Small Business Economy is Struggling

23 Sep 2011 13:46 Africa/Lagos


SB Authority Index Depicts the Small Business Economy is Struggling

The SB Authority Index Is Up .76% for August 2011

PR Newswire

NEW YORK, Sept. 23, 2011

NEW YORK, Sept. 23, 2011 /PRNewswire/ -- Newtek Business Services, NASDAQ: NEWT, The Small Business Authority, announced the release of the SB Authority Index for August 2011 reaching 108.06 points. The SB Authority Index is up .76% from July 2011. Approved SBA loan volumes, the Russell microcap index and Retail Sales caused the increase in the index. However, the index growth was limited by the flat and slight reduction within the other five components.

President and CEO, Barry Sloane said, "The small business economy continues to struggle along as consumer spending and employment trends are clearly reducing economic activity. The recent announcement of monetary policy by the Federal Reserve may increase interest rates to small businesses as most small businesses borrow on a prime rate basis and off the short end of the yield curve. If Federal Chairman Bernanke's "twist strategy" works, long term rates will decline but at the expense of short term interest rates increasing. Again, if the strategy works it will be most beneficial to the long end of the market, which drives residential mortgage rates lower and cost to refinance lower. This should put increased cash and disposable income in hands of consumers and may take several months before we see the effects. Short term rate hikes to small businesses will be effective immediately."

About Newtek Business Services, Inc.

Newtek Business Services, The Small Business Authority, provides the following products and services:

* Electronic Payment Processing : eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.

* Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.

* eCommerce : A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.

* Business Lending : Broad array of lending products including SBA 7(a) and SBA 504 loans.

* Insurance Services : Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.

* Web Services : Customized web design and development services.
* Data Backup, Storage and Retrieval : Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.

* Accounts Receivable Financing : Receivable purchasing and financing services.
* Payroll : Complete payroll management and processing services.


Newtek Business Services, Inc., The Small Business Authority , is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek™ brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek™ brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.

Note Regarding Forward Looking Statements

Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek's actual results to differ from management's current expectations, are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov .

Rubenstein Public Relations
Telephone: (212) 843-9335
Contact: Liz Petrova / lpetrova@rubensteinpr.com

SOURCE Newtek Business Services, Inc.

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

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Oando Pledges 1.5% of 2011 Profits, and 1% Subsequently, for Education in West Africa

22 September 2011 18:24 Africa/Lagos


Oando Pledges 1.5% of 2011 Profits, and 1% Subsequently, for Education in West Africa

PR Newswire

NEW YORK, Sept. 22, 2011

Group Chief Executive Joins Special Session of Clinton Global Initiative

NEW YORK, Sept. 22, 2011 /PRNewswire-USNewswire/ -- Oando PLC, sub-Saharan Africa's leading integrated energy group, is pleased to announce Inspiring Tomorrow, its contribution to the 2011 Clinton Global Initiative (CGI) Commitment to Action. Under Inspiring Tomorrow, Oando is committing 1.5% of its pretax profits in 2011, and 1% in subsequent years, to support basic education in West Africa.

With Inspiring Tomorrow, Oando commits to increasing access to quality basic education for more than 60,000 children in 100 schools across West Africa by 2015. The company will achieve this by enhancing infrastructure to create conducive learning environments; providing educational resources and teaching aids for effective learning, and promoting technology driven empowerment programs in public schools.

Commenting on the commitment, Wale Tinubu, Oando Group Chief Executive, said "We are passionate about increasing access to education because we believe that knowledge is the bedrock of world-class aspirations."

Oando is also proud to announce that Mr. Tinubu will be a featured panelist in a CGI Special Session on "Game-Changing Innovation: Technologies for Building Social and Economic Value." The Special Session, which takes place from 2:30 to 3:30 pm on Thursday, September 22, will also feature John Chambers, Chairman and CEO, Cisco, Tarja K. Halonen, President of the Republic of Finland, Andrew N. Liveris, Chairman and CEO, the Dow Chemical Company, Judith Rodin, President, The Rockefeller Foundation, and Bob McDonald, Chairman of the Board, President and CEO, Procter & Gamble. Mr. Tinubu will use this opportunity to draw attention to homegrown solutions to meet Africa's huge energy challenges and to ask global leaders and other critical stakeholders to join Oando's pursuit of sustainable community development through education.

Mr. Tinubu said, "We are honored to be part of the Clinton Global Initiative. CGI provides an important forum to engage leaders from around the globe on the education and energy challenges that face sub-Saharan Africa and Africa, broadly."


About Oando



As a proudly African company in the global energy industry, Oando is dedicated to performance, professionalism, integrity, and service excellence. From its origins as a downstream petroleum marketing company, Oando has transformed into an integrated energy group whose subsidiaries have achieved market leadership in their respective sectors. The Oando Group includes:

* Oando Exploration and Production: The leading indigenous oil and gas exploration and production company, with offshore, onshore, and swamp assets;
* Oando Energy Services: Nigeria's leading oilfield services company, using industry best practices and advanced technology to deliver safe and environmentally sound operations in the Niger Delta;
* Oando Gas and Power: The developer of Nigeria's foremost natural gas distribution network;
* Oando Supply and Trading: Africa's largest independent petroleum trading company, supplying 20% of Nigeria's fuel requirements; and
* Oando Marketing: West Africa's leading oil retailer, with operations in Nigeria, Ghana, Togo, and the Republic of Benin.


About Wale Tinubu, Group Chief Executive Oando PLC
Mr. Tinubu (born 1967 in Lagos, Nigeria) has been the Group Chief Executive of Oando PLC since 2001.

In 2002, Mr. Tinubu piloted the largest ever acquisition of a quoted Nigerian company, with the acquisition of Agip by the then Unipetrol through an international bid conducted by Agip Petroli International B.V. Under his leadership, Oando became the first company in Africa to have an inward listing on the Johannesburg Stock Exchange in addition to its local listing on the Nigerian Stock Exchange (NSE). He obtained a Bachelor of Laws degree (LLB) from the University of Liverpool, England in 1988 and a Master of Law degree (LLM) from the London School of Economics, United Kingdom, in 1989 where he specialized in International Finance and Shipping. He began his career as an attorney, where he worked on corporate and petroleum law assignments.

In August of 2011, Africa investor (Ai), a leading international investment and communications group, named Mr. Tinubu to the shortlist for its "African Businessman of the Year" award, which will be given out on September 26, 2011 in a ceremony at the New York Stock Exchange. He received a similar award last year from Africa Business Magazine and the Commonwealth Business Council. He has also been recognized as a "Global Young Leader " by the World Economic Forum, Geneva, Switzerland for his achievements as one of the leading executives, public figures, and intellectuals under 41.

www.oandoplc.com

About the Clinton Global Initiative (CGI)
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI) convenes global leaders to devise and implement innovative solutions to some of the world's most pressing challenges. Since 2005, CGI Annual Meetings have brought together nearly 150 current and former heads of state, 18 Nobel Prize laureates, hundreds of leading CEOs, heads of foundations, major philanthropists, directors of the most effective nongovernmental organizations, and prominent members of the media. These CGI members have made nearly 2,000 commitments, which have already improved the lives of 300 million people in more than 180 countries. When fully funded and implemented, these commitments will be valued in excess of $63 billion. The 2011 Annual Meeting is currently taking place in New York City.

This year, CGI also convened CGI America, a meeting focused on developing ideas for driving economic growth in the United States. The CGI community also includes CGI U, which hosts an annual meeting for undergraduate and graduate students, and CGI Lead, which engages a select group of young CGI members for leadership development and collective commitment-making. For more information, visit www.clintonglobalinitiative.org.

SOURCE Oando PLC

CONTACT: Meka Olowola, Head, Corporate Communications, Oando PLC, molowola@oandoplc.com, +1-201-564-8136

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

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Almost Half of Americans Do Not Think President Obama Will be Re-elected

22 Sep 2011 16:43 Africa/Lagos


Almost Half of Americans Do Not Think President Obama Will be Re-elected

Approval ratings unchanged from lows of last month

PR Newswire

NEW YORK, Sept. 22, 2011

NEW YORK, Sept. 22, 2011 /PRNewswire/ -- After a spirited speech to Congress and presenting his jobs bill President Obama starts the fall with the same approval ratings he had at the end of the summer. This month, exactly the same as in August, just one-third of Americans (32%) give the president positive ratings on the overall job he is doing while two-thirds (68%) give him negative ratings.

(Logo: http://photos.prnewswire.com/prnh/20100517/NY06256LOGO )

These are some of the results of The Harris Poll of 2,462 adults surveyed online between September 12 and 19, 2011 by Harris Interactive.

Looking at the ratings on a partisan level, it's not shocking that almost all Republicans (96%) and nine in ten Conservatives (90%) give the President negative marks, but so do seven in ten Independents (71%) and almost two-thirds of Moderates (64%). While majorities of Democrats (58%) and Liberals (53%) still give the President positive marks, large enough numbers of both groups of the President's traditional supporters (42% of Democrats and 47% of Liberals) give him negative ratings, giving the White House and the re-election team a bit to be concerned about.

While the President's ratings may continue to be at his lowest, one small piece of comfort he has is that he is doing a better job than Congress. Right now, almost all Americans (94%) have a negative view of the overall job Congress is doing and just 6% give them positive ratings. This low rating transcends party lines as only 7% of both Democrats and Republicans and 5% of Independents give Congress positive marks.

What has bounced back just slightly from last month is the number of people who think the country is going in the right direction. This month, 22% think the country is heading in the right direction while 78% think things have gotten off on the wrong track. While still low, this is better than in August when only 16% thought things were going in the right direction and 84% said they were going off on the wrong track.

One reason for all the negativity is the concern over economic issues. When asked what the two most important issues for the government to address are, half of Americans (50%) say it is employment and jobs. Another quarter say the government needs to address the economy (27%), while 17% say healthcare, 13% say the budget deficit, 11% say the budget and government spending and 7% each say taxes and social security.

Looking to next November

Even more disturbing for the White House are the numbers on likelihood of voting for President Obama. If the election for president were to be held today, over half of Americans (53%) say they would be unlikely to vote for Barack Obama while 39% say they would be likely to vote for him. Almost half (47%) say they would be very unlikely to vote for President Obama. Looking at this on a partisan level, nine in ten Republicans (92%) say they are unlikely to vote for President Obama as are three in five Independents (59%). Even among the two groups who are the President's more staunch supporters over one in five of both Liberals (23%) and Democrats (21%) say they are unlikely to vote for the President if the election were to be held today.

What is another concern is something that could become a self-fulfilling prophecy. Just three in ten Americans (30%) think President Obama will be re-elected while almost half (47%) do not think he will be re-elected; one-quarter (23%) are not at all sure. While 51% of Democrats believe President Obama will be re-elected, one-quarter do not (24%) and one-quarter are not at all sure (24%).

So What?

As multiple political commentators have said, the 2012 general re-election campaign began with President Obama's recent address to Congress. Yes, the Republicans still have to pick their candidate, but the President is starting to push forward the agenda he hopes to work his re-election campaign around next year. If he doesn't do something and stays mired in these low approval numbers and negative re-elect numbers, this election may be over before it even starts. The only consolation is that the GOP primary looks like it may be a long one and the eventual Republican candidate may emerge tired and possibly wounded after a blistering primary.

Click here for the full report.


2012 U.S. Presidential Election.

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Cartoon of the Week: Bribery Abroad

The Cartoon of the Week is from Bribery abroad: A tale of two laws published in The Economist of September 17th 2011, on America’s anti-corruption law deters foreign investment.


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Human Rights Leader Faults Obama Administration for Failure In Sudan

Human Rights Leader Faults Obama Administration for Failure In Sudan – Could Cost Thousands Of Lives

Rejects Current “Normalization” Approach for Tough Sanctions against Indicted War Criminal

(Washington, DC) – United to End Genocide President Tom Andrews today urged policymakers to mandate increased U.S. sanctions and other actions to help halt escalating ethnic-based attacks on civilians in South Kordofan and Blue Nile by forces backed by Sudan’s president Omar al-Bashir. Andrews testified at a House of Representatives’ Tom Lantos Human Rights Commission hearing, “Sudan: The Ongoing Humanitarian Crisis in South Kordofan and Continuing Human Rights Violations in Darfur.”



Omar al-Bashir


“Omar al-Bashir is repeating the targeted ethnic attacks of Darfur in South Kordofan and Blue Nile where his forces have already killed thousands and left hundreds of thousands displaced with little food and no access to humanitarian aid,” stated Andrews. “Unfortunately, the Obama Administration, by failing to demand accountability and leaving the option open for normalized relations with Sudan, is allowing Omar al-Bashir to get away with murder.”

In his testimony, Andrews called on the Obama Administration to:

• Expand current sanctions on Bashir and other individuals responsible for atrocities throughout Sudan, as current sanctions are specific to Darfur alone;

• Make saving live in Sudan a high priority in dealings with China and other nations that can exert leverage on Bashir and his regime; and

• Expend political capital necessary to pass a United Nations Security Council resolution that would expand individual sanctions for perpetrators, expand the existing arms embargo on Darfur to incorporate all of Sudan, expand the mandate of the International Criminal Court to cover the entire country, and authorize an international civilian protection force with the mandate and capacity to accomplish its mission.

Andrews thanked the Lantos Human Rights Commission for helping to raise the alarm about ongoing atrocities in Sudan. “The American people need to know the truth about Omar al-Bashir and the atrocities he continues to commit, and this hearing is an important step,” stated Andrews. “I urge your leadership in considering legislation that would mandate increased U.S. sanctions and other actions to hold Omar al-Bashir accountable for his heinous actions and protect the millions of men, women and children in South Kordofan and Blue Nile whose lives are at risk right now.”
###

The Save Darfur Coalition and Genocide Intervention Network are now United to End Genocide. The organization remains committed to its work to end the crisis in Darfur and bring peace to all of Sudan as well as to end violence in other areas of mass atrocities. The merger creates the world’s largest anti-genocide organization, with a membership base of hundreds of thousands of committed activists globally, an unparalleled nationwide student movement, more than 190 faith-based, advocacy and human rights partner organizations, and a network of institutional investors collectively representing more than $2 trillion in assets under management.


CONTACT:
Ann Brown, abrown@annbrowncommunications.com, 301-633-4193

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Wikileaks Cables Expose Chevron’s Desperation over $18b Environmental Case

Wikileaks Cables Expose Chevron’s Lobbying of Ecuador Government to Kill $18b Environmental Case


Newly Released Cables Raise Questions About Chevron Ties to U.S. Embassy and Misrepresentations

Amazon Defense Coalition
, 21 September 2011, FOR IMMEDIATE RELEASE,
 Contact: Karen Hinton at 703-798-3109 or karen@hintoncommunications.com

New York -- Chevron engaged in a clandestine lobbying campaign of Ecuador's government to improperly shut down the historic environmental case brought by thousands of indigenous persons where the oil giant was found to have contaminated the rain forest and ordered to pay $18.2 billion to clean up the damage, according to a series of cables written by U.S. government officials and recently disclosed by Wikileaks.

The diplomatic cables (see here, here, here and here) also reveal that Chevron and U.S. embassy officials in Ecuador enjoyed such a close relationship that the oil giant's lawyers were tipping off U.S. ambassadors about their legal strategy before it would be revealed in court, said Karen Hinton, the U.S. spokesperson for the 30,000 Ecuadorians who recently won an $18.2 billion judgment for clean-up, despite efforts by Chevron to undermine the case.

The Ecuador court found that Chevron, from 1964 to 1992, dumped billions of gallons of toxic waste onto the ancestral lands of indigenous groups, causing an outbreak of cancer and other oil-related diseases.

Ecuador's Constitution prohibits government interference in the judiciary, so Chevron's lobbying in effect was trying to coax Ecuador's President Rafael Correa to violate the country's laws to benefit the oil giant in a private litigation. The company offered to fund "social projects" in exchange for a government agreement to shut down the trial.

"These diplomatic cables reveal a shocking level of misconduct on the part of Chevron's lawyers to undermine the rule of law in Ecuador," said Hinton. "They also demonstrate the company’s extremely close ties to U.S. embassy officials in Ecuador who seemed open to helping Chevron shut down the legal case.”

The Wikileaks cables reveal that Chevron left no stone unturned in its efforts to stop the proceedings, which represented the only hope for indigenous groups and farmer communities to secure a clean-up after decades of stonewalling by the oil giant.

The cables, primarily authored by U.S. Ambassador Linda Jewell or U.S. Ambassador Heather Hodges, reveal that:

• In April of 2008 Chevron tipped off U.S. embassy officials that during the ongoing trial it had offered to set up social programs in the Amazon "in exchange for GOE [Government of Ecuador] support for ending the case". Chevron consistently tried to end-run the plaintiffs and settle the case directly with Ecuador's government, despite Ecuadorian laws prohibiting government officials from settling private claims, said Hinton. Chevron convinced Jewell to attempt to intervene on behalf of two Chevron employees who faced a criminal investigation for signing off in 1998 on a sham remediation of oil sites in exchange for a government release from liability. Jewell said the embassy "will consider how it can help Chevron resolve" the case, and that she contacted a former Supreme Court President of Ecuador as part of that strategy. The charges against the two, Richard Reis Veiga and Rodrigo Perez Pallares, were later dismissed on a technicality despite overwhelming evidence of fraud, said Hinton.

• In August of 2009, Chevron lawyer Ricardo Reis Veiga called the then-U.S. ambassador to provide a "heads up" that the company was releasing secret videotapes taken by Chevron contractor Diego Borja that the company claimed implicated the judge in a bribery scandal. The move backfired after it became clear that the tapes did not actually show the judge taking a bribe and after Borja later admitted to being Chevron’s “clandestine operative” in Ecuador, and that Chevron paid him for his work, said Hinton.

• The cables also suggest that Chevron officials were misrepresenting facts about the Lago Agrio case to embassy officials. In a cable written in September 2009 by Ambassador Heather Hodges, Chevron claimed it had not sought the Borja tapes when in fact Borja worked for Chevron and was meeting with Chevron lawyers in the United States about the entrapment of the judge in Ecuador, said Hinton.

• Another cable from March of 2006, written by Charge d'Affairs Jefferson Brown, said that Chevron executive Jamie Varela told embassy officials that "Chevron had not had any real complaints about the judge” or the "administration of the case" in Lago Agrio. Chevron later argued before various U.S. courts that Ecuador's judicial system was unfair at that time, contradicting these private statements to the embassy, said Hinton.

• Varela also tipped off Brown that Chevron was planning on filing an international arbitration case against the Government of Ecuador in a move to gain leverage over the Lago Agrio case, according to the cables. Varela also indicated that Chevron would not publicly disclose the filing for fear the plaintiffs would use it against the company.

• Additionally, Brown wrote that U.S. embassy officials were "surprised" that Varela did not ask for U.S. government "intervention in the case" to help Chevron, as had other Chevron officials. Nevertheless, Brown wrote that the embassy "will continue to raise the [Chevron] matter with [Ecuador's government] when we discuss other commercial disputes" but he also concluded that Chevron's complaints were "being fairly and adequately addressed in the courts or in arbitration and require no direct [U.S. government] action at this time."

"Chevron was sharing intimate details of its supposedly private legal strategy with the U.S. embassy," said Hinton. "Chevron lawyers clearly felt that embassy officials were part of their team. We find it disturbing that U.S. embassy officials in Ecuador were willing to do the bidding of an American oil company that committed environmental crimes that have literally decimated the lives of thousands of people," said Hinton.

The U.S. State Department should make it clear that no U.S. embassy official should interfere with ongoing private lawsuits brought by local residents against American corporations that commit environmental or human rights abuses in their countries. Hinton said such actions "have the effect of undermining a primary objective of U.S. foreign policy which is to support the development of democratic institutions and the strengthening of civil society."

The trial against Chevron in Ecuador began in 2003 in the town of Lago Agrio and ended in February of this year with the judgment, which both sides are appealing. Chevron had heaped lavish praise on Ecuador's court system to move the case to Ecuador out of federal court in New York, where the action was filed in 1993.

During the Ecuador trial and in recent legal efforts in the U.S. to stop enforcement of the judgment, Chevron has characterized meetings between the Ecuadorian citizens suing Chevron and their government officials as a “criminal conspiracy” even though the newly released cables and other memos prove that Chevron also met repeatedly with numerous Ecuadorian government officials to pressure them to illegally intervene in the lawsuit.

On multiple occasions since 2006, Chevron has tried to interfere with the environmental case by using its Washington lobbyists to try to press the Bush and then Obama Administrations to cancel Ecuador's trade preferences in retaliation for the lawsuit, even though Chevron wanted the case to be held in Ecuador.

Chevron’s efforts to undermine the case were extraordinary, Hinton added. During the nine years of litigation in Ecuador, Chevron also sought to recuse every judge who presided over the case, threatened judges with jail time if they did not rule in favor of the company, and took out paid newspaper advertisements criticizing judicial officers and adversary counsel.

Two Chevron lawyers were also sanctioned for filing frivolous motions, including 18 in one 30-minute period in 2010.

In recent years the company has stripped all assets from Ecuador, forcing the plaintiffs to consider lawfully enforcing their judgment in the many countries around the world where the oil giant operates. On Monday, a U.S. federal appeals court in New York lifted an injunction barring Americans from enforcing the Ecuador judgment, clearing the way for collection actions to commence if the Ecuador appellate court affirms the trial court judgment.

###

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