FT.com / UK - UBS names Yoon as Asia chief in latest round of change: "By Sundeep Tucker in Hong Kong and Haig Simonian in,Zurich
Published: June 26 2009 03:00 | Last updated: June 26 2009 03:00
UBS yesterday appointed Chi-Won Yoon as head of operations in Asia in the latest top-level management change at the struggling Swiss bank.
Mr Yoon, 50, will replace Rory Tapner, the 49-year-old Briton who has been chairman and chief executive in Asia for the past five years.
Mr Yoon, born in Korea, is the first Asian to hold the position."
Tuesday, June 30, 2009
Madoff Sentenced to 150 Years - washingtonpost.com
Madoff Sentenced to 150 Years - washingtonpost.com:
"By Tomoeh Murakami Tse
Washington Post Staff Writer
Tuesday, June 30, 2009
NEW YORK, June 29 -- Bernard L. Madoff, the mastermind behind one of the biggest and longest-running financial frauds in history, on Monday was ordered to serve 150 years in prison, the maximum sentence allowed, for a scheme that has come to define the latest iteration of Wall Street greed.
The sentence far surpasses that of other recent high-profile white-collar crimes and took many noted criminal defense attorneys and former federal prosecutors by surprise. In handing down the sentence, federal District Judge Denny Chin acknowledged that any term above 25 years would be symbolic, given Madoff's advanced age of 71. Nevertheless, the judge said, it was important that the severity of the sentence serve as a deterrent to future offenders."
"By Tomoeh Murakami Tse
Washington Post Staff Writer
Tuesday, June 30, 2009
NEW YORK, June 29 -- Bernard L. Madoff, the mastermind behind one of the biggest and longest-running financial frauds in history, on Monday was ordered to serve 150 years in prison, the maximum sentence allowed, for a scheme that has come to define the latest iteration of Wall Street greed.
The sentence far surpasses that of other recent high-profile white-collar crimes and took many noted criminal defense attorneys and former federal prosecutors by surprise. In handing down the sentence, federal District Judge Denny Chin acknowledged that any term above 25 years would be symbolic, given Madoff's advanced age of 71. Nevertheless, the judge said, it was important that the severity of the sentence serve as a deterrent to future offenders."
HowStuffWorks "5 Wacky Forms of Alternative Energy"
HowStuffWorks "5 Wacky Forms of Alternative Energy": "5 Wacky Forms of Alternative Energy
by Jennifer Horton
Horton, Jennifer. '5 Wacky Forms of Alternative Energy.' 19 August 2008. HowStuffWorks.com. <http://science.howstuffworks.com/five-forms-alternative-energy.htm> 29 June 2009.
Inside this Article
1. 5 Wacky Forms of Alternative Energy
2. Wacky Alternative Energy 5: Pure (Human) Energy
3. Wacky Alternative Energy 4: Floating Wind Farms
4. Wacky Alternative Energy 3: Fill 'Er Up with Bug Excrement
5. Wacky Alternative Energy 2: Text 1-800-Piezoelectricity
6. Wacky Alternative Energy 1: Biogas Digestion
7. See more »
7. Lots More Information
8. See all Green Science articles
Aquatic Microbes Solve the Energy Crisis
Aquatic Microbes Solve the Energy Crisis
Play Video
* More Science Videos »
March 29, 2008, was an especially dark night for some people. Notable landmarks like Alcatraz Prison, the Sears Tower and the Sydney Opera House all went dark for an entire hour. This wasn't some strange coincidental power outage, though. Around the globe -- from Tel Aviv to Times Square -- people voluntarily switched off their lights to symbolize their growing concern about global warming. This show of unity, now an official movement called Earth Hour, is one of the more mainstream ideas to lessen our impact on the environment; others are decidedly more off the wall.
Energy Production Pictures
Earth Hour
Mark Kolbe/Getty Images
This hot air balloon promoted Earth Hour in Sydney, Australia, days before the worldwide event. People switched off their lights for an hour to spread the word about climate change. See more energy production pictures.
But drastic times call for drastic measures, and many people would categorize the current state of the environment as such a time. We live on a planet of finite resources -- some of which are crucial to our survival and others that harm the environment every time we use them."
by Jennifer Horton
Horton, Jennifer. '5 Wacky Forms of Alternative Energy.' 19 August 2008. HowStuffWorks.com. <http://science.howstuffworks.com/five-forms-alternative-energy.htm> 29 June 2009.
Inside this Article
1. 5 Wacky Forms of Alternative Energy
2. Wacky Alternative Energy 5: Pure (Human) Energy
3. Wacky Alternative Energy 4: Floating Wind Farms
4. Wacky Alternative Energy 3: Fill 'Er Up with Bug Excrement
5. Wacky Alternative Energy 2: Text 1-800-Piezoelectricity
6. Wacky Alternative Energy 1: Biogas Digestion
7. See more »
7. Lots More Information
8. See all Green Science articles
Aquatic Microbes Solve the Energy Crisis
Aquatic Microbes Solve the Energy Crisis
Play Video
* More Science Videos »
March 29, 2008, was an especially dark night for some people. Notable landmarks like Alcatraz Prison, the Sears Tower and the Sydney Opera House all went dark for an entire hour. This wasn't some strange coincidental power outage, though. Around the globe -- from Tel Aviv to Times Square -- people voluntarily switched off their lights to symbolize their growing concern about global warming. This show of unity, now an official movement called Earth Hour, is one of the more mainstream ideas to lessen our impact on the environment; others are decidedly more off the wall.
Energy Production Pictures
Earth Hour
Mark Kolbe/Getty Images
This hot air balloon promoted Earth Hour in Sydney, Australia, days before the worldwide event. People switched off their lights for an hour to spread the word about climate change. See more energy production pictures.
But drastic times call for drastic measures, and many people would categorize the current state of the environment as such a time. We live on a planet of finite resources -- some of which are crucial to our survival and others that harm the environment every time we use them."
HowStuffWorks "The Barn at Falling Water"
HowStuffWorks "The Barn at Falling Water": "Building 1: The Barn at Falling Water
This barn in western Pennsylvania lies on land adjacent to Frank Lloyd Wright's famous Fallingwater house -- a structure acclaimed for its artistic appeal and use of the natural landscape. In keeping with Fallingwater's brilliant integration of nature and civilization, the Western Pennsylvania Conservatory (WPC) uses the barn as a both a forum and example for visitors to learn about green building. It also holds community social events, such as barn dances, during its three-season availability. Originally built in the 19th century, the WPC had the barn renovated to become sustainable as a way to reflect their mission to connect the community to nature.
hands under faucet
Janis Christie/Getty Images
Low flow faucets, which restrict the amount of water that comes out, are common in sustainable buildings.
Among its numerous energy efficient methods, the barn uses a geothermal heat pump for heating and cooling needs. This device minimizes the need for fossil fuels by using the earth's ground as a source of heat in the winter and a place to get rid of heat in the winter. Other tools include sensors that shut off lights when a room is empty and when sunlight is sufficient to light a room. To preserve water, the facility recycles gray water. It also employs low flow fixtures that allow it to use less water to perform the same tasks. Using these has resulted in reducing the consumption of potable water by as much as 71 percent [source: AIA]. Bioswales, ditches that catch water and reroute it, also allow the facility to use water runoff from parking lots. In addition, the sprayed-on polyurethane insulation materials used in the barn are HCFC-free. HCFCs, or Hydrochlorofluorocarbons, are harmful to the ozone [source: EPA]. Other parts of the barn use straw bale insulation as well.
Striving to stay environmentally conscious from the outset, the construction teams were able to recycle 81 percent of the trash that resulted from renovation [source: AIA]. In addition, the site provides shaded parking for idle buses visiting the Fallingwater house so that they use less air conditioning.
So, have we whetted your appetite for sustainable design? If so, read the HowStuffWorks links on the next page to increase your green building education."
This barn in western Pennsylvania lies on land adjacent to Frank Lloyd Wright's famous Fallingwater house -- a structure acclaimed for its artistic appeal and use of the natural landscape. In keeping with Fallingwater's brilliant integration of nature and civilization, the Western Pennsylvania Conservatory (WPC) uses the barn as a both a forum and example for visitors to learn about green building. It also holds community social events, such as barn dances, during its three-season availability. Originally built in the 19th century, the WPC had the barn renovated to become sustainable as a way to reflect their mission to connect the community to nature.
hands under faucet
Janis Christie/Getty Images
Low flow faucets, which restrict the amount of water that comes out, are common in sustainable buildings.
Among its numerous energy efficient methods, the barn uses a geothermal heat pump for heating and cooling needs. This device minimizes the need for fossil fuels by using the earth's ground as a source of heat in the winter and a place to get rid of heat in the winter. Other tools include sensors that shut off lights when a room is empty and when sunlight is sufficient to light a room. To preserve water, the facility recycles gray water. It also employs low flow fixtures that allow it to use less water to perform the same tasks. Using these has resulted in reducing the consumption of potable water by as much as 71 percent [source: AIA]. Bioswales, ditches that catch water and reroute it, also allow the facility to use water runoff from parking lots. In addition, the sprayed-on polyurethane insulation materials used in the barn are HCFC-free. HCFCs, or Hydrochlorofluorocarbons, are harmful to the ozone [source: EPA]. Other parts of the barn use straw bale insulation as well.
Striving to stay environmentally conscious from the outset, the construction teams were able to recycle 81 percent of the trash that resulted from renovation [source: AIA]. In addition, the site provides shaded parking for idle buses visiting the Fallingwater house so that they use less air conditioning.
So, have we whetted your appetite for sustainable design? If so, read the HowStuffWorks links on the next page to increase your green building education."
HowStuffWorks "10 Sustainable Buildings"
HowStuffWorks "10 Sustainable Buildings": "Building 2: Wayne L. Morse U.S. Courthouse
recycled aluminum
Christopher Furlong/Getty Images
Materials for the Morse Courthouse construction included recycled aluminum.
Like the CDC, this courthouse in Eugene, Oregon is a sustainable federal government building. This massive structure is on a site previously occupied by a cannery plant that contributed to water runoff in a climate with 51 inches (about 1 meter) of rainfall each year. Efforts to reduce runoff led to the construction of underground parking, allowing for more landscape, instead of concrete, to surround the building. Moisture sensors that regulate irrigation and plants that can sustain little irrigation also reduce water consumption for the site. Waterless urinals and low flow plumbing fixtures help as well. All in all, this structure reduces water consumption by 40 percent [source: AIA].
To conserve energy, the building's architects designed the roof with clerestory windows which let significant light into the courtrooms, restricting the need for other lights (which have sensors that detect occupancy and other light). Glazing on the structure also insulates heat. Although buildings with such high ceilings are costly to keep warm, a heating system in the floor offers a solution for efficiency. Because heat rises, warming these rooms through the floor helps keep some heat near the floor. To keep the building cool in the winter, architects designed the structure to provide shade for certain areas of the building.
Builders also placed a high priority in using recycled content in such structures that used steel and aluminum.
The last building you'll learn about is no building at all, but a barn. Find out how this barn could help you appreciate sustainable design."
recycled aluminum
Christopher Furlong/Getty Images
Materials for the Morse Courthouse construction included recycled aluminum.
Like the CDC, this courthouse in Eugene, Oregon is a sustainable federal government building. This massive structure is on a site previously occupied by a cannery plant that contributed to water runoff in a climate with 51 inches (about 1 meter) of rainfall each year. Efforts to reduce runoff led to the construction of underground parking, allowing for more landscape, instead of concrete, to surround the building. Moisture sensors that regulate irrigation and plants that can sustain little irrigation also reduce water consumption for the site. Waterless urinals and low flow plumbing fixtures help as well. All in all, this structure reduces water consumption by 40 percent [source: AIA].
To conserve energy, the building's architects designed the roof with clerestory windows which let significant light into the courtrooms, restricting the need for other lights (which have sensors that detect occupancy and other light). Glazing on the structure also insulates heat. Although buildings with such high ceilings are costly to keep warm, a heating system in the floor offers a solution for efficiency. Because heat rises, warming these rooms through the floor helps keep some heat near the floor. To keep the building cool in the winter, architects designed the structure to provide shade for certain areas of the building.
Builders also placed a high priority in using recycled content in such structures that used steel and aluminum.
The last building you'll learn about is no building at all, but a barn. Find out how this barn could help you appreciate sustainable design."
HowStuffWorks "10 Sustainable Buildings"
HowStuffWorks "10 Sustainable Buildings": "Building 3: Lake View Terrace Library
The Lake View Terrace Library in Lake View Terrace, Calif., ties the community together with a structure that represents environmental sustainability and utility, as well as beauty. The efforts to attain a platinum LEED rating were successful and resulted in a highly sustainable building.
wind turbines generate power
Travelpix Ltd/Getty Images
The Lake View Terrace Library uses wind energy garnered from wind turbines such as these.
A PV array provides shade for the entrance and is the source for 15 percent of the library's energy use [source: AIA]. The library also agreed to a contract to ensure that the building uses wind energy, rather than fossil fueled energy. To minimize the need for artificial light, the reading room in the library lies along an east-west axis, which takes full advantage of daylight. Architects designed arch structures for the library to allow ventilation to keep the building cool without reliance on air conditioning. This works well even when there isn't a strong natural wind.
Design specifications incorporated plenty of room for landscaping, while making pavement for parking more space-efficient. With this landscaping, the library reduces the amount of its runoff by 25 percent [source: AIA]. To save water needed for irrigation of landscaping, many of the plants are drought-tolerant, and the system stops irrigation when it's raining. Plumbing features such as aerated faucets reduce unnecessary water consumption as well. These kinds of faucets mix air with the water to maintain a strong water flow while still conserving water use.
Builders were able to use material consisting of recycled content for much of the building. That includes the insulation, carpet and steel structures. In addition, the building's cement consists partly of fly ash. During construction, builders succeeded in recycling about 75 percent of the waste [source: AIA].
The next building you'll learn about uses waterless urinals to cut down on water consumption. Read the next page to learn what other ways this building conserves water."
The Lake View Terrace Library in Lake View Terrace, Calif., ties the community together with a structure that represents environmental sustainability and utility, as well as beauty. The efforts to attain a platinum LEED rating were successful and resulted in a highly sustainable building.
wind turbines generate power
Travelpix Ltd/Getty Images
The Lake View Terrace Library uses wind energy garnered from wind turbines such as these.
A PV array provides shade for the entrance and is the source for 15 percent of the library's energy use [source: AIA]. The library also agreed to a contract to ensure that the building uses wind energy, rather than fossil fueled energy. To minimize the need for artificial light, the reading room in the library lies along an east-west axis, which takes full advantage of daylight. Architects designed arch structures for the library to allow ventilation to keep the building cool without reliance on air conditioning. This works well even when there isn't a strong natural wind.
Design specifications incorporated plenty of room for landscaping, while making pavement for parking more space-efficient. With this landscaping, the library reduces the amount of its runoff by 25 percent [source: AIA]. To save water needed for irrigation of landscaping, many of the plants are drought-tolerant, and the system stops irrigation when it's raining. Plumbing features such as aerated faucets reduce unnecessary water consumption as well. These kinds of faucets mix air with the water to maintain a strong water flow while still conserving water use.
Builders were able to use material consisting of recycled content for much of the building. That includes the insulation, carpet and steel structures. In addition, the building's cement consists partly of fly ash. During construction, builders succeeded in recycling about 75 percent of the waste [source: AIA].
The next building you'll learn about uses waterless urinals to cut down on water consumption. Read the next page to learn what other ways this building conserves water."
HowStuffWorks "Austin Resource Center for the Homeless"
HowStuffWorks "Austin Resource Center for the Homeless": "Building 4: Austin Resource Center for the Homeless
When the city of Austin, Texas, required that public projects in the city qualify for LEED silver status, the architects of the Austin Resource Center for the Homeless jumped on board. This public building serves the homeless population in the city in addition to offering a computer room, an art room, and offices for other public organizations. Using energy and water saving methods as well as environmentally-friendly materials, the architects succeeded in building a highly sustainable and useful building.
electric car charging station
Daniel DeFabio/iStockPhoto
Some sustainable buildings, such as the Austin Resource Center, incorporate a charging station for electric cars.
Various structural designs that keep the building shaded reduce the energy needed to cool the building in the summer. Special coating on the roof reflects a significant amount of heat to keep the building cool. PV panels, donated to the project, help contribute the energy consumed in the building. Also, a solar hot water system supports the hot water supply and motion sensors turn off lights in rooms that are empty or don't need artificial light. All these factors mean the building uses 20 percent less energy [source: AIA]. Otherwise, using energy from renewable sources was a priority for the building's designers as well.
To efficiently use water, the building collects rain water, which is in turn used for flushing toilets and irrigation of the landscape. Sensors on the faucets cut down on water waste, too.
Architects also wanted to use recycled material wherever possible as well. So, cement partially composed of fly ash was used. And, although construction always entails producing waste, more than half ended up being recycled
In an effort to encourage alternative, clean transportation, planners designed a parking lot that limits spaces for cars (to encourage carpooling) and contains more space for bikes. In addition, the site includes a station for recharging electric cars. Its proximity to several bus lines also makes public transportation convenient.
One of the biggest challenges in green design is water conservation. On the next page, we'll learn how one building uses aerated faucets to reduce water consumption."
When the city of Austin, Texas, required that public projects in the city qualify for LEED silver status, the architects of the Austin Resource Center for the Homeless jumped on board. This public building serves the homeless population in the city in addition to offering a computer room, an art room, and offices for other public organizations. Using energy and water saving methods as well as environmentally-friendly materials, the architects succeeded in building a highly sustainable and useful building.
electric car charging station
Daniel DeFabio/iStockPhoto
Some sustainable buildings, such as the Austin Resource Center, incorporate a charging station for electric cars.
Various structural designs that keep the building shaded reduce the energy needed to cool the building in the summer. Special coating on the roof reflects a significant amount of heat to keep the building cool. PV panels, donated to the project, help contribute the energy consumed in the building. Also, a solar hot water system supports the hot water supply and motion sensors turn off lights in rooms that are empty or don't need artificial light. All these factors mean the building uses 20 percent less energy [source: AIA]. Otherwise, using energy from renewable sources was a priority for the building's designers as well.
To efficiently use water, the building collects rain water, which is in turn used for flushing toilets and irrigation of the landscape. Sensors on the faucets cut down on water waste, too.
Architects also wanted to use recycled material wherever possible as well. So, cement partially composed of fly ash was used. And, although construction always entails producing waste, more than half ended up being recycled
In an effort to encourage alternative, clean transportation, planners designed a parking lot that limits spaces for cars (to encourage carpooling) and contains more space for bikes. In addition, the site includes a station for recharging electric cars. Its proximity to several bus lines also makes public transportation convenient.
One of the biggest challenges in green design is water conservation. On the next page, we'll learn how one building uses aerated faucets to reduce water consumption."
HowStuffWorks "Colorado Court Affordable Housing Project"
HowStuffWorks "Colorado Court Affordable Housing Project": "Building 5: Colorado Court Affordable Housing Project
In a district of Santa Monica, Calif., where the cost of living has skyrocketed, city officials have been seeking ways to help low income people stay in the area. These efforts helped lead to the Colorado Court apartments, an environmentally conscious approach to affordable housing. With two on-site energy generation systems, this complex became the nation's first energy neutral affordable housing project [source: AIA]. These two systems are a PV panel system and a natural-gas turbine cogeneration system. In addition, the heat generated as a byproduct of the turbine system helps contribute to the hot water supply and radiator system of space heating.
Colorado Court housing
Lawrence Scarpa
The Colorado Court Affordable Housing Project
Part of what helps make this building so sustainable is that it incorporates no air conditioning systems. Architects made this possible by maximizing the use of breeze with window placement to encourage ventilation. The sides that don't get as much of the breeze benefit from shade of solar panels. Also, lights turn off in unoccupied rooms by the use of motion sensors. Management chose appliances, such as refrigerators, in the units that are especially energy efficient.
Another system constructed for the building collects rainwater from the entire block behind the building and filters it through the ground to reduce runoff. Low flow toilets and shower heads minimize water waste.
The design of the parking facilities also strives to contribute to environmentally-friendly practices. For instance, with only one parking space for every four units, residents are encouraged to take public transportation. The facility also designates space for bike storage as well as a station for recharging electric vehicles.
During construction, builders only needed to remove one tree from the area, which they then had replanted. The concrete used consists partly of fly ash, and recycled material makes up all of the carpets. In addition, builders used recycled newsprint for insulation.
On the next page, you'll learn about another facility that discourages driving through green parking lot design."
In a district of Santa Monica, Calif., where the cost of living has skyrocketed, city officials have been seeking ways to help low income people stay in the area. These efforts helped lead to the Colorado Court apartments, an environmentally conscious approach to affordable housing. With two on-site energy generation systems, this complex became the nation's first energy neutral affordable housing project [source: AIA]. These two systems are a PV panel system and a natural-gas turbine cogeneration system. In addition, the heat generated as a byproduct of the turbine system helps contribute to the hot water supply and radiator system of space heating.
Colorado Court housing
Lawrence Scarpa
The Colorado Court Affordable Housing Project
Part of what helps make this building so sustainable is that it incorporates no air conditioning systems. Architects made this possible by maximizing the use of breeze with window placement to encourage ventilation. The sides that don't get as much of the breeze benefit from shade of solar panels. Also, lights turn off in unoccupied rooms by the use of motion sensors. Management chose appliances, such as refrigerators, in the units that are especially energy efficient.
Another system constructed for the building collects rainwater from the entire block behind the building and filters it through the ground to reduce runoff. Low flow toilets and shower heads minimize water waste.
The design of the parking facilities also strives to contribute to environmentally-friendly practices. For instance, with only one parking space for every four units, residents are encouraged to take public transportation. The facility also designates space for bike storage as well as a station for recharging electric vehicles.
During construction, builders only needed to remove one tree from the area, which they then had replanted. The concrete used consists partly of fly ash, and recycled material makes up all of the carpets. In addition, builders used recycled newsprint for insulation.
On the next page, you'll learn about another facility that discourages driving through green parking lot design."
HowStuffWorks "Solar Umbrella House"
HowStuffWorks "Solar Umbrella House": "Building 6: Solar Umbrella House
solar umbrella house
Lawrence Scarpa
This is an image of the Solar Umbrella House
The initial structure for this house in Venice, Calif., dates back to the 1920s with a renovation 10 years later. In 2005, owners decided to renovate sections of the house as well as add portions, increasing it to more than twice its original size. These changes, which focused on making the structure more sustainable, included adding a 'solar umbrella' of PV panels which ended up providing 95 percent of the home's energy [source: AIA].
In addition to providing most of the energy for the house, the PV panels shade the house, reducing any energy needed for cooling the house. In addition, the structure allows cross ventilation to provide significant cooling. Also, three solar panels contribute to heating water for the hot water supply as well as for the swimming pool. A heating system that releases heat through the concrete floors of the house heats the house very efficiently. The structure allows for significant use of daylight -- so much so that artificial light is not necessary at all during a sunny day.
Construction materials used for the renovation included concrete that is 50 percent fly ash and recycled mild steel as well as other recycled materials [site: AIA]. Because they started with an existing structure, the builders were able to forego using a significant amount of new material. Not only that, but builders recycled about 85 percent of the waste that resulted from construction [site: AIA].
The amount of water runoff from the house is low as well, thanks to gravel that lets water seep into the ground. Eighty percent of the water that doesn't enter the ground doesn't turn into runoff either because of a water retention system that collects the water in a basin [site: AIA].
Owners chose particularly energy-efficient appliances and also implement lighting systems to reduce electricity use. After all is said and done, the home ends up consuming half of the gas that it did before, even though it is more than twice its original size.
If you really want to encourage earth-friendly behavior, don't just build a sustainable structure but make it difficult for the people who use the structure to park cars there. Learn more about this strategy on the next page."
solar umbrella house
Lawrence Scarpa
This is an image of the Solar Umbrella House
The initial structure for this house in Venice, Calif., dates back to the 1920s with a renovation 10 years later. In 2005, owners decided to renovate sections of the house as well as add portions, increasing it to more than twice its original size. These changes, which focused on making the structure more sustainable, included adding a 'solar umbrella' of PV panels which ended up providing 95 percent of the home's energy [source: AIA].
In addition to providing most of the energy for the house, the PV panels shade the house, reducing any energy needed for cooling the house. In addition, the structure allows cross ventilation to provide significant cooling. Also, three solar panels contribute to heating water for the hot water supply as well as for the swimming pool. A heating system that releases heat through the concrete floors of the house heats the house very efficiently. The structure allows for significant use of daylight -- so much so that artificial light is not necessary at all during a sunny day.
Construction materials used for the renovation included concrete that is 50 percent fly ash and recycled mild steel as well as other recycled materials [site: AIA]. Because they started with an existing structure, the builders were able to forego using a significant amount of new material. Not only that, but builders recycled about 85 percent of the waste that resulted from construction [site: AIA].
The amount of water runoff from the house is low as well, thanks to gravel that lets water seep into the ground. Eighty percent of the water that doesn't enter the ground doesn't turn into runoff either because of a water retention system that collects the water in a basin [site: AIA].
Owners chose particularly energy-efficient appliances and also implement lighting systems to reduce electricity use. After all is said and done, the home ends up consuming half of the gas that it did before, even though it is more than twice its original size.
If you really want to encourage earth-friendly behavior, don't just build a sustainable structure but make it difficult for the people who use the structure to park cars there. Learn more about this strategy on the next page."
HowStuffWorks "Adam Joseph Lewis Center for Environmental Studies"
HowStuffWorks "Adam Joseph Lewis Center for Environmental Studies": "Building 7: Adam Joseph Lewis Center for Environmental Studies
oberlin college sustainable building
Robb Williamson
The Lewis Center at Oberlin College with its adjacent wetland
Oberlin College likes to practice what it preaches. To reflect what students learn inside, the construction of the school's environmental studies building has focused on reducing environmental impact. Located in Oberlin, Ohio, the building, funded by private donations, implements several green building techniques to keep this large structure energy-efficient and yet comfortable.
For example, to minimize water consumption, the Lewis Center employs a water treatment system it named 'The Living Machine.' As the system takes in wastewater, the machine treats and purifies the water so that it can be reused for toilets.
The photovoltaic (PV) system on the building's roof also works to reduce environmental impact. Using the sunlight, this system provides a significant amount of the energy for the building, which reduces its reliance on coal-fired power plants. Whenever this system provides more energy than the building needs, the local power company purchases the gratuitous electricity. Sensors that detect sunlight and movement regulate lights, so to avoid unnecessary use.
As with the Factor 10 House, appropriately positioned windows help the building take significant advantage of the daylight. Geothermal wells also help to heat and cool the building.
When possible, the construction utilized scrap materials from the rest of the campus. For example, an old bowling lane is now a table in the Lewis Center."
oberlin college sustainable building
Robb Williamson
The Lewis Center at Oberlin College with its adjacent wetland
Oberlin College likes to practice what it preaches. To reflect what students learn inside, the construction of the school's environmental studies building has focused on reducing environmental impact. Located in Oberlin, Ohio, the building, funded by private donations, implements several green building techniques to keep this large structure energy-efficient and yet comfortable.
For example, to minimize water consumption, the Lewis Center employs a water treatment system it named 'The Living Machine.' As the system takes in wastewater, the machine treats and purifies the water so that it can be reused for toilets.
The photovoltaic (PV) system on the building's roof also works to reduce environmental impact. Using the sunlight, this system provides a significant amount of the energy for the building, which reduces its reliance on coal-fired power plants. Whenever this system provides more energy than the building needs, the local power company purchases the gratuitous electricity. Sensors that detect sunlight and movement regulate lights, so to avoid unnecessary use.
As with the Factor 10 House, appropriately positioned windows help the building take significant advantage of the daylight. Geothermal wells also help to heat and cool the building.
When possible, the construction utilized scrap materials from the rest of the campus. For example, an old bowling lane is now a table in the Lewis Center."
HowStuffWorks "Factor 10 House"
HowStuffWorks "Factor 10 House": "Building 8: Factor 10 House
Factor 10 house
Doug Snower Photography
The Factor 10 House view from the street.
Like the Z6 House, Chicago's Factor 10 House gets its name from its philosophy -- the claim that the structure consumes one-tenth of the environmental resources that the average home uses (in other words, it minimizes the ecological footprint by a 'factor of 10'). In an effort to find affordable methods to green build, Chicago's Department of Environment and Housing held a competition for designs, and Factor 10 was among the winners.
The Factor 10 house incorporates dozens of creative green building techniques, not the least of which is the solar chimney, which both warms and cools the house using fans. In addition to temperature functions, the solar chimney, which harnesses sunlight from windows for warmth, also provides light for the house, so to reduce its reliance on fossil fuels and electricity.
In addition to appliances and low flow fixtures that reduce energy and water use, the house uses a green roof planted with sedum. This roof both significantly reduces water runoff and causes evaporative cooling. Architects also oriented window placement so that few windows face north and south to reduce heat loss in the winter."
Factor 10 house
Doug Snower Photography
The Factor 10 House view from the street.
Like the Z6 House, Chicago's Factor 10 House gets its name from its philosophy -- the claim that the structure consumes one-tenth of the environmental resources that the average home uses (in other words, it minimizes the ecological footprint by a 'factor of 10'). In an effort to find affordable methods to green build, Chicago's Department of Environment and Housing held a competition for designs, and Factor 10 was among the winners.
The Factor 10 house incorporates dozens of creative green building techniques, not the least of which is the solar chimney, which both warms and cools the house using fans. In addition to temperature functions, the solar chimney, which harnesses sunlight from windows for warmth, also provides light for the house, so to reduce its reliance on fossil fuels and electricity.
In addition to appliances and low flow fixtures that reduce energy and water use, the house uses a green roof planted with sedum. This roof both significantly reduces water runoff and causes evaporative cooling. Architects also oriented window placement so that few windows face north and south to reduce heat loss in the winter."
HowStuffWorks "Z6 House"
HowStuffWorks "Z6 House": "Building 9: Z6 House
green roof on Z6 house
LivingHomes/Amy Sims
This photo features the green roof atop the Z6 house.
The Z6 House in Santa Monica, Calif., gets its name from the philosophy behind its construction. Specifically, it refers to the goal of attaining zero levels of these six factors: waste, energy, water, carbon, emissions and ignorance. This philosophy drove the owners and architects to use every green building method they could to make a sustainable and livable home. Builders succeeded in producing only a fraction (one-tenth) of the waste typically put out by home construction [source: AIA]. How did they do this? By actually building the house in pieces in a factory and then assembling these pieces on-site (which only took 13 hours). Not only is this method efficient, but it allows the owners to disassemble the house and move it to a new location should they choose. In addition, movable walls in all the bedrooms allow inhabitants to adapt the rooms to their needs."
green roof on Z6 house
LivingHomes/Amy Sims
This photo features the green roof atop the Z6 house.
The Z6 House in Santa Monica, Calif., gets its name from the philosophy behind its construction. Specifically, it refers to the goal of attaining zero levels of these six factors: waste, energy, water, carbon, emissions and ignorance. This philosophy drove the owners and architects to use every green building method they could to make a sustainable and livable home. Builders succeeded in producing only a fraction (one-tenth) of the waste typically put out by home construction [source: AIA]. How did they do this? By actually building the house in pieces in a factory and then assembling these pieces on-site (which only took 13 hours). Not only is this method efficient, but it allows the owners to disassemble the house and move it to a new location should they choose. In addition, movable walls in all the bedrooms allow inhabitants to adapt the rooms to their needs."
HowStuffWorks "CDC Division of Laboratory Sciences, Building 110"
HowStuffWorks "CDC Division of Laboratory Sciences, Building 110": "Building 10: CDC Division of Laboratory Sciences, Building 110
CDC sustainable building
Perkins + Will
The CDC Division of Laboratory Sciences, Building 110
Even the U.S government is jumping on the green building bandwagon, evidenced by this building, used for the Centers for Disease Control and Prevention (CDC) in Atlanta, Georgia. It achieved LEED Gold status (and was the first high-performance government building to do so) by incorporating several green building techniques. For instance, the water conservation systems allow rainwater to collect in cisterns and seep into the ground to irrigate the landscape. Even the condensation that forms on the heating, ventilation and air conditioning (HVAC) systems collects in these cisterns.
The material used for the building includes renewable resources, like bamboo, and builders recycled over half of the waste from construction.
To save energy, lights throughout the building are equipped with sensors that detect when a room is empty or when sunlight is sufficient, in which case the sensors would trigger the lights to shut off. Architects call this technique solar harvesting.
Adequate sunlight is especially important for the lab areas, as they are frequently occupied. The architects designed the building to permit lots of sunlight (even though the position of the building made this difficult). Sixteen-foot- (4.8-meter-) high ceilings allow sunlight to extend deeper into the lab rooms. In addition, a brise-soleil system (or sun shade structure) takes in light and reflects it throughout the building, while at the same time blocking solar heat. The efforts have paid off -- the building saves about $175 thousand in energy costs each year [source: AIA]
On the next page, we'll find out how one building produced only one-tenth of the waste the typical home construction projects creates."
CDC sustainable building
Perkins + Will
The CDC Division of Laboratory Sciences, Building 110
Even the U.S government is jumping on the green building bandwagon, evidenced by this building, used for the Centers for Disease Control and Prevention (CDC) in Atlanta, Georgia. It achieved LEED Gold status (and was the first high-performance government building to do so) by incorporating several green building techniques. For instance, the water conservation systems allow rainwater to collect in cisterns and seep into the ground to irrigate the landscape. Even the condensation that forms on the heating, ventilation and air conditioning (HVAC) systems collects in these cisterns.
The material used for the building includes renewable resources, like bamboo, and builders recycled over half of the waste from construction.
To save energy, lights throughout the building are equipped with sensors that detect when a room is empty or when sunlight is sufficient, in which case the sensors would trigger the lights to shut off. Architects call this technique solar harvesting.
Adequate sunlight is especially important for the lab areas, as they are frequently occupied. The architects designed the building to permit lots of sunlight (even though the position of the building made this difficult). Sixteen-foot- (4.8-meter-) high ceilings allow sunlight to extend deeper into the lab rooms. In addition, a brise-soleil system (or sun shade structure) takes in light and reflects it throughout the building, while at the same time blocking solar heat. The efforts have paid off -- the building saves about $175 thousand in energy costs each year [source: AIA]
On the next page, we'll find out how one building produced only one-tenth of the waste the typical home construction projects creates."
HHO Kits - Compare Hydrogen HHO Guides - Gas Conversion Kits - Water Car - water4gas - Run Your Car on Water - Water for Gas - Best HHO Conversion Kits
HHO Kits - Compare Hydrogen HHO Guides - Gas Conversion Kits - Water Car - water4gas - Run Your Car on Water - Water for Gas - Best HHO Conversion Kits:
"Please Take 5 minutes to find out how to easily and safely convert your car to a HHO Hybrid and lower your fuel costs!!
It's like getting FREE gasoline!
Up until recently, it was pretty expensive to convert your car to an HHO hybrid. The only way to convert your car to water by extracting Hydrogen Gas was to get it done professionally. which could cost as much as $2,000. Even stand-alone HHO conversion kits can sell for as much as $1500. Now you can easily convert your car to a HHO Hybrid yourself. With the increased fuel economy, imagine the money you will save for years to come.
There is a wide variety of HHO generator plans on the market today that are easy to install and give you huge gas mileage increases. Unfortunately, they are difficult to find and review on your own. We decided to sit down and review these new guides for you and rate the best ones. Our key criteria: safety, ease-of-use, affordability of materials, and speed of installation.
Overall, we were pleasantly surprised with the results we saw with only a few of the guides - if you pick the right guide, you could well be up and running in a few hours.
We reviewed the top 11 HHO Hydrogen kits - only 5 met this criteria:
check
Safety - Some HHO kits didn't meet our standards so they are not listed
check
Sizeable Fuel Savings - at least 35% more fuel efficiency with the right kit
check
Fast and Easy Setup - in only a few hours, even for novices
check
Affordable Set-Up Cost (well under $100)
Benefits of using water to make Hydrogen (HHO)...
check
Increase your Gas mileage and save money!
check
Save the planet and stop burning fossil fuels.
check
Reduce carbon emissions.
check
Reduce your engine temperature.
check
Get better engine performance with the kits we've chosen.
check
Your car will accelerate faster.
check
Your car will stop 'knocking' or 'pinging'.
check
Widens your engine's torque range.
check
Eliminates carbon deposit caused by unburned fuel.
check
It will NOT damage your car or your warranty !
So How Exactly Do You Make Your Car Run On Water?
Well, it's a lot easier than you think. The good news is that you only need a few inexpensive parts (around $100 or less worth) and a few hours of your time to install everything. Even if you're not technical, you can still do this, otherwise you can just get your mechanic to do it for you.
Think about it. A tiny initial investment can save you hundreds (or thousands) of dollars in fuel costs per year, not to mention save the planet at the same time...
We have gone through the best and worst guides online teaching you exactly how to make your car run on water. We have weeded out the crap and only listed the good quality products that really work. You won't find better guide's anywhere else on the internet, so quit looking and check our reviews below."
"Please Take 5 minutes to find out how to easily and safely convert your car to a HHO Hybrid and lower your fuel costs!!
It's like getting FREE gasoline!
Up until recently, it was pretty expensive to convert your car to an HHO hybrid. The only way to convert your car to water by extracting Hydrogen Gas was to get it done professionally. which could cost as much as $2,000. Even stand-alone HHO conversion kits can sell for as much as $1500. Now you can easily convert your car to a HHO Hybrid yourself. With the increased fuel economy, imagine the money you will save for years to come.
There is a wide variety of HHO generator plans on the market today that are easy to install and give you huge gas mileage increases. Unfortunately, they are difficult to find and review on your own. We decided to sit down and review these new guides for you and rate the best ones. Our key criteria: safety, ease-of-use, affordability of materials, and speed of installation.
Overall, we were pleasantly surprised with the results we saw with only a few of the guides - if you pick the right guide, you could well be up and running in a few hours.
We reviewed the top 11 HHO Hydrogen kits - only 5 met this criteria:
check
Safety - Some HHO kits didn't meet our standards so they are not listed
check
Sizeable Fuel Savings - at least 35% more fuel efficiency with the right kit
check
Fast and Easy Setup - in only a few hours, even for novices
check
Affordable Set-Up Cost (well under $100)
Benefits of using water to make Hydrogen (HHO)...
check
Increase your Gas mileage and save money!
check
Save the planet and stop burning fossil fuels.
check
Reduce carbon emissions.
check
Reduce your engine temperature.
check
Get better engine performance with the kits we've chosen.
check
Your car will accelerate faster.
check
Your car will stop 'knocking' or 'pinging'.
check
Widens your engine's torque range.
check
Eliminates carbon deposit caused by unburned fuel.
check
It will NOT damage your car or your warranty !
So How Exactly Do You Make Your Car Run On Water?
Well, it's a lot easier than you think. The good news is that you only need a few inexpensive parts (around $100 or less worth) and a few hours of your time to install everything. Even if you're not technical, you can still do this, otherwise you can just get your mechanic to do it for you.
Think about it. A tiny initial investment can save you hundreds (or thousands) of dollars in fuel costs per year, not to mention save the planet at the same time...
We have gone through the best and worst guides online teaching you exactly how to make your car run on water. We have weeded out the crap and only listed the good quality products that really work. You won't find better guide's anywhere else on the internet, so quit looking and check our reviews below."
HowStuffWorks "10 Sustainable Buildings"
HowStuffWorks "10 Sustainable Buildings": "Photovoltaic panels on roof
Robb Williamson
Photovoltaic panels used to help power the Lewis Center, building 7.
Green building. You've heard the words, but what do they mean? Green building is a trend in the architecture field to build structures that are water and energy efficient out of environmentally friendly materials. Manuel Cadrecha, a design director for the Centers for Disease Control and Prevention building, a structure we'll learn more about later in this article, believes that the green building process not only benefits the community at large but will soon become the norm [source: AIA].
HowStuffWorks picked ten sustainable buildings that stand out as inspirational examples of green building methods -- buildings that just may thrust green building into the realm of standard construction methods. By striving to keep these buildings sustainable in new and creative ways, architects and designers have successfully erected structures that reflect a growing sense of stewardship for the environment. They have found solutions to problems such as water runoff, heating and cooling energy consumption, construction waste and water waste, among other issues. These buildings span different climates (in states such as California, Ohio, and Georgia) and different functions (homes, courthouses, offices), displaying just how versatile green building can be.
The American Institute of Architects (AIA) has distinguished many of these buildings with places in their annual top ten lists of Green Projects, and the U.S. Green Building Council has bestowed high LEED ratings on most as well. LEED, which stands for Leadership in Energy and Environmental Design, uses a rating point system to measure sustainability and awards silver, gold, and platinum status to a completed project.
Among the other advantages of sustainable building, it turns out that going green might actually save you green -- dollar bills, that is. Although green building construction can be pricey up front, the money you spend initially could come trickling back in the form of lower water and energy bills. So whether you want to reduce your ecological footprint, you are interested in architectural trends or you just want to save some cash, read on to learn about some truly inspirational sustainable projects.
"
Robb Williamson
Photovoltaic panels used to help power the Lewis Center, building 7.
Green building. You've heard the words, but what do they mean? Green building is a trend in the architecture field to build structures that are water and energy efficient out of environmentally friendly materials. Manuel Cadrecha, a design director for the Centers for Disease Control and Prevention building, a structure we'll learn more about later in this article, believes that the green building process not only benefits the community at large but will soon become the norm [source: AIA].
HowStuffWorks picked ten sustainable buildings that stand out as inspirational examples of green building methods -- buildings that just may thrust green building into the realm of standard construction methods. By striving to keep these buildings sustainable in new and creative ways, architects and designers have successfully erected structures that reflect a growing sense of stewardship for the environment. They have found solutions to problems such as water runoff, heating and cooling energy consumption, construction waste and water waste, among other issues. These buildings span different climates (in states such as California, Ohio, and Georgia) and different functions (homes, courthouses, offices), displaying just how versatile green building can be.
The American Institute of Architects (AIA) has distinguished many of these buildings with places in their annual top ten lists of Green Projects, and the U.S. Green Building Council has bestowed high LEED ratings on most as well. LEED, which stands for Leadership in Energy and Environmental Design, uses a rating point system to measure sustainability and awards silver, gold, and platinum status to a completed project.
Among the other advantages of sustainable building, it turns out that going green might actually save you green -- dollar bills, that is. Although green building construction can be pricey up front, the money you spend initially could come trickling back in the form of lower water and energy bills. So whether you want to reduce your ecological footprint, you are interested in architectural trends or you just want to save some cash, read on to learn about some truly inspirational sustainable projects.
"
Sunday, June 28, 2009
Google Voice: 5 Reasons to Use It, 5 Reasons to Think Twice - PC World
Google Voice: 5 Reasons to Use It, 5 Reasons to Think Twice - PC World:
"After weeks of anticipation, Google is finally accepting a limited number of new users into its Google Voice phone system. Google Voice allows you to unite all of your phones under a single number and then use a powerful set of controls to determine how calls are handled. It packs plenty of other impressive functionality, too, including voicemail-to-text transcribing and advanced call-screening.
(Check out PC World's review of Google Voice)
At the same time, though, adopting Google Voice as your communications commander introduces some potential negatives, ranging from privacy-related concerns to questions about reliability. Here's a breakdown of five pros and five cons to help you determine whether the service is right for you.
Google Voice: 5 Reasons to Use It
1. Routing power
Google Voice eliminates the problem of having multiple numbers for multiple purposes. Once you sign up and receive a phone number, you input all of your existing numbers--your cell phone, work phone, home phone, and anything else--into the control panel. Then, when you receive a call, all of your phones will ring (or a smaller subset, if you choose), and you can answer on whichever one is most convenient at the time.
The true power, though, comes with Google Voice's advanced routing options. You can set your preferences so that certain calls will ring only certain phones. If, for example, you wanted your spouse's calls to go straight through to your cell phone, or your mother's calls to ring only on your home phone, you could make those specifications. You could even set certain callers to be routed directly into your voicemail.
2. Screening power
Once a call comes through, you have a whole new set of options. When you pick up the call, and while the caller still hears ringing, you'll be presented with the person's name and four options: answer the call, send it to voicemail, send it to voicemail and listen in live, or answer and record the call.
Google Voice uses information from your address book to tell you who's calling. If the caller isn't in your contacts list, Google Voice can ask for their name and play it back for you when you pick up.
3. Voicemail power
As mentioned above, Google Voice's voicemail system allows you to listen in while someone is recording a message. If you decide to pick up midmessage, you simply press the star key and begin talking.
Google Voice voicemail transcriptionGoogle Voice's voicemail is fully accessible over the Web, too: You can listen to voicemail online, forward voice messages to other users, and even embed them on other Web sites. Google Voice also offers text transcriptions of your voice messages and the ability to receive them via e-mail or text message.
4. SMS power
SMS is fully integrated into Google Voice. If someone sends a message to your Google number, the service will route it to any mobile phones you have connected. You can reply to text messages from any phone as well, or via the Google Voice Web interface.
Google Voice can also store all of your text messages within its Web interface for permanent archiving. That means every text you've ever sent or received can be filed, searched, and kept forever--as if it were e-mail. Like Gmail, the Google Voice Web system displays back-and-forth messages as conversations to make following dialogues easier.
5. Midcall power
Google Voice gives you added power while you're in the middle of a call, too. You can start and stop recording calls with the touch of a single button, and then access those recordings online. You can also switch phones without having to interrupt the call: You simply press the star key while talking, and your other connected phones will begin to ring. At that point, you can pick any of them up, hang the original phone up, and go about your conversation as if nothing had happened."
"After weeks of anticipation, Google is finally accepting a limited number of new users into its Google Voice phone system. Google Voice allows you to unite all of your phones under a single number and then use a powerful set of controls to determine how calls are handled. It packs plenty of other impressive functionality, too, including voicemail-to-text transcribing and advanced call-screening.
(Check out PC World's review of Google Voice)
At the same time, though, adopting Google Voice as your communications commander introduces some potential negatives, ranging from privacy-related concerns to questions about reliability. Here's a breakdown of five pros and five cons to help you determine whether the service is right for you.
Google Voice: 5 Reasons to Use It
1. Routing power
Google Voice eliminates the problem of having multiple numbers for multiple purposes. Once you sign up and receive a phone number, you input all of your existing numbers--your cell phone, work phone, home phone, and anything else--into the control panel. Then, when you receive a call, all of your phones will ring (or a smaller subset, if you choose), and you can answer on whichever one is most convenient at the time.
The true power, though, comes with Google Voice's advanced routing options. You can set your preferences so that certain calls will ring only certain phones. If, for example, you wanted your spouse's calls to go straight through to your cell phone, or your mother's calls to ring only on your home phone, you could make those specifications. You could even set certain callers to be routed directly into your voicemail.
2. Screening power
Once a call comes through, you have a whole new set of options. When you pick up the call, and while the caller still hears ringing, you'll be presented with the person's name and four options: answer the call, send it to voicemail, send it to voicemail and listen in live, or answer and record the call.
Google Voice uses information from your address book to tell you who's calling. If the caller isn't in your contacts list, Google Voice can ask for their name and play it back for you when you pick up.
3. Voicemail power
As mentioned above, Google Voice's voicemail system allows you to listen in while someone is recording a message. If you decide to pick up midmessage, you simply press the star key and begin talking.
Google Voice voicemail transcriptionGoogle Voice's voicemail is fully accessible over the Web, too: You can listen to voicemail online, forward voice messages to other users, and even embed them on other Web sites. Google Voice also offers text transcriptions of your voice messages and the ability to receive them via e-mail or text message.
4. SMS power
SMS is fully integrated into Google Voice. If someone sends a message to your Google number, the service will route it to any mobile phones you have connected. You can reply to text messages from any phone as well, or via the Google Voice Web interface.
Google Voice can also store all of your text messages within its Web interface for permanent archiving. That means every text you've ever sent or received can be filed, searched, and kept forever--as if it were e-mail. Like Gmail, the Google Voice Web system displays back-and-forth messages as conversations to make following dialogues easier.
5. Midcall power
Google Voice gives you added power while you're in the middle of a call, too. You can start and stop recording calls with the touch of a single button, and then access those recordings online. You can also switch phones without having to interrupt the call: You simply press the star key while talking, and your other connected phones will begin to ring. At that point, you can pick any of them up, hang the original phone up, and go about your conversation as if nothing had happened."
JPMorgan CEO warns against too many regulators | Reuters
JPMorgan CEO warns against too many regulators | Reuters:
CHICAGO (Reuters) - Too many regulators will only increase costs and reduce credit opportunities for consumers, JPMorgan Chase & Co Chief Executive Jamie Dimon warned in a column he wrote in Saturday's Wall Street Journal.
While praising President Barack Obama's efforts to reform the U.S. financial system, Dimon said the emphasis should be on strengthening existing regulators over creating new ones.
'Any regulatory overhaul should ensure that governmental oversight of the financial system is efficient,' wrote Dimon, who is widely regarded as the top banker to have been least tarnished by the financial crisis. 'We should avoid the temptation to have multiple regulators just for the sake of having them.
'Three or four different regulators all looking at (and fighting over) the same issue is not a wise use of taxpayer money,' he said. 'Companies can't operate that way. Neither should the government.'
Obama last week unveiled a sweeping package of reforms to rewrite the rules for banks and capital markets in response to a severe financial crisis that has dragged down economies worldwide for more than a year.
Dimon said he supports the creation of a single bank regulator, a move he said was long overdue.
Another major Obama goal is to do more to protect consumers by transferring consumer protection dealing with mortgages, credit cards, payday loans and other financial products out of 10 agencies and into a new agency.
Dimon agreed with the need to boost consumer protection but warned regulators must be careful.
'Before creating an entirely new federal bureaucracy, policy makers should first examine ways to strengthen and refocus the authority of existing regulators,' he wrote. 'Creating duplicative and overlapping functions could increase costs and reduce credit opportunities for the consumers we are trying to protect.'
A key catalyst for the financial crisis has been the enormous amount of debt shouldered by Americans during a real estate bubble fueled by subprime mortgages that many borrowers could not afford or understand.
As defaults and foreclosures rose last year, exotic financial instruments backed by shaky mortgages broke down and the capital markets froze for a time amid uncertainty about the condition of banks' balance sheets.
The combined effects helped drag the United States into recession.
Dimon said financial institutions need to clean up their act and earn back the public's trust.
'Company leadership must foster a culture within their institutions that focuses on integrity, strong execution, quality products, long-term value creation and doing the right thing,' he wrote.
'Golden parachutes, special contracts, and unreasonable perks must disappear.'
(Reporting by Ben Klayman; Editing by Bill Trott)"
CHICAGO (Reuters) - Too many regulators will only increase costs and reduce credit opportunities for consumers, JPMorgan Chase & Co Chief Executive Jamie Dimon warned in a column he wrote in Saturday's Wall Street Journal.
While praising President Barack Obama's efforts to reform the U.S. financial system, Dimon said the emphasis should be on strengthening existing regulators over creating new ones.
'Any regulatory overhaul should ensure that governmental oversight of the financial system is efficient,' wrote Dimon, who is widely regarded as the top banker to have been least tarnished by the financial crisis. 'We should avoid the temptation to have multiple regulators just for the sake of having them.
'Three or four different regulators all looking at (and fighting over) the same issue is not a wise use of taxpayer money,' he said. 'Companies can't operate that way. Neither should the government.'
Obama last week unveiled a sweeping package of reforms to rewrite the rules for banks and capital markets in response to a severe financial crisis that has dragged down economies worldwide for more than a year.
Dimon said he supports the creation of a single bank regulator, a move he said was long overdue.
Another major Obama goal is to do more to protect consumers by transferring consumer protection dealing with mortgages, credit cards, payday loans and other financial products out of 10 agencies and into a new agency.
Dimon agreed with the need to boost consumer protection but warned regulators must be careful.
'Before creating an entirely new federal bureaucracy, policy makers should first examine ways to strengthen and refocus the authority of existing regulators,' he wrote. 'Creating duplicative and overlapping functions could increase costs and reduce credit opportunities for the consumers we are trying to protect.'
A key catalyst for the financial crisis has been the enormous amount of debt shouldered by Americans during a real estate bubble fueled by subprime mortgages that many borrowers could not afford or understand.
As defaults and foreclosures rose last year, exotic financial instruments backed by shaky mortgages broke down and the capital markets froze for a time amid uncertainty about the condition of banks' balance sheets.
The combined effects helped drag the United States into recession.
Dimon said financial institutions need to clean up their act and earn back the public's trust.
'Company leadership must foster a culture within their institutions that focuses on integrity, strong execution, quality products, long-term value creation and doing the right thing,' he wrote.
'Golden parachutes, special contracts, and unreasonable perks must disappear.'
(Reporting by Ben Klayman; Editing by Bill Trott)"
Friday, June 26, 2009
Business Mirror - A broader look at today's business - Headlines
Business Mirror - A broader look at today's business - Headlines: "$1-B dam to rise in Tanay
to boost Metro water, power
By Jennifer A. Ng
Reporter
GOVERNMENT is finally pushing through with the construction of the $1-billion long-planned dam in Tanay, Rizal, envisioned as the source of an additional 1,830 million liters of water daily for Metro Manila, and to generate 25 megawatts of electricity.
The Luzon Urban Beltway (LUB) announced that President Arroyo has ordered the revival of the Laiban Dam project, which had been on hold for almost 27 years.
�The President has already given me the go signal to revive and eventually complete the construction of the project within six years. The construction scheduled is from 2008 to 2013,� said LUB chief Edgardo Pamintuan.
The Metropolitan Waterworks and Sewerage System had completed a feasibility of the project as early as 1984.
The LUB said the presidential go-ahead came following an agreement with China for funding, but did not specify what form exactly the fund would come in.
LUB is one of the five super regions launched by the President during her state of the nation address last year. It is composed of most of Central Luzon, Metro Manila, Calabarzon, Marinduque and the Mindoro provinces.
LUB is overseeing 25 mega infrastructure projects at present, worth more than P375 billion. Most are scheduled to be completed before the President�s term ends in 2010."
to boost Metro water, power
By Jennifer A. Ng
Reporter
GOVERNMENT is finally pushing through with the construction of the $1-billion long-planned dam in Tanay, Rizal, envisioned as the source of an additional 1,830 million liters of water daily for Metro Manila, and to generate 25 megawatts of electricity.
The Luzon Urban Beltway (LUB) announced that President Arroyo has ordered the revival of the Laiban Dam project, which had been on hold for almost 27 years.
�The President has already given me the go signal to revive and eventually complete the construction of the project within six years. The construction scheduled is from 2008 to 2013,� said LUB chief Edgardo Pamintuan.
The Metropolitan Waterworks and Sewerage System had completed a feasibility of the project as early as 1984.
The LUB said the presidential go-ahead came following an agreement with China for funding, but did not specify what form exactly the fund would come in.
LUB is one of the five super regions launched by the President during her state of the nation address last year. It is composed of most of Central Luzon, Metro Manila, Calabarzon, Marinduque and the Mindoro provinces.
LUB is overseeing 25 mega infrastructure projects at present, worth more than P375 billion. Most are scheduled to be completed before the President�s term ends in 2010."
Filipino invention lets fish live without water
Filipino invention lets fish live without water: "Monday, 15 June 2009 20:25
PILI, Camarines Sur—Ever heard of fish living without water all day long?
The Bureau of Fisheries and Aquatic Resources (BFAR) regional office for Bicol is actually adopting a technology that would preserve the life of commercial fish and let it live 10 to 18 hours in containers without water.
The agency has recently forged an agreement on the use of the Buhi Waterless Fish Transport Technology (BWFTT) with its inventor, Bonifacio Comandante Jr., a multiawarded scientist.
Comandante presented his invention to BFAR, researchers and fish traders from Albay and Camarines Sur.
The invention, according to BFAR regional director Dennis del Socorro, makes possible the transport of live fish species such as grouper, shrimp, snapper, seabass, tilapia, pompano, milkfish, shellfish, as well as tiger prawn and crab for many hours without water.
Comandante, Del Socorro said, begged off from divulging the secret of his invention but demonstrated how he could make fish hibernate or sleep then quickly revive itself once brought back to water.
The technology, however, requires a favorable environmental condition for live fish to be preserved for longer periods of time out of water, he said.
During the presentation, the world-class inventor, who is a native of Siquijor but presently resides in the lake town of Buhi, Camarines Sur, successfully tested the waterless live-fish technology on salmon that lived through a 12-hour transportation period, and yellow fin tuna and abalone within 14 to 18 hours.
BFAR national director Malcolm Sarmiento, who witnessed how the invention worked, said the it is a major breakthrough for the fisheries sector.
He said continuous tests would have to be conducted to ensure that no harmful residues are found in the fish although initial laboratory tests conducted by BFAR in validating the technology including necropsy and pathology showed no traces of toxins or abnormalities in the fish.
This technological breakthrough in live fish transport would give fish traders from Bicol a competitive advantage and savings in the cost of live-fish shipment where water, which composes 75 percent of the shipment weight, would no longer be needed.
Fish caught from most parts of the Bicol region are traded in as far as Metro Manila and that require 12 to 14 hours of land transportation.
The technology has been proven effective by several companies like the Saranggani Farms, Vitarich and Century PG, all clients of Buhi Marine Worldwide Supply Inc., which Comandante heads as president. Buhi Marine provides waterless live- fish transport services to these companies.
Comandante is an agricultural engineer who graduated from the University of the Philippines in Los Baños, Laguna. He holds a master’s degree in economics from the Asian Social Institute and Coastal Resources Management of Siliman University.
He is also a candidate for a doctorate degree in Marine Biology and currently taking up doctoral studies in Applied Cosmic Anthropology.
Among the awards he received for his innovations are: finalist in the World Bank Development Market Place in Washington D.C., USA (2007); winner of the Philippine Emerging Start-ups Open Biz Plan Challenge (2007); winner of the World Bank Development Panibagong Paraan in Manila (2006); Pillar of Agricultural Development Award by the Department of Agriculture (2006); Inventor’s Award by the Galing Pilipino Movement (2006); Best International Business Award of the University of San Francisco (2005); Outstanding Creative Research Award of the Department of Science and Technology (2005); and Innovations Award of the Department of Trade and Industry (2005).
He was also featured in the Go Negosyo Book of 2007 as one of the 50 successful Filipino entrepreneurs with inspiring stories."
PILI, Camarines Sur—Ever heard of fish living without water all day long?
The Bureau of Fisheries and Aquatic Resources (BFAR) regional office for Bicol is actually adopting a technology that would preserve the life of commercial fish and let it live 10 to 18 hours in containers without water.
The agency has recently forged an agreement on the use of the Buhi Waterless Fish Transport Technology (BWFTT) with its inventor, Bonifacio Comandante Jr., a multiawarded scientist.
Comandante presented his invention to BFAR, researchers and fish traders from Albay and Camarines Sur.
The invention, according to BFAR regional director Dennis del Socorro, makes possible the transport of live fish species such as grouper, shrimp, snapper, seabass, tilapia, pompano, milkfish, shellfish, as well as tiger prawn and crab for many hours without water.
Comandante, Del Socorro said, begged off from divulging the secret of his invention but demonstrated how he could make fish hibernate or sleep then quickly revive itself once brought back to water.
The technology, however, requires a favorable environmental condition for live fish to be preserved for longer periods of time out of water, he said.
During the presentation, the world-class inventor, who is a native of Siquijor but presently resides in the lake town of Buhi, Camarines Sur, successfully tested the waterless live-fish technology on salmon that lived through a 12-hour transportation period, and yellow fin tuna and abalone within 14 to 18 hours.
BFAR national director Malcolm Sarmiento, who witnessed how the invention worked, said the it is a major breakthrough for the fisheries sector.
He said continuous tests would have to be conducted to ensure that no harmful residues are found in the fish although initial laboratory tests conducted by BFAR in validating the technology including necropsy and pathology showed no traces of toxins or abnormalities in the fish.
This technological breakthrough in live fish transport would give fish traders from Bicol a competitive advantage and savings in the cost of live-fish shipment where water, which composes 75 percent of the shipment weight, would no longer be needed.
Fish caught from most parts of the Bicol region are traded in as far as Metro Manila and that require 12 to 14 hours of land transportation.
The technology has been proven effective by several companies like the Saranggani Farms, Vitarich and Century PG, all clients of Buhi Marine Worldwide Supply Inc., which Comandante heads as president. Buhi Marine provides waterless live- fish transport services to these companies.
Comandante is an agricultural engineer who graduated from the University of the Philippines in Los Baños, Laguna. He holds a master’s degree in economics from the Asian Social Institute and Coastal Resources Management of Siliman University.
He is also a candidate for a doctorate degree in Marine Biology and currently taking up doctoral studies in Applied Cosmic Anthropology.
Among the awards he received for his innovations are: finalist in the World Bank Development Market Place in Washington D.C., USA (2007); winner of the Philippine Emerging Start-ups Open Biz Plan Challenge (2007); winner of the World Bank Development Panibagong Paraan in Manila (2006); Pillar of Agricultural Development Award by the Department of Agriculture (2006); Inventor’s Award by the Galing Pilipino Movement (2006); Best International Business Award of the University of San Francisco (2005); Outstanding Creative Research Award of the Department of Science and Technology (2005); and Innovations Award of the Department of Trade and Industry (2005).
He was also featured in the Go Negosyo Book of 2007 as one of the 50 successful Filipino entrepreneurs with inspiring stories."
Tuesday, June 23, 2009
Sunday, June 21, 2009
PHILIPPINES - Google Finance Search
PHILIPPINES - Google Finance Search: "Company Exchange Symbol Last price Quote change Market cap
San Miguel Corporation PSE SMCB
SM Prime Holdings, Inc. PSE SMPH
SM Investments Corporation PSE SM
Metro Pacific Tollways Corporation PSE TOL
Ayala Corporation PSE AC
San Miguel Brewery, Inc. PSE SMB
Globe Telecom, Inc. PSE GLO
Ayala Land, Inc. PSE ALI
Pilipino Telephone Corporation PSE PLTL
Manila Electric Company PSE MER
Jollibee Foods Corporation PSE JFC
Petron Corporation PSE PCOR
Metropolitan Bank & Trust Company PSE MBT
PAL Holdings, Inc. PSE PAL
Philex Mining Corporation PSE PX
International Container Terminal Service PSE ICT
Banco de Oro UniBank , Inc. PSE BDO
First Gen Corp. PSE FGEN
Aboitiz Equity Ventures, Inc. PSE AEV
GMA Network, Inc. PSE GMA7"
San Miguel Corporation PSE SMCB
SM Prime Holdings, Inc. PSE SMPH
SM Investments Corporation PSE SM
Metro Pacific Tollways Corporation PSE TOL
Ayala Corporation PSE AC
San Miguel Brewery, Inc. PSE SMB
Globe Telecom, Inc. PSE GLO
Ayala Land, Inc. PSE ALI
Pilipino Telephone Corporation PSE PLTL
Manila Electric Company PSE MER
Jollibee Foods Corporation PSE JFC
Petron Corporation PSE PCOR
Metropolitan Bank & Trust Company PSE MBT
PAL Holdings, Inc. PSE PAL
Philex Mining Corporation PSE PX
International Container Terminal Service PSE ICT
Banco de Oro UniBank , Inc. PSE BDO
First Gen Corp. PSE FGEN
Aboitiz Equity Ventures, Inc. PSE AEV
GMA Network, Inc. PSE GMA7"
Government wants telcos to withdraw case
Government wants telcos to withdraw case: "Written by Lenie Lectura / Reporter
Thursday, 18 June 2009 21:06
REGULATORS on Thursday said mobile phone firms should move to “partially withdraw” a nine-year old court case which barred the National Telecommunications Commission (NTC) from implementing a June 2000, circular on new billing rules.
The billing circular attempts, among others, to extend the validity of credit loads, to register the prepaid SIM (subscriber identification module) cards, and modify the unit of billing for cellular calls from per minute to six-second per pulse billing.
“They are saying that the case is already moot and academic because some of the provisions are already being enforced. Now, if that is the case, then why don’t they withdraw the case they filed against the NTC or perhaps consider a partial withdrawal if what they are saying is true,” said NTC deputy commissioner Michael Douglas Mallillin in an interview.
The NTC’s hands, he said, are tied. “We can’t regulate or issue rules, which are somewhat related to the circular being questioned. We are operating under certain legal constraints, so to speak,” added the NTC official.
The billing circular was issued by the NTC on June 16, 2000 despite the strong and valid protests from Smart Communications Inc. and Globe Telecom. The NTC, which was then headed by commissioner Joseph Santiago, argued that the issuance of the billing circular was a reasonable exercise of the state’s police power.
Five months after the NTC issued the circular, the carriers successfully sought a temporary restraining order (TRO) from the Quezon City Regional trial Court (QCRTC). The NTC fought it out with the carriers by elevating the case to the Court of Appeals (CA) after its motion for reconsideration was denied by the lower court.
The CA granted the NTC’s petition for certiorari and prohibition. It then nullified and set aside the preliminary injunction granted by the QCRTC. It also dismissed the petitioners’ complaints and referred them back to the NTC, which it said had jurisdiction over the case.
But the telcos filed a petition for review before the Supreme Court, saying the CA erred in its ruling. The High Tribunal then remanded the matter to the QCRTC Branch 77.
The NTC, through the through the Office of the Solicitor General, asked the SC to reverse, set aside and issue a new order affirming the CA’s decision dated October 9, 2001 and resolution dated January 10, 2002.
To date, the case remains pending.
Globe lawyer Froilan Castelo said there is no such thing as “partial withdrawal” of a lawsuit. “It does not work that way. It’s either the case is withdrawn or the court dismisses the case,” he said.
Globe and Smart are expected on Monday to raise their comments on the proposals laid down by the NTC in a recent meeting with the carriers. Mallillin said the NTC is pushing for the prepaid SIM registration to minimize complaints on text scam, extension of prepaid validity from one day to at least two days for a P10-load, and charging of mobile voice calls—regardless if the subscriber’s account is postpaid or prepaid—on a per-second basis.
“These are the salient points of the 2000 circular, which carriers should look into if they can do something about it. Their initial response was that they will consult their technical people before they get back to us. But they know that we are waiting for their reply on Monday, when we meet them again,” said the NTC official.
Smart is already conducting a voluntary registration of prepaid SIM cards. But if the NTC wants to impose a mandatory registration then the agency should pay for the cost that Smart will incur, said the cellular firm.
Smart and Sun Cellular are already offering bucket pricing schemes which offer unlimited call and text messaging services. They said their promos are far better than the proposed per-second charging.
“Why charge on a per-second basis if we are already offering the service on an unlimited basis?” said Digitel lawyer William Pamintuan when sought for comment. Sun Cellular is the cellular brand of listed-firm Digital Telecommunications.
Smart lawyer Roy Ibay said the regulators should acknowledge the efforts made by the industry players in making their services more affordable. “Nine years ago, the rates were still high. Now, there are unlimited offerings. We are somewhat already enforcing some of the provisions in the 2000 circular,” he said.
Globe is already offering a promo which charges subscribers on a per-second basis. The NTC said if the telcos’ networks can already handle per-second charging then why not offer it on a permanent basis. “The per-second charging scheme should be institutionalized. Subscribers don’t have to key in certain access numbers for them to be enrolled in the promo,” said Mallillin.
But Castelo said not all subscribers prefer the per-second billing. “We are giving consumers choices. Some of the subscribers prefer to have short conversation while others, particularly those on postpaid subscription, talk longer.”
Smart, Globe and Sun Cellular are now in hot water over protest on “vanishing load.” But the phone firms blamed the content providers for deducting prepaid credit loads of subscribers who receive certain promos or advertisement which they did not subscribed to.
“There should be some sort of punishment to these erring content providers,” added Ibay.
The NTC had also proposed that all prepaid cards should have a six-month expiry while SIM cards should be valid for two years.
Napoleon Nazareno, Smart president, said earlier that the cellular firm would incur additional cost if SIM cards are kept permanently activated.
“It is not practical to do that because there is cost involved in maintaining the subscriber’s account. Besides, if we were to pattern it abroad then the subscriber would pay more than fifty times than it cost them to buy one SIM card here,” said Nazareno.
The NTC proposed that cellular firms can re-activate an expired SIM card upon the subscribers’ request at no additional cost.
Also, the NTC wants the phone firms to update their subscribers of the remaining value of their cards before the start of every call."
Thursday, 18 June 2009 21:06
REGULATORS on Thursday said mobile phone firms should move to “partially withdraw” a nine-year old court case which barred the National Telecommunications Commission (NTC) from implementing a June 2000, circular on new billing rules.
The billing circular attempts, among others, to extend the validity of credit loads, to register the prepaid SIM (subscriber identification module) cards, and modify the unit of billing for cellular calls from per minute to six-second per pulse billing.
“They are saying that the case is already moot and academic because some of the provisions are already being enforced. Now, if that is the case, then why don’t they withdraw the case they filed against the NTC or perhaps consider a partial withdrawal if what they are saying is true,” said NTC deputy commissioner Michael Douglas Mallillin in an interview.
The NTC’s hands, he said, are tied. “We can’t regulate or issue rules, which are somewhat related to the circular being questioned. We are operating under certain legal constraints, so to speak,” added the NTC official.
The billing circular was issued by the NTC on June 16, 2000 despite the strong and valid protests from Smart Communications Inc. and Globe Telecom. The NTC, which was then headed by commissioner Joseph Santiago, argued that the issuance of the billing circular was a reasonable exercise of the state’s police power.
Five months after the NTC issued the circular, the carriers successfully sought a temporary restraining order (TRO) from the Quezon City Regional trial Court (QCRTC). The NTC fought it out with the carriers by elevating the case to the Court of Appeals (CA) after its motion for reconsideration was denied by the lower court.
The CA granted the NTC’s petition for certiorari and prohibition. It then nullified and set aside the preliminary injunction granted by the QCRTC. It also dismissed the petitioners’ complaints and referred them back to the NTC, which it said had jurisdiction over the case.
But the telcos filed a petition for review before the Supreme Court, saying the CA erred in its ruling. The High Tribunal then remanded the matter to the QCRTC Branch 77.
The NTC, through the through the Office of the Solicitor General, asked the SC to reverse, set aside and issue a new order affirming the CA’s decision dated October 9, 2001 and resolution dated January 10, 2002.
To date, the case remains pending.
Globe lawyer Froilan Castelo said there is no such thing as “partial withdrawal” of a lawsuit. “It does not work that way. It’s either the case is withdrawn or the court dismisses the case,” he said.
Globe and Smart are expected on Monday to raise their comments on the proposals laid down by the NTC in a recent meeting with the carriers. Mallillin said the NTC is pushing for the prepaid SIM registration to minimize complaints on text scam, extension of prepaid validity from one day to at least two days for a P10-load, and charging of mobile voice calls—regardless if the subscriber’s account is postpaid or prepaid—on a per-second basis.
“These are the salient points of the 2000 circular, which carriers should look into if they can do something about it. Their initial response was that they will consult their technical people before they get back to us. But they know that we are waiting for their reply on Monday, when we meet them again,” said the NTC official.
Smart is already conducting a voluntary registration of prepaid SIM cards. But if the NTC wants to impose a mandatory registration then the agency should pay for the cost that Smart will incur, said the cellular firm.
Smart and Sun Cellular are already offering bucket pricing schemes which offer unlimited call and text messaging services. They said their promos are far better than the proposed per-second charging.
“Why charge on a per-second basis if we are already offering the service on an unlimited basis?” said Digitel lawyer William Pamintuan when sought for comment. Sun Cellular is the cellular brand of listed-firm Digital Telecommunications.
Smart lawyer Roy Ibay said the regulators should acknowledge the efforts made by the industry players in making their services more affordable. “Nine years ago, the rates were still high. Now, there are unlimited offerings. We are somewhat already enforcing some of the provisions in the 2000 circular,” he said.
Globe is already offering a promo which charges subscribers on a per-second basis. The NTC said if the telcos’ networks can already handle per-second charging then why not offer it on a permanent basis. “The per-second charging scheme should be institutionalized. Subscribers don’t have to key in certain access numbers for them to be enrolled in the promo,” said Mallillin.
But Castelo said not all subscribers prefer the per-second billing. “We are giving consumers choices. Some of the subscribers prefer to have short conversation while others, particularly those on postpaid subscription, talk longer.”
Smart, Globe and Sun Cellular are now in hot water over protest on “vanishing load.” But the phone firms blamed the content providers for deducting prepaid credit loads of subscribers who receive certain promos or advertisement which they did not subscribed to.
“There should be some sort of punishment to these erring content providers,” added Ibay.
The NTC had also proposed that all prepaid cards should have a six-month expiry while SIM cards should be valid for two years.
Napoleon Nazareno, Smart president, said earlier that the cellular firm would incur additional cost if SIM cards are kept permanently activated.
“It is not practical to do that because there is cost involved in maintaining the subscriber’s account. Besides, if we were to pattern it abroad then the subscriber would pay more than fifty times than it cost them to buy one SIM card here,” said Nazareno.
The NTC proposed that cellular firms can re-activate an expired SIM card upon the subscribers’ request at no additional cost.
Also, the NTC wants the phone firms to update their subscribers of the remaining value of their cards before the start of every call."
Queen Elizabeth Snubbed: Britain Declares War on France - TIME
Queen Elizabeth Snubbed: Britain Declares War on France - TIME:
"France and England have fought each other in the 100 Years' War, the Seven Years' War, the Napoleonic Wars and scads of less memorably named conflicts. And more recently, the French and English have treated the blood-and-tears clashes between their national rugby and soccer teams as fetishes for those battles of yore. The geysers of bile pouring forth from the London tabloids this week suggests a new chapter in Anglo-French enmity may be upon us. Call it the 'Great D-Day Hissy Fit.'
The casus belli in the latest cross-Channel spat is the slight dealt by the French government to Queen Elizabeth II in failing to invite her to the June 6 ceremonies marking the 65th anniversary of the 1944 Allied invasion at Normandy. While the Queen has attended — and also skipped — various previous D-Day commemorations, this year's event seems to have been given heightened allure by the planned attendance of U.S. President Barack Obama, who remains the King of Pop on the diplomatic circuit. British tabloids have gone ballistic over what they see as French President Nicolas Sarkozy trying to hog the Obama-radiated limelight. (See portraits of Queen Elizabeth.)
'A diminutive egomaniac, the stain of Nazi collaboration and why the French can't forgive us for saving them in the War', was Thursday's headline in London's Daily Mail, above an article filled with denunciation of the French and their leaders as cheese-eating surrender monkeys. For good measure, the paper ran a second story titled, 'What did YOUR dad do in the war, Sarkozy?' The paper's answer to its own question was to claim Sarkozy's Hungarian-born father celebrated D-Day by fleeing collaborationist Budapest for Nazi-controlled Germany to escape advancing Soviet troops. The same story also alleges that the family of Sarkozy's current wife, industrial scion Carla Bruni Sarkozy, had been pretty chummy with Mussolini. (Read TIME's 2004 cover story 'The Greatest Day.')
The D-Day contretemps began on Wednesday, after the British tabloids discovered that their sovereign had been snubbed by the French — and was reportedly not amused. And the vitriol went up a notch on Thursday after French officials didn't bother denying they hadn't invited the Queen.
'The June 6 celebration is foremost a Franco-American celebration,' said French government spokesman Luc Chatel, noting the event takes place on U.S. territory in Normandy that houses the American military cemetery at Colleville-sur-Mer — a detail that appears to ignore the tens of thousands of British and Canadian troops that hit the beaches along with U.S. forces. Chatel provided further ammo for tabloid accusations that Sarkozy was looking to steal the show by stressing that the bilateral nature of the event was of particular significance this year, since it will be the first Obama attends as President. (See pictures of Sarkozy in London.)
The unapologetic candor from Paris had even the broadsheet Daily Telegraph on Thursday running the 'gotcha' headline 'France admits not inviting the Queen to 65th D-Day anniversary.' France also appeared to try to shift responsibility onto the scandal-plagued British Prime Minister Gordon Brown. An invitation, French spokesmen noted, had been sent to the U.K. and was accepted by the Prime Minister. 'The British wanted to be associated with this ceremony, and they are naturally welcome,' Chatel said, oozing innocence and virtue. '(But) it is not up to France to designate British representation.'
Amid the barrage from the London papers, perplexed French reporters covered the British pique with reports quoting Buckingham Palace officials denying that the Queen had been hacked off by the matter — royally or otherwise. Still, there was some sense of unease in France over the affair. French people young and old still express enduring gratitude for the sacrifices of the Allied forces that drove the Germans out of France — an effort that cost the Allies some 37,000 lives in Normandy. That feeling prompted many in France to wince at the British tabloid accusations of wartime fecklessness and current ingratitude. Still, those French who are even aware of the British ranting are weathering it with Gallic shrugs. After all, how much is really new about a spat between the British crown and a diminutive French leader?"
"France and England have fought each other in the 100 Years' War, the Seven Years' War, the Napoleonic Wars and scads of less memorably named conflicts. And more recently, the French and English have treated the blood-and-tears clashes between their national rugby and soccer teams as fetishes for those battles of yore. The geysers of bile pouring forth from the London tabloids this week suggests a new chapter in Anglo-French enmity may be upon us. Call it the 'Great D-Day Hissy Fit.'
The casus belli in the latest cross-Channel spat is the slight dealt by the French government to Queen Elizabeth II in failing to invite her to the June 6 ceremonies marking the 65th anniversary of the 1944 Allied invasion at Normandy. While the Queen has attended — and also skipped — various previous D-Day commemorations, this year's event seems to have been given heightened allure by the planned attendance of U.S. President Barack Obama, who remains the King of Pop on the diplomatic circuit. British tabloids have gone ballistic over what they see as French President Nicolas Sarkozy trying to hog the Obama-radiated limelight. (See portraits of Queen Elizabeth.)
'A diminutive egomaniac, the stain of Nazi collaboration and why the French can't forgive us for saving them in the War', was Thursday's headline in London's Daily Mail, above an article filled with denunciation of the French and their leaders as cheese-eating surrender monkeys. For good measure, the paper ran a second story titled, 'What did YOUR dad do in the war, Sarkozy?' The paper's answer to its own question was to claim Sarkozy's Hungarian-born father celebrated D-Day by fleeing collaborationist Budapest for Nazi-controlled Germany to escape advancing Soviet troops. The same story also alleges that the family of Sarkozy's current wife, industrial scion Carla Bruni Sarkozy, had been pretty chummy with Mussolini. (Read TIME's 2004 cover story 'The Greatest Day.')
The D-Day contretemps began on Wednesday, after the British tabloids discovered that their sovereign had been snubbed by the French — and was reportedly not amused. And the vitriol went up a notch on Thursday after French officials didn't bother denying they hadn't invited the Queen.
'The June 6 celebration is foremost a Franco-American celebration,' said French government spokesman Luc Chatel, noting the event takes place on U.S. territory in Normandy that houses the American military cemetery at Colleville-sur-Mer — a detail that appears to ignore the tens of thousands of British and Canadian troops that hit the beaches along with U.S. forces. Chatel provided further ammo for tabloid accusations that Sarkozy was looking to steal the show by stressing that the bilateral nature of the event was of particular significance this year, since it will be the first Obama attends as President. (See pictures of Sarkozy in London.)
The unapologetic candor from Paris had even the broadsheet Daily Telegraph on Thursday running the 'gotcha' headline 'France admits not inviting the Queen to 65th D-Day anniversary.' France also appeared to try to shift responsibility onto the scandal-plagued British Prime Minister Gordon Brown. An invitation, French spokesmen noted, had been sent to the U.K. and was accepted by the Prime Minister. 'The British wanted to be associated with this ceremony, and they are naturally welcome,' Chatel said, oozing innocence and virtue. '(But) it is not up to France to designate British representation.'
Amid the barrage from the London papers, perplexed French reporters covered the British pique with reports quoting Buckingham Palace officials denying that the Queen had been hacked off by the matter — royally or otherwise. Still, there was some sense of unease in France over the affair. French people young and old still express enduring gratitude for the sacrifices of the Allied forces that drove the Germans out of France — an effort that cost the Allies some 37,000 lives in Normandy. That feeling prompted many in France to wince at the British tabloid accusations of wartime fecklessness and current ingratitude. Still, those French who are even aware of the British ranting are weathering it with Gallic shrugs. After all, how much is really new about a spat between the British crown and a diminutive French leader?"
Porsche automaker's global sales drop 28% - Wikinews, the free news source
Porsche automaker's global sales drop 28% - Wikinews, the free news source:
"Porsche automaker's global sales drop 28%
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Friday, June 19, 2009
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2008–09 financial crisis
More articles about the 2008-09 financial crisis on Wikinews:
* Porsche automaker's global sales drop 28%
* U.S. Conference Board says leading economic indicators rose 1.2% in May
* US unemployment rate reaches 9.4 percent
* CEO of GM outlines plan for 'New GM' after auto company declared bankruptcy
* Hydrogen fuel cell cars promoted in various states, but U.S. federal funding cut
Read more about the 2008-09 financial crisis on Wikipedia
File photo of a Porsche 911, Modell 997.
On Friday, German automobile manufacturer Porsche reported that its August-April sales saw a drop of 28%, to 53,635 vehicles, after demand for luxury vehicles plunged as a result of the ongoing global financial crisis.
The firm also reported the revenue in the first three quarters of its fiscal year, which was at 4.64 billion euros after having fallen 15%. The overall decrease in revenues was due, in large part, to the decrease in sales of the company's 911 model, which accounts for a significant portion of sales. The 911 unit sales were lower by 18% for the year.
'In the first nine months of the ongoing fiscal year, the Porsche subgroup could not avoid the downward trend that has overtaken the worldwide automobile industry,' the automaker said.
'This is certainly no surprise, but the fact that there is no reference to earnings any more in the outlook could be seen as a negative sign,' said an analyst for Sal. Oppenheim, Christian Breitsprecher, noting that the forecast 'remains very unspecific'."
"Porsche automaker's global sales drop 28%
From Wikinews, the free news source you can write!
Jump to: navigation, search
Friday, June 19, 2009
Listen to this article[ ↓ ]
Play sound
Audio file created from text revision dated 2009-06-19 and may not reflect subsequent edits to this report.
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2008–09 financial crisis
More articles about the 2008-09 financial crisis on Wikinews:
* Porsche automaker's global sales drop 28%
* U.S. Conference Board says leading economic indicators rose 1.2% in May
* US unemployment rate reaches 9.4 percent
* CEO of GM outlines plan for 'New GM' after auto company declared bankruptcy
* Hydrogen fuel cell cars promoted in various states, but U.S. federal funding cut
Read more about the 2008-09 financial crisis on Wikipedia
File photo of a Porsche 911, Modell 997.
On Friday, German automobile manufacturer Porsche reported that its August-April sales saw a drop of 28%, to 53,635 vehicles, after demand for luxury vehicles plunged as a result of the ongoing global financial crisis.
The firm also reported the revenue in the first three quarters of its fiscal year, which was at 4.64 billion euros after having fallen 15%. The overall decrease in revenues was due, in large part, to the decrease in sales of the company's 911 model, which accounts for a significant portion of sales. The 911 unit sales were lower by 18% for the year.
'In the first nine months of the ongoing fiscal year, the Porsche subgroup could not avoid the downward trend that has overtaken the worldwide automobile industry,' the automaker said.
'This is certainly no surprise, but the fact that there is no reference to earnings any more in the outlook could be seen as a negative sign,' said an analyst for Sal. Oppenheim, Christian Breitsprecher, noting that the forecast 'remains very unspecific'."
Greenpeace founder supports nuclear energy - Wikinews, the free news source
Greenpeace founder supports nuclear energy - Wikinews, the free news source:
"Greenpeace founder supports nuclear energy
From Wikinews, the free news source you can write!
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Monday, April 17, 2006
Patrick Moore, co-founder of Greenpeace
An article supporting nuclear energy written by Patrick Moore appeared in the Washington Post Outlook section yesterday. Moore was a co-founder of Greenpeace who currently co-chairs an industry-funded initiative, the Clean and Safe Energy Coalition, which supports increased use of nuclear energy. Moore and U.S. Senator Chuck Hagel (R-Nebraska) spoke during the opening session of the 2005 American Nuclear Society's Winter meeting in November.
Moore says that his views have changed since founding Greenpeace, and he now believes that using nuclear energy can help counteract catastrophic climate change from burning fossil fuels. Says Moore, 'The 600-plus coal-fired plants emit nearly 2 billion tons of CO2 annually -- the equivalent of the exhaust from about 300 million automobiles.' Moore also cites reports from the Clean Air Council that coal plants are responsible for 64 percent of sulfur dioxide emissions, 26 percent of nitrous oxides and 33 percent of mercury emissions.
'Meanwhile, the 103 nuclear plants operating in the United States effectively avoid the release of 700 million tons of CO2 emissions annually,' says Moore. 'Nuclear energy is the only large-scale, cost-effective energy source that can reduce these emissions while continuing to satisfy a growing demand for power. And these days it can do so safely.' Moore points out that the average cost of producing nuclear energy in the United States was less than two cents per kilowatt-hour, comparable with coal and hydroelectric. He predicts that advances in technology will bring the cost down further in the future.
According to Moore, British atmospheric scientist James Lovelock, father of the Gaia theory, also believes that nuclear energy is the only way to avoid catastrophic climate change. Concerns about past accidents in the nuclear industry were also mentioned, as he claims the Chernobyl nuclear disaster as example, calling it 'an accident waiting to happen. This early model of Soviet reactor had no containment vessel, was an inherently bad design and its operators literally blew it up'. He also recognized the difficulty of dealing with nuclear waste.
Moore was a founding member of Greenpeace in 1971 and was instrumental in its early campaigns, but left the organization in 1986. Greenpeace is known for its campaigns of nonviolent direct action against atmospheric and underground nuclear testing."
"Greenpeace founder supports nuclear energy
From Wikinews, the free news source you can write!
Current revision (unreviewed)
Jump to: navigation, search
Monday, April 17, 2006
Patrick Moore, co-founder of Greenpeace
An article supporting nuclear energy written by Patrick Moore appeared in the Washington Post Outlook section yesterday. Moore was a co-founder of Greenpeace who currently co-chairs an industry-funded initiative, the Clean and Safe Energy Coalition, which supports increased use of nuclear energy. Moore and U.S. Senator Chuck Hagel (R-Nebraska) spoke during the opening session of the 2005 American Nuclear Society's Winter meeting in November.
Moore says that his views have changed since founding Greenpeace, and he now believes that using nuclear energy can help counteract catastrophic climate change from burning fossil fuels. Says Moore, 'The 600-plus coal-fired plants emit nearly 2 billion tons of CO2 annually -- the equivalent of the exhaust from about 300 million automobiles.' Moore also cites reports from the Clean Air Council that coal plants are responsible for 64 percent of sulfur dioxide emissions, 26 percent of nitrous oxides and 33 percent of mercury emissions.
'Meanwhile, the 103 nuclear plants operating in the United States effectively avoid the release of 700 million tons of CO2 emissions annually,' says Moore. 'Nuclear energy is the only large-scale, cost-effective energy source that can reduce these emissions while continuing to satisfy a growing demand for power. And these days it can do so safely.' Moore points out that the average cost of producing nuclear energy in the United States was less than two cents per kilowatt-hour, comparable with coal and hydroelectric. He predicts that advances in technology will bring the cost down further in the future.
According to Moore, British atmospheric scientist James Lovelock, father of the Gaia theory, also believes that nuclear energy is the only way to avoid catastrophic climate change. Concerns about past accidents in the nuclear industry were also mentioned, as he claims the Chernobyl nuclear disaster as example, calling it 'an accident waiting to happen. This early model of Soviet reactor had no containment vessel, was an inherently bad design and its operators literally blew it up'. He also recognized the difficulty of dealing with nuclear waste.
Moore was a founding member of Greenpeace in 1971 and was instrumental in its early campaigns, but left the organization in 1986. Greenpeace is known for its campaigns of nonviolent direct action against atmospheric and underground nuclear testing."
Philippines Plans to Sell $500 Million Samurai Bonds (Update1) - Bloomberg.com
Philippines Plans to Sell $500 Million Samurai Bonds (Update1) - Bloomberg.com: "By Clarissa Batino
June 15 (Bloomberg) -- The Philippines plans to sell about $500 million of yen-denominated bonds to fund a widening budget deficit, its first sale in eight years, Treasurer Roberto Tan said.
The Japan Bank for International Cooperation offered to “guarantee” the sale of a samurai bond and it will be discussed during President Gloria Arroyo’s visit to Japan this week, Tan said in a telephone interview today in Manila. The government wants to sell 10-year bonds in the second half of the year, he said.
The Southeast Asian nation last week raised its budget deficit estimate a third time this year to 250 billion pesos ($5.2 billion), about 50 billion pesos higher than the previous forecast, as slowing economic growth crimps tax revenue. It last sold samurai bonds in 2001, according to Bloomberg data.
“Demand will depend on the pricing and the guarantee, a form of security, could reduce the yield,” said Noel Reyes, a director of fixed-income trading at ING Groep NV in Manila. The government is probably “fishing” to gauge interest, Reyes said.
Japan will guarantee as much as $5 billion of samurai bonds sold by developing countries as part of an effort to combat the global financial crisis, Finance Minister Kaoru Yosano said in Bali on May 3. Indonesia last month hired banks to sell its first samurai bonds, according to people with knowledge of the matter.
‘Additional deficit’
A yen-denominated bond sale will help diversify sources of funding, Tan said. The Southeast Asian nation in January sold $1.5 billion of 10-year dollar-denominated bonds and plans to increase borrowing from the Asian Development Bank.
The government is seeking to raise funds for half of the “additional deficit” from the Japanese bond market and the remainder from the domestic market, Tan said.
“We are now in the process of revising our financing plan and looking at that source as part of the foreign borrowing program,” Tan said. “The yen market is also very liquid.”
To contact the reporter on this story: Clarissa Batino in Manila at cbatino@bloomberg.net
Last Updated: June 15, 2009 02:25 EDT"
June 15 (Bloomberg) -- The Philippines plans to sell about $500 million of yen-denominated bonds to fund a widening budget deficit, its first sale in eight years, Treasurer Roberto Tan said.
The Japan Bank for International Cooperation offered to “guarantee” the sale of a samurai bond and it will be discussed during President Gloria Arroyo’s visit to Japan this week, Tan said in a telephone interview today in Manila. The government wants to sell 10-year bonds in the second half of the year, he said.
The Southeast Asian nation last week raised its budget deficit estimate a third time this year to 250 billion pesos ($5.2 billion), about 50 billion pesos higher than the previous forecast, as slowing economic growth crimps tax revenue. It last sold samurai bonds in 2001, according to Bloomberg data.
“Demand will depend on the pricing and the guarantee, a form of security, could reduce the yield,” said Noel Reyes, a director of fixed-income trading at ING Groep NV in Manila. The government is probably “fishing” to gauge interest, Reyes said.
Japan will guarantee as much as $5 billion of samurai bonds sold by developing countries as part of an effort to combat the global financial crisis, Finance Minister Kaoru Yosano said in Bali on May 3. Indonesia last month hired banks to sell its first samurai bonds, according to people with knowledge of the matter.
‘Additional deficit’
A yen-denominated bond sale will help diversify sources of funding, Tan said. The Southeast Asian nation in January sold $1.5 billion of 10-year dollar-denominated bonds and plans to increase borrowing from the Asian Development Bank.
The government is seeking to raise funds for half of the “additional deficit” from the Japanese bond market and the remainder from the domestic market, Tan said.
“We are now in the process of revising our financing plan and looking at that source as part of the foreign borrowing program,” Tan said. “The yen market is also very liquid.”
To contact the reporter on this story: Clarissa Batino in Manila at cbatino@bloomberg.net
Last Updated: June 15, 2009 02:25 EDT"
Philippines May Defer Retail Bond Plan in Favor of Samurai Debt - Bloomberg.com
Philippines May Defer Retail Bond Plan in Favor of Samurai Debt - Bloomberg.com: "Philippines May Defer Retail Bond Plan in Favor of Samurai Debt
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By Clarissa Batino
June 18 (Bloomberg) -- The Philippines may postpone a planned sale next month of retail local-currency debt in favor of other options including yen-denominated bonds, Treasurer Roberto Tan said.
“It’s possible we would defer the retail bonds in favor of better financing options, including the samurai bonds,” Tan said in a phone interview today. “We could probably sell as much as $1 billion” of the yen bonds.
Replacing retail sales with the issuance of samurai bonds, yen-denominated debt by an overseas issuer in Japan, may help cap Philippine borrowing costs after yields touched a six-month high this week. The Southeast Asian nation last week raised its budget deficit estimate a third time this year to a record 250 billion pesos ($5.2 billion), about 50 billion pesos higher than the previous forecast, as slowing growth crimped tax revenue.
Finance Secretary Gary Teves yesterday said the Philippines may sell up to $1.5 billion of the samurai bonds, and Tan said today that the former could be referring to the size of the guarantee facility, which “we may not need to take all in lump sum.”
The Bureau of the Treasury will review its domestic borrowing plan this year and “may shift some of the burden” to samurai and official development assistance, Tan said today. “This is in line with our objective of diversification, duration and improving our debt profile,” the treasurer said.
Receiving Proposals
The Treasury has received “a number of proposals” from banks to help manage for the samurai bond issuance and Tan said he has talked with four to five banks. “I’m told a private placement can be done within a month,” he said.
The government “can afford” to redeem the maturing retail bonds next month, Tan said. The government raised 70 billion pesos from the sale of the bonds, available in denominations of 5,000 pesos, to investors in July last year. Deputy Treasurer Eduardo Mendiola earlier this month said the government would sell at least twice the 15 billion pesos of such securities due next month.
The yield on the 7 percent debt due April 2016 was at 7.52 percent at the 11:30 a.m. fixing at the Philippine Dealing & Exchange Corp., after touching 7.87 percent on June 15, the highest level since Dec. 16.
To contact the reporter for this story: Clarissa Batino in Manila at cbatino@bloomberg.net.
Last Updated: June 18, 2009 02:37 EDT"
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By Clarissa Batino
June 18 (Bloomberg) -- The Philippines may postpone a planned sale next month of retail local-currency debt in favor of other options including yen-denominated bonds, Treasurer Roberto Tan said.
“It’s possible we would defer the retail bonds in favor of better financing options, including the samurai bonds,” Tan said in a phone interview today. “We could probably sell as much as $1 billion” of the yen bonds.
Replacing retail sales with the issuance of samurai bonds, yen-denominated debt by an overseas issuer in Japan, may help cap Philippine borrowing costs after yields touched a six-month high this week. The Southeast Asian nation last week raised its budget deficit estimate a third time this year to a record 250 billion pesos ($5.2 billion), about 50 billion pesos higher than the previous forecast, as slowing growth crimped tax revenue.
Finance Secretary Gary Teves yesterday said the Philippines may sell up to $1.5 billion of the samurai bonds, and Tan said today that the former could be referring to the size of the guarantee facility, which “we may not need to take all in lump sum.”
The Bureau of the Treasury will review its domestic borrowing plan this year and “may shift some of the burden” to samurai and official development assistance, Tan said today. “This is in line with our objective of diversification, duration and improving our debt profile,” the treasurer said.
Receiving Proposals
The Treasury has received “a number of proposals” from banks to help manage for the samurai bond issuance and Tan said he has talked with four to five banks. “I’m told a private placement can be done within a month,” he said.
The government “can afford” to redeem the maturing retail bonds next month, Tan said. The government raised 70 billion pesos from the sale of the bonds, available in denominations of 5,000 pesos, to investors in July last year. Deputy Treasurer Eduardo Mendiola earlier this month said the government would sell at least twice the 15 billion pesos of such securities due next month.
The yield on the 7 percent debt due April 2016 was at 7.52 percent at the 11:30 a.m. fixing at the Philippine Dealing & Exchange Corp., after touching 7.87 percent on June 15, the highest level since Dec. 16.
To contact the reporter for this story: Clarissa Batino in Manila at cbatino@bloomberg.net.
Last Updated: June 18, 2009 02:37 EDT"
Ex-UBS Executive Raoul Weil Declared a Fugitive by U.S. Judge - Bloomberg.com
Ex-UBS Executive Raoul Weil Declared a Fugitive by U.S. Judge - Bloomberg.com: "Ex-UBS Executive Raoul Weil Declared a Fugitive by U.S. Judge
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By Carlyn Kolker
Jan. 14 (Bloomberg) -- Raoul Weil, the former UBS AG official indicted on a charge of conspiring to help 20,000 wealthy Americans hide assets from the Internal Revenue Service, was declared a fugitive by a U.S. judge.
Weil, 49, former chairman of global wealth management at UBS in Zurich, was indicted Nov. 6 in Fort Lauderdale, Florida. UBS, the largest Swiss bank, helped wealthy American clients evade taxes with false documents after agreeing in 2001 to identify account holders and tell the IRS about their income, the U.S. alleged.
“The clerk of the court shall remove the defendant from the court’s pending case list and shall place the defendant on the clerk’s fugitive list,” U.S. District Judge James Cohn of Fort Lauderdale wrote in an order signed yesterday.
The Justice Department has been probing whether the bank helped Americans evade taxes and the U.S. Securities and Exchange Commission is looking into whether UBS failed to register as a broker-dealer or investment adviser. In June, former UBS private banker Bradley Birkenfeld pleaded guilty to helping Igor Olenicoff, a California billionaire, dodge taxes and agreed to cooperate with prosecutors.
UBS said Nov. 12, the day the indictment against Weil was unsealed, that it was replacing him on an interim basis. Weil faces as long as five years in prison as well as a fine of $250,000 if convicted.
Weil’s Denial
“Mr. Weil denies any suggestion that he was aware of, engaged in or tolerated any illegal conduct in the operation of UBS’s U.S.-cross-border business,” Weil’s attorney, Aaron Marcu, said in an e-mailed statement. “Mr. Weil is a highly respected banking executive in Switzerland with an unblemished record for integrity.”
Mark Arena, a UBS spokesman, declined to comment.
Weil was promoted to chief executive officer of global wealth management at UBS in July 2007, taking over the position from Marcel Rohner, who became the bank’s chief executive officer. From 2002 to 2007, Weil served as head of the wealth- management business, according to the indictment.
Weil gave subordinates at UBS incentives to increase their business with U.S. clients, knowing that they were violating the 2001 agreement to identify customer names, prosecutors alleged in the November indictment.
In 2002, Weil and other executives hid from the IRS the results of an internal audit that showed the bank wasn’t meeting the terms of the agreement, according to the November indictment.
UBS has said it’s cooperating with the U.S. investigations. In July, it said it would stop offering offshore-banking services to American clients through non-U.S. branches after a Senate committee exposed its role in tax-evasion schemes.
The case is U.S. v. Weil, 08-60322, U.S. District Court, Southern District of Florida (Fort Lauderdale).
To contact the reporter on this story: Carlyn Kolker in New York at ckolker@bloomberg.net
Last Updated: January 14, 2009 00:01 EST"
Share | Email | Print | A A A
By Carlyn Kolker
Jan. 14 (Bloomberg) -- Raoul Weil, the former UBS AG official indicted on a charge of conspiring to help 20,000 wealthy Americans hide assets from the Internal Revenue Service, was declared a fugitive by a U.S. judge.
Weil, 49, former chairman of global wealth management at UBS in Zurich, was indicted Nov. 6 in Fort Lauderdale, Florida. UBS, the largest Swiss bank, helped wealthy American clients evade taxes with false documents after agreeing in 2001 to identify account holders and tell the IRS about their income, the U.S. alleged.
“The clerk of the court shall remove the defendant from the court’s pending case list and shall place the defendant on the clerk’s fugitive list,” U.S. District Judge James Cohn of Fort Lauderdale wrote in an order signed yesterday.
The Justice Department has been probing whether the bank helped Americans evade taxes and the U.S. Securities and Exchange Commission is looking into whether UBS failed to register as a broker-dealer or investment adviser. In June, former UBS private banker Bradley Birkenfeld pleaded guilty to helping Igor Olenicoff, a California billionaire, dodge taxes and agreed to cooperate with prosecutors.
UBS said Nov. 12, the day the indictment against Weil was unsealed, that it was replacing him on an interim basis. Weil faces as long as five years in prison as well as a fine of $250,000 if convicted.
Weil’s Denial
“Mr. Weil denies any suggestion that he was aware of, engaged in or tolerated any illegal conduct in the operation of UBS’s U.S.-cross-border business,” Weil’s attorney, Aaron Marcu, said in an e-mailed statement. “Mr. Weil is a highly respected banking executive in Switzerland with an unblemished record for integrity.”
Mark Arena, a UBS spokesman, declined to comment.
Weil was promoted to chief executive officer of global wealth management at UBS in July 2007, taking over the position from Marcel Rohner, who became the bank’s chief executive officer. From 2002 to 2007, Weil served as head of the wealth- management business, according to the indictment.
Weil gave subordinates at UBS incentives to increase their business with U.S. clients, knowing that they were violating the 2001 agreement to identify customer names, prosecutors alleged in the November indictment.
In 2002, Weil and other executives hid from the IRS the results of an internal audit that showed the bank wasn’t meeting the terms of the agreement, according to the November indictment.
UBS has said it’s cooperating with the U.S. investigations. In July, it said it would stop offering offshore-banking services to American clients through non-U.S. branches after a Senate committee exposed its role in tax-evasion schemes.
The case is U.S. v. Weil, 08-60322, U.S. District Court, Southern District of Florida (Fort Lauderdale).
To contact the reporter on this story: Carlyn Kolker in New York at ckolker@bloomberg.net
Last Updated: January 14, 2009 00:01 EST"
Wednesday, June 17, 2009
Saturday, June 13, 2009
NATIONAL ANTI-POVERTY COMMISSION
NATIONAL ANTI-POVERTY COMMISSION (MICROFINANCE WEBSITE): "BACK TO NAPC HOME
Welcome to the NAPC-Microfinance Site!
This section of the NAPC website provides comprehensive information on current initiatives for the development of the Philippine microfinance industry.
The Financial Literacy page contains updates on the National Financial Literacy Program—NAPC’s flagship program for the formation of a financially literate poor who can better understand and access available microfinance services. Find out more…
The Consumer Protection page contains resources for providers and clients of microfinance services including an online facility to file microfinance-related consumer complaints. Find out more...
ANNOUNCEMENTS
National Financial Literacy Program – Regional Training of Trainers in Financial Literacy
November 20-23, 2007
Regions XII and ARMM
>> read more
NEWS
Gov’t to get 2nd tranche of $150 million ADB microfi-
nance dev’t loan next month
>> read more
Close to 1 million poor folk to gain access to affordable loans in 2 years
>> read more
Microfinance for the poor
>> read more
Brighter Future for Micro-
finance Institutions
>> read more
On-line Filing of Complaints
Microfinance
Industry Status
Interactive PESO Tool
- Training Modules for
NGO
- Training Modules for
Banks
- Training Modules for
Coops
Microfinance FAQs
The page on the People’s Development Trust Fund details guidelines for accessing grants for capacity building. Find out more..
A Special Projects page includes completed project output and reports and updates on ongoing NAPC activities regarding microfinance. Find out more..
It also contains research, publications, news, announcements and links to websites of partner institutions, as well as information about the Microfinance Unit, its mandate and objectives, and information on how to get in touch with our office.
To get a list of Microfinance Institutions in Your Area, text MICRO(space)FIND(space)PROVINCE,CITY/TOWN and send to 2973 or for NCR text MICRO(space)FIND(space)CITY and send to 2973. Available for GLOBE subscribers only.
Main | Financial Literacy | Consumer Protection | PDTF | Special Projects | Resources | Links | About MFU | Contact Us
Copyright © 2002 National Anti-Poverty Commission. All Rights Reserved
Financial Literacy Overview
Program Framework
TOT Schedule
TOT Modules
Consumer Protection Overview
On-line filing of Complaints
PDTF Overview
Eligible Grantees and Purposes
Application Procedures
PDTF Materials
Overview
MDP-TA
TA 4544
MSSP
Gender Training"
Welcome to the NAPC-Microfinance Site!
This section of the NAPC website provides comprehensive information on current initiatives for the development of the Philippine microfinance industry.
The Financial Literacy page contains updates on the National Financial Literacy Program—NAPC’s flagship program for the formation of a financially literate poor who can better understand and access available microfinance services. Find out more…
The Consumer Protection page contains resources for providers and clients of microfinance services including an online facility to file microfinance-related consumer complaints. Find out more...
ANNOUNCEMENTS
National Financial Literacy Program – Regional Training of Trainers in Financial Literacy
November 20-23, 2007
Regions XII and ARMM
>> read more
NEWS
Gov’t to get 2nd tranche of $150 million ADB microfi-
nance dev’t loan next month
>> read more
Close to 1 million poor folk to gain access to affordable loans in 2 years
>> read more
Microfinance for the poor
>> read more
Brighter Future for Micro-
finance Institutions
>> read more
On-line Filing of Complaints
Microfinance
Industry Status
Interactive PESO Tool
- Training Modules for
NGO
- Training Modules for
Banks
- Training Modules for
Coops
Microfinance FAQs
The page on the People’s Development Trust Fund details guidelines for accessing grants for capacity building. Find out more..
A Special Projects page includes completed project output and reports and updates on ongoing NAPC activities regarding microfinance. Find out more..
It also contains research, publications, news, announcements and links to websites of partner institutions, as well as information about the Microfinance Unit, its mandate and objectives, and information on how to get in touch with our office.
To get a list of Microfinance Institutions in Your Area, text MICRO(space)FIND(space)PROVINCE,CITY/TOWN and send to 2973 or for NCR text MICRO(space)FIND(space)CITY and send to 2973. Available for GLOBE subscribers only.
Main | Financial Literacy | Consumer Protection | PDTF | Special Projects | Resources | Links | About MFU | Contact Us
Copyright © 2002 National Anti-Poverty Commission. All Rights Reserved
Financial Literacy Overview
Program Framework
TOT Schedule
TOT Modules
Consumer Protection Overview
On-line filing of Complaints
PDTF Overview
Eligible Grantees and Purposes
Application Procedures
PDTF Materials
Overview
MDP-TA
TA 4544
MSSP
Gender Training"
Philippine Coalition for Microfinance Standards
Philippine Coalition for Microfinance Standards: "Information on
Philippine Coalition for
Microfinance Standards
The Coalition for Microfinance Standards is a group of NGOs, government agencies, and other institutions which believe that there is a need to develop operating and financial standards for more effective and efficient delivery of financial services to the Filipino poor.
* Introduction
* Core Principles of the Coalition
* Major Project Components
* Implementing structure of the Project
* List of members of the Policy Advisory Group
* Contact the Coalition
Hari Srinivas - hsrinivas@gdrc.org
Return to the Networks and Networking Page
Return to the Virtual Library on Microcredit"
Philippine Coalition for
Microfinance Standards
The Coalition for Microfinance Standards is a group of NGOs, government agencies, and other institutions which believe that there is a need to develop operating and financial standards for more effective and efficient delivery of financial services to the Filipino poor.
* Introduction
* Core Principles of the Coalition
* Major Project Components
* Implementing structure of the Project
* List of members of the Policy Advisory Group
* Contact the Coalition
Hari Srinivas - hsrinivas@gdrc.org
Return to the Networks and Networking Page
Return to the Virtual Library on Microcredit"
Microfinance Country Information: Philippines
Microfinance Country Information: Philippines: "Microfinance Country Information
Philippines
Resource Links:
* Microfinance in Action: The Philippines experience
* Microenterprise Access to Banking Services
* Negros Women for Tomorrow Foundation (NWTF)
* Philippines: National Strategy for Microfinance
* Philippine Coalition for Microfinance Standards
* Philippines Business for Social Progress (PBSP)
* How to finance and start a new business
* Developing Standards for Micro-finance
* Credit Unions: WOCCU in Philippines
USING THE PPI TO UNDERSTAND ALL YOUR CLIENTS in NWTF Negros Women for Tomorrow Foundation (NWTF) was one of the first MFIs to start using the Grameen Foundation progress Out of Poverty Index (PPI), a monitoring tool which provides data on client poverty status in relation to the international poverty line using a five-minute interview. Field staff gather PPI data through a standard survey form, upon entry of clients and every loan cycle thereafter. Whilst the PPI has been designed to be used on the sample of clients, NWTF has decided to capture data from all clients in the MIS for use in detailed segmentation and analysis. NWTF has plans to link PPI data with other client-level information (such as repayment, age, or type of business) in order to allow the MFI to conduct loan evaluations, monitoring, and programme review. Importantly, when analysed in combination with financial statistics, this will allow NWTF to highlight areas for product changes or additional services that cater to the specific needs of very poor clients. Source: Soundbites - Imp-Act Consortium
Statistics on Informal/Traditional Credit Markets
* ICM References for the Philippines
Shares of Formal and Informal Credit in the Rural Sector (1978):
Formal Sources: 32.0 %
Informal Sources: 68.0 %
Money Lenders (0.6%); Semi-professional Money Lenders (79.5%); Friends and Relatives (32.5%)
Source: Technical Board for Agriculture Credit, A Study on the Informal Rural Financial Markets in Three Selected Provinces of the Philipines, 1981.
> Of the total value of loans to rural population, informal sector provided: 60% of credit in 50s and 60s; 30% in 70s and 78% in late 70s. Less than 10% of small and medium scale businesses received formal finance. Informal money lenders covered 70% of farmers' credit needs: 29% of total number of loans came from friends and relatives; 6% of total loan value provided by landlords (1982); 75% of total credit to agricultural sector from traders, millers, dealers, big farmers.
Source:
Germidis et al. (1991)
Share of Informal Credit in the Philippines
(per cent)
All Rural Urban
1. Proportion of Households/
adult individuals who
borrowed from:
- either/both sectors 35 36
- formal sector n.a. n.a.
- informal sector n.a. n.a.
2. Proportion of borrowing
households/adult individuals
who borrowed from:
- formal sector 28 48
- informal sector 66 45
- both sectors 6 7
3. Proportion of borrowings
from:
- informal sector 59 70
- formal sector 34 23
4. Proportion of outstanding
household debt owed to
informal sector 23
Source:
Ghate, 1990
Hari Srinivas - hsrinivas@gdrc.org
Return to the Case Studies page
Return to the Virtual Library on Microcredit"
Philippines
Resource Links:
* Microfinance in Action: The Philippines experience
* Microenterprise Access to Banking Services
* Negros Women for Tomorrow Foundation (NWTF)
* Philippines: National Strategy for Microfinance
* Philippine Coalition for Microfinance Standards
* Philippines Business for Social Progress (PBSP)
* How to finance and start a new business
* Developing Standards for Micro-finance
* Credit Unions: WOCCU in Philippines
USING THE PPI TO UNDERSTAND ALL YOUR CLIENTS in NWTF Negros Women for Tomorrow Foundation (NWTF) was one of the first MFIs to start using the Grameen Foundation progress Out of Poverty Index (PPI), a monitoring tool which provides data on client poverty status in relation to the international poverty line using a five-minute interview. Field staff gather PPI data through a standard survey form, upon entry of clients and every loan cycle thereafter. Whilst the PPI has been designed to be used on the sample of clients, NWTF has decided to capture data from all clients in the MIS for use in detailed segmentation and analysis. NWTF has plans to link PPI data with other client-level information (such as repayment, age, or type of business) in order to allow the MFI to conduct loan evaluations, monitoring, and programme review. Importantly, when analysed in combination with financial statistics, this will allow NWTF to highlight areas for product changes or additional services that cater to the specific needs of very poor clients. Source: Soundbites - Imp-Act Consortium
Statistics on Informal/Traditional Credit Markets
* ICM References for the Philippines
Shares of Formal and Informal Credit in the Rural Sector (1978):
Formal Sources: 32.0 %
Informal Sources: 68.0 %
Money Lenders (0.6%); Semi-professional Money Lenders (79.5%); Friends and Relatives (32.5%)
Source: Technical Board for Agriculture Credit, A Study on the Informal Rural Financial Markets in Three Selected Provinces of the Philipines, 1981.
> Of the total value of loans to rural population, informal sector provided: 60% of credit in 50s and 60s; 30% in 70s and 78% in late 70s. Less than 10% of small and medium scale businesses received formal finance. Informal money lenders covered 70% of farmers' credit needs: 29% of total number of loans came from friends and relatives; 6% of total loan value provided by landlords (1982); 75% of total credit to agricultural sector from traders, millers, dealers, big farmers.
Source:
Germidis et al. (1991)
Share of Informal Credit in the Philippines
(per cent)
All Rural Urban
1. Proportion of Households/
adult individuals who
borrowed from:
- either/both sectors 35 36
- formal sector n.a. n.a.
- informal sector n.a. n.a.
2. Proportion of borrowing
households/adult individuals
who borrowed from:
- formal sector 28 48
- informal sector 66 45
- both sectors 6 7
3. Proportion of borrowings
from:
- informal sector 59 70
- formal sector 34 23
4. Proportion of outstanding
household debt owed to
informal sector 23
Source:
Ghate, 1990
Hari Srinivas - hsrinivas@gdrc.org
Return to the Case Studies page
Return to the Virtual Library on Microcredit"
SEEDFINANCE Corporation - About us - www.seedfinance.net
SEEDFINANCE Corporation - About us - www.seedfinance.net: "About SEEDFINANCE
Below is a short description of the SEEDFINANCE Corporation, including its history, activities, governance, employees and partner network.
1. History and background
1.1 The beginning of the core microfinance program
The core program and business model of SEEDFINANCE Corporation started in 1994 when CARE Philippines introduced a microfinance program in the Philippines. That program was called MAP - Microenterprise Assistance Program - which incorporated the world's best practices then in microfinance. MAP was funded by USAID through a monetization of wheat sent to the country through the PL480 law of the United States. CARE Philippines operated the program from 1994 to mid-2002. MAP was involved in wholesale microfinance and the provision of training and technical assistance to partner MFIs.
1.2 Activities under the core microfinance program
Under CARE, the MAP program was structured as a project to support economic development of poor communities through the following three key interventions: (a) provision of credit and savings services through partner MFIs; (b) coordinating and working in partnership with private NGO institutions, banks and cooperatives to develop their institutional capacities to deliver microfinance services; (c) conducting socio-economic and baseline studies and organizational planning.
The MAP program identified and recruited People's Organizations (PO), Non-Government Organization's (NGO), Cooperatives, Rural Banks, Church-Based Organizations to serve as conduits of funds as well as long-term development partners.
1.3 Introduction of performance standards
The MAP Program established key performance standards to improve performance of partners on the ground. Credit is extended only upon meeting the set performance standards for partners. Training and technical assistance were given to partners so they can meet those standards. The program became very successful in the sense that many partners became efficient, effective and financially viable institutions. The program also introduced a novel savings mobilization technology which allowed the cooperatives to collect large quantities of savings deposits from members as well as expand their membership to the thousands. The MAP program operated in more than fifteen (15) provinces in Luzon, Visayas and Mindanao and has partnered with one hundred eleven (111) cooperatives, NGOs, and Cooperative Banks as of July 22, 2002. MAPs client outreach in 2002 reached 60,000 people, 80% of which are women. Under this program, CARE also operated a project in Negros Occidental, Cebu and Bohol focusing on strengthening of farmers'cooperatives under the Agrarian Reform Institution Strengthening initiatives of the Philippine government.
MAP was expanded in 1997 to become SEAD - Small Economic Activity Development program - which saw the addition of some related initiatives.
2. The spin-off
2.1 The birth of SEAD Incorporated
In 2002, CARE decided to spin off its successful microfinance program out of CARE so that the program can evolve into a financially viable institution with the view of attaining long-term viability and permanence. In July 22, 2002, the program assumed a new corporate body in the form of 'SEAD Incorporated ' (short for Sustainable Economic Activity Development Incorporated ). SEAD Incorporated was registered with the Securities and Exchange Commission (SEC) as a local Filipino NGO involved in microfinance wholesaling and capacity bulding of local MFIs.
All the program activities, partner network, funds and staff under MAP was turned over by CARE to SEAD Incorporated.
SEAD Incorporated started to expands its horizons by providing training and technical assistance to both partner and non-partners. The subject areas were in institution-building, cooperative development, business development services, market linking, microcredit and savings mobilization, financial systems installation, strategic planning, delinquency control, bookkeeping, financial management, corporate governance, project administration. Training services was a key product or service that generated a significant revenue stream for the organization.
2.2 Board and Mission of SEAD Incorporated
SEAD Incorporated had a governing board representing a mix of personalities - several trustees representing the cooperatives, rural banks, NGOs, while some are microfinance specialists and experts. CARE had two representatives in the SEAD Incorporated board.
2.3 Vision for the program developed in 2002
In 2002, SEAD Incorporated adopted a corporate Vision, Mission and Values and crafted its initial Strategic Plan for the first three years of its corporate life (2003 to 2005). Part of that Plan is the objective for SEAD to eventually become a regulated, for-profit financial institution, and which can become a part of the formal financial sector of the country, probably as a development bank or a financing comparing catering to the needs of the poor.
Aligned with the values and philosophies of CARE, SEAD Incorporated pursue its programs with a stronger commitment and focused on eventually transforming SEAD Incorporated into a permanent and sustainable vehicle for poverty reduction in the Philippines.
3. The birth of SEEDFINANCE
3.1 Transformation into a formal financial institution
In accordance with the long-term vision, SEAD Incorporated and CARE created a new formal and regulated financial institution called SEEDFINANCE Corporation. All the assets, liabilities and staff of SEAD Incorporated were transferred to this new corporation.
SEEDFINANCE Corporation is a formal, regulated, commercial financial institution. In April 30, 2007, the Securities and Exchange Commission of the Philippines approved the registration of the company. It is licensed under the Finacing Companies Act of the country.
As a commercial financing company, SEEDFINANCE Corporation is allowed to do all kinds of financing work in the country including consumer loans, leasing, discounting, factoring and wholesale loans. But SEEDFINANCE decided to focus its financing on two areas only: wholesale financing of Filipino microfinance organizations and providing loans to Filipino small enterprises. Hence, SEEDFINANCE is a different kind of a financing company.
The Corporation essentially continues the work of SEAD Incorporated and CARE. It shall remain focused on bringing the benefits of microfinance to hundreds of thousands of micro-enterprises, self-employed workers, family-based and community-based food production groups. Furthermore, it shall also now serve clients who have grown out of the microenterprise category into the small enterprise category. SEEDFINANCE shall provide loans to small enterprises through the partners.
SEEDFINANCE continues the strategy of working with rural cooperatives, rural banks, microfinance non-government organizations, peoples’ organizations.
3.2 Capital, Ownership and Shareholders
SEEDFINANCE Corporation is a stock corporation with an authorized capital stock of 70 million pesos (or about US$1,555,555 ). As of January 2008, the biggest shareholder is CARE (60%) followed by SEAD Incorporated (15%). By mid-2008, it is expected that SEEDFINANCE shall increase its capital stock to nearly 200 million pesos with the entry of new investors and shareholders.
The partners will become part of the group of shareholders of SEEDFINANCE. They shall be allowed and encouraged to invest into the equity of the Corporation to harness their financial capacities in beefing up the financial resources of the Corporation.
3.3 Governance and Leadership
Leadership and governance reside in a seven-person Board of Directors (BOD) chaired by CARE’s representative in the Philippines. These directors are a balanced mix of microfinance experts, consultants, banking and finance experts, lawyers, and microfinance practioners. Directors all share a common vision of helping poor and low-income Filipinos with appropriate financial services. The Directors all have many years of professional experiences, which will ensure that SEEDFINANCE is steered effectively towards the attainment of its goals.
A four-person Executive Committee of the Board actively assists management in running the day-to-day operations. This Executive Committee is tasked with, among others, asset and liability management oversight and functions as the credit committee of the Corporation. The Chairman of the Board of Directors functions as the CEO.
SEEDFINANCE has an Audit Committee that oversees compliance and adherence to regulatory and policy matters in coordination with the internal and external auditors. A Governance Committee works on the ownership, leadership, and governance issues and assists the Board of Directors in steering the organization along professional and ethical standards. The Board vests fund sourcing and equity creation on its Resource Mobilization Committee which works closely with management to bring in investments and credit to fund the microfinance operations of the company.
3.4 Management and Operations
The organizational structure is a lean but effective structure. A 12-person team composes the management and field staff structure. The staff is composed of competent, well-trained and results-oriented professionals.
The day-to-day conduct of SEEDFINANCE Corporation’s business is headed by the Managing Director & Chief Operating Officer (MD & COO) who has solid microfinance and banking background. He is responsible for implementing plans and programs along clearly established policies and rules of the organization. The MD has well-rounded experience on finance, strategic marketing and corporate planning, people management, administration, credit management, and treasury and fund management.
To oversee field operations and special projects, the Operations Manager (OM) closely supervises the work of the regional or provincial Business Development Advisers, who function as regional portfolio managers. The OM has accounting academic background and actual ground-level experience on the implementation of wholesale and retail microfinance. The OM’s years of development work at CARE Philippines further complements the skills of other staff as well as provide sort of an institutional memory.
SEEDFINANCE relies on its computerized management information system (MIS) to ensure sound and strategic financial management. The Finance Officer (FO) is a Certified Public Accountant with competence and experience on accounting and bookkeeping, taxation, database administration and management. She maintains the books of accounts of the Corporation.
Head Office and field operations are supported by the Administrative Officer and the Administrative Support Staff who take care of personnel and logistical support. The Administrative Officer also acts as the Cash or Treasury officer in charge of the Corporation’s receivables and payables, cash and other cash items.
At the core of the microfinance and business development operations of SEEDFINANCE are seven (7) Business Development Advisors (BDAs) who serve as the regional or provincial portfolio managers. They manage operations in 7 operational areas all over the Philippines: the island of Luzon, the province of Cebu, the islands of Negros and Bohol, the island of Panay, the provinces of Leyte and Southern Leyte, and the island of Mindanao. The BDAs are the main contact persons with the partners in the field.
3.5 Our partner network
The SEEDFINANCE BDAs work with more nearly 60 active partner-organizations (POs), which is a mixture of cooperatives, rural banks, and microfinance NGOs that operate in 9 administrative regions of the country, covering 22 provinces in the 3 major islands of Luzon, Visayas, and Mindanao in the Philippines.
SEEDFINANCE attains wide geographic coverage because, in terms of outreach, the activities and services of these 60 partners reach down to more than a hundred towns and cities through their branches, extension and satellite offices, and LCDPs (loans, collection, and disbursement points). Client outreach has reached 310,000 people (based on December 31, 2007 statistics).
In the management of the loan portfolios, the BDAs, in coordination with the Operations Manager, are responsible for strengthening the partner-organizations through the provision of training on microfinance operations, financial management, credit management, marketing, product planning and development, corporate governance, and others.
The BDAs provide business development services and advanced technical assistance to bigger and operationally-expanding partners while maintaining regular technical assistance and strengthening for the smaller and cautiously growing partners.
This kind of client-responsive, hands-on technical assistance is valued by the partner-organizations and accounts for the client loyalty to and preference for SEEDFINANCE over other microfinance funds providers.
3.6 Training services
SEEDFINANCE also provide training services on cooperative development, savings mobilization, business development services, market linking, strategic or business planning, financial systems installation, delinquency control, bookkeeping, financial management, corporate governance, remedial account management and human resource management.
3.7 New Business Plan of SEEDFINANCE
In June 2007, SEEDFINANCE revised its Business Plan, which is now geared towards making the Corporation more financially viable. The new things added were: (a) bigger participation of partners in the equity structure of the Corporation, (b) the introduction of new wholesale products that would be more competitive, (c) offering of small enterprise loans that will be offered to direct retail clients through a co-financing mechanism with selected partner organizations, (d) improved marketing and promotions activities, and (e) improved service delivery mechanisms, including the introduction of electronic banking to speed up the releases of loan funds and collection of loan payments."
Below is a short description of the SEEDFINANCE Corporation, including its history, activities, governance, employees and partner network.
1. History and background
1.1 The beginning of the core microfinance program
The core program and business model of SEEDFINANCE Corporation started in 1994 when CARE Philippines introduced a microfinance program in the Philippines. That program was called MAP - Microenterprise Assistance Program - which incorporated the world's best practices then in microfinance. MAP was funded by USAID through a monetization of wheat sent to the country through the PL480 law of the United States. CARE Philippines operated the program from 1994 to mid-2002. MAP was involved in wholesale microfinance and the provision of training and technical assistance to partner MFIs.
1.2 Activities under the core microfinance program
Under CARE, the MAP program was structured as a project to support economic development of poor communities through the following three key interventions: (a) provision of credit and savings services through partner MFIs; (b) coordinating and working in partnership with private NGO institutions, banks and cooperatives to develop their institutional capacities to deliver microfinance services; (c) conducting socio-economic and baseline studies and organizational planning.
The MAP program identified and recruited People's Organizations (PO), Non-Government Organization's (NGO), Cooperatives, Rural Banks, Church-Based Organizations to serve as conduits of funds as well as long-term development partners.
1.3 Introduction of performance standards
The MAP Program established key performance standards to improve performance of partners on the ground. Credit is extended only upon meeting the set performance standards for partners. Training and technical assistance were given to partners so they can meet those standards. The program became very successful in the sense that many partners became efficient, effective and financially viable institutions. The program also introduced a novel savings mobilization technology which allowed the cooperatives to collect large quantities of savings deposits from members as well as expand their membership to the thousands. The MAP program operated in more than fifteen (15) provinces in Luzon, Visayas and Mindanao and has partnered with one hundred eleven (111) cooperatives, NGOs, and Cooperative Banks as of July 22, 2002. MAPs client outreach in 2002 reached 60,000 people, 80% of which are women. Under this program, CARE also operated a project in Negros Occidental, Cebu and Bohol focusing on strengthening of farmers'cooperatives under the Agrarian Reform Institution Strengthening initiatives of the Philippine government.
MAP was expanded in 1997 to become SEAD - Small Economic Activity Development program - which saw the addition of some related initiatives.
2. The spin-off
2.1 The birth of SEAD Incorporated
In 2002, CARE decided to spin off its successful microfinance program out of CARE so that the program can evolve into a financially viable institution with the view of attaining long-term viability and permanence. In July 22, 2002, the program assumed a new corporate body in the form of 'SEAD Incorporated ' (short for Sustainable Economic Activity Development Incorporated ). SEAD Incorporated was registered with the Securities and Exchange Commission (SEC) as a local Filipino NGO involved in microfinance wholesaling and capacity bulding of local MFIs.
All the program activities, partner network, funds and staff under MAP was turned over by CARE to SEAD Incorporated.
SEAD Incorporated started to expands its horizons by providing training and technical assistance to both partner and non-partners. The subject areas were in institution-building, cooperative development, business development services, market linking, microcredit and savings mobilization, financial systems installation, strategic planning, delinquency control, bookkeeping, financial management, corporate governance, project administration. Training services was a key product or service that generated a significant revenue stream for the organization.
2.2 Board and Mission of SEAD Incorporated
SEAD Incorporated had a governing board representing a mix of personalities - several trustees representing the cooperatives, rural banks, NGOs, while some are microfinance specialists and experts. CARE had two representatives in the SEAD Incorporated board.
2.3 Vision for the program developed in 2002
In 2002, SEAD Incorporated adopted a corporate Vision, Mission and Values and crafted its initial Strategic Plan for the first three years of its corporate life (2003 to 2005). Part of that Plan is the objective for SEAD to eventually become a regulated, for-profit financial institution, and which can become a part of the formal financial sector of the country, probably as a development bank or a financing comparing catering to the needs of the poor.
Aligned with the values and philosophies of CARE, SEAD Incorporated pursue its programs with a stronger commitment and focused on eventually transforming SEAD Incorporated into a permanent and sustainable vehicle for poverty reduction in the Philippines.
3. The birth of SEEDFINANCE
3.1 Transformation into a formal financial institution
In accordance with the long-term vision, SEAD Incorporated and CARE created a new formal and regulated financial institution called SEEDFINANCE Corporation. All the assets, liabilities and staff of SEAD Incorporated were transferred to this new corporation.
SEEDFINANCE Corporation is a formal, regulated, commercial financial institution. In April 30, 2007, the Securities and Exchange Commission of the Philippines approved the registration of the company. It is licensed under the Finacing Companies Act of the country.
As a commercial financing company, SEEDFINANCE Corporation is allowed to do all kinds of financing work in the country including consumer loans, leasing, discounting, factoring and wholesale loans. But SEEDFINANCE decided to focus its financing on two areas only: wholesale financing of Filipino microfinance organizations and providing loans to Filipino small enterprises. Hence, SEEDFINANCE is a different kind of a financing company.
The Corporation essentially continues the work of SEAD Incorporated and CARE. It shall remain focused on bringing the benefits of microfinance to hundreds of thousands of micro-enterprises, self-employed workers, family-based and community-based food production groups. Furthermore, it shall also now serve clients who have grown out of the microenterprise category into the small enterprise category. SEEDFINANCE shall provide loans to small enterprises through the partners.
SEEDFINANCE continues the strategy of working with rural cooperatives, rural banks, microfinance non-government organizations, peoples’ organizations.
3.2 Capital, Ownership and Shareholders
SEEDFINANCE Corporation is a stock corporation with an authorized capital stock of 70 million pesos (or about US$1,555,555 ). As of January 2008, the biggest shareholder is CARE (60%) followed by SEAD Incorporated (15%). By mid-2008, it is expected that SEEDFINANCE shall increase its capital stock to nearly 200 million pesos with the entry of new investors and shareholders.
The partners will become part of the group of shareholders of SEEDFINANCE. They shall be allowed and encouraged to invest into the equity of the Corporation to harness their financial capacities in beefing up the financial resources of the Corporation.
3.3 Governance and Leadership
Leadership and governance reside in a seven-person Board of Directors (BOD) chaired by CARE’s representative in the Philippines. These directors are a balanced mix of microfinance experts, consultants, banking and finance experts, lawyers, and microfinance practioners. Directors all share a common vision of helping poor and low-income Filipinos with appropriate financial services. The Directors all have many years of professional experiences, which will ensure that SEEDFINANCE is steered effectively towards the attainment of its goals.
A four-person Executive Committee of the Board actively assists management in running the day-to-day operations. This Executive Committee is tasked with, among others, asset and liability management oversight and functions as the credit committee of the Corporation. The Chairman of the Board of Directors functions as the CEO.
SEEDFINANCE has an Audit Committee that oversees compliance and adherence to regulatory and policy matters in coordination with the internal and external auditors. A Governance Committee works on the ownership, leadership, and governance issues and assists the Board of Directors in steering the organization along professional and ethical standards. The Board vests fund sourcing and equity creation on its Resource Mobilization Committee which works closely with management to bring in investments and credit to fund the microfinance operations of the company.
3.4 Management and Operations
The organizational structure is a lean but effective structure. A 12-person team composes the management and field staff structure. The staff is composed of competent, well-trained and results-oriented professionals.
The day-to-day conduct of SEEDFINANCE Corporation’s business is headed by the Managing Director & Chief Operating Officer (MD & COO) who has solid microfinance and banking background. He is responsible for implementing plans and programs along clearly established policies and rules of the organization. The MD has well-rounded experience on finance, strategic marketing and corporate planning, people management, administration, credit management, and treasury and fund management.
To oversee field operations and special projects, the Operations Manager (OM) closely supervises the work of the regional or provincial Business Development Advisers, who function as regional portfolio managers. The OM has accounting academic background and actual ground-level experience on the implementation of wholesale and retail microfinance. The OM’s years of development work at CARE Philippines further complements the skills of other staff as well as provide sort of an institutional memory.
SEEDFINANCE relies on its computerized management information system (MIS) to ensure sound and strategic financial management. The Finance Officer (FO) is a Certified Public Accountant with competence and experience on accounting and bookkeeping, taxation, database administration and management. She maintains the books of accounts of the Corporation.
Head Office and field operations are supported by the Administrative Officer and the Administrative Support Staff who take care of personnel and logistical support. The Administrative Officer also acts as the Cash or Treasury officer in charge of the Corporation’s receivables and payables, cash and other cash items.
At the core of the microfinance and business development operations of SEEDFINANCE are seven (7) Business Development Advisors (BDAs) who serve as the regional or provincial portfolio managers. They manage operations in 7 operational areas all over the Philippines: the island of Luzon, the province of Cebu, the islands of Negros and Bohol, the island of Panay, the provinces of Leyte and Southern Leyte, and the island of Mindanao. The BDAs are the main contact persons with the partners in the field.
3.5 Our partner network
The SEEDFINANCE BDAs work with more nearly 60 active partner-organizations (POs), which is a mixture of cooperatives, rural banks, and microfinance NGOs that operate in 9 administrative regions of the country, covering 22 provinces in the 3 major islands of Luzon, Visayas, and Mindanao in the Philippines.
SEEDFINANCE attains wide geographic coverage because, in terms of outreach, the activities and services of these 60 partners reach down to more than a hundred towns and cities through their branches, extension and satellite offices, and LCDPs (loans, collection, and disbursement points). Client outreach has reached 310,000 people (based on December 31, 2007 statistics).
In the management of the loan portfolios, the BDAs, in coordination with the Operations Manager, are responsible for strengthening the partner-organizations through the provision of training on microfinance operations, financial management, credit management, marketing, product planning and development, corporate governance, and others.
The BDAs provide business development services and advanced technical assistance to bigger and operationally-expanding partners while maintaining regular technical assistance and strengthening for the smaller and cautiously growing partners.
This kind of client-responsive, hands-on technical assistance is valued by the partner-organizations and accounts for the client loyalty to and preference for SEEDFINANCE over other microfinance funds providers.
3.6 Training services
SEEDFINANCE also provide training services on cooperative development, savings mobilization, business development services, market linking, strategic or business planning, financial systems installation, delinquency control, bookkeeping, financial management, corporate governance, remedial account management and human resource management.
3.7 New Business Plan of SEEDFINANCE
In June 2007, SEEDFINANCE revised its Business Plan, which is now geared towards making the Corporation more financially viable. The new things added were: (a) bigger participation of partners in the equity structure of the Corporation, (b) the introduction of new wholesale products that would be more competitive, (c) offering of small enterprise loans that will be offered to direct retail clients through a co-financing mechanism with selected partner organizations, (d) improved marketing and promotions activities, and (e) improved service delivery mechanisms, including the introduction of electronic banking to speed up the releases of loan funds and collection of loan payments."
SEEDFINANCE Corporation - Homepage - www.seedfinance.net
SEEDFINANCE Corporation - Homepage - www.seedfinance.net: "SEEDFINANCE Corporation is your partner in delivering high quality microfinance and small enterprise financing services to hundreds of thousands of poor and low-income people in the Philippines."
Microinsurance - MicroEnsure
Microinsurance - MicroEnsure: "What is microinsurance?
Rich or poor, we all face financial risk every day. But for many poor people in the developing world, a multitude of risks threaten to derail any progress they have made to work their way out of poverty.
Microinsurance - the protection of low-income people against specific perils in exchange for regular monetary payments (premiums) proportionate to the likelihood and cost of the risk involved - seeks to provide a suitable solution for managing these risks.
Until recently, there were very few formal insurance solutions available to the poor, and many policies were too complicated, too much out of line with the specific requirements of the poor, and just too expensive. In many cases, unfortunate experiences with inappropriate insurance products led to lack of understanding and mistrust of insurance. Today, microinsurance aims to enable the poor to manage risk through a range of suitable and affordable insurance products."
Rich or poor, we all face financial risk every day. But for many poor people in the developing world, a multitude of risks threaten to derail any progress they have made to work their way out of poverty.
Microinsurance - the protection of low-income people against specific perils in exchange for regular monetary payments (premiums) proportionate to the likelihood and cost of the risk involved - seeks to provide a suitable solution for managing these risks.
Until recently, there were very few formal insurance solutions available to the poor, and many policies were too complicated, too much out of line with the specific requirements of the poor, and just too expensive. In many cases, unfortunate experiences with inappropriate insurance products led to lack of understanding and mistrust of insurance. Today, microinsurance aims to enable the poor to manage risk through a range of suitable and affordable insurance products."
About - MicroEnsure
About - MicroEnsure: "The world's first insurance intermediary for the poor
MicroEnsure is an insurance intermediary dedicated to serving the poor throughout the developing world with an affordable and appropriate range of insurance products.
We reach out to large numbers of the poor with low-cost insurance products designed to match their needs. At the same time, we negotiate with insurance companies on behalf of our clients to keep premiums to a minimum. Our aim is to achieve sustainability for insurance companies, product distributors, and clients.
In order to distribute our products effectively, we seek to work in partnership with organizations that are currently serving the poor such as microfinance organizations, rural banks and SACCO's, as well as humanitarian organizations that are providing non-financial services. In addition, we serve other social aggregators including trade unions, professional associations, and faith-based networks
Key to minimizing the cost of microinsurance is the sophisticated MIS system employed in our back office processing that tracks details of clients covered, collects premiums and administers claims.
By acting as an intermediary, MicroEnsure is well-positioned to extend insurance coverage very efficiently with simple, understandable, and scalable products. Our extensive market research and insurance expertise ensures that we can design products that address the real financial risk management needs of the poor."
MicroEnsure is an insurance intermediary dedicated to serving the poor throughout the developing world with an affordable and appropriate range of insurance products.
We reach out to large numbers of the poor with low-cost insurance products designed to match their needs. At the same time, we negotiate with insurance companies on behalf of our clients to keep premiums to a minimum. Our aim is to achieve sustainability for insurance companies, product distributors, and clients.
In order to distribute our products effectively, we seek to work in partnership with organizations that are currently serving the poor such as microfinance organizations, rural banks and SACCO's, as well as humanitarian organizations that are providing non-financial services. In addition, we serve other social aggregators including trade unions, professional associations, and faith-based networks
Key to minimizing the cost of microinsurance is the sophisticated MIS system employed in our back office processing that tracks details of clients covered, collects premiums and administers claims.
By acting as an intermediary, MicroEnsure is well-positioned to extend insurance coverage very efficiently with simple, understandable, and scalable products. Our extensive market research and insurance expertise ensures that we can design products that address the real financial risk management needs of the poor."
Root Capital :: Home
Root Capital :: Home: "Root Capital is a nonprofit social investment fund that is pioneering finance for grassroots businesses in rural areas of developing countries. We provide capital, financial education, and market connections to small and growing businesses that build sustainable livelihoods and transform rural communities in poor, environmentally vulnerable places.
Since our launch, we have provided more than $120 million in credit to 235 grassroots enterprises in 30 countries, maintaining a 99% repayment rate from our borrowers and a 100% repayment rate to our investors."
Since our launch, we have provided more than $120 million in credit to 235 grassroots enterprises in 30 countries, maintaining a 99% repayment rate from our borrowers and a 100% repayment rate to our investors."
Who we are
Who we are: "BlueOrchard is the world’s leading commercial microfinance intermediary, providing loans to microfinance institutions through its subsidiary BlueOrchard Finance S.A. and investing in the equity of microfinance institutions and microfinance network funds through its subsidiary BlueOrchard Investments S.A.
Our mission
BlueOrchard’s mission is to empower the poor world-wide and improve their quality of life by promoting income-generating activities through private investments in microfinance.
Our win-win philosophy…
We are convinced that microfinance investments can simultaneously produce social progress and financial returns. This is what makes microfinance a powerful tool to sustain economic development and alleviate poverty; as well as an attractive asset class, worthy of inclusion in any diversified investment portfolio strategy.
… and our win-win approach
We provide innovative financial instruments and solutions for placements in microfinance, bridging the gap between capital markets and microfinance institutions. W e generate profitable returns on investments while supporting the development of millions of promising small enterprises.
We believe in creating value through solid long-term relationships by providing debt and equity to microfinance institutions in all stages of their development. We share their mission to provide financial services to those who have few resources and are excluded from mainstream financial services. We regard our cooperation with them as the primary means to support financial and social integration worldwide.
Our values
We believe in establishing trust through transparency.
We attach high importance to our capacity to innovate.
We treasure our integrity and professionalism.
We work with zeal and enthusiasm.
Who we are
A bridge between microfinance and the capital markets
BlueOrchard Finance is a Swiss company specialising in the management of microfinance investment products. We assist banks and financial intermediaries who wish to invest in the microfinance industry by offering a comprehensive package of services designed to invest efficiently in this promising sector. This includes initial identification of, and due diligence on, microfinance institutions, as well as continuous monitoring and reporting on their activities and portfolios. BlueOrchard Finance manages the relationship with all the parties involved and strictly adheres to the investment policies and guidelines of its clients.
A leading and preferred investment provider to microfinance institutions
BlueOrchard Finance seeks to develop long-term relationships with microfinance clients and partners by sharing information, knowledge and risks, and by investing jointly in the development of microfinance. BlueOrchard's most important asset is its ability to create value through solid relationships with leading microfinance institutions all over the world. By building trust, listening actively and constantly interacting with institutions in the field, BlueOrchard is able to tailor products and services to fit its clients' needs.
A promoter of microfinance to the commercial investment community
BlueOrchard Finance follows a strict selection mechanism in line with the criteria set out in the investment policies of the microfinance investment products that it manages. This rigorous approach ensures that the portfolios are made up of reliable and sustainable institutions: investment advice is always based on in-depth due diligence, supplemented by the opinions of selected field experts, specialised evaluations companies, rating agencies, networks and international organisations. BlueOrchard's proven track record has convinced an ever-growing number of investors to choose the quality and profitability of a win-win investment: they earn a stable and competitive financial return on their investments while delivering effective social impact in emerging markets by encouraging entrepreneurship at the micro level."
Our mission
BlueOrchard’s mission is to empower the poor world-wide and improve their quality of life by promoting income-generating activities through private investments in microfinance.
Our win-win philosophy…
We are convinced that microfinance investments can simultaneously produce social progress and financial returns. This is what makes microfinance a powerful tool to sustain economic development and alleviate poverty; as well as an attractive asset class, worthy of inclusion in any diversified investment portfolio strategy.
… and our win-win approach
We provide innovative financial instruments and solutions for placements in microfinance, bridging the gap between capital markets and microfinance institutions. W e generate profitable returns on investments while supporting the development of millions of promising small enterprises.
We believe in creating value through solid long-term relationships by providing debt and equity to microfinance institutions in all stages of their development. We share their mission to provide financial services to those who have few resources and are excluded from mainstream financial services. We regard our cooperation with them as the primary means to support financial and social integration worldwide.
Our values
We believe in establishing trust through transparency.
We attach high importance to our capacity to innovate.
We treasure our integrity and professionalism.
We work with zeal and enthusiasm.
Who we are
A bridge between microfinance and the capital markets
BlueOrchard Finance is a Swiss company specialising in the management of microfinance investment products. We assist banks and financial intermediaries who wish to invest in the microfinance industry by offering a comprehensive package of services designed to invest efficiently in this promising sector. This includes initial identification of, and due diligence on, microfinance institutions, as well as continuous monitoring and reporting on their activities and portfolios. BlueOrchard Finance manages the relationship with all the parties involved and strictly adheres to the investment policies and guidelines of its clients.
A leading and preferred investment provider to microfinance institutions
BlueOrchard Finance seeks to develop long-term relationships with microfinance clients and partners by sharing information, knowledge and risks, and by investing jointly in the development of microfinance. BlueOrchard's most important asset is its ability to create value through solid relationships with leading microfinance institutions all over the world. By building trust, listening actively and constantly interacting with institutions in the field, BlueOrchard is able to tailor products and services to fit its clients' needs.
A promoter of microfinance to the commercial investment community
BlueOrchard Finance follows a strict selection mechanism in line with the criteria set out in the investment policies of the microfinance investment products that it manages. This rigorous approach ensures that the portfolios are made up of reliable and sustainable institutions: investment advice is always based on in-depth due diligence, supplemented by the opinions of selected field experts, specialised evaluations companies, rating agencies, networks and international organisations. BlueOrchard's proven track record has convinced an ever-growing number of investors to choose the quality and profitability of a win-win investment: they earn a stable and competitive financial return on their investments while delivering effective social impact in emerging markets by encouraging entrepreneurship at the micro level."
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