11 July 2013South African state company Transnet has secured US$108-million (approximately R1.1-billion) in financing from the Export-Import Bank of the United States to support its purchase of 53 locomotives from US company General Electric Transportation.The grant, announced on Monday, follows Ex-Im Bank’s approval, in February 2011, of a R1.1-billion loan to Transnet for the purchase of 47 locomotive kits from General Electric (GE), adding up to a total of $230-million in financing for the purchase of 100 GE locomotives.Ex-Im chairman Fred Hochberg, referring to US President Barack Obama’s recent trip to South Africa, said in a statement on Monday: “As the President highlighted on his recent trip, there are enormous opportunities for US exporters in South Africa and across the broader region.”The bank, which provides below-market financing to facilitate sales of US goods abroad, would “continue to help American companies expand their reach into this dynamic market,” Hochberg said.In April 2012, Transnet has announced the details of a R300-billion investment in infrastructure aimed at creating over half-a-million new jobs while making its freight rail division the fifth-largest in the world.Transnet plans to spend the lion’s share of this capital investment, R205-billion, on rail projects – R151-billion of this on freight rail – as the company pushes to increase South African freight rail volumes from about 200-million to 350-million tons by 2019, while increasing its market share of container traffic from around 79% to 92%.Achieving such an increase would significantly reduce the cost of doing business in South Africa, Transnet said last year, citing internal studies showing that rail in the country was on average 75% cheaper than road transport.The 47 GE locomotive kits are due to be shipped to Transnet Rail Engineering’s facilities in Koedoespoort, Pretoria later this year, where they will be assembled by local workers to include up to 37% local content.“I greatly appreciate Ex-Im’s financing arrangements for this sale, which supports jobs in the United States and South Africa,” GE Transportation CEO Lorenzo Simonelli said on Monday.Ex-Im Bank said South Africa was “one of nine key markets Ex-Im Bank has identified as having strong opportunities for US exporters. In financial year 2012, Ex-Im Bank authorized approximately $130-million in financing to South Africa, and the bank’s current exposure is more than $1-billion.”SAinfo reporter
Kris Aquino ‘pretty chill about becoming irrelevant’ Stronger peso trims PH debt value to P7.9 trillion Japan ex-PM Nakasone who boosted ties with US dies at 101 “I think our confidence kind of went down,” said Baldwin after a 80-67 loss to the Tamaraws Sunday at Smart Araneta Coliseum.“I hate to see that because with young kids you don’t ever want to see their confidence erode a little bit.”FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutAteneo shot 26-of-71 from the field good for 37 percent and nearly half of those attempts were 3-pointers.The Blue Eagles chucked up 32 attempts from long distance and made just 10, but what made things difficult for the top seed were missing open shots. “Can’t really tell you how, we just shot the ball badly,” said Baldwin, whose team went 3-of-10 in uncontested shots. “I thought we executed well in the first half.”And as Ateneo failed to find the bottom of the net on a consistent basis, the Tamaraws had a field day.FEU shot 31-of-63 from the field for 49 percentand converted 8-of-19 from deep.The Tamaraws also went 28-of-60, 47 percent, on their contested shots.“The big issue was our defense, FEU’s confidence was really great,” said Baldwin. “Almost all of their shots were contested and I don’t think our contests had any sort of vigor to them.”ADVERTISEMENT Kammuri turning to super typhoon less likely but possible — Pagasa Brace for potentially devastating typhoon approaching PH – NDRRMC QC cops nab robbery gang leader, cohort Typhoon Kammuri accelerates, gains strength en route to PH Photo by Tristan Tamayo/INQUIRER.netAteneo rarely saw its shots fall against Far Eastern University in their Final Four of the UAAP Season 80 men’s basketball tournament.What did go down was, as head coach Tab Baldwin said, the team’s collective confidence.ADVERTISEMENT “Our defense seemed to lack the last 10 percent of effort that it needs to have an impact on a good offensive team and tonight FEU was a good offensive team. For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA MOST READ Ex-Blue Eagles Tolentino, Cani star for FEU in Final Four Read Next Don’t miss out on the latest news and information. LATEST STORIES Archers, Eagles favorites to win UAAP Season 80 PLAY LIST 02:36Archers, Eagles favorites to win UAAP Season 8003:16UAAP Season 80 Preview: Ateneo Blue Eagles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games View comments
About the authorFreddie TaylorShare the loveHave your say Chelsea smash seven past Grimsby as debutante James shinesby Freddie Taylora month agoSend to a friendShare the loveChelsea demolished Grimsby Town by seven goals to one to secure their place on the Carabao Cup fourth-round on Wednesday.Teenager Reece James was excellent on debut, scoring and setting up two goals.Michy Batshuayi also took advantage of his first start of the season by scoring a brace.Ross Barkley, Pedro and Kurt Zouma also got on the scoresheet.Callum Hudson-Odoi rounded off the win in his first appearance since going down with an Achilles injury in April.
Login/Register With: Advertisement Facebook LEAVE A REPLY Cancel replyLog in to leave a comment Advertisement Twitter Former Motive star Lauren Holly and Benjamin Watson (The L.A. Complex) are set for key recurring roles opposite Kiefer Sutherland on the upcoming third season of Designated Survivor on Netflix.In season 3 of Designated Survivor, produced by eOne, President Kirkman (Sutherland) will face a political reality… campaigning. What does it take to make a leader? What price will he be willing to pay? This season will explore today’s world of campaigning, smear tactics, debates, campaign finance and “fake news.” Democracy, as we know it, will hang in the balance.