tag:blogger.com,1999:blog-92135360183018423142024-02-02T14:23:47.406-08:00Aceh Forex Trading Info-Investment In GoldAceh Forex Trading Info-For investment in Gold and investing in your retirementM Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comBlogger198125tag:blogger.com,1999:blog-9213536018301842314.post-26106968370086778992011-06-26T11:36:00.000-07:002011-06-26T11:36:23.146-07:00Tips and tricks for using ETFs<b><span class="Apple-style-span" style="color: blue; font-size: large;">Tips and tricks for using ETFs</span></b><br />
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<div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">If you're thinking of using exchange-traded funds in your portfolio, there are thousands to choose from in North America. How do you go about figuring out which ones to buy? What are the pitfalls you should be worrying about? How do they compare with mutual funds?</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Oliver McMahon, director of product management at iShares Canada, took your questions in a live discussion.</span></div><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><span class="Apple-style-span" style="line-height: 16px;"><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Just click on the live blog box below to replay the discussion. If you're seeing this on a smartphone, you might prefer to use <a href="http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=b31807b63c" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">this link</a>.</div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Mr. McMahon has been with BlackRock since 1997. He spent four years as a portfolio manager with the firm’s Canadian equity hedge fund team and five years managing the Ascent UK quantitative equity strategies in London, England. He received his Chartered Financial Analyst charterholder designation in 2003 and holds a Bachelor of Arts (Honours) in Business Economics from the University of East London, England.</div></span></span>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-55834318936664175242011-06-26T11:31:00.000-07:002011-06-26T11:31:32.640-07:00Load up on gold ETFs In May<span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif; font-size: large;"><b>Load up on gold ETFs In May</b></span><br />
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<span class="Apple-style-span" style="line-height: 18px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Gold equities and related exchange traded funds listed on the TMX finally came alive this week after significantly underperforming the TSX composite index since the beginning of March. They are showing early technical signs of recovering from oversold levels (albeit they are in the red today amid the weakness in the broader market).</span></span><br />
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<div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Canadian investors can choose between five ETFs when interested in entering the <span class="company" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">gold<span class="symbol" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">(<a class="symbol popup" href="http://www.theglobeandmail.com/globe-investor/funds-and-etfs/etfs/don-vialoux/why-it-may-be-time-to-load-up-on-gold-etfs/article2072986/#" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; white-space: nowrap;" symbol="GC-FT">GC-FT</a><span class="ticker-info" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 10px/1 verdana, sans-serif; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" symbol="GC-FT"><span class="price last-price" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">1,502.80</span><span class="price-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-17.70</span><span class="percent-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-1.16%</span></span>)</span></span>sector. Each ETF has unique characteristics;</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">The most actively traded gold equity ETF in Canada is <span class="company" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">iShares S&P/TSX Global Gold Index fund<span class="symbol" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">(<a class="symbol popup" href="http://www.theglobeandmail.com/globe-investor/funds-and-etfs/etfs/don-vialoux/why-it-may-be-time-to-load-up-on-gold-etfs/article2072986/#" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; white-space: nowrap;" symbol="XGD-T">XGD-T</a><span class="ticker-info" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 10px/1 verdana, sans-serif; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" symbol="XGD-T"><span class="price last-price" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">22.38</span><span class="price-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-0.37</span><span class="percent-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-1.63%</span></span>)</span></span> The fund tracks the performance of 64 precious metal stocks that make up the S&P/TSX Global Gold index. The index is capitalization weighted. Largest holding in order of weight are: Barrick Gold, Goldcorp, Newmont Mining, Kinross Gold, Anglogold Ashanti and Agnico-Eagle Mines. Management expense ratio is 0.55 per cent.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Horizons offers the <span class="company" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">BetaPro S&P/TSX Global Gold Bull + ETF<span class="symbol" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">(<a class="symbol popup" href="http://www.theglobeandmail.com/globe-investor/funds-and-etfs/etfs/don-vialoux/why-it-may-be-time-to-load-up-on-gold-etfs/article2072986/#" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; white-space: nowrap;" symbol="HGU-T">HGU-T</a><span class="ticker-info" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 10px/1 verdana, sans-serif; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" symbol="HGU-T"><span class="price last-price" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">12.38</span><span class="price-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-0.43</span><span class="percent-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-3.36%</span></span>)</span></span> and the <span class="company" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">BetaPro S&P Global Gold Bear + ETF<span class="symbol" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">(<a class="symbol popup" href="http://www.theglobeandmail.com/globe-investor/funds-and-etfs/etfs/don-vialoux/why-it-may-be-time-to-load-up-on-gold-etfs/article2072986/#" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; white-space: nowrap;" symbol="HGD-T">HGD-T</a><span class="ticker-info" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 10px/1 verdana, sans-serif; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" symbol="HGD-T"><span class="price last-price" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">11.42</span><span class="price-change up" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #009933; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">0.39</span><span class="percent-change up" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #009933; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">3.54%</span></span>)</span></span>. Both are leveraged ETFs that track the S&P/TSX Global Gold index. The Bull ETF is designed to generate twice the daily upside performance of the index. The bear ETF is designed to generate twice the daily downside performance of the index. Management expense ratio is 1.15 per cent.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Horizons also offers the <span class="company" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">AlphaPro Enhanced Income Gold Producers ETF<span class="symbol" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">(<a class="symbol popup" href="http://www.theglobeandmail.com/globe-investor/funds-and-etfs/etfs/don-vialoux/why-it-may-be-time-to-load-up-on-gold-etfs/article2072986/#" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; white-space: nowrap;" symbol="HEP-T">HEP-T</a><span class="ticker-info" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 10px/1 verdana, sans-serif; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" symbol="HEP-T"><span class="price last-price" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">8.73</span><span class="price-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-0.09</span><span class="percent-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-1.02%</span></span>)</span></span>. The ETF tracks the performance of a portfolio holding 15 equally weighted senior global gold and silver producers. At or near the money listed call options are written against security positions. Option premiums and dividends earned by the fund are distributed to unit holders on a monthly basis. The strategy is enhanced by high implied volatility on the call options of senior gold producer stocks. Management expense ratio is 0.65 per cent.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Bank of Montreal offers the <span class="company" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">BMO Junior Gold Index ETF <span class="symbol" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">(<a class="symbol popup" href="http://www.theglobeandmail.com/globe-investor/funds-and-etfs/etfs/don-vialoux/why-it-may-be-time-to-load-up-on-gold-etfs/article2072986/#" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline; white-space: nowrap;" symbol="ZJG-T">ZJG-T</a><span class="ticker-info" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 10px/1 verdana, sans-serif; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" symbol="ZJG-T"><span class="price last-price" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">19.36</span><span class="price-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-0.30</span><span class="percent-change down" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #fe0000; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 5px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">-1.53%</span></span>)</span></span>. The ETF tracks a diversified portfolio of 32 junior gold stocks that make up the Dow Jones North American Select Junior Gold index. The Index is capitalization weighted. Largest holdings are Allied Nevada Gold, Detour Gold, Coeur D’Alene Mines, Alamos Gold, AuRico Gold and Nova Gold Resources. Management expense ratio is 0.55 per cent.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Seasonal influences for gold and gold stocks appear to be starting earlier than usual this year. Thackray’s 2011 Investor’s guide notes that the period of seasonal strength for the gold sector is from July 12th to October 9th and the period of seasonal strength for the gold equity sector is from July 27th to September 25th. The equity sector trade was profitable in 17 of the past 25 periods for an average gain per period of 6.8 per cent.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></div><div class="inlinerelation inlineimg clearfix " style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; clear: left; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline; width: 460px;"><div class="articlephotoholder" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: relative; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><img alt="" height="314" src="http://beta.images.theglobeandmail.com/archive/01290/donchart1_1290290cl-6.jpg" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" width="460" /></span></div></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">On the charts, the iShares S&P/TSX Global Gold index has a negative, but improving, technical profile. Intermediate trend is down. Units trade below their 50- and 200-day moving averages. However, short-term momentum indicators (Stochastics, RSI and MACD) are recovering from oversold levels and price relative to the TSX Composite index and gold turned positive this week.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></div><div class="inlinerelation inlineimg clearfix " style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; clear: left; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline; width: 460px;"><div class="articlephotoholder" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; position: relative; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><img alt="" height="284" src="http://beta.images.theglobeandmail.com/archive/01290/replace_1290359cl-6.jpg" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" width="460" /></span></div></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: inherit; font-weight: inherit; font: normal normal normal 12px/1.5 Verdana, sans-serif; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><em style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: black; font-style: italic; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Don Vialoux is the author of free daily reports on equity markets, sectors, commodities and Exchange Traded Funds. He is also a research analyst for JovInvestment Inc. Reports are available at <a href="http://www.timingthemarket.ca/" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">www.timingthemarket.ca</a> and<a href="http://www.equityclock.com/" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">www.equityclock.com</a>. Follow him on Twitter <a href="http://www.twitter.com/EquityClock" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: red; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">@EquityClock</a>.</em></span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-47228780000736304172011-06-26T10:35:00.000-07:002011-06-26T10:35:31.879-07:00Lloyds strategic review puts jobs at risk<span class="Apple-style-span" style="border-collapse: collapse; font-family: arial, sans-serif; line-height: 15px;"></span><br />
<h3 style="border-collapse: collapse; display: block; font-family: georgia, serif; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 10px; padding-left: 0px; padding-right: 0px; padding-top: 1px;"><span class="Apple-style-span" style="color: blue; font-size: large;">Lloyds strategic review puts jobs at risk</span></h3><div><span class="Apple-style-span" style="color: blue; font-size: large;"><br />
</span></div><span class="Apple-style-span" style="border-collapse: collapse; font-size: 16px; line-height: 19px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">New chief executive António Horta-Osório expected to unveil major cost-cutting drive this week</span></span><br />
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<span class="Apple-style-span" style="border-collapse: collapse; font-size: 14px; line-height: 18px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"></span></span><br />
<div style="border-collapse: collapse; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Up to 15,000 jobs face the axe at <a href="http://www.guardian.co.uk/business/lloyds-banking-group" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;" title="More from guardian.co.uk on Lloyds Banking Group">Lloyds Banking Group</a> this week when new chief executive <a href="http://www.guardian.co.uk/business/antonio-horta-osorio" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;" title="More from guardian.co.uk on António Horta-Osório">António Horta-Osório</a> unveils plans to cut costs in an attempt to return the bailed-out bank to long-term financial health.</span></div><div style="border-collapse: collapse; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Presenting the outcome of his three-month strategy review on Thursday, the Portuguese-born banker will also signal his ambition to start paying dividends again next year when the EU ban on payouts to shareholders is lifted.</span></div><div style="border-collapse: collapse; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">But analysts also expect him spell out the uncertainties he faces in achieving these goals – including international rules on how much capital banks must hold and the UK independent commission on banking's wish to see banks ring-fence their high street operations away from their investment activities.</span></div><div style="border-collapse: collapse; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">The commission, chaired by Sir John Vickers, also wants Lloyds to divest more branches than the 632 the EU has already instructed the bank to sell, and is in discussions with Lloyds about how to bolster competition on the high street.</span></div><div style="border-collapse: collapse; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Horta-Osório wants to gather indicative bids for the 632 branches by July, to pre-empt any findings on the matter in the final Vickers report, which is due on 15 September.</span></div><div style="border-collapse: collapse; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Having earned a reputation as a cost-cutter at Spanish bank Santander, Horta-Osório, the City believes, will set out plans to axe an extra £1bn of savings, on top of the £2bn a year already being achieved as a result of the takeover of HBOS during the 2008 banking crisis.</span></div><div style="border-collapse: collapse; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Some 28,000 posts have already been lost as a result of the integration, and analysts estimate that another 15,000 jobs will now be cut.</span></div><div style="border-collapse: collapse; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Lloyds would not comment, but at a recent select committee hearing, Horta-Osório said his strategy would be "evolutionary", and that it would involve retrenchment of the bank's international operations. The Scottish Widows insurance operation is also expected be retained, and Horta-Osório has begun to rejuvenate the Halifax brand – inherited from HBOS – and position it as a competitor to Lloyds' high-street operations.</span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-54876747198919955622011-06-26T10:29:00.000-07:002011-06-26T10:29:30.895-07:00Rachel Weisz Marries Daniel Craig<div style="margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif; font-size: large;"><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px;"><b>Rachel Weisz Marries Daniel Craig</b></span></span></div><div style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18px; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><a href="http://www.guardian.co.uk/film/danielcraig" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; color: #005689; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: underline;" title="More from guardian.co.uk on Daniel Craig">Daniel Craig</a> and Rachel Weisz, who star as a married couple in a forthcoming film, have tied the knot in a secret wedding ceremony in <a href="http://www.guardian.co.uk/world/new-york" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; color: #005689; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;" title="More from guardian.co.uk on New York">New York</a>.</div><div style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18px; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">James Bond star Craig was reported to have "top-secretly married" Weisz at a low-key ceremony with just four people present on Wednesday.</div><div style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18px; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Slate PR, which represents Craig, confirmed the pair had married with only Craig's teenage daughter, Ella; Weisz's five-year-old son Henry and two family friends as guests.</div><div style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18px; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The company did not offer any more details of the ceremony or about the couple, who met on the set of Dream House, due to be released later this year. The film is about a family who learns of the brutal murder of former residents of their seemingly idyllic new home. The pair had been quietly dating, and no information has been released about the honeymoon or why the ceremony was kept secret.</div><div style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18px; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Craig, 43, rose to international stardom in 2006 when he became the sixth actor to play Bond. He will take on the role of the suave secret agent for the third time in the 23rd film, which will be released in October next year. His other film credits include Elizabeth, Layer Cake and forthcoming film The Girl with the Dragon Tattoo.</div><div style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18px; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Weisz, 41, has appeared in films including The Mummy and About A Boy.Her role in 2005 film The Constant Gardener earned her an Oscar for best supporting actress.</div><div style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 18px; margin-bottom: 13px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Weisz's son is from a previous nine-year relationship with the Black Swan director <a href="http://www.guardian.co.uk/film/darren-aronofsky" style="background-repeat: no-repeat no-repeat; border-collapse: collapse; color: #005689; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;" title="More from guardian.co.uk on Darren Aronofsky">Darren Aronofsky</a>.</div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-36192574508515352972011-06-26T10:23:00.000-07:002011-06-26T10:23:25.948-07:00Lyme disease isn’t only tick-borne disease<span class="Apple-style-span" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px; font-family: verdana, sans-serif;"><span class="Apple-style-span" style="color: blue; font-size: large;"><b>Lyme disease isn’t only tick-borne disease</b></span></span><br />
<span class="Apple-style-span" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px; font-family: verdana, sans-serif;"><span class="Apple-style-span" style="color: blue; font-size: large;"><b><br />
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<span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><span class="Apple-style-span" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px; color: #444444;"></span></span><br />
<div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Lyme disease isn’t the only reason to be on the lookout for ticks anymore. Babesiosis, a relatively new and possibly fatal infection is sweeping the northeast. Although only six cases were reported in 2001 in the Lower Hudson Valley, 2008 brought 119 cases of the tick-borne illness to the area <a href="http://abcnews.go.com/Health/babesiosis-tick-borne-disease-mimics-malaria-fatal-rise/story?id=13893546&page=2" style="text-decoration: none;" target="_blank" title="ABC ">ABC </a>reports, illustrating the speed of the disease’s spread.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Unlike Lyme disease, the illness’s malaria-like symptoms frequently go unnoticed and when they are experienced, they usually consist of a low fever, chills and fatigue. Dr. William Schaffner, head of preventive medicine at Vanderbilt University Medical School explains the malady, saying, “For the most part, it doesn’t know how to make us sick. If you are young and healthy you may never know you have an infection and it comes and goes all by itself.”</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><span class="Apple-style-span" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px; color: #444444;"><div style="margin-top: 0px;">While many victims regain their health without ever knowing it was in danger, the illness does pose a potentially deadly threat to patients whose immune systems are already compromised. The co-author of the paper that introduced the disease, Dr. Gary Wormser, reports that 1in 20 people hospitalized for the infection die because its impact is so variable. “Some people get over it spontaneously and other people get really sick,” Wormser tells <a href="http://abcnews.go.com/Health/babesiosis-tick-borne-disease-mimics-malaria-fatal-rise/story?id=13893546&page=2" style="text-decoration: none;" target="_blank" title="ABC">ABC</a>.</div><div style="margin-top: 0px;"><br />
</div><div style="margin-top: 0px;">And this, the <a href="http://www.thedailyweston.com/wellness/ticks-spread-more-just-lyme-disease" style="text-decoration: none;" target="_blank" title="Daily Weston">Daily Weston</a> argues, is the scariest part of babesiosis. It can go completely unnoticed. The CDC reported that babesiosis is the infection most commonly transmitted through blood infusions, and samples are not systematically screened for the infection so detection of the illness depends solely on asking donors about their health.</div><div style="margin-top: 0px;"><br />
</div><div style="margin-top: 0px;">Researchers are currently working on improving the treatment of babesiosis, and patients can currently expect to receive a combination of antibiotics and the malaria drug quinine. But the best way to defend oneself from babesiosis and other tick-borne diseases, like Lyme diseas, is prevention. <a href="http://abcnews.go.com/Health/babesiosis-tick-borne-disease-mimics-malaria-fatal-rise/story?id=13893546&page=2" style="text-decoration: none;" target="_blank" title="ABC">ABC</a> suggests having someone check your body for ticks after spending time outside and always using tick repellent. </div></span></span>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-16206330097359809192011-06-26T10:19:00.000-07:002011-06-26T10:19:13.765-07:00Lyme Disease Skyrockets<h1 style="font-weight: bold; letter-spacing: -1px; line-height: 28px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-decoration: none;"><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif; font-size: large;">Lyme Disease Skyrockets</span></h1><div><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif; font-size: large;"><br />
</span></div><div><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 18px;"><div style="color: #171717; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">Cases of Lyme Disease have tripled between 1992 at 10,000 cases nationally to almost 40,000 in 2009.</div><div style="color: #171717; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">95% of Lyme Disease cases occur in 12 states: Connecticut, Delaware, Massachusetts, Maryland, Minnesota, Maine, New Jersey, New Hampshire, New York, Pennsylvania, Virginia and Wisconsin. To complicate matters, as infection rates rise, a second, similar infection has been cropping up where <a href="http://www.inquisitr.com/116993/lyme-disease-not-only-tick-threat-now-enter-babesiosis/" style="border-bottom-color: rgb(221, 221, 221); border-bottom-style: solid; border-bottom-width: 1px; color: black; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">Lyme Disease first became prominent- called Babesiosis</a>. Babesiosis is slightly different, harms red blood cells and can mimic malaria in its symptoms.</div><div style="color: #171717; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">As Americans increasingly make their way outdoors- and unfortunately, into the realm ticks occupy- <a href="http://www.cbsnews.com/8301-504763_162-20074018-10391704.html#ixzz1QOfQ7Ktp" style="border-bottom-color: rgb(221, 221, 221); border-bottom-style: solid; border-bottom-width: 1px; color: black; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;">CBS offers these tips</a> to avoid Lyme Disease and Babesiosis-carrying ticks:</div><li style="background-attachment: scroll; background-clip: initial; background-color: transparent; background-origin: initial; background-position: 1px 3px; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: initial; border-right-style: none; border-right-width: initial; border-top-color: initial; border-top-style: none; border-top-width: initial; line-height: 14px; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 5px; padding-left: 8px; padding-right: 0px; padding-top: 0px;"><blockquote style="margin-bottom: 15px; margin-left: 10px; margin-right: 30px; margin-top: 15px; padding-bottom: 5px; padding-left: 20px; padding-right: 10px; padding-top: 5px;"><div style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;"><span class="Apple-style-span" style="color: blue;">Avoid wooded, bushy areas with high grass, and stick to the center of hiking trails.</span></div></blockquote></li><br />
<li style="background-attachment: scroll; background-clip: initial; background-color: transparent; background-origin: initial; background-position: 1px 3px; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: initial; border-right-style: none; border-right-width: initial; border-top-color: initial; border-top-style: none; border-top-width: initial; line-height: 14px; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 5px; padding-left: 8px; padding-right: 0px; padding-top: 0px;"><blockquote style="margin-bottom: 15px; margin-left: 10px; margin-right: 30px; margin-top: 15px; padding-bottom: 5px; padding-left: 20px; padding-right: 10px; padding-top: 5px;"><div style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;"><span class="Apple-style-span" style="color: blue;">Use bug repellants that contain 20 percent or more of DEET on skin, or ones that contain permethrin on clothing. Some clothes are pre-treated with permethrin and can protect from ticks through 70 washes.</span></div></blockquote></li><br />
<li style="background-attachment: scroll; background-clip: initial; background-color: transparent; background-origin: initial; background-position: 1px 3px; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: initial; border-right-style: none; border-right-width: initial; border-top-color: initial; border-top-style: none; border-top-width: initial; line-height: 14px; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 5px; padding-left: 8px; padding-right: 0px; padding-top: 0px;"><blockquote style="margin-bottom: 15px; margin-left: 10px; margin-right: 30px; margin-top: 15px; padding-bottom: 5px; padding-left: 20px; padding-right: 10px; padding-top: 5px;"><div style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;"><span class="Apple-style-span" style="color: blue;">Even these measures can’t guarantee a tick won’t bite, so hop in the shower within two hours of returning from the outdoors to double-check and wash off any creepy crawlers.</span></div></blockquote></li><br />
<li style="background-attachment: scroll; background-clip: initial; background-color: transparent; background-origin: initial; background-position: 1px 3px; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: initial; border-right-style: none; border-right-width: initial; border-top-color: initial; border-top-style: none; border-top-width: initial; line-height: 14px; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 5px; padding-left: 8px; padding-right: 0px; padding-top: 0px;"><blockquote style="margin-bottom: 15px; margin-left: 10px; margin-right: 30px; margin-top: 15px; padding-bottom: 5px; padding-left: 20px; padding-right: 10px; padding-top: 5px;"><div style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;"><span class="Apple-style-span" style="color: blue;">If you find a tick latched on, use a fine-tipped tweezers to steadily lift it off – steady is the key word since twisting and jerking can break off parts of the tick, leaving it in your skin.</span></div></blockquote></li><br />
<li style="background-attachment: scroll; background-clip: initial; background-color: transparent; background-origin: initial; background-position: 1px 3px; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: initial; border-right-style: none; border-right-width: initial; border-top-color: initial; border-top-style: none; border-top-width: initial; line-height: 14px; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 5px; padding-left: 8px; padding-right: 0px; padding-top: 0px;"><blockquote style="margin-bottom: 15px; margin-left: 10px; margin-right: 30px; margin-top: 15px; padding-bottom: 5px; padding-left: 20px; padding-right: 10px; padding-top: 5px;"><div style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;"><span class="Apple-style-span" style="color: blue;">Clean the area with rubbing alcohol, or soap and water after removing the tick.</span></div></blockquote></li><br />
<li style="background-attachment: scroll; background-clip: initial; background-color: transparent; background-origin: initial; background-position: 1px 3px; border-left-color: initial; border-left-style: none; border-left-width: initial; border-right-color: initial; border-right-style: none; border-right-width: initial; border-top-color: initial; border-top-style: none; border-top-width: initial; line-height: 14px; list-style-type: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 5px; padding-left: 8px; padding-right: 0px; padding-top: 0px;"><blockquote style="margin-bottom: 15px; margin-left: 10px; margin-right: 30px; margin-top: 15px; padding-bottom: 5px; padding-left: 20px; padding-right: 10px; padding-top: 5px;"><div style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;"><span class="Apple-style-span" style="color: blue;">Don’t forget to check your pet- they’re at a high risk for bites, and ticks are harder to find under all that fur.</span></div></blockquote><div style="color: #171717; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 1.3em; margin-bottom: 15px; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt;">Have you ever had a close call with a deer tick?</div></li><br />
</span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-12427137617320345642011-06-26T05:20:00.000-07:002011-06-26T05:20:42.373-07:00Digital living at your finger-tips<h1 style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 24px; font: normal normal normal 24px/normal Georgia; letter-spacing: -2px; line-height: 42px; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><b><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif;">Digital living at your finger-tips</span></b></h1><div><span class="Apple-style-span" style="font-family: Georgia; line-height: 18px;"><div class="Daily Styles-Body Text Styles-Body- Text First Paragraph" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">In the upscale real estate market, not all homes are created equal; some are more equal than the others. With some of the units at roofing level, work has reached appreciable level at Disney Court, located in Lekki Phase One.</div><div class="Daily Styles-Body Text Styles-Body- Text First Paragraph" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Disney Court comprises “smart houses with their own intelligence, programmed to function just the way you like and want it to be”.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">It is a comprehensive new campaign that offers lifestyle homes in an exclusive serviced estate with state-of-the-art facilities. These include 3-bedroom and 4 bedroom terrace houses; 4-bedroom penthouses, and 4 & 5 bedroom detached houses.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The estate is designed to be an architectural masterpiece, with strong neighbourhood characteristics and timeless appeal. Disney Court brings the automated concept to luxury living as all an occupier needs to do to obtain various home services is by pressing the appropriate remote control.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The development is being undertaken by the duo of Disney Court Limited and Cacif Properties Limited. Siemens Automation and Drives UK are the smart home technology providers. Zenith Bank Plc is partly financing the project.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">DisneyCourt Smart homes are an innovation in the upscale real estate market in Nigeria. The Smart home provides integrated security system; video and voice distribution; audio distribution; digital dimming/mood lighting; blind control; home theatre/surround systems; interactive whole house control screen; hands-free lighting; simulated occupancy; intruder control, etc. The major benefits of having a smart home are: convenience; security; economy; and style.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The managing director/CEO of Disney Court Limited, Mr Ken Omamogho, said they are in the market to add something refreshingly unique and to add a tangible value to exquisite realty. Each unit of the automated home will be exquisitely finished and lavishly equipped with the following:</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Smart home system from Siemens and On-Q; master bathroom with jacuzzi and TV; fully-fitted kitchen (with microwave, refrigerator, cooker, extractors fans, etc; 5KVA inverters; luxury wardrobes and bathrooms; access control and CCTV; security entry and exit doors; split A/Cs and TVs in all bedrooms and living areas; smoke detectors / alarm system; one telephone line and PABX system, etc.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">To ensure reliable, regular, and stable electricity supply, there will be a dedicated transformer, and two standby generators of appropriate capacity will be provided for the common use of the estate. Each unit will be installed with a 5KVA inverter to ensure seamless changeover of power source. Social activities within the estate will gravitate towards a clubhouse that will have a swimming pool, gymnasium/sauna/spa, laundry services, grocery, private cinema, car hire service, music room, and conference hall.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The development, which is planned for outright disposal, has the following price tags: the 3 bedroom (B/R) terrace at N69 million; 4B/R penthouse at N69 million; 4B/R terrace at N75 million, and the upgrade at N85 million; 4B/R detached at N140m; while the 5-bedroom detached has a price tag of N160 million.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The company is also offering extended payment option of 20% - 20% - 20% - 40% spread out to suit the peculiar circumstances of its customers. Disney Court will also arrange a mortgage facility of up to 40% for interested subscribers. The estimated minimum rental income in the event of investment option from a unit in the estate is $50,000 per annum, which just shows how good it is as an investment.</div></span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-48105578378862075222011-06-26T05:18:00.000-07:002011-06-26T05:18:36.192-07:00Mowe’s Mainland Regal Park<h1 style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 24px; font: normal normal normal 24px/normal Georgia; letter-spacing: -2px; line-height: 42px; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif;"><b>Mowe’s Mainland Regal Park</b></span></h1><div><span class="Apple-style-span" style="font-family: Georgia; line-height: 18px;"><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;">Stretched over a sprawling territory of about 117 hectares of land opposite the Redemption Camp in Mowe is the Mainland Regal Park which is being promoted and developed by Messrs Pentagon Real Estate Investment Limited. It is a mixture of serviced plots and building development. However, development has taken place on only 48 hectares. Various types are placed on offer including the prominent three-bedroom bungalow, which is called “Apple”.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;">Others are the two-bedroom semi-detached bungalow (“Berry”) and the four-bedroom bungalow (“Pear”). The four-bedroom detached house is known as “Cedar” while the four-bedroom semi-detached house is “Olive”. Work has reached advanced level as some units have been completed already. Meanwhile, the work on infrastructure is also going on steadily at the same time.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"></div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;">Do it yourself</strong></div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</strong></div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;">Each house type also has variants of fully finished or partly finished options. The partly finished option is basically a super-structure adorned with a roof but without finishes. Berry, the fully finished model, is N9.2million while the partly finished model is N6.1million. The fully finished variant for Apple is N16.5million while the partly finished model is N11.5million. For Pear, the fully finished model is N19million while the partly finished model is N13million. Walnut, a four-bedroom terrace apartment has a price tag of N22.5million for the fully completed model and N13million for the partly complemented model. Olive has a N23.5million price tag for the fully completed model and N13.5million for the partly finished model. The fully completed variant of Cedar has a price tag of N29.5million while the partly finished model attracts a tag of N18million.</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"></div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;">Payment options</strong></div><div class="Daily Styles-Body Text Styles-Body- Text" style="outline-color: initial; outline-style: none; outline-width: initial;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial;">With a deposit of 12.5percent down payment, a subscriber is given the keys to their elected option while the balance payment is spread out over three years at 10percent interest rate. Also available as a payment option is the Pentagon 18-month interest-free payment plan. It takes an average of 12 months (construction period) before the delivery of a preferred unit.</div><div style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial;">There are also opportunities to buy land and develop on it oneself. There are two options for this window. The first option where infrastructure would not be provided has a price tag of N2.5million per plot while the other where infrastructure would be provided is sold for N5million per plot. Facilities made available are good roads, potable water supply and constant electricity; solar-powered.</div><div style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial;">Residents are assured of good security through a central system. A sewage system has been provided to deal with hygienic evacuation and treatment of sewage effluents. Cooking gas is piped directly into the gas cylinders in the kitchens. Facilities are also available for recreation to enable residents to unwind. The entire estate is to be extensively landscaped.</div></span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-67576897099667527932011-06-26T05:14:00.000-07:002011-06-26T05:14:45.619-07:00Much ado about Islamic banking<h1 style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 24px; font: normal normal normal 24px/normal Georgia; letter-spacing: -2px; line-height: 42px; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif;"><b>Much ado about Islamic banking</b></span></h1><div><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif;"><b><br />
</b></span></div><div><span class="Apple-style-span" style="font-family: Georgia; line-height: 18px;"><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Even though a draft framework for non-interest banking was issued in March 2009 by the Central Bank of Nigeria (CBN), its position on Islamic banking did not become much of an issue until a few months ago when the final guidelines were released.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">According to the acting director of banking supervision at the CBN, D.A. Eke, "The objective of the framework is to provide minimum standards for the operation of non-interest banking in Nigeria while serving as an exposure for comments, suggestions and/or inputs by stakeholders."</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The suggestions and/or inputs from stakeholders never came. More than two years after, the CBN released the final guidelines which cover only non-interest banking according to Islamic commercial law and jurisprudence ‑ and all hell was let loose.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The furore was such that the regulator could not ignore even though a few weeks before the CBN governor, Lamido Sanusi, had said the complainants were in the minority.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Doing a volte-face, Mr Sanusi said he has instructed that the guidelines be re-written and re-issued after examining all of the criticisms that have trailed the initial guidelines, as it was capable of being misinterpreted to mean that Islamic banking is the only type of non-interest banking that is allowed.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">"It was never our intention to restrict non-interest banking to Islamic banking but we understand why it would be viewed that way," Mr Sanusi said.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;">Revised guidelines</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">In the revised guidelines, the CBN recognised two types of non-interest banking: non-interest financial products and services based on principles of Islamic commercial jurisprudence, as well as financial products and services based on any other established rules and principles. The regulator added that in line with its objective of promoting financial inclusion in Nigeria, it will issue guidelines pertinent to other types of banking to individuals and groups wishing to practice non-interest banking based on established rules and principles other than Islamic.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The Central Bank said it was introducing Islamic banking in order to open up the financial space to those who were locked out. "Financial inclusion is a major challenge. Almost 50 percent of adult Nigerians do not have access to capital. What is keeping them out? Many things. But to the extent that non-interest banks can address some of the reasons for their staying out, we should encourage them," said CBN deputy governor (financial systems stability), Kingsley Moghalu, while assuring Nigerians on the genuine intentions of introducing the variant of non-interest banking.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">At a seminar organised by Apostles in the Market Place (AiMP), a group of Christian professionals, in Lagos last week, Mr Moghalu said the CBN was open to receive applications from other firms that wish to operate other variants of non-interest banking. "I like to very clearly reassure Nigerians that non-interest banking is part of our plans to increase the inclusion into the financial system of those who have stayed out of the banking system for various reasons. I like to assure Nigerians very clearly that there is no agenda. It is simply finance; it is not about religion." Participants agreed that while there was a need to redefine the function of capital, it was equally necessary to ensure that such redefinition is not seen to favour one religion over another.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;">Capacity and the lack of it</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">One of the speakers, Brett Johnson, founder of Institute for Innovation, Integration and Impact, said the impact of the global financial crisis has necessitated a re-purposing of capital in order to correct some of the negative fallout of the crisis. Tracing the history of profit-and-loss sharing banking to faith-based financing starting in Biblical times, he said the concept of exorbitant interest payments was responsible for the current global economic glut.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">He said that while Nigeria is excited to join other countries in Islamic financing, it may not offer an automatic solution unless the regulator steps up its regulatory prowess. He alluded to capacity as a constraint in Nigeria, adding that, "Islamic banking has not necessarily produced great returns." Referring to a report last June by the New York-based World Street Journal, he said the regulators must do a thorough job before approving any application for non-interest banking, or Islamic banking for that matter. According to the report, Sharia-compliant banking products have been a flop in Britain. Quoting Junaid Bhatti, part of the team that set up Islamic Bank of Britain (IBB), the first Sharia-compliant bank approved by the Financial Services Authority, he said the sector has been a big disappointment.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">"As we now approach the sixth anniversary of IBB's launch, I'm sad to finally have to admit that Islamic finance in the UK has been a huge flop," he said. "IBB may still be limping on as probably the last bastion of the cause, but it's difficult to imagine it holding out for much longer," Bhatti said.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Back in Nigeria, given the place of regulatory failure in the financial crisis two years ago, it may be too soon to jump into another game. This is particularly so as just a few competent hands currently exist in the field. According to Hajara Adeola, the chief executive officer of Lotus Capital, an ethical investment firm specialising in Sharia-compliant asset management, capacity crunch is crucial, "even at the Sharia advisory board level. At the operator level, training can take care of it. It will take time, so I don't think any institution should rush into this business."</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Mr Moghalu said the Central Bank was aware of the problem of capacity which is why it has stepped it up in-house in order to match the demand of the market. "This is a new thing in Nigeria. We have thought of capacity and have equipped our regulatory officers. We have sent them on a lot of training. So we are addressing the issue of capacity in the industry."</div></span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-65967257896642204242011-06-26T05:12:00.000-07:002011-06-26T05:12:06.451-07:00Esusu banking<h1 style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 24px; font: normal normal normal 24px/normal Georgia; letter-spacing: -2px; line-height: 42px; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><b><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif;">Esusu banking</span></b></h1><div><span class="Apple-style-span" style="font-family: Georgia; line-height: 18px;"><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">"I tried for several months to get a loan from a bank. They asked me to provide land as collateral, which I do not have. I joined an esusu group with ten members and we contribute N10,000 every month. This has really helped my business as when it was my turn last month I received N100,000. I would never have been able to save that amount to invest in my business. If someone runs away with all our money, we all know each other so I will just go to her house." Mrs Banjoko - Trader</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">"I formed an esusu group with 12 colleagues; we each contribute N25,000 monthly. It became impossible to meet some of my obligations which required a lump sum and no bank would lend me money without collateral; I didn't have much that I could provide. Esusu has been a blessing. The best thing about it is that unlike when you take loans from the bank, you do not have to pay back with interest."</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Millions of Nigerians are not being adequately served by the formal financial sector and remain largely unbanked; they continue to find mainstream financial services to be unaffordable, unresponsive and unfriendly. As this limits their opportunity to save, they are forced to rely on informal modes of saving and depend on the credit unions, co-operatives and Rotating Savings and Credit Associations ("ROSCA"). Such institutions have clearly demonstrated the ability of people to organise themselves at a basic level and come together to save and borrow to their mutual benefit. ROSCAs are the most commonly found financial institution in the developing world and have been in existence in many forms for hundreds of years. Indeed, in some rural areas, they are the sole savings and credit associations.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">The "esusu" or "contribution club" is a traditional rotating savings and credit association that has flourished in West Africa for generations and is still widely practiced today. The incentive of participating in "esusu" is the forced savings that it encourages; putting aside money today to benefit from a lump sum payment in the future. Subscribing members contribute a fixed amount periodically. The accumulated funds are usually then assigned to each member of the group in rotation, until all have benefitted from the pool of funds. As a result, each member is able to access a larger sum of money during the life of the association, and use it for whatever purpose she or he wishes.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;">Access to credit</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Formal lending institutions attach stringent conditions to the granting of loans and informal moneylenders tend to be highly exploitative, offering exorbitant interest rates that put credit out of reach of the small borrower. Esusu, in a sense, allows individuals who may ordinarily not have access to credit markets a form of interest-free credit. Through the pooled contributions saved, albeit without interest earned, participants enjoy the possibility of gaining access to the accumulated sum long before the individual has saved up that full amount. Such lump sums make it possible for participants to acquire goods that they may otherwise not be able to afford, pay off debts or meet other pressing obligations. They can also take advantage of the occasional opportunity to improve their general welfare.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;">Based on trust</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><strong style="outline-color: initial; outline-style: none; outline-width: initial;"><br />
</strong></div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">This form of collaboration is totally founded on trust. Though naturally there will be instances where members of the groups have been duped of their contributions, yet, even without formal statutes or regulation of their affairs, they usually carry on without fraud or miscalculation. Even in societies where levels of trust on financial matters are questionable, esusu has proved to be popular and effective and continues to be so.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Whilst there is a significant economic role for the esusu and other forms of rotating savings and credit associations, particularly in societies where millions of people remain unbanked, the esusu ignores the whole concept of the time value of money. The first recipients of the pooled funds are thus the main beneficiaries of the scheme, whilst subsequent collectors are essentially lending money to others interest-free; they also have to bear the additional risk of default from other members over time.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Although esusu has played a significant role in helping people cultivate a savings habit, more formal investment clubs have been in existence for decades, and are a more effective way of achieving the saving and investment aims of members. They offer their members a means to grow their personal wealth and learn about investing at the same time.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Unlike the esusu scheme through which contributions are given to one member to spend to acquire consumer items or take care of other needs as they wish whilst others await their turn, members of an investment club make subscriptions and invest the pool of funds as an entity in a variety of instruments including mutual funds, stocks, and real estate. Compensation is expected in the form of interest and dividend payments as well as appreciation in the value of the underlying investments.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">Whether you are completely new to investing, or are already a seasoned investor and want to share ideas with like-minded individuals, or you have limited resources for saving and investing and would like to build up your savings, an investment club presents an effective way to grow your wealth.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">There is no doubt that the activities of the informal financial sector is a hub of economic activity. The onus is thus on the micro-finance banks and other mainstream financial sector participants to develop appropriate products and services to target the informal sector of the economy.</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;"><br />
</div><div style="outline-color: initial; outline-style: none; outline-width: initial; text-align: justify;">These informal credit institutions should, through registration and regulatory guidelines, be gradually integrated into the formal financial community to protect members. Until this happens, it will continue to thrive unabated and unregulated.</div></span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-46027381203408537722011-06-26T05:06:00.000-07:002011-06-26T05:06:02.401-07:00Simply doing banking better<h1 class="article_headers" style="font-weight: bold; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: -20px; text-decoration: none;"></h1><h1 class="article_headers" style="font-family: Arial, Helvetica, sans-serif; font-weight: bold; margin-bottom: 20px; margin-left: 0px; margin-right: 0px; margin-top: -20px; text-decoration: none;"><span class="Apple-style-span" style="color: blue; font-size: large;">Simply doing banking better</span></h1><div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">When Capitec Bank opened its doors in 2001 as South Africa's first new retail bank in 20 years, it was unable to raise a R100 000 loan from financial institutions to buy a pool motor vehicle for its northern areas of operation. Today it has about R3 billion in surplus funds invested with the very same institutions that saw Capitec as a non-starter. And confidence in the bank’s future is underscored by the fact that it has been able to borrow R3 billion to fund its extraordinary growth.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">In having surplus funds, Capitec has not only shown what poor judges the big institutions were, but it has also shown up those banks in the way they do business. Most importantly, Capitec has been able to take the presumed high-risk, lower end of the income market and make it a success. So much so that people in the middle- and upper-income levels, fed up with the poor service and high costs of the Big Four, are now streaming in to become customers.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The evidence is in the 2.5 million customers who have joined Capitec since it was launched in 2001. And customers continue to sign up at an astounding rate of 70 000 a month.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec’s success gives the lie to the repeated claims by the Big Four banks that they cannot afford to make banking cheaper because they have to service a very costly low end of the market.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec not only manages to bring low-cost banking to all its customers, it is doing so with extraordinary success for its shareholders. Profits for the year ending February 28, 2010 increased by 45 percent to R435 million, with a final dividend of 155 cents a share. The share price has gone from 90 cents a day after listing on the JSE in 2002 to 15050 cents on November 25, 2010. Its extraordinary share-price performance last year earned it the company of the year award in the Sunday Times Top 100 Companies 2010.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">But Riaan Stassen, the chief executive of Capitec, does have some understanding for his competitors. He says modestly that Capitec had the advantage of being a start-up operation.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says it is similar to how a motor mechanic and a heart surgeon need to perform. A motor mechanic works his wonders when the motor has stopped; a heart surgeon has a more difficult job – the heart has to keep working while the wonders of surgery are performed. In other words, an established bank has to re-invent itself while still serving its existing customer base.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">But others have also started and failed. In fact, Saambou, which aimed at being a savings and loans operation like Capitec, failed six days after Capitec listed on the JSE.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">However, part of the reason for Capitec’s success is that it has confined itself to savings and loans. “We are not trying to sell VW Golfs and Rolls Royces,” Stassen says.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Those early months were not easy, Stassen says. One month the directors even had to provide the bank with personal loans to pay staff salaries. But, he says, “this taught us a lot of discipline – how to manage liquidity within the bank and how to conserve capital. It is a discipline that has become a culture in the bank and it enabled us to escape the credit crisis.”</span></div><div style="color: black; font-weight: normal; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><strong><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Spartan approach</span></strong></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The culture Stassen talks of is evident when you walk into his frugally furnished office in the Stellenbosch Technopark. The office is no more than 15 square metres, and three senior executives share a secretary. This almost Spartan approach is instilled throughout the bank. There are no huge banking halls, no opulent offices for executives, no flying first class, no staying in five-star hotels and no entertaining in fancy restaurants. You are more likely to bump into Stassen walking the streets of a township and enjoying a burger with customers at a local Steers.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen and his executives like to keep their feet close to those of the ever-growing number of customers walking into their 431 branches. For example, he and his senior executives have been at the opening of nearly every one of the ever-expanding national network of branches. He spends one week a month visiting branches, observing customers and finding out what they want.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">A major part of the success of Capitec has been that the bank has looked to the interests of its clients first and to profits for its shareholders second. It has simple, understandable products, particularly when it comes to costs. And not only are the costs simple, they are also significantly lower and less complex than those charged by the Big Four.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec has been cashing in on these advantages in the hard-hitting advertising campaign it has been running for the past year, telling potential customers that they will save in costs and in hassles and they will get better service by switching their accounts.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">In the words of the campaign’s suave Capitec customer: “Imagine a bank that offers the easiest access to your money, the highest interest on savings and the lowest bank charges ... well, I’ve found a bank that doesn’t waste my money or my time, a bank that does innovative things to simplify my life.”</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Part of the success can probably be attributed to the fact that Stassen and Michiel le Roux, co-founder of the bank and now chairman, are not born-and-bred bankers. They and key members of their team came from the liquor industry.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">As one analyst quipped, it is probably just as well they left Distillers Corporation, because if they had the long-term success there that they are having in banking, we would be a nation of alcoholics.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says Capitec uses exactly the same marketing and brand strategies that are used in the liquor industry, focusing on clients’ needs while also recognising the potential of the black consumer market.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">In taking the Capitec brand from nowhere to where it is today, the bank has also achieved the distinction of being the only African brand recognised this year in the Credit Suisse research list of 27 “great global brands of tomorrow”.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Le Roux was managing director and Stassen was group financial manager of Distillers when Pepkor chairman Christo Wiese asked Le Roux in 1995 to take over at the troubled and now defunct Boland Bank, headquartered in Paarl.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">It was in the brief period that they were at Boland that they spotted the opportunity to provide a simple savings and loans offering. A bank was launched at the Pepkor retail outlets under the brand Pepbank.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">But Le Roux, Stassen and other top members of the Capitec team left at the time of the controversial mergers and de-mergers of Boland and the now also defunct NBS and independent trust company BoE – all of which were to land up within the Nedcor/Old Mutual stable.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Even the Boland information technology team has landed up in Capitec as a consequence of Boland Bank’s IT offices being downscaled by Nedbank. And it is technology, Stassen says, that has largely contributed to the success of Capitec.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec Bank started off as a division of the Stellenbosch-based financial services company PSG. It was called Keynes Rational and focused on micro-lending.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">In 2001, PSG obtained a retail banking licence and a year later Capitec was listed on the JSE. It aimed at three things: creating an innovative and adaptable technology base, which in turn would have a simplified, focused and low-cost product range delivered through low-cost channels.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec is unapologetically a simple savings and loans bank serving individuals. It does not try to make money by packaging fancy investment products or selling life assurance or anything else.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">You can have a transactional account that doubles as a loan account and savings account. That is it. The costs and interest rates (paid and received) are simple in structure and easy to understand.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Assurance that your debt will be repaid if you die or are unable to work due to disability or retrenchment is included in your borrowing costs – and is not added on top purely to generate additional fees.</span></div><div style="color: black; font-weight: normal; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><strong><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Zero expectation gap</span></strong></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says that Capitec aims to have a zero gap between the expectations of customers and what they receive. This benefits customers. It also means that there is no cost to the bank in having to deal with long queues of anxious or upset customers wanting to query what is wrong with their accounts.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">For example, he says, watch people around payday at an ATM of a competing bank. Too often you will see them attempt to make a cash withdrawal and then get an account inquiry (at additional cost). The reason is that the amount reflected on their bank balance is not the same as on their payslip. And often the reason for this is that they have been charged fees for a debit order and then for a rejected debit order. When funds come into the account the charges are applied, resulting in a difference between expectations and reality. The next step is to join a queue in the bank to find out what has happened.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The mainline banks have complex charges for internal and external debit orders, and far higher charges for returned debit orders. These charges can be outlandish, depending on the type of bank account and the number of unpaid debit orders, even on rejected amounts as low as R50: FNB charges up to R105, Nedbank up to R120, Absa up to R50 and Standard Bank up to R115. Most on low-entry accounts charge R5 from the second rejection.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec has a simple debit order structure: R2.75 for the debit order and R3.75 if it is unpaid.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">And to avoid any double-charging when Capitec customers use a Capitec ATM, the first thing they see when they log in is their bank balance. They know immediately what is in their account, at no cost.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec is upfront about its fee structures. Its documentation and website are designed to provide you with important information, such as bank fees, easily and accurately.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">You will struggle to find details of the bank charges of a Big-Four bank on the internet and, when you do, you will find a confusing array of cost options.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Interestingly, the 2009 Horwarth Forensics Study commissioned by financial magazine Finweek has shown that, obscurely, the reason people who want to pay lower charges do not change their bank accounts is because they do not understand the complex fee structures of the traditional banks.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec has one set of costs for all its customers. There are no options.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says the reason the traditional banks have so many variations on the same theme is purely to maximise fee income, whether it is transacting, saving or borrowing.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">He says Capitec succeeds because, as its logo states, “simplicity is the ultimate sophistication” – and it is not a hollow phrase; it strives to live up to it.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The simplicity extends to all Capitec’s products, which are designed to meet expectations.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">A Capitec bank account is based on a simple three-legged structure (transactions, savings and loans) wrapped up in what is called the Global One facility.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">You open a transactional account, which provides you with access to loan facilities and a choice of various inter-connected savings accounts.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">There is a daily access savings account, term-targeted accounts with monthly contributions, and fixed-term deposits.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Generally, most people open a savings account with the hope that their money will grow. But too often at traditional banks they are in for a rude surprise when they discover that the costs outweigh their interest earnings.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec takes a novel approach to savings. It pays interest on a scaled basis and does not rip you off with charges for keeping your money with the bank. The lower you are on the scale, the more it pays. This, Stassen says, encourages savings, particularly among lower-income groups.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Another novel approach is in targeted savings with up to four savings plans, again with scaled interest. For example, you could have a sub-account to pay for the education of your children. You can sign up for a fixed-term (maximum two years) savings plan for each or any of your sub-accounts. If you find you cannot afford the contribution in any one month you are not penalised. However, you cannot access your money before the maturity date.</span></div><div style="color: black; font-weight: normal; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><strong><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Lower earners targeted</span></strong></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The Capitec Bank savings products have been designed to at least meet the savings requirements of middle- to lower-income earners.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says the difference between lower-income and wealthy people is that the wealthy can afford to invest for the longer term to make more money, whereas those with lower incomes tend to achieve their financial goals by saving a portion of what they earn rather than investing it.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Research by Finmark Trust shows that lower-income groups have shorter-term savings horizons. This means that things such as life assurance endowment policies with minimum five-year investment terms and severe penalties if premiums are skipped are unsuitable for these groups.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">With its products, Capitec not only tries to encourage saving but also encourages disciplined saving without the downsides of life assurance products, which are widely sold by its competitor banks.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Changing individual behaviour is not restricted to savings. Stassen says that Capitec is succeeding in changing the historical patterns of handling cash, despite most of its customers living in a cash-driven environment, where they have to pay cash for taxis and trains and at shops in townships.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The first step was to encourage employers to pay employees via individual Capitec bank accounts. This reduces the risks and costs of handling cash for both employers and employees.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">So far, the bank has signed up more than 70 000 employers, from government departments to micro employers. The bank has about 100 mobile units using wireless transmission travelling around the country, with staff speaking to employers and setting up accounts for employees.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The next step is to encourage customers to use shopping retailers, such as Pick n Pay, Shoprite and Checkers, to draw money.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Last year, Capitec went on a major drive encouraging customers to use retailers, offering zero-cost cash withdrawals at till points. Stassen says this is a major advantage for retailers because it reduces the amount of cash they have to handle and reduces their bank cash deposit fees.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The retailers charge Capitec for the service but Stassen says he is trying to negotiate a cheaper rate that will be passed on to the bank’s customers.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The normal rate for a retailer cash withdrawal is one rand, as against R3.75 at a Capitec ATM.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec cash withdrawals from retailers grew at 65 percent a month from March to September 2010 compared with 15 percent in ATM withdrawals.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says customers are also being encouraged to withdraw smaller amounts by having wider access to cash withdrawal facilities for more hours a day. There are benefits for both customers and the bank. For the customer, there is greater security in withdrawing money at a retail outlet rather than at an ATM. The bank benefits because customers leave larger amounts in their accounts, and it has to provide fewer ATMs.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says ATMs have become a major problem because they are targeted by thieves who blow them up to steal the money. This is a double whammy for banks in that cash is stolen and ATMs have to be replaced – at the considerable cost of about R300 000 each.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Further inducements for Capitec customers to use retailers are cost-free debit card purchases and no annual fee for the debit card.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says there is a definite indication of a change of withdrawal patterns, with money remaining in accounts for longer periods.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">He says the same simplicity of approach to saving is taken on the lending side.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec is now the largest provider of unsecured loans in the country, and many banks – even those with large secured loans – would be envious of its low default ratio.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The provision for doubtful debts as a percentage of the R8.6 billion loaned to customers as at August 2010 amounted to 7.1 percent.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">If you default on a Capitec loan, you are immediately shown the door and you will never be able to borrow from Capitec again.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">If you apply for a loan from Capitec, the first thing that is decided is the term of the loan. The amount is secondary to the term. And the first thing that is considered when deciding the repayment term is not your ability to repay the loan but your employment and, more particularly, your employer and the sector in which your employer operates. In other words: what are the chances of you losing your job and your income, and not being able to repay the loan?</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">If the borrower is employed in the government sector, the term of the loan is likely to be longer than, for example, someone employed by a bakkie builder.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says the term, which ranges from one month to a current maximum of 48 months, is important for lower-income borrowers because the consequent lower monthly repayments make the debt more affordable.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec also charges a lower interest rate on longer-term loans. But interest rates are high because the loans are unsecured, with a consequent increase in risk for the bank.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Once the term has been decided, the affordability and the size of the loan is taken into account, with R100 000 being the maximum.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says longer-term lending, for example by providing home loans, is not in the bank’s plans. He says comparatively few people, particularly in the lower-income end of the market, want home loans.</span></div><div style="color: black; font-weight: normal; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Streamlined operations</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says that information technology has been key to streamlining the bank's operations and ensuring a high level of security at its branches. Importantly, it enables central control. No one in a branch makes a decision about the granting of a loan. The branch merely feeds the information into the computer system. This enables the bank on busy days to process more than 4 000 loans an hour.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">At any time of the day the executives in Stellenbosch can see exactly how much money has been saved and lent, and how many loan repayments are outstanding.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Stassen says: “If there are any hiccups, we can spot them and where they are immediately, allowing for quick corrective action.”</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The computer system was developed by an Australian company (now owned by the giant Indian industrial company Tata) and is used by the Indian National Bank, which has 50 million customers.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">No one in a branch has to balance up the books at the end of the day, with a side benefit that the bank stays open for longer than its competitors. Most branches are open from 8am to 5pm (Saturdays 8am to 1pm), with some in high-volume areas open from 7am to 7pm.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The branches are where the customers are: near railway stations, taxi ranks, in townships and shopping centres.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">The almost 4 000 branch staff are drawn from local communities and they speak to their customers across tables, not through bullet-proof screens. The reason is that cash is not handled in the bank branches. You cannot make a cash withdrawal (this has to be done at an ATM), although you can make a cash deposit, which goes straight into a drop safe.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec also aims at a paperless environment by using computer technology. Open an account and the information is centrally recorded and stored in digital format. Biometrically recorded finger prints and digital photographs overcome the problems of fraudulent identification documents and make it easier for Capitec’s less literate customers.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">You need identification, proof of address and a R10 deposit to open an account. There are never any forms to complete, whether you are applying for a loan or opening an account – and it is all processed in less than 10 minutes.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Once you have an account you can also transact via the internet and on your cellphone. You can even get information via Twitter.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Capitec has also used technology to bring cashless banking to remote rural areas. In 2004, Capitec, with Mastercard, launched a world-first pre-authorised debit card with an embedded chip that enables customers to buy from retailers. Retailers can download the transactions – which are guaranteed – once a day. A small personal portable balance reader allows customers to keep track of their finances.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Of the future, Stassen sees Capitec making more inroads into the market share of traditional banks.</span></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">“We left everyone with the misapprehension that we were a bank for the unbanked and the under-banked. We are not. We are a bank for anyone who wants simplified, cheap banking.”</span></div><div style="color: black; font-weight: normal; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"></div><div class="arcticle_text" style="color: black; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">This article was first published in the 1st quarter 2011 edition of Personal Finance magazine.</span></div></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-4097046559995076392011-06-26T04:58:00.000-07:002011-06-26T04:58:51.762-07:00Dynamic Wealth closes<span class="Apple-style-span" style="color: blue; font-size: large;"><b>Dynamic Wealth closes</b></span><br />
<span class="Apple-style-span" style="color: blue; font-size: large;"><b><br />
</b></span><br />
<br />
<div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">In a significant victory for the Financial Services Board (FSB), controversial Pretoria-based financial services company Dynamic Wealth, which has been mired in legal battles with the regulator and dissatisfied investors, closed its doors this week.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The closure follows a determination by the FSB Appeal Board to reject Dynamic Wealth’s appeal against a decision by Dube Tshidi, the Registrar of Financial Services Providers and the FSB’s chief executive, to withdraw the financial services provider (FSP) licences of two of its subsidiaries, Dynamic Wealth Management and Dynamic Wealth Stockbrokers.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">An immediate consequence of the Appeal Board’s decision is that Metropolitan Collective Investments has taken control of the seven unit trust funds that Dynamic Wealth managed and marketed using Metropolitan’s collective investment schemes licence (see “Investors’ money in unit trusts ‘should be safe’”, below).</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Commenting on the status of Dynamic Wealth, Cobus van Wyk, the company’s chief executive, says “we are for all practical purposes closed for business, as the company cannot do financial services business, and all assets that were managed have been (or are in the process of being) transferred”.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The FSB is still waging a court battle to place various Dynamic entities under curatorship.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Last year, Dynamic successfully challenged an application by the FSB to place the company under curatorship. The FSB has taken the High Court’s decision on appeal, which is still to be heard.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Dynamic Wealth initially attracted the attention of the FSB when one of its investment offerings started to go sour, which led to the curatorship application.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Some years before the FSB took action against Dynamic, Personal Finance had dealt with complaints from disappointed investors.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">High-profile forensic investigator David Klatzow had taken up cases on behalf of investors, who claimed that Dynamic misled them into making incorrect investments.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Over the years, following reports and investigations into the company’s activities, Personal Finance received a number of what transpired to be hollow threats of legal action from Dynamic Wealth.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Among other things, Personal Finance revealed that Dynamic Wealth had a business relationship that involved property bridging finance with Attie du Plooy, who had run an illegal pyramid structure, Jean Multi-Management, which the Reserve Bank closed down.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Jean Multi-Management was the recipient of R200 million that was stolen by Angus Cruikshank, the owner of Ovation, the now defunct linked-investment services provider, from the unregistered and illegal Common Cents fund. Cruikshank committed suicide when the FSB moved in on him.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The FSB’s grounds for the curatorship application last year included the claim that a number of investment portfolios offered by Dynamic Wealth under the guise of investment clubs were in fact illegal collective investment schemes.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Among the “investment club” portfolios was a fund that was caught up in the collapse of Corporate Money Managers (CMM). The fund masqueraded as a unit trust money market fund, but in fact it pooled investors’ money to invest in failed property developments.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">After the intervention of the FSB, the “investment club” port-folios were converted into com-panies, and the troubled money market fund became Specialist Income Ltd (SIL). SIL is likely to be the biggest loser in the collapse of CMM, with a potential loss of R230 million.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Converting the “investment club” portfolios into companies reduced the rights of investors, because they became shareholders rather than investors with a preferential claim to any assets.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Gerry Anderson, the FSB’s deputy executive in charge of market conduct, says the consequences of the FSB Appeal Board decision include:</div><div class="arcticle_text" style="font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">* <span class="Apple-style-span" style="color: blue;">With immediate effect, Dynamic Wealth Management and Dynamic Wealth Stockbrokers are no longer authorised to do business or accept new business as FSPs.</span></div><div class="arcticle_text" style="font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue;">* The two companies must immediately inform all their clients and product suppliers that their FSP licences have been withdrawn.</span></div><div class="arcticle_text" style="font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue;">* The two companies must, without delay, repay all uninvested funds they have received from clients.</span></div><div class="arcticle_text" style="font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue;">* Where the two companies hold scrip, participating interests, investment vouchers or any other form of proof of investment that belongs to clients, these must be accounted for in full and returned to the people who are entitled to the assets.</span></div><div class="arcticle_text" style="font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue;">* Where appropriate, the com-panies are required, after consulting with their clients and product suppliers, to take reasonable steps to ensure that any outstanding business is transferred to another FSP, in the best interest of clients.</span></div><div class="arcticle_text" style="font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue;">* Shareholders in SIL and investors in the former investment portfolios are to be regarded as investors in Dynamic Wealth Management. Directors of SIL who have no interest in the Dynamic Wealth Group are invited to meet with the FSB to discuss solutions.</span></div><div class="arcticle_text" style="font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue;">* The approved auditors of Dynamic Wealth Management and Dynamic Wealth Stockbrokers must oversee the above process and report to the FSB on their progress, any problems or delays.</span></div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Anderson says that investors in Dynamic Wealth who need legal assistance to pursue claims against Dynamic should consult their financial advisers or seek redress through the Ombud for Financial Services Providers, because the FSB is not equipped to help with individual civil claims against financial institutions or former institutions.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Apart from supervising the winding down of Dynamic Wealth’s remaining business, the FSB will continue to pursue legal action against Dynamic, he says.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The FSB’s decision to withdraw the licences of Dynamic Wealth Management and Dynamic Wealth Stockbrokers has been vindicated by the Appeal Board’s decision to dismiss, with costs, Dynamic Wealth’s appeal against its decision, Anderson says.</div><div style="color: black; font-family: Arial, Helvetica, sans-serif; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"></div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><strong>INVESTORS’ MONEY IN UNIT TRUSTS ‘SHOULD BE SAFE’</strong></div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Your money should be safe if it is invested in one of Dynamic Wealth’s seven unit trust funds, according to assurances by the Financial Services Board (FSB) and Metropolitan Collective Investments.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Metropolitan has taken over the administration and management of the funds with immediate effect after the FSB Appeal Board approved the decision by the Registrar of Financial Services Providers to withdraw Dynamic Wealth’s financial services provider (FSP) licence.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">But in a strange twist, the funds might eventually be managed by the same asset management team that was employed by Dynamic Wealth and that recently resigned from the company en bloc.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Metropolitan has been forced to intervene, because – in terms of a white-label arrangement – Dynamic Wealth used Metropolitan’s collective investment scheme licence to market the seven unit trust funds.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Robert Walton, the chief executive of Metropolitan Collective Investments, says the R900 million of investors’ money in the unit trust funds is not in danger. The funds have provided good returns for investors, Walton says.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Bert Chanetsa, the FSB’s deputy executive for financial institutions, says the FSB is in talks with Metropolitan to ensure that investors’ interests are protected.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Metropolitan was obliged to take over the management of the Dynamic Wealth portfolios in terms of an arrangement with the FSB, he says.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">In terms of the legislation that governs white-label arrangements, the FSP licence-holder – in this case, Metropolitan – is responsible for the proper administration of a white-label collective investment scheme and is answerable to the FSB if anything goes wrong.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The seven unit trust funds are: the Dynamic Wealth Accumulator Fund of Funds, the Dynamic Wealth Creator Fund of Funds, the Dynamic Wealth Optimal Fund, the Dynamic Wealth Preserve Fund of Funds, the Dynamic Wealth Property Fund, the Dynamic Wealth Real Income Fund and the Dynamic Wealth Value Fund.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Walton says that Metropolitan will appoint GAMC Securities (Pty) Ltd (to be rebranded as Clarus Asset Managers) as the investment manager of the seven unit trust funds and will apply to the FSB to rebrand the portfolios. Until this happens, Momentum Investment Consulting will manage the portfolios.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">However, investors in the funds were confused by a letter sent to them by John Bernard (JB) Smith, who headed the Dynamic asset management team, the members of which resigned from Dynamic.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Smith joined Dynamic Wealth in 2007 and was appointed chief investment officer in 2009.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Smith, in the capacity as a director, claimed in the letter that the unit trusts had been taken over by iBenefit and Valuevest Multimanager.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Gerry Anderson, the FSB’s deputy executive in charge of market conduct, says neither company has been licensed as an FSP and therefore Smith’s claim was untrue.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Walton says that once he was informed about the letter, he told Smith that iBenefit and Valuevest Multimanager cannot take manage the portfolios. Smith was not involved with the problems at Dynamic Wealth, Walton says.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The core of the former Dynamic investment team now works for GAMC Securities, which means that the seven funds could again be managed by the same investment team, albeit under a different brand.</div><div class="arcticle_text" style="color: black; font-family: Arial, Helvetica, sans-serif; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 10px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Walton says that Smith would first have to obtain an FSP licence from the FSB to manage the assets. If this does not happen, Momentum will continue to manage the assets.</div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-74431434093198059972011-06-26T04:53:00.000-07:002011-06-26T04:53:57.808-07:00KPMG boosts Islamic finance practice<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><b><span class="Apple-style-span" style="color: blue; font-size: large;">KPMG boosts Islamic finance practice</span></b></span><br />
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<div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">KPMG is pleased to announce that Neil D Miller has joined as global head of Islamic finance. Neil joins from the law firm Norton Rose where he led their global Islamic finance practice.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Neil has specialised in Islamic finance since he moved to Bahrain in 1995. He then returned to London in 2000 to set up Norton Rose’s Islamic finance group which went on to win numerous industry awards under his leadership, with Neil becoming a highly regarded industry figure internationally.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Neil will lead KPMG’s global Islamic finance group from Dubai, where he has been based since 2009.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Vijay Malhotra, senior partner of KPMG in the UAE and Oman, said: “We are delighted that Neil has joined KPMG to lead our global Islamic finance practice. Neil is an established leader in the global Islamic finance market and is well connected especially given the time he has spent working in the region.”</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Neil D Miller said: “KPMG’s global reach, vast client relationships and deep industry insights will provide me with an opportunity to identify services and products tailored to the Islamic Finance Industry. This, and the commitment of the senior partners in the firm to the development of Islamic finance, was an important factor in my decision to join KPMG.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">“To prosper and grow, the Islamic financial industry needs to be served by firms that can deliver well researched and designed tools that are Shariah compliant and commercially viable, but also comprehensively consider taxation, audit and accounting perspectives. KPMG already has a strong Islamic finance offering and I look forward to developing this further through its international network.”</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">KPMG’s global Islamic finance team provides audit, tax and advisory services to clients throughout the world. KPMG was recently named the best Islamic assurance and advisory service provider at Euromoney’s Islamic Finance Awards for the fourth consecutive year.</span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-1968697912032660782011-06-26T04:49:00.000-07:002011-06-26T04:49:54.706-07:00Credit card offers are back<h1 class="entry-title" id="story_headline" style="font-size: 26px; font-weight: bold; line-height: 1em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif;">Credit card offers are back</span></h1><div><span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Seem like you're seeing more credit card offers lately? You aren't dreaming.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Targeting everyone from teenagers to 80-somethings, credit card companies are cranking out more offers, especially to those with good credit ratings.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Lee Marengo, a retired state employee in Sacramento, said she and her husband have been getting lots of tempting credit card offers in the mail.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">A longtime credit card user who faithfully pays off her balance each month, the 84-year-old is getting "wonderful" offers for rewards cards, such as a Chase Visa that dangles 5 percent cash-back on gas, groceries and pharmacy purchases.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Marengo typically only uses one card but, "If something new and better comes along, by golly, I'm gonna grab it."</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">She's certainly not alone in getting credit card offers.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">During the recession, card issuers kept a low profile. They got hammered by record rates of defaults by consumers who couldn't pay off their monthly balances. They also got pinched by new consumer protections in the federal Credit CARD Act that clamped down on late payment fees, interest rates and other charges.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">But that's old news. Today, as the battered economy starts to heal, credit card defaults and late payments are lower. Banks have adjusted to the new landscape, amping up efforts to grab new consumers.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">"There are a lot more mailings going out. The competition among credit card issuers has definitely stepped up," said Bill Hardekopf, CEO of LowCards.com, an online credit card comparison site. "They are sending out many more solicitations, especially to the most sought-after customers: those with good to excellent credit scores."</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">The spike in credit card mailings was significant this past year, says Anuj Shahani, who oversees tracking services for Synovate, a global market research firm. Direct mailings from credit card companies skyrocketed from 1.39 billion in 2009 to 2.82 billion in 2010, a whopping 103 percent increase.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">"With the CARD Act in place and the economy doing better, credit card mailers have come back with a bang and are making up for some lost ground," said Shahani in an email. "We expect to see a modest rise in mailings for 2011."</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Credit cards that offer rebates or rewards are where competition is most intense, says Hardekopf. "Issuers are offering some great deals out there, especially in miles and cash back. That is what excites consumers."</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">But if you're contemplating a new credit card, do your homework. Here are some tips:</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"></div><h3 style="color: black; font-weight: bold; line-height: 1em; margin-bottom: 16px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Balance vs. no balance</span><div style="margin-top: 0px;"></div><div style="margin-top: 0px;"></div></h3><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">You have to know which camp you're in, says Tim Chen, CEO and founder of NerdWallet.com, a Redwood City-based credit card comparison site.</span><div style="margin-top: 0px;"></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">If you don't carry a monthly balance, get a rewards card. They typically have an annual fee but offer airline miles, cash-back on purchases (groceries, dining, etc.) or discounts at certain stores.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">If you <i style="margin-top: 0px;">do</i> carry a balance, generally go for cards with the lowest interest rate.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"></div><h3 style="color: black; font-weight: bold; line-height: 1em; margin-bottom: 16px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Read the fine print</span><div style="margin-top: 0px;"></div><div style="margin-top: 0px;"></div></h3><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">No matter what kind of card you apply for, be sure to read the disclosures first. Otherwise, you might get hit with surprise fees later. For instance, a company that brags it has no "annual fee," might instead charge an "application fee," says Ken Lin, CEO of CreditKarma.com, a Bay Area-based credit card site.</span><div style="margin-top: 0px;"></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">"If you take 20 minutes to read the disclosures, it can save you several hundred dollars," said Lin.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"></div><h3 style="color: black; font-weight: bold; line-height: 1em; margin-bottom: 16px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Watch out for terms/fees</span><div style="margin-top: 0px;"></div><div style="margin-top: 0px;"></div></h3><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Many new cards entice people to switch by offering to move your outstanding balance to a new card with a lower rate. But those so-called "teaser rates" usually last only six months or so. Or they can disappear entirely and be replaced by a sky-high rate if you fail to make a monthly payment on time.</span><div style="margin-top: 0px;"></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">For instance, let's say you've got a $2,000 balance on your credit card that's charging 20 percent APR. You get an offer to transfer your old balance to a new card that's only charging 6 percent. Sounds good, eh?</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">But look at the details: There's an upfront fee of 3 percent. On a $2,000 balance, that's $60. "Not the end of the world," notes Lin, but it's still money out of your pocket.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">And if you don't pay on time every month, that super-low interest rate could jump to nearly 30 percent, the typical "penalty pricing" rate. In the end, you could be worse off than if you kept your original card.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"></div><h3 style="color: black; font-weight: bold; line-height: 1em; margin-bottom: 16px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; font-size: small;">Choose rewards wisely</span><div style="margin-top: 0px;"></div><div style="margin-top: 0px;"></div></h3><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">If you buy a lot of gasoline, look at a card that pays cash back. Or if you fly for business or vacations and live in a Southwest Airlines city like Sacramento, it might be worth getting the airline's credit card to rack up miles.</span><div style="margin-top: 0px;"></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">But note that some cash-back rewards are capped, say $250 a year for gasoline purchases.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">NerdWallet's Chen likes to tell how he scooped up 225,000 airline miles in one year by signing up for three cards: 75,000 bonus miles each for an American Airlines card from Visa and American Express. And a Capitol One card that did a match-my-miles promotion.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">And he didn't get hit with annual charges.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">"The fees were waived for the first year, so I just canceled the cards after I got the miles."</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">With his miles he's flying to Greece this summer.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">That's not the kind of consumer that credit card companies are looking for, needless to say.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Every time you apply for a credit card, your credit score can get dinged. That's why it's best to do your homework before applying for too many cards. And if you have a card with a long history of good payments, don't cast it aside just because you see a better-looking deal out there. Hang onto it for the long-term benefit to your credit score.</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br />
</span></div><div style="margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Best tip: Always pay your credit card bill on time. "If you do, you're gonna save a lot of money. If you don't, that's where they get you," says CreditKarma's Lin.</span></div><span style="font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin-top: 0px;"><br />
</span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-37486315493066340652011-06-26T04:45:00.000-07:002011-06-26T04:45:14.918-07:00Finance researcher convicted in trade fraud<span class="Apple-style-span" style="color: blue; font-family: Georgia, 'Times New Roman', serif; font-size: large;"><b>Finance researcher convicted in trade fraud</b></span><br />
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<span class="Apple-style-span" style="-webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px; font-family: Arial, Helvetica, sans-serif; line-height: 31px;">A finance researcher who prosecutors said used code words like "recipes," "cooks" and "sugar" to disguise an insider trading scheme was convicted of wire fraud Monday in federal court.</span><br />
<div style="margin-top: 0px;">Winifred Jiau also was convicted of conspiracy to commit securities fraud and wire fraud in one of the first trials to result from a government crackdown of Wall Street middlemen suspected of peddling inside information as if it were legitimate research. The jury got the case Friday after a two-week trial and deliberated less than a day.</div>Jiau, 43, of Fremont, California, was among 13 people arrested last year on charges that she conspired to accept cash and gifts to feed inside information to hedge funds. Most of the other defendants have pleaded guilty.<br />
Jiau, a U.S. citizen born in Taiwan, worked for two years as a consultant for Primary Global Research, a Mountain View, California-based company.<br />
Prosecutors said she earned more than $200,000 by selling "tomorrow's news today" about earnings and performance of publicly traded companies. The information, they say, was communicated in code with her co-defendants, sometimes using "cooks" to refer to tipsters, "recipe" for the inside information and "sugar" for what she was paid for it.<br />
The expansive paper and electronic trail exposed how the hedge fund managers made massive trades moments after getting information from her, prosecutors argued.<br />
Defense attorney Joanna Hendon countered that one of the government's key witnesses, former portfolio manager Noah Freeman, was disdainful toward Jiau and dismissive of her tips. In her closing argument Friday, she also highlighted defense evidence that she argued showed that another hedge manager-turned-cooperator made his trades based on research supplied by high-priced analysts rather than anything provided by Jiau.<br />
Freeman testified that he rewarded Jiau with $5,000 a month, and sent her an iPhone, a dozen lobsters and a $300 gift certificate to a clothing boutique. She later insisted they cancel the gift certificate and make it for a restaurant near her home.<br />
Prosecutors backed up the testimony by unveiling an email in which Freeman instructed his secretary to ship the lobsters to Jiau.<br />
"I know you hate her, but we have to do this," Freeman wrote. The secretary wrote back: "Sure thing, I hope she gets sick from the lobsters."<br />
Freeman has already pleaded guilty to conspiracy and securities fraud charges.<br />
Jiau has remained jailed since her arrest, unable to make $500,000 bail. She faces steep fines and jail time of up to 20 years when she is sentenced Sept. 21. Her lawyer pledged to appeal the verdict.<br />
The investigation into Primary Global Research grew out of what prosecutors have called the largest hedge fund insider trading case in history. The main defendant in that case, one-time billionaire Raj Rajaratnam, is awaiting sentencing after being convicted last month for fraud associated with his Galleon Group of hedge funds.M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-75326666566312739992011-06-25T11:12:00.000-07:002011-06-25T11:12:10.892-07:00Online tools for free<span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', Times, serif; line-height: 30px;"><span class="Apple-style-span" style="color: blue; font-size: large;"><b>Online tools for free</b></span></span><br />
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<span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Anyone looking for productivity-related <a href="http://timesofindia.indiatimes.com/topic/Web-apps" style="line-height: 20px; text-decoration: none;">Web apps</a>should visit www.sciweavers.org. The sheer variety of free <a href="http://timesofindia.indiatimes.com/topic/online-tools" style="line-height: 20px; text-decoration: none;">online tools</a> available on the <a href="http://timesofindia.indiatimes.com/topic/website" style="line-height: 20px; text-decoration: none;">website</a> is mindboggling. No registration is required, you don't need to download any software components and there's no waiting or limits on the number of times you can use each tool.<br />
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The naming conventions behind the tools might be a bit silly (they're collectively known as Sci2ools) but you can't argue with honest functionality. So, do you need to convert any webpage into a printer-friendly, downloadable PDF file? iWeb2Print will do it for you in two quick steps.<br />
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How about converting a webpage into a high-resolution image (any format of your choice), splitting a PDF file into smaller files or merging multiple PDFs into one? iWeb2Shot, iPDF2Split and iPDF2Merge are the tools you need.<br />
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The optical character reader (i2OCR) reads text from an image and converts it into an editable text file. The i2Type tool has an on-screen keyboard that lets you type in over 50 languages (including Indian languages) and download the text as a Word document.<br />
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And some of the more basic tools allow you to convert images from one format to another, convert almost any file to a PDF and choose from hundreds of symbols to use in a text file, email or social networking site. The only thing left to do is bookmark the URL instantly for later use.</span></span>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-48703476888377559432011-06-25T11:08:00.000-07:002011-06-25T11:08:30.636-07:00Accelerate Android With Tips and Tricks<h1 class="articleHeadline" style="font-family: georgia, 'times new roman', times, serif; line-height: 1.083em; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="color: blue; font-size: large;">Accelerate Android With Tips and Tricks</span></nyt_headline></h1><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;">Mobile phones that run Google’s <a class="meta-classifier" href="http://topics.nytimes.com/top/reference/timestopics/subjects/a/android/index.html?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="More articles about Android (Operating System).">Android</a> operating system come in various shapes, sizes and features, unlike Apple’s iPhones. And while<a class="meta-classifier" href="http://topics.nytimes.com/top/reference/timestopics/subjects/i/iphone/index.html?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="Recent and archival news about the iPhone.">iPhone</a> buyers are limited to AT&T and Verizon service, Android phones are also available from Sprint, T-Mobile and Boost Mobile, where a data plan can cost as little as $35 a month.</span></nyt_headline></div><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;"><br />
</span></nyt_headline></div><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 10px; line-height: 15px;"><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">But despite the variety of Android phones, and of carriers, there are a lot of useful features common to all. Here are some tips on finding them:</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>THE LONG PRESS </strong>The key to many of these tips is the long press: Instead of tapping a button, word or icon on the screen, press and hold your finger on it for two seconds. Often, this will bring up a menu of options specific to the type of item, like one to bookmark a Web link. You can also long press the hardware keys on the phone, and the background of the home screen, to reveal various options.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">In general, long-press functions are intended to save you from tapping through a series of menus to perform a common task. It’s the equivalent of right-clicking your mouse on a PC screen.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">So, for example, you can long press the home key on your phone’s case — the one that looks like a little house — to bring up a menu of your eight most recently used apps. This lets you hop quickly between, say, an e-mail you are composing and your Web browser.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">You can also long press the search key — it looks like a magnifying glass — to pop up a microphone icon labeled “Speak Now.” Android’s Voice Commands system understands at least 10 commands, like “Send text to Alison Wright, running late will see you at 6,” “Navigate to the nearest pizza place,” “Listen to Taylor Swift,” and of course, “Note to self.” If you don’t begin with a special command, Android will assume you are speaking a Web search.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Within the browser app, long press the back key — the one labeled with an arrow U-turning left — to snap open a screen with your bookmarks, most visited pages and browsing history displayed in tabs.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Long press on your home screen’s background to bring up a menu of options that includes Shortcuts. You can create a shortcut, which looks just like an app on your home screen, that links directly to a bookmarked Web page, a person in your contact list or a navigation destination. Android will label the shortcut with the Web site’s logo, the person’s face or an icon you choose for destinations.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Too many icons on your home screen? Long press on the screen to pop up a menu that includes a Folders option. You can create a folder icon and call it, say, Games, into which you can drag all your game apps.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Long press a link on a Web page to pop up a menu that lets you open the link in a new window. To switch windows, press the menu key — the one that’s a grid of four squares — and tap Windows in the options that appear onscreen.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">And long press can also be used for accent marks. To insert, say, an e with an accent grave into a message, long press the “e” on your keyboard. That pops up a menu of “e” characters with various accent marks.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>FAST ACCESS TO PHONE, TEXT AND E-MAIL </strong>In your address book, don’t tap the person’s name. Tap their photo. That pops up a menu of icons to call, text or e-mail. There are also options to send messages through Twitter and Facebook.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>TAKE PHOTOS OF YOURSELF </strong>Android cameras without a second camera for self-portraits have a Self Portrait mode in the camera app. Tap it, and the camera will begin searching for faces in its viewfinder using facial-recognition software. The phone will shoot a new photo of you every few seconds, adding the pictures to your camera roll. It’s more hit or miss than taking your photo in a mirror, but it’s more fun, like mugging in an old-fashioned photo booth.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>FASTER SENTENCES </strong>Android picked up a trick from old-school BlackBerry phones: When typing a text or e-mail message, you don’t need to fumble for the period key at the end of a sentence. Just press the spacebar twice. Android will insert one period and one space much faster than you could type them yourself.</div></span><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 10px; line-height: 15px;"><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>E-MAIL SHORTCUTS </strong>If you use Gmail on your Android phone, you can create separate shortcut icons, as described above, to specific accounts, folders and Gmail labels. This lets you have separate icons for work e-mail and personal e-mail, rather than opening whatever you last read when you tap the Gmail icon. Once you’re in the e-mail app, you can also switch folders by tapping the name of the current folder at the top of the screen.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>SILENCING A CALL </strong>Most users figure out they can get rid of a phone call by sliding the red arrow that appears onscreen when the phone is ringing. But not everyone realizes you can stop the phone from ringing by pressing the power button on top of the phone or either of the volume buttons on the right.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>FIND ON PAGE </strong>To search for words within a Web page, press the menu key, tap More, and then tap “Find on page.” A search box and keyboard will appear to let you type in search terms.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>SHARE A PAGE ON FACEBOOK </strong>Another option on the browser’s More menu is the Share page. One of the options to share is Facebook. Tapping it will open Facebook in the browser (rather than using Facebook’s Android app) and set up the link to be shared, complete with a thumbnail image and a space to type your comments.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>SEE TODAY’S DATE </strong>Android shows the time but not the date on your home screen. If you drag down the notification tray at the top of the screen, today’s date appears in the upper left corner.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>FOREIGN LANGUAGE KEYBOARDS </strong>Most domestic Android phones come with only English and Spanish keyboards installed for the touch screen. To add, say, a German keyboard, go to Android Market and search for “German keyboard.” Expect to pay around $3 for most keyboard apps.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>GET RID OF PESKY CALLERS </strong>Do you have a frequent caller whom you never want to answer? Add them to your address book if they’re not already there. Then edit their entry, and scroll to the bottom for the option “Additional info.” It’s tricky to open the option; you have to tap the arrow key at the right, which will pop open more options, possibly out of sight below the bottom edge of your screen. But if you scroll all the way to the bottom of the extra options, you’ll find a welcome surprise: “Send straight to voice mail?” Click once for peace of mind.</div></span></nyt_headline></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-28055478027644109482011-06-25T11:05:00.000-07:002011-06-25T11:05:53.253-07:00Student Debt and a Push for Fairness<h1 class="articleHeadline" style="font-family: georgia, 'times new roman', times, serif; line-height: 1.083em; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="color: blue; font-size: large;">Student Debt and a Push for Fairness</span></h1><div><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;">If you run up big credit card bills buying a new home theater system and can’t pay it off after a few years, bankruptcy judges can get rid of the debt. They may even erase <a class="meta-classifier" href="http://topics.nytimes.com/your-money/loans/index.html?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="More articles about loans.">loans</a> from a casino.</span></div><div><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;"><br />
</span></div><div><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 10px; line-height: 15px;"><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">But if you borrow money to get an education and can’t afford the loan payments after a few years of underemployment, that’s another matter entirely. It’s nearly impossible to get rid of the debt in bankruptcy court, even if it’s a private loan from for-profit lenders like Citibank or the<a class="meta-classifier" href="http://www.nytimes.com/info/student-loans/?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="More articles about student loans.">student loan</a> specialist <a class="meta-org" href="http://topics.nytimes.com/top/news/business/companies/slm_corporation/index.html?inline=nyt-org" style="color: #004276; text-decoration: underline;" title="More information about SLM Corp">Sallie Mae</a>.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">This part of the bankruptcy law is little known outside education circles, but ever since it went into effect in 2005, it’s inspired shock and often rage among young adults who got in over their heads. Today, they find themselves in the same category as people who can’t discharge child support payments or criminal fines.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Now, even Sallie Mae, tired of being a punching bag for consumer advocates and hoping to avoid changes that would hurt its business too severely, has agreed that the law needs alteration. <a href="http://durbin.senate.gov/showRelease.cfm?releaseId=323908" style="color: #004276; text-decoration: underline;" title="Senator Durbin’s press news release about both bills.">Bills in the Senate and House of Representatives</a> would make the rules for private loans less strict, now that Congress <a href="http://www.nytimes.com/2010/03/26/us/politics/26loans.html" style="color: #004276; text-decoration: underline;" title="New York Times story about new federal loan law.">has finished the job</a> of getting<a class="meta-classifier" href="http://topics.nytimes.com/your-money/investments/brokerage-and-bank-accounts/index.html?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="More articles about banks and brokerages.">banks</a> out of the business of originating federal student loans.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">With this latest initiative, however, lawmakers face a question that’s less about banking than it is about social policy or political calculation. At a time when voters are furious at their neighbors for getting themselves into<a class="meta-classifier" href="http://topics.nytimes.com/your-money/loans/mortgages/index.html?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="More articles about mortgages.">mortgage</a> trouble, do legislators really want to change the bankruptcy laws so that even more people can walk away from their debts?</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">There are two main types of student loans. Under the proposed changes, borrowers would remain on the hook for federal loans, like Stafford and Perkins loans, as they have been for many years. To most people, this seems fair because the federal government (and ultimately taxpayers) stand behind these loans. <a href="http://studentaid.ed.gov/PORTALSWebApp/students/english/OtherFormsOfRepay.jsp" style="color: #004276; text-decoration: underline;" title="Department of Education Department page about repayment plans.">There are also many payment plans</a> and even forgiveness programs for some borrowers.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">In 2005, however, Congress made the bankruptcy rules the same for the second kind of debt, private loans underwritten by profit-making banks. These have no government guarantees and come with fewer repayment options. Undergraduates can also borrow much more than they can with federal loans, making trouble more likely.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Destitute borrowers can still discharge student loan debt if they experience “undue hardship.” But that condition is <a href="http://www.studentloanborrowerassistance.org/bankruptcy/" style="color: #004276; text-decoration: underline;" title="National Consumer Law Center page about undue hardship.">nearly impossible to prove</a>, absent a severe disability.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Meanwhile, the volume of private loans, which are most popular among students attending profit-making schools, has grown rapidly in the last two decades as students have tried to close the gap between the rising price of tuition and what they can afford. In the 2007-8 school year, the latest period for which good data is available, about one third of all recipients of bachelor’s degrees had used a private loan at some point before they graduated, <a href="http://www.collegeboard.com/student/repository/cb-policy-brief-college-stu-borrowing-aug-2009.pdf" style="color: #004276; text-decoration: underline;" title="College Board figures.">according to College Board research</a>.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Tightening credit caused total private loan volume to fall by about half to roughly $11 billion in the 2008-9 school year, <a href="http://www.trends-collegeboard.com/student_aid/pdf/2009_Trends_Student_Aid.pdf" style="color: #004276; text-decoration: underline;" title="College Board: “Trends in Student Aid.“">according to the College Board</a>. <a href="http://www.studentlendinganalytics.com/about.html" style="color: #004276; text-decoration: underline;" title="About Student Lending Analytics.">Tim Ranzetta</a>, founder of Student Lending Analytics, <a href="http://studentlendinganalytics.typepad.com/student_lending_analytics/2010/01/sla-forecasts-24-decline-in-200910-private-student-loan-originations.html" style="color: #004276; text-decoration: underline;" title="Ranzetta’s blog post with his prediction and analysis.">figures it fell an additional 24 percent this last academic year</a>, though his estimate doesn’t include some state-based nonprofit lenders.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">There is no strong evidence that young adults would line up at bankruptcy court in the event of a change. That gives Democrats and university groups hope that Congress could succeed in making the laws less strict.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">In Congressional hearings on the efforts to change the rule, last year and then in April, no lender was present to make the case for the status quo. Instead, it fell to lawyers and financiers who work for them. They made the following points.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>BANKRUPTCIES WOULD RISE </strong>At the April hearing, John Hupalo, managing director for student loans at Samuel A. Ramirez and Company, made the most obvious case against any change. “With no assets to lose, an education in hand, why not discharge the loan without ever making a payment to the lender?” he said.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Once you set aside this questionable presumption of mendacity among the young, there are actually plenty of practical reasons why not. “People don’t like to go through bankruptcy,” said Representative Steve Cohen, Democrat of Tennessee, who introduced the House bill that would change the rules. “It’s not like going to get a milkshake.”</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><a href="http://winchlaw.com/" style="color: #004276; text-decoration: underline;" title="Andy Winchell home page.">Andy Winchell</a>, a bankruptcy lawyer in Summit, N.J., <a href="http://bklawblog.blogspot.com/2010/02/four-ways-that-student-loan-debt-is.html" style="color: #004276; text-decoration: underline;" title="Andy Winchell blog post on loans and tattoos.">likens student loan debt to tattoos</a>: They’re easy to get, people tend to get them when they’re young, and they’re awfully hard to get rid of.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">And he would remind clients of a couple of things. First, you generally can’t make another bankruptcy filing and discharge more debt for many years. So if you, in essence, cry wolf with a filing to erase your student loans, you’ll be in a real bind if you then face crushing medical debt two years later.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></span><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;">Then there’s the damage to your credit report.<a href="http://www.myfico.com/crediteducation/questions/bankruptcy-reach.aspx" style="color: #004276; text-decoration: underline;" title="Myfico.com on bankruptcy’s impact.">While it doesn’t remain there forever</a>, the blemish can have an enormous impact on young people trying to establish themselves with an employer or buy a home.</span></div><div><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;"><br />
</span></div><div><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 10px; line-height: 15px;"><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Finally, you’re going to have to persuade a lawyer to take your case. And if it seems that you’re simply shirking your obligations, many lawyers will kick you out of their offices. “It’s not easy to find a dishonest bankruptcy attorney who is going to risk their license to practice law on a case they don’t believe in,” Mr. Winchell said.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Sallie Mae can live with a change, so long as there’s a waiting period before anyone can try to discharge the debts. “Sallie Mae continues to support reform that would allow federal and private student loans to be dischargeable in bankruptcy for those who have made a good-faith effort to repay their student loans over a five-to-seven-year period and still experience financial difficulty,” the company said in a prepared statement.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">While there is no waiting period in either of the current bills, Mr. Cohen said he could live with one if that’s what it took to get a bill through Congress. “Philosophy and policy can get you on the <a class="meta-per" href="http://topics.nytimes.com/top/reference/timestopics/people/m/rachel_maddow/index.html?inline=nyt-per" style="color: #004276; text-decoration: underline;" title="More articles about Rachel Maddow.">Rachel Maddow</a> show, but what you want to do is pass legislation and affect people’s lives,” he said, referring to the host of an MSNBC news program.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>BANKS WOULDN’T LEND ANYMORE</strong> Private student loans are an unusual line of business, given that lenders hand over money to students who might not finish their studies and have uncertain earning prospects even if they do get a degree. “Borrowers are not creditworthy to begin with, almost by definition,” Mr. Hupalo said in an interview this week.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">But banks that have stayed in the business (and others, like credit unions, <a href="http://www.fynanz.com/private-student-loan-program-receives-tremendous-support-from-state-credit-union-leagues" style="color: #004276; text-decoration: underline;" title="More on credit unions’ efforts to use a partner to enter loan market.">that have entered recently)</a> have made adjustments that will probably protect them far more than any alteration in the bankruptcy laws will hurt. For instance, it’s become much harder to get many private loans without a co-signer. That means lenders have two adults on the hook for repayment instead of just one.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><strong>BORROWING COSTS WOULD RISE </strong>They probably would rise a bit, at least at first as lenders assume the worst (especially if Congress applies any change to outstanding loans instead of limiting it to future ones). But this might not be such a bad thing.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Private loans exist because the cost of college is often so much higher than what undergraduates can borrow through federal loans, which have annual limits. Some lenders may be predatory and many borrowers are irresponsible, but this debate would be much less loud if tuition were not rising so quickly.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">So if loans cost more and lenders underwrite fewer of them, people will have less money to spend on their education. Some fly-by-night profit-making schools might cease to exist, and all but the most popular private nonprofit universities might finally be forced to <a href="http://www.nytimes.com/2009/09/05/your-money/paying-for-college/05money.html" style="color: #004276; text-decoration: underline;" title="Your Money column on rising college costs.">reckon with their costs</a> and course offerings.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Prices might come down. And young adults just getting started in life might be less likely to face a nasty choice between decades of oppressive debt payments and visiting a bankruptcy judge before starting an entry-level job.</div></span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-26144937615679574712011-06-25T11:02:00.000-07:002011-06-25T11:02:17.115-07:00HP to focus on boosting business in India<b><span class="Apple-style-span" style="color: blue; font-size: large;">HP to focus on boosting business in India</span></b><br />
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<div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Unveiling strategic changes, <a href="http://timesofindia.indiatimes.com/topic/Hewlett-Packard" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #336797; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">Hewlett-Packard</a> has said it would focus on initiatives to boost its business in <a href="http://timesofindia.indiatimes.com/topic/India" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #336797; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">India</a> and<a href="http://timesofindia.indiatimes.com/topic/China" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #336797; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">China</a> and also announced the elimination of the Chief Administrative Officer post.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">The technology major has also inducted <a href="http://timesofindia.indiatimes.com/topic/Ann-Livermore" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #336797; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">Ann Livermore</a> -- who has been running HP's enterprise business -- to its board, HP said in a statement.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">These moves come at a time when HP is looking at ways to bolster its businesses, especially in the fast-growing markets including India and China.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">"Both China and India are critical markets to HP, and the company will increase its dedication to supporting these market," HP said.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">The company said, in addition to their existing global business leadership roles, Todd Bradley, a personal systems executive, will lead cross-business efforts to focus on expanding HP's market share in China.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Imaging and printing group executive Vyomesh Joshi will lead a similar effort in India.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Among the changes, HP said it would eliminate the chief administrative officer role, resulting in Pete Bocian leaving the company effective immediately. While the tech firm would broaden the role of its chief information officer.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">In addition, Randy Mott, executive vice president and chief information officer, is also leaving HP effective immediately. The company said it would conduct a search for a successor.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Besides, Livermore who has been appointed to the HP board and will step down from her day-to-day management of the division. Livermore, a 29-year veteran at HP, would continue to serve as interim lead for the company's Enterprise Services and sponsor certain key accounts until a new services leader is named.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Dave Donatelli, executive vice president, Enterprise Servers, Storage, Networking and Technology Services, Bill Veghte, executive vice president, Software and Jan Zadak, executive vice president, Global Sales, will report directly to Leo Apotheker.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">The moves reflect HP Chief Executive Officer Leo Apotheker's aim, outlined in March to bolster revenues through expanding its business in software, cloud computing services and international sales.</span></div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #404040; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Last month, HP reduced its 2011 outlook last month as the company struggles with computer sales.</span></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-49820650531973191782011-06-25T10:53:00.000-07:002011-06-25T10:55:32.385-07:00Suddenly, Gold Isn’t Looking So Solid<h1 class="articleHeadline" style="font-family: georgia, 'times new roman', times, serif; line-height: 1.083em; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="color: blue; font-size: large;">Suddenly, Gold Isn’t Looking So Solid</span></nyt_headline></h1><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; line-height: 22px;">A RICH man carrying a heavy bag of gold coins set sail on a voyage, but his ship ran into stormy weather. Before it capsized, he attached the bag of gold to his waist and jumped overboard. He sank with his fortune, never to be seen again.</span></nyt_headline></div><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;"><br />
</span></nyt_headline></div><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;"></span></nyt_headline><br />
<div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">“Now, as he was sinking, had he the gold? Or had the gold him?”</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">The English critic John Ruskin wrote this parable more than a century ago, but it raises a question that investors may wisely ask today. Many people have tied their portfolios, if not their very lives, to gold. Yet after the wrenching sell-off and burst of unusually high volatility in the commodity markets this month, should gold and other commodities even be a part of a typical<a class="meta-classifier" href="http://topics.nytimes.com/your-money/investments/index.html?inline=nyt-classifier" style="text-decoration: underline;" title="More articles about investing.">investment</a> portfolio?</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">Although gold is certainly alluring, the answer isn’t simple.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">That gold has been wildly popular — at least until commodity markets plunged — is indisputable, and not just because of its gleaming beauty. It served, after all, as the immutable standard of the global monetary system until the 1970s, a status that has helped give it a certain appeal in an era of wildly fluctuating financial values.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">As a measure of gold’s acceptance as a mainstream investment, a gold <a class="meta-classifier" href="http://topics.nytimes.com/your-money/investments/mutual-funds-and-etfs/index.html?inline=nyt-classifier" style="text-decoration: underline;" title="More articles about mutual funds and exchange-traded funds.">exchange-traded fund</a> — SPDR Gold Shares, offered by State Street Global Advisors — was the second-most-popular E.T.F. in the United States on April 30, trailing only State Street’s flagship, the SPDR S.& P. 500 fund.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">But despite the yellow metal’s sometimes mythic appeal — well documented in Peter L. Bernstein’s classic, “The Power of Gold,” which recounts the Ruskin parable — it is in many ways now just another commodity, like oil, silver, wheat or pork bellies, subject to the vagaries of the markets and, recently, to an extraordinary level of volatility.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">It has been behaving much more sedately than its sister metal, silver, which has lost more than a quarter of its value this month, after rising nearly 400 percent since October 2008. But gold has not been a paragon of stable value. It has dropped more than 4 percent this month after more than doubling in value since October 2008.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">Which brings us back to the question: Does it make sense for a long-term investor to join in this jolting race?</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">Leading asset management firms provide very different answers. T. Rowe Price and Fidelity, for example, include allocations of gold and other commodities in their target-date <a class="meta-classifier" href="http://topics.nytimes.com/your-money/investments/mutual-funds-and-etfs/index.html?inline=nyt-classifier" style="text-decoration: underline;" title="More articles about mutual funds and exchange-traded funds.">mutual funds</a> — standard portfolios that are intended to be all an investor needs until<a class="meta-classifier" href="http://topics.nytimes.com/your-money/retirement/index.html?inline=nyt-classifier" style="text-decoration: underline;" title="More articles about retirement.">retirement</a> or later. “We think that in moderation, in a well-diversified portfolio, getting exposure to what we call ‘real assets’ is useful,” said Richard Fullmer, an <a class="meta-classifier" href="http://topics.nytimes.com/your-money/investments/asset-allocation/index.html?inline=nyt-classifier" style="text-decoration: underline;" title="More articles about asset allocation.">asset allocation</a>strategist at T. Rowe Price.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">But Vanguard does not include gold or any other commodity in its target-date retirement funds or any other core funds. For a basic portfolio, it considers them superfluous and highly volatile.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">“We recognize that some people may want an exposure to gold for their own reasons, and that’s fine if they do,” said Fran Kinniry, principal at Vanguard’s Investment Strategy Group. “But we’ve found that for the typical investor, you can get all the diversification you need without including any commodities at all.”</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">In a strict sense, commodities may not even be an investment asset class , because they don’t produce any cash flow or earnings or dividends. That’s the view of Gary P. Brinson, a scholar and veteran strategist based in Chicago.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">“A bar of gold is just a bar of gold,” he said in a telephone interview last week. “It doesn’t do anything. There’s a market for it, sure, just as there is for, say, a work of fine art, and if you buy and sell at the right price, you’ll make a profit. But if there’s no cash flow, no dividend, no earnings, how do you calculate its intrinsic worth?” Answer: “You can’t. It’s not that kind of an asset.”</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">In the 1980s and ’90s, Mr. Brinson did path-breaking research on the effects of asset allocation on portfolios. In two papers in the Financial Analysts Journal, he and several colleagues found that broad decisions about asset classes — which to hold and in which proportions — accounted for more than 90 percent of a portfolio’s performance.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">He concluded that eight asset classes — none of them gold or any other commodity — were all that an investor needed. For a model “moderate risk” portfolio under normal market conditions, he said in the interview, those eight and their allocations are: <a class="meta-classifier" href="http://topics.nytimes.com/your-money/investments/stocks-and-bonds/index.html?inline=nyt-classifier" style="text-decoration: underline;" title="More articles about stocks and bonds.">stocks</a>from developed markets, 49 percent; emerging-market stocks, 6 percent; investment-grade bonds from developed markets, 25 percent; emerging-market bonds, 2 percent; high-yield bonds, 3 percent; commercial real estate, 10 percent; and <a class="meta-classifier" href="http://topics.nytimes.com/top/reference/timestopics/subjects/p/private_equity/index.html?inline=nyt-classifier" style="text-decoration: underline;" title="More articles about private equity.">private equity</a> and<a class="meta-classifier" href="http://topics.nytimes.com/topics/reference/timestopics/subjects/v/venture_capital/index.html?inline=nyt-classifier" style="text-decoration: underline;" title="More articles about Venture Capital.">venture capital</a> combined, 5 percent.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">All but the private equity and venture capital portions can be bought through low-cost index mutual funds or E.T.F.’s.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">Is there any use for gold and other commodities in a diversified portfolio? There might be, he said, if you view them as a form of insurance against a specific risk and if the price is reasonable. Gold might be seen as a hedge against inflation, he said — although it has underperformed since 1980. It might also be viewed as a hedge against a decline in the value of the dollar, but at gold’s current level, he said, “you’re paying a very high price” for it.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">Mr. Kinniry of Vanguard pointed out that stocks and gold had both been negatively correlated with the dollar — meaning they have tended to rise when the dollar has fallen. But since 1985, the negative correlation of stocks has been greater, and stocks have also provided a greater return. In short, an allocation to international stocks would have hedged better against a dollar decline, with much lower volatility.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">ONE argument for putting up with the volatility of commodities like gold is that their long-term price trend is upward. That’s the case made by Joe Wickwire, who manages the Fidelity Global Commodity Stock fund and the <a href="http://fundresearch.fidelity.com/mutual-funds/summary/316390780" style="text-decoration: underline;" title="Fund overview.">Fidelity Select Gold Portfolio</a>.</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">“Commodities and gold, from an asset-class standpoint, are in secular bull markets” because of the growth of resource-intensive emerging-market economies, he said. (Mr. Wickwire also said that over the long haul, exposure to commodities was worthwhile for portfolio diversification, regardless of price trends.)</span></div><div style="line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif; line-height: 15px;">Of course, it’s much easier to discern trends after the fact, and on that score the picture for gold isn’t entirely attractive. It peaked in price in 1980 at $850 a troy ounce. Factor in inflation, and that comes to more than $2,400. After more than 30 years, in other words, an investor in gold would still be operating at a loss, without even counting the cost of storing and protecting the gold.</span><br />
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<span class="Apple-style-span" style="line-height: 22px;"><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">It’s a beautiful metal, certainly. Is it worth holding? Maybe, but don’t bet your life on it.</span></span></div></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-3304687109760475152011-06-25T10:49:00.000-07:002011-06-25T10:49:06.871-07:00Findings That May Get Lost<h1 class="articleHeadline" style="font-family: georgia, 'times new roman', times, serif; line-height: 1.083em; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="color: blue; font-size: large;">Findings That May Get Lost</span></nyt_headline></h1><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;">NEWS arrived last week that Morgan Keegan, a big name in what might be called Wall Street South, apparently duped investors in some of its <a class="meta-classifier" href="http://topics.nytimes.com/your-money/investments/mutual-funds-and-etfs/index.html?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="More articles about mutual funds and exchange-traded funds.">mutual funds</a>.</span></nyt_headline></div><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;"><br />
</span></nyt_headline></div><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 10px; line-height: 15px;"><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The brokerage firm, based in Memphis, agreed to pay $200 million to settle claims that it misled customers about the dangers of<a class="meta-classifier" href="http://topics.nytimes.com/your-money/loans/mortgages/index.html?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="More articles about mortgages.">mortgage</a> securities. It was too little, too late for many of the investors, who together lost more than $1 billion.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The Financial Industry Regulatory Authority and state securities regulators contended that Morgan Keegan failed to disclose the risks associated with the <a class="meta-classifier" href="http://topics.nytimes.com/your-money/investments/index.html?inline=nyt-classifier" style="color: #004276; text-decoration: underline;" title="More articles about investing.">investments</a> of one fund.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">But the <a class="meta-org" href="http://topics.nytimes.com/top/reference/timestopics/organizations/s/securities_and_exchange_commission/index.html?inline=nyt-org" style="color: #004276; text-decoration: underline;" title="More articles about the U.S. Securities And Exchange Commission.">Securities and Exchange Commission</a> went further, saying that James C. Kelsoe Jr., the manager of that fund and six others, defrauded clients. The S.E.C. contended that he inflated the values of mortgage securities that the funds owned by “mis-marking” positions from at least January 2007 to July 2007, as the mortgage market tumbled. In other words, the S.E.C. says, he basically made up the prices.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">In its settlement, Morgan Keegan neither admitted nor denied wrongdoing — standard procedure in such agreements. But the details in this matter tell a troubling tale.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">According to regulators, Mr. Kelsoe instructed his accounting department to mark the prices of securities above their fair values. When he got a valuation he didn’t like from an outside firm, regulators said, he persuaded that firm to raise the price, too. This way, the funds could avoid taking markdowns.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Regulators said Mr. Kelsoe signed letters to investors reporting on the funds’ performance “based on net asset value.” But the S.E.C. said the performance was materially misstated.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">As part of his settlement, Mr. Kelsoe, 49, agreed to pay $500,000 in penalties and to accept a lifetime ban from the securities industry. Peter J. Anderson, a lawyer for Morgan Keegan and Mr. Kelsoe, said the firm and Mr. Kelsoe would not comment. Both agreed to settle to put the matter behind them, he said.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Some aspects of this story might be familiar. On Dec. 30, 2007, <a href="http://www.nytimes.com/2007/12/30/business/30loan.html?scp=1&sq=the%20debt%20crisis,%20where%20it%27s%20least%20expected&st=cse" style="color: #004276; text-decoration: underline;" title="Fair Game column of Dec. 30, 2007.">an article here</a> described how the <a href="http://www.indianachildrenswishfund.org/2011/index.php/" style="color: #004276; text-decoration: underline;" title="Web site of the charity.">Indiana Children’s Wish Fund</a>, a charity that grants wishes to terminally ill youngsters, was sandbagged by a Morgan Keegan fund. In mid-2007, a Morgan Keegan broker pushed the charity’s officials to invest in a fund stuffed with toxic mortgage securities. The charity promptly lost $48,000 on its $223,000 investment.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Morgan Keegan settled with the charity in late 2007, after this reporter inquired about the investment. Terms of that deal were confidential, but it is perhaps no coincidence that the disastrous investment was made during the period when regulators say Mr. Kelsoe was improperly marking his funds.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Other investors have not fared as well in cases against Morgan Keegan, according to their lawyers.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Since the S.E.C. sued Morgan Keegan and Mr. Kelsoe in April 2010 (making identical accusations to the details laid out in last week’s settlement), the firm has maintained that it did nothing improper and that regulators’ claims were baseless.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Andrew Stoltmann, a lawyer at Stoltmann Law Offices in Chicago who has represented 14 Morgan Keegan clients in arbitration cases, said the brokerage firm’s arguments had been persuasive among some arbitrators. This has resulted in reduced recoveries for some investors, he said.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Last week’s settlement was certainly no exoneration for Morgan Keegan. And given the details cited by regulators, you may think investors with arbitrations pending would benefit by their airing.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">But Mr. Stoltmann fears otherwise. Finra arbitration rules do not require that regulatory findings, like those made public last week, be introduced as evidence. As such, he said, he expects that some arbitrators won’t allow these details to be considered. “For the cases where arbitrators allow the regulatory findings to be introduced, this is an unequivocal game changer and the investor wins,” he said. “But Morgan Keegan’s lawyers have told me they are going to fight to keep these findings away from the eyes of arbitrators.”</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Mr. Anderson, the lawyer for Morgan Keegan, confirmed that the firm probably would argue against letting the S.E.C. and Finra findings be introduced in arbitration cases. “I wouldn’t expect that they would be relevant,” he said.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Investors who lost money in the funds would disagree.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Broadly speaking, this highlights a downside of arbitration, Mr. Stoltmann said. While courts have ruled that regulatory findings can be introduced into evidence and should not be considered hearsay, some arbitrators will disagree, he said.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The $200 million that Morgan Keegan agreed to pay will be placed in several restitution funds. A Finra spokeswoman said that until the funds’ administrator is appointed, it isn’t clear how the money will be distributed or if investors who had already recovered some losses can tap those funds.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Given that investors lost more than $1 billion, they are clearly not going to be made whole with $200 million.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">“I wish this settlement had taken place a year or two years earlier because now probably 90 percent of the arbitration claims are concluded,” Mr. Stoltmann said. “Will it be helpful? Yes, if arbitrators let the findings in.”</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">That’s one disturbing paradox. Finra found that Morgan Keegan sold shares in a large fund from January 2006 to September 2007, “using sales materials that contained exaggerated claims, failed to provide a sound basis for evaluating the facts regarding the fund, were not fair and balanced and did not adequately disclose the impact of market conditions in 2007 that caused substantial losses” to the fund’s value.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">But Finra arbitrators can refuse to let that finding be introduced by investors bringing cases against Morgan Keegan.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Just another glimpse of the upside-down world we live in.</div></span></nyt_headline></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-87960425540183313782011-06-25T10:44:00.000-07:002011-06-25T10:44:23.196-07:00National credit card rates for May<span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', Times, serif;"><span class="Apple-style-span" style="color: blue; font-size: large;"><b>National credit card rates for May</b></span></span><br />
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Here's a look at the state of credit card rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 18, 2011.<br />
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Variable <a href="http://www.bankrate.com/credit-cards.aspx" style="color: #1c4788; cursor: pointer; text-decoration: none;">credit card</a> interest rates averaged 14.46 percent for the third consecutive week, and fixed rates held at 13.36 percent. A majority of credit cards in the marketplace have a variable interest rate, which can rise with upticks in a related index, such as the U.S. prime rate.<br />
Consumers have yet another reason to read the fine print before signing up for a new credit card. According to a new study from the Pew Health Group, practices banned or limited by the law known as the Credit Card Accountability, Responsibility and Disclosure Act, which only applies to consumer credit cards, are common on business cards.<br />
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The trouble is that business cards aren't just marketed to business owners. Between January 2006 and December 2010, American households received more than 2.6 billion offers in the mail for business credit cards. Business cardholders are vulnerable to practices restricted by the CARD Act, such as an arbitrary rate increase with no right to opt out and payment allocation that maximizes interest charges. Read more on this at the blog post, "<a href="http://www.bankrate.com/financing/credit-cards/biz-credit-cards-exploit-loophole/" style="color: #1c4788; cursor: pointer; text-decoration: none;">Biz credit cards exploit loophole</a>."<br />
Bankrate.com makes it easier to find <a href="http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?classificationuid=5&childcategoryid=114&childcategory=Cash+Back+Cards&classtypeuid=1&classtypedesc=Card%20Type&ec_id=&af=&ac=&ic_id=CR_searchCreditCards_credit_cards_CashBackCards" style="color: #1c4788; cursor: pointer; text-decoration: none;">cash-back credit cards</a> and <a href="http://www.bankrate.com/funnel/credit-cards/credit-card-results.aspx?classificationuid=2&childcategoryid=109&childcategory=Low%20Interest%20Cards&ec_id=" style="color: #1c4788; cursor: pointer; text-decoration: none;">low-interest cards</a>. You can search by issuer, card type or credit score.<br />
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</span>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-22002739788159707862011-06-25T10:39:00.000-07:002011-06-25T10:39:48.910-07:00A Slowdown for Small Businesses<h1 class="articleHeadline" style="font-family: georgia, 'times new roman', times, serif; line-height: 1.083em; margin-bottom: 8px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="color: blue; font-size: large;">A Slowdown for Small Businesses</span></nyt_headline></h1><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;">In the latest sign that the economic recovery may have lost whatever modest oomph it had, more small businesses say that they are planning to shrink their payrolls than say they want to expand them.</span></nyt_headline></div><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;"><br />
</span></nyt_headline></div><div><nyt_headline type=" " version="1.0"><span class="Apple-style-span" style="color: #333333; font-family: georgia, 'times new roman', times, serif; font-size: 10px; line-height: 15px;"><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">That is according to a new <a href="http://www.nfib.com/research-foundation/surveys/small-business-economic-trends" style="color: #004276; text-decoration: underline;" title="Link to the report.">report</a>released Tuesday by the National Federation of Independent Business, a trade group that regularly surveys its membership of small businesses across America.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The federation’s report for May showed the worst hiring prospects in eight months. The finding provides a glimpse into the pessimism of the nation’s small firms as they put together their budgets for the coming season, and depicts a more gloomy outlook than other recent (if equally lackluster) economic indicators because this one is forward-looking.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">While big companies are buoyed by record profits, many small businesses, which employ<a href="http://web.sba.gov/faqs/faqIndexAll.cfm?areaid=24" style="color: #004276; text-decoration: underline;" title="Statistics from the U.S. Small Business Administration.">half of the country’s private sector workers</a>, are still struggling to break even. And if the nation’s small companies plan to further delay hiring — or, worse, return to laying off workers, as they now hint they might — there is little hope that the nation’s 14 million idle workers will find gainful employment soon.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">“Never in the 37-year history of our company have we seen anything at all like this,” said Frank W. Goodnight, president of <a href="http://www.dgiprint.net/" style="color: #004276; text-decoration: underline;" title="The company Web site.">Diversified Graphics</a>, a publishing company in Salisbury, N.C. He says there is “no chance” he will hire more workers in the months ahead.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">“We’re being squeezed on all sides,” he says.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Each month, the National Federation of Independent Business surveys the owners of small businesses about how they are doing and where they think the economy is going. One question asks whether businesses plan to increase or decrease the number of employees in the next three months. Economists then calculate a net hiring figure by subtracting the percentage of companies that plan to downsize from the percentage that plans to expand.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">In May, the share of companies that planned to shrink their work forces was one percentage point higher than the share of companies that planned to expand them, the first time since last September that this indicator was negative. And even though it was slightly negative, this index, a fairly reliable indicator of hiring decisions, has been trending downward all year.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The unemployment rate has been stubbornly high in the last year, primarily because companies have stopped hiring, not laying off more workers. Although layoffs were at <a href="http://data.bls.gov/cgi-bin/print.pl/news.release/jolts.htm" style="color: #004276; text-decoration: underline;" title="Labor Department report on worker turnover.">a record low in April</a>, the latest monthly data available, Tuesday’s survey suggests that workers may soon be challenged by both sides of the employment ledger.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">With wages relatively stagnant in recent months, the University of Michigan’s <a href="http://www.clevelandfed.org/research/trends/2011/0611/01infpri.cfm" style="color: #004276; text-decoration: underline;" title="Report on consumer income expectations.">consumer sentiment survey</a> found that workers’ expectations for their families’ income growth over the next year were at a record low. This is the first recovery in which, seven quarters in, there have been zero gains in aggregate wages and salaries.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Stagnant wages, coupled with the recent stock market slide and further declines in housing prices, have left consumers feeling not well-off enough to significantly increase their spending, which would encourage hiring.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">“One thing you’ve got to understand is that we do not hire workers for the sake of hiring workers. We hire them to do jobs,” Mr. Goodnight said. “If we don’t have the work coming in, nothing will make me hire another person.”</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">When asked about the “<a href="http://economix.blogs.nytimes.com/2010/09/14/whats-holding-back-small-businesses/" style="color: #004276; text-decoration: underline;" title="Link to blog post explaining this question.">single most important problem</a>” facing their businesses, about one in four cited “poor sales,” according to the federation’s survey. Uncertainty over regulations is also mentioned frequently. About a third of businesses blame either “taxes” or “government requirements” for their current troubles, leading some economists to attribute the recent slide in overall business optimism to Washington’s protracted debates over tax policy, financial changes and health care.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Meanwhile, larger businesses, sitting on mountains of cash, have been weathering the weak recovery relatively well.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The <a href="http://businessroundtable.org/news-center/business-roundtable-releases-second-quarter-2011-ceo-economic-outlook/" style="color: #004276; text-decoration: underline;" title="Link to the second quarter report.">Business Roundtable CEO Economic Outlook survey</a>, also released on Tuesday, is a less closely watched report that relies on responses from the chief executives of larger companies. It found that the number of large companies expecting their American work forces to grow in the next six months far outnumbers those that anticipate shrinkage.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">“What we’ve had is a tale of two recoveries,” said John Ryding, chief economist at RDQ Economics. “Between large businesses and small businesses, it is literally the best of times and the worst of times.”</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Several factors have helped larger companies succeed, economists say.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">Jared Bernstein, a senior fellow at the liberal Center on Budget and Policy Priorities and a former economic adviser to Vice President Joseph R. Biden Jr., said, “Larger businesses have consistently had more going for them in this recovery.”</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">He added: “They have better access to credit markets. They have greater ease in exporting abroad where some economies are growing faster than ours. All that shows up in their profits.”</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The one potential bright spot in the small-business survey involves industries that have had the smallest job growth but now seem willing to add jobs, according to William C. Dunkelberg, the chief economist for the federation.</div><div style="color: black; font-size: 1.5em; line-height: 1.467em; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px;">These include construction and nonprofessional services like restaurants, which was crippled by the housing bust. Manufacturing, which had been the engine of job growth for many months before scaling back in May, also showed promise.</div></span></nyt_headline></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-2986265738912770542011-06-24T04:03:00.000-07:002011-06-24T04:03:39.150-07:00JENNIFER OLIZE<span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', Times, serif; line-height: 22px;"></span><br />
<h1 class="entry-title" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, 'Times New Roman', Times, serif; font-weight: normal; line-height: 1.2em; margin-bottom: 0.1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span class="Apple-style-span" style="color: blue; font-size: large;">JENNIFER OLIZE</span></h1><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 15px; line-height: 24px;"><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><em style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">jennifer Olize is a young enterpreneur who made up her mind as a little girl to work for herself when she grows up. Years later,after school, this promise resonate. there was no debate.Focused and determined, Jennifer, who read bussiness econoics at thereading unversity, in english and event managment at NYU.new york, set to work as CEO of lereve, an event company that professes</em></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><em style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">to take stress off its cliient for a token fee. Jen, as she is called at home, is the older daughter of veteran broadcaster,Frank Olize. in this interview, Jennifer talks about her up coming Runway meet musici event, a musical festival targeted at theyouth.</em></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><em style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">..a lot of young people these days own their own business.</em></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><em style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">So i am really proud that they dont have to wait for a goverment job, or get hired by either bank or an oil company to feel they have a good job.</em></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><em style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Young people are now striving to do what they have passion for to fulfil their personal dreams.</em></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHAT BUSINESS ARE YOU INTO AND HOW HAS IT BEEN OPERATING, AS A YOUNG ENTREPRENEUR IN NIGERIA?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">I’m into Events Production & Management.It’s been operating well, but it’s a really tough and stressful business.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Being a young entrepreneur in Nigeria is the hardest thing ever, especially when you’re starting from scratch. When I moved back from the UK, I thought it would be so easy considering my qualifications and experience but I was wrong. Planning an event in Nigeria is the most complicated thing ever, considering that things are not straight forward.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Events here are really expensive to put together, and a lot of companies are not supportive. Sourcing for sponsors is a very tough area; most companies are not forth coming due to the business climate in the country. For example, the money most companies could have used to sponsor events is inevitably spent for the purchase of diesel for their generation sets. The energy problem is incredibly pervasive.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">On the other hand some companies are simply not supportive at all because they feel that the entertainment industry is not relevant to their operations. This should not be the case because the industry is just as important as any other industry in Nigeria. Entertainment reduces stress, and need I remind them that WHO define health as the total well being of the individual. More so, this is an industry were the youth try to excel. And if indeed they are the leaders of tomorrow as widely accepted, they should be supported and encouraged.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHY DID YOU DECIDE TO GO INTO BUSINESS WHEN YOU COULD HAVE WORKED FOR ANY BLUE CHIP COMPANY LOOKING FOR RETURNEES?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Growing up, I always wanted to be on my own. I had this vision of owning an empire one day. I have so many ideas and visions but I feel you don’t get to explore that if you are working for any blue chip company.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Most people don’t have the courage to start a business, maybe due to lack of funds or largely due to the fear of failing. But I am a goal getter. I am not afraid to fail and definitely not afraid to WIN either.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">YOUR DAD WAS A TV BROADCASTER HOW WAS THAT IMPACTED YOUR GOING INTO THIS INDUSTRY?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">As a child growing up, I noticed with pride that my dad was a household name. So I would say his role in the industry impacted on me positively. I admire him a lot.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Does he encourage you? How does he feel about what you are doing?</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">All the way…Yes! Infact I don’t know what I’ll do without him. As I speak, he has continued to be supportive of my business financially and morally.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHAT HAVE YOU LEARNT ABOUT THE ENVIRONMENT AND PEOPLE, ESPECIALLY YOUNG PEOPLE SINCE GOING INTO BUSINESS?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Young people in Nigeria have serious determination to do things for themselves; a lot of young people these days own their own businesses. So I am really proud that they don’t have to wait for a government job, or get hired by either a bank or an oil company to feel they have a good Job. Young people are now striving to do what they have passion for to fulfill their personal dreams.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">I UNDERSTAND YOU ARE PLANNING A SHOW, TELL US ABOUT IT?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Yes! It is called Music Meets Runway. As the name suggests it is a case of Music colliding with Fashion. Over the years, Fashion and Music have created a style storm around the globe. The innovation, ‘Music Meets Runway’ is intended to provide a platform for talented designers, especially those who normally are excluded from the highly competitive world of fashion to showcase their unique art works while talented music artists perform on stage.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHY DID YOU DECIDE TO HAVE THIS SHOW, WHAT ARE YOU AIMING TO ACHIEVE?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Music Meets Runway is aimed to create awareness for new talents such as up coming fashion designers, music artists, models, stylists and make up artists to emerge and be fostered toward a future that otherwise could have eluded them. It is about opportunity in a time of recession and hardship.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">It is also to promote networking among fashion industry professionals including educators, retail buyers, fashion journalists, trendsetters, tastemakers and consumers.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">We also want to give back, not only do these efforts support our love for fashion and music but they also provide opportunities for philanthropic growth, as part of the proceeds of the event are to be donated to local government schools to encourage young students to follow their dreams. Most of these schools are battling and struggling with the infrastructural deficit associated with the Nigerian educational system.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHEN IS THE SHOW, THE VENUE AND ARTISTS EXPECTED?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">The show is to take place on Saturday, 9th of July 2011 at the Eko Hotel Expo Center. This is one event you don’t want to miss. The content we have lined up is spectacular. We have a total of10 Artists (both local and International) and 10 Fashion Designers all showcasing on the same night.<a href="http://www.vanguardngr.com/2011/06/jennifer-olize-intends-to-rock-the-runway/jenny/" rel="attachment wp-att-169256" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;"><img alt="" class="aligncenter size-full wp-image-169256" height="197" src="http://vml1.s3.amazonaws.com/wp-content/uploads/2011/06/jenny.gif" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; display: block; font-size: 15px; margin-bottom: 0px; margin-left: auto; margin-right: auto; margin-top: 0px; max-width: 100%; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" title="jenny" width="300" /></a></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">HOW HAS IT BEEN PUTTING TOGETHER LOGISTICS FOR THE SHOW?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">It’s been hectic, but I put together a team of the best people in the industry. So, I am very confident the show will be amazing.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">ARE YOU CHARGING FEES?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Yes, unfortunately we are charging a fee. I really wish all my events could be free (sad face). However, this event is costing us a fortune, so we need to cover our costs. The tickets range from N5, 000 to N30, 000. We also have tables going for N500, 000 of which 10% of this goes to towards the donation.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WILL IT BE A YEARLY PROGRAMME OR IT’S A ONE OFF?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">The vision is for MMR to be an annual event. We intend to grow and get bigger and better! We have a lot of plans in the works, you just have to wait and see for yourself. We are going to take the entertainment industry to another level.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHAT DO YOU THINK IS THE FUTURE FOR THE YOUTH IN THIS COUNTRY?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Our generation is definitely a special one. The youth for this country will make a change. But we need all the SUPPORT and encouragement from the older generation. Otherwise the older generation will only be paying lip service to the notion of ‘we’ being the leaders of tomorrow.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHATS DOES STYLE MEAN TO YOU?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Style!!! Whenever the term “style” is used, most people commonly think it is one’s fashion or appearance. But Style to me is much more than that. It is a combination of so many factors such as the way you think, the way you want to be perceived or simply the things that describe you the best.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">HOW WILL YOU DESCRIBE YOURSELF STYLE-WISE?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">I would like to say I’m conservative (ok not too conservative), but I don’t go crazy over new trends, I’m a firm believer in dressing to what suits me, and what I’m comfortable in, not just because it’s the new trend.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHATS YOUR PASSION / YOUR OBSESSION?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Hmmm my passion is planning, Planning and even more planning! I just love the thought of preparing for something.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">What’s my obsession…?Ok besides food… I could say my passion for planning has turned into an obsession for perfection, as it takes over my entire being.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">WHAT IS YOUR MUST HAVE FASHION/BEAUTY ITEM?</strong></div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Lip gloss! lip gloss! lip gloss!… I can’t do without it.</div><div style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 1em; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 15px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">FINALLY, YOUR LAST WORD?</strong></div></span><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 15px; line-height: 24px;">I wish to take this opportunity to thank media houses and those who have been very supportive. I hope other companies more companies will support events like this in any form, in the name of social responsibility because it is not easy out there.</span>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.comtag:blogger.com,1999:blog-9213536018301842314.post-28531662053783558172011-06-24T03:58:00.000-07:002011-06-24T03:58:12.512-07:00Gold rises, oil slides on EU crisis<h1 class="multi-line-title-1" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia; font-size: 25px; line-height: 25px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;"><span class="Apple-style-span" style="color: blue;">Gold rises, oil slides on EU crisis</span></h1><div><span class="Apple-style-span" style="color: blue;"><br />
</span></div><div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Gold futures rose for the fifth straight session as negotiations for a Greek bailout stalled, boosting the appeal of the precious metal as an investment haven.</div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Gold futures for August delivery rose $5.60, or 0.4%, to $1,544.70 an ounce at 10.21 am on the Comex in <a href="http://timesofindia.indiatimes.com/topic/New-York" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">New York</a>. The price climbed 0.6% last week. The precious metal touched a record $1,577.40 on May 2 as escalating sovereign-debt woes and record-low US borrowing costs increased the appeal of bullion as an alternative to currencies. Gold denominated in euros reached an all-time high on May 25.</div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">Oil slid and the euro wavered on Monday as risk aversion rose after European finance ministers postponed doling out emergency loans to <a href="http://timesofindia.indiatimes.com/topic/Greece" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia; font-weight: normal; line-height: 18px; margin-bottom: 10px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">Greece</a> until the debt-strapped country approves new austerity measures. US light sweet crude oil fell 40 cents, or 0.43%, to $92.61 a barrel. Brent crude fell by $1.23 a barrel to $111.98 a barrel. Commodity markets remained fixed on the European debt crisis, led by whether Greece will win more aid.</div><div style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia; line-height: 18px; margin-bottom: 15px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">The US dollar was up slightly against a basket of major currencies, with the US Dollar Index up 0.02%, while the euro was unchanged at $1.4308. AGENCIES</div></div>M Harun Ishttp://www.blogger.com/profile/12920157357753496717noreply@blogger.com