Business RecorderArcelorMittal reports $345m loss in Jan-Mar quartermydigitalfc.comArcelorMittal, the world's largest steel maker, today reported a net loss of $ 345 million for the first quarter ended March, but said its restructuring efforts have begun to yield results. The company had reported a net profit of $ 92 million in the corresponding ...ArcelorMittal reports first quarter loss - Huffington PostHuffington PostArcelorMittal Posts Q1 Loss; Sees Sequentially Better EBITDA In Q2NASDAQMittal expects Q2 turnaround from fire-afflicted start to 2013 - Engineering NewsCreamer Media's Engineering NewsWall St. Cheat Sheet -MarketWatch (press release)all 20 news articles »

Mirror.co.uk'It's the manager's decision': Stewart Downing hopes he has earned his future at ...Mirror.co.ukLiverpool forward Stewart Downing has expressed his desire to stay at Anfield, although admits that it will be manager Brendan Rodgers' decision. The former Aston Villa winger struggled to get a starting place at the beginning of the season and the manager ...Fulham vs Liverpool PreviewGoal.comGerrard targeting pre-season returnESPN.co.ukGerrard gutted to miss Carragher's Liverpool farewell after shoulder surgeryDaily MailThe Sport Review -Clubcallall 83 news articles »

New Zealand HeraldChiefs beat Force 22-21 in Super rugby - Brisbane TimesBrisbane TimesWestern Force winger Patrick Dellit scored a double but it wasn't enough as the Chiefs held on for a scrappy 22-21 Super Rugby victory in Friday night's clash in Pukekohe. The Force had the chance to win it in the dying minutes, but flyhalf Sias Ebersohn's ...Chiefs just edge past the ForceStuff.co.nzChiefs hold on for tense winTVNZChiefs survive Force comebackSuperSportABC Online -New Zealand Herald -SPORT24all 49 news articles »

BBC NewsKofi Annan: Africa 'not getting a fair deal'BBC NewsOver 1,000 business and political leaders have gathered in Cape Town for the World Economic Forum on Africa. They are being warned that the continent is in danger of wasting the opportunity offered by its natural resources. Kofi Annan is the former UN ...Africa must stop looting of its resources: AnnanThe New Age Onlineall 42 news articles »

Chair of the Africa Progress Panel Kofi Annan says that Africa is not getting a fair deal, ahead of the World Economic Forum in Cape Town.

OnlymyhealthSunshine Benefits Health and Prolongs Life - Onlymyhealth.comOnlymyhealthExposing sun to may help you control blood pressure, reduce the risk of heart attack and prolong life, claims a new study. Researchers from the University of Edinburgh suggest that when our skin is exposed to the sun's rays, a compound is released in our ...UV rays reduce risk of cardiovascular conditions - Spire HealthcareSpire HealthcareSun's blood pressure benefits 'may outdo cancer risks'BBC NewsFrolicking in the sun may not be as dangerous as it is made up to beBDlive (blog)Jagran Josh -CBS News -ITNall 49 news articles »

ScotsmanUV rays reduce risk of cardiovascular conditions - Spire HealthcareSpire HealthcareJust 20 minutes in the sun can lower blood pressure, reduce risk of heart attack and stroke, and even prolong life, according to a new study. The breakthrough healthcare research, conducted by Edinburgh University, found that sun exposure causes blood ...Sun's blood pressure benefits 'may outdo cancer risks'BBC NewsFrolicking in the sun may not be as dangerous as it is made up to beBDlive (blog)Sunshine may lower blood pressure and boost heart health, study suggestsCBS NewsITN -Telegraph.co.uk -Herald Scotlandall 47 news articles »

...confirms sovereign bond plans The Bank of Ghana (BoG) has said the recent weakness of the cedi is seasonal, and that it stands ready to ensure stability of both foreign exchange demand and supply. Strong import demand and dollar flight as companies repatriate dividends to offshore shareholders have caused the cedi to retreat sharply since the end of March, losing more than 3 percent to the dollar since start of year, on top of 17.5 percent depreciation in 2012. But BoG Governor Henry Kofi Wampah said this week that this trend is consistent with the past, as demand for foreign exchange tends to be high and supply to be low around this time of the year. “Demand is high around this time of the year due to the settlement of import bills after the festivities, as well as demand from the corporate sector to meet dividend transfers. On the other hand, however, supply is also low as most of our forex receipts come during the second-half of the year,” he said. “The BoG will increase supply of foreign exchange -- as we are currently comfortable with the level of our reserves -- and on the demand side, the bank will continue with its tight monetary policy stance,” he added. Robust economic growth, which notched 7.9 percent last year, continues to drive import spending as the country’s manufacturing sector remains too weak to supply the needs of an increasingly upmarket consumer class. Ghana’s imports jumped by 12.1 percent to US$17.7billion in 2012 -- accounting for 47 percent of GDP. Export growth, on the other hand, was 5.7 percent with total earnings of US$13.5billion, causing the trade deficit to widen by 35 percent to US$4.2billion. These recurring trade gaps affect foreign exchange demand and the strength of the cedi. The effect of a weak cedi is more expensive imports, which drives inflation, and higher cost of inputs for businesses that import raw materials. Companies ranked exchange rate losses fourth among their top-ten challenges, according to the Association of Ghana Industries (AGI)’s first-quarter business barometer report. “From the beginning of the year, the cedi was quite stable; but an increase in dollar demand at the end of March as firms repatriated dividends to their parent companies caused it to weaken sharply – though it has still performed better than the last two years,” Yaw Adu-Koranteng, research analyst at NDK Asset Management in Accra, told the B&FT. Around this time last year, the cedi had lost 13 percent to the dollar; and two years ago the slump was 3.7 percent, he said. Policies by the Bank of Ghana (BoG) to strengthen the currency in the second-half of 2012 were successful initially, but it appears the pressures have returned, he added. The policies -- which included easing foreign exchange supply by demanding banks to hold their mandatory reserves for foreign currency deposits in the local currency only, and an increase in interest rates to draw investors to cedi-denominated assets -- will not be relaxed, Dr. Wampah said. The price of gold, Ghana’s biggest export commodity, has lost 12.1 percent so far this year, and there are worries this could cause a decline in the terms of trade -- that is, the price of exports relative to imports -- which is likely to put pressure on the cedi. Dr. Wampah said this worsening of the terms of trade will be compensated for by the jump in oil production from the Jubilee Field. The field is expected to average a daily production rate of 83,000 barrels in 2013, up from 72,000 barrels last year. Sovereign bond discussions The Governor said there are “initial” discussions on the possibility of issuing a sovereign bond this year, adding however that no firm decision has been taken on its size and purpose. Last year, the Ministry of Finance gave indication that it will sell a second Eurobond to redeem the one maturing in 2017. Analysts are however not convinced that the timing is right as Ghana’s fiscal finances have worsened, with expenditure pressures blowing up the budget deficit to 12 percent of GDP in 2012. In February, Fitch Ratings cut its outlook on Ghana’s B+ sovereign rating from stable to negative, citing the fiscal deterioration. The Ministry of Finance has said it will narrow the deficit to 9 percent of GDP this year. By Leslie Dwight MENSAH

The IndependentCleveland kidnappings: Ariel Castro may face death penalty over victims ...The IndependentAn Ohio prosecutor has said he may seek the death penalty against a man accused of imprisoning three women at his home for a decade. Police charged that 52-year-old Ariel Castro impregnated one of his captives at least five times and made her miscarry ...Prosecutor may seek death penalty in US kidnap caseCapital FM KenyaOhio man's ex-relatives say he is a 'monster'Boston.comMan in Ohio kidnap saga could be executedThe Standard Digital NewsRTE.ie -Irish Independent -ABC Onlineall 4,225 news articles »

By Basiru ADAM Although Ghana is touted as a middle-income country, every other statistic points to a country of lower-income standing, Prof. Stephen Adei, former Rector of the Ghana Institute of Management and Public Administration (GIMPA), has said. Speaking at the maiden Ghanaman lecture in Accra organised by CeDI-Africa, a non-profit, Prof. Adei said if the country had sustained income per head growth of 5% per annum in dollar terms since independence, nominal GDP today would be around US$6,000 per head, instead of the actual figure of US$1,600. His lecture sought to address the question of whether at 56 Ghanaians are really capable of managing their own affairs as Dr. Kwame Nkrumah had claimed. “Today Ghana is a middle-income country with low-income characteristics: inflation of more than 10%; fiscal deficit of 12% of GDP; external debt at 47% of GDP; international reserves of less than three months import cover; interest rates over 30%; roads, railways and ports of third-world levels; power, water and sanitation of a lower-income country; and serious deficits in housing, education, and health to name a few,” he said. Even the country’s life expectancy of 58-years, he said, is that of a third-world country.In terms of global competitiveness, he said it is “terrible” that Ghana ranks 114 out of 142 countries in the Global Competiveness Report, “because we have problems with financing, corruption, infrastructure, bureaucracy, restrictive labour regulation, inefficient public service, inadequate educated workforce, economic policy instability and unemployment.” The Ghana Statistical Service (GSS) in November 2010 announced that the country had attained middle-income status, revising GDP by 60% more than earlier estimated. The World Bank backed up the claim in 2011, saying the country had moved from a low-income to a “lower middle-income” status based on its measure that lower middle-income economies had average incomes of US$1,006 to US$3,975. The bank included Ghana among six new entrants -- Fiji, Lao PDR, Mauritania, Solomon Islands and Zambia -- on its classification indicator. Prof. Adei, who is a development economist, said the country should quit being excited over its middle-income status and pay attention to addressing the challenges on the ground. “In fact, the real measure of our performance in the 56 years [of independence] is that we will not meet half of the Millennium Development Goals (MDGs) by 2015.” The Professor of Economics and Leadership at the Pentecost University College said he has no doubt whatsoever that Ghanaians are capable of managing their own affairs, except that they have “so far done a poor job at it, and we must do things differently in the future.” He placed the country’s woes squarely at the doorsteps of leadership, agreeing with Myles Munroe that “whenever a nation has a lack of quality, legitimate and just leaders, national deterioration occurs”.One area where he felt so much national deterioration has occurred is cultural transformation, which he warned does not mean bare-chested men and women dancing to centuries-old tunes. “Our leaders have woefully failed in cultural transformation of Ghana. If they perform well, we will see gargantuan improvements in our national fortunes with the same resources,” he said.  â€œAs a development economist, my concern is with the beliefs, norms and actions which so much impact economic activities -- such as work ethic, productivity, high marginal propensity to consume, poor savings habits, excessive conviviality, love for ascribed titles  rather than achievements...[and] witchcraft and chance as major determinants of fortune,” he added. Prof. Adei, a man credited with turning around the fortunes of GIMPA and making it the most successful organisation under Government’s Public Sector Reform Programme, said excessive partisanship has curtailed deployment of the country’s best human resources for its transformation. “The management of the country by mediocre, often corrupt and incompetent, party ideologues is what we must address,” he said.