| The port of Toamasina could, in some time, have a new container quay. |
The construction of a new container quay is part of the Toamasina port extension project. It will be ready within twelve months.
This will be one of the major changes with the Toamasina port extension project. The infrastructure will be equipped with a new quay reserved for receiving container ships. Called quay C4, it will be 470 meters long with a draft of 16 meters, which will allow it to accommodate the latest generation boats, capable of transporting up to three thousand boxes.
“If all goes well, this new quay will be completed within twelve months, already equipped with all the necessary installations for its commissioning,” explains Christian Avellin Eddy, general director of the autonomously managed port company, by telephone. Toamasina (Spat).
The project to expand this largest port in the country includes four major components. The first, which is already completed in 2023, consists of building 345 meters of protective dike or breakwater. The construction of the new quay is part of the second component with completion scheduled for this year 2024.
The third component is a continuation of this second. This involves the development of 10 hectares of additional land, intended for the storage of containers. And the third component includes deepening the water at the three existing docks. Quays one and two will be raised to 14 meters while quay C3, which is currently used to accommodate large container ships, will also have a draft of 16 meters.
Accommodation capacity
According to the CEO of Spat, the port of Toamasina must equip itself with modern infrastructure in order to develop its capacity to accommodate large ships and store containerized goods. “This will lead to a reduction in the waiting time for boats, an increase in the number of landings for large ships and a strengthening of the financial solidity of Spat,” he specifies.
Until now, Toamasina could not accommodate Panamax type boats (nearly 300 meters long, Editor’s note). The latter then had to transship the goods destined for Madagascar in other ports such as Reunion or Mauritius. At the end of the work, they will now be able to dock directly in Toamasina.
Providing energy to meet the new needs of the infrastructure after the extension constitutes the headache for the project promoters. Up to 11 additional megawatts would be needed as Toamasina, like the entire country, faces a major energy crisis. According to the latest news, during the last visit of the Head of State to the economic capital of the country, a solution would already be in the process of being realized. A new high-capacity group would already be planned for the capital of Betsimisaraka and, obviously, will benefit the port.
Madagascar Express
PORT OF TOAMASINA – A new container dock within twelve months
Dairy cooperative Milcobel wants to cut 130 jobs (Domestic)
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The Belgian dairy cooperative Milcobel wants to reform its organization, cutting 130 of the 1,500 jobs in Belgium. The company reports this in a press release. Consultations on the restructuring will start with the trade unions.
The intervention is necessary after loss figures in 2023, it is said. “A very turbulent global dairy market, both on the demand and supply sides, requires more flexibility.” The company says it could not immediately pass on its increased costs for energy, raw materials, services and wages.
Milcobel wants to make the organization more efficient and plans to partially scale back the milk powder activities in Kallo, East Flanders, from September. The company says it is open to the possible repurposing of powder installations that become available, for example for plant-based alternatives or for production for third parties.
Jobs are disappearing mainly in Kallo, “more than half”, but also in Milcobel branches in Bruges, Langemark and Moorslede.
The company is also taking other measures. For example, no management bonuses will be paid, new vacancies will be limited, and the company will reduce the number of external consultants.
News hits trade unions hard
The announcement hits the unions hard. According to secretary Charlotte Hautekeur of ABVV Horval, there were already signals that things were not going well, such as a reduced milk supply and many farmers who had left for competition. “Yet the news comes in as a bombshell, especially because the site in Kallo in East Flanders has been so badly affected,” it said.
The first information and consultation meeting will take place next Monday. A second one follows the following Monday. The union’s aim is to reduce the number of people dismissed.
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Japan, US, and South Korea “close talks” on foreign exchange, citing concerns about rapid yen and won depreciation | Reuters
2024-04-18 00:06:00
At the first finance ministers’ meeting held on the 17th, Japan, the United States, and South Korea agreed to “closely discuss” trends in the foreign exchange market. Photographed in December 2015 (2024 Reuters/Kim Hong-Ji)
WASHINGTON (Reuters) – Japan, the United States, and South Korea agreed to “closely consult” on foreign exchange market trends at their first finance ministers’ meeting held on the 17th.
The joint statement acknowledged the “serious concerns of Japan and South Korea regarding the recent rapid depreciation of the yen and won,” and added, “In line with the existing G20 commitments, we will continue to monitor trends in the foreign exchange market.” We will consult closely.”
“We will continue to work together to promote sustainable economic growth, financial stability, and orderly and well-functioning financial markets.”
Following the announcement of the statement, the dollar fell against the yen. 1 dollar = 154.18 yen. It has since returned to 154.32 yen, but remains below the 34-year high of 154.79 yen reached on the 16th.
The last time Japan intervened in foreign exchange was in October 2022, when the dollar was at 151.94 yen.
Helen Given, a foreign exchange trader at Monex USA in Washington, said the latest statement could set the stage for market intervention by the government and the Bank of Japan. He said: “The wording is quite strong so it wouldn’t be surprising to see some concrete movement by the end of the week.”
Finance Minister Shunichi Suzuki also held a bilateral meeting with U.S. Treasury Secretary Janet Yellen on the 17th, and told reporters that the two countries were prepared to “respond appropriately to any excessive moves.” He did not go into details.See more
Finance Minister Masato Kanda said he would not rule out any options in dealing with excessive yen movements.
Mr. Kanda declined to comment on questions about the possibility of coordinated intervention to curb the dollar’s rise.
“In the past few intervention cycles, U.S. officials (particularly Ms. Yellen) have issued statements acknowledging Japan’s motives and expressed verbal support,” said Karl Schamotta, chief market strategist at Kopay.
“From a strategic perspective, foreign exchange intervention is much more likely to be successful if it is carried out through international coordination. Unilateral intervention can help reduce volatility, but it can weaken the yen due to long-term interest rate differentials. “It’s not enough to reverse it.”
Masafumi Yamamoto, chief foreign exchange strategist at Mizuho Securities, pointed out that if the dollar/yen pair breaks above 155 yen, it is unclear whether the Japanese authorities will intervene.
With a strong U.S. economy delaying the Federal Reserve’s interest rate cuts and pushing up the dollar, authorities likely believe that unilateral intervention will have a short-lasting effect, he said.
“Together, we affirm our commitment to use and coordinate national sanctions tools to hold Russia accountable for its war against Ukraine and to target North Korea’s weapons programs,” the statement added. .
“The importance of concerted action to overcome the potential for supply chain vulnerabilities and non-market practices in other countries to harm our economy, including economic coercion and overcapacity in key sectors. It emphasizes sexuality.”
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