2007 NCP Presentations

first_imgMinister of Sport and Recreation, Makhenkesi Stofile’s presentation…[PDF: 478KB]Ben Egbuna’s full presentation…[PDF: 384KB]Nkenke Kekana’s welcoming address…[PDF: 53KB] and presentation…[PDF: 461 KB]Yvonne Johnston’s presentation…[PDF: 2 MB]Danny Jordaan’s presentation…[PDF: 3.5 MB]Download all presentations…[ZIP: 5.8 MB] 2010 NCP Media TourJoburg’s 2010 preparations…[PDF: 8.7 MB]last_img

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US fund’s R1.3bn housing boost

first_img9 May 2008USA-based International Housing Solutions (IHS) has raised some US$175-million (about R1.3-billion) in capital from institutional investors for its newly launched South Africa Workforce Housing Fund.In a statement this week, Municipal Mortgage & Equity – commonly known in America as MuniMae – said that its affiliate, the IHS, would use the fund to invest in rental and for-sale housing for low and moderate-income families in the country.IHS provides innovative financial solutions, including debt and equity, to owners and developers of affordable housing projects, opening its Africa head office in Rosebank, Johannesburg, in 2007.MuniMae is widely recognized as a leader in US affordable housing finance, with over $12-billion of affordable housing investments under management for institutional investors.The company also expects several additional investors to commit further capital to the SA Fund, increasing its size to $240-million (about R1.8-billion), enough to fund the construction of an estimated 30 000 homes, and help meet the large and growing demand for housing in South Africa.“We began IHS in order to bring our expertise in financing affordable housing projects to countries around the world,” said MuniMae CEO Michael Falcone. “We now have top-notch teams of investment professionals in South Africa and the UK bringing MuniMae expertise to housing in those markets.”Spurring developmentSouth African property developers had found it difficult to raise capital for large-scale affordable housing developments, IHS SA country director Elize Stroebel told Property24 this week, adding that IHS helped developers finance affordable housing projects in the form of equity.“The equity allows developers to obtain larger loans from the banks at a reduced borrowing cost, which in turn allows them to build bigger developments without having to phase them in or conduct large pre-sales,” she told the website.“As the developers achieve more scale in their projects, they are able to pass the lower costs on to middle income families, in the form of lower rentals and selling prices which in the current South African economic climate is a huge benefit to these families.”The $175-million of capital commitments includes $95-million from a North American pension fund and a US foundation endowment, as well as up to $80-million committed in participating debt from the US Overseas Private Investment Corporation, a US government-sponsored agency that supports American investments in emerging markets.The company believes the fund will help leverage returns for fund investors while spurring economic and housing development in South Africa.“Our international activities have become increasingly important, as the credit market disruption has impacted fund raising ability for US projects,” said Falcone. “We believe our success in raising this fund demonstrates the confidence these capital partners have in MuniMae.”SAinfo reporter Would you like to use this article in your publicationor on your website?See: Using SAinfo materiallast_img read more

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Net farm income down, but farm businesses show improvement

first_imgShare Facebook Twitter Google + LinkedIn Pinterest USDA’s Economic Research Service (ERS) recently released its Farm Income forecast for 2016. Net cash income and net farm income (which includes the value and costs of items like depreciation, home consumption of farm goods, and unsold inventory) are both expected to fall slightly compared to 2015, but by much less than last year. Net cash income is expected to fall by 2.5%, or about $2.3 billion, and net farm income by 3%, or about $1.6 billion. Last year net cash income fell by 27% and net farm income by 38%.A large portion of the forecast decline is from lower livestock receipts, expected to be down by about $7.9 billion. Crop receipts are also forecast to be lower by $1.6 billion. On the other hand, input costs are forecast to be down by $3.8 billion, and government payments are expected to be $3.3 billion higher.The cost of production relative to projected sales remains tight for most commodities. Returns over variable costs leaves very little additional revenue to cover cash rent or pay the operator. As a result, it is likely farmers will continue to rely on reserves built up when farm incomes were record high and to lower costs wherever possible, including renegotiating rental contracts, minimizing input costs, and possibly taking out more operating loans.A slightly higher debt (mostly from operating loans) and lower assets (from some erosion in land values) will result in a slight increase in the debt-to-asset level in 2016. While such an increase indicates rising financial pressures, those ratios still remain near historic lows. The lowest debt-to-asset ratio we have seen for decades was 11.3% in 2012, and the highest was 22.2% in 1985 during the farm financial crisis. This year the ratio is forecast to be 13.2%, compared to 12.7% in 2015.The higher the debt is relative to assets (the lower the equity), the greater the indication of financial stress in the sector. For example, the peak farm bankruptcy rate coincided with the high debt-to-asset ratios of the mid-1980s.The slower rate of decline in farm income forecast for 2016 may indicate we have leveled off at new price and production patterns. Projected prices in the USDA’s long-run baseline through 2025 for most major commodities remain flat over the next 5 years, before growing slowly again nearer the end of that period. This pattern is consistent with the long-term trend of falling, but flattening real prices for food commodities since World War II. Although modest compared to last year, continued softening in farm income adds to the economic strain being felt by many rural communities—especially in areas that are farming-dependent.While overall net farm income is down, some sectors are showing gains. Focusing on the 850,000 farms that are classified as farm businesses, net cash income is actually forecast higher in 2016 for most crop specializations — corn farm net cash income is forecast to rise by 2%, soybeans and peanuts by 3%, wheat by 10%; specialty crops net cash income, however, is expected to fall by 5%. Dairy and hog farm net cash income is forecast down (31% and 3%, respectively), as is poultry and egg farm net cash income, by about 2%; but beef farm net cash income is expected to rise by 3%.If we take a closer look at farm household income, which includes income from both on-farm and off-farm sources, we can see that median farm household income has grown more rapidly than U.S. median household income since the recession, mainly as a result of improved off-farm income. Nearly all U.S. farm households have some income from off-farm sources, making a stronger U.S. economy important for farm households, even though it may also mean a strong dollar and more difficult trade opportunities. For family farm households, median farm income is up slightly, unlike 2015, and median off-farm income is up 4%. Overall, median total farm household income is forecast up 5% in 2016 to a record level of $81,666. That trend is forecast to hold across all farm households, regardless of size or type.last_img read more

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Expert body calls for expanded rules to fix newsoutlet tax credit status

first_imgOTTAWA — An independent panel of experts is recommending the federal government increase the scope of tax credits being made available to help small news-media outlets survive.It its final report to the government, issued today, the panel says small publications should be allowed to count freelancers and independent contractors among their journalists in order to qualify as Canadian journalism organizations under the tax credit program.The panel recommends the rules determining who should qualify as a donor to a journalistic outlet with charitable status be expanded.And it says the Canada Revenue Agency should be given responsibility for determining which organizations qualify for funding, with the aid of an advisory body.Finance Minister Bill Morneau included measures in his latest budget, worth an estimated $600 million, to support news media outlets that have faced a revenue crisis in recent years.A panel of experts was then appointed to help guide the government in determining how the tax measures should be implemented.The Canadian Presslast_img read more

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Distracted by technology Microsoft tries to help

Technology companies whose devices and constantly scrolling online services have driven us to distraction are beginning to acknowledge that their products can be a waste of time. Some of them now say they’re trying to help. This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. Citation: Distracted by technology? Microsoft tries to help (2018, April 27) retrieved 18 July 2019 from https://phys.org/news/2018-04-distracted-technology-microsoft.html © 2018 The Associated Press. All rights reserved. Microsoft is rolling out a free update to its Windows 10 computer operating system Monday with new features to keep people in a distraction-free zone.”Focus Assist” enables workers to temporarily switch off email and social media notifications during times when they need to keep their heads down. They can allow messages from certain people to break through.Microsoft says the update is inspired by research showing office workers are being interrupted or having to switch tasks about every three minutes—and it takes 23 minutes to get back in focus. Microsoft rolls out new Windows 10 update and laptops Explore further read more

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