January 17

Drought distress

first_imgBased on the survey, Bauske and her colleagues project devastating losses in the coming year.“A calculated loss of $260 million per month can be contributed to the drought and water restrictions imposed on the industry,” she said. “If the current drought conditions continue, the results could grow to an annual loss of $3.15 billion and 30,000 employees.”In all, it is estimated that 35,000 employees working in the Georgia urban agriculture industry have lost their jobs since the drought started. Business owners appear to be keeping full-time employees and cutting part-time and seasonal workers, she said.For more detailed information on the survey and the economic impact of the drought, visit the publications section of the center’s Web site www.gaurbanag.org/industry. By Sharon OmahenUniversity of GeorgiaGeorgia’s urban agriculture industry will continue to lose profits and employees if drought conditions remain over the state this year, according to a University of Georgia survey.UGA experts with the Center for Urban Agriculture conducted a survey in November and December last year to see how the current drought, which started in March 2006, has affected one of Georgia’s largest industries. Georgia’s Urban Agriculture Council helped develop and implement the survey.In all, 168 landscapers, turfgrass farmers and retail and wholesale garden business owners responded with a gloomy economic picture.“The business owners we surveyed reported substantial layoffs in 2007 resulting in the loss of 848 workers,” said Ellen Bauske, the center’s program coordinator. “If the drought continues, the businesses surveyed expect to lose an additional 708 employees.”The drought is withering profits, too, along with the plants and grasses the industry produces and sells. Survey results show a monthly average loss of $37,516 per company. “In an industry with a median income of $800,000 per company, many companies won’t be able to sustain losses of that magnitude,” Bauske said. “We can expect more news of bankruptcies, business failures and liquidation of company assets if the situation continues.”last_img read more

October 23

DP World Starts Building Deep Water Port in Ecuador

first_imgzoom Dubai-based port and terminal operator DP World held a ground-breaking ceremony to mark the start of construction of the greenfield multi-purpose port project at Posorja, Ecuador on August 31.The move follows the 50-year concession the company won in June 2016 from the Government of Ecuador to build a facility with 750,000 TEU of capacity to fuel the country’s economic growth and connect it with international markets. Posorja’s first deep water port would be built under a total investment of over USD 1 billion.Phase 1 includes a USD 500 million initial investment which would cover the purchase of land, dredging of a new access channel, a 20-kilometre access road and a 400-metre berth equipped to handle containers and other cargo.Construction of the port, which is located 65 kilometres from the country’s main business city of Guayaquil, is expected to take around 24 months to complete. A 1 square kilometre logistics and industrial park, marked as a Special Economic Development Zone, will be developed adjacent to the port.“The port has been designed to serve the growing needs of global markets…and will dramatically improve the global competitiveness of Ecuadorian exporters,” Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO, said.“This facility will help Ecuador become an important player in regional and global trade and its deep drafts and quay lengths will handle Post-Panamax vessels to complement Guayaquil and other nearby terminals,” Jorge Velásquez, DP World Posorja General Manager, added.last_img read more