Trans-Century Limited (TCL.ke) 2014 Abridged Report

first_imgTrans-Century Limited (TCL.ke) listed on the Nairobi Securities Exchange under the Investment sector has released it’s 2014 abridged results.For more information about Trans-Century Limited (TCL.ke) reports, abridged reports, interim earnings results and earnings presentations, visit the Trans-Century Limited (TCL.ke) company page on AfricanFinancials.Document: Trans-Century Limited (TCL.ke)  2014 abridged results.Company ProfileTrans-Century Limited is an infrastructure company offering services and expertise in power infrastructure, infrastructure projects and engineering infrastructure. Power infrastructure includes manufacturing electrical cables, overhead conductors, power and control cables, data and communication cables, instrumentation and control cables, mining cables, transformers and switchgear. Infrastructure projects include critical energy and transport infrastructure which supports key pillars of the domestic and export economy. Engineering infrastructure includes providing services for mechanical engineering, civil engineering, transport and logistics and craneage and erection services. Trans-Century Limited has operating divisions in 14 countries in East, Central and Southern Africa. The company was established in 1997 by a group of leading Kenya professionals and investors looking to invest in growth sectors in Africa. Its head office is based in Nairobi, Kenya. Trans-Century Limited is listed on the Nairobi Securities Exchangelast_img read more

Kenya Re-Insurance Corporation Limited (KNRE.ke) 2020 Abridged Report

first_imgKenya Re-Insurance Corporation Limited (KNRE.ke) listed on the Nairobi Securities Exchange under the Insurance sector has released it’s 2020 abridged results.For more information about Kenya Re-Insurance Corporation Limited reports, abridged reports, interim earnings results and earnings presentations visit the Kenya Re-Insurance Corporation Limited company page on AfricanFinancials.Indicative Share Trading Liquidity The total indicative share trading liquidity for Kenya Re-Insurance Corporation Limited (KNRE.ke) in the past 12 months, as of 1st May 2021, is US$4.61M (KES498.98M). An average of US$384.14K (KES41.58M) per month.Kenya Re-Insurance Corporation Limited Abridged Results DocumentCompany ProfileKenya Re-Insurance Corporation Limited is a reinsurance company underwriting various classes of reinsurance for companies in Africa, the Middle East and Asia. The company covers reinsurance for the short-term and long-term business sectors. Its short-term business division offers motor, marine, aviation, fire and accident reinsurance products. Its long-term business division offers individual and group life reinsurance products. Kenya Re-Insurance Corporation Limited also has interests in property acquisition and management; including office buildings for rent and the development of office properties and housing projects. The company was founded in 1970 and its head office is in Nairobi, Kenya. Kenya Re-Insurance Corporation Limited is listed on the Nairobi Securities Exchangelast_img read more

Lindsell Train Global Equity underperformed in 2019. Should you be concerned?

first_imgLindsell Train Global Equity underperformed in 2019. Should you be concerned? Image source: Getty Images Edward Sheldon, CFA | Tuesday, 28th January, 2020 Simply click below to discover how you can take advantage of this. “This Stock Could Be Like Buying Amazon in 1997” I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Enter Your Email Address See all posts by Edward Sheldon, CFAcenter_img The Lindsell Train Global Equity fund – which is one of the most popular investment funds in the UK – underperformed in 2019, delivering a return of 19.4%. Of course, in the context of today’s low-interest-rate environment, where savings accounts are paying interest rates of 1% or so, 19.4% is a brilliant return. However, compared to the fund’s benchmark, the MSCI World index (developed markets), which returned 22.7% last year, it’s a slightly disappointing performance.Should you be concerned about this underperformance? I don’t think so. Here, I’ll take a look at why the fund fell short and explain why I’d stay invested.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…High conviction approach One of the main reasons Lindsell Train failed to reach its benchmark last year is it’s a highly-concentrated fund (meaning individual holdings can have a large impact on overall returns) and a number of stocks, including some top holdings, underperformed the index. For example, two of the fund’s top holdings, Unilever and Diageo (which at one stage accounted for nearly 20% of the overall portfolio) experienced pullbacks in the second half of the year on the back of sterling strength and emerging market growth concerns. This will have hit the fund’s performance, given their large weightings.Other underperformers in the portfolio included Hargreaves Lansdown (it suffered from the Neil Woodford debacle), Pearson (poor results) and World Wrestling Entertainment (it rose 144% in 2018 so was probably due a pullback). When you only hold a small number of stocks, a handful of underperformers can have a significant impact on your overall performance.Growth vs valueYou could also perhaps argue that portfolio manager Nick Train’s investment style, which focuses on high-quality growth businesses, wasn’t as effective in 2019 as it has been in recent years.I say this because the S&P 500 value index actually outperformed the S&P 500 growth index for the year, returning 31.9% to 31.1% (9.9% vs 8.3% in the final quarter). Train’s style has generally worked very well since the fund’s launch in 2011, as growth has been in vogue, but no style outperforms forever.I’m still backing TrainWhile last year’s performance was a little underwhelming, there are a few reasons I’d continue to back Train. For a start, the portfolio manager has an excellent long-term track record.Between its launch in 2011 and the end of 2019, Lindsell Train Global Equity delivered a return of 317.3% versus 170.9% for the MSCI World index. And, over five years, it’s the best performing global equity fund on the Hargreaves Lansdown platform by a healthy margin. Secondly, I like Train’s investment style (it’s similar to that of Warren Buffett’s), and many of the fund’s holdings. When you consider the growth prospects of holdings such as PayPal, Walt Disney, and Diageo, the future looks bright.Note that Train sees his holdings as “very long duration, steadily growing assets – the embodiment of the best that equities offer,” and says that over time “the longer-term underlying growth trends should win out.”Finally, I’ll point out that every fund manager underperforms the market at one stage or another. A period of short-term underperformance is very normal. So, I’m not going to ditch the global equity fund after one disappointing year.That said, as always, it’s important to be aware of the risks associated with the fund. Diversifying your money over several different funds, to lower your overall portfolio risk, is generally a good idea. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Our 6 ‘Best Buys Now’ Shares Edward Sheldon owns shares in Unilever, Diageo, Hargreaves Lansdown and has a position in the Lindsell Train Global Equity fund. The Motley Fool UK owns shares of and has recommended PayPal Holdings, Unilever, and Walt Disney. The Motley Fool UK has recommended Diageo, Hargreaves Lansdown, and Pearson and recommends the following options: long January 2021 $60 calls on Walt Disney and short April 2020 $135 calls on Walt Disney. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.last_img read more

House Between The Trees / Šebo Lichý architects

first_imgArchDaily Architects: Šebo Lichý architects Area Area of this architecture project 2014 CopyAbout this officeŠebo Lichý architects OfficeFollowProductsSteelConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesBratislavaHousesSlovakiaPublished on March 04, 2015Cite: “House Between The Trees / Šebo Lichý architects ” 04 Mar 2015. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogSinkshansgroheBathroom Mixers – FocusGlass3MInterior Finishes at U.S. Bank StadiumPartitionsSkyfoldMarkerboard Finish for Folding WallsFiber Cements / CementsSwisspearlFiber Cement Cladding Panels in B66 Business CenterMembranesEffisusFaçade Protection – Breather+Metal PanelsSculptformClick-on Battens in WestConnex M8 JunctionPanels / Prefabricated AssembliesBruagBack-Ventilated Facades – CELLONTiles / Mosaic / GresiteMargresPorcelain Tiles – Linea CosmosGlassDip-TechCeramic Printing for Public TransportationAcousticSchöckStaircase Insulation – Tronsole®Porcelain StonewareApavisaSlabs – Wild ForestBulbs / SpotsAmbiance LumiereLighting – ZetaMore products »Read commentsSave世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream Year:  House Between The Trees / Šebo Lichý architectsSave this projectSaveHouse Between The Trees / Šebo Lichý architects House Between The Trees / Šebo Lichý architects “COPY” ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/603482/house-between-the-trees-sebo-lichy-architects Clipboard ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/603482/house-between-the-trees-sebo-lichy-architects Clipboard Slovakia Area:  202 m² Area:  202 m² Year Completion year of this architecture project CopyHouses•Bratislava, Slovakia Year:  Save this picture!© Tomáš Manina+ 13 Share Houses Photographs photographs:  Tomáš ManinaPhotographs:  Tomas ManinaDesign Team:Katarína Uhnáková, Štefan Onofrej, Martina MatušováArchitects In Charge:Tomáš Šebo, Igor LichýCity:BratislavaCountry:SlovakiaMore SpecsLess SpecsSave this picture!© Tomáš ManinaRecommended ProductsWoodSculptformTimber Click-on BattensRenders / 3D AnimationEnscape3D Real-Time Rendering SoftwareWoodLunawoodThermowood FacadesWoodGustafsWood Veneered Wall & Ceiling PanelsText description provided by the architects. Steep terrain with three robust chestnut trees, which owners decided to preserve. This is how the property on which a unique family house was to be built looked at the beginning. Architects from Šebo Lichýˈs atelier took the challenge and designed a genuine construction inspired by famous Tugendhat villa. Save this picture!© Tomáš ManinaThe front part of the house is levitating on dynamic pillars and provides amazing panoramic views of the surrounding area. The back part of the house is plunging into the rising hill and is composed of several levels. When entering the house you find yourself in the middle floor, which is spacious and completely barrier free thanks to the extended part on the pillars. This floor belongs to parents with their bedroom, bathroom and workroom. There is also living room and kitchen, visually separated with the fireplace. Huge windows can be open to enable ventilation of the space. The floor above the children rooms with their own bathrooms and patios are situated. The floor below there is a basement with laundry room and home gym. A genuine invention represents the shaft for laundry, which delivers the clothes from discreet cover on the corridor right to the basement.Save this picture!© Tomáš ManinaFrom that floor you get to the outdoor terrace with grill, sheltered with the extended floor on the pillars from above. Contact with nature in this realization is achieved in several ways. Family can enjoy barbecue on the large sheltered terrace, sun on the patios, which has almost every room or an amazing panoramic view in the living room. Right there the glassy walls provide stunning views, which vary as if it was a live painting following change of the weather, the seasons, the day and the night. Tightly close growing chestnuts creates the feeling of living among trees.Save this picture!Ground Floor PlanAt the lowest level there is a garage, connected with the house through the passage. The garage is cleverly hidden under the green grassy roof so you don’t even notice it when you look at the garden.  The house is built in a nice quiet area near to the city centre. Unusual family villa takes full advantage of the steep terrain in the best possible way. Connection with nature is almost tangible there and undoubtedly improves the quality of life in the city. Save this picture!© Tomáš ManinaProject gallerySee allShow lessRIBA Future Trends Survey Reveals A “Mixed Picture”Architecture NewsNEF Primary School / CINICI ArchitectsSelected Projects Share “COPY” 2014 Projectslast_img read more

Range of online auctions for Kosovo refugee work

Howard Lake | 22 April 1999 | News Advertisement UK Fundraising has already reported on some of the online auction companies that have begun to run online auctions in aid of charities working with Kosovar refugeesUK Fundraising has already reported on some of the online auction companies that have begun to run online auctions in aid of charities working with Kosovar refugees. Find out more about the increasing range of online auctions for charities’ Kosovo crisis appeals in ZDnet’s report Online auctioneers host Kosovo benefit.  15 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Range of online auctions for Kosovo refugee work About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. read more

Labourspace.com attracts 15 campaign groups in first month

first_img  22 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Labourspace.com, the Labour Party’s new website that encourages people, organisations and community groups to post details of their campaigns “to a network of people that want to listen and help where possible”, has generated just 15 campaign listings in its first month.The site has attracted “thousands of people”, although this week’s most popular campaign has secured only 312 votes. Indeed, only eight organisations have listed their campaign under this month’s theme of health. No organisation has yet posted under the prosperity and work month’s theme.Still, such low levels of participation by organisations and individuals could make it easier for an organisation to get its message heard. Advertisement Once an organisation has posted its campaign details on the site, it is encouraged to persuade its supporters to vote for it online and to add their comments to the issues raised.At the end of each month Labour Party chair Hazel Blears MP will choose one local and one national campaign from those listed and report on it to her fellow Cabinet members. She will also raise the key issues with a relevant Labour minister. For the first six months the website will have a monthly theme. ‘Health’ runs until 15 November, ‘Creating sustainable communities’ from 16 November to 16 December 2006, ‘Crime, justice, citizenship and equality’ from 7 December to 31 December 2006, ‘Education and skills’ from 2 January to 31 January 2007, ‘Britain in the world’ from 1 February to 28 February 2007, and ‘Prosperity and work’ from 1 March to 31 March 2007.Labourspace.com is part of Labour’s new “Let’s talk” initiative, designed to generate “frank and open debate about the challenges the British public face each day”. The debate, say Labour, will be fed into the Labour Party’s policy-making process. Howard Lake | 12 November 2006 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThiscenter_img About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Tagged with: Digital Research / statistics Labourspace.com attracts 15 campaign groups in first monthlast_img read more

Afghan resistance grows

first_imgAfghan protest in Kabul, Sept. 17.Cold comes early to the villages of the Alingar district in Laghman province in Afghanistan. To heat their houses and cook their food, mothers and daughters go out on well-known paths before dawn to find firewood and carry it home. They have done it many times before and would do it many times after.But on Sept. 16, they did not come back. NATO told CNN that, from thousands of feet in the air, perhaps even from satellites, “a large group of insurgents” were targeted. The women and children were attacked “with precision munitions and direct fire” from NATO jets.Horrified villagers raced to the scene. They found at least eight women and children killed and seven more wounded. They brought the injured to a nearby hospital and the dead to local Afghan officials. At first, NATO denied involvement, but soon was forced to change its story. NATO “offers its sincerest regrets to the families.” (CNN, Sept. 16)The U.S., along with other NATO countries, has occupied Afghanistan for 11 years. For all that time, instead of ending resistance, the military has only managed to create wave after wave of hatred and anger at their presence.Sometimes the anger seems to be vented individually. Four U.S. occupation troops were killed on that same day by Afghan police. This has happened so often it is called a “green on blue attack.” This brings the total of deaths of NATO-sponsored military and police to more than 50 from such attacks — most of them U.S. forces.On Sept. 14, exhibiting the resistance’s growing organization, some 15 Afghan resistance fighters, wearing stolen U.S. uniforms, invaded Camp Bastion in Helmand province. Despite the built-up security because Britain’s Prince Harry is stationed there as a helicopter pilot, the fighters were able to destroy six Harrier jets, each costing $25 million, and six refueling stations, while damaging six hangers.Fourteen of the fighters were killed, and one was wounded and captured, NATO claims. Eight NATO soldiers and one contractor were wounded.The Taliban claimed responsibility for the attack. A Taliban spokesperson said the attack was in response to the anti-Islam film that has raised the ire of people across the Middle East and beyond.Perhaps so. But it is occupation by foreign troops that obviously stokes the fire of resistance. Washington and the rest of NATO have failed to break this resistance. It has only grown stronger.The war in Afghanistan benefits not one worker in the United States. This failed conquest of a poor country is only for the sake of the billionaires and their minions in government who have created so much misery here. It is long past time that it is stopped and the troops brought home.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Horned Frogs are on their way back to March Madness for the first time in 20 years

first_imgAnother series win lands TCU Baseball in the top 5, earns Sikes conference award Twitter TCU to research its history with racism, slavery and the Confederacy ReddIt print Previous articleWest Wing woes: Trump administration sees record high employee turnoverNext articleEquestrian wins big against SMU in final regular season meet Cristian Arguetasoto RELATED ARTICLESMORE FROM AUTHOR Cristian Arguetasotohttps://www.tcu360.com/author/cristian-arguetasoto/ Website| + posts Cristian Arguetasoto Black, Latinx communities disproportionately affected by COVID-19 Cristian is a senior Journalism major and Studio Art minor at TCU. He is a Managing Editor at TCU360. He enjoys landscape photography and learning new photo techniques. Facebook Linkedin Cristian Arguetasotohttps://www.tcu360.com/author/cristian-arguetasoto/ Kenrich Willams, Desmond Bane, Kouat Noi, and Lat Mayen celebrate TCU’s victory over Oklahoma State. Photo by Cristian ArguetaSoto Cristian Arguetasotohttps://www.tcu360.com/author/cristian-arguetasoto/ Community Commons gives students place to go to leave their rooms Twitter Facebook TCU rowing program strengthens after facing COVID-19 setbacks ReddIt COVID-19 cases prompt TCU to postpone home opener against football rival SMU Cristian Arguetasotohttps://www.tcu360.com/author/cristian-arguetasoto/ Linkedin TCU baseball finds their biggest fan just by saying hellolast_img read more

Former radio presenter freed on bail but still facing possible trial

first_img RSF_en August 3, 2012 – Updated on January 20, 2016 Former radio presenter freed on bail but still facing possible trial News June 4, 2021 Find out more UgandaAfrica Augustine Okello, a former Rhino FM morning radio show presenter in the northern city of Lira, was finally released on bail on 26 July after being held for 13 months in pre-trial detention, but is still facing the possibility of trial on a charge of treason, which carries the death penalty.Local observers said the high court judge set very harsh conditions for his release – bail of 3,200 euros, obligation to report regularly to the police station and high court in Lira, his home town, and a ban of leaving Lira without permission except to report once a month to the high court in Kampala.“Okello’s conditional release is good news for him and his family but we continue to be very worried,” Reporters Without Borders said. “He has spent more than a year in pre-trial detention, his right to be presumed innocent has not been respected and other fundamental rights have been flouted. The fact that no trial date has been set is disturbing and outrageous, and increases the pressure on this journalist, who has already suffered enough.”Also known as “Rouks,” Okello was arrested in July 2011 in the course of an investigation into a dissident colonel’s death. He was formally charged with treason on 1 August 2011 because of alleged subversive activities and alleged involvement with opposition parties with supposed links to armed groupsPhoto : Augustine Okello UgandaAfrica March 12, 2021 Find out more Help by sharing this information News Newscenter_img News Uganda urged to free two journalist held since last week on libel charges Receive email alerts to go further Ugandan president threatens to “bankrupt” leading daily Uganda blocks social media and messaging apps, isolating election Organisation Follow the news on Uganda January 13, 2021 Find out morelast_img read more

Military coup yet another blow for Myanmar’s sagging economy

first_img BANGKOK (AP) — The military coup in Myanmar is unlikely to do the country’s struggling economy, once considered a promising “last frontier,” any good at all. Myanmar’s economy has languished as the pandemic added to its challenges and the prospect of fresh Western sanctions in the wake of this week’s army takeover will only make things tougher for those on the ground, economists say. It’s unclear if China might help make up for lost business due to the increased political risks and potential for turmoil if public anger over the ouster of massively popular Aung San Suu Kyi and fellow civilian leaders erupts in mass protests. Apart from raising the risk of political unrest, economic sanctions and other disruptions, the coup likely will prove to be a huge setback to efforts to improve Myanmar’s investment environment, curb crony capitalism and build a more sustainable path to growth. “With this kind of situation the sad thing is that you don’t even need to put sanctions in place because the dire economic consequences of the conflict, combined with what happening now makes the country look very unstable and not the right place to invest right now. So the repercussions are immediate,” said Laetitia van den Assum, a former diplomat and a member of the Advisory Commission on Rakhine State, which was set up by former U.N. Secretary General Kofi Annam to improve Myanmar’s treatment of minority Rohingya Muslims. The military seized power shortly before a new session of Parliament was to convene on Monday, declaring its actions were legal and constitutional because Suu Kyi’s government had refused to address voting irregularities in November’s election, which her National League for Democracy won in a landslide. That provoked a rush to ATMs and food stalls. TV signals were cut and passenger flights were grounded. Authorities urged calm, while moving to suppress dissent through Facebook and other social media. Commander-in-Chief Senior Gen. Min Aung Hlaing, who now controls the government, met with business leaders and pledged to maintain financial stability and “continue work on international projects.” Meanwhile, the central bank promised it would not demonetize any of the currency, a reasonable fear: three past demonetizations provoked much anguish and anger. “The general public can continue using the banknotes and banking services without any worries, and all the banks have been instructed to provide regular banking services,” the Central Bank of Myanmar said in a notice. The economy already was faltering before the pandemic. Sian Fenner of Oxford Economics estimates the coup will likely cut growth this year by half, from an earlier forecast of 4.1% to 2%. The past decade’s average annual growth rate of 7.6% had slowed to just 2.9% in 2019. Last year, the World Bank estimates the economy grew 0.5%. The economy’s performance fell short of popular expectations as growth benefited a tiny part of the population and reforms took a back seat to efforts to end decades of ethnic civil conflict. Tourism has suffered and new sanctions were imposed following a 2017 counterinsurgency campaign that drove about 740,000 of the mostly Muslim Rohingya to flee the country. Min Aung Hlaing is one of four generals who were blacklisted by the U.S. Treasury Department for the military’s abuses in Rakhine and other ethnic majority regions. Given the recurring risks of falling afoul of such sanctions, many U.S. companies have held back on major direct commitments, instead opting for local partnerships. Fast food giant Yum! Brands Inc., for example, opened its first Kentucky Fried Chicken outlet, a franchise with local partner Yoma Strategic Holdings, in downtown Yangon last year. President Joe Biden said Monday the coup would bring an immediate review of U.S. sanction laws, “followed by appropriate action.” “We will work with our partners to support restoration of democracy and the rule of law, and impose consequences on those responsible,” he said in a speech to State Department employees on Thursday. The potential impact of sanctions would depend on how far-reaching they are. Many Western brand names, including Samsonite, LL Bean, H&M and Bass Pro, have suppliers in Myanmar, based on shipping data from Panjiva. Exports of clothing, shoes and other consumer goods are a vital source of growth. They doubled after the European Union in 2015 began allowing preferential imports from Myanmar under an “everything but arms” arrangement in recognition of the country’s progress toward democracy. The garment and textiles sector employs 450,000, mostly women, in more than 600 factories, according to the Myanmar Garment Manufacturers Association. “The development of a competitive low-end manufacturing sector has traditionally been the route out of poverty for low-income countries in Asia, so throttling textiles would have lasting repercussions,” Gareth Leather of Capital Economics said in a report. Japan’s Kirin Holding Co. announced Friday it was ending its joint venture with the military-linked conglomerate Myanma Economic Holdings PLC, whose board is entirely composed of military leaders. “Given the current circumstances, we have no option but to terminate our current joint-venture partnership,” Kirin said. “We will be taking steps as a matter of urgency to put this termination into effect.” The military, which had ruled Myanmar for five decades, does not have a strong track record on handling the economy. Beginning in the 1990s, foreign investment rose as the leadership began sporadic efforts to modernize and reopen the economy. Business and tourism revived as a result of a transition to a civilian, quasi-democratic government a decade ago. Poverty dropped from about half of the population to just over a quarter, according to the World Bank. But rural areas, home to about 70% of the population, still lag far behind. The coup threatens the short-term outlook for investment and foreign business, but also the longer-term potential for growth, says Fenner of Oxford Economics. It is likely to delay or perhaps derail the government’s efforts to improve the business environment, build up a modern banking system and other financial industries, cut corporate taxes and move ahead with “strategic infrastructure projects,” he noted. Myanmar has made progress in some areas in recent years, including compliance with anti-money laundering standards, opening a stock exchange and enacting a financial institutions law. The government was preparing to implement a medium- to long-term economic resilience and reform plan after the election. But the military has retained ultimate control both of the government and much of the economy, enabling cronies to dominate lucrative trading in gems and other natural resources. Private businesses are starved of cash while investment in schools, health and other vital foundations of future growth has suffered. “You need the kind of investment that helps you build and adapt to climate change, that helps you to make your economy more sustainable in the long run. You need innovation. And that’s not going to come from crony capitalism,” van den Assum said. ——— Milko reported from Jakarta, Indonesia. Facebook Twitter Local NewsBusinessWorld News Facebook Previous articleNashville visits Florida after overtime winNext articleSkiing worlds in Cortina will lack fans but not scenery Digital AIM Web Support WhatsApp Pinterestcenter_img By Digital AIM Web Support – February 5, 2021 TAGS  Twitter Pinterest Military coup yet another blow for Myanmar’s sagging economy WhatsApplast_img read more