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#1 2018-09-20 04:43:56

Registered: 2017-12-20
Posts: 702

ave not been officially told our fate by

by Stanley Karombo

JOHANNESBURG … her-jersey , Aug. 22 (Xinhua) -- Share prices on theJohannesburg Stock Exchange (JSE) closed firmer assisted bypositive results of one of the five biggest companies, BHP, onTuesday.

The JSE climbed higher for the second consecutive session onTuesday, with resources sector gaining 1.47 percent higher afterMonday's strong run.

The all-share index was 1.05 percent higher at 56,033 points,while the Top 40 index gained 1.14 percent to 49 … den-jersey ,588 points at theclose of the session. The industrial index lifted 1.21 percent,with Naspers at a new all-time high. The financial index was 0.84percent stronger.

The Gold index dropped 2.92 percent on the back of more profittaking. The gold price was virtually unchanged at 1,286.98 U.S.dollars an ounce but the South Africa's rand traded at R13.21 tothe dollar compared to Monday's close of R13.15.

BHP was the main driver in the resources sector, gaining 2.5percent to R237.25 after announcing that its headline earnings forthe year surged to 5.89 billion dollars after it made a headlineloss of 6.38 billion dollars last year.

The other commodity giants on the JSE were also higher, buttheir gains were far more modest. Anglo American traded only 1.05percent higher, while Glencore was 0.79 percent stronger atR58.6.

Platinum shares were down after the platinum price lost almost 1percent to 975 dollars an ounce. Impala Platinum traded 4.67percent lower at R37.37 … zzi-jersey , but Anglo American Platinum lost only 0.2percent to R344.97.

Retail shares continued to be in high demand. Shoprite was oneof the busiest shares in terms of value traded and gained 2.44percent to R205.9. There was also the great demand for Mr Pricewhich traded 1.12 percent stronger at R180.

AngloGold Ashanti dropped 6.58 percent to R122.2 and SibanyeGold lost 1.66 percent to R18.9. Enditem

by Bedah Mengo

NAIROBI, Aug. 21 (Xinhua) -- As he walks at Muthurwa market in Nairobi, Antony Musembi knows that in about six days, the job he loves would be no more.

Kenya announced a ban on the use of plastic bags in March, giving manufacturers a six-month grace period as the order takes effect on Aug. 28.

"The ministry has banned the use, manufacture and importation of all plastic bags used for commercial and household packaging … nek-jersey ," the notice from the Ministry of Environment said.

The ban targeted carrier bags with handles, with or without gussets, or flat bags without handles and with or without gussets.

Then, it seemed a long time but the time has lapsed faster and citizens like Musembi who have relied on the bags for a living are coming to the reality that their sources of livelihoods would be no more in just a few days.

"I cannot say that I have been caught off guard by the order since it was announced sometime back but I am not ready to engage in any other business yet. I have sold plastic bags for about three years and this is the only business I know how best to do," he said on Monday.

Musembi buys his stock from a wholesale shop in Gikomba, about 500m away … chi-jersey , and hawks at the food and clothes market.

"I normally buy two or three packs of the packaging bags at between 2 and 3.5 dollars each and sell each bag at between 0.05 dollars and 0.20 dollars depending on the size. My main target is people buying food items and clothes," he said.

It has been a profitable business as he has been selling at least two packs of the plastic bags a day earning handsomely.

"Though I do not have a family, I have been living off these bags by paying my rent, buying food and clothes from the money I get. All this is now gone," he lamented.

Anyone found with plastics after Aug. 28 will be arrested and charged, with the offence attracting a fine of between 19 … ner-jersey ,417 dollars and 38,834 dollars, a jail term of between one and two years, or both.

"I have no choice but to stop selling the plastic bags because where do I get the 19,000 dollars to pay for a fine. Besides I do not want to go to jail. My hope is that by next week Sunday, I would have found something else to sell … her-jersey ," said Musembi, his predicament capturing that of other traders across the East African nation.

The worst hit, however, are the manufacturers and wholesalers of the bags, many of whom have a stockpile of the products.

At one of the plastic bags manufacturing plants in Nairobi, a dark cloud hang over the company and its employees.

"We have not been officially told our fate by the management but if the ban takes effect … ure-jersey , our fate is sealed. We would have no jobs anymore because this facility would be closed," said a worker.

He said the management had at one time toyed with the idea of starting to manufacture carton boxes and other related packing materials but that needs change of machines, which is a big investment.

Away from the company, at a plastic bags wholesale shop in downtown Nairobi, trader Fredrick Ngunjiri said he had stock worth 5,000 dollars that may go to waste once the ban takes effect.

"News that the ban is on has really affected our sales. People are not buying the bags as they used to for fear of remaining with stock. Some are already looking for alternative packaging materials compounding our problems … och-jersey ," said Ngunjiri.

On the street named River Road are dozens of other traders like Ngunjiri facing huge losses thanks to the ban.

Kenya Association of Manufacturers has objected the ban and asked the Ministry of Environment to reconsider it, citing job losses as tens of factories would close and fire their workers.

The ban will not only affect industries that rely on plastics for packaging but the entire value chain. Millions of livelihoods are at stake. The ministry said the ban does not affect industrial packaging, but this has not been backed up legally, according to the association.


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2018-09-20 04:43:56



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