Thomas Keusters bought several tons of rice in January, as he has done every year for the past three that he has been at the helm of the World Food Program office in Cambodia. He thought he was set.
The United Nations' WFP helps feed 1.8 million Cambodians (out of a population of 13 million) by providing rice to the ill, orphans, poor farmers and hungry children.
Keusters, a Belgian who has worked for the WFP in Indonesia, Mozambique, Angola and Sudan, has been through his share of crises. But he wasn't prepared for what came next. In March, panic buying -- and hoarding -- hit global rice markets.
Five of his suppliers -- with a combined outstanding contract for 4,000 tons of rice -- abruptly defaulted, unable to secure the rice at the prices ($390 a ton) they had promised the WFP.
They forfeited their 5 percent performance bond and pulled out of the deals.
"In a normal environment, we would have basically blacklisted the suppliers," says Keusters. "But in the current environment, we had to understand." So, he dived back into the now roiling rice market along with other aid groups and nations scrambling to secure food before the price rose higher.
Keusters and his team of 90 Cambodian and international staff put out calls to rice brokers. But the offers that came back, at $620 a ton, were almost double what they had budgeted. "We just could not live with that," he says.
Meanwhile, in an effort to stabilize local prices, the Cambodian government instituted an export ban on rice. Kuesters put out another call for bids, this time getting offers for $520 a ton. It was not ideal, but he took it. To stay within his budget, less tonnage was ordered. But it was clear there would need to be program cuts. The question was: Which ones? Or, who would not eat?
Affordable food
Back at WFP main headquarters in Rome, Nicole Menage, who oversees all of the WFP's procurement operations, could only shake her head as the Cambodia saga unfolded. She was getting similar reports from all of her buying agents.
The WFP has 18 dedicated food procurement officers, plus hundreds of others doing work related to food purchasing. These agents -- a hodgepodge of Americans, African, Asians, Europeans and Middle Easterners -- are spread out among the headquarters in Rome, six regional offices (South Africa, Thailand, Uganda, Sudan, Burkina Faso and Panama) and five country offices (Ethiopia, Indonesia, Kenya, Democratic Republic of Congo and Uganda).
Their job is to find and cultivate new suppliers, compare prices, write up contracts and coordinate with both the fundraisers putting out appeals and the transport and logistic officers moving rice, wheat, corn and other foods to those in need. Even in normal times, Menage admits, it can get hectic. And these are not regular times.
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An American from Queens, N.Y., Menage started her work with the UN in Burundi in the 1980s as a volunteer and has, over the years, served the WFP in senior positions in Malawi, Togo, Zimbabwe, and Tanzania. She is not someone who loses her cool under fire. But this food crisis has tested even her mettle.
"You can't get into a frenzy," she explains. "You just deal with one issue at a time.... You analyze the markets from a food security angle. You stay calm. You coordinate properly and band together."
The first challenge, she says, is to figure out where there is affordable food in the world, what sort of food it is and whether it is acceptable to those who are -- or will be -- hungry.
This is not as straightforward as it might seem. In some parts of the world, like West Africa, it's possible to exchange one grain for another, which allows WFP to distribute whatever commodity is most affordable. In Asia, however, where the words for "rice" and "food" in many languages are often interchangeable, there is no readily acceptable substitute for rice in the diet. That limits the UN organization's options.
Another challenge is the time crunch. In Panama, WFP's chief Latin America regional procurement officer, Snjezana Leovac, explains that typically it takes two or three weeks to examine tender bids, verify prices and investigate suppliers. In today's tight markets, a good deal on a shipload of wheat could be gone the next day.
"We have to act fast and adjust our setup in the office in order to buy food as quickly as possible," says Leovac, a Croatian charged with coordinating the procurement at the 11 country offices in her region. "The prices are changing so quickly ... so if I take 15 days to confirm an offer, the price is going to be higher," she says. The mood in the office, she admits, is "not easy."
Once bids have been accepted, the next challenge is getting the food to the needy -- a process made much harder because, like Cambodia, many countries have now banned the export of grain crops.
Typically, the WFP prefers to buy as much of its commodities as possible in the country where it distributes them -- which encourages local farming. But it will purchase outside the country if the prices are more attractive, or if buying too much in one country will overburden the market.
For example, if Kenya experiences a bad harvest and its corn prices go up, the WFP will buy in, say, neighboring Uganda, where the harvest might be better and prices cheaper. Even when there are no crises, favorable prices will lead the WFP to buy in one country rather than another. In fact, Uganda sold the WFP a whopping 210,000 tons of grain last year -- which was then distributed across the Great Lakes region of Africa.
But the growing number of export bans is creating new stresses in this system. Egypt, India, Cambodia and Guinea have totally banned exports of rice and other staples. Pakistan and Kazakhstan have banned wheat exports and Russia raised taxes on exported wheat by 40 percent. China, Brazil, Argentina and Vietnam have all added restrictions to limit export sales.
Such moves, while they often succeed in lowering local prices, can also lead to panic buying as people stock up in case of future shortages -- and create even more shortages at home. In turn, that makes less available for export. It can be a vicious cycle.
"Governments are very nervous at the moment and feel they have to keep what they have for their own people -- which ends up blocking the cost-efficient flow of food and limiting the playing field," says Menage.
The Myanmar effect
Rice prices shot up again in the wake of the May 3 cyclone that devastated one of Myanmar's prime rice-growing regions.
In recent weeks, the WFP buying agents have been using every tool in the bag -- cajoling, persuading, nagging and calling in favors within various countries. In some cases, it's working.
In India, for example, WFP recently managed to get an exception to the commercial export ban announced in March. "We had one of our national procurement officers in India -- with good connections with the Indian government -- on this, trying to convince the government to allow us to purchase rice," says Menage.
Finally, India agreed, on humanitarian grounds, to let the WFP take 14,000 tons, at the old prices, which was then shipped to six different destinations in Africa, Latin America and elsewhere in Asia.
Now, Menage's food-buying agents are in the process of negotiating with Pakistan to allow the WFP to export some wheat for Afghanistan. "It's a struggle, each time," Menage admits. "But there are solutions."
Sometimes of course, solutions are painful. Such was the case in Cambodia, where, finally, it was decided that to make its budget, the WFP school food program -- which had not even begun because the school year was just starting -- would be suspended. This cut allowed WFP's ongoing food-for-work program as well as the smaller but vital TB and HIV/AIDS programs to continue.
But, it meant that 1,344 participating schools in 12 rural provinces, which until this year had been providing a daily 6:30 a.m. breakfast of rice, canned fish and yellow split beans to some 450,000 primary school children, had to stop offering meals. Elsewhere, in Kenya and Tajikistan, WFP school programs were being slashed in half.
"Of course the schools were very disappointed. This program has had an incredible impact on kids' school attendance -- especially for girls -- their punctuality and alertness. Kids were coming to school to eat," says Keusters.
In Cambodia, a subprogram, which provides take-home rations to the most vulnerable schoolchildren -- about 22,000 kids -- was spared. That was in part thanks to the Cambodian government, which provided WFP with an extra 3,000 tons of rice at below-market prices.
"We are keeping what we can alive," concludes Keusters. "We are all conscious that times are difficult, but we also know that our contribution is very important, and we can't let people down by panicking ourselves."
Source: Deseret News (Salt Lake City)
http://www.redorbit.com
Sunday, May 25, 2008
War isolated temples, beaches emerge back in Cambodia
The Angkor monuments in Cambodia are famous throughout the world as an important cultural asset of Southeast Asia. These monuments were simultaneously added to both the World Heritage List and the List of World Heritage in Danger in 1992.
The structures, built mainly of materials such as sandstone and laterite, have been steadily deteriorating due to the harsh climate, wind and rain.
However, Angkor Wat was removed from the List of World Heritage in Danger by the United Nations Educational and Scientific Cultural Organization (UNESCO) some years ago. This removal is certainly due in large part to the successful in the preservation efforts of international community.
Prepare for divine inspiration! The temples of Angkor Wat, capital of Cambodia’s ancient Khmer empire, are the perfect fusion of creative ambition and spiritual devotion.
The temples of Angkor Wat are the heart and soul of the Kingdom of Cambodia, a source of inspiration and national pride to all Khmers as they struggle to rebuild their lives after years of terror and trauma. No traveler to the region should miss their extravagant beauty.
Located near the small town of Siem Reap, the Angkor Wat temple complex is comprised of countless ceremonial structures built between the 9th and 13th centuries by the once mighty Khmer Empire.
Angkor Wat at sunset is also spectacular, and to cap it, move to Bayon where setting sun casts interesting shadows on the array of carved faces.
Angkor Wat could be explored within a week or two. Visitors could spend a whole day reading book amid the calming carved Buddha faces at Bayon, or a contemplative and explobnary time at Ta Prom.
Once home to 600 exquisite dancers, this temple has succumbed to the forces of nature as the forest gradually takes a firmer hold over its ruins.
Anyway, make no mistake: Angkor will have lots of tourists in the not-too-distant future. It is a place where visitors can admire the ruins in peace and contemplation.
This scribe was in Phnom Penh, the capital city of Cambodia last week to attend the international conference of journalists where 86 media-associated people from 54 various countries had participated in.
All the people who attended the international conference were given opportunity to explore and experience the various culturally rich to tourism-view point important places, politically hot to economically developed places, socially to historically remarkable spots in Phnom Penh and around Cambodia.
Likewise, Phnom Penh, the capital of Cambodia, was a bustling commercial hub during French colonial days and today has re-established itself as the political and financial center of the country.
Its rich historical past can be traced to the Khmer and French influence evident in the ornate Khmer-style temples and the grand colonial buildings and villas.
The most obvious examples of this include the National Museum and the Silver Pagoda and Tuol Sleng Museum, a testament to Cambodia’s recent bloody past under the Khmer Rouge regime.
While traveling to Cambodia, exploration of the magnificent ancient ruins of Angkor Wat, the world’s largest ceremonial structure with its dazzling array of beautiful bas-reliefs and ornate carvings is a must.
Cambodia’s capital, Phnom Penh, retains an undeniable charm despite its tumultuous and often violent past. The crumbling colonial architecture makes an attractive backdrop to bustling street-side cafes and the redeveloped riverfront precinct - a particularly lively part of town on Friday and Saturday nights.
And the charms of the capital Phnom Penh, regarded by many as the most beautiful of all the French-built cities in Indochina. Phnom Penh was a bustling commercial hub during French colonial times. Its rich historical past can be traced to the Khmer and French influence evident in the ornate Khmer-style temples and the grand colonial buildings and villas.
Anyway, while seeing the development of the Cambodia, it is true that ancient temples, empty beaches, mighty rivers, remote forests emerged from decades of war and isolation are well and truly back.
By Arun Ranjit
http://www.gorkhapatra.org.np
The structures, built mainly of materials such as sandstone and laterite, have been steadily deteriorating due to the harsh climate, wind and rain.
However, Angkor Wat was removed from the List of World Heritage in Danger by the United Nations Educational and Scientific Cultural Organization (UNESCO) some years ago. This removal is certainly due in large part to the successful in the preservation efforts of international community.
Prepare for divine inspiration! The temples of Angkor Wat, capital of Cambodia’s ancient Khmer empire, are the perfect fusion of creative ambition and spiritual devotion.
The temples of Angkor Wat are the heart and soul of the Kingdom of Cambodia, a source of inspiration and national pride to all Khmers as they struggle to rebuild their lives after years of terror and trauma. No traveler to the region should miss their extravagant beauty.
Located near the small town of Siem Reap, the Angkor Wat temple complex is comprised of countless ceremonial structures built between the 9th and 13th centuries by the once mighty Khmer Empire.
Angkor Wat at sunset is also spectacular, and to cap it, move to Bayon where setting sun casts interesting shadows on the array of carved faces.
Angkor Wat could be explored within a week or two. Visitors could spend a whole day reading book amid the calming carved Buddha faces at Bayon, or a contemplative and explobnary time at Ta Prom.
Once home to 600 exquisite dancers, this temple has succumbed to the forces of nature as the forest gradually takes a firmer hold over its ruins.
Anyway, make no mistake: Angkor will have lots of tourists in the not-too-distant future. It is a place where visitors can admire the ruins in peace and contemplation.
This scribe was in Phnom Penh, the capital city of Cambodia last week to attend the international conference of journalists where 86 media-associated people from 54 various countries had participated in.
All the people who attended the international conference were given opportunity to explore and experience the various culturally rich to tourism-view point important places, politically hot to economically developed places, socially to historically remarkable spots in Phnom Penh and around Cambodia.
Likewise, Phnom Penh, the capital of Cambodia, was a bustling commercial hub during French colonial days and today has re-established itself as the political and financial center of the country.
Its rich historical past can be traced to the Khmer and French influence evident in the ornate Khmer-style temples and the grand colonial buildings and villas.
The most obvious examples of this include the National Museum and the Silver Pagoda and Tuol Sleng Museum, a testament to Cambodia’s recent bloody past under the Khmer Rouge regime.
While traveling to Cambodia, exploration of the magnificent ancient ruins of Angkor Wat, the world’s largest ceremonial structure with its dazzling array of beautiful bas-reliefs and ornate carvings is a must.
Cambodia’s capital, Phnom Penh, retains an undeniable charm despite its tumultuous and often violent past. The crumbling colonial architecture makes an attractive backdrop to bustling street-side cafes and the redeveloped riverfront precinct - a particularly lively part of town on Friday and Saturday nights.
And the charms of the capital Phnom Penh, regarded by many as the most beautiful of all the French-built cities in Indochina. Phnom Penh was a bustling commercial hub during French colonial times. Its rich historical past can be traced to the Khmer and French influence evident in the ornate Khmer-style temples and the grand colonial buildings and villas.
Anyway, while seeing the development of the Cambodia, it is true that ancient temples, empty beaches, mighty rivers, remote forests emerged from decades of war and isolation are well and truly back.
By Arun Ranjit
http://www.gorkhapatra.org.np
They're going to Cambodia with a camera
SAUK RAPIDS — Children should not be having sex — period.But many children around the world are being exploited for sex, according to Nicole Severson, who started a nonprofit organization to bring attention to the atrocity.
“We want to learn more about these children who have been sold into the sex trade — children as young as 3, some say — because we’ve been horrified by the research,” said Severson, president and founder of Saving Hope International.
The recent St. Cloud State University graduate will fly to Phnom Penh, Cambodia, today with a Web designer and a videographer to capture what they see and can learn about the sex trade there.
As of last year, the United Nations estimates 30 percent of the sex workers in Phnom Penh were younger than 18.
“Our goal is to go into Cambodia not with the mentality of ‘We know what you need’ but to assess what they need, to talk to other nonprofits that are already there and just kind of figure out what we can do and what our role will be,” she said.
Saving Hope International became recognized as a tax-exempt charitable organization in November. Its goal is focus attention on child sex workers and victims “to carry their story through imagery to the world.”
Sarah Stroschein, a St. Cloud State junior majoring in graphic design, and Laura Senko, a 28-year-old documentarian from Toronto, will accompany Severson on the monthlong trip.
“The research I’ve done is that the average age of a young girl being exploited is somewhere between 11 and 14 years old,” Severson said.
The 28-year-old from St. Cloud graduated with a major in nonprofit management and minor in photojournalism. She will be putting both knowledge areas to use in Cambodia, a country the group has not visited. The trip to Cambodia is the volunteer organization’s first major project.
“I lived in Mozambique, Africa, for three months in 1999, where there was a girl — one of many — whose home had been invaded by rebels and she was raped continuously over a period of time,” Severson said.
The United Nations estimates that 700,000 to 4 million women and children are trafficked globally. The highest concentration — 225,000 people — is estimated to come from Southeast Asia.
“I’ve gone overseas and seen the poverty and deprivation, so my heart has always been to bring hope to these children, which is why I called my organization Saving Hope International,” Severson said.
By Frank Lee • fclee@stcloudtimes.com
“We want to learn more about these children who have been sold into the sex trade — children as young as 3, some say — because we’ve been horrified by the research,” said Severson, president and founder of Saving Hope International.
The recent St. Cloud State University graduate will fly to Phnom Penh, Cambodia, today with a Web designer and a videographer to capture what they see and can learn about the sex trade there.
As of last year, the United Nations estimates 30 percent of the sex workers in Phnom Penh were younger than 18.
“Our goal is to go into Cambodia not with the mentality of ‘We know what you need’ but to assess what they need, to talk to other nonprofits that are already there and just kind of figure out what we can do and what our role will be,” she said.
Saving Hope International became recognized as a tax-exempt charitable organization in November. Its goal is focus attention on child sex workers and victims “to carry their story through imagery to the world.”
Sarah Stroschein, a St. Cloud State junior majoring in graphic design, and Laura Senko, a 28-year-old documentarian from Toronto, will accompany Severson on the monthlong trip.
“The research I’ve done is that the average age of a young girl being exploited is somewhere between 11 and 14 years old,” Severson said.
The 28-year-old from St. Cloud graduated with a major in nonprofit management and minor in photojournalism. She will be putting both knowledge areas to use in Cambodia, a country the group has not visited. The trip to Cambodia is the volunteer organization’s first major project.
“I lived in Mozambique, Africa, for three months in 1999, where there was a girl — one of many — whose home had been invaded by rebels and she was raped continuously over a period of time,” Severson said.
The United Nations estimates that 700,000 to 4 million women and children are trafficked globally. The highest concentration — 225,000 people — is estimated to come from Southeast Asia.
“I’ve gone overseas and seen the poverty and deprivation, so my heart has always been to bring hope to these children, which is why I called my organization Saving Hope International,” Severson said.
By Frank Lee • fclee@stcloudtimes.com
The Cambodian government has announced plans to re-launch.........
Cambodia Property: Untapped Potential Revealed as Tourism Grows
The Cambodian government has announced plans to re-launch the national airline, which was scrapped with massive losses on 2000. This time however the airline is being launched with the backing of massive Indonesian conglomerate Rajawali, and will be able to tap into the massively growing number of tourists to Cambodia.Visitor numbers to Cambodia grew to 2 million in 2006, 60%
of whom flew into the country. And with Cambodia being hailed as the new Thailand, because of its virgin white sandy beaches, and undiscovered tropical locations prompting a further 20% rise in tourism for 2007, it is hoped the new airline will be an added boost to the clearly flourishing Cambodia tourism market.Liam Bailey head of international research for David Stanley Redfern Ltd gave his view on the possible effect the airline will have on the Cambodia property market:"New air routes are always good news for property markets, but the new Cambodia airline, and the likely increase in flights it will generate will be of special significance in Cambodia. The massively successful property markets of Malaysia, Thailand, and Thai islands like Koh Samui, have largely been fuelled by tourism, well in Thailand almost completely fuelled by tourism. "But in Cambodia, property market growth has been largely limited to Phnom Penh, and fuelled by growth in commercial, business, financial and services sectors. The recent massive increases in visitor numbers, which will be helped by the new airline, will spread property market growth to other areas, and new Cambodian property hotspots will be emerging very soon - perfect timing given that the Phnom Penh property market is showing signs of levelling out."Even though Cambodia property has been among the hottest for the past two years, it seems the surface has barely been scratched on the country's property investment profitability. Find out more about Cambodia property at www.davidstanleyredfern.com/investment-property/cambodia.About David Stanley RedfernDavid Stanley Redfern Ltd is one of the U.K.'s leading overseas property investment specialists. The reasons for this are an incomparable range of international properties spanning 40 destinations worldwide, and unrivalled customer care, which lasts long after the purchase has been completed. Experienced, professional staff and membership to the overseas property market's regulatory body: the Association for International Property Professionals, as well as their stringent due diligence procedures gives buyers the confidence that any purchase with David Stanley Redfern is a safe one.
by Media enquiries should be directed to Liam Bailey at media@davidstanleyredfern.com
http://www.pr-inside.com
The Cambodian government has announced plans to re-launch the national airline, which was scrapped with massive losses on 2000. This time however the airline is being launched with the backing of massive Indonesian conglomerate Rajawali, and will be able to tap into the massively growing number of tourists to Cambodia.Visitor numbers to Cambodia grew to 2 million in 2006, 60%
of whom flew into the country. And with Cambodia being hailed as the new Thailand, because of its virgin white sandy beaches, and undiscovered tropical locations prompting a further 20% rise in tourism for 2007, it is hoped the new airline will be an added boost to the clearly flourishing Cambodia tourism market.Liam Bailey head of international research for David Stanley Redfern Ltd gave his view on the possible effect the airline will have on the Cambodia property market:"New air routes are always good news for property markets, but the new Cambodia airline, and the likely increase in flights it will generate will be of special significance in Cambodia. The massively successful property markets of Malaysia, Thailand, and Thai islands like Koh Samui, have largely been fuelled by tourism, well in Thailand almost completely fuelled by tourism. "But in Cambodia, property market growth has been largely limited to Phnom Penh, and fuelled by growth in commercial, business, financial and services sectors. The recent massive increases in visitor numbers, which will be helped by the new airline, will spread property market growth to other areas, and new Cambodian property hotspots will be emerging very soon - perfect timing given that the Phnom Penh property market is showing signs of levelling out."Even though Cambodia property has been among the hottest for the past two years, it seems the surface has barely been scratched on the country's property investment profitability. Find out more about Cambodia property at www.davidstanleyredfern.com/investment-property/cambodia.About David Stanley RedfernDavid Stanley Redfern Ltd is one of the U.K.'s leading overseas property investment specialists. The reasons for this are an incomparable range of international properties spanning 40 destinations worldwide, and unrivalled customer care, which lasts long after the purchase has been completed. Experienced, professional staff and membership to the overseas property market's regulatory body: the Association for International Property Professionals, as well as their stringent due diligence procedures gives buyers the confidence that any purchase with David Stanley Redfern is a safe one.
by Media enquiries should be directed to Liam Bailey at media@davidstanleyredfern.com
http://www.pr-inside.com
Great Aussie barbeque may soon be made in Cambodia
Phnom Penh - They are environmentally friendly, socially responsible and a great talking point for guests - Australians may soon be throwing a shrimp on a traditional Cambodian clay barbeque.
That's the hope of Tom Drury of Thomas Imports in Sydney's Mosman.
Drury is currently advertising the handmade clay barbeques on internet trading site alibaba.com, but says he will approach large chains that show interest in going carbon-friendly such as Bunnings.
The barbeques are the brainchild of French environmental aid agency Geres, manufactured by mostly small and previously poor family businesses in the central province of Kampong Chhnang.
'I'm interested in Geres because they are involved with carbon reduction projects in Cambodia. I want to give a few dollars from every barbeque I sell to Geres in the hope of becoming a carbon neutral company,' Drury said by email.
Kimberley Buss, Australian carbon offset analyst with Geres, says the great Aussie barbie going green from Cambodia is exciting.
'I think a certain percentage, especially men, will always want their big, shiny barbeques,' she said in an interview. 'But they make a great talking point - every barbeque has a story.'
By redesigning the traditional Cambodian model so the grill sits closer to the fire, adjusting the number and size of the ventilation holes and keeping heat in with a metal jacket, Buss said the barbeques used 25-per-cent less fuel than conventional barbeques.
'It's a moral thing with a lot of buyers,' Buss said. 'And it helps people. There are two sisters making them at the moment who may not have had work before but now every time I visit they have something more - a new motorbike, new staff. It's great.'
by Asia-Pacific
That's the hope of Tom Drury of Thomas Imports in Sydney's Mosman.
Drury is currently advertising the handmade clay barbeques on internet trading site alibaba.com, but says he will approach large chains that show interest in going carbon-friendly such as Bunnings.
The barbeques are the brainchild of French environmental aid agency Geres, manufactured by mostly small and previously poor family businesses in the central province of Kampong Chhnang.
'I'm interested in Geres because they are involved with carbon reduction projects in Cambodia. I want to give a few dollars from every barbeque I sell to Geres in the hope of becoming a carbon neutral company,' Drury said by email.
Kimberley Buss, Australian carbon offset analyst with Geres, says the great Aussie barbie going green from Cambodia is exciting.
'I think a certain percentage, especially men, will always want their big, shiny barbeques,' she said in an interview. 'But they make a great talking point - every barbeque has a story.'
By redesigning the traditional Cambodian model so the grill sits closer to the fire, adjusting the number and size of the ventilation holes and keeping heat in with a metal jacket, Buss said the barbeques used 25-per-cent less fuel than conventional barbeques.
'It's a moral thing with a lot of buyers,' Buss said. 'And it helps people. There are two sisters making them at the moment who may not have had work before but now every time I visit they have something more - a new motorbike, new staff. It's great.'
by Asia-Pacific
40 years later, men recall Guard service during Vietnam War
SOUTH SIOUX CITY, Iowa (AP) — Around two folding tables pushed together sit 15 men.Together, they banter playfully, giving each other a hard time about events that happened some 40 years ago. The words “Remember when ...” rise often above the voices of men swapping stories.Individually, each has his own memories about war and service to his country. But most prefer to talk about the camaraderie they and hundreds of men shared as members of the 2nd Battalion Mechanized, 133rd Infantry, Iowa Army National Guard.“We went through a lot together,” said Ray Ramirez of Sioux City.The men recentely remembered the 40th anniversary of their mobilization during the Vietnam War.It just so happened that the anniversary coincided with their monthly get-together — the second Tuesday of every month — at the Eagles Club here.MAY 13, 1968They mustered a long time ago, but it sure doesn’t seem like it. The anniversary surprised Gary Stafford, a Sioux City native now living in Los Angeles.“I didn’t think about the 40-year thing,” he said.Stafford, whose father owned a Texaco station on Nebraska Street downtown, makes a point of hitting the monthly meeting whenever he returns to Sioux City to visit his children.On that sunny day 40 years ago, 863 men from Northwest Iowa reported for duty. In the days that followed, they left Sioux City for Fort Carson, Colo. Many were later sent to Vietnam, where they were scattered, inserted into other units as replacement soldiers.They began returning home in November 1969, and ultimately were deactivated together in December 1969.Their friendships remained.“I’ve known these guys all my life,” Ramirez said. “We all just got to be friends. It helps keep you in touch with old times.”“We talk mostly about the funny things that happened,” said Jim Lalley, a major when the 133rd was activated. “We become more heroic as time passes,” he said, laughing.Many of the men seated at the table are heroes.Lalley will tell you Ramirez was regarded as one of the Army’s best platoon leaders serving in the A Shau Valley. The back window of Stafford’s pickup truck sports decals depicting the Purple Hearts he was awarded for wounds suffered during ambushes of enemy soldiers along the Mekong River near the Vietnam-Cambodia border.Some at the table were fortunate enough to remain in the United States during the war.It makes no difference to their fellow soldiers. Though the 133rd’s colors were retired more than a decade ago, the unit’s spirit lives on through the laughs, memories and pride in the service to their country.Each man has gone his own way during the past 40 years, but once a month their paths cross over coffee and doughnuts.“I don’t think anybody here are social friends,” Lalley said. “We don’t go out to dinner together or play cards together. But there’s something about it when we get together. We soldiered together and relied on each other for so many things.”They still do. Older now, the former soldiers, many of them graying and carrying a few more pounds than they did in the old black-and-white photos they pass around the table, help each other from their chairs, adjust oxygen tanks.They’ll continue to do so, said Larry “Tommy” Thompson, who grew up in the Anthon/Moville area and now lives in Sioux City.“We’re a band of brothers that still get together,” he said.And nothing, except time, will break that bond. Twelve members of the 2nd Battalion Mechanized, 133rd Infantry, Iowa Army National Guard, were killed in Vietnam in 1969. Spec. Roger C. Beall, 22, Moorhead. Pfc. Philip Baker, 20, Correctionville. 1st Lt. Corbin Tindall, 26, Le Mars. Spec. David A. Lefler, 23, Sioux City. Pfc. John Platt, 20, Early. Spec. Duane Olson, 22, Irwin. Pfc. Arlin Dale Franken, 21, Sioux Center. 1st Lt. Ronald I. Buchanan, 24, Sioux City. Pfc. Akke Timmer, 22, Sheldon. Sgt. Steven V. Crum, 21, Ida Grove. 1st Lt. Donald F. Wood, 29, Soldier. Pfc. Norman Fork, 21, Battle Creek.
by www.globegazette.com
by www.globegazette.com
Acquisitions to fulfil RHB Cap’s ambition
WHILE banks in the West are reeling from a major credit crisis and repairing a badly damaged image, the fortunes of RHB Capital Bhd (RHB Cap) could not be brighter. And a bigger game could emerge in the future that may see it playing a larger role than many of its local rivals.
The key drivers of its ambitious plan, the Employees Provident Fund (EPF) and Abu Dhabi Commercial Bank (ADCB), share a common vision to turn RHB Cap into a South-East Asian banking group in just over a decade.
ADCB, with its deep pockets, is expected to play a major role to bankroll that expansion.
Both ADCB and RHB are confident of their strategy to position RHB Cap in South-East Asia. But some serious work is needed, and acquisitions or partnerships are the way to go.
“To do that, we have to discuss with other banking groups in South-East Asia. Mergers, going forward (is possible), as there is no point for us to be a big fish in a small pond. (RHB Cap) should be a small fish in a bigger pond,’’ RHB Capi chairman Datuk Azlan Zainol told StarBiz in an interview.
He said that RHB Cap can no longer be confined to Malaysia and local banks should cross borders. Analysts have said in recent reports that the domestic market was getting saturated and there was a need for local banks to venture overseas.
He cited the example of Malayan Banking Bhd (Maybank) acquiring banks abroad. Although it was getting a bit of flak now for paying high prices for its recent purchases, these would be justified in five to 10 years, he said.
Indeed, some of the local banks, such as Maybank, CIMB Bhd and even Public Bank Bhd, have solidified their presence in the South-East Asian market. While RHB is just in its infancy stages, it is raring to sail into some of these uncharted waters.
Maybank has a network that spans from Singapore to Vietnam and as far as the US. CIMB is moving so aggressively in South-East Asia that it is quickly becoming a force to be reckoned with. Public Bank, in its own way, has scored huge successes in many markets that include Cambodia, Vietnam and even Hong Kong.
RHB Cap, at the moment, pales in comparison to the top three banks in the country. It also has to contend with other bigger banks in the region. Can Azlan’s aspirations for RHB Cap be achieved?
“We do not need to be in control. We do not mind if there are other parties that would like to work with us. We are open and looking at any (proposition) to have an Asean/South-East Asian bank,’’ he said.
He did not reveal much as it was still an idea that needed to be conceptualised into a plan. He has briefed his team to look at the possibilities.
He did say that for RHB Cap to be among the top three in South-East Asia, it might mean that banks or parties in Singapore, Thailand or other markets may take a 20% stake each.
“In two to three years, we would see something,’’ he said.
He did not elaborate how RHB would grow through acquisitions, except to say: “We are going into stock broking in Vietnam. We have bought a stake there and we are looking at Indonesia.’’ Even a purchase of a local bank is possible but nothing is on his table yet.
“Everything is for sale at the right time and price, and nothing is impossible,’’ he added.
He sees competition as no longer coming from within the country but externally, and for all the plans to materialise, a strong management team is critical.
Management team
Azlan is modest. He said he had no strong banking background, but it was the team in the banking group that would drive RHB Cap to its destiny. There was a point when the team “was not strong’’ but now, it has been significantly improved. He said the bank had “good people driving it.’’
He cited Michael J. Barret, Jamelah Jamaluddin and Chay Wai Leong as the anchors. Barret is the group managing director (MD) and head of the retail and international strategic business units of RHB Bank; Jamelah is MD of RHB Islamic Bank and Chay is MD of corporate and investment banking.
Talent is a major issue in the financial services industry and it is no wonder that those in the industry have said: “There are not many people like Barret around,’’ referring to Barrett's expertise and long experience in the banking line. He was formerly with Chase Manhattan Bank, which later merged with JP Morgan.
Beefing up existing operations
Azlan may have engineered the transformation of the Employees Provident Fund (EPF) into a proactive and agile organisation and played an instrumental role in the turnaround of RHB Cap but the transformation job is far from over.
“Take our investment bank as an example. Two years ago, it was not known in the marketplace. Now we have done a lot of deals and we are positioning ourselves as one of the leading investment banks.
“The same goes for our Islamic bank. It has more deals now as it has made its presence felt in the industry,’’ he said.
An analyst in his report said RHB Cap and ADCB saw immense opportunities in the Islamic banking business in the Middle East and worldwide.
The RHB group went through a transformation process after EPF bought about 80% in RHB in 2007. Today, it has strategic units such as investment banking, Islamic banking, corporate and commercial.
Azlan's next focus is conventional banking. He also wants to make sure RHB group's operations in Singapore improve and its profit quadruple in three to five years.
“We have told our people to (beef up) operations in Thailand and we can start with the aspect of location. We should relocate and spend more time to build up the business and increase the branch network.
“As for our branch in Brunei, we are changing the business model, not just to do banking but other things,” he said.
As for earnings, Azlan expects the figure to double in three years. For the whole of 2007, RHB Cap recorded net profit of RM712mil, and an analyst projected that RHB Cap should earn RM895mil this year and hit RM1.1bil next year.
Another analyst wrote that he was positive on RHB Cap’s earnings prospects, given the benefits of its ongoing transformation programme and expected value-add from its new shareholder ADCB.
The stock remains an “outperform” and this is based on “the re-rating catalysts of value add from ADCB, benefits from the group wide transformation programme, lower credit charge off rate and potential local or foreign acquisitions.’’
Challenges
The benefits of the transformation are being realised but banking is a competitive industry. It would get more competitive when things open up.
Manpower planning will be a challenge and it is important that RHB gets the best talent. But getting that talent without setting key performance indicators would not drive the results the bank wants. Providing rewards is also crucial.
The top management and board must be strong to provide the vision and thinking to make sure everyone moves in sync.
“We are not so worried about the economic slowdown as everyone is working in the same environment. If you do not have a strong team, it is a challenge,’’ said Azlan.
ADCB
ADCB paid RM3.9bil for a 25% stake in RHB Capital. Azlan likens the partnership with ADCB to a marriage.
“In a marriage, you have to work at it. We think they are fantastic partners. In the negotiation stages, there was trust in each other; that is why we could wrap it up nicely.
“They are well-versed in the commercial world and there's a lot of contribution they can make at RHB. We are also looking at the exchange of management personnel for training,’’ he said.
ADCB also shares the same aspirations of turning the RHB group into one of the top three banks in South-East Asia. It wants to use RHB Cap as a springboard to venture into markets in the Asean region and RHB Cap, on the other hand, wants to tap on ADCB's network for sukuk issuances in the Middle East.
“We hope to take the market at both ends. There will be a free flow of business across this partnership,’’ Azlan said.
Besides board seats at the RHB Cap level, he said ADCB could also be involved at board level of the operating entities without managing the day-to-day activities.
Stake sale
Another 5% is up for grabs at RHB Cap. It could be taken up by a Japanese bank or others, said Azlan.
According to him, Sumitomo Mitsui Banking Corp is just one of the possible parties as there are other parties, such as private equity funds, keen on the 5%.
“We hope to sell the 5% within this year. We (EPF) would also like to keep 40% to 45% of the stake in RHB Cap,’’ he said. EPF bought an 82% stake in RHB Cap in March 2007.
The idea may be there, the funding may be available and the team may be ready. But competition means survival of the fittest, or more accurately, survival for the most powerful.
Does RHB Cap have what it takes to be one of the region’s top three banks by 2012?
“Nothing is impossible,’’ said Azlan. That should be his favourite quote, as that has been his guiding principle.
by YAP LENG KUEN and B.K. SIDHU
The Star online
The key drivers of its ambitious plan, the Employees Provident Fund (EPF) and Abu Dhabi Commercial Bank (ADCB), share a common vision to turn RHB Cap into a South-East Asian banking group in just over a decade.
ADCB, with its deep pockets, is expected to play a major role to bankroll that expansion.
Both ADCB and RHB are confident of their strategy to position RHB Cap in South-East Asia. But some serious work is needed, and acquisitions or partnerships are the way to go.
“To do that, we have to discuss with other banking groups in South-East Asia. Mergers, going forward (is possible), as there is no point for us to be a big fish in a small pond. (RHB Cap) should be a small fish in a bigger pond,’’ RHB Capi chairman Datuk Azlan Zainol told StarBiz in an interview.
He said that RHB Cap can no longer be confined to Malaysia and local banks should cross borders. Analysts have said in recent reports that the domestic market was getting saturated and there was a need for local banks to venture overseas.
He cited the example of Malayan Banking Bhd (Maybank) acquiring banks abroad. Although it was getting a bit of flak now for paying high prices for its recent purchases, these would be justified in five to 10 years, he said.
Indeed, some of the local banks, such as Maybank, CIMB Bhd and even Public Bank Bhd, have solidified their presence in the South-East Asian market. While RHB is just in its infancy stages, it is raring to sail into some of these uncharted waters.
Maybank has a network that spans from Singapore to Vietnam and as far as the US. CIMB is moving so aggressively in South-East Asia that it is quickly becoming a force to be reckoned with. Public Bank, in its own way, has scored huge successes in many markets that include Cambodia, Vietnam and even Hong Kong.
RHB Cap, at the moment, pales in comparison to the top three banks in the country. It also has to contend with other bigger banks in the region. Can Azlan’s aspirations for RHB Cap be achieved?
“We do not need to be in control. We do not mind if there are other parties that would like to work with us. We are open and looking at any (proposition) to have an Asean/South-East Asian bank,’’ he said.
He did not reveal much as it was still an idea that needed to be conceptualised into a plan. He has briefed his team to look at the possibilities.
He did say that for RHB Cap to be among the top three in South-East Asia, it might mean that banks or parties in Singapore, Thailand or other markets may take a 20% stake each.
“In two to three years, we would see something,’’ he said.
He did not elaborate how RHB would grow through acquisitions, except to say: “We are going into stock broking in Vietnam. We have bought a stake there and we are looking at Indonesia.’’ Even a purchase of a local bank is possible but nothing is on his table yet.
“Everything is for sale at the right time and price, and nothing is impossible,’’ he added.
He sees competition as no longer coming from within the country but externally, and for all the plans to materialise, a strong management team is critical.
Management team
Azlan is modest. He said he had no strong banking background, but it was the team in the banking group that would drive RHB Cap to its destiny. There was a point when the team “was not strong’’ but now, it has been significantly improved. He said the bank had “good people driving it.’’
He cited Michael J. Barret, Jamelah Jamaluddin and Chay Wai Leong as the anchors. Barret is the group managing director (MD) and head of the retail and international strategic business units of RHB Bank; Jamelah is MD of RHB Islamic Bank and Chay is MD of corporate and investment banking.
Talent is a major issue in the financial services industry and it is no wonder that those in the industry have said: “There are not many people like Barret around,’’ referring to Barrett's expertise and long experience in the banking line. He was formerly with Chase Manhattan Bank, which later merged with JP Morgan.
Beefing up existing operations
Azlan may have engineered the transformation of the Employees Provident Fund (EPF) into a proactive and agile organisation and played an instrumental role in the turnaround of RHB Cap but the transformation job is far from over.
“Take our investment bank as an example. Two years ago, it was not known in the marketplace. Now we have done a lot of deals and we are positioning ourselves as one of the leading investment banks.
“The same goes for our Islamic bank. It has more deals now as it has made its presence felt in the industry,’’ he said.
An analyst in his report said RHB Cap and ADCB saw immense opportunities in the Islamic banking business in the Middle East and worldwide.
The RHB group went through a transformation process after EPF bought about 80% in RHB in 2007. Today, it has strategic units such as investment banking, Islamic banking, corporate and commercial.
Azlan's next focus is conventional banking. He also wants to make sure RHB group's operations in Singapore improve and its profit quadruple in three to five years.
“We have told our people to (beef up) operations in Thailand and we can start with the aspect of location. We should relocate and spend more time to build up the business and increase the branch network.
“As for our branch in Brunei, we are changing the business model, not just to do banking but other things,” he said.
As for earnings, Azlan expects the figure to double in three years. For the whole of 2007, RHB Cap recorded net profit of RM712mil, and an analyst projected that RHB Cap should earn RM895mil this year and hit RM1.1bil next year.
Another analyst wrote that he was positive on RHB Cap’s earnings prospects, given the benefits of its ongoing transformation programme and expected value-add from its new shareholder ADCB.
The stock remains an “outperform” and this is based on “the re-rating catalysts of value add from ADCB, benefits from the group wide transformation programme, lower credit charge off rate and potential local or foreign acquisitions.’’
Challenges
The benefits of the transformation are being realised but banking is a competitive industry. It would get more competitive when things open up.
Manpower planning will be a challenge and it is important that RHB gets the best talent. But getting that talent without setting key performance indicators would not drive the results the bank wants. Providing rewards is also crucial.
The top management and board must be strong to provide the vision and thinking to make sure everyone moves in sync.
“We are not so worried about the economic slowdown as everyone is working in the same environment. If you do not have a strong team, it is a challenge,’’ said Azlan.
ADCB
ADCB paid RM3.9bil for a 25% stake in RHB Capital. Azlan likens the partnership with ADCB to a marriage.
“In a marriage, you have to work at it. We think they are fantastic partners. In the negotiation stages, there was trust in each other; that is why we could wrap it up nicely.
“They are well-versed in the commercial world and there's a lot of contribution they can make at RHB. We are also looking at the exchange of management personnel for training,’’ he said.
ADCB also shares the same aspirations of turning the RHB group into one of the top three banks in South-East Asia. It wants to use RHB Cap as a springboard to venture into markets in the Asean region and RHB Cap, on the other hand, wants to tap on ADCB's network for sukuk issuances in the Middle East.
“We hope to take the market at both ends. There will be a free flow of business across this partnership,’’ Azlan said.
Besides board seats at the RHB Cap level, he said ADCB could also be involved at board level of the operating entities without managing the day-to-day activities.
Stake sale
Another 5% is up for grabs at RHB Cap. It could be taken up by a Japanese bank or others, said Azlan.
According to him, Sumitomo Mitsui Banking Corp is just one of the possible parties as there are other parties, such as private equity funds, keen on the 5%.
“We hope to sell the 5% within this year. We (EPF) would also like to keep 40% to 45% of the stake in RHB Cap,’’ he said. EPF bought an 82% stake in RHB Cap in March 2007.
The idea may be there, the funding may be available and the team may be ready. But competition means survival of the fittest, or more accurately, survival for the most powerful.
Does RHB Cap have what it takes to be one of the region’s top three banks by 2012?
“Nothing is impossible,’’ said Azlan. That should be his favourite quote, as that has been his guiding principle.
by YAP LENG KUEN and B.K. SIDHU
The Star online
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