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Business survives even in harshest climate in Somalia PDF Print E-mail
News - Business
Friday, 28 May 2010 16:18
istanbul-gathering
Front row left to right, French Foreign minister Bernard Kouchner, U.N. Secretary-General Ban Ki-Moon, Somalia President Sheikh Sharif Ahmed Sheikh Ahmed, Turkey's Prime Minister Recep Tayyip Erdogan, and Haris Silajdzic President of Bosnia Herzegovina pose for a photo during the U.N.-sponsored conference on Somalia in Istanbul, Turkey, Saturday, May 22, 2010.

ISTANBUL—At this swanky conference on Somalia over the weekend, the most important guests didn't hold lofty posts. At least one lacked a college degree. But they represent some of the most powerful—and moneyed—players in Somalia: its business leaders.

The United Nations hosted the Conference on Somalia, and it was predictably high-class. Participants gathered in marbled five-star hotels scattered across the city, all with breathtaking views of the Bosphorus, the strait that divides Asia and Europe. They chatted about Somalia's problems over hot and cold Turkish dishes and at least a half-dozen types of dessert.

At the conference, there were the usual participants—Western, Arab and African diplomats, United Nations officials and of course the Somali government. This time, however, a different sort of guest also was invited.

The nearly 60 suit-clad business executives that showed are a tight-knit group formed amid Somalia's conflict. Their attendance underscored how robust Somalia's private sector has become, and the special role they play in nudging the war-wracked country closer to stability.

 
NY Bomb suspect: Hawala money transfer comes into focus PDF Print E-mail
News - Business
Friday, 14 May 2010 18:50

NEW YORK — Long before there was MoneyGram and Western Union, people in South Asian countries often used an informal network of brokers, called an "hawala," to transfer money over long distances when it was too inconvenient or dangerous to send cash by courier.

Today, the centuries-old system still exists and is used to move billions of dollars annually in and out of countries like Pakistan, Afghanistan and Somalia — often to the chagrin of U.S. law enforcement.

Authorities have been investigating whethere Faisal Shahzad, a U.S. citizen born in Pakistan, was financed by from overseas in his failed plot to detonate a car bomb in Times Square on May 1.

A federal law enforcement official, speaking on condition of anonymity regarding the ongoing investigation, said the money that was passed to Shahzad came through the hawala system.

Muslim immigrants for years have used informal money transfer networks known as hawalas to send cash to their families overseas. The system of wire transfers, couriers and overnight mail are cheaper and quicker than banks. But since the Sept. 11, 2001, attacks, authorities have worked to dismantle the system, fearing it allows terrorists to raise and launder money.

 
Middlemen negotiate pirate ransoms PDF Print E-mail
News - Business
Thursday, 13 May 2010 19:08

NAIROBI, Kenya — It's a job few people can list on their resume: pirate middleman.

A Somali who used to import soft drinks and didn't go beyond the seventh grade says he's made hundreds of thousands of dollars brokering deals to free ships and their valuable cargos after pirates attack.

The 32-year-old Somali, who would be identified only by his alias, Abdi Sheik, says he helped gain the release earlier this year of a supertanker carrying an estimated $150 million of crude oil. He claims to have successfully negotiated the release of an arms-laden Ukrainian ship and the 20 sailors onboard.

In an interview with The Associated Press, he tried to justify his role, downplaying that he was dealing with criminals and that his own actions may be dubious.

"I'm just helping poor sailors caught up in a tag-of-war between greedy pirates and selfish ship owners," Sheik insisted. "I don't think I'm a criminal because I'm not part of the doers nor part of the receivers."

 
Somali-Canadians getting piece of pirates' ransom pie: Intelligence expert PDF Print E-mail
News - Business
Saturday, 01 May 2010 04:52
pirate-boat

Some Somali-Canadians have received a cut of the ransoms collected by pirates operating off the Horn of Africa and money may have been sent back to Somalia to fund other hijackings, according to an intelligence specialist on piracy.

Karsten von Hoesslin, a senior analyst for Risk Intelligence, told naval officers from Pacific Ocean nations gathered in Victoria for a three-day maritime security conference, that the transfer of ransom money has been tracked from Somalia to Ottawa and a number of other locations that are home to Somali communities.

"It's coming to Ottawa, it's in London and Nairobi," he said. "We know where the money is going."

Risk Intelligence is a Danish-based firm that provides advice and information about piracy, organized crime and terrorism to companies and governments. Its analysts have made trips to Somalia to gather information.

 
Two Somalis to Attend President Obama’s Entrepreneurial Summit April 26-27 PDF Print E-mail
News - Business
Tuesday, 27 April 2010 11:02

President Obama, together with the Department of State and the Department of Commerce, will host the Presidential Summit on Entrepreneurship at the Ronald Reagan Building in Washington, D.C., on April 26 and 27. Entrepreneurs from more than 50 countries with sizable Muslim populations have accepted President Obama’s invitation to celebrate the risky, exhilarating life of entrepreneurship and share ideas about sparking new businesses in their communities.

The conference — A New Beginning: The Presidential Summit on Entrepreneurship — builds on President Obama’s speech to the Muslim world in Cairo June 4, 2009 in which he promised to host a summit on entrepreneurship “to identify how we can deepen ties between business leaders, foundations and social entrepreneurs in the United States and Muslim communities around the world.”

“We now seek a broader engagement” that involves greater exchanges in education, health, science and shared ideals, he said in Cairo.

 
Al-shabab's push against pirates is money related PDF Print E-mail
News - Business
Tuesday, 27 April 2010 10:41
pirate-boat

Somali pirates based in the central coastal town of Harardhere are reported to be fleeing with hijacked ships and crews to another neighboring pirate stronghold, before a possible Islamist attack on Harardhere.

VOA sources in Somalia say hundreds of al-Shabab militants left the town of Eldhere in the Galgadud region late Saturday and began heading east toward Harardhere in south Mudug.  Harardhere is home to hundreds of pirates, who are holding at least six vessels and more than 90 people hostage.

The pirates began retreating with the hijacked vessels and crew to Hobyo, another pirate stronghold about 108 kilometers to the north.  

Al-Shabab, which has proclaimed allegiance to al-Qaida and is considered a terrorist group by the United States and several other Western nations, controls most of southern Somalia and has been fighting for several years to topple the U.N.-backed, African Union-protected government in the Somali capital Mogadishu.  

In recent days, al-Shabab said it had taken over control of three towns in the Galgadud region from the rival, pro-government Ahlu-Sunna Wal-Jama'a militia.  The three towns, including Eldhere, are on the main road that leads to the capital.

 
Piracy is economic engine of Somalia: undaunted by navy patrols PDF Print E-mail
News - Business
Friday, 16 April 2010 10:19
pirates-heading-to-sea
In a country so poor and with conflict.  Piracy is quick way to earn riches beyond most Somalis.  It is economic engine of the country.

MOGDISHU - Adam Shine waited months for the chance to join one of Somalia's growth industries. He has now completed his training and is ready to use his boat-handling and global-positioning skills to hijack ships.

"I came here with my friends. They had a gun and were immediately recruited and joined companies. But I've never had a gun so, after a fairly long process, I was told to take part in training for a month and now I can join," he told Reuters by phone from the coastal, pirate haven of Haradheere.

The new 20-year-old recruit is just one of hundreds of youths in Haradheere desperate to sign up in the hope of earning a tiny slice of hijack ransoms worth millions of dollars.

The steady stream of new recruits suggests that patrols by European Union warships since December 2008 to deter hijackings and arrest the seaborne gunmen have done little to dent the enthusiasm for piracy in the failed Horn of Africa nation.

 
Mobile phone money transfers offer safety in midst of conflict PDF Print E-mail
News - Business
Thursday, 04 March 2010 10:17
mobile-phone-shop
A somali resident purchases a mobile phone handset at shopping centre in Mogadishu.
About a year ago, Muqtar Ali's brother was shot dead by gunmen in the busy Bakara market of Somalia's capital Mogadishu, and his $200 in cash was stolen.

Ali says that if a new mobile money transfer service unveiled by Somalia's biggest mobile telecoms firm last month had been in place then, his brother would still be alive.

Telecoms firm Safaricom pioneered mobile money transfers in neighboring Kenya and now has 8 million users. Besides transferring cash to friends and relatives, people pay power bills and even receive dividends from some companies.

Hormuud Telecom, the biggest network in Somalia with more than a million subscribers, says it designed the software for its SAAD money transfer service, but was helped by Safaricom workshops and consultants.

 
Safe Online Shopping Tips PDF Print E-mail
News - Business
Wednesday, 17 February 2010 11:01

Shopping online gives users access to a huge number of products and services offered by retailers based both in the UK and abroad.  This provides the user with unparalleled choice and value, but there a few things that the user should keep in mind to ensure that they have a safe and secure online shopping experience.

Check the terms and conditions for both payment and delivery details carefully.  Many users fail to take the time to read the terms and conditions, and particularly in the case of expensive purchases, it is worth taking the time to getting a good understanding of the T&C’s regarding your purchase.  In most cases, you usually have at least 7 days to cancel the order and ask for a refund from an EU retailer should there be a problem.

Keep a record of what you have ordered, and any correspondence with the retailer.  In almost all instances the retailer will email you with product and payment confirmation details, however it is a good idea to print off a physical copy in case there is a problem with your email.

 
Shadowy Arms Deal Traced to Kazakhstan PDF Print E-mail
News - Business
Thursday, 21 January 2010 16:54
east-wing-airjpg
A plane of the East Wing air freight company sitting on the tarmac at Shymkent airport in southern Kazakhstan, Saturday, Jan. 9, 2010

SHYMKENT, Kazakhstan — The trail of the plane busted in Thailand last month for allegedly smuggling North Korean weapons to Iran leads back to a small airfreight company housed near an old Soviet airfield on the edge of the Kazakh steppe.

The aging Russian plane's odyssey took it through a web of companies, financiers and air cargo carriers with addresses stretching from New York through the Persian Gulf to New Zealand, an Associated Press investigation has found.

The persistence of carriers willing to ship anything anywhere for a price — even to countries under international sanctions like Iran and North Korea — has frustrated global efforts to stem the flow of illegal arms.

 
Puntland Says TFG's Proposal of Printing Currency is Illegal Decision PDF Print E-mail
News - Business
Wednesday, 20 January 2010 14:33

The officials of the semi-autonomous region of Puntland have Wednesday said that the TFG's proposal of printing current is illegal decision.

Abdikarin Ahmed Guled, the information minister of the semi-autonomous region of Puntland said in an interview with Shabelle radio that the decision of the transitional government of making the new money from Sudan was outlaw plan.

 
Pirate Payoffs Feed Big-Money Lifestyle in Somalia PDF Print E-mail
News - Business
Monday, 07 December 2009 09:51
pirate-boat
Pirates are enjoying life of envy which hard to get in Somalia
A parcel of land here that sold for $12,000 two years ago now costs more than $20,000. The price of a nice pair of men's shoes has gone up from $20 to $50.

The reason: pirates.

The influx of millions of dollars in ransoms has changed life in this coastal Muslim community, driving prices up and creating a schism between the pirate haves and have-nots. As piracy ramps up again with the end of the monsoon season, the lifestyle of the pirates — big houses, fast cars and easy drugs — is decried by both religious leaders and ordinary villagers.

"The use of drugs such as cannabis and the drinking of alcohol, sex and other obnoxious misconduct are now becoming common within the pirates, causing social problems," said Sheikh Ahmed, a mosque leader in the town of Galkayo. "That is what is worrying us, a lot more than the risk they pose to the foreign ships and crew."

 
Somali pirates in shoot out over multi-million-dollar ransom PDF Print E-mail
News - Business
Wednesday, 18 November 2009 17:19
Somali pirates exchanged gunfire Wednesday over a ransom they received for releasing a Spanish fishing boat, a local journalist in contact with the pirates said.

"There was a heavy exchange of gunfire between some of our friends" one pirate told the local journalist, speaking of the other pirates.

"They fought over the 3 million euro ($4.5 million) received as a ransom from the Spanish boat."

At least two pirates were wounded in the gunfight in Harardhere, a pirate stronghold in central Somalia, the local journalist told CNN.

 
Iman: The model entrepreneur PDF Print E-mail
News - Business
Monday, 16 November 2009 09:50
iman-4-265-400
A head for business: Iman has run a successful cosmteics company since retiring from the catwalk
"The moment I got into the modeling industry, I knew I had to be an entrepreneur," says former supermodel Iman.

One of the most recognized models of the 1970s and '80s, Iman has used her entrepreneurial skills to great effect in the fashion industry, with her own cosmetics business and in her charitable fund-raising work.

Married to rock star David Bowie and now residing in New York, Iman was born in Somalia in 1955. Her father was an ambassador, but her comfortable upbringing was disrupted in 1969 with the assassination of Somalia's president, forcing her and her family to flee to Kenya.

"We left Somalia with nothing but the clothes on our back. Not even photographs, nothing. So it's a total loss of everything and a total loss of your own self, your own country, your own place in terms of your people. If you're lucky you're in a country that will give you a second chance," she told CNN.

She was lucky and her adopted home of Kenya provided her with a scholarship at Nairobi University, and it was also in the Kenyan capital that she was discovered as a model.

 
Sharif appeals for Saudi investment PDF Print E-mail
News - Business
Monday, 16 November 2009 09:35
sheikh_sharif_sheikh_ahmed
President Sharif Sheikh Ahmed
ADDIS ABABA — Somali President Sharif Sheikh Ahmed urged Saudi Arabia Sunday to invest in his war-ravaged nation and appealed for help from the kingdom in his battle against hardline insurgents.

Sharif arrived in the Ethiopian capital on Friday to attend the "Saudi-East African Forum", a four-day gathering that aims to bolster trade partnerships between Riyadh and seven countries in the region.

"Piracy and terrorism have obstructed all kinds of development in Somalia, but there are mechanisms put in place to tackle these issues," he told the participants, which included government officials and representatives of 50 Saudi companies.

 
SOMALIA: Saudi livestock move boosts Somaliland economy PDF Print E-mail
News - Business
Tuesday, 10 November 2009 17:15
livestock-hargeisa
The Hargeisa livestock market is now booming with activity

HARGEISA - Days after Saudi Arabia lifted a nine-year ban on livestock imports from Somalia, the market in Hargeisa, Somaliland, has seen a 10-fold increase in sales, according to local traders.

"One thousand five hundred sheep used to be sold in the market before the recent announcement... compared to more than 16,000 animals in the market daily in the last few days," Jama Farah Du’alle, a middleman (`dilal’) in the market, told IRIN on 7 November.

Livestock keepers in the self-declared republic of Somaliland, whose mainstay is pastoralism, said they were beginning to see a change in their fortunes.

"In the last nine years I used to earn 5,000-10,000 Somaliland shillings a day [US $1.6 - 3.2] but by Allah’s mercy in the past few days I have been earning 60,000-70,000 a day, which has really improved my life," Du’alle said.

Somaliland’s livestock minister, Idiris Ibrahim Abdi, announced the Saudi move on 5 November. Imposed in late 2000, the ban followed an outbreak of Rift Valley Fever (RVF) in the Horn of Africa region.

 
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