TRANSATLANTIC TIMES: World News Report
Friday, November 21, 2008
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The Sultan of Sokoto and Christian Bishop of Abuja to Speak on Nigerian Religious Freedom in the USA
Zumunta Covention, California USA
Zumunta Organization an association of peoples, descendants and friends of groups residing in areas mainly around the three northern geo-political regions in Nigeria is holding their annual convention in Los Angeles, California last week in July, 2008. In attendance would be his royal eminence the Sultan of Sokoto of of the highest religious and ethnic leader among the three northern regions in Nigeria and the current President of the Christian Association of Nigeria the Bishop of Abuja, to talk about religious tolerance and freedom in Nigeria.
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Nigerian Abroad United to Push Agenda in Nigeria
The group All Nigerian American Congress ANAC, is bring all Nigerian outside Nigeria today to participate in Nigerian development. Visit them and see their Manifesto on www.anacweb.org, Email:memberservices@anacweb.org
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| 2007 TV/Radio Archive |
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October Edition
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Washington, DC, USA
Rate Top Monthly TV Episodes & Stories >>
A. The Truth Behind Lies of Oil Prices
B. Major US County Recongnizes Continental Africans as a Distinct Ethnic Group
C. Why Health Care in Nigeria Remains a Game of Lottery
D. Militants Threaten Entire Niger Delta Town
The Truth Behind Lies of Oil Prices
By Andrew Horowitz
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Shedding Light on a "Dark Market": The Truth Behind What Is Really Driving Up Oil Prices
Oil prices are through the roof and most people assume the reason is simple "supply and demand." Investment adviser Andrew Horowitz disagrees. Uncontrolled speculation is the real culprit he says...and we should all take action to stop it now.
Ft. Lauderdale, FL (July 2008)—Everyone's talking about oil prices, and no wonder. In early January the price of a barrel of oil broke the $100 mark and has been rising ever since. On July 11, it hit a new record high of $147.27. Prices have since fallen to just over $127 a barrel, easing prices at the pump a little, but even so, it seems as though the days of cheap or even affordable gas are over. The upward spiral has affected almost every sector of the US economy and has made consumers feel angry and helpless as they continue to pay high prices at the pump. You may believe this is happening because there is too much demand for a limited resource—due to China's booming economy, for instance—but is it really that simple? Andrew Horowitz says no.
"Supply and demand might be part of the story, but when you put 2 and 2 together I just don't think it adds up," says Horowitz, nationally noted investment adviser and author of The Disciplined Investor: Essential Strategies for Success (HFactor Publishing, 2007, ISBN: 978-09787083-7-5, $19.95). "Recently, a group of economists testified in front of the Subcommittee on Oversight and Investigation of the House Committee on Energy and Commerce and agreed that there is a supply/demand problem. However, they said that if that were our only problem, the price of oil should be no higher than $80 a barrel—a price many Americans would welcome today."
So what's accounting for the extra $60 or so a barrel? Horowitz and other experts blame speculation and possibly manipulation of the oil futures market. And he traces the problem back to what is called the Enron Loophole, which allows energy futures to be traded online without regulation.
"If the name isn't damning enough for you, here's the history behind it," says Horowitz. "The Enron Loophole was pushed through as a last minute attachment to a bill as the Senate was trying to finish up for Christmas break in 2000. It was drafted by Enron lobbyists and turned the energies market into a 'dark' or unregulated market. It also led to the California Electricity Crisis in 2000 and 2001. And just as it is being blamed for the high price of oil today, supply/demand was erroneously blamed for the high cost of electricity eight years ago."
In fact, former director of the Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC) Michael Greenberger recently testified in front of the Senate Commerce Committee that in May 2002 then-chairman of the CFTC James Newsome made a speech blaming supply/demand for the electricity crisis. Greenberger said it was later discovered that, in actuality, unregulated online speculation was responsible for driving up energy prices in California by 300 percent.
Fast forward eight years and we have another situation in which supply/demand is being blamed for the skyrocketing price of a commodity. And once again that commodity is one that is difficult for us to live without.
"As I mentioned earlier, supply/demand is likely part of the problem, but only part," says Horowitz. "There is still oil coming in. There are no gas lines like we saw back in the '70s when our oil supply was cut off. And there is evidence that Americans' gas consumption is down, and yet the price of oil continues to rise. The only other explanation is that speculation is driving up the price."
Here's how speculation works. Essentially, a speculator can buy a stock and keep buying shares of that stock. Every time that person buys the stock, his shares from the day before would be worth more. He could do this day after day and the price of his holdings would keep moving up. The person could make a ton of money on his trailing positions. Since the speculator can use huge leverage, money is free and almost unlimited.
"Add to the speculation the fact that major financial firms are essentially stoking the fire to their own benefit," says Horowitz. "I discussed this phenomenon in a recent podcast with Greenberger, and he basically confirmed my fears. Investment firms—Goldman Sachs and Morgan Stanley, for example—make predictions about how high oil prices could go. Goldman has predicted $200 while Morgan Stanley made a prediction that prices would reach $150 by July 4. Greenberger said that many suspect these firms have bets heading in the direction of their predictions."
Is there any good news in this situation? As it turns out, says Horowitz, the passing of the recent Farm Bill gives reason to believe that there might be. The Farm Bill includes a provision called the CFTC Reauthorization Act, which closes the Enron Loophole for the natural gas market. The Act leaves open what is called the London-Dubai Loophole, which allows US contracts for crude oil traded online through foreign exchanges to go unregulated even though the computers being used for the trading are in the US.
However, now there is work being done on the Hill to close up the London-Dubai Loophole. On Thursday, June 26, the House of Representatives approved a bill that would allow the CFTC to enact emergency measures to "maintain or restore orderly trading." The catch is that the CFTC has said it will use this power to curb only manipulation, not speculation.
"When I spoke to him recently, Greenberger pointed out that there is a new piece of legislation from Congress that if passed instructs the CFTC to look for manipulation in all markets," says Horowitz. "The idea is that just the passing of such an Act could start to bring down the price of oil because traders who are back under the watch of the public eye won't try to get away with some of the things they have been doing.
"The bottom line is that there may be some light at the end of the tunnel," he continues. "My hope is that the naysayers who continue to blame supply/demand will let these markets be examined. They should give those of us who think speculation and manipulation are at play a chance to prove them right by opening these markets back up to regulation. In the meantime I strongly advise anyone dissatisfied with the current oil prices to contact their local Congressperson or Senator. Let them know that you won't tolerate legislators who don't take their constituents' interests to heart by working to bring an end to these out of control oil prices."
About the Author:
Andrew Horowitz, CFP
Major US County Recongnizes Continental Africans as a Distinct Ethnic Group
TTimes World USA Report
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Major US County Recognizes Continental Africans as a Distinct Ethnic Group From Black Americans
A new day has dawn in American political landscape, the birth of Continental Africans as a separate sub ethnic group from the Black Americans or the more contemporary African American. Montgomery County the third wealthiest County in the United States, main commercial and economic hub of Maryland Washington DC area, which boast of the most educated, and probably the highest number and income of Continental African population in all the United States was the first to officially recognize this distinct sub ethnic group of African Americans in the United States.
Inaugurating the county recognition yesterday was no less than the County Executive Ike Leggett, flank by his assistants Mr. Bruce Adams, and Harold McDougall the designated coordinator from the County for the group. County Executive Ike Leggett in addition to the Latino Community Groups, Asian Community Groups, Middle Eastern Community Groups, officially recognised the Continental African Community Group as a distinct ethnic group for the purposes of services, business, community affairs and all such activities of Montgomery County. He selected representative to the Montgomery African Advisory Council.
Speaking with the group organizer and member of the Council Ms Evelyn Joe who migrated to the United States from Cameroons, the French African accented and articulate organizer of the group said most people don't even stop to think about the distinct identity of Continental Africans. Though we are African Americans we a distinct group, our needs are different, our problems are different, our communities though culturally similar with African Americans are often time very different from African Americans. Now we have first, second, third generations, though some of them are intermix with other African Americans, we are becoming a larger and distinct group.
Further commenting on this was Dan Edokpolo Austin M.D, President of Cignet Health Corp., a Physician and a former Chairman of the Conglomerate organization of All Nigerian American Congress (ANAC) and a Trustee of the Organization and a member of the Council. Dr. Austin said, Continental Africans are well represented in America today, estimates run from 4 to 7 million across America. Unfortunately even the US government statistics on this group is poor because they are lumped together with African Americans. Most US Universities would distinctly reveal the staggering proportion of this group. They are probably the most educated group among all ethnic migrants to the United States and contribute immensely to the educated work force in the United States and most especially Montgomery County in the Washington DC/Maryland National Capital area.
The Advisory Council on the affairs of the African Ethnic group to the County was commenced, other representatives to county on the African affairs included Dunyako Ahmadu, Mumie Barre of the Somalian community, Soffie Ceesay of Gambian community, Emmanuel Edokobi, Amie Jallah, Alexandar Mboukou of Congo, Dave Moktoi, Joshua Moses an Attorney from Silver Spring, Augustin Mutemberezi, Rwanda, Rev. Kennedy Kwasi Odzaffi of Ghana, Chief Alexander Taku of Cameroon, Patrick Tangelo, Ivo Tasong, Winta Teferi Ethiopia.
Indeed this is a great step forward for the new generation of people in these minority communities. Little would it be recognized that Barrack Obama the democratic nominee for President of the United States actually belong this the sub group of the African American Community, how be it, he is from a white American mother from Kansas and married into a Chicago African American community. However in areas like Washington DC, New York, Houston Texas, Atlanta Georgia, the population of the distinct Continental African Americans are quite significant and warrants the specific distinction. We hail this first recognition by Montgomery County, a true leading county in the country. Its such foresight that is necessary to sustain leadership, no wonder that Montgomery county continue to lead the nation and Maryland in many areas of development. County Executive Ike Leggett should be applauded for his vision, leadership and foresight in harnessing the huge growth potentials and holding to task these groups community responsibilities. Its only wise to bring every group to task for the overall responsibility of their community, if we don't, such group would inadvertently be working against the common good of any society and we would be working with our hand tied to one-side of our back to use the term from the democrat.
Speaking with Mr. Bruce Adams of the Montgomery County Executive office, he revealed that in the view of this administration, the world has come to Montgomery County and we welcome them. Immigrants and their hardwork has worked well for America for many generations, we welcome these, legal, productive and well meaning peoples from all nations who come here to seek a better life.
The County Executive is planning a trade mission to Africa soon, we are going to need the input of the African Advisory Council, we also have sister city projects planned for cities abroad and the County will declare September an Ethnic African month.
Our goal is to have the ethnic groups work well together for the overall goal of a better Montgomery county.
We look forward to the Ethnic Continental Africans becoming as organized, and involved as other ethnic groups in our county, like the Latinos and Asian groups to name a few and their meaningful participation for the overall progress of Montgomery county.
Why Health Care in Nigeria Remains a Game of Lottery
By David Eboh and Prince Charles Dickson
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The Politics of Healthcare in Nigeria: A Game of Lottery? (I)
It remains unclear how best to define and describe Nigeria’s healthcare delivery system. The National Healthcare Insurance Scheme (NHIS) has been established as a way out of the limbo for people that would have difficulties in accessing, paying and receiving appropriate healthcare services anywhere in the country. However, many of those championing NHIS and Health Management Organisations (HMO) are divided on several opposing lines and boundaries of personal interest in the industry. This is one of the significant challenges for the realistic implementation of NHIS project and the full development of a viable and sustainable healthcare services and delivery system in Nigeria. There is evidence to assert that the commercial interest that would maximise the gains of a few out weighs the argument in favour of public interest that would benefit the entire population.
There are several options for realising the potential of healthcare economy in the country, but the preferred choice is usually one that is hardly subjected to any serious experts’ analysis and public scrutiny. The decision on the option is made without due reference to specific research or based on established evidence of success in similar countries or societies, which would allow informed response by members of the public, especially the academics. There is undue reliance on narrow angle view of medical professionals without consideration of the holistic concept of health services business in the view of strategic management experts.
The politics of healthcare in Nigeria disempowers the majority of the citizens by denying them the fundamental basic knowledge of what, how, where and when the issues of healthcare are being planned and implemented. And once a professional group approves a political agenda, it becomes the right policy for the country irrespective of the faults and deficiencies.
Healthcare policy is neither aimed to achieve a national delivery system with standardized approach for equality of access, quality concepts, strategic management, funding and marketing, individual and organisational accountabilities, workforce recruitment, training and development; nor does it aim for respective states to channel their own courses without any connection to the centre. The disjointed co-ordination of the leadership structure and absence of management discipline have impacted negatively on effectiveness and efficiency in system development of a clearly definable healthcare in the country.
At the moment healthcare delivery is like a game of lottery where only the lucky ones can have access to healthcare services at the mercy of a Non-Governmental Organisation (NGO), Governor, President, Vice President or their respective wives, (our first ladies).
One of the legacies of military dictatorship is a policy of undue discretionary use and abuse of power where funding for specific healthcare needs of selected individuals either for treatment at home or abroad without concerns for the rest of the population. With democracy, it is important to point out the implication for non-universal approach for assessing and paying for specific healthcare needs of the citizens. There is a need to highlight that while charities can chose and pay for healthcare needs of individuals because it is their own money, people trusted with public responsibilities could not spend public fund for specific people with specific healthcare needs discretionally without subjectivity to processes that ensures equity and fairness. Public fund belongs to every member of the public and must not be used or seen to be used in manners that undermine a leader’s commitment to addressing the healthcare needs of the general public.
When the wives of our President and Governor of Lagos State, Mrs Hajia Turai. Yar’adua and Mrs Fashola, addressed the issue of health and the free treatment of 500 people with visual problems which was initiated by Her Excellency, the First Lady of Nigeria, the question that called to mind was about the source of fund that paid for the treatment. Was it private fund, charity fund or public fund? Similar number of patients are hoped to benefit across all the states in the country. While this critical question does not underscore the kind gesture of the first ladies and the magnitude of the benefit derived by those targeted, it however does raise the issue of clarity in systems, needs assessment and responsibilities for planning, costing, delivering and evaluating healthcare services on the basis of priorities, the expected cost/efficiency value for both the individuals and the general society..
In view of the above, it would not be inappropriate to ask about the significance of national health insurance scheme (NHIS), considering the fact that access to healthcare services may be a mountain to climb by those whose needs are not championed by someone with a particular political interest. There was a case of two people with renal (kidney) problems who required transplantation as reported on NTA news where their doctor was appealing for donations to fund their treatment. The boy was 9 years old and the female was about 42 years. There was no evidence of much response from the charity organisations (NGOs), the government of their state of origin or residence, the politicians or the federal government and others. It is uncertain what the outcome of their fate is. There are several members of the population sharing that fate and if not for the foresight of their doctor, no one would hear of their suffering simply because a country as blessed as Nigeria is yet to develop and improve upon its healthcare industry, efficient management and effective delivery systems.
So far, the song of healthcare reform in Nigeria does not seem to be in tune with the beat of the music in the systems of delivery. It continues to sound more like rhetoric with so much promises but little guarantees for realisation.
For realistic achievement in the national agenda for effective healthcare delivery in Nigeria, we must first identify who the experts are in strategic management of healthcare and consult widely across their range in order to have a balance debate that is anchored on clear principles of research evidence and international benchmarking. Also, the business activities of healthcare must be distinguished from the clinical activities and productivity and should be positioned as a fundamental public service directed at every member of the population.
The subject of healthcare should start to attract more public questioning and expert analysis. The media should play the moderator’s role by pushing the debate and accommodating the different opposing arguments. Publishing one side of a story diminishes the opportunity for learning and knowledge development. Healthcare management issues are sparsely reported and yet many organisations across the public and private sectors lost millions of naira per day due to sickness absence. Performance of staff due to poor health affects productivity, quality and profitability, yet the media is more concerned about other economic news that has direct visible financial values.
Prince Charles Dickson
Militants Threaten Entire Niger Delta Town
TTimes World Report
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Thousands flee Nigerian militants
The militant group responsible for the threat has not been identified
Thousands of Nigerians have fled the Niger Delta oil town of Bonny after militants threatened to behead people who are not originally from the area.
The unknown group attacked soldiers in the town two weeks ago, killing nine people including a pregnant woman.
According to a newspaper article widely circulated by residents, the militants said they would return on July 16.
Bonny Island is home to a major oil and gas export terminal but production has not been affected.
Meanwhile, a militant attack in the Bonny Island area has left five people dead, the AP news agency reports.
About 30 militants attacked a Navy houseboat and three militants, a navy officer and civilian were killed, said Col Chris Musa.
Panic
In Bonny, youth leader Kingsley Adonis Pepple said people took the militant's threat seriously.
"They were handing out copies of this article to people in the street. There was panic. People packed up their entire family into a boat and fled."
Several boats had capsized and people drowned, he said, although there is no confirmation of this.
Mr Adonis Pepple said he had contacted all the known militant groups in the area and had been assured the article was wrong.
He tried to tell people but they weren't taking any chances, he said.
The article said unnamed sources reported the militants' demand.
"Another source said that the hoodlums, after the face-off with the navy, entered town, shooting and giving ultimatum that all residents of the town who were from other places should leave the town before July 16 or risk being beheaded," the national Nigerian Tribune paper said.
The article was sent to many people in Bonny by family members begging them to get out before the deadline, Mr Adonis Pepple said.
Production resumed
Bonny is a city of over 100,000 people, many of whom work in the oil industry.
The new multi-million dollar Liquefied Natural Gas export terminal is nearby.
Shell announced on Tuesday that a pipeline leading to Bonny Island, attacked by militants two months ago, had been repaired and production resumed.
Militant attacks on oil infrastructure are partly responsible for Nigeria's oil exports being cut by around a quarter in recent years.
Militants have also kidnapped oil workers for ransom.
Some groups are demanding a larger share of the oil wealth, but others are criminal gangs who make a living from extortion and oil theft, Delta activists say.
British aid
Nigeria has seen several "communal crises" in recent years, in which one ethnic group attacks another seen as being "non-indigenous" to the area.
Hundreds of people were killed in Plateau state in 2004 in clashes between Christian militias and Hausa Muslims.
President Umaru Yar'Adua is meeting British Prime Minister Gordon Brown in London to discuss security issues in the oil-producing Niger Delta.
Mr Brown recently offered to help Nigeria bring an end to the violence and increase oil production.
Many in the region are afraid Mr Brown means to send military aid to the Delta.
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