Africa: News Video Update

Western Union Launches First-Ever Global Brand Campaign

Western Union Launches First-Ever Global Brand Campaign

Can One Word Answer a Million Different Needs? Global Money-Transfer Company Says yes!

ENGLEWOOD, Colo. (February 2, 2009) Soon, the world will see global money transfer company Western Union through a new set of eyes. Today, for the first time in the company's 150-year history, Western Union launches its first-ever comprehensive global brand initiative.

Western Union's global yes! campaign — the result of extensive consumer research from around the world — is a burst of positive. The campaign targets the 200 million people who live outside their country of origin and embraces their hopes and dreams. It is estimated that these consumers sent nearly $400 billion in remittances to their loved ones in 2008.1

"This is a very exciting time for Western Union," said Gail Galuppo, Executive Vice President and Chief Marketing Officer, Western Union. "Western Union believes in people who are on the move in pursuit of their dreams. Even in these uncertain times, the optimism and positivity of our consumers is inspiring. This campaign reflects their can-do spirit. Can a mother send her love to her son from 6,000 miles away? The answer is yes! Western Union's services enable these connections between people around the globe."

The campaign features robust multi-channel elements that will broaden and align brand communications within each of the more than 200 countries and territories in which Western Union operates.

Western Union and global agency of record Publicis Hong Kong assembled prominent creative talent for the campaign. Artists include world-renowned film director Antoine Bardou-Jacquet, celebrated photojournalist Steve McCurry and famed typographer David Carson. The television commercial features music by Moroccan musician Hindi Zahra.

Western Union selected these artists because of the humanity in their work and the contemporary fresh face their collaboration brings to the brand. Bardou-Jacquet and McCurry traveled the world to capture the striking images behind the campaign, including stops in Morocco, Singapore, Los Angeles and Cape Town, South Africa.

The creative behind Western Union's campaign centers on the optimism and hope inherent in the word "yes!" and highlights tangible acts that bring the brand to life. The yes! campaign clearly and emotionally communicates its optimistic point of view using real people in its advertisements. The campaign also reflects the truly global nature of Western Union, with elements in more than 40 languages.

Campaign Elements
The yes! brand campaign elements will be translated into 40 languages. They include:
Print, broadcast and online advertising;
Online consumer engagement via a dedicated campaign microsite;
A cause marketing promotion tied to The Western Union Foundation;
Street art, billboards and other out-of-home creative;
Point-of sale materials for more than 320,000 Western Union® Agents in more than 200 countries and territories.
1 Aite Group

About Western Union
The Western Union Company (NYSE:WU) is a leader in global money transfer services. Together with its Vigo and Orlandi Valuta-branded money transfer services, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. It operates through a combined network of more than 365,000 Agent locations in over 200 countries and territories. In 2007, the company processed nearly 168 million consumer-to-consumer money transfers and 405 million consumer-to-business transactions. Famous for its pioneering telegraph services, the original Western Union dates back to 1851. For more information, visit www.westernunion.com.


Media Contact:
Jen Newberg
Cone
jnewberg@coneinc.com
+1 617-939-8359
Kristin Kelly
Western Union
kristin.kelly@westernunion.com
+1 720-332-4751

Foreign Secretary Statement on the Conflict in Sri Lanka

David Miliband

31 Jan 2009 11:36 Africa/Lagos


Foreign Secretary Statement on the Conflict in Sri Lanka

London, 31/01//GNN/ --

FOREIGN AND COMMONWEALTH OFFICE News Release issued by COI News Distribution
Service. 31 January 2009

Commenting on the Sri Lankan government's recent announcement the Foreign Secretary, David Miliband, said:

"The announcement that the Sri Lankan government will allow safe passage
for civilians in northern Sri Lanka is very welcome. The LTTE now need to
ensure that civilians wishing to leave the conflict area are able to do so.

"I repeated my call for a humanitarian ceasefire when I spoke to President
Rajapakse yesterday. Our conversation covered the military situation,
humanitarian needs, the responsibilities of both government and LTTE, the
role of the international community, and the vital requirement of a serious
political process. I made clear the British Government's deep concern over
the humanitarian situation. Too many innocent lives have already been
lost. Many more are still at risk.

"Douglas Alexander has announced an additional £2.5m in UK emergency
humanitarian aid to civilians caught up in the conflict. But this aid must
reach those who need it most. It is essential that the UN, ICRC and other
agencies are able to carry out their crucial work without fear or threat
to their security. Both sides need to abide by their obligations under
international humanitarian law.

"The Government of Sri Lanka has a responsibility to ensure that the legitimate
concerns of all communities in Sri Lanka are addressed. There is a necessity
for a new drive for political engagement of all Sri Lanka's communities if
peace is to be established on a sustainable basis."


FCO Press Office: 020 7008 3100

Website: www.fco.gov.uk/news

Press Office, Downing Street (West), London SW1A 2AL
Telephone: 020 7008 3100
Fax: 020 7008 3734

Source: Foreign and Commonwealth Office


Hot Topics
Super Bowl
Economic Stimulus Plan
Quarterly Earnings Reports
New Analysis Finds African-Americans are Markedly More Religious Than Overall U.S. Population
Illinois Gov. Rod Blagojevich
Severe Winter Weather
Groundhog Day

Mercuria Energy Opens Nigerian Office

30 Jan 2009 09:00 Africa/Lagos


Mercuria Energy Opens Nigerian Office

LONDON, January 30/PRNewswire/ -- Mercuria Energy Group, one of the world's five largest private oil and petroleum products traders, is opening an office in Abuja, Nigeria on February 5th, 2009 a company spokesman has announced.


Mercuria Energy, which has its main trading floor in Geneva, Switzerland has been building both its sales of petroleum products in Nigeria, and purchases of crude oil there, for several years now. "The company wants a presence in the community, so that we can be closer to both our customers and our suppliers" said the spokesman.


The office is expected to play a role in optimizing the logistics of shipping imports and exports along the West African coast. The company also has plans to invest in Nigeria, both in upstream and downstream activities.


Mercuria Energy Group Ltd is an international group of companies active over a wide spectrum of global energy markets, including crude oil and refined products, petrochemical products, natural gas, power, vegetable oils, and carbon emissions. Global turnover in 2008 was $45 billion.


Source: Mercuria Energy Group Ltd

Media: For More Information, contact: David Ensor, +44-207-529-4403, dbensor@mercuria.com .



Releases displayed in Africa/Lagos time
30 Jan 2009
11:20
INKAS is proud to announce "INKASTRANS", a new addition to INKAS Group of Companies.
09:00
Mercuria Energy Opens Nigerian Office
29 Jan 2009
12:30
FiSpace.net Releases Commentary for Investors of Beverage Companies WYDI, HANS, KO, PEP, USNA and FIZZ
11:14
Royal Dutch Shell plc: 4th Quarter and Full Year 2008 Unaudited Results
06:49
Addax Petroleum gibt bedeutenden neuen Fund in Nigeria bekannt
06:40
Addax Petroleum annonce une découverte de première importance au Nigéria

Addax Petroleum Announces Significant New Discovery in Nigeria

28 Jan 2009 15:02 Africa/Lagos

Addax Petroleum Announces Significant New Discovery in Nigeria

CALGARY, Canada, January 28/PRNewswire-FirstCall/ --


- Exploration Success With Njaba Discovery in Onshore OML124 License Area


Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC) today announces a significant onshore oil discovery from the Njaba 2 well (formally Okaka) currently drilling in the eastern part of the OML124 license area in Nigeria. Addax Petroleum has a 100 per cent working interest under a Production Sharing Contract covering the OML124 license area, whereby the Nigeria National Petroleum Corporation is the concessionaire. Addax Petroleum currently produces approximately six thousand barrels per day from the Ossu and Izombe fields in OML124, which is located within the stable and peaceful Imo State.


Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "I am extremely proud to report an excellent start to 2009 with this successful exploration result in Nigeria as it is a leading discovery that has the potential to be one of our largest fields in Nigeria. The Njaba discovery is the first exploration well to be drilled in OML124 since the mid-80's and these results will increase the production potential of the license area considerably, as well as significantly upgrade the remaining undrilled prospects. This onshore discovery is a further example of Addax Petroleum's commitment to development in Nigeria. In addition, this recent success represents yet another highlight for our highly prolific Nigerian operations as it will strengthen our record of growth in Nigeria and it underpins our robust and consistent operational performance."


The Njaba discovery was consistent with pre-drill estimates having encountered four oil bearing reservoirs totaling 289 feet of gross oil column, including the two main individual gross columns of 149 feet and 115 feet of between 20 degrees and 28 degrees API at depths from 990 to 1,050 metres. Production from the Njaba discovery can be readily tied in as the Corporation has existing production facilities and infrastructure in the OML124 license area. Addax Petroleum continues to drill into secondary, lower sections relative to the newly discovered oil bearing intervals and plans to carry out a test of the main reservoirs. The Corporation also plans to drill an additional appraisal well down-dip of the discovery which may further enhance the recoverable reserves from Njaba.


About Addax Petroleum


Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 134,000 bbl/d for the first nine months of 2008. Further information about Addax Petroleum is available at http://www.sedar.com, http://www.londonstockexchange.com or the Corporation's website, http://www.addaxpetroleum.com.


Legal Notice - Forward-Looking Statements


Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "may", "will", "should", "could", "would" or other similar wording. Forward- looking information in this news release includes, but is not limited to, drilling plans, including testing of previously drilled wells, results of exploration activities and dates by which certain areas may be developed or may come on-stream. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors and assumptions include, but are not limited to: the results of exploration and development drilling and related activities; imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas; general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices ; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.


Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.


For further information: Mr. Craig Kelly, Investor Relations, Tel.: +41-(0)-22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41-(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations , Tel.: +41-(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-(416)-934-80 11, nick.cowling@cossette.com; Mr. James Henderson, Press Relations, Tel.: +44-(0)20-7743-6673, james.henderson@pelhampr.com; Mr. Mark Antelme, Press Relations, Tel.: +44-(0)20-3178-6242, mark.antelme@pelhampr.com/


Source: Addax Petroleum Corporation

For further information: Mr. Craig Kelly, Investor Relations, Tel.: +41-(0)-22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41-(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41-(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-(416)-934-80 11, nick.cowling@cossette.com; Mr. James Henderson, Press Relations, Tel.: +44-(0)20-7743-6673, james.henderson@pelhampr.com; Mr. Mark Antelme, Press Relations, Tel.: +44-(0)20-3178-6242, mark.antelme@pelhampr.com/



14:08
Addax Petroleum announces significant new discovery in Nigeria
13:00
Bristow Group to Present at the 2009 Credit Suisse Energy Summit
11:00
Baker Hughes Announces Fourth Quarter and Annual Results
27 Jan 2009
08:30
The Business Phone Breaks New Ground In East Africa
22 Jan 2009
22:06
AllianceBernstein Global High Income Fund Releases Monthly Portfolio Update
22:01
Most People Think Their Nation's Foreign Policy Is Morally No Better Than Average: Global Poll
13:23
Nokia Q4 2008 Net Sales EUR 12.7 Billion, non-IFRS EPS EUR 0.26 (Reported EPS EUR 0.15)
21 Jan 2009
18:00
Global Health Community Commits Over US$630 Million in Aggressive Push for Polio Eradication
18:00
La comunità internazionale si impegna a fornire 630 milioni di dollari per eradicare una volta per tutte la polio
18:00
Internationale Gemeinschaft stellt über 630 Millionen US-Dollar für massive Anstrengungen zur Ausrottung der Kinderlähmung bereit
18:00
Global Health Community Commits Over $630 Million in Aggressive Push for Polio Eradication

The Sound That Changed America: Motown Celebrates Its 50th Anniversary

The Supremes

THE SOUND THAT CHANGED AMERICA: MOTOWN CELEBRATES ITS 50TH ANNIVERSARY



SANTA MONICA, CA January 28, 2009 /PRNewswire/ — As an irresistible force of social and cultural change, Berry Gordy's legendary Motown Records made its mark not just on the music industry, but society at large, with a sound that that has become one of the most significant musical accomplishments and stunning success stories of the 20th century. Diana Ross & The Supremes, Smokey Robinson & The Miracles, Stevie Wonder, The Temptations,, the The Four Tops, Marvin Gaye, Michael Jackson & The Jackson 5, Lionel Richie & The Commodores,, The Contours, and Martha and the Vandellas., Gladys Knight & the Pips, their music communicated and brought together a racially divided country and segregated society, around the world, touching all people of all ages and race. No other record company in history has exerted such an enormous influence on both the style and substance of popular music and culture. With more than 180 No. 1 hit songs worldwide and counting, that influence is still being felt today, from pop to hip-hop, Motown celebrates the 50th anniversary of the company's founding.



Motown, of course, stands for more than just the historic music. The label and its remarkable legacy is a reflection of the hard work of dedicated individuals overcoming incredible obstacles to achieve great success. Nearly a half-century ago, on January 12, 1959, to be exact, a young African-American songwriter named Berry Gordy founded Tamla Records with a loan of $800 from his family, marking the birth of the "Motown Records Corporation." A man of vision, drive, talent and determination, Berry Gordy was also a producer, innovative entrepreneur, and teacher. The phenomenal success of Motown Records is a tribute to all that he embodies and all the talent that he brought out in others. Under his leadership, and through determination and support of the Motown family of artists, Gordy forged new grounds for minorities and made the "Motown Sound" a worldwide phenomenon beloved by millions.

Berry Gordy always learned from all his experiences and applied them to his business. He put the tedious time he spent working on the assembly line at Detroit's Lincoln-Mercury automobile plant to good use: "Every day I watched how a bare metal frame, rolling down the line would come off the other end, a spanking brand new car. What a great idea! Maybe, I could do the same thing with my music. Create a place where a kid off the street could walk in one door, an unknown, go through a process, and come out another door, a star." That little thought that came to him while running up and down that assembly line became a reality we now know as "Motown."
When Motown was housed in its famed "Hitsville U.S.A." offices at 2648 West Grand Boulevard in Detroit, it was not just a location; history would be made there. In fact, Berry Gordy created a twenty-four hour hit-making and artist development factory, nurturing the artistic talent of the singers, writers, producers, as well as, corporate executives. Today, Motown is not only the greatest pop music hit factory ever heard, but an institution, a state of mind, a way of life, a style, the "Sound of Young America." The distinctive, upbeat and uplifting music brought together pop and soul, white and black, old and young, like never before and continues to this day. Regardless of race or social background, teenage girls admired Diana Ross and teenage boys pretended to be Smokey Robinson. Motown became the heartbeat of American pop music. With multi-platinum artists ranging from the Miracles, Temptations, Four Tops and Supremes to Marvin Gaye, Stevie Wonder, and Jackson 5, the House That Gordy Built had and has no rival. Motown defined the term "crossover" not only on record and stage, but also behind the scenes. After breaking down barriers and having pop radio embrace Motown artists, Berry Gordy set his sights on television. He booked his artists on popular shows such as American Bandstand and the Ed Sullivan Show, making history as the first African-American artists on these shows. After captivating national audiences with repeat performances on The Ed Sullivan Show, The Supremes were the first R&B act to play the country's most prestigious night club, New York's Copacabana, which paved the way for other R&B acts into the top cabaret circuits around the world.
Motown was the first African-American-owned record label to reach widespread national acclaim, Motown broke down racial prejudice by becoming the most successful independent record company in history and the most successful African-American owned business in America.

After Gordy purchased that first Detroit property, he converted the garage into a small recording studio and the kitchen into the control room. The company's first signing was the Miracles, led by Smokey Robinson, and its first release was Marv Johnson's "Come to Me," January 21, 1959. But its first major hit was Barrett Strong's "Money (That's What I Want)," a song co-written by Gordy himself, which reached #2 on Billboard's R&B chart in 1960. A year later, the Miracles would score the company's first million seller with "Shop Around." That same year, teen girl group the Marvelettes landed the company's first pop No. 1, "Please Mr. Postman," while the label signed two young groups, the Supremes and the Temptations. Within three years, those two groups would lead Motown into the mainstream, when the Supremes launched an unprecedented string of five consecutive No. 1 hits, starting with "Where Did Our Love Go," while the Temptations released the eternal Motown classic, "My Girl." In 1968 the company had five records out of the Top 10 on Billboard's Hot 100 chart and accomplished another unprecedented feat by seizing the top three spots for a full month.

Upon his induction into the Rock and Roll Hall of Fame in 1988, Motown's founder was given the following tribute: "Gordy endeavored to reach across the racial divide with music that could touch all people, regardless of the color of their skin. Under his tutelage, Motown became a model of black capitalism, pride and self-expression and a repository for some of the greatest talent ever assembled at one company… Motown's stable of singers, songwriters, producers and musicians took the concept of simple, catchy pop songs to a whole new level of sophistication and, thanks to the music's roots in gospel and blues, visceral intensity… After Motown, black popular music would never again be dismissed as a minority taste… Aesthetically no less than commercially, Motown's achievements will likely remain unrivaled and untoppable."
Today, the label is part of the Universal Music Group, with its classic recorded music catalog managed by Universal Music Enterprises (UMe). The timeless songs from Motown between 1959 and 1985 are represented by EMI Music Publishing.
From late 2008 to the end of 2009, Universal Music Group and EMI Music Publishing will mark the historic Detroit label's musical achievements with a series of initiatives. Notably, Universal Music Enterprises will issue monthly music releases in both physical and digital formats, with bonus tracks enhancing these packages. Details will be announced as each new package approaches.

Also upcoming throughout the celebration are releases of classic Motown Television specials in a series of DVD collections and INSIDE MOTOWN, a multi-part documentary on how the company was built.

Press Contacts:
Sujata Murthy
UMe
sujata.murthy@umusic.com
310-865-7812
Jonathan Wolfson
Wolfson PR
wolfsonpr@hotmail.com
818-615-0499

Ajayi Crowther Bicentennial Celebrations

Samuel Ajayi Crowther (c. 1809 - 31 December 1891}, the first Black Anglican bishop, was a Yoruba, one of the oldest and most advanced tribes in the region that comprises today's Nigeria. As a teenager, Ajayi, or Adjai, became something of an entrepreneur, raising poultry and produce. His fledgling enterprise was cut short when, in 1822, he - along with other members of his family - were abducted by Muslims, taken to the coast, sold to Portuguese slave traders, and put aboard the misnamed Esperanza Feliz, bound for America. The third day out, a British ship captured the Esperanza and freed its human cargo. Ajayi was then taken to Freetown, Sierra Leone and placed in a missionary school. As he later wrote, "about the third year of my liberation from the slavery of man, I was convinced of another worse slavery, that of sin and Satan. It pleased the Lord to open my heart." Baptized in Africa on December 11, 1825, he was given the name of an English clergyman, Samuel Crowther, one of the first members of the Church Missionary Society,.

It then pleased the Lord to send Crowther to England, specifically to Islington, where he studied at St Mary's Parochial School, then located on Liverpool Road. Returning to Sierra Leone in 1827, he enrolled as the first student at the newly established Fourah Bay College. So rapid was his progress that he soon became an assistant teacher, then a schoolmaster. In Church Missionary Society reports of the time, he was frequently described as a faithful and efficient promoter of missionary efforts. Crowther was particularly concerned about the effect of trafficking in whiskey and the slave trade, which - though formerly abolished in 1838 - continued in the interior of the continent. He returned to Islington in 1842, where he trained at the Church Missionary Society's college (see illustration #50). The next year, he was ordained at St Mary's, then returned to Africa.

In 1851, Crowther returned to England for a meeting with Queen Victoria and Prince Albert to discuss the slave situation. His eloquence resulted in a British expedition to the Niger, which Crowther joined, and which helped mark the end of the African slave trade. Among other accomplishments, Crowther was proficient in languages, which aided him immensely in his Evangelical work. He was the chief translator of the Bible into the Yoruba language, and composed both a Yoruba grammar and dictionary.

In 1864, he was called once again to England, this time for a singular honor - to be ordained a bishop of the Anglican Church. His promoters, anxious that he obtain a university degree before being consecrated, cited his several publications as proof of his knowledge. With almost universal consent, he received his degree. Then, on June 29, 1864, in Canterbury Cathedral, he was consecrated Bishop of the Niger. Among those in attendance was the former captain of the British ship that had rescued him from bondage forty-two years earlier.

Upon his return to Nigeria, Crowther continued his work with humility and devotion. Old ways still remained, however, and his work - as had been the case with Philip Quaque before him - was often met with frustration and defeat. Still, he carried on, until his death at Lagos on January 9, 1892. He had fought the good fight for some sixty years. Among all men associated with St Mary's, Samuel Ajayi Crowther deserves to be remembered.

See the "Ajayi Crowther Bicentennial Celebrations"

NEWSWEEK Cover: I Got It Bad

In the February 2 issue of Newsweek (on newsstands January 26), "I Got It Bad (And That Ain't Good)," Newsweek's Fareed Zakaria writes about the challenges President Obama will face in order to fix the economy and restore America's credibility. Plus: Daniel Gross on our "Yes, We Can" president in a "No, We Can't" economy; Somali-Americans recruited for jihad; what makes some people survive; what Obama's presidency means for racial equality; and Newsweek's Oscar Roundtable with six Hollywood stars.(PRNewsFoto/NEWSWEEK) NEW YORK, NY UNITED STATES 01/25/2009

25 Jan 2009 17:04 Africa/Lagos

NEWSWEEK Cover: I Got It Bad

President Obama Needs To Act Quickly and on a Massive Scale To Fix the Economy

"We Have Not Turned the Corner. In Fact, We Can't Even See the Corner Right Now."

NEW YORK, Jan. 25 /PRNewswire/ -- In an essay opening the February 2 Newsweek cover package, "I Got It Bad (And That Ain't Good)" (on newsstands Monday, January 26), Newsweek International Editor Fareed Zakaria writes that President Barack Obama will have to quickly start planning for a set of more extraordinary measures to pull the United States out of its current, unsustainable economic condition. "The American financial system is effectively broken. Major banks are moving toward insolvency, and credit activity remains extremely weak. As long as the financial sector remains moribund, American consumers and companies -- who collectively make up 80 percent of GDP -- will not have access to credit, and economic activity cannot really resume on any significant scale. We have not turned the corner. In fact, we can't even see the corner right now," he writes.


(Photo: http://www.newscom.com/cgi-bin/prnh/20090125/NYSU001 )


"President Obama faces a terrible dilemma. He needs to act quickly and on a massive scale," Zakaria writes. Without large scale action, the financial system will keep bleeding, but the American public believes that we have already spent far too much on bailing out the banks. Zakaria argues that the economic fact is that we have not spent enough. Even worse, "this current crisis has resulted in a deep erosion of American power that we have not fully understood. Even in the depths of the Iraq War, when much of the globe was enraged by George W. Bush's unilateralism, people everywhere believed that the United States had the world's most advanced economy and that its capital markets in particular were the most sophisticated and developed." That system is now seen across the world as a sham, and the attitudes of officials and businessmen range from shock to rage at what they see in the United States.


"When he began his run for the White House, Barack Obama thought he could restore American power and leadership by righting our foreign policy, winding down the Iraq War, closing Guantanamo, ending torture. These are all important policies, and I am glad that he is pursuing them. But right now, the most important way for him to restore America's credibility and influence in the world is to rescue the American model," Zakaria writes.


Also in the cover package, Senior Editor Daniel Gross writes how more and more companies and firms are deciding to forgo the work of restructuring their finances, and instead selling off their inventory and closing. "Rather than soldier on, many operators have opted to simply fold, returning money to investors. Companies, homeowners and money managers willing to quit rather than fight is both a symptom of the nation's deep economic woes and emblematic of the challenge the Obama administration faces," Gross writes. "Our 'Yes, We Can' president is going to have to fix a 'No, We Can't' economy."


(Read cover package at www.Newsweek.com)

Cover: http://www.newsweek.com/id/181407

The Quitter Economy: http://www.newsweek.com/id/181264


Photo: http://www.newscom.com/cgi-bin/prnh/20090125/NYSU001
AP Archive: http://photoarchive.ap.org/
AP PhotoExpress Network: PRN1
PRN Photo Desk, photodesk@prnewswire.com
Source: Newsweek

CONTACT: Katherine Barna, +1-212-445-4859, of Newsweek


Web site: http://www.newsweek.msnbc.com/

Red Hot Topics

Barack Obama Becomes 44th U.S. President
Quarterly Earnings Reports
Gillibrand Nominated to Fill Senate Seat
National Peanut Butter Recall
15th Annual Screen Actors Guild Awards
Fortune Magazine's 100 Best Companies to Work For in America for 2009
Super Bowl
UK Government News Network Releases


26 Jan 2009
12:55
Quest Diagnostics' Board Authorizes $500 Million in Share Repurchases
12:55
Chinese Government Issues a New Policy as a Method to Help Prevent Large Declines in Hog Prices
12:30
Synaptics to Present at the Thomas Weisel Partners Technology and Telecom Conference
12:30
Patient Enrollment in Urgent(R) PC SUmiT Clinical Trial Completed Ahead of Schedule
12:00
BioLife Solutions Announces Record Revenue and Receipt of Funding
12:00
Saint Joseph's Launches International College of Robotic Surgery
11:20
Top Law Firm, Subin Associates Hires Adam Kluger Public Relations (AKPR)
11:20
Envi Reusable Bags Selects Resound Marketing as Agency of Record for PR & Marketing Initiatives
10:34
Phidea Srl und Marvin Research Srl geben Abschluss ihrer Fusion bekannt
10:00
Clinical Update - Debio 025 in Hepatitis C
09:30
Frost & Sullivan: Growth Opportunities in the European Municipal Waste Management Services Market Despite Recession
09:30
Frost & Sullivan: Growth Opportunities in the European Municipal Waste Management Services Market Despite Recession
08:00
ThromboGenics and BioInvent Receive Technology Transfer Success Fee From Roche for the Novel Anti-Cancer Antibody, TB-403 (Anti-PIGF)
07:30
Cell Therapeutics, Inc. (CTI) to Present at 11th Annual BIO CEO & Investor Conference
07:16
Quantros Director of Patient Safety and Risk Management is Elected Co-Chair of Patient Safety Work Group (PSWG) at HL7
06:15
Trius Completes Enrollment in Phase 2 Clinical Trial Evaluating Torezolid (TR-701) in Patients With Complicated Skin and Skin Structure Infections
03:26
ATF National Response Team Activated to Investigate Spa Manufacturer Fire In Houston
01:01
Targin(R) (Oral Oxycodone/Naloxone Prolonged-Release Tablet) now Launching Across Europe to Control Severe Chronic Pain With Significantly Reduced Risk of Opioid-Induced Constipation

Hope is Not a Strategy: A Letter to President Obama

By Benjamin Ola. Akande, dean, School of Business and Technology, Webster University, St. Louis, Mo.

22 Jan 2009 22:16 Africa/Lagos


Hope is Not a Strategy: A Letter to President Obama

ST. LOUIS, Jan. 22 /PRNewswire-USNewswire/ -- The following is a letter by Dr. Benjamin Ola. Akande, dean of the School of Business and Technology at Webster University in St. Louis, Mo.:


(Photo: http://www.newscom.com/cgi-bin/prnh/20090122/DC61721)

Dear President Obama,


During the campaign, you offered America hope, and promised to restore a civility and practicality to the nation's highest office so that, together, we could rise to the challenges and opportunities that lay at our doorstep. Now it's time to make some wise choices.


In your acceptance speech on the evening of Nov. 4, 2008, you were pointed in your statement that, "while we breathe, we hope." As President, your greatest challenge will be effectively leading a cabinet of highly qualified and highly opinionated individuals who will undoubtedly have differing ideas on how best to resolve the major issues that we face. Your leadership will be tested early and often and while you have assured Americans that there will be setbacks and false starts, your willingness to make tough choices early on will set the tone for a revival of a shell-shocked economy and a battle-fatigued nation. Yet, the fact remains that hope will not reduce housing foreclosures. Hope does not stop a recession. Hope cannot create jobs. Hope will not prevent catastrophic failures of banks. Hope is not a strategy.


President Obama, I would like to offer you 10 priorities to consider:

1. The Deficit. Don't be concerned about increasing the deficit in the
short term. There is an urgent need to stimulate the economy now--not
at any price, but almost. Your recovery plan must combine tax cuts
and structured spending in areas that foster long-term economic growth,
specifically, energy, healthcare and education. This is one time when
we need to act for today to ensure that tomorrow will be much better.
2. The Auto Industry. I want to urge you to reject the possibility of
extending additional bailout monies to the Big Three. Chapter 11
bankruptcy is the best thing that can happen to these automakers. They
need help quickly, but not in the form of government largesse. This is
a time for displaying "tough love" and not enabling poor performance,
corporate arrogance and unwise decisions. They will thank you in the
long run.
3. The New New Deal. There is urgency to rebuild America's roads and
bridges, but the real opportunity is to anchor your recovery plan on a
renewed energy policy that is timely and targeted. The imperative
should entail a: 1) green bailout for U.S. automakers; 2) green
infrastructure; 3) tax credit for companies to produce alternative
energy; 4) construction program for a new smart electric grid; and 5)
increased investment in mass transit using green technology. The
projects must be shovel-ready to get people back to work immediately.
4. 2009 Homeowner Protection Act. President Obama, now is the opportunity
to change the bankruptcy laws to protect homeowners from the vagaries
of the marketplace. We have expedited Chapter 11 bankruptcy for
businesses to keep them from going under when they run into financial
turbulence, and we should do no less for homeowners. It does no one any
good to force poor and middle-income Americans out of their homes, and
we know that vacant houses destroy even the best neighborhoods. An
expedited homeowner protection plan would allow for the restructuring
of the mortgages of millions of Americans who are under water. Stemming
the flood of foreclosures will reinvigorate the confidence of banks and
provide a shot in the arm for the credit market, putting the economy
back on the right foot.
5. Strengthening Middle Class America. Your administration should push to
expand the earned income tax credit as a relief measure for the middle
class and give Americans making less than $150,000 a $500 tax credit
per person on the first $8,100 in income. This will increase the rate
of spending and the rate of savings by the middle class, which will be
a source of new capital to spur growth.
6. A Health Plan for All. The greatest fear among most Americans is the
possibility of losing their jobs and with the loss of jobs comes the
real possibility of loss of health insurance. President Obama, we need
to have a comprehensive program that provides health insurance to the
unemployed and to the uninsured and it must happen post-haste. For a
nation of our comparative wealth to have any of our citizens go without
heath care is nothing short of criminal.
7. Rewrite Financial Service Laws. One of the key reasons for the current
financial crisis has been weak regulation of the financial services
industry. There needs to be a comprehensive overhaul of enforcement
policies of the Securities Exchange Commission. Require disclosure and
stipulate new accounting requirements.
8. Restructure Bailout. The first $350 billion of the financial market
bailout has done very little to jump-start the economy. The next $350
installment must be directed at assisting homeowners and expanding
consumer credit.
9. Foster a Bipartisan Approach. Divisive politics got us into this mess.
Unifying politics can help get us out of it. The country can no longer
afford to see things in terms of red and blue or black and white. The
enduring solutions will emerge from the gray.
10. Caution to Consumers. President Obama, I urge you to use your
presidential pulpit to speak to Americans, to encourage them to be
cautious and prudent in their spending. While consumer spending is a
key to the economic revival, at times it may be wise to counsel
consumers to--in the words of former St. Louis Fed President Bill
Poole--"Put their foot on the brake way before they get to the stop
sign."


What America needs, more than ever, is your ability to give hope to America through your leadership. May you have the inner strength to move this nation from uncertainty to certainty. I wish you well.


My Best,

Benjamin Ola Akande
Dean, School of Business and Technology
Webster University
St. Louis, MO

Photo: http://www.newscom.com/cgi-bin/prnh/20090122/DC61721
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Webster University -- Saint Louis Campus

CONTACT: Susan Kerth of Webster University, Office: +1-314-246-8232,
Cell: +1-314-220-9130, susankerth14@webster.edu


Web Site: http://www.webster.edu/


23 Jan 2009
18:36
Obama Administration Quick to Exploit Women in Developing Nations Says Americans United for Life Action
18:30
Economic Stimulus Bill Mandates Electronic Health Records for Every Citizen without Opt-out or Patient Consent Provisions
18:29
IRS Holds Hearing on Bush-Exit Proposal That Would Limit Transparency on Projects Receiving Tax-Free Financing
16:15
Change for the Country = Change for the Bidens
16:00
U.S. bailout package will spark inflation and shift the burden to foreign investors: CIBC World Markets
14:00
The Obama Cancer Plan Should Prioritize Prevention, Says Cancer Prevention Coalition
03:11
Continental Airlines Applauds Confirmation of Ray LaHood as Secretary of Transportation
01:31
More Than 100 Leaders of Business & Technology Companies Say Investment in America's I.T. Infrastructure Will Create Nearly 1 Million Jobs
00:20
President Obama Gives the Unborn at Least a 24 Hour Reprieve, Postpones $441 Million Bailout of International Abortions, Says Family Research Council
00:17
Nations Attending Upcoming Food Security Summit
22 Jan 2009

22:12
Closing Guantanamo and Keeping America Safe: New Policy Brief From The Century Foundation Urges New Administration to Return to Pre-9/11 Laws to Deal With Detentions, Trials, and the 'Global War'
21:35
The New Accountability in Governance
20:30
No Policies From Obama to Stop Diversion of Federal Small Business Contracts to Fortune 500 Firms
22:32
Pelosi Statement on Obama Executive Orders on Closing Guantanamo and Revising Interrogation Policies
18:38
Amnesty International Commends President Obama's Executive Orders to Close Guantanamo and End Torture
18:10
Obama Pajama Party, Sleeper Hit at Inauguration
17:41
Live Unseen Footage of Obama's Inauguration 'Purple Ticket' Tunnel Disaster
15:28
Retired Military Leaders to Brief Media on Obama Meeting, Torture Ban, Guantanamo Closure
14:00
AJWS to Obama: Sudan's President May Target Darfuri Civilians if Issued Arrest Warrant
14:00
77% of African Americans Attend Inauguration for First Time; 63% Say Obama Presidency Signals Improvement in Race Relations, New TV One/National Association of Black Journalists Inaugural Poll Reveals
14:00
New Generation Biofuels' CEO Emphasizes Second Generation Feedstocks in Interview with theStreet.com
01:45
Five Former USAID Officials Ask Obama for Leadership on Family Planning
00:33
Barack Obama Wears J.Crew to Inaugural Ball
21 Jan 2009
22:09
Remarks of Gov. Tim Kaine as Prepared for Delivery
21:50
President Obama Brings Hope to Home Foreclosure Market
21:00
Eisner LLP Analyzes President Obama's Stimulus Package: What Does It Mean for You, Your Family and Your Business?
20:50
A Clarion Call for Simplicity by Alan Siegel, Chairman and CEO of Siegel+Gale
20:45
The Making of a First Lady
19:02
Gray Graphics Corporation Prints Official Joint Congressional Committee Invitation Package for the Fifty-Sixth Presidential Inauguration Ceremonies
18:44
Amnesty International Calls Obama Administration's Suspension of Military Commissions a 'Positive Sign'
18:13
Rep. Fattah One of First House Members to Support Obama Stimulus Legislation
18:12
Timothy Geithner's Claims Contradicted by the Facts; Obama Must End 'Distraction' of Nomination as Banking Crisis Deepens
17:32
Students Across New Jersey 'Speak Out for Peace' in Honor of Dr. Martin Luther King Jr. and President Barack Obama
17:30
Actuaries Laud New President's Medicare and Social Security Message, Call for Bipartisan Solution
15:49
Cabrera Construction Honors Obama Administration Green Building Initiatives at Thursday Night Gala
15:39
Obama's 'Newer Deal' Likely to Raise Deficit

President Barack Obama Visits White House Press

It was another busy day for the new president. Barack Obama reversed some of his predecessor's anti-terror policies, delivered a pep talk at the State Department, and dropped by the White House briefing room to chat with reporters. (Jan. 22)