Sunday, 29 September 2013

The little (Blue) Bird has finally made up it mind to fly public this time.

The little (Blue) Bird has finally made up it mind to fly public this time (Twitter's IPO). Perhaps this week, with the aim at listing before Thanksgiving, Quartz reported on its website, citing a person familiar with the plans.

Dutdutan Tattoo Festival 2013

The Dutdutan Tattoo Festival, taking place this weekend, is the biggest tattoo exposition in Manila attracting enthusiasts from Malaysia, Indonesia, Singapore, Japan, Guam, Germany and the United States.

Friday, 27 September 2013


                                                  3rd RICHEST MAN IN THE WORLD

1) Warren bought his first share at age 11 and he now regrets that he started too late!

2) He bought a small farm at age 14 with savings from delivering newspapers.

3) He still lives in the same small 3 bedroom house in mid-town Omaha, that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence.

4) He drives his own car everywhere and does not have a driver or security people around him.

5) He never travels by private jet, although he owns the world's largest private jet company.

6) His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis.

7) Warren Buffet has given his CEO's only two rules.

Rule number 1: Do not lose any of your share holder's money.

Rule number 2 : Do not forget rule number 1.

He does not socialize with the high society crowd. His past time after he gets home is to make himself some pop corn and watch television.

9) Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.

10) Warren Buffet does not carry a cell phone, nor has a computer on his desk.

11) His advice to young people: Stay away from credit cards and invest in yourself.

12) He has donated $31 billion (85% of his fortune) to charity.

Be genius

The World's 25 Biggest Oil Companies in summaries

1. Saudi Aramco - 12.5 million barrels per day
Saudi Aramco is by far the biggest energy company in the world, generating more than $1 billion a day in revenues. This image depicts the Shaybah mega-project, sitting on more than 15 billion barrels of oil in the Rub al-Khali desert. Aramco's biggest field, Ghawar, can do 5 million bpd. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

2. Gazprom - 9.7 million barrels per day
Russia's Gazprom is the world's largest producer of natural gas. Controlled by the Kremlin, Gazprom's monopoly on gas deliveries to much of Europe provides President Vladimir Putin a prime lever for projecting power in the region. Gazprom's profits are more than $40 billion a year. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

3. National Iranian Oil Co. - 6.4 million barrels per day
Iran has been forced to curtail oil production due to international sanctions, but remains a huge oil and gas producer. To skirt sanctions, Turkey and India have reportedly been paying for Iranian oil with gold. The Strait of Hormuz remains the world's most significant choke point for oil. Iran has threatened to close the Strait if attacked. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

4. ExxonMobil - 5.3 million barrels per day
Exxon's $40 billion in annual profits don't seem like a lot when you consider their $400 billion in sales. It takes giant projects to "move the needle" for the Big Unit. That means CEO Rex Tillerson has to make friends with potentates. In this picture from last April, Tillerson is meeting with Russia's Vladimir Putin to iron out a joint venture between Exxon and Russia's state-controlled oil giant Rosneft. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

5. PetroChina - 4.4 million barrels per day
The largest of China's three state-controlled oil giants, PetroChina also has the highest market cap of any of the publicly traded giants. The company already produces more oil than ExxonMobil, and considering the estimates of massive shale gas under China, could someday vie with Gazprom as a regional gas power. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

6. BP - 4.1 million barrels per day
Bob Dudley is seeking to turn the giant formerly known as British Petroleum around. Selling assets, settling lawsuits, promising improvements. BP may not maintain its 4.1 million barrels per day for long; it is in talks to sell its 50% stake in Russian venture TNK-BP, which provides a quarter of production. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

7. Royal Dutch Shell - 3.9 million barrels per day
Shell is hoping this summer to start drilling for oil in Alaska's Chuckchi Sea. For years since leasing offshore blocks from the federal government Shell has been perfecting its drilling plan and preparing the Kulluk floating drilling rig, pictured here in the Puget Sound by Seattle. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

8. Pemex - 3.6 million barrels per day
Production from Mexico's biggest field, Cantarell (pictured) has plunged from 2 million bbl per day to roughly 600,000 now. State-owned Pemex is working to replace that shortfall with other fields. Mexico's incoming President Enrique Pena Nieto has said reforming Pemex to allow foreign investment will be his signature issue. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

9. Chevron - 3.5 million barrels per day
Chevron bought Atlas Petroleum in 2010 for $4.3 billion to gain acreage in the Marcellus and Utica shales. With gas prices low, some expect a bigger deal to come. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

10. Kuwait Petroleum Corp. - 3.2 million barrels per day
Kuwait's oil company was originally formed in 1934 by what are now Chevron and BP. In 1975 the company was nationalized. Kuwait's fields suffered greatly by fires set by Saddam Hussein's forces in 1990. Kurwait's biggest field, Burgan, continues to be operated by Chevron. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

11. Abu Dhabi National Oil Co. - 2.9 million barrels per day
Abu Dhabi is the seat of power in the United Arab Emirates. It is currently taking advantage of its strategic position adjacent to the Strait of Hormuz to build a pipeline to Fujairah, alleviating any chance of its crude exports being bottlenecked by an Iranian blockade. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

12. Sonatrach - 2.7 million barrels per day
Most of the output from Algeria's national energy company is in the form of natural gas, much of which Algeria exports to Europe. This image depicts the In Salah gas project, which strips out carbon dioxide from the gas stream and reinjects it back down into the gas reservoirs. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

13. Total - 2.7 million barrels per day
After French President Francois Hollande imposed new taxes on oil inventories in July, Total CEO Christophe de Margerie said the move would cost Total nearly $200 million in 2012 and hurt France's already ailing refining sector. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

14. Petrobras - 2.6 million barrels per day
Former CEO Sergio Gabrielli passes the baton to new Petrobras boss Maria das Gracas Silva Foster last February. The company is striving to develop massive ultra deep oil fields offshore. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

15. Rosneft - 2.6 million barrels per day
Sibling to Gazprom, Rosneft is Russia's state-controlled oil company. Russian President Vladimir Putin is shown here in June attending a signing ceremony of a joint venture between Rosneft and ExxonMobil to explore Russia's Arctic seas and giant oil-bearing shales. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

16. Iraqi Oil Ministry - 2.3 million barrels per day
Iraq will likely zoom up the ranks of the world's biggest producers as its giant untapped fields come on line. This photo is of drilling in West Qurna Phase 2, a project operated by Russia's Lukoil to tap 13 billion barrels. Lukoil's contract with Iraq pays it just $1.15 per barrel extracted. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

17. Qatar Petroleum - 2.3 million barrels per day
The vast majority of Qatar's production is in the form of natural gas, which gets shipped as LNG around the world. Qatar shares the world's largest natural gas field, which lies under the Persian Gulf, with Iran. Qatar is also home to the biggest U.S. military base in the region, not far across the desert from its gleaming capital Doha. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

18. Lukoil - 2.2 million barrels per day
Lukoil was formed in 1991 by former Soviet deputy oil minister Vagit Alekperov, who still runs the company and owns a 20% stake worth some $13 billion. Though Lukoil is investor-owned, Alekperov is still careful to consult Vladimir Putin. The two are seen here in 2010 touring Lukoil-Nizhegorodnefteorgsintez refinery at Kstovo in the Nizhny Novgorod region. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

19. Eni - 2.2 million barrels per day
Eni is Italy's oil champion. CEO Paolo Scaroni has in recent years made landmark joint ventures with the likes of Venezuela's Pdvsa and Russia's Rosneft. Here Scaroni shakes the hand of Dhiya Jaafar, acting chief of Iraq's South Oil Company, second right, as Iraqi Oil Minister Hussain al-Shahristani, center, looks on. In Iraq Eni is expanding the giant Zubair field. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

20. Statoil - 2.1 million barrels per day
The Norwegian government owns 67% of the shares in Statoil. The company has invested some $20 billion in the U.S., including the $4.7 billion acquisition of Bakken-focused Brigham Exploration in 2011. In May CEO Helge Lund (L) inked a new joint venture with Russia's Rosneft. There's Putin again. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

21. ConocoPhillips - 2 million barrels per day
This year ConocoPhillips spun off its refining business as Phillips 66 to focus on upstream operations. It may not have wanted its refineries, but strangely, Delta Air Lines did. This picture is of the Trainer, Pa. plant that Delta bought in hopes of paring its jet fuel bill. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

22. Petroleos de Venezuela - 1.9 million barrels per day
Known as Pdvsa, Venezuela's oil company seems to be the personal piggy bank of President Hugo Chavez, who has starved the company of capital to pay for social programs. Output is down 25% since 1998. That's Chavez' mug emblazoned on the side of Pdvsa headquarters in Caracas. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

 23. Sinopec - 1.6 million barrels per day
Sinopec is China's biggest refiner. This year Sinopec cut a sweeping shale venture with Devon Energy. Chairman Fu Chengyu was also seen at at the NBA Finals as a guest of Oklahoma City Thunder owner, and Chesapeake Energy CEO Aubrey McClendon. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

24. Nigerian National Petroleum - 1.4 million barrels per day
Amid a crackdown on corruption in Nigeria's country's oil industry, President Goodluck Jonathan has recently sacked several executives of NNPC. Critics have also been calling for the head of oil Minister Diezani Alison-Madueke, shown here attending an OPEC meeting in Vienna. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

25. Petronas - 1.4 million barrels per day

Malaysia's state oil giant mades its headquarters in the landmark Petronas Twin Towers, seen in the background of this photo. Petronas has recently expanded abroad, and is in the process of acquiring Canada's gas-focused Progress Energy for $5.4 billion. (Note: 2012 working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)

Stop thinking like an Average Person and see why a Rich Man attitude is different from yours....

The 21 Rules of the Rich (and how you can emulate them)

1) Average people think MONEY is the root of all evil. Rich people believe POVERTY is the root of all evil.
Average fellas are SCARED of money. You read that correctly. FEAR of money. You’ll hear average fellas say things like “I would never try and make money from this. I would never do this just for money” etc. Like money is AIDS and they would never try and get it. Everyone needs money because money is freedom. This fear of money is a one-way ticket to average town. Everyone needs money, there is no damn reason to make excuses or justify it or be afraid of it. I want money. This is how I make my money. Deal with it. Don’t be ashamed of your need or want for money. Get out there and take it and leave the excuses for average Joe.
2) Average people think selfishness is a vice. Rich people think selfishness is a virtue.
Everyone is selfish, but there are two types of selfishness: overt selfishness and covert selfishness. You want to be OVERTLY selfish. Covert selfishness is for chicken shits. When you come right out and say “I want it my way and I’ll have it my way” you will get what you want. When you play the covertly selfish guy, also known as nice guy syndrome, you are only going to get shit on. Nice guys aren’t nice guys, they’re chicken shits. They want the same thing overtly selfish guys want, money and women, but they’re too scared to come right out and demand it so they play nice and hope they’ll be able to manipulate that outcome. But it won’t happen, it’ll never happen. You want it? Take it. You want to eat shit? Play the nice guy game.
3) Average people have a lottery mentality. Rich people have an action mentality.
I hear these losers all the time, “if I could just win the lottery. If I could just get a chance. If my big break would come in” and blah blah blah. I don’t expect anything to be given to me. If I want it you can be damn sure I’ll go and get it. Play your stupid lottery, sit on your stupid couch in front of your stupid tv, and make your stupid excuses. Someone else is out there kicking ass and taking what is rightfully his.
4) Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.
Universities are leftist indoctrination facilities. And they are full of deluded morons. You must educate yourself. Any damn thing you want to learn about you can learn about. You don’t need to spend time in women’s studies to learn it. Every damn thing is on the internet, for free. If you want to learn about it the only thing stopping you is you. I will say it again and again: Everything you learn in college is useless if you want to be an entrepreneur and it’s up to YOU to learn your craft.
5) Average people long for the good old days. Rich people dream of the future.
Some people call it planning for the future, I like to call it visualization. Visualize the future and how you will be. Actually see yourself as you wish to be. The things we think tend to become reality (assuming you aren’t a delusional narcissist). “Things used to be so great, but nowadays….” Forget that nonsense and mold your future the way you want it.
6) Average people see money through the eyes of emotion. Rich people think about money logically.
Money is like an extra emotion to poor people. They always have “money problems” and they’re always whining about it. For some damn reason they can’t ever have enough to pay rent and the car payment and the damn electric bill. I have been poor many times but I’ve never been so poor I couldn’t pay my bills and I’ve never been so poor I cried about it. Forget about money as emotion, it’s just a damn game making money. Think about it like you think about your next 15 chess moves. Don’t be like these idiots living paycheck to paycheck and never having enough. Here’s a simple solution: If you’re poor…..DOWNSIZE!
…and then get to work, plan ahead, and quit spending your money on nonsense.
7) Average people earn money doing things they don’t love. Rich people follow their passion.
I don’t like the word passion, that’s a word for women’s romance novels, the correct word is obsession. Rich people follow their obsessions to the edge of the earth and beyond. Average people can’t understand this because their obsession stops at their favorite sports team or tv show or smoking pot or some other nonsense. 4 Hour Work Week is a cool little motivational book but you can’t take the title literally. If you’re going to find success in your field you are going to spend every waking minute thinking about it, you will have to be obsessed. Forget relaxing, forget taking a break, just give in to the obsession. 
 Average people set low expectations so they’re never disappointed. Rich people are up for the challenge.
“Hey man, don’t worry about it. It’s no big deal. You expect too much. Let’s just watch the game!“
I have no time for this type of person. How any man could live his life so pathetically free of any and all challenge is beyond me. You get the same types in the gym. Type A is afraid to exert any real energy and Type B will go all the way. Type B will have the physique to show for it.
9) Average people believe you have to DO something to get rich. Rich people believe you have to BE something to get rich. “What do I have to do to get rich?“ “Be the type of motherfucker that gets rich“.
Be a damn killer and go get it.
10) Average people believe you need money to make money. Rich people use other people’s money.
I’ll tell you boys, I made my first money using NONE of my own money. Not a penny. Where there’s a will, there’s a way. If you want it bad enough, as in you are obsessed with it, you will get it. Even if you only have $12 to your name, makes no difference. 
“I can’t make money because I don’t have any money“. Sounds pretty stupid doesn’t it?
“I have to make money because I don’t have any money” sounds much better.
11) Average people believe the markets are driven by logic and strategy. Rich people know they’re driven by emotion and greed.
I have no time for these people who constantly talk about logic and strategy. “I like logic. I deal with things logically.” Logic is only one part of the picture. If you look at everything logically you aren’t looking at the big picture and I’ll tell you why. Most people in the world do not think logically, they think emotionally. When you speak to them logically you are not getting through to them.
Most people in the world are dummies and they don’t think logically, they can’t think logically. But these “I’m so logical” types always assume that everyone else also thinks “logically”. If you think they think logically you are thinking like a dummy. Not everyone thinks like you, in fact most people don’t even think. They just react. They’re idiots and shouldn’t be treated like they are masterful logicians, and they shouldn’t even be assumed to understand logic. Logical thinking is only half the the puzzle.
12) Average people live beyond their means. Rich people live below theirs.
Again, these people can’t pay their phone bills at the end of the month. Live like a Spartan. Have money leftover. Hell, I live like a king and I barely spend any money. I’m able to live very well because of a little word called Geo-Arbitrage. Make money in dollars, spend in baht and I want for nothing. My monthly expense are bare minimum. Few bucks in rent for my high rise condo with pool view, few bucks for water and electric, few bucks for internet, few bucks for gym membership, few bucks for my maid, and a few bucks to run my websites. Easy, spartan, simple and clean. If need be, all those expenses can be reduced even further. I spend less money to live on now than I use to spend on just my mortgage.
13) Average people teach their children how to survive. Rich people teach their kids to get rich.
I had average parents who taught me how to be average. They didn’t know anything about making money but they sure were adamant that college and a full time job and saving for retirement was the answer. I wasted years following that stupidity. For most of my life I’ve been a fool, and a lot of you probably have too. But it’s not too late to wake up and start kicking ass instead of licking ass.
14) Average people let money stress them out. Rich people find peace of mind in wealth.
Money is freedom, baby. I can’t say this enough. Money buys you freedom. If you have money you don’t have to take orders. When you have money you have the pleasure of saying my favorite word, “no”. I do anything I want any time I want. I don’t ask permission.
15) Average people would rather be entertained than educated. Rich people would rather be educated than entertained.
Television, magazines, celebrity websites, sports – the mark of the average. If you can’t learn or earn from it, burn it. 

16) Average people think rich people are snobs. Rich people just want to surround themselves with like-minded people.
Rich people are different. After you’ve made it why would you ever want to go and hang out with losers who are jealous of you? Average people cannot hide their envy and jealousy. I have seen this look in their eyes, up close and personal, it is the most pathetic look I have ever seen and the most hateful look I have ever seen. They made the poor decision to go and waste their life at a job and now you’re demon because you are free and have money. You took the time to educate yourself, you took the time to make your own money, you took the chance, you did all the work and they look at you like you got lucky and they have the gall to get enviously angry at you. It has often been noted that you end up exactly like the people you hang out with, so say goodbye to the losers, be elitist and hang out with the winners.
17) Average people focus on saving. Rich people focus on earning.
How many people have told you of the wonderful benefits of saving for retirement and how you can finally live like a king when you’re 65? None of those people seemed to be living large, though. Weird, huh? Can it be that they have no clue what they’re yammering about? I choose to live like a king right now, I’m too selfish and impatient to wait. To afford my lifestyle I had to quit my damn job and focus on earning. And it was the best decision I ever made.
18) Average people play it safe with money. Rich people know when to take risks.
What I have found is that when I take big risks, the kind of risks that give me nausea, diarrhea and anxiety for days, they tend to payoff for me. For some damn reason I have been able to risk my money many times and have always made it back plus some extra. It has always been when I didn’t take a risk, when I chose to hang on to the money I had, that I burned through it and was left broke. You can never, ever make it without risking something. 
19) People love to be comfortable. Rich people find comfort in uncertainty.
Average people don’t want to do any damn thing except eat snacks and watch tv. Wasting your days at a 9-5 and wasting your nights in front of the tv on a La-z-boy recliner with a bag of chips is comfortable for some, I guess, but it always made me miserable. Personally, I hate relaxing. It’s such a damn waste of time. 
20) Average people never make the connection between money and health. Rich people know money can save your life. “Well, at least I have my health“.
This saying always makes me laugh a little. What they are really saying is “my life is terrible….but at least I’m alive“. I’d rather be dead than be 65 years old and living on social security and medicare. I’d rather be dead than be old and living on a fixed income and relying on the government to give me my “pills”.
Not only does money give you piece of mind, which can save your damn life from high blood pressure and stress, but it also buys the best medical care and the best drugs.
21) Average people believe they must choose between a great family and being rich. Rich people know you can have it all.
Average people are excuse-makers. “I chose to have a family instead of going into business“. Bullshit, you chose mediocrity because you’re mediocre. Lie to yourself all you want, but I can see through those lies a mile away. If you were driven and not a liar you would let your family motivate you to give them a better life. A family isn’t a burden or an obstacle in making money, it’s an excuse to be lazy and coast at a job. Rich people demand more out of life, and they get it. Demand more, especially from yourself, and your quality of life will go up. Demand more from your personal relationships and you will get more. Demand more from your business partners and you will get more. If they don’t want to play ball then fuck ‘em, find others who want to play. It’s a big world out there and there is plenty for your taking. Be a man and take it.
You can make this your turning Point. Good Luck!!!

Liberia Benefits addition rice from Japan Government to be Sold at U.S.$14.50 Per Bag

The Japanese Government has donated an additional consignment of 12,270 metric tons or 408,959 (30kg) bags of rice to the Liberian Government, officials said Thursday.
The rice has arrived the country on Monday September 23, 2013 and will be sold for US $14.50 per 30 kg bag on the local market.
The government will focus the distribution of rice into leeward Counties to stabilize the price, the Ministry of Commerce and Industry said in a statement issued in Monrovia.
The Ministry said proceeds from the sale of the rice will be deposited into a special account at the Central Bank of Liberia to support the country's food security program.
The Government of Liberia expects to realize a little over US$4.4 million from the sale of the rice consignment.

In order to ensure full compliance with the ceiling price as stipulated by government, the Inspectorate Division and the Bureau of Public Affairs of Commerce have been instructed to conduct routine inspection to ensure that the rice is sold on the market as stipulated in the contract.
The ministry said it is pleased, on behalf President Ellen Johnson Sirleaf and the Government of Liberia, "to register her profound gratitude to the Government and People of Japan for their enormous contributions to Liberia's food security as well as other socio-economic development programs."

This is the fourth time the Government of Japan is donating rice to Liberia to help the West African nation strengthen its food security.

Thursday, 26 September 2013

NSE: New Trading Platform X-GEN To Be Launch Next Week

The Nigerian Stock Exchange(NSE) has said it is set to commence trading activities on its new trading platform called X-GEN from next week i.e first week of October. 

The Chief Executive Officer of the Exchange, Oscar Onyema explained that three market readiness tests were successfully executed over the past five weeks with a focus on the performance of the trading engine and integration of all interfaces including remote users coming in through the Fix gateway. Brokers and NSE technical team were able to successfully place orders, migrate data and complete a series of full dress rehearsal.  It is exciting that we are able to execute and test all our tasks and are confident with the results.” He said.

According to the NSE, the new trading platform is expected to open up an unprecedented level of innovative trading capabilities for the Nigerian capital market, providing low latency trading, and straight through processing from broker order management systems to the Exchange.

The Executive Director, Market Operations and Technology, Mr. Ade Bajomo described the new trading platform as a high performance, robust and scalable, multi-asset, multi-market matching trading engine.
According to Bajomo, “this is the first country in West Africa to adopt this highly sophisticated trading system. As we all know, the trading system is at the heart of any Exchange and the shifting to the new platform and ensuring its smooth transition was a key priority for the NSE.

Dr. Andrew Pocock: UK £3,000 Visa Bond Under Review

The British High Commissioner to Nigeria, Dr. Andrew Pocock has thrown more light on the controversy surrounding her visa bond scheme  ‘the visa bond, as it is being called here, is not a £3,000 charge for a British visa. That is not the case, it is not going to happen now and it is not going to happen in the future. Visa fee, which is what you pay for a visa, will not go to £3,000 or anywhere near it.’ Pocock said this on Wednesday when he visited the Nigerian Stock Exchange to ring the closing bell and to discuss ways in which more British companies could be encouraged to invest in the capital market.
Pocock also explained that there are plans to influence the inflow of more Foreign Direct Investments (FDI) from British companies into Nigeria. He added that, “We have made it very clear to our government in London that there is concern about this. So, this is being reviewed and considered in London as we speak now.”

The development had resulted in an outcry by nationals of the affected countries with the Nigerian government calling on its British counterpart to rescind the policy.
The British government had proposed a new scheme under which some visitors from six commonwealth countries, including Nigeria, would be asked to pay a £3,000 cash bond in return for visas that allows them to stay in the UK for up to six months. Other countries include India, Pakistan, Bangladesh, Sri Lanka and Ghana.

He said the British government will not jeopardize diplomatic ties with Nigeria with any move that will call the relationship between both nations to question.

Tuesday, 24 September 2013

Kicking Off the Week with Nigeria's President

It's the kickoff to U.N. Week here in New York, and while locals like to complain about the traffic (I can see why), it is a great opportunity for me to meet with leaders from parts of the world where our foundation is working—to talk about global health and development projects.
I started off on Monday morning meeting Nigeria's President Goodluck Jonathan. Besides our work with our partners on polio in Nigeria, we are also working with the government to improve their agricultural sector. I've written before about China's potential to help developing countries in Africa learn from its successes, but in Nigeria we have a really interesting project just getting off the ground where Brazil is working with Nigeria to bring up agricultural productivity in their northern Guinea savannah. Brazil has done an amazing job helping their own farmers in the Cerrado region to improve their yields, which brings tremendous economic and social benefits.
President Jonathan assembled a meeting of experts in New York and we spent a couple of hours reviewing their progress and discussing next steps. I also had a chance to catch up with President Jonathan about the work we're doing with our partners on polio, which is showing encouraging progress. Nigeria had 43 confirmed cases of polio in the first 8 months of 2013, a drop of 50 percent from the same period last year. Finishing the job is quite an undertaking, so having the President's support is a big deal. I was pleased we got to spend as much time together as we did. 

New York Stock Exchange: Jonathan Rings Closing Bell

President Jonathan also visited the New York Stock Exchange (NYSE) where he had the honour of performing the closing bell ritual which signalled the end of trading at 4pm local time, after meeting with president Obama.

The President attended the ceremony accompanied by some of his ministers including Finance Minister, Ngozi Okonjo Iweala, Minister for Trade and Investment Olusegun Aganga, Minister of Petroleum Resources Dieziani Alison Madueke, and the Director General of the Nigerian Stock Exchange, Arunma Oteh.
The President is also scheduled to meet with Hedge Fund managers to discuss possible U.S. and foreign investments in Nigeria’s power, petroleum and agriculture sectors on the side-lines of the 68th session of the United Nations General Assembly.

Sunday, 22 September 2013

BBM works also on Android and iPhone

You don't have to own a Blackberry Smartphones before you can use BBM.  This is available on Android and iPhone and it works. As you may know BBM was previously exclusive for Blackberry smartphones and it will be available as a free download in Google play and App store. 

Wednesday, 18 September 2013

Tesla Motors produces robot cars that can drive themselves

Human handlers may be ease from the road with the innovation of robot cars by Tesla Motors. However this will be ready for the road within three years, according to Elon Musk. "We should be able to do 90 per cent of miles driven within three years," he said. Mr Musk would not reveal further details of Tesla's autonomy project, but said it was "internal development" rather than technology being supplied by another company. "It's not speculation," he said.

Tuesday, 17 September 2013

See why Warren Buffet is talking tough on Obamacare

Things may not be working well for the US President Obama now that his closest pal Warren Buffett is opposing Obamacare and says that ‘’we need something else.’’
"Healthcare costs in the United States are like a tapeworm eating at our economic body.
 Warren Buffett who concluded that he would rather preferred scrapping Obamacare and start all over.
"'We have a health system that, in terms of costs, is really out of control,' he added. 'And if you take this line and you project what has been happening into the future, we will get less and less competitive. So we need something else. "Buffett insists that without changes to Obamacare average citizens will suffer.

“What we have now is untenable over time,' said Buffett, a foremost support of President Obama. 'That kind of a cost compared to the rest of the world is really like a tapeworm eating, you know, at our economic body.”

Sanusi: Electronic Payment Will Curb Money Laundering, Corruption

The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, Monday said the effective implementation of the electronic payment system in both private and public sectors would be "the biggest blow" on money-laundering and corruption often perpetrated as a result of the huge size of cash transactions.
Speaking in Abuja at the opening of an international conference on ‘Payment System and Launch of the Payment System Vision 2020 Strategy (Release 2) Document’, Sanusi said the CBN would over the next few years concentrate on strengthening institutional and regulatory frameworks that would encourage the development of the payment system, increase financial inclusion and promote more usage of electronic payments.
He explained that the revised document would henceforth ensure that no national payments system would invoke the principle of unwind. He added: “The CBN will formally inform the industry that unwinds must not be invoked in any national payment system. Each payment scheme must define and formally document the exact point at which payments are deemed to be final and irrevocable."
Sanusi further noted that under the updated strategy document for payments system, the implicit role of the central bank as 'lender of last resort' for Real Time Gross Settlement (RTGS) payment system would be terminated by December 2016 as well as the Deferred Net Settlement system by December 2019.
He said there was need for best practice and improved collaboration across various levels, adding that effective payment system could not be achieved without technology providers and regulators of the communications technology sector. However, the CBN boss said the country's payment system was still plagued by infrastructure deficit including power and communications network, illiteracy, slow adoption, lack of effective national identity among others.
Sanusi said the draft National Payment System Bill, which is still being considered for approval, would address legal barriers to electronic payment in the country. He added that ongoing implementation of biometric solution as part of requirements for opening of accounts would also solve the problem of unique identifier. The central bank boss noted that the revised PSV2020 document would further usher in the emergence of a new collateral management for all the deferred net settlement systems.
On her part, the Minister of Communications and Technology, Mrs. Omobola Johnson, said government was working to make the internet safer for the active participation of more Nigerians through the approval of the Cybercrime Bill by the Federal Executive Council (FEC).
She also said efforts were ongoing to deploy critical infrastructure in rural areas to further drive the digitisation process. Meanwhile, the CBN yesterday reiterated that its Consumer Protection Department was established to ensure that consumers of financial services get maximum benefit from banks.

 Addressing journalists in Kano yesterday, the Deputy Director, Consumer Education, CBN, Hajiya Khadijat Kassim, said when the present management of the central bank assumed duty in 2009; the financial system was at the brink of collapse.  She said: “There was crisis in the financial and capital market which had been triggered by the global financial crisis at the time.”
According to her, in line with the mandate of the CBN to promote a sound and stable financial system as enshrined in the CBN Act, the consumer protection department was saddled with the responsibility of regulating the conduct of financial service providers so as to engender trust and confidence in the financial system.
Specifically, Hajiya Kassim said consumer protection department functions amongst others include, enhancing consumer financial capability through consumer education, ensure fair and responsible market and business conduct amongst financial service promoters.

“It is important that the consumers are given reasons to trust the system and therefore be confident in dealing with financial service providers,” she said.

Turkey will benefit from investing in Pakistan

Prime Minister Nawaz Sharif said on Tuesday that Turkish investors would benefit from investing in Pakistan, DawnNews reported.  Sharif said this during a three-day visit to Turkey on the invitation of his Turkish counterpart Recep Tayyip Erdogan to promote trade and economic ties between the two countries.

The prime minister said that Pakistan enjoyed brotherly relations with Turkey. He also expressed his desire to further economic relations with Turkey. During his stay in Turkey, the prime minister is scheduled to meet President Abdullah Gul and co-chair the third session of the High Level Cooperation Council (HLCC).

The HLCC was established during Erdogan’s visit to Pakistan in October 2009 and its first session was held in December 2010 in Ankara and the second in May 2012 in Islamabad. The council is mandated to oversee the partnership and intensify cooperation between the two countries. Key cabinet ministers and senior officials are expected to accompany Sharif.

The premier’s talks with the Turkish leadership and his interaction with Turkish businessmen are expected to serve as an opportunity to look for ways and means to fulfil Pakistan’s desire for forging a strategic partnership with Turkey, aimed at bringing a qualitative and quantitative change in economic and trade relations. Sharif is also expected to discuss with the Turkish leadership regional and global issues, particularly the developments in the Middle East.

Several memorandums of understandings and agreements covering a wide range of areas such as security, finance, housing, education, culture, science and technology and trade are expected to be signed during the visit.
Prime Minister Sharif will also address a business forum in Istanbul to be attended by Turkish investors and entrepreneurs.

A Thai businessman says as a foreign investor one should ''Enter Myanmar with care''

Foreigners doing businesses in Myanmar should not believe everything they hear, especially if it sounds too good to be true, said Piya Sosothikul, executive director of Seacon Group, manufacturer of Nangyang footwear and Thai Churos monosodium glutamate (MSG).

Some industries do not need to be the first movers, but can just wait and observe, Piya said.

Piya, who has been doing business in Myanmar for more than 40 years, said risk management should be one of the top priorities of foreign business players, as they will confront many risks when dealing with business practices in that country. These risks include living standards, the cost of living faced by foreigners, food, social unrest, political instability and religious conflict. There is not even a trademark law yet.

"There will always be loopholes such as non-tariff barriers, even if there are written national agreements. Foreign businesspeople then need to ask themselves what they are bringing to the deal, and to what advantage. Why does the market or partner need them, and why are they better than competitors?"

Piya's Nanyang and Sin Kyal footwear brands are well established in the country. The shoe market in Myanmar is worth about US$150 million per year. Myanmar consumers own 2.6 pairs of shoes on average, of which 70 per cent are flip-flops. Made from 100 per cent natural rubber, Nanyang and Sin Kyal (Star Elephant) flip-flops rank as the market leaders. The retail price is 3,000 kyat ($3) compared with 1,500 kyat offered by competitors.

The company's Thai Churos brands, Nandaw and Sonk Osk, also hold a top share of the MSG market in Myanmar.

He said people in that country consumed 800 grams of MSG per year on average. Ajinomoto of Japan and the Thai Churos are among the top brands. Thai Churos has been exporting MSG to Myanmar for nearly 30 years and has initiated many creative marketing campaigns.

"Foreign business players need to spend a certain period gaining understanding of the market practices. They should do their homework thoroughly by visiting the country, speaking to local people with experience, and conducting consumer market research," Piya said.

Crucially, they should also find trustworthy local partners, as well as avoid dealing directly with the government for unofficial matters.

Piya said Myanmar held a lot of promise for consumer-product businesses. It has a population of more than 60 million with average income per capita of $85 per month. About 64 per cent of them are under 35 years old, compared with Thailand, where 49 per cent are under 35. More than 95 per cent can read. About 67 per cent of them live in rural areas.

About 36 per cent of Myanmar people work in the agricultural and fishery sector and another 36 per cent are labourers or work in retail or micro-businesses. About 51 per cent travel via bicycle, 37 per cent by motorcycle, and only 2 per cent by car. Half of the population has television, while 60 per cent has radio, and 2 per cent has air-conditioning. About 4 per cent have mobile phones and 0.6 per cent use the Internet.

Most people shop at wet markets a couple of times a day for food, consumer products, and household items. People keep their money at home as they do not trust the banking system.

Piya said the consumer market in Myanmar was changing rapidly.

Most consumer products, such as soap, shampoo, drinks, snacks and cooking oil, are international brands, with 90 per cent imported from Thailand.

Almost 95 per cent of sales of consumer goods are through traditional trade or small shops in wet markets that are spread throughout urban and rural areas. Convenience stores, department stores and supermarkets have started to appear, but still in small numbers.

Friday, 13 September 2013

Ten Players From The Financial Crisis - Five Years Later

Five years after the collapse of Lehman Bros. and the beginning of the worst U.S. financial crisis since the Great Depression, we look at 10 of the key players and where they are now.
Richard Fuld

Fuld’s nickname was the “Gorilla” on Wall Street because of his competitiveness, joining Lehman Brothers in 1969 and rising through the ranks to become CEO and chairman. Fuld became CEO in 1994 until the firm filed for bankruptcy in 2008, at which point he was hauled in front of Congress to explain his role in the financial meltdown of the economy. Fuld has since kept a low profile, opening an advisory firm Matrix Advisory in Midtown Manhattan and has been consulting quietly, according to news reports and SEC filings.
Erin Callan
Callan was considered one of the most powerful women on Wall Street when she was appointed CFO of Lehman in September 2007 after rising up the ranks. She was stripped of the CFO title just six months later after the firm reported massive second-quarter losses the following year and had to raise more $6 billion in capital. Three months later the firm filed bankruptcy. Callan briefly joined Credit Suisse as a managing director but left by the end of December 2009.
James "Jimmy" Cayne
The former chairman and chief executive officer of Bear Stearns Cos. blamed market forces and loss of confidence in his firm for its collapse in early 2008. The failure of Bear Stearns proved to be an early warning of the instability in financial markets that played out later in the year. Cayne has continued to pursue his passion for bridge, and remains a nationally ranked player.
Anton Valukas
The bankruptcy examiner of Lehman Brothers Holdings Inc. wrote a 2,200 page report on the bankruptcy of Lehman which helped inform the debate over financial reforms in Congress. He remains chairman of Jenner & Block, a Chicago law firm.
John Thain
Thain was CEO of Merrill Lynch and oversaw its sale to Bank of America in Sept. 2008 as the financial crisis deepened. He came in for criticism over lavish office decorations and billions of dollars in bonus payments made to Merrill employees late in 2008. He briefly worked for the combined Bank of America Merrill Lynch firm, before being forced out by Ken Lewis. Thain has since become CEO of CIT Group CIT +0.16%   . In an interview earlier this year, he told The Wall Street Journal that he regretted taking the Merrill job and having to sell the investment bank to BofA.
Angelo Mozilo
The founder and former CEO of Countrywide Financial Corporation became the face of the subprime mortgage crisis, famous for seeking lenient regulation by providing special terms to elected “friends of Angelo.” Countrywide was bought by Bank of America early in 2008 as problems mounted in its lending operations. He ultimately settled securities fraud cases with the Federal government by agreeing to pay a fine of $67.5 million.
Ken Lewis
The former Bank of America chairman and CEO is noted for the disastrous purchases of Countrywide and Merrill Lynch, which lead to massive losses for the bank and multi-billion dollar bailouts by the government. Lewis retired at the end of 2009 and was replaced by current CEO Brian Moynihan. Bank of America agreed lasted year to pay $2.4 billion to settle claims stemming from the Merrill Lynch acquisition.
Henry Paulson
Treasury Secretary Hank Paulson was the architect of the TARP program which bailed out Wall Street’s biggest banks. He is considered by some the most important person at the height of the financial crisis, memorable for his quick, aggressive response as the economy was on the brink of collapse. Others see him as a Wall Street player engineering the salvation of his peers with federal bailout funds. Paulson, with Federal Reserve Chairman Ben Bernanke and then New York Fed President Tim Geithner, convinced then President George W. Bush and Congress to approve TARP, in the days after the Lehman collapse, though not before some of Wall Street’s most volatile trading days ever.
Tim Geithner
Geithner played a key role in the financial crisis as New York Fed President and was involved in critical decisions involving bailing out banks, allowing the collapse of Lehman Brothers and the sale of Bear Stearns. Geithner went onto become Treasury Secretary under President Obama, serving almost five years in the post, before leaving to become head of the Council of Foreign Relations in New York.
Jamie Dimon
The CEO of J.P. Morgan Chase & Co. was considered to be running the most stable firm during the financial crisis and at the urging of the government, bought Bear Stearns in a fire sale as the firm was failing in early 2008. Dimon has been highly critical of regulations brought by the government subsequent to the crisis to crack down on risk on Wall Street and has been quoted saying his firm had a “fortress balance sheet.” More recently J.P. Morgan JPM +0.17%    suffered more than $6 billion in trading losses from complex derivatives, after initial reports were dismissed by Dimon as a “tempest in a teapot.”

Stock Markets Price in Fed Bond Decision

The markets await a diplomatic solution to Syria's chemical weapons, but there's lingering worry and sentiment could turn on a dime. The most important market moving event is the central bank's policy meeting next week. Will they or won't they taper?
(Source: MarketWatch)

Thursday, 12 September 2013

Even before Twitter announced its IPO, Facebook's public offering has shown company's strength stronger

"I actually think that it's made our company a lot stronger," Zuckerberg said Wednesday at TechCrunch Disrupt. "We run our company a lot better now."
"In retrospect, I was too afraid about going public," Zuckerberg said. "I've been very outspoken about staying private for as long as possible. I don't think it's that necessary to do that."
The Facebook founder even recommended the process to rival tech companies -- including Twitter. "I'm the person you would want to ask last how to make a smooth IPO," Zuckerberg joked. "As long as Twitter ... they focus on what they're doing, I think it's wonderful."


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