopment, from exploration to resource estimation. They are inthe Northwest Territories, Quebec, Ontario, Newfoundland andLabrador, Alberta and inSaskatchewan, according to Natural Resources Canada.

Late last year, Alberta enactedthe Mineral Resource Development Act, to change how the province will regulate mineral and rare earth development.

In November 2021, Energy Minister Sonya Savage spoke at a news conferenceabout the potential for mineral development in Alberta.

"Our province is home to vast untapped geological potential, and we have an experienced workforce," she said.

Savage said rare earth elements and titanium in oilsands waste streams have potential based on mapping of minerals in the province."It builds on the cornerstone of our oil and gas industry and their expertise."

Minerals provide a new opportunity, especially given the current majority of overseas production, Savage said.

"The places that are developing these resources are countries like China," she said."There's geopolitical issues and there's other countries that are developing them that don't have the same labour and environmental standards."

While exploration efforts in Saskatchewan and Alberta are in theearlystages, ground has been broken further north.

The Nechalacho rare earth elements mine, 100 kilometres southeast of Yellowknife, is in its second year of operation.

The site has already shipped its first rare earth concentrate to Saskatchewan Research Council'sprocessing facility in Saskatoon.

Kimberly Lavoie,director general of the policy and economics branch in the lands and mineral sector at Natural Resources Canada, says the race is on tomine the elements in Canada.

"The climate is changing rapidly. One might say that we're in a bit of a climate crisis and so it very much is a bit of a race to ensure that we have what we need to be able to transition quickly and to do it sustainably," Lavoie said.

But the sustainability of these sites is always a question, with the implications for the environment and people's health at centre stage.

Isabelle Demers is a professor in minerals engineering at the Universit du Qubec en Abitibi-Tmiscamingue. She is also the Canada Research Chair in integration of environment in the mine life cycle.

"The typical environmental impacts of mining, I mean, the dust and the transportation of material, the storage of mine waste that will be pretty much similar to other types of mine that we are really used to," Demers said.

Risks associated with mining include excavation that can move material, digging into the landscape, dust, storage of mine waste and even groundwater contamination or surface water contamination.

"It's not something that we can quantify easily right now because we don't have much experience," Demers said.

Canada can build on experience in mine waste management and environmental management, butthe locations of the mines will be an important factor to consider, she cautioned.

"These new mines are probably going to be in very sensitive areas," she said. "We need to develop more knowledge ...to manage the mines in these sensitive areas."

Those areas, like the Arctic or wetlands, can be difficult to work in; people in nearby communities often have concerns about the impacts on their environment, Demerssaid.

"If we want these minerals and if we want the technologies to reduce our effect on climate, then we will definitely have some impacts the idea is just to be able to manage them as best as we can and reduce the negative impacts."

"We're going to mine things to help with climate change," Demers said."But we also have to take into account climate change in the way we operate and the way we reclaim and manage the environmental impacts."

Demerssaid these effects are particularly true for clean-up. While some mining operations can have lifespans shorter than10 years,reclamationsuch as the management of the waste and prevention of contaminationneeds to last much longer.

"They're going to stay there pretty much forever on the mine site. So we have to be aware that if we want to, let's say, freeze our tailings and integrate them into the permafrost, then it might not work for them in 50 years."

Other impacts like precipitation patterns, particularly heavy precipitation events that we expect more of in the future, should also be a major consideration, Demers said.

"If there are more frequent rains, especially intense events, then we can have instabilities and we could have problems."

Demers said accounting for climate change in mine management is still relatively new.

"The restoration work is going to be impacted by climate change. But it's still like a new area of work."

The Nechalacho rare earth elements mine is the first of its kind in Canada.

According to Lavoie, environmental impacts were front of mind for that operation.

"It is actually mined without using water or any chemicals. So there's no tailings pond. So [that's] one of the things that people often associate with mining and the adverse effects of mining," she said.

The Nechalacho operation is owned by Cheetah Resources, a subsidiary of Australian company Vital Metals.Cheetah Resourcesconducteda global deposit search which led totheWigu Hill rare earth projectin Morogoro region of Tanzaniaand the Nechalacho project in the Northwest Territories.

"Rare earths, particularly in China and some other countries, have a horrible environmental record so we set out to reverse that," said David Connelly, vice-president of strategy and corporate affairs with Cheetah Resources.

Connellysaidenvironmental processes at the mine are some of the most rigorous in the world, in terms of environmental safety and Indigenous participation.

"The big step we did was selecting deposits that were friendly towardsX-ray or a sensor-based ore sorting."

He said those methods eliminate or greatly reduce the use of water andchemicals and theproduction of tailings, while using around 90 per centless carbon.

"Rare critical minerals and particularly rare earths enable the greening of the economy as long as we do it in a green manner," he said.

"I think there's lots of opportunity for Canada to use its hydro, electrical and other green energy to extract rare earths and critical minerals."

Our planet is changing. So is our journalism. This story is part of a CBC News initiative entitled "Our Changing Planet" to show and explain the effects of climate change. Keep up with the latest news on our Climate and Environment page.

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We need rare earth elements for a greener future, but there's a catch - CBC.ca

Wit Tuttell and Reid Wilson| OPINION COLUMNISTS

Bluegrass and mountain music. American Indian culture. Unparalleled natural beauty. The most-visited National Park in the United States. The tallest mountain, deepest gorge, and highest waterfall in the eastern United States, as well as North Americas oldest river. Unique art created by talented artists. Appalachian history dating to before the American Revolution.

All of these are found in abundance in Western North Carolina, from Murphy to Mount Airy. Yet until the beginning of the 21st century, our region lacked a unifying entity to bring the various aspects of our people and culture together into a compelling narrative.Enter the Blue Ridge National Heritage Area (BRNHA).

Created in 2003 through an act of Congress, BRNHA is the steward of the living traditions of Western North Carolina, charged with preserving and promoting its music, handmade crafts, natural and agricultural heritage and Cherokee culture. Based in Asheville, BRHNA encompasses 25 counties in Western North Carolina and promotes everything that makes our region special. BRNHA functions as a public-private partnership through the National Park Service, which provides federal matching funds, technical assistance, support, and oversight. That partnership must be renewed by Congress to open the door for local matching funds; with action from Congress, this valuable partnership can continue for decades to come.

According to a recent study, visitor expenditures at partner sites within BRNHA accounted for nearly $2.4 billion in annual economic impact, as well as over 30,000 jobs. This activity also generated $1.765 million in state and local taxes. In addition, since its creation BRNHA has awarded 188 grants totaling $2.5 million, with matching contributions leveraging another $5.9 million. These grants went to deserving educational, environmental, cultural, and historical organizations in all 25 counties within the Heritage Area.

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The organization has amassed a plethora of community, state and national partners and is known as a regional convener and resource. With the North Carolina Arts Council, BRNHA established the Blue Ridge Music Trails of North Carolina featuring more than 150 sites across the region where locals and visitors can hear traditional mountain music almost any day of the week. And the organization has helped serve more than 1.4 million visitors as a partner at the Blue Ridge Parkway Visitor Center in Asheville.

The impact of BRNHAs work goes beyond mere numbers. In March 2022, BRNHA announced the completion of Blue Ridge Craft Trails, which is a curated list of 325 destinations across BRNHAs region, including artist studios, galleries, and arts organizations. On the Craft Trails website, visitors can find information about the destinations as well as itineraries and videos.

BRNHAs success story is but one of 55 found in other National Heritage Areas located in 34 states spanning nearly 600 counties across the United States. President Ronald Reagan created the program in 1984, calling it a new kind of national park. As opposed to an enclosed park with defined boundaries, NHAs are lived-in areas and celebrate all aspects of American culture, history, landscape, and the economy. In total, NHAs boast a nearly $13 billion annual economic impact and support 150,000 jobs nationwide.

A National Heritage Area is typically created by an act of Congress with the strong, bipartisan support of members of its home state delegation. This was certainly the case for BRNHA, which enjoyed bipartisan support from the North Carolina Congressional delegation for its creation. When the authorization for an NHA nears its expiration, its home state delegation often leads the effort for renewal, ensuring the NHA can continue to provide benefits to its communities. Senators Richard Burr and Thom Tillis and Representative Patrick McHenry have been champions of BRNHAs work including introduction of the Blue Ridge National Heritage Area Reauthorization Act last year.

Despite the growth and expansion of NHAs, the system for creating new and reauthorizing existing NHAs can be improved. Instead of a piecemeal reauthorization process that puts the fate of each individual NHA in the hands of a busy Congressional calendar, many NHAs are supporting legislation that would streamline the reauthorization for all 55 National Heritage Areas, providing a 15-year authorization for each. We are proud to join them in calling for Congress to pass the National Heritage Area Act (H.R. 1316 and S.1492).

We have much to celebrate in Western North Carolina, and as long as Congress continues to provide the necessary base funding and authorization, the Blue Ridge National Heritage Area will be key to leading the celebration for decades to come.

Wit Tuttell is VP ofTourism and Marketing for the Economic Development Partnership of N.C. Reid Wilson is NC Department of Natural and Cultural Resources secretary.

Read the rest here:

BRNHA the steward of the living traditions of WNC: Opinion - Citizen Times

In 1986 Fiji Pine Commission general manager Peter Drysdale announced that the forestry industry was in a critical stage.

An article in The Fiji Times on November 2 that year quoted him as saying that besides the domestic market demands, forestry should also become primarily geared to the more rigorous demand of export markets in terms of product quality and price structure.

He was speaking at the 10th anniversary of the organisation where about 300 guests were in attendance.

In the export trade, Fiji will be competing against products from highly developed and experienced international forest products organisations, he said.

Given the inherent long-term nature of forestry, decisions affecting the sectors direction several decades from now must be considered at present as part of a long-term development strategy.

He said the decisions should be producing results that were economically and socially profitable for Fiji and the timber resource owners along with private sector investors.

To do so, decisions must be based on a sound analysis of markets and projected trends.

It is imperative that forest resources development and manufacturing processors be market driven.

He also mentioned there was a need to bring cohesion strategies so that major requirements for forestry in the future, like capital, trained labour and infrastructure could be effectively met.

To do so, decisions must be based on a sound analysis of markets and projected trends. It is imperative that forest resources development and manufacturing be market driven.

Cyclones, Mr Drysdale said, would always remain a major constraint in producing cheap and high quality wood.

Our best research efforts in tree breeding and in the development of silvicultural regimes that induce greater wind firmness in trees.

This will, in turn, reduce damage.

The pine industry had provided for a diversification of the economy, development of the rural sector, an exported-oriented industry, created employment and expanded Fijis technological base.

The chief guest at the function was Minister of Primary Industries Charles Walker, who said the pine industry had established itself alongside sugar, tourism and fisheries as the countrys main foreign exchange earner.

Of course, we must not forget the landowners, Mr Walker said.

They are fundamental to the pine industry and have played a leading role in its development.

Read the original:

The Fiji Times Back in history: Future of forestry sector - Fiji Times