Saturday, 23 November 2013

Warren Buffett: How to teach your kids about money

Warren Buffett is one of the most famous billionaires in the world. He also loves sharing his advice with kids as part of his Secret Millionaires Club. Here, he answers five questions, including what he thinks the biggest mistake is that parents make when teaching their kids about money and how he learned about money.

Do you think most parents do a good job teaching their kids about money?

Most parents know how important it is to teach kids about money and managing it properly. There was a study many years ago questioning how to predict business success later in life. The answer to the study was the age you started your first business impacted how successful you were later in life. Teaching kids sound financial habits at an early age gives all kids the opportunity to be successful when they are an adult.

What do you think is the biggest mistake parents make when teaching their kids about money?

I think parents need to start teaching kids about the importance of managing money at an early age. Sometimes parents wait until their kids are in their teens before they start talking about managing money when they could be starting when their kids are in preschool.

 What Buffett thinks about stocks now

What made you want to launch the Secret Millionaires Club? What do you hope kids get out of it?

There are a number of educational programs out there, but there are not many programs that teach about Financial Literacy at an early age. Secret Millionaires Club can help kids develop the right habits that will serve them well for the rest of their life. If this program can have some effect on youngsters and help them develop better habits on money, it can have a major impact on their life when they are older.

Where did you learn about money?
My dad was my greatest inspiration. He was my hero when I was 6 and he is still my hero now. He is an inspiration to me in every way. What I learned at an early age from him was to have the right habits early. Savings was an important lesson he taught. I had all kinds of small businesses when I was growing up. When I was 6, I started my first business. I bought a six-pack of Coke for 25 cents and sold the cans for a nickel apiece. I also sold magazines and gum door to door.

 Warren Buffett's Secret Millionaires Club coming to TV

What is the best lesson you've taught your own kids about money?
I taught all of my kids the lessons taught in Secret Millionaires Club. They are simple lessons that are meant for business and for life.

 Warren Buffett Watch: Keeping track of America's billionaire next door

Friday, 22 November 2013

World's longest flight to land for the last time

This weekend, Singapore Airlines will terminate its iconic, non-stop all-business-class service to New York - also the world's longest flight - as the aviation sector grapples with high fuel prices and subdued demand for premium travel.

The cancellation of the direct route, which shuttles passengers between Changi and Newark within 18.5 hours and costs around $8,800, has come as a disappointment to business travelers who now face an additional six hours or so in travel time.

"It's disappointing that a direct flight to the U.S. is no longer available. I feel that it was decently full every time we were on it. The timing of the direct flight works best for business travelers," said Singapore-based Sheena Mahtani, who travels to New York for work multiple times a year.

"The SQ flight via Frankfurt would probably be the only other Singapore-New York option that would work," she added, referring to the flight with duration of over 24 hours.

Operating exclusive, non-stop flights to the U.S. has brought about intangible benefits for Singapore's flag carrier, including helping it to win and maintain key corporate accounts, according to Centre for Asia Pacific Aviation (CAPA).

"There was also the glamour and prestige associated with operating the world's longest non-stop routes. But ultimately the incredible cost of operating an ultra-long-range service could not be ignored," CAPA said in a recent report on long-range travel.

According to industry experts, despite opting for an all-business configuration and charging a premium over its one-stop services in the same market, the yields were not high enough to offset the high operating costs.

 Singapore Airlines hit by cutbacks in premium class

In 2008, the airline re-configured its A340-500 aircraft used on the non-stop route to 100 business class seats from 117 premium economy and 64 business class seats. During that year, premium accounted for over 9.5 percent of total passengers, compared with 8 percent currently, according to data from International Air Transport Association (IATA).

"At the current high price of fuel, making a profit off such long flights became nearly an impossible mission even when filling the plane with premium passengers," CAPA said.
Timothy Ross, analyst at Credit Suisse says while the non-stop flight was a "differentiator" for the airline, the natural inclination for passengers will be to switch to the airline's one-stop service.

"There's a high level of loyalty to Singapore airlines. I don't think the impact is going to be anything other than marginal," Ross said. "People attracted by a lower price point are already flying competitors, such as Emirates," he added.

Airlines cash in on every inch, even the jammed bins overhead

Meantime, Singapore Airlines, which also ended its non-stop service to Los Angeles at the end of October, says that it remains "very committed" to the U.S. market.

"Over the past 2-3 years we have increased capacity to both Los Angeles and New York by deploying A380 superjumbos on flights via Tokyo and Frankfurt," 

Foursquare for BlackBerry 10 updated with fixes and improvements

'Check in' fans will be pleased to see that Foursquare for BlackBerry 10  has been updated once again - this time to version It would appear that this latest update is really just a fixer, but that's not a bad thing. It's always great to see developers taking action on feedback and getting the creases ironed out.

If you're a heavy Foursquare user I'm sure you'll be happy with the small, but essential, change log below.

New in this version:

Fixed HUB notification scenario where some text would be corrupted after opening the item if there are UTF characters.

Sharing photos with Foursquare from other apps has been fixed.

Updated some transitions.

Other small bug fixes.

Friday, 8 November 2013

To the greedy retailers ruining workers' Thanksgiving: It's gonna cost you

"Workers across America should be thanking their lucky stars," writes Matthew Fleischer in Los Angeles Times Opinion.  "No, not because of the joy their ruined holidays will bring to bargain-happy shoppers — but because the slow creep of Black Friday into Thanksgiving is probably the single most effective public relations gift the labor movement could ask for in the fight for a living wage across America."

New data shows that BBM engagement is already beating competitors

Just as we finished up our podcast where we coincidentally talked about the numbers for BBM, so new data has turned up that shows BBM is still moving along at a hefty pace. According to data from Mobidia on BGR, BBM user engagement is purely awesome so far and the numbers are there to prove it.

During the week of October 20th, BBM engagement time in the US was 40 minutes, beating out Tango who with their 130 million users was 24 minutes. Viber narrowly nudged ahead of BBM at 44 minutes, but the four minute differential is pretty impressive for BBM that's for sure. Kik blew ahead with 106 minutes of enlargement so there is much ground to cover on that road.

In Europe BBM charged past the popular service LINE with 59 minutes compared to LINE's 38 minutes. WhatsApp holds strong here however with engagement at 160 minutes.

So while BBM still has a way to go, the active users are definitely there. All we can do is keep spreading the word to get more and more people using the best messenger around.


Thursday, 7 November 2013

Obama Tells Americans Losing Coverage: ‘I’m Sorry’

President Obama tonight apologized to Americans who are losing their health care coverage, amid a firestorm of criticism over his promise that under Obamacare “if you like your plan, you can keep your plan.”

“I am sorry that they are finding themselves in this situation based on assurances they got from me,” Obama told NBC News.

With millions of Americans receiving cancellation notices, the president has been slammed by critics in recent days for misleading the American people.

In the past week, the president has tried to walk back his promise, adding caveats that you can keep your plan if you have “insurance that works” or “if it hasn’t changed since the law passed.”

Consumers who buy insurance on their own, roughly 5 percent of the population, may be forced to switch their plans because their providers have made changes that don’t meet the new standards required under the Affordable Care Act.

“I regret very much that what we intended to do, which is to make sure that everybody is moving into better plans because they want them, as opposed to because they’re forced into it.  That, you know, we weren’t as clear as we needed to be in terms of the changes that were taking place,” the president told NBC.  ”I want to do everything we can to make sure that people are finding themselves in a good position– a better position than they were before this law happened.”

The White House has argued that those impacted will ultimately receive better coverage.

“Most of the folks who are going to– who got these  cancellation letters, they’ll be able to get better care at the same cost or cheaper in these new marketplaces.  Because they’ll have more choice.  

They’ll have more competition.  They’re part of a bigger pool.  Insurance companies are going to be hungry for their business. So the majority of folks will end up being better off,” he said.

Wednesday, 6 November 2013

Hottest new luxury cars on display at 2013 Dubai International Motor Show

100,000 motoring enthusiasts and motor trade professionals from all over the globe are displaying their new products at the Dubai International Motor Show at the Dubai World Trade Center from November 5th - 9th 2013.

Latest comScore shows BlackBerry still tops Windows Phone in the US

The latest comScore results are in, this time for a 3-month period ending in September. No surprise that Android and Apple both top the list of smartphone platform market share with 51.8% and 40.6% respectively, while BlackBerry and Windows Phone stay in a close battle rounding out the top four.

In the US, BlackBerry use still nudges out Windows Phone use, though not by much. BlackBerry rings in at 3.8% (down from 4.4% for the last period) while Windows Phone comes in just behind at 3.3%. Surprisingly there are still a few Symbian users floating around as well who manage to garner the bottom 0.3%.

BlackBerry probably won't be catching up to Apple and Android for the time being, but it's good to see that loyal BlackBerry users in the US still outnumber their Windows Phone counterparts.

Facebook for BlackBerry smartphones updated to version

BlackBerry 10 users have been getting plenty of Facebook love and now legacy device users can have some fun as well. Facebook has been updated to version and brings along a much needed update with some new features. This one rolled through the Beta Zone with good results and brings along the long-awaited Share feature for posts as well as the ability to update profile and cover photos.

Features include:

Share updates from your friends or pages on your wall, on your friend's wall or in a group

Set cover and profile photos using photos stored on your smartphone

Right to left language support for Arabic and Hebrew

Unlike a Page

Improved photo loading performance in the News Feed

Notifications now display icons and new notifications are color marked

If you're using a legacy device you can grab the update free from the link below.

Yasser Arafat Was Poisoned With Radioactive Polonium, Says Forensics Report

A Swiss forensics investigation claims that the former Palestinian leader Yasser Arafat was poisoned with radioactive polonium, the TV channel Al Jazeera reported today.

In the 108-page report, the scientists say they found at least 18 times the normal levels of polonium in his rib, pelvis and in soil stained with his decaying organs.

The investigation, a year in the making, concludes that Arafat had ''unexpectedly high levels'' of polonium and that ''the results moderately support the proposition that the death was the consequence of poisoning with polonium.''

A Palestinian forensic investigator removed 20 specimens from Arafat's grave in the West Bank city of Ramallah in November 2012. His body was reinterred the same day. The samples from his corpse and grave were taken in front of three international teams.

Leading forensic pathologist David Barclay told Al Jazeera that ''if I was a judge and jury, this is absolutely stone-cold certain. This is beyond any doubt in my opinion that it was polonium that caused the death of Yasser Arafat."

Arafat's medical records state that he died in 2004 from a blood disorder that lead to a stroke. But eight years after his death, an investigation by Al Jazeera in July 2012 called ''What Killed Arafat'' revealed a rare, highly radioactive element on some of his personal items, including his clothes and toothbrush. That prompted the new forensics testing. A Swiss lab in Lausanne tested these items, which contained Arafat's blood, sweat, saliva and urine.

It was his widow, Suha Arafat, who asked the Palestinian Authority to exhume his body for further tests. She told Al Jazeera today that the results reveal "a real crime, a political assassination."

"This has confirmed all our doubts," she added. "It is scientifically proved that he didn't die a natural death and we have scientific proof that this man was killed."

However, the report has caveats. The Swiss investigators admit there are several critical problems with their investigation, namely that their findings are based on limited samples and that eight years had passed between his death and testing so the ''chain of custody'' of some of the specimens was unclear.

There are also three separate parallel investigations being conducted by French, Russian and Palestinian experts. Last month, one Russian official said that no traces of polonium had been found. Vladimir Uiba, head of the Russian Federal Medico-Biological Agency, was quoted by the Interfax news agency as saying that Arafat "could not have been poisoned with polonium," noting that tests carried out by Russian experts "found no traces of this substance."

The agency did, however, retract this report, denying that Uiba had made any official statement on the findings.

By  (abcnews)

Check out these awesome BlackBerry Q30 concepts:

The Q30 doesn't really exist in any form at the moment, though we do have our fingers crossed than an updated, more awesome version of the Q10 is on the way. That isn't stopping people from speculating on new devices or even coming up with their own concepts for new designs.

Leading up to the launch of the BlackBerry Z10 we saw loads of concepts for devices. Everything from the TK5 Justice to the BlackBerry Blade. Some we could definitely see as legit designs while others maybe not so much -- but we still love to see how creative CrackBerry members can be.

The latest concept designs comes from Ziro1 and is for the mythical BlackBerry Q30. 

These concepts show off what's essentially a Q10 with way more sexy and a much larger screen. Each one has a slightly different style and at the core we'd love to see them have even bigger specs than the Z30, especially with those kick ass speakers.

Check out three versions of the design in the gallery above. Love em? Hate em? Swing by the forums and let us know what you think! 

Crackberry discovering!!!

Mr Obasanjo: I am not happy with Jonathan’s style and some power blocks influencing the president

President Goodluck Jonathan has commissioned a group of political pundits to begin to counteract former President Olusegun Obasanjo’s reported secret plans to work for the emergence of a Northerner as president in 2015, according to the president close source.

The source added that the Jonathan’s team is charged with strategizing on the best maneuvers to contain Mr. Obasanjo’s moves.

The source added that Mr. Jonathan did not yet have a full understanding of where Mr. Obasanjo stands in the crisis tearing apart the Peoples Democratic Party (PDP), but added that the president has decided not to take chances by ignoring the former president. The Northern members of the team set up by the president have been mandated to lead the first stage of Mr. Jonathan’s campaigns and consultations across the entire Northern states.

“Some of the president’s pundits have swung into action in the ‘core’ Northern states of Sokoto, Kano, Jigawa, Zamfara, Kebbi, Katsina and northern Kaduna.’’

He added that Jerry Gana, Jonathan Silas Zwingina, Abdulkadir Kure, and Isaiah Balat were among those assigned to run the early stages of the president’s campaign in the Middle Belt. “Another group led by Alhaji Bamanga Tukur and Barrister Ahmed Gulak is working on the same mission in the North-East axis,” he said.

The source revealed that a key strategy of the president’s group was to seek the support of top Islamic and Christian clerics in the North. The well-funded presidential group is offering millions of naira to selected clerics in return for their political sympathy for Mr. Jonathan’s reelection campaign.

It was stated the  Mr. GoodLuck had decided not to remain passive about Mr. Obasanjo’s antics. “Mr. President is aware of Chief Obasanjo’s previous antecedents. Look at [Mr. Obasanjo’s] close relationship with the arrowheads of the rebellion in the PDP. He is the one who made Sule Lamido, Aliyu Babangida of Niger and Wammako of Sokoto. It’s the same thing with Nyako in Adamawa State.””

The source added: “ And it was gathered that Obasanjo is having serious problems with the IBB [Ibrahim Badamasi Babangida] and Abdulsalami circle that made it possible for him to be president in 1999. And we know that Chief Obasanjo wants to settle the Umaru Yar’Adua saga that led to the emergence of Jonathan. He thinks it is best to help install a Northern President in 2015. And he is also not happy with Jonathan’s style and some power blocks influencing the president.”

Rice farm project has began in Kogi State

NGGTour team now inspecting the accelerated Rice Farm Project in KogiState

Jonathan’s wasteful pilgrimage

Hmmmm!!! Na our monei ooo. 

THE recent pilgrimage jamboree embarked on by President Goodluck Jonathan and some governors is a sad reminder that our public officials are not ready to push religion into the private sphere where it rightly belongs. It is also another high point of an unwarranted waste of public funds; a deepening of the culture of profligacy more than being an exercise in piety. It is a wrong step to continue to spend public funds on jaunts, especially at a time when the government is claiming to be short of cash. Staging an ostentatious show at a time that calls for sobriety, the President turned a purely personal religious affair into a state matter, taking with him several governors, cabinet members and other government officials. This is definitely not the answer to successful governance.

The argument that Nigeria signed a Bilateral Air Services Agreement with Israel during the trip is puerile and insulting. BASA is an assignment that a minister can discharge on behalf of the country; and in this case, it was actually the Minister of Foreign Affairs, Viola Onwuliri, that signed on Nigeria’s behalf. A deputy foreign affairs minister signed on Israel’s behalf. The public deserve to know how much of taxpayers’ money was committed to the trip.  It is time our public officials stopped unnecessary religious jamborees at public expense.

Instead of observing our religious diversity, the federal, state and local governments have been serially violating the 1999 Constitution by committing public funds to the building of worship centres for just two religions and subsidising the costs of their pilgrimages. Since the defunct Western Region under the late Obafemi Awolowo as Premier initiated a welfare board to help out Muslims with consular and welfare services when they travelled for the hajj, other tiers of government have keyed into the programme. However, successive federal and state governments have bastardised the concept, which was not meant to sponsor pilgrims with state funds or spend so much time and money on a purely religious activity. Indeed, all the states in the North and some in the South are guilty of committing huge public funds to sponsor pilgrimages and other religious activities every year at the expense of critical social services.

To start with, Section 10 of the 1999 Constitution states that “the Government of the Federation or of a State shall not adopt any religion as State religion,” and Section 38 affirms “the right to freedom of thought, conscience and religion.” Taken together, it is therefore unlawful and morally reprehensible for individuals in government to turn their personal religious activities into veritable public affairs.  There is a tendency to suspend critical thinking and reality when religion is brought into politics. Religion does not drive development, but rational/innovative thinking and transparent leadership do. Since it is evident that infusion of religion into public affairs is not a guarantee of good governance anywhere in the world, it is time we rolled back religion from government.

Truly, many civilised countries know the danger of mixing religion with state affairs. In the United States, the Supreme Court rulings interpreting the First Amendment’s prohibition against establishment of religion have long barred the direct use of tax money to build, repair or maintain buildings devoted to religious services or other religious activities.  Courts have also outlawed prayer in public schools and religious displays on public property. But here in Nigeria, governors spend furiously on religious activities even in states where people are at the lowest level of human development. This is absurd.

The Katsina State Government has just awarded a N359.4 million contract for the construction of 34 mosques. In Niger State, it was claimed in May that the government spent about N5.1 billion to subsidise both Muslim and Christian pilgrims from the state during the last six years. It was reported that in the 2012 Budget, the National Hajj Commission of Nigeria got a total allocation of N765.65 million, while the Nigeria Christian Pilgrim Commission received N576 million. Put together, the Federal Government must have spent N1.34 billion on pilgrimages for the year. In 2012, President Jonathan was severely criticised for accepting the donation of a multimillion naira church building from an Italian construction firm. Result? A more corrupt society.

The level of sponsorship of private religious obligations has assumed a shocking dimension. The entire exercise reeks of corruption, with the nation losing billions of naira annually to graft-ridden pilgrims’ welfare board officials. We have advised before that government at all levels should stop sponsoring pilgrimages – whether to Israel, Saudi Arabia or elsewhere, and whether it is a government official, President or governor that is involved. It is a sheer waste of precious resources that should have been directed to better use.

The President will do well to heed the May 2012 advice of the Stephen Oronsaye-led Presidential Committee on Rationalisation of Federal Ministries and Agencies that the Federal Government should scrap the two pilgrims’ welfare commissions in the country. It also recommended that the government should stop granting concessions in foreign exchange to pilgrims. For this year’s pilgrimage, Jonathan and the Central Bank of Nigeria had approved a concessionary rate of N144 to $1 when the prevailing market rate has been an average of N158 to $1 for more than six months now. According to the Oronsaye committee, Nigeria wasted N6.5 billion on pilgrims-related issues between 2007 and 2011. The government also expended N4.07 billion on the emoluments of the Christian and Muslim welfare agencies’ employees between 2009 and 2011. How many millions of classrooms or boreholes could these funds have provided. This is appalling.

The best service Jonathan and the governors can offer the country at this time is to concentrate on its huge human development challenges. The Constitution is clear on the role of government in the society. In line with best global practices, a few states, including Kano and Edo States, have stopped subsidising pilgrimages earlier this year. Kano State’s Rabiu Kwankwaso actually described it as an avenue for stealing public funds. Other states of the federation should follow this progressive example.

Breaking News: FG to give varsities N1.1tn in five years

Details of the  Monday/ Tuesday marathon meeting  between President Goodluck Jonathan and the leadership of Academic Staff Union  of  Universities have begun to emerge.

The PUNCH  gathered on Tuesday evening that a key component of the agreement reached by the parties was  that the Federal Government  would  inject N1.1tn into public universities in the next five years.

A reliable source, who made this known, also hinted that the strike would be called off anytime next week.

He  said the government team which was led by President Goodluck Jonathan would release   N220bn yearly into the sector beginning from 2014.

The source added, “The meeting should be the longest that we have ever had on this crisis but I can tell you that both parties were frank all through the discussions.

“The parties also showed commitment towards ending the crisis. The President in particular showed that he was serious about ending the strike and that was why he offered to release over N1tn to the universities in the next five years.

“The money will be released on a yearly basis at N220bn per annum beginning from 2014. For the outgoing year, the  government will only release N100bn and this has been processed.”

He said that the government, in order to show its commitment to a fresh pact, accepted that “the fund(N1.1tn) should   domiciled at the Central Bank  of Nigeria”

“The  money will be released on a quarterly basis to the universities. So, there won’t be any problem about funding the deal,” the source said.

The National Universities Commission and the Trade Union Congress, according to him, will    be the  joint guarantors  of  the  agreement while the Minister of Education will  be the implementation officer.

The source also said  that the government   agreed among other things, to revamp the public universities by ensuring that all those issues that always led to strike were dealt with once and for all.

It was  learnt that the negotiating team of ASUU  led by  Dr. Nassir Faggae met on Tuesday night to further  deliberate on the  deal.

Though the details of the meeting  were  not known as of 11.22pm on Tuesday,  it was gathered that ASUU might call a National Executive Council meeting on or before Saturday where the   deal would be tabled  before  all its  branch executives.

Jonathan had  while  shaking hands with Fagge after  the marathon  meeting  in the Presidential Villa, Abuja   said, “My President, I hope it (strike) will end today(Tuesday). Our children have suffered enough. We must find a solution.”

All those in attendance responded with a loud “Amen.”

When greeting Omar, he  said, “My President with you around, there will be no problem; our agreement is signed, sealed and delivered.”.

Faggae told State House correspondent on his way out of the Villa, that  his team  would take back a  message to  varsity teachers   before  a decision would be taken on  the  next line of action.

“We had a lengthy meeting with Mr. President, and we looked into how best to address the problem of university education in this country. We now have a message from Mr. President that we are going to take to our members and we are expecting that our members will respond appropriately to his message,” he said.

Fagge added that  since the message was meant for members, he would not divulge it to the press.

When asked whether  university teachers would be called upon  to return to the classrooms, he said that the decision was left for them  to take.

When further asked if he was impressed by the President’s message, Faggae  cautioned  journalists  against putting words  in his mouth, insisting that only ASUU members would determine that.

The Minister of Labour, Chief Emeka Wogu, who listened to Faggae’s encounter with journalists, later said progress was made during the discussion.

He said, “We made progress. The President of ASUU told you that they are going back with a message from the Federal Government back to their members and the message is full of high expectation and hope.”

When asked whether ASUU would  call off the strike, Wogu  said that was why he described the message as full of expectation.

“Our prayer is that they will come back with positive outcome. They might even not come back to meet us. They might take decision there that will meet your expectations “ he said.

He added that the offers made by the government during the meeting were those  that were in line with the contentious  2009 agreement.

He said since the issues that led to the strike bordered on the 2009 agreement, the government did not go beyond the pact.

The President was joined at the meeting that started at 2.40pm  on Monday by Vice-President Namadi Sambo; Minister of Finance, Dr. Ngozi Okonjo-Iweala; the Secretary to the Government of the Federation, Anyim Pius Anyim;  the Supervising Minister of Education, Nyesom Wike;   Wogu among others.

Faggae led the union team which included past presidents such as Prof. Abdulahi Sule-Kano, Prof. Dipo Fashina and Prof. Festus Iyayi.

President of the Nigeria Labour Congress, Abdulawahid Omar and his  Trade Union Congress  counterpart, Bobboi Kaigama, also attended.

Other members of the delegation were Prof. Biodun Ogunyemi, Prof. Victor  Osodeke, Prof. Suleiman Abdul, Dr. Victor Igbum and Mr. Michael Odunmoraye.

The marathon meeting  was  the first   between ASUU  and Jonathan since the   strike  started. The Presidency took over  the negotiations with ASUU on  September 19  with Sambo  in charge.

Banks to capture customers’ finger prints next year

Wow!!! This is a welcome development. Lets hope this work out o.
The Governor of the Central Bank of Nigeria (CBN), Malam Lamido Sanusi, said the bank would begin capturing of biometric data of bank customers to ensure better services.

Sanusi disclosed this on Tuesday in Abuja at the signing of a contract with Dermalos Ltd, a German company that will handle the Banking Industry Biometric Solution Project.

He said the biometric database would boost customer’s confidence in the banking system and provide solutions to authentication, fraud, credit extension and financial inclusion, among other issues.

“The underlining issue facing many banks in Nigeria is lack of unique identity of Nigerian customers.

“So, the first thing we need for any kind of transformation in the banking industry around money laundering, around fraud, around financial inclusion is to be able to properly identify customers.

“And the biometrics gives you a unique identification because you cannot change your finger.

“If a bank lends to you, it knows that it is you it has lent to, and it can reach you and have you pay; you are not going to take on a different identity.

“If you commit fraud in one bank or borrow from one bank, and do not pay, the next bank that wants to check your credit record will know that you have a history of bad loan.

“So, it improves the entire confidence around which the banking system is built on,’’ he said.

Sanusi also said that the biometric database would solve the problem of irregular signature, and also ensure more participation of uninformed people.

“We have a large population of illiterates. People go to ATM and cannot remember their pin numbers, but with biometric ATMs and POS, with your finger you can withdraw your money.

“And also, if you go to the bank and you don’t have your check book your finger is all the identification you require for you to take your money.

“ And it also solves the problem of irregular signature and so on. So, it is a transformational and revolutionary solution that will completely transform the Nigerian payment system,” he said.

The CBN boss said also that the initial stage of the biometric database would be completed within 90 days with at least one branch of every bank linked to the data base.

He said that after completing the database of commercial banks, the initiative would be extended to others like microfinance banks and mortgage banks.

The Managing Director, Zenith Bank, Mr Godwin Emofiele, who is also the chairman of the biometric solution sub-committee, said the project would cost more than 50 million dollars at the initial stage.

He said that the banks would share the cost of the projects and no customer would be charged either directly or indirectly for the project.

The Deputy Director, Head Shared Services, Governor’s Department, CBN, Mr Chidi Omeono, said the project was a major milestone for the banking sector.

“Financial inclusion is what the CBN is pursuing, and what we are trying to do is to have a unique identification for our customers.

“What we are trying to achieve today is a situation where every bank customer is known for who he is in every bank of every branch as the same person.

“So it will help us to better identify our customers, and help us to align our payment system and achieve financial inclusion,’’ he said.

Explosions in front of Communist Party offices in a northern Chinese province

A series of explosions in front of Communist Party offices in a northern Chinese province killed one person and wounded eight others Wednesday morning, authorities said.

The blasts occurred around 7:40 a.m. (6:40 p.m. ET Tuesday) in Taiyuan, the capital of Shanxi province, police said in a post on Weibo, a Twitter-like microblog platform.

State broadcaster CCTV reported on its Weibo account that several devices exploded in flower bushes in front of the gate of the Shanxi Provincial Communist Party offices. The Communist Party has ruled China for more than 60 years.

The blasts shattered the windows of passing vehicles and shredded some of their tires, CCTV reported. Police have blocked off roads near the scene of the explosions, it said.

At least one of the wounded people is severely hurt, CCTV said, adding that the exact number of casualties remained unclear.

State-run news agency Xinhua reported that steel beads were scattered at the scene.

Authorities are investigating the cause of the blasts.

Tuesday, 5 November 2013

World’s deadliest spiders in supermarket fruit

A TERRIFIED family fled their home after finding dozens of the world’s deadliest spiders on their Sainsbury’s bananas.

 Pest experts identified the creepycrawlies as lethal Brazilian Wandering spiders — and ordered Consi Taylor, 29, husband Richard and their two young children to abandon their house in Hampton, south-west London.

Consi said: “I was so scared.”

Check any banana you want to  buy thoroughly before advancing your hard earn money. Don't buy what will kill you...beware!!!!

Capping the urban unemployment rate at just 4 percent in China: Premier Li

China’s economy must continue growing by at least 7.2 percent per year in order to sustain the unemployment rate from rising, said Premier Li Keqiang in remarks published on Monday.

In a national workers' meeting two weeks ago, Li told the attendees that the government was hoping to cap the urban unemployment rate at 4 percent, requiring GDP growth to maintain at a medium-to-high speed in order to so.

“We want to stabilise economic growth because we need to guarantee employment, essentially,” Li said, calculating that every percentage point in economic growth would create between 1.3-1.5 million jobs.
Li reiterated that the 7.5 percent growth target for 2013 remained intact, but noted that weak exports sales were a risk.

"If the exports drop sharply, it would bring employment problem," Li said. Exports can directly create about 30 million jobs and add another 100 million jobs in other related industries, he added.

Nevertheless, the country’s leaders are still embarking on a new set of economic reforms to shift China’s reliance on exports to a domestic-led economy.

Li has already said that government was unlikely to use any short-term stimulus to boost economic growth, focusing on fiscal and budgetary reforms instead.

With this in mind, he said that China must find a "golden balancing point" between upgrading the economy and maintaining a reasonable growth rate to ensure further job creation.

Bigs names investors should follow by apply their strategies

Read why you should follow those bigs names. And learn from them how you can be a  better investor as they are by apply their strategies.

There are plenty of these power players on Twitter, but there are a few big name investors and company execs that are absolute must-follows. 

Listed below are some of the names that are moving markets with their tweets and are constantly being watched by the business community.
For example, it's estimated that activist investor Carl Icahn, who is on the list, moved $18 billion in Apple with just three tweets.
Carl Icahn
Majority shareholder of Icahn Enterprises
Bill Gross
Co-founder of Pacific Investment Management
Elon Musk
Tesla CEO
Marissa Mayer
Yahoo CEO
Tim Cook
Apple CEO
;Warren Buffett
Chairman and CEO of Berkshire Hathaway
Dick Costolo
Twitter CEO


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