If Bankers Were Bacteria...We might have avoided the current financial mess

4 May 2010 13:54 Africa/Lagos





If Bankers Were Bacteria...We might have avoided the current financial mess

The following is a commentary by Harvey Rubin, MD, PhD

PHILADELPHIA, May 4 /PRNewswire-USNewswire/ -- The fate of financial-regulation reform before Congress hinges on the role of regulation in the marketplace. Adam Smith wrote in his Wealth of Nations, "The proposal of any new law or regulation of commerce ... ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention."


Nevertheless, we argue that systems found in nature offer a most cogent counterexample to this avoidance of regulations. Consider for example, the world of microorganisms. Bacteria are far from being tiny, vulnerable creatures; they have robust, adaptive regulatory systems that they use to optimize their growth given any external and internal set of conditions. They adapt to the composition of the growth media, temperature, acidity and salinity of the environment; they survive in the presence of damaging radiation, toxins or antibiotics, and they even resist attack by other organisms. The remarkably successful bacterial strategy depends on the smooth running of its internal regulatory systems. Regulation in bacteria, which leads to optimal growth, critically depends on the integration of information that the organism gathers from the external environment and from its own cellular metabolic state. The organism processes the information by carrying out complex biochemical reactions and sends processed molecules to the components of the organism that need it. Not every component of the organism needs every bit of information for the system to work optimally. In fact, quite the opposite is true. Nature is parsimonious with its transactions and its regulation. In addition to optimizing growth, regulation allows remarkable innovation to emerge through selection for fitness in an evolutionary sense.


In making the claim that solutions to the financial crisis can be found in nature, we note the similarities of the architectures of financial systems and biological systems, hopefully without succumbing to the myth of metaphors. Financial systems are composed of institutions -- commercial and investment banks, savings and loans, mutual funds, hedge funds, pension funds, finance companies, insurance companies, non-financial corporations to name a few. The institutions create products or instruments -- mortgages, cash or synthetic collateralized debt obligations, other structured asset-backed securities, insurance, money markets, mutual funds. Consumers and other institutions buy and trade these products, funds flow throughout the system and, in principle, growth occurs.


The equivalent of institutions in biological systems are pathways, which are families of enzymes and reactions that are linked together to perform the necessary functions of the system. The genetic and biochemical pathways, like the financial institutions create products -- molecules such as nucleic acids, proteins, lipids, metabolites, toxins. The organism utilizes these products and new growth occurs -- in a regulated, controlled fashion. Bacteria even have a hedging mechanism where a small fraction of the colony bet against good times ahead by slowing down their metabolism just in case the colony encounters a nasty environment full of antibiotics or not enough growth media. These few taking the short position will then change direction at some time in the future and start to grow. If the environment does not sour, then these few "short" bacteria will suffer because they will not maximize their individual growth nor will they contribute to the growth of the colony. If, however, the environment does go south, these few bacteria are the heroes of the firm -- actually the colony -- because they survive to repopulate the organization. The last thing bacteria want to do is outgrow its nutrients or fail to adjust to a threat. Voila! Draw your own conclusions regarding any perceived Wall Street parallel.


In both the financial and bacterial systems, commitment to growth does not come without risks and exposures. In financial systems, for example, a counter party may not meet its obligations, similarly, certain key metabolites may be unavailable in bacterial systems. Financial instruments may lose value because of price fluctuations in the external markets; similarly the external media may at any moment literally dry up in bacterial systems. Operational risks such as technological failure or human error in financial systems find equivalents in damaged DNA or proteins in bacteria. Lack of liquidity in financial markets corresponds to the loss of the bacterial central energy molecule, ATP. Organisms even have the equivalent of banks theoretically too big to fail; these are proteins that are absolutely essential for growth such as enzymes that synthesize its genome.


Predictions about how bacteria respond to these risks and exposures can be made using information concerning the networks of genes, proteins and metabolites. Similarly, complex questions that arise in financial systems can be answered only with access to extensive information such as quantity and amounts of trades, gross and net leverage ratios and off-balance-sheet leverage ratios and parties involved in portfolio selection processes or potential conflict of economic interests. The current SEC claims for relief against Goldman Sachs and its employee, Fabrice Tourre, are based on violations of Section 17(a)(1), (2) and (3) of the Exchange Act and Section 10(b) and Rule 10-b(5) of the Exchange Act. Both claims refer to (a) schemes or artifices to defraud; (b) untrue statements of material facts or omissions of material facts; and (c) transactions, practices or courses of business which operated or would operate as a fraud or deceit. Without prejudging the legal outcome, or post judging the morality of actions, note that bacteria thrive because they process and distribute reliable information -- sometimes noisy, sometimes evanescent, sometimes stochastic, but on the whole, reliable.


So, if we want to drive maximum growth, encourage innovation and protect our colony, we will have to rise to the level of the lowly bacteria and put in place robust regulatory systems. Bacteria had eons to accomplish this; we will have to use our arguably well-evolved brains to do it faster.


Dr. Harvey Rubin, a professor of medicine, biochemistry and computer science, at the University of Pennsylvania, is Founder and Director of the Institute for Strategic Threat Analysis and Response (ISTAR) at Penn. A clinician and researcher, Dr Rubin also advises numerous governmental and non-governmental agencies regarding infectious diseases and biosecurity. Dr. Rubin's views are his alone and may not reflect those of his employer or his colleagues.


Source: Institute of Strategic Threat Analysis and Response (ISTAR)

CONTACT: Dr. Rubin, +1-215-662-6475, rubinh@upenn.edu; or Steph
Rosenfeld, for Dr. Rubin, +1-215-514-4101, steph@idadvisors.com

Recommended:





14:00
Fannie Mae Redemption

Billions for the Banker, Debts for the People

SEI Quick Poll: Majority of Advisors Say Learning Best Practices from Peers Is Critical to Success


One Man Had a Vision - and Now One Million Underprivileged People Can See Better for it



Releases displayed in Africa/Lagos time
4 May 2010
14:32
County Commissioners Gather in Lansing for Vote on Statutory Mandates
14:30
NHPCO Pediatric Standards Receives American Academy of Pediatrics' Affirmation of Value
14:30
Fifth Third Bank Releases First Report on Corporate Social Responsibility
14:30
Raytheon Delivers 100th Standard Missile-3 Block IA to Missile Defense Agency
14:30
International Recruitment Consultancy Takes Advantage of Banking Sector Recovery
14:29
Securityhunter Joins Boeing Security Product Distributor Team
14:25
Stop & Shop Earns an A+ From Local Schools
14:20
PharmAthene CEO To Participate on Biosecurity Panel at the 2010 BIO International Conference
14:18
CAIR: Muslim Group to React to Times Square Bomb Plot Arrest
14:16
Children of 2020: Creating a Better Tomorrow
14:11
The Secrets of Jonathan Sperry Releases on DVD Nationwide
14:05
Abuse Laws Wreak Havoc with Constitution, Report Finds
14:04
Sahara occidental / Résolution 1920 adoptée par le Conseil de Sécurité des Nations Unies
14:04
Situation au Soudan / Résolution 1919 adoptée par le Conseil de Sécurité des Nations Unies
14:04
Déplacement au Maroc du Ministre de l'immigration, de l'intégration, de l'identité nationale et du développement solidaire / Communiqué du ministère de l'immigration, de l'intégration, de l'identité nationale et du développement solidaire
14:04
Le fondateur du site AllAfrica s'exprime sur l'envolée des médias indépendants en Afrique / La téléphonie mobile est une source d'accès à l'information en plein essor.


Apple iPad Tablet (64GB, Wifi)




14:00
ULS (Use Less Stuff) Report Editor Bob Lilienfeld to Host Monthly Environmental Segment on FOX TV
14:00
Gain - But Not Without Pain: U.S. Businesses See Revenues Rising but Slowdown in Pace of Growth














13 Bankers: The Wall Street Takeover and the Next Financial Meltdown ~
$14.82


Lords of Finance ~
$9.90

Banker to the Poor: Micro-Lending and the Battle Against World Poverty ~
$8.25

Honeymoon ~
$9.99

Popes and Bankers: A Cultural History of Credit and Debt, from Aristotle to AIG ~
$10.19


Union Atlantic: A Novel ~
$17.16


The Spanish Billionaire's Pregnant Wife ~
$3.40

Bulls Island ~
$7.99

Bound by the Baby ~
$3.24

The Devil's Banker ~

MISA-Zimbabwe Statement on World Press Freedom Day 2010

4 May 2010 13:16 Africa/Lagos


MISA-Zimbabwe statement on World Press Freedom Day 2010


HARARE, May 4, 2010/African Press Organization (APO)/ -- On 3 May 2010 Zimbabweans join the rest of the world in commemorating World Press Freedom Day set by the United Nations to raise awareness on the importance of media freedom and remind governments of their duty to respect and uphold the right to freedom of expression enshrined under Article 19 of the Universal Declaration of Human Rights.


The day also marks the anniversary of the Windhoek Declaration which espouses the principles of a free, independent and pluralistic media as agreed to by African newspaper journalists in 1991 in Windhoek, Namibia.


In Zimbabwe this year's celebrations come at a time of increasing agitations and national consensus on the need for constitutional provisions that guarantee media freedom and citizens' right to access to information.


This year's celebrations are being held under the theme: Access to Information: The Right to Know.


MISA-Zimbabwe, however, notes that 30 years after Zimbabwe's independence, the country is still to comply and meaningfully implement envisaged media reforms in sync with regional and international instruments on the right to freedom of expression, media freedom and the citizens' right to access to information.


Repressive legislation that infringes on the afore-mentioned rights such as the Access to Information and Protection of Privacy Act (AIPPA), Broadcasting Services Act (BSA), Public Order and Security Act (POSA), Criminal Law (Codification and Reform) Act, Interception of Communications Act (ICA) and Official Secrets Act (OSA), among others, remain entrenched in our statutes.


These laws are unnecessary and unjustified in a democratic society and should therefore be repealed in line with the principles of the African Charter on Human Rights, Banjul Declaration on the Principles of Freedom of Expression in Africa, SADC Protocol on Information, Sports and Culture and African Charter on Broadcasting.


Due to the restrictive media environment Zimbabwe is still to license community radio stations and privately owned television and radio stations and an independent daily newspaper since the banning of The Daily News in 2003 under the draconian AIPPA.


The statutory Zimbabwe Media Commission (ZMC) is still to license new media players in terms of its constitutional obligations and as agreed to under the inter-party Global Political Agreement. While the ZMC offers a glimmer of hope for a diversified and pluralistic media environment, MISA-Zimbabwe insists on media self-regulation as the long term solution to sustainable media freedom and independence as stipulated in terms of the Banjul Declaration.


The year 2010 has also been characterised by continued arrests and harassment of journalists which runs against the grain of the right to the exercise of freedom of expression and media freedom. The beginning of the year saw an independent journalist Stanley Kwenda fleeing the country into exile following alleged death threats issued against him by a senior police officer. A freelance photojournalist Andrison Manyere, has since January 2010 been subjected to harassment by the police. Manyere has been arrested three times this year while conducting his lawful professional duties.


The legislative framework remains clogged with criminal defamation offences in breach of the right to the exercise of freedom of expression and media freedom. Four journalists from The Standard newspaper group and an independent journalist have been questioned and summoned to appear in court in May 2010 as state witnesses in a criminal defamation case. The case arises from publication of stories exposing an alleged massive land acquisition scandal in Harare involving businessperson Philip Chiyangwa and Local Government Minister Ignatius Chombo.


It is MISA-Zimbabwe's firm position that the obtaining restrictive media environment is the result of the absence of requisite constitutional provisions that explicitly guarantee media freedom, citizens' right to access to information and independent media regulatory bodies. Regionally, Zimbabwe together with Botswana stick out among the few southern African countries without constitutional provisions that explicitly guarantee media freedom and the citizens' right to access to information.


A free and unfettered media plays a critical role in advancing citizens' universal right to access to information held by both public and private bodies and is a panacea to socio-economic development, accountable governance and political stability. MISA-Zimbabwe therefore reminds the government and public officials that the information they collect and process comes from the citizens themselves. They hold that information on behalf of the people who therefore have a right to access that very same information for the public good and decision-making on issues that affect their daily lives.


It is in the context of the restrictive media environment and the ongoing constitutional reform process that MISA-Zimbabwe reiterates its calls for constitutional provisions that guarantee media freedom and the citizens' right to access to information under its 2010 World Press Freedom Day theme: Media Freedom & Access to Information should be Constitutional Rights!


Media freedom is intrinsically enjoined with the universal rights to freedom of expression, assembly, association and citizens' right to access to information because of the pivotal role they play in:


assisting the public to perform an effective watchdog role through exposure of misconduct within public and private sectors


fighting corruption


holding both public and private bodies accountable


participatory poverty reduction policy making


fostering respect for human rights notably socio-economic rights to clean water, adequate housing and health care


educating, informing and ensuring free flow of information and ideas


MISA-Zimbabwe implores the government to therefore go beyond rhetorical commitments to media reforms by taking visible and tangible steps to free the media space as agreed to in terms of the Global Political Agreement and the constitutional mandate of the statutory Zimbabwe Media Commission.

Media Freedom & Access to Information should be Constitutional Rights!


Source: Media Institute of Southern Africa (MISA)

World Press Freedom Day: We Must Continue To Report the Truth Without Fear

Enlighten the people, generally, and tyranny and oppressions of body and mind will vanish like spirits at the dawn of day.
~ Thomas Jefferson, 3rd president of US (1743 - 1826)



As we celebrate the World Press Freedom Day, let pause and observe a minute silence in honour of the three Nigerian journalists murdered‎ last month and other journalists, writers and human rights activists murdered in different parts of the world.

The gruesome murder of Deputy Editor Nathan Dabak, 36, and reporter Sunday Gyang Bwede of The Light Bearer and Edo Sole Ugbagwu the Judiciary reporter of The Nation newspaper did not cause any public uproar online or offline, most people were discussing the forthcoming FIFA World Cup coming up in South Africa and also betting on their favourite teams in the English Premiership. Only the Nigeria Union of Journalists (NUJ) and some of their sympathizers came out to protest on the street.

Since the letter-bomb murder of the Founder and Editor of Newswatch Dele Giwa on October 19, 1986, other journalists have been assassinated and one of them Bayo Ohu of The Guardian newspaper was claimed to be a victim of armed robbers. But other journalists have received death threats and I was warned not to report a controversial case of billion dollar tax evasion by a multinational oil company operating in Nigeria. I reported the news with the facts and figures, because I am not afraid to tell the truth even if the truth condemns me as well.


My priority right now is to use the Internet for news and information that would be of great benefit to those who need the knowledge to improve their lives and appreciate the creations of God according to the Parables of the Sower and Talents by Jesus Christ who paid the supreme price on the cross for speaking the truth.

Millions of people continue to perish for lack of knowledge of the truth.

We must publish and report the truth to defend and promote justice and expose every injustice and vice.

Knowledge is power.

Those who have knowledge must share it with others in equity for the balance of power in the world so that no one would be at the mercy of another person, no matter their class, creed or race.


My mission is to report the truth and expose lies, to promote justice and expose injustice and to use the best resources to help as many people as God grants me the grace. And I am happy doing so.



~ By Ekenyerengozi Michael Chima

Your GPA Does not Determine Your Brilliance

Your GPA does not determine your brilliance


Every Nigerian knows that it is not easy to go to a federal or state University in Nigeria.


This topic just popped into my brain just because a couple of days ago, the degree results were released, those who passed, passed, and those who failed, failed. Those who graduated with a first class rejoiced, while those who didn’t do too well sulked…!


The thing here is that the fact that you made a 4.95 GPA doesn’t mean that you’re the most brainiest person in the school environment…it simply means that you simply have the greater ability of cramming what you read and giving it back to the lecturer during the examinations instead of reading to your understanding.


I think that I have come to realize that the reason why most students in “Nigeria” graduate with a lower grade other than the first class thingy is not because they don’t know how to read or cram! Let’s be honest with ourselves here, most of us bribed our way through the University. While others toiled day and night, yet they come out with nothing. And you begin to ask yourself why???


One of my lecturers who was among those that compiled the final year results complained that there was a case of mass failure in the last graduating set. He said among thousands of students, none graduated with a first class from the department of Linguistics and Nigerian Languages! And those who managed to graduate with a second class upper narrowly escaped graduating with a second class lower grade! I was dumbfounded because I was cock sure that we had some real brilliant students in that department. My lecturer now asked a question that I think some of us have an answer to….he said, “is the problem with the lecturers or the students?”


I actually did think that the problem was with the lecturer because most of them come to class, speak a lot of jargons and leave, expecting a student with no prior knowledge of the course to actually grab what he/she is saying. And when you end up asking questions, they bark at you as if you don’t have a right to ask a question on something you obviously do not understand.


Let’s be honest here, that fact that BOY A graduates with a whooping first class doesn’t mean that he is better than BOY B who graduated with a third class or a pass!
I know of a guy who graduated with a clean first class, but guess what? He doesn’t know how to write an informal letter!!! Will you now tell me that he is better than his neighbor who graduated with a pass who knows all the elements of grammar both in the spoken and written form?


In Nigeria, we place so much importance on GPs that we actually fail to see what a youth has to offer to his country! We fail to give them the opportunity to display those thoughts and ideas that they have been nursing since their childhood years…rather we judge them based on a piece of paper (which obviously doesn’t end up determining one’s level of success in life).



Take a good look at Wole Soyinka! one of Nigeria’s finest literary writers. What did he graduate with when he was in the University of Ibadan, Oyo State? A THIRD CLASS! Yes! But he left the shores of Nigeria to study abroad and he came back with a first class certificate. Why? Their learning system is much more favorable than ours.
It’s no longer news that students bribe their way through to first class by having amorous relationship with their lecturers, both male and female while others simply pay their way through the university. At the end of 4 or 5 years, these students graduate with first class and second class upper honors while those who spent endless hours in the library, foregoing their social lives and burnt the midnight oil end up with the second class or pass! Yet they call it an educational system. At the end of their stay, the school offers them a readymade position in the departments or faculties to become lecturers while those who graduated with a lower degree end up on the streets hustling for their lives.

Then you begin to wonder how they want to reform or rebrand the educational system of the country.


Your GPA doesn’t determine your brilliance!
Feel free to prove me otherwise.


~ By Queen "Cynosure" Ebong

Nollywood Reloaded

IJE movie Poster


Nollywood Reloaded

Nollywood actually crashed, but Nollywood is now reloaded with the resurgence of the trailer-blazers and the emergence of new kids on the block such as Chineze Anyaene whose film IJE, the Journey has redefined Nollywood and if she had submitted it for the African Movie Academy Awards (AMAA), Kunle Afolayan would have been second best with his movie The Figurine.

Chineze Anyaene’s IJE has taken Nollywood to places Nollywood has never been before with official selection in 18 international film festivals and winning five major awards, including a coveted award for Best Picture and another one for Excellence in film making.

Mahmood Ali-Balogun's 35mm film Tango with Me is an ambitious psychoanalytical film with the major crew from Los Angeles, Hollywood; and over N80 million budget without sponsors.

Chico Ejiro, the Mr. prolific in Nollywood is about to shoot the most challenging movie in his career, Sunset in Darfur.
Zik Zulu Okafor is doing new movies of outstanding quality.

Then some Nigerian young Turks of the film industry Faruk Lasaki, Didi Chika, Chike Ibekwe and others have been selected for the Babylon International film workshop and they were at the International Film Festival Berlin (February 16th-20th) and now preparing to show the clips of their film projects at the Zuma film festival in Abuja from tomorrow Sunday May 2, 2010, in Abuja.
The two filmmakers I have interviewed are Faruk Lasaki who is making a film on the Niger Delta, with the working title of Port Harcourt and Chike Ibekwe, whose film Letter to the Professor is featuring the lionized first African Nobel Laureate in Literature, Prof. Wole Soyinka. The budget for one of the films is over two million euros.


A Young Nigerian director has done thrilling film where the lovers were engaged in real live sexual intercourse. But it not indecency.

The real films are coming to take the Nigerian film industry to the next level in competition with the best in the world.
Not in quantity, but in professional quality.

This is it, Nollywood Reloaded.
CUT!

~ By Ekenyerengozi Michael Chima

Majority of Nigerian Workers Are Suffering on May Day

A Nigerian worker, the hero of May Day

Every May 1 is May Day, a holiday for workers all over the world to celebrate the dignity of labor and their achievements as white collars or blue collars. But majority of the workers in Nigeria have nothing to celebrate. In Lagos, the government workers are lamenting the woes of poor wages and the high cost of living caused by unchecked inflation and insecurity in the most populous city in West Africa.


In Lagos state, low income workers are among the most grossly underpaid workers in Nigeria. Their meager salaries or what I call starvation wages cannot even afford three square meals for a single person. The same poor wage from which an employee must pay house rent and other bills in the most expensive place to live in Nigeria.


The minimum wage in Nigeria is one of the lowest in Africa.
How can an adult live on a salary of N7, 000 – N10, 000 monthly when he or she needs about N500 for average three square meals daily?


The high cost of living in Lagos makes it impossible for anyone to even eat three square meals on a monthly salary of N10, 000. I have seen many secondary school leavers earning nothing more than N5, 000 monthly salaries!


Nigeria has the worst wage discrepancies I have ever seen in the world. These wage discrepancies are making majority of the most populous country in Africa poorer by the day. And poverty is the major cause of rebellion against the state as shown by horrifying and terrifying cases of rising crime, prostitution and other anti-social vices since there is no form of social security for the citizens.


There is no scholarship or social welfare for brilliant children of poor employees. So when their poor wages cannot be enough to pay the school fees of their children, they drop out and they simply send them to learn a trade. You see thousands of children and young adults who are hawking on the street or selling in the market when their mates from comfortable families are going to school. So, in most cases, the poor children of the poor workers cannot have good education and end up at the bottom of the social hierarchy where their parents were. The poor get poorer while the rich get richer as the children of high income earners end up going to better schools to have a better education that would guarantee better jobs and better wages. So, the vicious circle continues and perpetuation of social class disparities worsens the predicament of the poor.


The underpaid workers see the well paid or overpaid Nigerians as their oppressors and enemies of their progress. These glaring discrepancies and disparities have pitched the poor against the rich. That is why the get-rich-quick syndrome is gripping the poor. Frustration leads to desperation, because the indignities of poverty make them to have low esteem.


Better wages and social welfare benefits will improve the lives of the poor low income workers and eventually reduce criminal and vicious activities.


Those who ignore the needs of the poor do so at their own peril.


The minimum wage in Nigeria should not be less than N50, 000. Because, anything less than N50, 000 is nothing short of starvation wage.


Every worker should be well paid to enable him or her to provide for the family where the person is the sole bread winner. Social welfare and scholarships should be provided for the children of the poor wage earners so that their children will not end up as poor as their parents.


~ Ekenyerengozi Michael Chima

The Americanization of British Politics

30 Apr 2010 19:43 Africa/Lagos


The Americanization of British Politics

WINSTON-SALEM, N.C., April 30 /PRNewswire-USNewswire/ -- With the British election less than a week away, Americans may not have to wait until November to see which direction the political tide is moving in the United States. Voting results overseas may portend results here later, says David Coates, author of the new book Answering Back: Liberal Responses to Conservative Arguments, and a political science professor at Wake Forest University.

Coates, a former Brit, says the parallels between the U.S. and British elections are striking. "A moderately progressive Obama-like government is facing off against a party of compassionate Conservatives and a third party parading its concerns for individual liberty," Coates says. "Like voters in the United States next November, UK voters will be choosing between 'Big Government' and 'Big Society.'"

Britain also is contending with many of the same issues that are facing this country - from the economic slowdown and unemployment to immigration and crime. "Will the Labour Government survive?" Coates adds. "It is the question of the hour, certainly for the Brits, and possibly even for us."

Coates says there are a number of other reasons why the UK election is important for the United States. For starters, Britain is a major NATO ally, with troops in Afghanistan. In addition, the UK is Europe's leading financial center, strongly linked to Wall Street.

"The links between our political parties and theirs are close and ongoing. Where the UK moves today, we might move tomorrow," Coates says.

Currently, the opinion polls are giving the Conservative opposition a single figure lead, but no matter who ultimately wins, the closeness of the election is indicative of the deep unpopularity of the Labour Party under Gordon Brown, Coates says.

"That unpopularity is partly a product of Brown's own poor performance as prime minister. But it also represents another chapter in a growing alienation with Labour that began with Tony Blair's decision to invade Iraq," Coates says. "It also tells us how deep the recession has been in the UK since the financial crisis struck in September 2008. British electorates traditionally reward governments for good times and punish them for bad. Times in the UK right now are very bad indeed. "

Since the last election in 2005, incomes are down, job insecurity is up, and debt and foreclosures have increased. Says Coates: "All New Labour's considerable achievements on the economic and social front - unbroken economic growth, reduced unemployment, less child poverty, bigger spending on health and education - have been swept away in 18 traumatic months."

This news release was issued on behalf of Newswise(TM). For more information, visit http://www.newswise.com/.

Source: Wake Forest University

CONTACT: Carol Cirulli Lanham, +1-336-758-5237, carol@sternersedeno.com,
for Wake Forest University

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

PricewaterhouseCoopers Says M&A Activity to Drive Fundamental Changes in Global Automotive Industry in 2010

30 Apr 2010 05:01 Africa/Lagos


PricewaterhouseCoopers Says M&A Activity to Drive Fundamental Changes in Global Automotive Industry in 2010

Deal value soars to $121.9 billion in 2009, brought on by government equity positions in sector

NEW YORK, April 30 /PRNewswire/ -- Automotive merger and acquisition (M&A) activity will continue to drive the fundamental changes necessary for the near-term restructuring and long-term sustainability of the industry, says PricewaterhouseCoopers LLP. According to the publication titled, Drive Value -- Automotive M&A Insights 2009, the deal market will play a critical role as market participants pursue transactions with a focus on synergies, including cost savings and adding revenue to their business.

(Photo: http://www.newscom.com/cgi-bin/prnh/20100430/NY95853 )

"The current deal environment is showing positive signs and presents a number of opportunities for both strategic and financial buyers who have access to financing," said Paul Elie, U.S. automotive transaction services leader, PricewaterhouseCoopers LLP.

"Companies with stronger operating models and cash positions will likely leverage M&A to develop a competitive advantage through the consolidation of scale and expertise," emphasized Paul McCarthy, U.S. automotive strategy leader, PricewaterhouseCoopers LLP.

The publication highlights a variety of factors driving the deal market in 2009 and provides an outlook for 2010 and beyond:

Global automotive M&A activity

Automotive M&A deal value soared to $121.9 billion for 2009, up 286 percent from $31.6 billion in 2008. The increase in deal value was influenced heavily by the U.S. Treasury investment in the vehicle manufacturing sector, which occurred in response to a near collapse of the automotive industry. Players across the automotive value chain reacted as they sought capital infusions, shed noncore assets, renegotiated debt obligations and pursued mergers of necessity.

Despite the record high deal value in 2009, the total deal volume fell to 532 transactions, representing a three percent decline from an already weak 2008 level and its lowest point since 2004.

"As we look forward, companies are likely to increase their focus on growth and the traditional drivers of M&A -- driving economies of scale, acquiring technology and expanding their geographic and customer base," said Elie.

Automotive companies seeking long-term success will drive the deal market in 2010, by developing and executing strategies for sustainable growth and value creation.

For more information on PricewaterhouseCoopers automotive deal capabilities and to download PricewaterhouseCoopers' Drive Value -- Automotive M&A Insights 2009 publication, visit: www.pwc.com/auto.

About the Transaction Services Practice

The PricewaterhouseCoopers Transaction Services (TS) practice provides due diligence for M&A transactions, along with advice on M&A strategy and integration, divestitures and separation, valuations, accounting, financial reporting, and capital raising. With approximately 1,000 deal professionals in cities in the U.S., and a global network of over 6,000 deal professionals in 90 countries, experienced teams are deployed with deep industry and local market knowledge, and technical experience tailored to each client's situation. The Transaction Services team can be involved from strategy to integration and employ an integrated business approach to uncover the realities of a deal. The field-proven, globally consistent, controlled deal process helps clients minimize their risks, progress with the right deals, and capture value both at the deal table and after the deal closes. For more information, visit www.pwc.com/ustransactionservices.

About PricewaterhouseCoopers LLP

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

"PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.

© 2010 PricewaterhouseCoopers LLP. All rights reserved.
Photo: http://www.newscom.com/cgi-bin/prnh/20100430/NY95853
http://www.newscom.com/cgi-bin/prnh/20100430/NY95853
PRN Photo Desk, photodesk@prnewswire.com
PRN Photo Desk, photodesk@prnewswire.com

Source: PricewaterhouseCoopers

CONTACT: Kristin McCallum, U.S. Automotive Marketing Leader,
PricewaterhouseCoopers, +1-313-394-6349, kristin.l.mccallum@us.pwc.com, or
Laura Schooler, PricewaterhouseCoopers, +1-646-471-3229,
laura.schooler@us.pwc.com

Web Site: http://www.pwc.com/

Releases displayed in Africa/Lagos time
30 Apr 2010
13:36	Darfur / UNAMID Daily Media Brief
28 Apr 2010
14:16	Darfur / UNAMID Daily Media Brief
27 Apr 2010
20:35	Statement attributable to the Spokesperson for the Secretary-General On the release of four UN police in Darfur
12:29	UNAMID peacekeepers released
26 Apr 2010
23:25	The Sudanese Have Spoken
12:24	Darfur / UNAMID Daily Media Brief

Releases displayed in Africa/Lagos time
1 May 2010
05:01	Anthony Lake Begins Tenure as UNICEF's Executive Director

03:33	America's Sheriff, Joe Arpaio, Consumer Advocate, Bogey, Endorse Upstart Conservative Challenger Phil Liberatore; Challenger Promises Fight to the Finish to Defeat Incumbent Gary Miller
02:36	Noted Environmental Attorney Stuart H. Smith of Smith Stag Law Firm, New Orleans, Louisiana Is Concerned About a Catastrophic Failure of the BP Deepwater Horizon Wellhead and Fluid Control Systems.
02:01	Concrete, Immediate US Action Needed to Implement the Policy of Three US Presidents on the Western Sahara
01:55	La comunidad empresarial hispana responde a la divulgación de la propuesta de reforma migratoria presentada por el Senado
01:20	Class Action Lawsuit Filed Over Oil Leak from Gulf Rig Explosion
01:00	American Red Cross of Greater Los Angeles Working With Philips Lifeline Medical Alert Service to Help Seniors Stay Independent
00:24	MultiVu Digital Center Feed: U.S. Ambassador to the EU Says U.S. and EU are Aligned in Major Global Issues Such as Nuclear Non-Proliferation, Mid-East Stability and Climate Change; EU Shifts from Eurocentric to External Focus.
30 Apr 2010
23:58	Arizona American Water President Paul Townsley Celebrates Grand Opening of White Tanks Regional Water Treatment Facility With ADEQ Director
23:55	ADL Congratulates Associated Students of UC Berkeley (ASUC) Senators for Standing Firm Against Factious Anti-Israel Divestment Resolution
23:54	MultiVu Digital Center Feed: Secretary Clinton Confirms Alliance with Kuwait, Seeks Arab States Support for a Two-State Solution in the Middle East and Warns of Increased Sanctions Against Iran During a Joint Press Availability with Kuwaiti Foreign Minister Mohammad Sabah Al-Salem Al Sabah
23:23	Tennessee Man Convicted of Illegally Accessing Sarah Palin's E-Mail Account and Obstruction of Justice

The Pierre New York, A Taj Hotel, Celebrates $100 Million Renovation With Grand Suite Promotion

THE PIERRE NEW YORK, A TAJ HOTEL, CELEBRATES $100 MILLION RENOVATION WITH GRAND SUITE PROMOTION

New York, March 26 /PRNewswire/ — To celebrate the grand re-opening of The Pierre, the US flagship of Taj Hotels on New York's Central Park, The Pierre announced it is offering 40% off its newly renovated Grand Suites. Ranging in size from one to three bedrooms, with up to 2,000 square feet of space, these classic interiors offer magnificent views of Manhattan and Central Park, and residential-style pied-a-terres for discerning guests.





The 11 Grand Suites, two with terraces that can accommodate parties up to 30, are designed with custom furnishings, hand-crafted finishes and elegant details, such as rich silk and brocade fabrics, Murano glass chandeliers, hand-knotted carpets and Bang & Olufsen audio systems.




Following a meticulous $100-million renovation, The Pierre, now offers 189 redesigned residential-style guest rooms, including 39 suites and 11 Grand Suites, all featuring a quiet feeling of luxury and complemented by superb services personally crafted to attend to each guest’s every need.



A particular treat for guests is dining at Le Caprice, which opened its first U.S. restaurant outside London in New York at The Pierre. Le Caprice has established itself as a social institution in London with its effortless style, coveted cuisine and well-heeled crowd.

Mirroring the London restaurant and maintaining its deep-seated commitment to the art world, Le Caprice New York houses a series of photographs of iconic sixties model Jean Shrimpton by legendary British photographer, David Bailey. Long-standing favourites from the London restaurant, such as Thai-Baked sea bass, will continue to appear within the newly designed New York menu.

Two E, a new bar/lounge in The Pierre, features classic cocktails and light fare in an Alexandra Champalimaud-designed space. Afternoon tea is served from 3-5 pm. Culinary selections include The Pierre Salad with langoustines.

Business groups hosting meetings and receptions at The Pierre may select from three new elegant boardrooms with state-of-the-art amenities that can accommodate groups up to 75. These business-centric rooms complement the hotel’s expansive social banquet spaces on the second floor that can accommodate private events for up to 1,500 guests.

Discounted Grand Suite rates begin at $3,900. For reservations, please call 1-800-743-7734 or visit www.tajhotels.com/pierre.

Conde Nast Traveller has put The Pierre New York, on the Hot List 2010 after months of research and suggestions from the magazine's correspondents across the globe.
Media Contacts:

US
Babs Harrison
Sheila Donnelly & Associates
Tel: +1 212 851 8425
babs@sheiladonnelly.com

UK
Mary-Clare Gribbon
Tel: +44 (020) 7 834 2349
mcgribbon@prco.com

Japan
Akemi ENDO
Tel: +81 3 3585 9688
endo@essendo.com

India
Swati Sundareswaran
Tel: +91 98675 54174
swati@vccpl.com

FIFA.com Predicts 5.5 Billion Page Views for 2010 FIFA World Cup(TM)

30 Apr 2010 08:00 Africa/Lagos



FIFA.com Predicts 5.5 Billion Page Views for 2010 FIFA World Cup(TM)

GENEVA, April 30, 2010/PRNewswire/ -- FIFA.com's first-ever Panini Virtual Sticker Album, presented by Coca-Cola, drives two million sticker swaps within two weeks of launch.

FIFA.com, the world's official football website, today, 29 April 2010, announced that it is expecting record site traffic for the 2010 FIFA World Cup, making it the most visited football website in the world. The FIFA.com forecast is 5.5 billion page views, compared to 4.2 billion recorded for the 2006 event.

The site's popularity has been boosted by the launch of the FIFA.com's first-ever Panini Virtual Sticker Album, which is presented by Coca-Cola. Since its launch on Tuesday 14 April, the free application has generated 200 million page views and over two million sticker 'swaps'.

Every day, each collector receives a virtual pack of five stickers featuring the superstars and teams of the 2010 FIFA World Cup(TM). The stickers can then be collected or traded with other fans all over the world.

Matt Stone, FIFA's Head of New Media, says: "Our official forecast of 5.5 billion FIFA.com page views could even be conservative given we received 4.2 billion PVs in 2006. The Panini Virtual Sticker Album has really ignited our online World Cup activity. We're delighted football fans are finding the application so engaging."

Fans can raise their collecting power by forming a group, but only individual collectors will be eligible for a prize draw (deadline 16 July 2010) to win one of a 100 keepsake hardcover printed versions of the 2010 FIFA World Cup Sticker album, also produced by Panini.

About FIFA.com

FIFA.com, the world's official football website, is the online heart of football.

Recognised as the world's most authoritative football website, unrivalled for depth, insight and accuracy, FIFA.com reliably and impartially delivers the global football message across multiple digital platforms to an international community of millions of professionals and enthusiasts.

Constantly updated, FIFA.com (online 1995) offers the latest news, video highlights (with no cross-border restrictions on viewing), historical data, contact with the stars, behind-the-scenes access, and - through the free FIFA.com Club - a global meeting point for people who care about football.

In addition, FIFA.com supplies a one-stop shop for retail, event ticketing, accommodation and hospitality. Through serving the global football community it also delivers value to FIFA.com's commercial partners (Adidas, Coca-Cola, Emirates, KIA, SONY, VISA) and World Cup sponsors (Budweiser, Castrol, Continental, McDonalds, MTN, Satyam, Seara, Yingli Solar).

In an average month, FIFA.com attracts approximately 5 million unique users and generates over 80 million page views. The 2010 World Cup is predicted to generate over 5.5 billion page views.

About FIFA

FIFA (Fédération Internationale de Football Association), an association governed by Swiss law, was founded in 1904 and is based in Zurich. It has 208 member associations and its goal, enshrined in its statutes, is the constant improvement of football. FIFA employs some 310 people from over 35 nations and is composed of a Congress (legislative body), Executive Committee (executive body), General Secretariat (administrative body) and committees (assisting the Executive Committee).

Source: FIFA

For more information, please contact: Matt Stone, Head of New Media, Email: matt.stone@fifa.org, Telephone: +44(0)7521-683-831