₦airaland Forum

1.
Intel to cut 12,000 jobs globally

April 19, 2016

Tech giant Intel will cut up to 12,000 people from its staff globally, or about 11% of its workforce, the company announced Tuesday.
As of the end of last year, Intel employed about 107,300 staff members.

Intel said most of the employees affected by the layoffs will be notified in the next 60 days, while some of the cuts may happen through mid-2017.

Intel ( , Tech30 ) is and has been the largest computer chipmaker in the world. The company bet heavily on the stability of the PC business years ago, and its microprocessors have dominated the PC industry.

But the company has failed to replicate that success across mobile devices that have now replaced traditional desktops and laptops.

Nearly 60% of Intel's sales and profits came from its microprocessor and chip business, which means that any changes to the PC business have a big impact on Intel's bottom line.

The company says it expects to save $750 million this year and $1.4 billion by the middle of next year from the job cuts and related expense reductions.

At the same time, Intel said it plans to invest more in "growing" areas of its business, such as convertible laptop-tablet devices, as well as gaming.

Intel also said it wants to invest more in its data center and Internet of Things businesses.

Shares of Intel were down about 3% on the report.

The company reported $13.7 billion in sales last quarter, up 7% from last year, and profits of $2 billion, up 3%.
Sales in Intel's microprocessor and chip division rose 2% to $7.5 billion over last year, but dipped 14% from last quarter.

The Internet of Things group reported 22% growth to $651 million, while the data center division logged a 9% increase to $4 billion.

money.cnn.com/2016/04/19/technology/intel-layoffs/index.html
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2.
Defaults hit highest level since '09 bust

2 days ago

Get ready to step over some landmines, investors. The number of companies defaulting on their debt is hitting levels not seen since the financial crisis, and it's not just a problem for bondholders.

So far this year, 46 companies have defaulted on their debt, the highest level since 2009, according to S&P Ratings Services. Five companies defaulted this week, based on the latest data available from S&P Ratings Services. That includes New Jersey-based specialty chemical company Vertellus Specialties and Ohio-based iron ore producer Cliffs Natural. Of the world's defaults this year, 37 are of companies based in the U.S.

Meanwhile, coal producer Peabody Energy (BTU) and surfwear seller
Pacific Sunwear (PSUN) this week filed plans for bankruptcy protection. Shares of Peabody have dropped 97% over the past year to $2 a share and Pacific Sunwear stock is off 98% to 4 cents a share.

The implosion of oil prices is the top reason for the rise in defaults as it makes it harder for energy companies to repay debt. The Federal Reserve's decision to hike short-term interest rates last year along with slowing global growth are also putting pressure on companies' ability to service their debt.

Defaults are clearly an issue for bondholders, since these events mean they no longer receive payments on money lent to these companies. But the situations can be brutal for stock investors, too, as restructuring after a default can leave shares essentially worthless as the bondholders often become the new owners of the company. The rise of defaults hold several lessons for stock investors, including:

* Beware speculating on energy stocks.

Brave investors have been trying to call a bottom in energy companies' profits for several quarters now. But the sector's pain continues as interest payments get all that more onerous given the massive drop in energy prices. Of the 46 global defaults this year, 13 are in the oil and gas sector, says Diane Vazza, head of global fixed income research at S&P Ratings Services. The surge in defaults is largely "fallout from multi-year lows in commodity prices," she says. Energy profits keep falling. Energy sector profits are expected to drop another 107% in the first quarter of 2016 - even worse than the 55% drop in the first quarter of 2015, says S&P Global Market Intelligence.

* Cut losses. "It will come back" are famous last words for investors. When investing in individual stocks, especially some that could be even remotely flirting with default, it's best to cut losses short. Investors in coal producer Peabody Energy defaulted on March 18, leading to the company to file for bankruptcy protection in April. Don't think it's just a problem for investors holding the company's debt. Stock investors watched $1.3 billion in shareholder wealth burn up in just a year as the stock dropped from $73 a share to roughly $2 a share now. Had investors cut their losses at 10% of what they paid, they could have avoided this catastrophe.

* Mind companies on the bubble.
Companies don't usually just default without warning. Ratings agencies routinely rate companies' credit worthiness and sound an alarm when the financials deteriorate. S&P Ratings keeps a list of the companies with the very lowest credit ratings at risk of a downgrade. The number of such "Weakest Links" jumped to 242 in March from 235 in February.

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3.
Boeing is cutting 4,000 jobs
by Chris Isidore and Robert Mclean

March 30, 2016

Boeing has announced it will cut 4,000 jobs to reduce costs as it battles rival Airbus and softer demand for aircraft.

The aircraft maker said it should be able to achieve the job reductions, equal to about 2% of its worldwide staff, through normal attrition, voluntary buyouts and leaving open positions unfilled.

"We'll only use involuntary layoffs as a last resort," said spokesman Doug Adler.

Last month the company announced a plan to save money by cutting non-labor spending, supply chain costs and staffing levels.

Boeing also said it would cut deliveries by about 20 commercial jets in 2016, although it said that reduction was due to a transition from the 737, its best selling jet, to the 737 MAX, a new version of that plane.

It has also slashed production of some of its other older models, including the 777 and the iconic 747 .

Boeing has been trimming staff for several years, including 13,000 jobs since the end of 2012, according to company filings. It had 161,400 jobs at the end of last year.

Shares of Boeing ( ) are down 9% so far this year.

money.cnn.com/2016/03/30/news/companies/boeing-job-cuts/index.html

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4.

Cheap oil hits Middle East budgets: We can no longer 'provide for everything'

March 17, 2016

Oil's dramatic price fall has sent shock waves through many Middle Eastern economies.

Generous fuel and food subsidies have been slashed, new taxes introduced, and social benefits axed.
The years when oil cost $100 a barrel and generated $1 trillion in export revenues are gone, and the oil-rich Gulf nations and their people are being forced to accept a new reality.

Here are some of the painful measures they've introduced:

Kuwait

Kuwait enjoys one the world's lowest oil production costs. The country also boasts one of the oldest sovereign wealth funds.
Still, the collapse in crude prices is forcing Kuwait to think the unthinkable: tax company profits.
The plan for a corporate tax rate of 10% follows a move by all Gulf states to roll out a 5% sales tax during 2018.

"The fact that Kuwait is going down the taxation route for corporates is a very different form of ... revenue generation," said Monica Malik, chief economist for Abu Dhabi Commercial Bank.

United Arab Emirates
The UAE was the first Gulf country to target fuel subsidies when it introduced market pricing for petrol last summer.

Robin Mills, CEO of oil consultancy Qamar Energy, said the move triggered a domino effect. "Once one country feels able to take the step of removing subsidies as the UAE did in this case and that seems to go okay, then other countries get some confidence in following them," said Mills.

All six countries in the region are now cutting subsidies, raising prices at the pump and the cost of water and power.

Saudi Arabia

Ratings agency Moody's downgraded its outlook for the Saudi banking system on Wednesday.
It highlighted Saudi Arabia's 14% reduction in public spending this year as a key factor behind the move.
The region's largest oil producer has already introduced deep spending cuts , cut subsidies, and even slashed its foreign
scholarship program .

Qatar

Qatar is expected to run its first budget deficit in 15 years in 2016. The host of the 2022 World Cup has built up a huge sovereign wealth fund and so is better protected than some of its neighbors.

But even Qatar has had to make cuts. The ruler of the country, Sheikh Tamim bin Hamad al-Thani, was quoted by a state news agency as saying the government could no longer "provide for everything."

It has raised prices of petrol by up to 35%, pushed up water and electricity prices, and ordered state-owned institutions to reduce spending.
According to some, these cuts also led to the closure of the Al Jazeera America news channel.

Bahrain

Bahrain raised petrol prices for the first time in more than 30 years in January, and cut subsidies on energy. Last October, the government also cut subsidies on meat, which led to a doubling in the price of beef and chicken.

Bahrain's government announced a wide-ranging reform program earlier this year, saying the country needs to diversify and cut spending.

Oman

Oman has also hiked the price of fuel, and announced an increase in corporate income tax to 15% from 12%.

money.cnn.com/2016/03/17/news/economy/oil-crash-middle-east-budgets/index.html


So shall we blame Buhari for all these?

raumdeuter:
elampiro call your people on this thread to order na

All this one no football related discussion na so so fight. E be like say people wey no too sabi football finally found their voices in these e-brawls

Elamps I now appreciate, miss and now earnestly wish back the days of your lengthy argument with coogar at least those wey football related not these you are stupid, you are mad etc that litters here.

Oya lets starts Rooney is useless and not fit to start for Okomu oil. What do you have to say about that

Lol.

Too much makeup

Too much 'artificialism' makes one almost unrecognisable

1miccza:
But it sure can't be as much as the kidnap ransom and in a nornal society this isn't supposed to be, they are using those vehicles and all because they were procured with our money;tax payer's money. So we shouldn't be paying for those services

Who uses a police vehicle to survey a kidnapers' den or hideout? No police vehicle too, if a police has to move from Edo State to Delta or Rivers to track kidnappers. If you wait for these, you will never succeed.

Again, apart from getting the money to help police track the criminals, you still have to provide the ransom to be delivered to the them. The first aim is to secure the release of the person kidnapped. The information gathered by police during negotiations (tracking, trailing, monitoring, etc) are mostly meant to apprehend the kidnappers after the crime.

If the kidnappers kill their victim, they can be met with a shootout, but if they don't, they will be surprised when they see police come after them when they are relaxed and drinking beer with their babes in a bar. The easiest criminals to catch are kidnappers because they must leave trails through their communications and the ransom paid.

You said some things are done differently abroad. Abroad and here are not the same na.

Eto had lost pace before going to Inter Milan.

1miccza:
Ok now that's privileged info and the question now is why do they act only when a prominent person is affected..

.. Not only when a prominent person is involved. If you have money to process their expenses - fuel or transport for them to move to Court to process order, some money to go to bank and Telecom company. Money to feed the secret agent that will be going to survey the area identified by Telecom company, etc. You also have to know SARs will be involved at last. Sometimes someone is kidnapped in one state and taken to a neighboring state. The transport fare of the police team will even be higher.

1miccza:
I know it's easy but we don't do it at all in Nigeria. Some of our policemen do not even know how to operate a phone or computer

You are wrong. How do you think these kidnappers are easily caught? Any kidnappers who went for a prominent person must be caught. Have you not observed that?

I am a banker, I have worked with police and SSS countless times on apprehending kidnappers. Once the Security agent get the Court order/warrant to get certain things done in the bank and telecom companies, the kidnappers are half way already caught.

I won't give further details.

.

Dadehmola

You would see that Pepe started eleven UCL fixtures for Madrid while Varane started just four.

I guess if the reverse were the case Madrid would have been dumped out on the way. What I have noticed over time is when Varane is in that defence Madrid start going down from the top team(s), you see small teams scoring cheaply against them. He even makes Ramos play worse than usual.

Verane is even worse in terms of yellow cards earned despite low playing time. Pepe with two Assists also.

Dadehmola:
Which Pepe?

The one that conceded a penalty via a rash & unnecessary tackle??

If Greizmann had scored from the spot, you actually think Real Madrid woulda survived in normal time?

Wasn't it the same Varane that Benched this same "Calamitous Pepe" in the 2013/14 CL final against Athletico Madrid??

Anytime Varane is in that defence, whether pairing Pepe or Ramos, Madrid go down the ladder on league table.

Varane is a tall Blind. He is very bad at aerial contest and loses concentration under sustained pressure.

Pepe conceded a penalty, which defender doesn't concede a penalty?

Dadehmola:
Which Pepe?

The one that conceded a penalty via a rash & unnecessary tackle??

If Greizmann had scored from the spot, you actually think Real Madrid woulda survived in normal time?

Wasn't it the same Varane that Benched this same "Calamitous Pepe" in the 2013/14 CL final against Athletico Madrid??

Anytime Verane is in that defence, whether pairing Pepe or Ramos, Madrid go down the ladder on league table.

Verane is a tall Blind. He is very bad at aerial contest and loses concentration under sustained pressure.

Pepe conceded a penalty, which defender doesn't concede a penalty?

talk2dmc:
.........wonder why. Its not so in your so called sambisa. .

Corruption was the reason Sambisa flourished.

#BREAKING Manchester United have made a bid in the region of £15m for Reece Oxford.

[via Mirror, M.E.N, thewesthamway.co.uk]

airsaylongcon:
Not if you know how to keep a clean trail.

Keeping a clean trail is almost impossible when it is a gang/group crime.

One technically gifted person with the consciousness that he might be monitored can manage a tidy job. But when he has boys under him, and they work as a gang and a network, it is almost impossible to do a job without a trail when the Federal Govt is highly interested.

1miccza:
My brother not in these our non chalant Nigeria,if they were that good they won't be chasing the wind,that's what they are doing. These guys live in the creeks the military fight on Land so these is a sure waste of time and resources... Violence can and won't stop this,i can remember when i think Jonathan or is it Yar'adua tried this and the military tried to venture into the creeks,some of the soldier's corpses are still missing till date

Monitoring calls is not so hard. You might not get 100% info, but you get a clue that lead you to wide range investigation.

RuuDie:
Guess this also means Roberto Di Matteo is better than Jose Mourinho too.

I am not sure Di Matteo or those other names could have won it in Porto.

Samson Siasia, given the chance, might deliver a UCL with Barca. Deliver the league with Bayern and PSG.

With some clubs, the job is half done. Having Messi, Neymar and Suarez as your front three is 80% victory guranteed.

1miccza:
Oga almost everyone engages in bunkering irrespective of their tribe and the main beneficiaries are these same politicians in power don't even start thinking of being misled.. Infact if you sef see bunkering now you go do..

I no go do. I no wan die.

But you know the Federal Govt can track and monitor people from phone calls.

jamesibor:
How do u know the Avengers and their people?

Who are the people who have been rich from illegal activities in oil such as bunkering, militancy? If you think the Federal Govt has no way of extracting or getting relevant information, you must wake up.

Buhari formally launches N500b Social Protection Programme

May 29 2016

These are: Job creation opportunities for 500,000 teachers and 100,000 artisans across the nation. Also, 5.5 million children are to be provided with nutritious meals through the school feeding programme to improve learning outcomes, as well as enrolment and completion rates.

There is also the conditional cash transfer scheme which will provide financial support for up to 1 million vulnerable beneficiaries, and complement the enterprise programme – which will target up to 1 million market women; 400,000 artisans; and 200,000 agricultural workers, nationwide.

Moreover, through the education grant scheme, government will encourage students studying sciences, technology, engineering and maths, and lay a foundation for human capital development for the next generation.


thenewsnigeria.com.ng/2016/05/buhari-formally-launches-n500b-social-protection-programme/


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This should go to front page. All we see there is bad news for our economy.

You haven't named reasons.

Latest:

Shootout in Niger Delta creeks as troops kill militants, avert attack on oil pipeline

ON May 30, 2016

www.vanguardngr.com/2016/05/shootout-in-niger-delta-creeks/

If the above items were actually recovered from these boys, then they are not good citizens of this country.

203 sim cards? For what?
Detonators? For what?
Pistols? For what?

Further investigation should be carried out. Perhaps there might be one or two innocent among them. But considering they were caught at 1am and as a group, it is a tough one.

Ubenedictus:
after all the yrs of study they ended up telling u wwhat we already know-we need more clarificcations.

Exactly. So Pope Francis will need many years to study it all over.

Ubenedictus:
hw is d study going?

Not gone far. But I am impressed with the amount of effort put in. Imagine they spent ten years to arrive at that.

Realdeals:
what President Buhari and his team promised us before last elections is CHANGE! Change means clear departure from the normal. It is a definite step from away from the usual. The usual before March 28th, 2015 election was impunity, poor leadership and directionless nation.
Change is an act or process through which something becomes different. We all agreed our nation has been on a wrong direction for long. From military era to the immediate past government, Nigeria was enmeshed in corruption. Everyone, including the deaf, heard clearly Buhari’s promise of change. In my view, president Buhari has kept faith with this promise in the last one year. Pains and some hardship tag along this change, but we as a people must learn to defer pleasure with little pains today.
His stands on corruption fight, which we all taunt as our major enemy leaves no one in doubt. What I feel the concerns of Nigeria enemies are the tenacity and brutality on how the corruption war is being fought. Before you conclude Buhari is fighting opposition party members alone, please take an objective question on who were those in the helms of Nigeria affairs in the last 16 years of retrogression? The revelations on how money meant to fight Boko Haram war was shared among heartless people in power should be a thing of concern to you. The callousness, unpatriotic and perfidy of minds these people have are beyond imaginations.
President Buhari’s corruption fight in the last one year has been steadily focus with results. Just few weeks ago, we had the first corruption victim, Ex – NIMASA boss, Raymond Omatseye jailed for 5 years over 1.5bn contract scam. National Publicity Secretary, PDP, Olisha Metuh is having his days in court over corruption as well as Senate President, Bukola Saraki, who incidentally is a top member of APC. We have never heard such heart leaping news in the last 7 years, particularly under our immediate past president, Goodluck Jonathan. It never happened. Such is one change Nigerians voted for last elections.

If PDP were still in power, Nigeria would have been like Venezuela. Venezuela, once richest country in South America, has no food and water for her citizens due to fallen oil price and corruption. Venezuela was far richer than Nigeria, but while Nigeria is still running, Venezuela is shutting down. Different agencies are collapsing everyday. Venezuelans now queue for food and it takes hours to get one meal a day while it is reported that people now steal from swimming pools. Suicide is said to be everywhere, particularly in the city where people cannot farm.

If we didn’t change government, the same fate would have befallen us already.