Notice of Proposed Settlement and Plan of Allocation Involving Purchasers of Perrigo Common Stock from April 21, 2015 through May 2, 2017 and Owners of Perrigo Common Stock as of November 12, 2015

SEATTLE, May 17, 2024 (GLOBE NEWSWIRE) —

UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY

ROOFER’S PENSION FUND, on behalf of
itself and all others similarly situated,

                        Plaintiff,

        v.

JOSEPH C. PAPA, et al.,

                        Defendants.

 

Case No. 1:16–cv–02805–RMB–LDW

CLASS ACTION

SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT
AND PLAN OF ALLOCATION; (II) SETTLEMENT HEARING; AND
(III) MOTION FOR ATTORNEYS’ FEES AND LITIGATION EXPENSES

To:

(1) All persons who purchased Perrigo Company plc’s (“Perrigo”) publicly traded common stock between April 21, 2015 and May 2, 2017, both dates inclusive (the “Class Period”), on the New York Stock Exchange or any other trading center within the United States and were damaged thereby;

(2) All persons who purchased Perrigo’s publicly traded common stock between April 21, 2015 and May 2, 2017, both dates inclusive, on the Tel Aviv Stock Exchange and were damaged thereby; and

(3) All persons who owned Perrigo common stock as of November 12, 2015 and held such stock through at least 8:00 a.m. on November 13, 2015 (whether or not a person tendered their shares in response to the tender offer of Mylan, N.V”).1

PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of New Jersey, that the Court–appointed Lead Plaintiff, on behalf of itself and the Court–certified Class, in the above–captioned securities class action (the “Action”) has reached a proposed settlement of the Action with defendants Perrigo Company plc (“Perrigo”) and Joseph C. Papa (collectively, “Defendants”) for $97,000,000 in cash that, if approved, will resolve all claims in the Action.

A hearing will be held on September 5, 2024 at 10:00 a.m., before the Honorable Leda Dunn Wettre, United States Magistrate Judge, in person in Courtroom 3C of the Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Newark, NJ 07101, to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation and Agreement of Settlement dated April 4, 2024 should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel’s application for an award of attorneys’ fees and payment of expenses should be approved.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Net Settlement Fund. If you have not yet received the full printed Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Settlement Notice”) and the Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at Perrigo Securities Litigation, c/o JND Legal Administration, P.O. Box 91374, Seattle, WA 98111, 1–833–674–0175, info@PerrigoSecuritiesLitigation.com. Copies of the Settlement Notice and Claim Form can also be downloaded from the website for the Action, www.PerrigoSecuritiesLitigation.com.

If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form online or postmarked no later than August 26, 2024. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s application for attorneys’ fees and payment of expenses, must be filed with the Court and delivered to Lead Counsel and counsel for Defendants such that they are received no later than August 6, 2024, in accordance with the instructions set forth in the Settlement Notice.

Please do not contact the Court, the Clerk’s office, Perrigo, any other Defendant in the Action, or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed the Claims Administrator or Lead Counsel.

Requests for the Settlement Notice and Claim Form should be made to:

Perrigo Securities Litigation
c/o JND Legal Administration
P.O. Box 91374
Seattle, WA 98111
1–833–674–0175
info@PerrigoSecuritiesLitigation.com
www.PerrigoSecuritiesLitigation.com

Inquiries, other than requests for the Settlement Notice and Claim Form, may be made to Lead Counsel:

Pomerantz LLP
Joshua Silverman
10 S. LaSalle Street
Chicago, IL 60603
1–312–377–1181
jbsilverman@pomlaw.com

Bernstein Litowitz Berger & Grossmann LLP
James A. Harrod
1251 Avenue of the Americas
New York, NY 10020
1–800–380–8496
settlements@blbglaw.com

By Order of the Court

____________________________     

1 Certain persons and entities are excluded from the Class by definition and others are excluded pursuant to request. The full definition of the Class including a complete description of who is excluded from the Class is set forth in the full Settlement Notice referred to above.


GLOBENEWSWIRE (Distribution ID 9112002)

Ittihad announces Full Year 2023 Financial Results

ABU DHABI, United Arab Emirates, May 17, 2024 (GLOBE NEWSWIRE) — Ittihad International Investment LLC (Ittihad), the leading industrial conglomerate in the UAE, today announces its Full Year 2023 Financial Results.

Financial Highlights

  • Group Revenue of $2.8 billion (AED10.4 billion)
  • Group Adjusted EBITDA* of $138.7 million (AED509.6 million)
  • Successfully launched a 5NC2 debut Sukuk, raising $350 million
  • Continued focus on deleveraging the business, with gross debt leverage of 5.3x at year end (down from 6.0x as of December 31, 2022), and adjusted net leverage* stood at 3.4x in 2023, down from 3.5x in 2022
    • Debt repayments for the year amounted to $119 million (AED436.6 million)
  • Strong balance sheet continues to provide capital allocation optionality
    • Net cash and cash equivalents of $153 million, with readily marketable inventories (RMI) of $107 million as at year end
    • $50 million of restricted cash was released in December 2023, with proceeds used to pay down working capital facilities
    • Ittihad is well–placed to continue to capitalise on a pipeline of strategic M&A opportunities to compound growth
  • Arranged $88 million of term loan and Export Credit Agency (ECA ) backed term financing for the tissue mill expansion project in Saudi Arabia. The facility is unsecured with a maturity of 12 years door–to–door

Operational Highlights

  • Infrastructure and Building Materials Manufacturing (IBMM): strong margin growth as a result of positive pricing performance and a significant shift in demand driven by the energy transition and long–term investments in infrastructure and real estate development across the region.
  • Consumer Goods Manufacturing (CGM): margin compression in the segment in the second and third quarter of the year due to destocking and a rapid correction in both raw material and finished goods prices.
  • Construction commenced on the new tissue mill in Saudi Arabia, a project that will ensure a more competitive logistics costs and improved price margins in the country.
  • Metropolic Paper Industries (MPI) became the main tissue supplier for Carrefour, a leading retail brand in the UAE.
  • Business Services: Double digit growth in EBITDA achieved across the waste collection, city cleaning, and sewage network services. Ittihad successfully penetrated a niche market in this segment by introducing robotic camera technology solution for sewage network inspection and repair, seeing strong levels of demand in the local market. Ittihad is well–placed to take advantage of potential opportunities for regional expansion with this technology.
  • The acquisition and expansion of a waste collection and city cleaning company in Saudi Arabia, effectively scaling up operations with new long–term projects valued at $40 million.

Outlook

  • Organic growth and sustainability will remain the primary focus over the next five years.
  • Plans to further expand into Saudi Arabia in consumer goods and business services segments.
  • The Company has a medium–term leverage target of 2.5x – 3.0x (net of bank balances and cash and RMI) and is focused on meeting this leverage target in the short to medium term.
  • Ittihad is well–placed to capitalise on strategic M&A opportunities and is strategically positioned to expedite its investment plans while exploring additional avenues for capital raise.

* Note on adjustments:

“Adjusted EBITDA” is defined as net profit (loss) for the year / period from continuing operations plus finance costs, tax, depreciation, amortisation, impairment of goodwill, and changes in the fair value of derivative financial instruments

Adjusted net leverage is defined as gross debt minus cash balances and readily marketable inventories (RMI) to adjusted EBITDA

Amer Kakish, Chief Executive Officer of Ittihad, said:

“The sustained and resilient EBITDA performance witnessed in 2023 highlights Ittihad's ability to maintain the strong earnings achieved in the record–breaking year of 2022. This consistent long–term growth demonstrates a significant milestone in our expansion journey, emphasizing the resilience of our diversified portfolio amidst challenging economic and geopolitical conditions, both regionally and globally.”

“We take pride in Ittihad's current contribution, accounting for over 4% of the UAE's non–oil manufacturing sector exports, and our rapid progress aligns with the UAE's 'Operation 300bn' strategy. Looking ahead, our focus remains on driving organic growth throughout our portfolio while maintaining our commitment to ongoing investment plans.”

For further information please contact:

Ittihad International Investment
Zahi Abu Hamze
Chief Financial Officer
+971 506128603

Wasfi Al Tayara
Corporate Finance and Investor Relations Manager
+971 501307449
investor.relations@ittihadinvestment.ae        

MHP Group
James McFarlane / Charlie Barker / Veronica Farah
+44 7584 152665 / +44 7834 623818 / +44 7710 117517
Ittihad@mhpgroup.com

Overview

The headline figures of AED 10.4 billion in revenues and AED 509.6 million adjusted EBITDA for the 12–month period remained relatively consistent with the prior year. However, it's important to recognize that 2022 marked a record year for the CGM segment, driven by customers replenishing inventories post–pandemic. Subsequently, as supply chain disruptions eased, customers scaled back on excess stock. Moreover, challenges such as higher interest rates, inflation, and geopolitical conflicts further complicated market conditions. Despite these obstacles, our ability to maintain the strong gains achieved in 2022 amid such challenges is commendable.

Our robust performance underscores the diversified nature of our investment portfolio spanning four key verticals: Consumer Goods Manufacturing, Infrastructure and Building Materials Manufacturing, Business Services, and Healthcare and Other. Throughout 2023, this diversification strategy has proven effective, showcasing resilience across various sectors and geographic markets. While certain segments faced macroeconomic challenges like destocking in consumer goods, others enjoyed robust demand and predictable earnings streams, mitigating any negative impacts at the Company level.

Revenue decreased by AED 538.4 million, or by 4.9 per cent., to AED 10,427.9 million in the twelve months ended 31 December 2023 from AED 10,966.3 million in the twelve months ended 31 December 2022, primarily due to a cyclical correction in commodity prices including paper, copper, and chemicals.

Adjusted EBITDA decreased by AED 12.7 million, or by 2.4 per cent., to AED 509.6 million in the twelve months ended 31 December 2023 from AED 522.3 million in the twelve months ended 31 December 2022, primarily due to softening of EBITDA in the chemicals and paper businesses as a result of lower prices of raw materials and finished goods, largely offset by higher margins and volume in IBMM and Business Services divisions. As a percentage of revenue, Adjusted EBITDA margin decreased from 13.3 per cent. to 12.6 per cent.

Segmental Performance

Consumer Goods Manufacturing

CGM comprises three product lines: Printing and writing paper, tissue, and chemicals used in detergents and personal care products. The nature of the products the Company manufactures are fast moving essential goods which enables its Consumer Goods margins to remain relatively resilient during economic downturns. In the 12 months ended 31 December 2023, the Company's three consumer goods products  accounted for 18 per cent of the Company's revenue and 41 per cent of its adjusted EBITDA.

Revenue decreased by AED 220.8 million, or by 10.4 per cent., to AED 1,906.7 million in the twelve months ended 31 December 2023 from AED 2,127.5 million in the twelve months ended 31 December 2022, primarily due to a post COVID drop in demand and prices of chemicals from June 2022 onwards as a result of destocking and normalization in supply chain, and a cyclical correction in the prices of tissue and paper during the second and third quarter of 2023.

Adjusted EBITDA decreased by AED 125.1 million, or by 37.6 per cent., to AED 207.7 million in the twelve months ended 31 December 2023 from AED 332.9 million in the twelve months ended 31 December 2022, primarily due to softening of margins as a result of lower prices of tissue, paper and chemical driven by a significant correction in raw material prices on the back of easing of supply chain crunch. Some of the excess demand growth of 2022 caused paper inventories to swell, contributing to de stocking and thereby softening of demand during second and third quarter in 2023. The impact was more significant in the chemical business due to much lower post–pandemic demand for cleaning and disinfecting chemicals.

Infrastructure and Building Materials Manufacturing

IBMM division comprises three product lines: Refined copper rods, steel bars, and cement. The copper business enjoys a positive outlook due to strong demand propelled by the increasing adoption of alternative energy sources and electric vehicles, aligned with global trends favoring energy transition initiatives. Similarly, the overall building materials segment has experienced a surge in sales and improved margins, fuelled by substantial infrastructure investments and heightened construction activity in key markets such as the UAE and Saudi Arabia. In the 12 months ended 31 December 2023, IBMM accounted for 73 per cent of the Company's revenue and 32 per cent of its adjusted EBITDA.

Revenue decreased by AED 444.3 million, or by 5.5 per cent., to AED 7,643.9 million in the twelve months ended 31 December 2023 from AED 8,088.2 million in the twelve months ended 31 December 2022, primarily due to a lower average price of copper during the period. Cement and steel business experienced healthy demand from the regional market on account of strong push for real estate and infrastructure projects, partly offset the decrease in copper.

Adjusted EBITDA increased by AED 90.7 million, or by 125.1 per cent., to AED 163.2 million in the twelve months ended 31 December 2023 from AED 72.5 million in the twelve months ended 31 December 2022, primarily due to higher margins and sales volume in the copper, steel and cement businesses.

Business Services

The Company's business services division provides: Long–term procurement, maintenance, and operation of radiology departments in Government–owned hospitals; Operation and maintenance services for infrastructure networks, wastewater treatment plants, sewage network and sewage treatment plants; and city cleaning and municipal waste collection. In the 12 months ended 31 December 2023, Business Services accounted for 6 per cent of the Company's revenue and 28 per cent of its adjusted EBITDA.

Revenue increased AED 66.3 million, or by 12.8 per cent., to AED 585.4 million in the twelve months ended 31 December 2023 from AED 519.0 million in the twelve months ended 31 December 2022, primarily due to an increase in work orders in the sewage and infrastructure business.

Adjusted EBITDA increased by AED 20.4 million, or by 16.5 per cent., to AED 144.2 million in the twelve months ended 31 December 2023 from AED 123.8 million in the twelve months ended 31 December 2022, primarily due to improved margins in city cleaning and waste collection and an increase in work orders in the operation and maintenance of sewage networks.

Healthcare and other

The division comprises of healthcare, fund management, logistics and transportation, and interior design services for government and the private sector. These businesses, in alignment with our Business Services division, have minimal asset requirements and operate in sectors with promising growth prospects. In the 12 months ended 31 December 2023, Healthcare and other accounted for 3 per cent of the Company's revenue and 5 per cent of its adjusted EBITDA.

Revenue increased by AED 131.5 million, or by 83.6 per cent., to AED 288.7 million in the twelve months ended 31 December 2023 from AED 157.3 million in the twelve months ended 31 December 2022, primarily due to an increase in sales of medical lab equipment, operating theatres, hospital beds, office furniture and a revenue ramp up of the newly expanded operation in Egypt and Saudi Arabia.

Adjusted EBITDA improved to AED 27.4 million in the twelve months ended 31 December 2023 from AED 6.1 million in the twelve months ended 31 December 2022, primarily due to increased margin on account of increase in sales of medical lab equipment, operating theatres, hospital beds, office furniture and a revenue ramp up of the newly expanded operation in Egypt and KSA.

Outlook

Ittihad expects further growth at the EBITDA level, with revenues across verticals expected to organically expand. Moreover, improvements in margins are anticipated within the Consumer Goods vertical as the segment supply and demand dynamics normalize.

From an operational standpoint, Ittihad is strategically positioned to drive growth within its portfolio. In Q2 2024, the commissioning of our copper recycling plant is scheduled, along with additional expansion plans for the recently acquired waste collection operation in Saudi Arabia.

Looking ahead, the Company's primary focus over the next five years will be on organic growth and sustainability. Expansion into Saudi Arabia will remain a key priority, alongside ongoing investments in human capital development and the advancement of our ESG program.

About Ittihad

Ittihad is a privately owned business founded in 2008 and headquartered in the United Arab Emirates (UAE), with investments in the UAE, Saudi Arabia, and Egypt. The Company exports products and services to over 50 countries worldwide. It has a talented team of more than 8,000 members from over 57 nationalities with sector–wide expertise and a commitment to operational excellence.

Since 2015, Ittihad has pursued a strategy of investing in businesses with leading domestic positions in the UAE and the Gulf Cooperation Council (GCC), as well as strong international export potential. The Company focuses on long–term investments, all structured for business–to–business (B2B) export and designed to capture the unique value proposition offered by the UAE and the region.

Ittihad is committed to powering wealth creation through assets that balance profitability with sustainability and generate positive outcomes for stakeholders, society, and the planet.

This information is provided by Reach, the non–regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com


GLOBENEWSWIRE (Distribution ID 9119718)

Construmat grows with the broadest range of sustainable construction solutions

BARCELONA, Spain, May 17, 2024 (GLOBE NEWSWIRE) — Quality leap at Construmat in its 23rd edition. Fira de Barcelona's construction show has increased its exhibition offer by 50%, with more than 300 exhibitors and 600 brands covering almost the entire construction ecosystem and making it the most cross–sector event in Spain. The 2024 edition will have sustainability and innovation as the main protagonists.

From May 21 to 23, Construmat will become the epicenter of the construction industry in Spain. The increase in the number of exhibiting companies is reflected in a larger exhibition area, spreading over more than 10,000 m2 in Hall 2 of the Gran Via venue, with the aim of housing an extensive showcase of the most sustainable and innovative construction solutions.

Among the segments showcased at the event are machinery and tools, industrialized construction, facades and roofing, insulation, urban planning, design and interior design, flooring, bathrooms, BIM and ICT for projects and works, lighting, energy management and collection, windows and doors, carpentry, locks and solar protection.

Leading companies and industry support
Many firms will take part in the show to display their latest innovations and advances including Ausa, Cementos Molins, Drutex, Durmi, Encofrados Alsina, Evowall Technology, Fischer, Haier Iberia, Holcim España, Hormipresa Nec, Indalsu, Jung, K–Line, KLH Massivholz, Nibe, PMP /Pret–a–porter Casas/Khanvian, Roca, Saltoki, Schnell, Technal and TQ Tecnol, among others.

On the other hand, the show will focus on the international markets of the Mediterranean arc. As a result, Morocco will be the guest country at Construmat 2024 and has prepared official trade mission made up of seven companies, six sector federations and the architects' associations, and builders' and developers' associations. In addition, the presence of some 50 exhibiting companies from 18 countries such as Germany, Belgium, China, Egypt, France, Italy and Poland is also to be highlighted.

The Sustainable Building Congress, Construmat’s conference program, will host over 120 speakers, 50 presentations and 15 round tables to discuss the latest initiatives developed to minimize the environmental impact of construction. The sessions will be structured around three main topics: Decarbonization and Circular Economy, Solutions and Digital Technologies, and Industrialized Construction Systems.

In addition, the upcoming edition of the Construmat Awards, that acknowledge excellence in architectural and engineering works, will be curated by the Mies van der Rohe Foundation and feature, for the first time, a Public Choice Award.

For media requests please contact:

Salvador Bilurbina
email: sbilurbina@firabarcelona.com
phone: +34628162674

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/98e9709b–fa02–41fa–a386–2b27a01f3497


GLOBENEWSWIRE (Distribution ID 1000951442)

Rising Temperatures Drive Human-Wildlife Conflict in Zimbabwe

Dry conditions and extreme heat are changing natural wildlife habitat and behavior.Credit: Ignatius Banda/IPS

Dry conditions and extreme heat are changing natural wildlife habitat and behavior. Credit: Ignatius Banda/IPS

By Ignatius Banda
BULAWAYO, Zimbabwe, May 17 2024 – Rising temperatures are being blamed for an increase in human-wildlife conflicts in Zimbabwe as animals such as snakes leave their natural habitat earlier than usual.

High temperatures have also given rise to early fire seasons, driving wild animals into human-populated areas, authorities say, placing the lives of many in danger in a country with already compromised health services.

This is also happening at a time when agencies such as the World Health Organization are highlighting the link between climate change and health and calling for increased research.

Globally, unprecedented high temperatures are being blamed for devastating wildfires, and low income African countries such as Zimbabwe that are bearing the brunt of climate change have not been spared.

At the beginning of the year, Zimbabwe’s health ministry reported a spike in the number of snake bites as snakes moved into areas inhabited by humans.

Residents witnessing the upsurge of snakes within residential areas say this has coincided with extreme heat being experienced across the country, while snake catchers in the country’s cities are also recording booming business.

Wildlife authorities say disappearing natural habitat for wildlife has led to increasing endangerment for humans, while climate researchers have noted a link between rising temperatures and snake attacks.

The Zimbabwe National Parks and Wildlife Authority (Zimparks) says brumation, the period snakes spend in hibernation, has been shortened by extended, unusually high temperatures as snakes move from their hiding places earlier than during normal seasonal temperatures.

Shorter winters and longer days have also become normal in a rapidly changing global climate, researchers note, forcing wildlife to adapt and, in some circumstances, move to human-populated areas.

This has led to a record number of snake bites, says Tinashe Farawo, the parks and wildlife spokesperson.

High temperatures in Zimbabwe are also being blamed for extended fire seasons as dry conditions provide ideal conditions for the spread of veld fires.

And as the veld fires spread, dangerous wildlife such as snakes seek safety elsewhere, further endangering the lives of humans, Zimparks officials say.

Affected communities, however, find themselves in a fix regarding how to deal with this climate driven phenomenon.

It is a punishable offence in Zimbabwe to kill wildlife and protected snake species even when humans feel their lives are threatened, highlighting the impact and complexity of climate change on biodiversity and ecological balance.

“As ecosystems change, people and wildlife roam farther in search of food, water and resources. The issue of human-wildlife conflict in Zimbabwe is increasingly gaining traction,” said Washington Zhakata, climate change management director in the environment ministry.

“Rising temperatures are affecting vegetation, food sources, access to water and much more. Ecosystems are gradually becoming uninhabitable for certain animals, forcing wildlife to migrate outside of their usual patterns in search of food and liveable conditions,” Zhakata told IPS.

Zimbabwe has in recent months registered record high temperatures that have affected everything from crops to people’s health, at a time when global temperatures have also soared, triggering a raft of environmental, social, economic, and health challenges.

Researchers have noted that global warming has over the years disrupted biodiversity, forcing wildlife to move to more habitable regions, and, in the process, upsetting natural ecosystems.

“In many parts of sub-Saharan Africa, during periods of drought, people and their livestock are competing with wildlife for diminishing resources,” said Nikhil Advani, senior director of wildlife and climate resilience at the World Wildlife Fund.

Amid the challenges brought by climatic shifts, experts say improved interventions are needed to navigate increasing human-wildlife conflict.

Despite all evidence, least-developed countries such as Zimbabwe have struggled to mobilize and channel resources towards climate management programmes, exposing both humans and wildlife to open conflict.

“There are a number of interventions that can help mitigate human-wildlife conflict, for example, predator-proof bomas (safe areas) and early warning systems for wild animals in the area. One key thing is that communities need to see the benefits of living with wildlife,” Advani said.

While Zimbabwe has the Communal Areas Management for Indigenous Resources (CAMPFIRE) aimed at helping address issues such as human-wildlife conflict, broader issues that include the impact of climate change on ecology remain unaddressed, affected communities say.

“Initiatives like eco-tourism are an excellent way for communities to see the benefits of living with wildlife, as long as the tourism ventures have strong inclusion of local communities throughout the value chain,” Advani added.

With climate researchers warning that the globe will continue warming, concerns linger about the long-term impact of climate change on human-wildlife conflict as communities struggle to normalize cohabiting with dangerous animals.

“Already today we face an exponential increase, compared to 30 years ago, in climate and weather-related natural disasters. These disasters are causing catastrophic loss of life and habitat for people, pets, and wildlife,” Zhakata said.

IPS UN Bureau Report

 


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Women Organize to Fight Coastal Erosion in Southeastern Brazil

A view of the port of Atafona's fishing boats on the Paraíba do Sul River. The sedimentation of the mouth of the river makes it difficult for larger vessels to enter and they have started to operate in ports in other locations, with additional costs and losses for the economy of Atafona. CREDIT: Mario Osava / IPS

A view of the port of Atafona’s fishing boats on the Paraíba do Sul River. The sedimentation of the mouth of the river makes it difficult for larger vessels to enter and they have started to operate in ports in other locations, with additional costs and losses for the economy of Atafona. Credit: Mario Osava/IPS

By Mario Osava
ATAFONA, Brazil , May 17 2024 – Coastal erosion has been aggravated by climate change and has already destroyed more than 500 houses in the town of Atafona in southeastern Brazil. Movements led largely by women are working to combat the advance of the sea and generate economic alternatives.

Atafona, one of the six districts of São João da Barra, a municipality of 37,000 inhabitants, is 310 kilometers by road northeast of Rio de Janeiro. It is a town with its own identity. Fishermen, who were joined by middle-class families from nearby large cities, built their vacation homes there.

Sonia Ferreira did so in 1980, when she lived in Rio de Janeiro. She moved permanently to Atafona in 1997, when she witnessed the disappearance of the three blocks that separated her house from the beach. In 2008, she saw the town’s tallest building—four stories—collapse across the street from her house.

She has photos recording the downfall of the building that housed a supermarket and a bakery on the first floor and a hotel upstairs. Her house would have been the next victim, but the sea granted her an 11-year grace period. “I will only leave when the wall around the house falls,” she would tell her family when they pressured her to move to a safer place.

Sonia Ferreira, 79, president of SOS Atafona, stands next to what is left of the rubble of a four-story building, toppled by the sea in 2008. CREDIT: Mario Osava / IPS

Sonia Ferreira, 79, the president of SOS Atafona, stands next to the remains of a four-story building that the sea toppled in 2008. Credit: Mario Osava/IPS

But from 2019 to 2022, the sea level started to rise again. “In 2019, the first piece of the wall fell. I fixed up the little house at the back of the lot and moved in, but I kept the big house with the furniture until 2022, when the water reached the house and the floor gave way,” she told IPS at her current home, near her daughter’s house.

“The sea does not hit in overpowering waves, but erodes the sandy soil, infiltrates underneath the buildings, undermines their structures, and the house is basically left hanging in the air,” she described.

In late 2022, she decided to demolish the “big house” in a painful process after sadly seeing the wall fall down in pieces. But then she could not live in the small house in the backyard, which was invaded by a large amount of sand, so she was taken in by her daughter. Widowed, she has two other children who live abroad.

At the age of 79, Sonia Ferreira channels her love for the area as president of SOS Atafona, an association with about 200 active residents, mostly women, who debate and lobby the public authorities for solutions to stop the advance of the sea and other problems in the neighborhood.

Sonia Ferreira stands in front of what was left of her home, which she decided to demolish in 2022, after coastal erosion knocked down its outer walls and washed out the sandy base, leaving just columns. CREDIT: Mario Osava / IPS

Sonia Ferreira stands in front of what was left of her home, which she decided to demolish in 2022 after coastal erosion knocked down its outer walls and washed out the sandy base, leaving just columns. Credit: Mario Osava/IPS

Fishermen Suffer Climate Injustice

“Fishermen have been hit the hardest,” she said, as vacationers have resources such as other homes.

The original settlers are the main victims of climate injustice in Atafona. The rising sea level and the intensification of the northeast wind not only destroyed their houses but also exacerbated the siltation at the mouth of the Paraíba do Sul River, limiting the access of boats to the fishing port on the river through a narrow channel.

Faced with the difficulties, the larger vessels prefer to deliver their fish to distant ports, some 100 kilometers to the north or south, at the expense of the local economy, lamented Elialdo Mirelles, president of the São João da Barra Fishermen’s Colony.

The president of the São João da Barra Fishing Colony, Elialdo Meirelles, is photographed at the repair port for fishing boats on the Paraiba do Sul River, near its mouth. CREDIT: Mario Osava / IPS

The president of the São João da Barra Fishing Colony, Elialdo Meirelles, is photographed at the repair port for fishing boats on the Paraiba do Sul River, near its mouth. Credit: Mario Osava/IPS

Meirelles estimates that about 400 fishing families lost their homes on Convivência Island, which was in the Paraíba do Sul River delta, where the problems began.

Only 200 families were given new houses by the government, while the rest were dispersed or have been living for years with the benefit of “social rent,” a small sum from the municipality to help pay for rental housing.

That is why he believes that the houses engulfed by the sea in the entire area numbered much more than the 500 or so estimated by the city government and that the erosion actually began before the 1960s, which is the time frame indicated by researchers.

Dunes are growing and threatening the streets and coastal housing in a part of Atafona beach, after the sea and sand destroyed more than 500 houses on the beach closest to the mouth of the Paraiba do Sul river. CREDIT: Mario Osava / IPS

Dunes are growing and threatening the streets and coastal housing in a part of Atafona Beach after the sea and sand destroyed more than 500 houses on the beach closest to the mouth of the Paraiba do Sul river. Credit: Mario Osava/IPS

“I was born on Convivencia Island in 1960, where my grandfather and father lived. My father lost two houses there, I lost two, and two of my brothers lost one each. The northeast wind was the cause,” he said. In 1976, the government began to remove settlers from the island, and the last ones left in the 1990s.

Then many families living in Pontal, the end point of the river’s right bank, also lost their homes. “Five streets were submerged,” he noted. As the island disappeared, that mainland area lost a barrier against the wind, he said.”The sea does not hit in overpowering waves, but erodes the sandy soil, infiltrates underneath the buildings, undermines their structures, and the house is basically left hanging in the air.” —Sonia Ferreira

Meirelles, who sought a new home away from the shoreline on his own, represents 680 registered fishermen in his entire municipality of São João da Barra, 56 percent of whom are from Atafona.

Causes of coastal erosion

“Climate change definitely aggravated the problem unleashed by several factors, especially human action that reduced the river’s flow,” said Eduardo Bulhões, marine geographer and professor at the Fluminense Federal University.

The main factor was the transfer of water from the Paraiba do Sul river to the Guandu river system, which supplies nine million inhabitants of outlying areas of Rio de Janeiro and was inaugurated in 1954. Since then, there have been expansions that have drastically reduced the flow of water in the river that runs into Atafona.

The river rises near São Paulo and crosses almost the entire state of Rio de Janeiro—in other words, a densely populated area of 1,137 km. Its waters, destined for other cities, industries, and hydroelectric generation, lost the volume and strength to carry sediment to the delta at the mouth as a barrier against the sea.

In addition to engulfing Convivencia Island and many blocks of Atafona, the sea advanced upstream, salinizing many kilometers of water table and affecting the municipality’s water supply.

The collapse of houses due to erosion is also caused by their irregular construction on dunes that have always existed in the town and are growing on part of the beach, said Bulhões.

The northeast wind, which is intensified by climate change and pushes the waters that erode the constructions and the sands that threaten to clog the coastal road and nearby houses, contributes to this, he said.

A solution to coastal erosion depends on studies to identify long-term feasibility and effectiveness, and the city government is preparing terms of reference to contract the studies, reported Marcela Toledo, São João da Barra’s secretary of environment and public services.

Women-led projects

This municipality is also located in an area impacted by oil exploration in the Campos basin, offshore Rio de Janeiro state. Due to environmental requirements, the state-owned oil company Petrobras, the main explorer, is financing the Pescarte Environmental Education Project to mitigate and compensate for these impacts, carried out by the North Fluminense State University (UENF).

In the project, which is focused on fishing as the most affected activity, women constitute the vast majority. The main proposals approved were refrigeration plants, industrial kitchens, fishmeal factories and processing plants, said Geraldo Timoteo, a professor at the UENF and the head of Pescarte.

In the Pescarte team, initially looking at environmental education and now at production, 48 out of a total of 59 employees are women. Of the 14 supervisors, 11 are women.

Fernanda Pires, an activist seeking solutions that add value to fish, runs the Arte Peixe cooperative, which produces eight types of fish and shrimp snacks in Atafona, Brazil. CREDIT: Mario Osava / IPS.

Fernanda Pires, an activist seeking solutions that add value to fish, runs the Arte Peixe cooperative, which produces eight types of fish and shrimp snacks in Atafona, Brazil. Credit: Mario Osava/IPS.

The organization of artisanal fishermen and their families is the central objective of the long-term (2014–2035) project. It also seeks to increase income through expanding the use of fish and providing better access to markets and cooperatives.

Now the idea is to promote aquaculture based on experiments conducted at the UENF.

Pescarte has also accumulated knowledge about the world of fishermen. It conducted two censuses in the 10 participating municipalities in 2016 and 2023, Timoteo told IPS.

In the second one, 46 percent of the people interviewed were women and 21 percent of them were responsible for 100 percent of the family income. In 37.9 percent of the cases, they shared this responsibility with their husbands.

Fernanda Pires is one of the participants of Pescarte in Atafona. Her activism for fish processing as a way of adding value is reflected in her practice as leader of the Arte Peixe cooperative, which produces eight types of fish and shrimp snacks.

Founded in 2006 by her mother, Arte Peixe has 20 female members, seven of whom work directly in production. The profits are limited, serving as a supplement to the main income obtained from other work or employment. Pires is a municipal employee, but new markets open up prospects for better profits in the future.

The leading role played by women in overcoming the problems in Atafona, threatened by coastal erosion and the decline in fishing, is perhaps due to the fact that “they study more, and have greater concern for the future, and a stronger sense of community,” said Bulhões.

In Pescarte, its directors observe that while men prioritize fishing in itself, upgrading their boats and equipment, and are absent from the city, spending more and more time at sea every day, women take care of processing the fish, sales and adding value; that is, they focus more on the future of the activity and of their lives.

IPS UN Bureau Report

Note: This feature is published with the support of Open Society Foundations.


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More Diversified Trade Can Make Middle East & Central Asia More Resilient

Credit: WTO

By Jihad Azour
WASHINGTON DC, May 17 2024 – Dislocations from the pandemic, geoeconomic fragmentation, and Russia’s war in Ukraine have shifted world trade dynamics. While this has created challenges, the redirection of trade has also generated new opportunities, particularly for the Caucasus and Central Asia.

Since the war began, the region’s economies have shown continued resilience and trade activity in many countries has surged, fueled in part by alternative trade routes. In 2022, Armenia, Georgia, and the Kyrgyz Republic saw their share of trade excluding oil and gas with major partners such as China, the European Union, Russia, and the United States rise as much as 60 percent.

Hence, despite some moderation, gross domestic product growth in the Caucasus and Central Asia is projected to remain robust at 3.9 percent in 2024 before picking up to 4.8 percent in 2025.

Trade volumes between China and Europe via Central Asia have more than quadrupled. Though this route, known as the Middle Corridor, represents a small fraction of overall trade between China and Europe, it holds significant promise for economic development in the Caucasus and Central Asia and its integration into global supply chains.

Shifting trade patterns have also opened opportunities elsewhere. For example, countries in the Middle East and North Africa, such as Algeria, Kuwait, Oman, and Qatar, roughly doubled their energy exports to the European Union in 2022–23 to meet surging demand for non-Russian oil and gas.

More recently, Red Sea shipping attacks stemming from the conflict in Gaza and Israel have not only disrupted maritime trade and impacted neighboring economies but also increased the level of uncertainty.

Suez Canal transits are down more than 60 percent since the conflict in Gaza and Israel began as ships are rerouted around the Cape of Good Hope. Cargo volumes also have contracted sharply in Red Sea ports such as Jordan’s Al Aqaba and Saudi Arabia’s Jeddah. However, some trade has been redirected within the region, including to Dammam, Saudi Arabia, on the Persian Gulf.

Persistent Red Sea disruptions could have sizable economic consequences for the most exposed economies. An illustrative scenario in our most recent Regional Economic Outlook shows that countries on the Red Sea (Egypt, Jordan, Saudi Arabia, Sudan, Yemen) could lose about 10 percent of their exports and close to 1 percent of GDP on average if disruptions continue through the end of this year.

In the current uncertain landscape of international trade, strategic foresight and proactive policy reforms will be the key factors enabling countries to achieve trade and income gains. Addressing the challenges posed by these shocks and seizing the opportunities ahead will require that countries tackle longstanding trade barriers arising from elevated nontariff restrictions, infrastructure inadequacies, and regulatory inefficiencies.

Targeted policy reforms can help do this, though preparation is crucial. Reducing nontariff trade barriers, boosting infrastructure investment, and enhancing regulatory quality could help increase trade by up to 17 percent on average over the medium term, our research shows, while economic output could be 3 percent higher. This would also enhance resilience against future trade shocks.

Past reforms show effective action is possible. Uzbekistan has enhanced its attractiveness to foreign investors and deepened its integration into the global economy eliminating currency controls and improving the business environment. Saudi Arabia grew its non-oil economy and attracted international businesses through its Vision 2030 reform plan, which included easing regulatory constraints on trade and investment.

Azerbaijan’s investment in the Baku-Tbilisi-Kars railway, a key segment of the Middle Corridor, highlights the potential of infrastructure investment, increasing cargo capacity between Asia and Europe. These initiatives underscore the transformative power of targeted policy reforms in adapting to and thriving within the global trade landscape.

Countries in the Middle East and North Africa can mitigate ongoing shipping disruptions by improving their supply chain management, securing new suppliers in the most affected sectors, seeking alternate shipping routes, and assessing air freight capacity needs.

In the medium term, countries can increase their resilience to trade disruptions by strengthening and expanding regional linkages and connectivity. In turn, investing in transportation infrastruc¬ture, including by developing innovative sea–land routes, would be important.

Building a more diversified trade profile—spanning partners, products, and routes—would significantly bolster the region’s ability to withstand disruptions. Shifting trade patterns present a unique opportunity for countries to redefine their place in the global economic framework.

This IMF blog reflects contributions by Bronwen Brown and other staff across the Middle East and Central Asia Department. It is based on Chapter 3 of the April 2024 Regional Economic Outlook for the Middle East and Central Asia, “Trade Patterns amid Shocks and a Changing Geoeconomic Landscape.” The authors of the chapter are Apostolos Apostolou, Hasan Dudu, Filippo Gori, Alejandro Hajdenberg, Thomas Kroen, Fei Lui, and Salem Mohamed Nechi.

IPS UN Bureau

 


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