Ponziponzi's Posts
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jaxxy: lanre316:America and the rest of the West have no clue what they can do to stop China. They have no answer to rapid rise of China and it scares them. This has become a complicated question for Western countries to answer in recent years, and the source of much angst as they cling to archaic views rooted in an imperial past. Because China failed to develop along the Western model, it is seen in Western capitals with worry, if not outright fear. "For example, the United States’ recent decision to effectively ban Chinese telecommunications company Huawei epitomizes their deep-rooted fear. Another was the statement by a senior official of the State Department, Kiron Skinner, that for the first time the United States is being challenged by a “different civilization” and one that is “not Caucasian.” History has taught us that there is an end to every "world power", Ancient Greece, Persian, Rome, British, etc. Just look at statistics below, the rise of China is inevitable.
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Want to lose money in one of Africa’s biggest markets? Put it to work in Nigeria. Despite sitting on nearly 40 billion barrels of proven oil reserves and over $48 billion worth of investment opportunities in the oil and gas sector, Africa’s largest economy is mired in problems with big corporate investors as president Muhammadu Buhari readies his second-term after a swearing-in ceremony scheduled for May 29. Nigeria’s stock index is down 0.4% year-to-date while emerging markets are up 2.3% and the MSCI Frontier Markets 100 is up 10.2%. As one of the better known, investable African equity markets, anyone who tried their luck with the Global X Nigeria (NGE) exchange-traded fund is down 27.7% over the last 12 months. In five years, the Nigeria ETF has blown up, now down over 74.5%. Frontier and emerging indexes are better than Nigeria. It’s also worse than South Africa, Africa’s largest stock market, and Egypt, Africa’s second largest. In terms of foreign direct investment, back in 2013 inflows totaled $5.6 billion, most of it in the telecom and energy sectors. Last year, Nigeria’s FDI flattened to $2 billion. Equity investment between 2013 and 2018 has fallen from around $2.9 billion in 2013 to just $139 million in 2018. In the last quarter of 2018, there was the first net pullout of equity capital since records began under the current accounting methodology in 2008, according to data compiled by The Economist Intelligence Unit (EIU). Nigeria is Africa’s largest economy in terms of nominal GDP. South Africa comes in second, even though its GDP per capita is roughly five times that of Nigeria. It’s Nigeria’s abundant commodity resources that make it so big. But it’s Nigeria’s government that keeps it from getting bigger, and richer. “Nigeria has never been a particularly business-friendly place,” says David Bruckmeier, a sub-Saharan business intelligence analyst at London-based political risk firm AKE Group. “Outright hostile action against major foreign investors is rare, but bureaucracy, pervasive corruption, an unfavorable tax system and disputes with investors hurt investment,” he says. Nigeria’s GDP contracted 13.8% in the first quarter, wiping out last year’s economic gains. The only country to do that of late is Venezuela. And like Venezuela, Nigeria has also dealt with blackouts in the power grid—six of them this year. “Electricity price controls are a big problem,” says Benedict Craven, a Nigeria analyst for the EIU. “The private sector is given little incentive to invest.” According to USAID, the main U.S. government international aid organization, Nigeria has the potential to generate over 12,000 megawatts of electricity daily. On most days, it generates around 4,000 megawatts. A March 25 documentary by the BBC, Africa Eye, said half of Nigeria’s population has no access to electricity and those that do face daily power cuts that can last for hours. This is the kind of stuff that happens in Venezuela, a country facing U.S. sanctions, three years of economic depression and a government with dwindling support. Unlike Venezuela, Nigeria is the eighth-largest recipient of international aid. And the second largest in Africa. Nigeria has Africa’s largest gas reserves, some 190 trillion cubic feet. Yet for all of this great oil and gas wealth, the country’s electrical grid is a charade. “Perhaps most worryingly of all, the damage being done by a range of investor disputes where basic property and contractual rights are being violated seems to be on the increase,” says Shanker Singham, CEO of The Competere Group, a legal and trade advisory firm in London. “The erosion of Nigeria’s commitment to the rule of law is highly worrying, both from a political and an economic perspective,” Singham says. The most notable disputes are with South Africa telecom MTN Group, an energy project with Process & Industrial Development (P&ID), and a hydroelectric contract between Sunrise Power and Chinese investors. In the P&ID case, a London court in January 2017 said Nigeria owed the company $6.6 billion plus interest, a significant percentage of Nigeria’s $44 billion of foreign currency reserves. Both P&ID and Sunrise have been a thorn in Nigeria’s side, with Nigeria’s government on one side saying they were duped by P&ID as far back as 2012, and courts ruling against their defense on the other. So far, these two disputes alone have easily led to more than $11 billion in international legal awards against the Buhari government. As for the P&ID saga, the company’s main complaint relates to the government’s failure to complete a pipeline and other critical infrastructure. The project would have generated annually up to 2,000 megawatts of electricity for residential and commercial use. The company initiated arbitration proceedings in 2012, the standard legal set up for international investor disputes. “Whether its calculations regarding its supposed investments and foregone profits are plausible is a different matter—but the government never made any effort to challenge them anyway. Nor is it surprising that Nigeria failed to show up to court hearings in the case,” says AKE Group’s Bruckmeier. “This is exemplary of the unprofessional and nonchalant attitude Nigeria often displays in such matters.” P&ID is in limbo. “We are well aware of the government’s efforts to characterize P&ID, and its founders, as frauds,” Brendan Cahill, the company’s founder, told Nigerian daily This Day Live on May 15 in a Q&A published on its website. “The arbitrators in London spent five years carefully reviewing the written agreement and all the facts surrounding the deal, and in the end, they unanimously concluded that Nigeria was to blame for the deal’s collapse and had to pay damages to P&ID,” he says. “Not once during those five years did Nigeria present the courts with any evidence that there had been some kind of fraud—because there wasn’t one.” That battle continues in the courts. Then there is Sunrise Power. Sunrise recently brought Nigeria and its Chinese partners before the International Chamber of Commerce in Paris. Nigeria faces another $2.3 billion fine in arbitration over breach of contract. Sunrise was behind the Mambilla hydroelectric dam project. It would have been Nigeria's biggest hydropower plant, capable of generating 3,050 megawatts of power. There have been no new developments in the arbitration case as of May 20. Nigeria’s energy woes are costing it a fortune. It is also making some bond analysts nervous, judging by an article in the Financial Times recently saying Nigeria was facing “a looming external debt crisis.” Its external debt increased $12 billion in three years, going from $10 billion to $22 billion between 2015 and 2018. “Their debt service eats up 60% of their government revenue and is rising according to the IMF,” says Andrew Roche, managing partner at Finexem in Paris. “If they do not raise revenue, and if they can’t continue borrowing for whatever reason, then we are looking at a potential default or at least a period of dried up financing for Nigeria.” The economy is expected to grow at just 2% this year, according to Fitch. They have Nigeria’s credit outlook as stable. Its bonds are rated B+, a low-tier speculative grade credit. Nigeria’s general government debt is expected to rise to 292% of revenue, well above the historical B-rated credit, thanks in part to the government’s lack of progress on raising government revenue. Debt-to-GDP is below 30%. But interest payments on the debt owed to bondholders—which includes local banks—is estimated to be around 20% of general government revenue, more than twice that of average B-rated countries. “Nigeria’s markets are broken, but not in the sense that they don’t work,” says Jan Dehn, head of research for the Ashmore Group, an emerging and frontier market investment firm with holdings in Nigerian stocks and dollar-denominated debt. “Opportunities rise, get exploited, and then they end,” he says, noting that Nigeria was kicked out of the Barclays global bond index due to capital controls in 2015. Much of Wall Street’s institutional client base left. “I’ve had positive experiences with officials at the central bank and in the banks,” Dehn says. “But the quality of the (federal) government varies.” Buhari was reelected in February. Investors hope he can signal a new direction for economic policy in the months ahead. With regards to Nigeria’s investor disputes with the two energy projects, Singham estimates that the P&ID dispute can cost Nigeria nearly 40% of their foreign reserves, calling it “a significant threat to investor confidence” if not settled. Nigeria has yet to pay the settlement. “P&ID is a bigger deal than MMT and Sunrise,” he says in a phone interview from London. “If I was the Nigerian government trying to signal that we were back in business, I would do something about that case first,” he says. Global capital moves quickly. These little signals can be a powerful mover in a country that most investors believe is heading in the wrong direction. On the other hand, there is a consensus that Nigeria can transform itself pretty quickly. “Is there the political will in a new Buhari government? It might just be more of the same,” says Singham. “Change is not always about one leader. When you want to get a country to improve, you need to give oxygen to the reform-minded people in the country. I think we at least have something we can work with Buhari.” https://www.forbes.com/sites/kenrapoza/2019/05/28/nigeria-has-become-africas-money-losing-machine/#54b2dc5477ac |
A new floating bullet train capable of hitting speeds of 600 kilometers per hour (about 372 miles/hour) is one step closer to reality in China. On Thursday, the body prototype for the country's latest high-speed magnetic-levitation (maglev) train project rolled off the assembly line in the eastern Chinese city of Qingdao. Developed by the state-owned China Railway Rolling Stock Corporation (CRRC) -- the world's largest supplier of rail transit equipment -- the sleek-looking train is scheduled to go into commercial production in 2021 following extensive tests. Those involved with the project are optimistic it will completely transform China's travel landscape, filling the gap between high-speed rail and air transportation. "Take Beijing to Shanghai as an example -- counting preparation time for the journey, it takes about 4.5 hours by plane, about 5.5 hours by high-speed rail, and [would only take] about 3.5 hours with [the new] high-speed maglev," said CRRC deputy chief engineer Ding Sansan, head of the train's research and development team, in a statement. While the cruising speed of an aircraft is 800-900 km/h, at present trains on the Beijing-Shanghai line have a maximum operating speed of 350 km/h. Three years in development Maglev trains use magnetic repulsion both to levitate the train up from the ground, which reduces friction, and to propel it forward. After nearly three years of technical research, Ding said the team had developed a lightweight and high-strength train body that lays the technical foundation for the development of five sets of maglev engineering prototypes. So what comes next? CRRC Qingdao Sifang -- a subsidiary of the CRRC -- is currently constructing an experimental center and a high-speed maglev trial production center, which are expected to begin operating the second half of this year. Japan's maglev ambitions China's new prototype won't be the first train to surpass the 600-kilometer mark when it hits the testing track. A Japan Railway maglev train achieved a top spot of 603 km/hour on an experimental track in Yamanashi in 2015, setting a new world record. Japan is now developing a new Chuo Shinkansen maglev line, with trains set to hit top speeds of about 500 kph. The first phase of the project, connecting Tokyo and Nagoya, is scheduled to be completed in 2027 and is expected to cut traveling time between those cities by half. China's first commercial maglev system, a 30-kilometer stretch between Shanghai Putong Airport and the city center, opened in 2002. It has hit speeds of 431 kilometers per hour and is the world's fastest commercial maglev system to date. The project was co-created by Shanghai Maglev Transportation Development Co. Ltd., a German Consortium consisting of Siemens AG, Thyssen Transrapid GMBH and Transrapid International GMBH. While the maglev technology has been developed and touted as the future of train transportation for decades, there are only a handful of countries operating maglev trains around the world: China, South Korea and Japan. https://www.cnn.com/travel/article/china-highspeed-maglev-prototype/index.html
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How much is the company sef worth? ![]() |
LuciferQuran:God! This is suppose to be a human being o. People like you shouldn’t have children, it will save the future generation money and time. Mehn! |
mechanics:It’s three 3 years my dear, that god must be really slow. |
jaxxy:You should have gone with her to the court and tell that to the Judge and NHS. |
All because of 5G? Why is the US a bully? |
Alphabet Inc’s Google said Tuesday that it plans to work with China’s Huawei over the next 90 days, shortly after the U.S. temporarily eased some trade restrictions on the world’s second-largest smartphone maker. The move marks a sudden and dramatic turnabout for the U.S. tech conglomerate. On Sunday, Google said it would cut ties with Huawei in order to comply with Washington’s decision to put China’s telecom giant on the so-called Entity List. However, shortly thereafter, the U.S. Commerce Department announced it had granted a 90-day license for mobile phone companies and internet broadband providers to work with Huawei to keep existing networks online and protect users from security risks. The exemption allows Google to send software updates to Huawei phones which use its Android operating system through to August 19. “Keeping phones up to date and secure is in everyone’s best interests and this temporary license allows us to continue to provide software updates and security patches to existing models for the next 90 days,” a Google spokesperson told CNBC in an email on Tuesday. Temporary general license The U.S. Commerce Department said it would assess whether to extend the temporary exemptions beyond 90 days. Late last week, the Commerce Department added Huawei and 68 other entities to an export blacklist, rendering it practically impossible for the Chinese company to purchase goods made in the U.S. The companies placed on the Entity List are deemed to be engaged in activities that threaten the national security or the foreign policy interests of the U.S. Monday’s announcement explained the latest authorization had been created as a temporary general license. It allows disclosures of security vulnerabilities and for Huawei to engage in the development of standards for future 5G networks — effectively prompting the firm to become more transparent. A spokesperson for Huawei declined to comment when contacted by CNBC. Huawei was the second-largest smartphone maker by global market share in the first quarter. The company has previously laid out its ambitions to become the top player in smartphones by 2020. Out of the $70 billion Huawei spent buying components in 2018, some $11 billion went to U.S. firms including Qualcomm, Intel and Micron Technology. Just over 49% of Huawei’s smartphone shipments went to international markets outside of mainland China in the first quarter of 2019, according to Canalys. https://www.cnbc.com/2019/05/21/google-will-work-with-huawei-for-next-90-days-after-restrictions-eased.html |
Isinweke: ![]() |
Isinweke:What are you talking about? What has Korea got to do with the OP? |
Isinweke:What is Korea? |
martineverest:In first place, there is no evidence to the allegations provided by US. They have continually asked for proof, to which none has been provided. Huawei signed the agreements because the believe they have nothing to lose. Same thing with the Nord II built from Russian to Germany for LNG. You can’t just keep being a bully. |
RTSC:The Chinese citizens in jail, are they employees of Huawei? How can someone even steal what you don’t have? Besides, everyone built their technology from somewhere. That’s how the world works. In the 18-19th century, American built their technology from the Europe especiallly the Great Britain. You can read about the textile industriy in GB between 1800-1900. |
martineverest:It’s all about 5G, everyone knows that the 5G technology will define many of the future technologies like the AI. US is really scared that China will have an advantage which is true. Huawei has invested heavily on the 5G technology and have the largest patents and other things to build the network. US have been pressuring every other countries not to use Huawei equipment in building 5G, it’s been a monumental failure in many European countries like UK, Italy and Germany. All what these countries are asking from the US is to prove the allegations. |
grandstar:How can Huawei steal what the US don’t have? US are far behind in 5G technology. The only competitors with Huawei are Nokia and Ericsson. If the believe Huawei is involve in IP theft, there are legal ways to go about it. We know that the US is the number one country that carries out espionage. For Huawei, the other allies such as UK and Germany have been asking for any proof for this, nothing has yet to come forth. |
martineverest:You don’t just say it, you need to proof it. That’s how it works. When Apple was found to infringe on Qualcomm IP, the phones involved were banned in some countries. Why did you think the European countries are not taking all these allegation seriously? BTW Huawei issue with the US is not even about phones, it’s about the equipment, 5G technology. |
martineverest:The question the whole world has been asking is: Show us the proof! As simple as that. |
aleeyus:What has Huawei done to deserve all the treatment lately. It’s not their fault they are leading the 5G technology, they invested heavily in research. The attitude I see from the US is that, if cannot beat them, you crush them. |
The US is just trying to kill this company out of jealousy. You can see why Africa will never develop, they can give you all the aid you need but the west never want you to succeed. |
teresafaith:I pity the future of Nigeria having people like you, with a single digit IQ, as her citizen. It is better if you don't have kids so that you won't bother the future generation the energy and time to respond to fo.olish comments like I am doing on this platform. |
Only Growth Can Defuse Nigeria’s Poverty Time Bomb One of humanity’s most hopeful developments in recent decades has been the dramatic drop in extreme poverty. In 2000, some 1.4 billion people lived at or below the global poverty line of $1.90 a day. Today, the number is about 600 million. This remarkable change is mainly due to growth in China and India: Much of sub-Saharan Africa, particularly Nigeria, has failed to share in the success. A decade ago, Nigeria had far fewer people in extreme poverty than either China or India; today, according to data compiled by the World Data Lab, it has more than both combined. The count stands at more than 90 million, and has risen both in absolute terms and as a share of the total. Nigeria’s young and fast-growing population is projected by the United Nations to double in size by 2050, making it the world’s third-biggest. Even assuming that the proportion of Nigerians living in extreme poverty stops rising as quickly as it has in recent years, it’s on course to remain extraordinarily high for the foreseeable future. Nigeria’s success or failure in confronting extreme poverty will be pivotal for the rest of Africa, too — partly because of its huge population but also because of its outsize influence over its neighbors. The government led by President Muhammadu Buhari, recently re-elected to a second and final four-year term, bears a grave responsibility. One wonders whether a politician known as “Baba Go Slow” is up to the task. His record over the last four years is discouraging. Economic growth has barely recovered following the 2014 crash in the price of oil, which remains Nigeria’s biggest export and source of government revenue. Per capita gross domestic product is less than it was when he took office. Joblessness has more than tripled. Efforts to spur agriculture and other non-oil parts of the economy have failed. Foreign direct investment has fallen by more than half since 2010. Islamic extremists such as Boko Haram and Islamic State remain a serious threat, violence persists in the oil-rich Niger Delta, and environmental pressures due to climate change have stoked clashes between herders and farmers. All told, more than 2 million Nigerians have been displaced by conflict. The country also has the world’s second largest number of people suffering from HIV/AIDS, and faces huge burdens from tuberculosis, malaria and other diseases. Governance remains weak, corruption and crime rampant. Despite everything, Buhari retains a reputation for personal integrity and the commitment to fight graft. But he needs to give equal weight to economic revival, without which there will be little progress in quelling conflict and radicalism. This in turn means moving away from the statist mindset that he’s displayed since the 1980s, when he became head of state following a military coup. In particular, he has steadfastly resisted devaluing Nigeria’s currency, likening a depreciation of the naira to “murder” because of its impact on the prices of imported fuel and food. Nigeria maintains multiple official exchange rates for different transactions. This stops the price system from allocating resources to their best uses, and draws the government ever more deeply into managing the anomalies and inefficiencies that ensue. To promote domestic manufacturing and farming, for instance, Buhari has restricted access to hard currency for importers of more than 40 categories of goods, including cement, fertilizer and textiles. The result is predictable: more smuggling, more shortages, and a thriving black market in currency. In the longer term, Nigeria should aim to float its currency, as proposed by the International Monetary Fund and Atiku Abubakar, Buhari’s challenger in February’s election. In the short term, unifying the exchange rates and liberalizing access to hard currency would be a big step forward. Economic reform could also lure more foreign direct investment — which is sorely needed, especially in infrastructure. Nigeria’s decrepit refineries force Africa’s biggest oil producer to import 90 percent of its petroleum products. Its electricity-generating capacity is less than one-sixth of South Africa’s, though its population is three times bigger. Access to power and good roads would be a big help to agriculture, which employs two-thirds of Nigeria’s workforce. Lacking cold-storage facilities and efficient transport, Nigeria’s tomato farmers, for example, must sell to traders at harvest when prices are low, and can suffer losses of up to half their production. Most recently, gridlocked ports are holding up exports of cashews. To fund public investments, Buhari’s government will need to boost non-oil revenue through better tax compliance and enforcement. Until the tax system is fixed, further reliance on debt would be unwise, even though the country’s debt ratio looks modest at roughly 25 percent of GDP. The problem is that Nigeria collects relatively little revenue, so debt service eats up most of the budget. It already accounts for 60 percent of federal revenue, and the figure is expected to rise to more than 80 percent by 2022 — a level the International Monetary Fund calls “unsustainable.” Buhari’s priorities are understandable: Fighting Boko Haram, restoring safety and security, and curbing corruption are essential if Nigeria’s prospects are to improve. But reviving the economy is no less urgent. Consider that nearly 2 million Nigerians enter the workforce every year, while unemployment stands at more than 20 percent. The country that could be Africa’s dynamo is instead its biggest demographic time bomb. Before it’s too late, Baba Go Slow needs to hurry up. https://www.bloomberg.com/opinion/articles/2019-04-07/nigeria-needs-economic-growth-in-buhari-s-second-term
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The Board of Directors of Real Madrid, meeting today, Monday, March 11, 2019, has decided to terminate the contract that linked Santiago Solari with the club as coach of the first team and, at the same time, Real Madrid has offered to continue belonging to the club . Real Madrid appreciates the work done by Santiago Solari and the commitment and loyalty he has always shown to this house. The Board of Directors has also agreed the appointment of Zinedine Zidane as the new coach of Real Madrid with immediate incorporation for the remainder of the season and the next three, until June 30, 2022. The president of Real Madrid will appear today with Zinedine Zidane before the media at 8:00 pm in the press room of the Santiago Bernabéu stadium. https://www.realmadrid.com/noticias/2019/03/comunicado-oficial?utm_source=twitter&utm_medium=social&utm_campaign=organico |
Zinedine Zidane is set to return as Real Madrid manager just 10 months after leaving the Spanish giants, according to European football expert Guillem Balague. The Frenchman will replace Santiago Solari, who was in charge for less than five months. Former Real midfielder Zidane, 46, left in May after leading the club to a third straight Champions League trophy. Real are currently third in La Liga, 12 points behind leaders Barcelona. Solari is set to be sacked after a 4-1 win over Real Valladolid on Sunday - which followed a shock Champions League exit to Ajax. That 4-1 home defeat and 5-3 aggregate loss to the Dutch side was the final straw for Real president Florentino Perez. The defeat by Ajax followed two consecutive defeats by Barcelona in El Clasico - a 1-0 loss in La Liga and a 3-0 thrashing in the Copa del Rey. Zidane stepped down following the Champions League final victory over Liverpool, and Julen Lopetegui was hired as his successor just before the World Cup where he had been due to lead Spain, who promptly sacked him. Four and a half months later it was Real's turn to fire him. Reserve-team boss Solari came in as caretaker before being given a contract to 2021 on 13 November. What job faces Zidane at Real? Despite returning less than a year after he left the club, Zidane faces a rebuilding job at Real Madrid after their Champions League dynasty came to a remarkable, humiliating end last week. They have not adequately replaced Cristiano Ronaldo, who left for Juventus in the summer, with Karim Benzema the only Real player to reach double figures in La Liga (13). He has scored 22 goals in all competitions, with Gareth Bale on 13 and Sergio Ramos on 11. None of those players have certain futures at Real, with captain Ramos, who has been at Real for 14 years, reportedly falling out with president Perez. Wales forward Bale is expected to leave because of a fractious relationship with the club's fans - who have booed him recently - and players. Other stalwarts of recent glory like Marcelo and Toni Kroos have struggled too. Analysis Guillem Balague, host of BBC Radio 5 Live's Football Daily podcast Euro edition Zinedine Zidane will be in charge of Real Madrid from today and will probably take the team training on Tuesday. There will be a board meeting today and that will confirm the sacking of Solari and also the appointment of Zidane. Of course that may mean difficulties for Gareth Bale, who did not get on very well with Zidane. Sergio Ramos will have his authority reinforced and Zidane also wants the likes of Eden Hazard and perhaps even Christian Eriksen to add to the side. He will be given all the sporting authority and all the things he suggested in the summer that Florentino Perez did not want to do - most of them will be done now. Zidane is coming in with the idea of not just managing the side but also managing the decisions for the first team. https://www.bbc.com/sport/football/47528561 |
OpenYourEyes1:Why should anyone be care what any ancient book foretold? Of what importance is it to the world? |
malvisguy212:Let me ask you a question. Do you believe it is proper for someone to be stone to death for not being a virgin? |
malvisguy212:So, the God that created the whole universe and who is omniscience does not know that killing a person by stoning them to death for not being a virgin is cruel? It had to take the intervention of mortal beings to stop the barbaric act. BTW, it is still happening in some part of the world for religious purpose. It beats me how people will choose to use the morals of some semi-illiterate goat herder (2000-5000 years ago) to live in this 21st century.
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malvisguy212:And you think stoning someone to death for not being a virgin is a fair enough punishment? Just imagine if this person is your daughter, sister or mother, just imagine the agony before death. Religion can really make a sane person justify unimaginably wicked things. |
OpenYourEyes1:It couldn't predict the germ theory of disease that once killed almost half of the world's population, antibiotics, electricity, internet, electromagnetism, and many other important discoveries that have made our lives better. It predicted a useless, ambiguous prophesy that can be interpreted to mean many things. What a waste of papyrus! |
asuustrike1:Unfortunately... the world have a lot of work to do then. |
asuustrike1:Good Lord! It’s worst than I thought. |
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