The
Delamere-International Newsletter ©
Edition
of 31 March 2003 #121
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IN
THIS ISSUE
1.
Business: Emigrants from South Africa can now take their money
with them
2. Business: Should you come clean about your secret off shore
funds?
3. Business: Why is the South African Currency suddenly so desirable?
4. Business: Investing in the Future of Africa
5. Business: What is going on in Africa?
6. Business: Small Business in South Africa
7. Business: Does corruption pay dividends?
8. Business: The Top 10 Gold Mines of the World
9. Business: New Design for the New Twin Towers World Trade center
in New York
10. Education: Background Music and Sound in Great Films
11. Education: Student Grants For Kenya
12. Education: The Quest to Discover New Planets
13. Education: The Poems of Emily Dickinson
14. Immigration: Buying a Green Card
15. Immigration: The Demise of the Visa Waiver Programme
16. Immigration: Recruitment process of foreign nurses gets a
boost from INS
17. Immigration: Open Doors to the US for Somali Citizens
18. Immigration: Report Urges Crackdown on Non-Immigrant Visa
Process
19. Real Estate: Why buyers are moving to the Cape Town Area
20. Travel: Chateau de Versailles, France
21. Travel: Galileo International Expands in China and Australia
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1.Business: Emigrants from South Africa can now take their
money with them
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People
wanting to emigrate or that have already emigrated from South
Africa can now take their money with them.
The announcement was made as part of wide-ranging exchange control
relaxation introduced by Finance Minister Trevor Manuel in his
2003 Budget.
Deputy
General Maria Ramos estimated that the blocked Rands could amount
to between R10bn and R12bn, or perhaps a little lower: "But
who knows." Ramos said there were allowances within the blocked
Rands, for example for emigrants to spend their blocked Rands
while on holiday in SA, which made it difficult to know what the
exact amount was. To read the full story, go to our NEWS
DESK link.
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2. Business: Should you come clean about your secret off
shore funds?
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Individuals
with secret foreign investments and bank accounts can sleep peacefully
tonight. The surprise foreign exchange amnesty proposed in the
2003 budget is good news for petty offenders as well as those
with fortunes offshore, say tax advisers.
Finance Minister Trevor Manuel announced, in his budget speech,
a window period starting on May 1 and ending on 31 October this
year in which individuals who come clean on undeclared foreign
assets will be "released from all civil penalties and
criminal liabilities stemming from the illegal shifting of funds
offshore" on or before 28 February 2002.
Those
who take him up on the offer will have to pay a five percent exchange
control charge on funds repatriated back to South Africa or a
10 percent charge on any foreign assets remaining offshore.
If
the amount is less than R750 000, ($77,000) or together with your
legal investments comes to less than this amount, you will not
have to pay an exchange control charge. You will not pay income
tax, interest, civil penalties or face criminal charges in connection
with any funds you declare, provided this money does not have
an illegal source or you are already under investigation. To read
the full story, go to our NEWS
DESK link.
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3.Business: Why is the South African Currency suddenly so
desirable?
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The
underlying factors in South Africa are no different now than they
were a year ago, it is still a third world country, yet the Rand
(South African Currency) has appreciated more than 40 % in the
past year, WHY?
Our correspondent sent us this message. The United States is NO
LONGER the safe, profitable nation it once was...(And it's
not just Islamic fanatics you have to worry about). Wall Street
is drowning in a flood of corporate scams. American political
and financial systems are staggering under one of the greatest
financial shakedowns in U.S. history.
Markets are devastated. The dollar is slipping. Big Brother is
cracking down on personal and financial freedoms. Confidence is
at an all-new low. So where can YOU go? Who can YOU turn to now?
Its purely a case of supply and demand, and the demand to move
currency and hot money into South Africa has created a demand
that exceeds the available supply of Rands on the market. So what
happens? Buyers of this currency pay over the odds, and this pushes
up the value. Yes it's a simple as that.
Editor's Note: Visit our web
page on investing in currency and make some big profits.
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4. Business: Investing in the Future of Africa
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The
Commonwealth Business Council (CBC) is organising the African
Investment Forum from April 7th to 9th in Johannesburg. This event
features top flight speakers from across the continent and beyond
and will be of interest to companies active in South Africa as
well as the rest of Africa.
For
travel information contact our website www.DelamereTravel.com
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5. Business: What is going on in Africa?
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Our correspondent in Cape Town sent this report; we think you
will find it interesting.
"As we watch events in Africa, one of the topics we find
fascinating is trying to find out where carrots and sticks end
and bribery and corruption start and I'll leave you to mull on
this by citing a few examples. Take Nepad. One of the underlying
principles of Nepad is that African countries, which meet acceptable
economic and political governance norms will be rewarded with
access to a pool of aid money provided by the G8 countries. To
my mind, that sounds like a perfectly legitimate carrot. Earlier
this week, potential aid donors to Malawi took the line that aid
would not be provided until the World Bank had signed off on the
country's economic policy and budget. Perhaps, that's the stick.
"Turkey is not an African country. However we note they are
being offered more than the amount on offer from the G8 nations
to Nepad provided they allow American and other troops into their
country in the event of a war with Iraq. The non-aligned movement
was unanimous in opposing military action in Iraq, yet there is
speculation in the press that Angola, Cameroon and Guinea, all
African members of the NAM and of the UN Security Council, will
similarly be persuaded to vote in favour of military action in
Iraq with the promise of increased financial assistance and perhaps
a blind eye turned to some of the shortcomings of the political
leaders there.
"The oil regimes of West Africa have been criticised for
insisting on signature bonuses from oil companies awarded exploration
licences and these are conveniently paid into banks accounts where
there is no transparency. In fact, this week the government of
Equatorial Guinea again insisted on its right to non-transparency.
In some of the less secure areas of Africa, security companies
and armies have been awarded mining concessions in exchange for
providing governments with security services.
"Recently Africa Confidential raised a storm of protest from
the Zimbabwe government when it published a list of the high-ranking
Zanu-PFofficials who had been awarded farms confiscated from white
farmers as part of the government's policy to redistribute land
to the landless. The new Kenyan government has got off to a good
start with probes into corruption by the previous government including
the Goldberg scandal of the early 1990s and last week's collapse
of a Kenyan bank. In Zambia, ex-president Chiluba could stand
trial on corruption charges, while in South Africa several investigations
into bribing of politicians and government officials are underway.
"So, at one end of the scale we see carrots and sticks being
used, while at the other end there is a clear case of bribery
and corruption. It's difficult to know what to make of all the
cases in between. We would certainly vote for greater transparency
and for government officers making decisions without duress that
are in the genuine long term interests of their citizenry."
Editor's Note: Of course as our readers are now aware,
the war against Iraq has already started since this report was
submitted.
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6. Business: Small Business in South Africa
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An
estimated 2.3-million South Africans were running small-scale
or micro businesses based in figures issued by Statistics SA said
on Wednesday.
On average, each business owner made a monthly profit of R791
($79), it said in a statement. For female owners, the average
monthly earnings amounted to R468, ($46) while for males it was
R1,288. ($128)
Stats
SA said its Survey of Employers and the Self-Employed was conducted
among owners of businesses with an annual turnover of less than
R300,000, ($30,000) which did not have to be registered for VAT.
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7. Business: Does corruption pay dividends?
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MOSCOW
- Russia's chief prosecutor estimates that government officials
received 16 billion dollars (14.5 billion euros) in bribes last
year and said police were turning a blind eye to the problem.
"Past achievements in eradicating corruption among bureaucrats
have been grossly exaggerated," Interfax quoted Prosecutor
General Vladimir Ustinov as saying.
"The
measures (taken by police) in effect only target minor bribe-takers,
like doctors, teachers, company staff and the traffic police,"
he said.
Ustinov added that courts fail to convict two-thirds of probable
bribe-takers, Interfax reported.
A study published by Moscow's INDEM research institute in October
estimated that small and medium-sized Russian firms pay more than
22 billion dollars a year in bribes. That sum represents around
a third of the Russian annual budget.
Russia came 71st along with Zimbabwe on a ranking of the most
corrupt countries in the world published by Transparency International
in August.
Ustinov's comments came one day after Russian President Vladimir
Putin rearranged Russia's security structures, centralizing power
under the Federal Security Service (FSB, ex-KGB) that he once
headed.
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8. Business: The Top 10 Gold Mines of the World
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JOHANNESBURG
- Paul Burton, editor of the World Gold journal, presented his
top 10 list of undeveloped gold mine projects at the Prospectors
& Developers Association of Canada convention, which ended
Wednesday. To read the full report, go to our NEWS
DESK link.
Editor's Note: If your investment interests are related
to commodities, especially gold, visit
our page on this subject.
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9. Business: New Design for the New Twin Towers World Trade
Center in New York
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"Memory
Foundations" by Studio Daniel Libeskind leaves portions of
the slurry wall exposed as a symbol of the strength and endurance
of American democracy, while reserving a majestic setting for
the memorial and museum in the area known as the bathtub.
A 1,776' tall spire creates a powerful new skyline for Lower Manhattan,
while the bustling activity below reaffirms life in the aftermath
of tragedy. Visit
this new web site.
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10. Education: Background Music and Sound in Great Films
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Hosted
and maintained by Sven E. Carlsson, a Swedish educator, this Web
site is an excellent source of information about that one element
of filmmaking that is sometimes overlooked due to its ubiquity:
sound.
Persons
curious to read a brief overview of film sound will want to start
with an essay titled "An Introduction to Film Sound,"
by Jane Knowles Marshall. After this, they may want to look over
the glossary on the right-hand side of the main page, which features
definitions and explanations of terms such as "Ambience,"
"Foley," and "Production Sound."
The
sites other highlights include numerous essays by Oscar-winning
sound designer Walter Murch (who won for The English Patient and
Apocalypse Now) and Randy Thom (who won for The Right Stuff and
has been nominated six times in total). Along with other essays
on the use of sound in Indian cinema and the history of film sound,
there are 10 essays (and sound samples) on the use of sound and
sound effect design in the Star Wars trilogy. Visit
this site
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11. Education: Student Grants For Kenya
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The
World Bank yesterday expressed its support for the free primary
education policy with an initial pledge of between US$40m to US$
50 million (about Sh4 billion) by June this year.
The
Bank's Vice President for African Region, Mr. Callisto Madavo,
said his team will be pursue the matter with their senior management
board in Washington to have the funds released as a grant as opposed
to a loan. To read the full report, go to our NEWS
DESK link.
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12. Education: The Quest to Discover New Planets
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Planet
Quest is an informative and comprehensive website that tracks
the search for new planets.
Visitors
to the site learn about the science of planetary discovery, possible
habitable planets, instruments, and missions.
Join
the Planet Finder Club and search the New Worlds Atlas for newly
discovered planets and planetary system information. Educator
resources, multimedia gallery, and related project links are included.
Supported by NASA and sponsored by the Jet Propulsion Laboratory
at the California Institute of Technology. Visit
this site
Editor's Note: On our News Page each day we show a photograph
of the Universe taken by NASA, visit
our news page and select "How do you start your day?"
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13. Education: The Poems of Emily Dickinson 1830-1886.
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Visitors
to this site can view original handwritten poems, letters, and
other works by Emily Dickinson and some of her associates. The
site also includes Teaching With the Archives, and links to related
resources. Visit
this site
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14. Immigration: Buying a Green Card
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There
are literally thousands of "immigration consultants"
out there, fattening themselves off the complexity of US immigration
laws with "Investment Visas" being only one of the open
avenues to easy cash. And a significant number are former INS
officials, wise in the ways of gaming the system. To read this
report, go to our NEWS
DESK link
Comments
from one of partners: "More and more often in the United
States, justice, citizenship and even residency can be bought
for a price. But the price is at a high cost to the best interests
of the nation and its people. The anything-for-a-buck philosophy
is winning out, corruption is rampant, and the system is busted.
Nonetheless, failure by our leaders to reform it is also politically
and economically expedient."
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15. Immigration: The Demise of the Visa Waiver Programme
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WASHINGTON
(AFP) -- US put Belgium on visa probation, warns Portugal,
and Uruguay is kicked off the list. The US Justice Department
on Friday notified Belgium that its citizens may lose their ability
to travel to the United States without visas and told Portugal
that it must improve its handling of lost and stolen passports
for its nationals to remain eligible for the courtesy.
The
moves, announced in a notice in the Federal Register, follow a
review of the so-called "visa waiver program"
(VWP) initiated after the September 11, 2001 terrorist attacks
in the United States.
On
Thursday, Washington informed Montevideo that Uruguayan citizens
were being dropped from the VWP due to the high incidence of its
nationals overstaying the 90 visa-free days they are allowed under
the program. The Justice Department had initially wanted to do
away with the entire program but after concern expressed by the
State Department settled for the reviews to tighten up immigration
control in the wake of the attacks.
Argentina
became the first victim of the review when it was dropped from
the program last year. The other countries affected by the evaluation
were Uruguay, Italy, Belgium, Portugal and Slovenia.
While
Uruguay was dropped, Italy was given a clean bill of health. No
decision was announced about Slovenia.
Editor's
Note: Don't forget to visit our web
page on Immigration.
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16. Immigration: Recruitment process of foreign nurses gets
a boost from INS
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The
high-tech collapse and a new English language test should soon
help hospitals recruit foreign nurses, bringing them into the
country in a matter of weeks, rather than a couple of years.
The
Bureau of Labor Statistics says there are 400,000 vacant nursing
positions in the United States today, and the number will only
grow as the population ages. Foreign nurses are considered one
way to bridge the gap.
The
Immigration and Naturalization Service gave the recruiting industry
a boost at the end of the year by issuing for the first time clear
guidelines for using a H1-B visa for a nurse. The H1-B has a quota
limit and was originally created to import high-tech workers,
but some nurses were also able to apply if they had a specialized
skill. One stipulation of the visa is that the immigrants have
at least a four-year degree in their field.
Since
nurses in the United States can practice without a degree, the
INS has interpreted the rules to say that a nurse isn't necessarily
a technical, skilled position.
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17. Immigration: Open Doors to the US for Somali Citizens
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The
U.S. State Department says it has approved plans for the United
States to open its doors to 12,000 Somali Bantus, a people devastated
by massacre and rape after Somalia crumbled into civil war in
1991 and have languished in Kenyan refugee camps for the last
dozen years.
Metro
Atlanta will be one of the top destinations for Somali Bantus,
who will be sent to cities in 31 states, including Dallas, Houston,
Phoenix and Salt Lake City.
Few
of them speak English, and many cannot read or write even in their
native language. The refugees will have a difficult time adjusting
to the modern world, but they will escape a legacy of persecution
and have opportunities to work and educate themselves.
Editor's
Note: A large number of Somalis are already living in Salt
Lake City, the location of our Head Office, so they will soon
get local humanitarian assistance.
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18. Immigration: Report Urges Crackdown on Non-Immigrant
Visa Process
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NEW YORK -- The U.S. non-immigrant visa-issuing process is in
dire need of reform and could accommodate would-be terrorists;
according to an independent immigration report released this month.
Although
business groups say these visas are imperative to their bottom
line, a Center for Immigration Studies report says the fact that
the 19
Sept. 11 hijackers entered the United States on non-immigrant
visas is a prime example of just how badly the system needs to
be fixed, and they say it hasn't been done yet.
"America's
non-immigrant visa program is badly in need of attention from
policymakers, most obviously because of its attractiveness as
an entry to terrorists and other prospective illegal immigrants,"
said study author Jessica Vaughan, a senior policy analyst at
CIS.
"It
has grown like a cancer in volume and in complexity."
To
read the full report, go to our NEWS
DESK link
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19. Real Estate: Why buyers are moving to the Cape Town
Area
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FOREIGN
investors looking to own "lifestyle estates" with either
a wine, agricultural or guesthouse component are flocking to the
Boland and Overberg region of Western Cape, says Pam Golding MD
Andrew Golding.
He says this is mainly a result of increasing tourism, exposure
through hosting of international events and the emergence of SA
as a safe haven.
Cape Town, which has always enjoyed global acclaim as one of the
most beautiful locations in the world, has benefited a lot, says
Golding.
If you are interested in buying a property in the Cape Town area
contact us.
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20. Travel: Chateau de Versailles, France
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Generally considered some of the most lavish royal residences
in all of Europe, the grounds and buildings at Versailles have
existed for close to three hundred and fifty years.
While
Louis XIII built a small hunting lodge on the site in 1623, the
landscape is most closely associated with the Sun King, his son,
Louis XIV. The status of Versailles was solidified in 1682 when
it became the official residence of the Court of France, effectively
supplanting the palaces at the Louvre and Saint-Germain-en-Laye.
The
official web site offers some helpful photographic essays about
the buildings and grounds, most notably 360 degree panoramas of
the Hall of Mirrors and the King's Bedchamber.
Moving
through the site, visitors will want to visit the four main thematic
sections, which cover the grounds and their exquisite landscaping;
the lives of the royals during the ancient regime and a photo
gallery of the sculptures, paintings, and 'objectd'arts' that
line the Chateau.
Finally,
there is detailed information about visiting the grounds and buildings
in France, along with opening and closing hours. Visit
this website
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21. Travel: Galileo International Expands in China and Australia
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Galileo
International, a leading global distribution services company
and subsidiary of Cendant Corp. (NYSE: CD), extensively used by
the travel industry for online bookings, today announced it has
strengthened strategic relationships with leading technology companies
in both China and Australia as part of its continuing strategy
to invest and grow in travel markets outside of the United States.
In
separate actions, Galileo has announced it has established an
exclusive alliance with Et-China, a pioneer of electronic ticketing
in China, and also strengthened its existing relationship with
Webjet, a leading Australian online retail travel site. In both
associations, Galileo will help these growing companies develop
new technology and applications to benefit the regional travel
markets over the long term. To read the full story, go to our
NEWS
DESK link
This
month's quote:
Great works are performed, not by strength, but by perseverance.
~
Samuel Johnson
Although
great effort has been made in compiling
and checking the information contained
in this Newsletter is accurate, the
publisher shall not be held responsible
for any errors, omissions or inaccuracies
in this electronic publication, or
for any consequences arising there
from.
Editorial materials published herein
are provided for information only.
The publisher expressly disclaims
any and all liability to any person,
whosoever, in respect of any loss,
damage, death, personal injury or
other consequences, by their use of,
or reliance upon in any way, the information
contained in this electronic publication.
Copyright 2003 by "Delamere-Pennine
Associates - International Business
Consultants" All Rights Reserved.
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