US Outlines Plan to Regulate Carbon Gas Emissions

The U.S. Environmental Protection Agency has unveiled a strategy for cutting U.S. carbon gas emissions that emphasizes cooperation between the Obama administration and the U.S. Congress.

EPA chief Lisa Jackson outlined the plan Wednesday at a U.N. climate conference in Copenhagen.

She described her agency's decision this week to regulate carbon gas emissions in the United States as an attempt to boost ongoing U.S. congressional efforts dealing with global warming.

U.S. Senate debate is stalled on legislation imposing specific cuts on greenhouse gas emissions. But Jackson said the Obama administration is ready to work closely with lawmakers to pass comprehensive clean energy reforms lowering carbon emissions by more than 80 percent from current levels by mid-century.

The EPA ruled Monday that scientific evidence shows carbon emissions are a clear threat to Americans' health and should be regulated.

That decision gives the agency the power to regulate such emissions without Congressional approval.

The EPA decision was greeted warmly in Copenhagen, where delegates from 192 nations are seeking a deal to place caps on greenhouse gas emissions that many scientists say cause global warming.

Negotiators are struggling to balance the economic concerns of rich countries with those of developing economies. Poorer countries are demanding that industrialized economies bankroll the bulk of anti-pollution initiatives because such countries are believed to be responsible for the carbon gas linked to global warming.

More than 100 world leaders, including U.S. President Barack Obama, are expected to attend the Copenhagen conference next week.

UN Envoy: Climate Change Talks Moving Forward

Speaking in Copenhagen, Yvo de Boer, the U.N. Framework Convention on Climate Change Executive Secretary, said the draft showed that climate negotiations are moving forward.

"Negotiators are beginning to turn their attention to the bigger picture and the ultimate outcome of this conference," he said.

De Boer described the document as a 'framework', which still needs to be fleshed out.

The document leaves open the issue of how much cash will be needed to help developing countries adapt to climate change.

But European countries announced Friday they will contribute over $10 billion over the next three years.

AP

British Prime Minister Gordon Brown (File)

Britain's Prime Minister Gordon Brown said the European Union was committed to major emissions reductions.

"Our aim is through an ambitious deal that the European Union commit to reduce its emissions by 30 percent by 2020. The agreement must include a financial framework that is for the short-term, medium-term, and long-term," he said.

The draft text also leaves open the exact target for limiting temperature rise. Small Islands and some poor countries have called for temperature rise to be capped at 1.5 degrees Celsius - lower than the two degree figure endorsed by major developing economies in July.

But the draft does call on developed nations to cut green house gas emissions by at least 25 percent from 1990 levels by 2020 and by at least 50 percent by 2050. Greenhouse gases are the byproduct of fossil fuels, which scientists say are heating up the earth's atmosphere and bringing chaos to its climate system.

Scientist Stephan Harrison from Britain's University of Exeter says 50 percent-reduction targets are a good step, But he says, that reduction won't be enough to keep temperature rise below 2 degrees.

"People have said that 80 percent reduction is probably the minimum required, so 50 percent clearly wouldn't be enough," he said.

He says the United States needs to take the lead in curbing emissions.

"America has enormous influence -- it's enormously powerful politically, so what America decides to do will have absolute fantastic influence," he added.

The United States has so far refused to sign up for legally binding lower emissions targets.

Grace Akumu is climate change advisor to the Kenya government. Speaking from Copenhagen she said the US has to do more to match the European Union's commitment to limiting climate change.

"America also should join other developed countries who propose comparable emissions reductions targets and time frames," she said. "So that the EU does not feel boxed to the corner. Because now the European Union has been baring the burden alone and America -- the largest emitter -- has been on the side of the Kyoto protocol," she added.

AP

Police lines block a demonstration from advancing towards the center of Copenhagen, 11 Dec 2009

The conference in Copenhagen will continue until December 18. Early next week ministers will be arriving in Denmark's capital to join negotiations. Country leaders, including U.S. President Barack Obama, are expected at the end of the week.

The goal is to reach a global deal on tackling climate change, which will come into effect in 2013.

Challenges For Obama’s Afghan Strategy

Mr. Obama’s plan calls for the withdrawal of troops by the summer of 2011. Critics on the left want the troops out now, saying the war in Afghanistan has already lasted eight years. Others, especially Mr. Obama’s conservative opposition, question the wisdom of announcing a specific exit date.

Given follow-up testimony before the U.S. Congress last week by Defense Secretary Robert Gates and Secretary of State Hillary Clinton, it has become clear that the president’s timeline for a drawdown is less a commitment than an aspiration.

Gates vowed the U.S. partnership with the Afghan government and other countries in the region would not be fleeting. “Our government will not again turn our back on this country or this region,” he said. “We will fight by your side until the Afghan forces are strong enough to secure that nation on their own.”

Reaction in Afghanistan

Afghan President Hamid Karzai weighed in on Mr. Obama’s plan, indicating it may be five years before his army and police are ready to take on insurgents – and 15 to 20 years before his government can afford to pay for its own security.

Beyond Mr. Karzai, Afghans are split in their opinions about the Obama withdrawal plan. “People who analyze the Afghan situation think the deadline is good because in those 18 months probably both the U.S. coalition forces and the Afghan government will work hard to train the Afghan armed forces,” says Afghan analyst Alam Payind. “It will put pressure on the Karzai government to implement reforms and reduce the corruption.” he added. Payind is director of the Middle East Studies Center at the Ohio State University.

On the other hand, Payind says Afghans who oppose the deadline argue that it will embolden the insurgents. Even more important, he says, is the weakness of the Karzai government. “And that doesn’t even address the issues of opium production and trafficking, which fuel and criminalize the economy, and in which some ministers are involved,” says Payind.

Fear of Repeating Past Mistakes

“President Obama’s announcement ignored the contribution of America’s previous lack of sustained involvement in Afghanistan,” says Roy Gutman. Foreign editor of the McClatchy newspaper chain, Gutman is also the author of How We Missed the Story: Osama bin Laden, the Taliban, and the Hijacking of Afghanistan.

“If you go back to the period of the Russian invasion, which was 30 years ago this month, the United States played a huge role funding and arming the Afghan resistance,” Gutman recalls. But he also notes after the Soviets were forced to leave Afghanistan in 1989, the United States lost interest in the country. That interest in the region would be renewed in the aftermath of the 2001 terrorist attacks against New York and Washington.

Pakistan’s Key Role Then and Now

“Our success in Afghanistan is inextricably linked to our partnership with Pakistan,” President Obama told the American people last week. But while Pakistanis fault the United States for helping to create the instability the region faces today, opinion there is split on what the U.S. role should be.

“The strange and interesting fact is that both Pakistanis and Afghans have been complaining for the last several decades about America walking away from Afghanistan and Pakistan after the Soviets left in the 1980s,” says former Pakistani diplomat Akbar Ahmed. At the same time, Ahmed says “one finds a great deal of anti-Americanism among Pakistanis today.” Ahmed, who chairs the Islamic Studies department at the American University in Washington, says part of that anger is fueled by the U.S. drone attacks in the tribal regions of Pakistan. Those attacks have been blamed for the deaths of an estimated 500 to 600 innocent civilians.

So, Ahmed concludes, there is a Pakistani paradox. “While Pakistanis may not be particularly happy about so many Americans being involved on this side of the border, at the same time they don’t want America to just pack up and leave,” he explains.

The Limited Options

“The immense task America now faces in the region is greatly aggravated by Afghanistan’s weak central government,” Gutman says. The Afghan government of Hamid Karzai hasn’t helped its own cause in that respect. Perceived corruption within the government, and especially during the president’s re-election, didn’t win Mr. Karzai much respect within his own country or the international community.

But Gutman warns that circumventing the Afghan President by turning to regional leaders would carry a greater risk – making Afghanistan so decentralized that it could become ungovernable. Gutman’s prediction: “It’s not going to be over in 18 months.” Akbar Ahmed, Roy Gutman, and Alam Payind were interviewed by VOA’s Judith Latham on the 10 December edition of International Press Club.

Some 1.6 billion people lack access to electricity

LUTW

Dave Irvine-Halliday works one house at a time in Mexico to install LED lighting

In 1996 Canadian professor David Irvine-Halliday was on a work trip in Nepal when his return flight was canceled. It would be weeks before he could catch another flight home, but the delay gave him time to hike the Annapurna Circuit, a 14-day trek through the Himalayas. One day, wandering past a school he heard children singing. He looked in the window and wondered how, without light, the kids could study. Sadly, he realized, these conditions are common in poor countries. Some 1.6 billion people in the world have no access to electricity.

LUTW

LEDs can replace expensive and polluting kerosene lamps

People who aren't connected to the electric grid often get their light from kerosene, candles or burning wood. But, the products are expensive, produce only dim light and generate polluting fumes that cause health and environmental problems. Responding to the need for safe, clean and affordable lighting, Irvine-Halliday set to work on a solution.

LEDs turn out to be a bright idea

Back in his laboratory at the University of Calgary, Alberta, he experimented with light emitting diodes, technology he was familiar with as a professor of renewable energy. "I knew that they were virtually indestructible. They lasted for decades because they were putting them under the Pacific and Atlantic Oceans, and they were going to be there for years and years and years working for 24 hours a day," he says.

Irvine-Halliday settled on a one watt bright white light, a Japanese product he discovered on the Internet. Startled by the intense beam he generated when he rigged the diode to his bike generator, he recalls saying to his partner, "Good God, a child could read by the light of a single diode."

CAUSE Canada

Girls in Sierra Leone read by the light of a single watt LED

In 2000, Irvine-Halliday returned to Nepal to put the system in homes. He first used pedal power, then turned to hydro and finally turned to solar power generation. The single watt solar LED package works, Irvine-Halliday told Capitol Hill staffers at a recent meeting in Washington, because it is affordable, clean and easy to set up and maintain. "The one-time cost of our system - which consists of a small solar panel, a little motorcycle-sized battery and a couple of LED lamps, is less than one hundred dollars," he says. He adds that's about the same as the cost of kerosene for a year.

Some 1.6 billion people lack access to electricity

LUTW

Dave Irvine-Halliday works one house at a time in Mexico to install LED lighting

In 1996 Canadian professor David Irvine-Halliday was on a work trip in Nepal when his return flight was canceled. It would be weeks before he could catch another flight home, but the delay gave him time to hike the Annapurna Circuit, a 14-day trek through the Himalayas. One day, wandering past a school he heard children singing. He looked in the window and wondered how, without light, the kids could study. Sadly, he realized, these conditions are common in poor countries. Some 1.6 billion people in the world have no access to electricity.

LUTW

LEDs can replace expensive and polluting kerosene lamps

People who aren't connected to the electric grid often get their light from kerosene, candles or burning wood. But, the products are expensive, produce only dim light and generate polluting fumes that cause health and environmental problems. Responding to the need for safe, clean and affordable lighting, Irvine-Halliday set to work on a solution.

LEDs turn out to be a bright idea

Back in his laboratory at the University of Calgary, Alberta, he experimented with light emitting diodes, technology he was familiar with as a professor of renewable energy. "I knew that they were virtually indestructible. They lasted for decades because they were putting them under the Pacific and Atlantic Oceans, and they were going to be there for years and years and years working for 24 hours a day," he says.

Irvine-Halliday settled on a one watt bright white light, a Japanese product he discovered on the Internet. Startled by the intense beam he generated when he rigged the diode to his bike generator, he recalls saying to his partner, "Good God, a child could read by the light of a single diode."

CAUSE Canada

Girls in Sierra Leone read by the light of a single watt LED

In 2000, Irvine-Halliday returned to Nepal to put the system in homes. He first used pedal power, then turned to hydro and finally turned to solar power generation. The single watt solar LED package works, Irvine-Halliday told Capitol Hill staffers at a recent meeting in Washington, because it is affordable, clean and easy to set up and maintain. "The one-time cost of our system - which consists of a small solar panel, a little motorcycle-sized battery and a couple of LED lamps, is less than one hundred dollars," he says. He adds that's about the same as the cost of kerosene for a year.

Villagers get micro-loans to buy lighting systems

LUTW

Boys help assemble an LED system

What started as a family project has emerged as the Light Up the World Foundation, which has reached 25,000 people in 51 countries. Initially systems were given away. Today, growing numbers of villagers are purchasing and maintaining the equipment. "Our short term goal for the next couple of years is that 80 percent of all the systems that Light up the World is involved [with] will be via micro-credit," Irvine-Halliday says, "where the villager borrows from local micro-credit organizations and pays them back."

The organization has made a difference in people's lives beyond Irvine-Halliday's expectations.

Acquiring this simple and non-polluting form of electric light, he points out, promotes education, public health, economic security and a cleaner environment. In January, he will retire from his day job at the University of Calgary. He's also decided to give up leadership in Light up the World Foundation to start a company in India that will develop a more energy-efficient and cheaper lighting system that he hopes will bring even more light to the world's poor.

A Philippine official says the armed tribesmen holding 46 hostages in the country's

A Philippine official says the armed tribesmen holding 46 hostages in the country's south have agreed to surrender after the government promised to consider some of their demands.

A government crisis team spokesman, Alfredo Plaza, said the gunmen freed two more hostages on Saturday and agreed to free the remaining captives when they surrender early Sunday.

Armed tribesmen on the southern island of Mindanao, seized 75 people Thursday at a school and several neighboring homes in the town of Prosperidad.

The leader of the hostage-takers, Joebert "Ondo" Perez, demanded that murder charges against his gang be dropped and that police disarm a rival group. He blamed the rival clan, the Tubays, for the murders of six of his siblings.

The southern Philippines is plagued by banditry, tribal feuds, loosely supervised government-armed militias, and Muslim and communist insurgents.

Officials say many former militiamen have turned to banditry and extortion and that the government has made efforts to disarm them. A government official, Cerge Remonde, said Friday that so far more than 1,000 firearms and close to 600,000 rounds of ammunition and explosives have been confiscated or surrendered to authorities.

The kidnapping Thursday came as government forces continued searching for militiamen suspected of involvement in last month's massacre of 57 people in another part of Mindanao.

Contracts Awarded to Russian, Norwegian Firms on Last Day of Iraq Oil Auction

The Iraqi government expressed satisfaction with the outcome of major two-day oil auction, Saturday after awarding the prized West Qurna Phase Two oil field to both Russia's Lukoil and Norway's Statoil.

The winning bid by the two companies proposed to give Iraq a fee of $1.15 per barrel of crude extracted from the field. The companies also pledged to reach an output of 1.8 million barrels per day.

Friday, Iraq awarded contracts to exploit the Majnoon oil field to Royal Dutch Shell and Malaysia's Petronas, while granting another major contract to China's CNPC.

Oil Minister Hussein al-Shahristani declared that the results of the auction were "a victory," adding that Iraq would not waste the money from the oil deals "on wars," as former president Saddam Hussein "used to [do]." The money, he emphasized, will "go to the Iraqi people."

Shahristani also told Iraqi politicians that were opposed to the deals that commercial accords, such as the oil deals, were under the control of the government and did not need the approval of parliament.

He says that the constitution is clear that international accords and treaties signed by Iraq and any foreign country must go through parliament for approval, but that commercial agreements don't need to be legally approved by parliament, according to the Iraqi constitution, no matter how large the contract, or how long the duration.

Sunni opposition parties have criticized Prime Minister Nouri al-Maliki for going ahead with the deals, complaining that he was "giving away Iraq's natural resources."

Former oil minister Issam al-Jalabi insisted that the government was not following proper procedures and needs to submit the deals to parliament for approval.

He says that the government cannot just pick and choose which oil laws it wishes to follow. He insists that a 1967 law stipulates that a bill must go through parliament for each and every accord. Otherwise, he says, the agreements will be considered null and void.

Louis Hobeika, professor of economics at Lebanon's Notre Dame University, said that he's not sure if the Iraqi government should have gone ahead with the deals, given the unsettled political situation in the country.

"We all know that the Iraqi government and Iraqi institutions are weak and any contracts given under these circumstances, especially long-term contracts, for me is doubtful, and therefore, all of these contracts, especially long term contracts, are bad for Iraq. It will not be in the Iraqi's interest, it will be in the foreign firm's interest," he explained.

The oil deals will increase Iraq's production, according to government estimates, by over 4.7 million barrels per day in the coming years. Iraq now produces 2.5 million barrels per day. Many analysts, however, question if Iraq will be able to attain such lofty production levels.

Devastated Village in American Samoa Recovers From Tsunami

At least 170 people have been confirmed dead following last week's earthquake and tsunami in the Pacific Islands of Samoa, American Samoa and Tonga. Some towns escaped with minor damage, but other seaside villages were devastated. Mike O'Sullivan visited the village of Leone in American Samoa, and reports that the community has pulled together in the disaster's aftermath.

Leone was hit hard by the tsunami. Last Tuesday, the usually peaceful ocean surged into a mountain of water that swept through the scenic seaside village, on the southwest side of the main island.

Angela Laumoli, a high school vice principal, says the 3,000 villagers are drawing on ties of kinship, friendship, and church membership to get through the trauma.

"We are going to commit all our day hours today to help clean up so that at least whatever we can save, we can save," said Laumoli. "And we need to clean up so that they can come and build new residential places for our families here."

Fiu John Saelua, a hereditary village chief, says the devastation is widespread and the recovery will be daunting. At least 10 villagers have died. He says residents found six bodies on the day of the tsunami.

"We found three the next day, and then there's still one missing up to now," said Saelua.

One of the injured also died in the hospital. A downtown post office and market were destroyed.

Leone is full of churches, including the first on the island, a Congregational church founded by a British missionary in the 1800s. Church member Moana Aumavai says the damage was minor.

"There was just debris and ocean water that went in," said Aumavai.

A nearby school is still standing, and the local Catholic church also suffered only minor damage.

Residents who are coping with the ravages of nature say the bonds of community are helping them recover. Dozens came to the beach to sift through piles of clothes and textiles, truck tires and personal belongings. Nearby, others are cleaning out partially collapsed homes and buildings, including the beach structures used for traditional ceremonies. Eighteen-year-old college student Jolin Filemoni says the effort has brought her closer to her family.

"We've been praying a lot," said Filemoni. "You know, these things happen for a reason, for families to come together."

As officials assess the damage, Chief Fiu John Saelua says people of the village are optimistic, despite their losses.

"The spirit is high, back to normal," added Saelua. "The whole village has pulled together to help each other. It's going to take months."

But, he insists, the village of Leone will recover.

Nepal is confirming bird flu in poultry has been detected for the first time

At least 170 people have been confirmed dead following last week's earthquake and tsunami in the Pacific Islands of Samoa, American Samoa and Tonga. Some towns escaped with minor damage, but other seaside villages were devastated. Mike O'Sullivan visited the village of Leone in American Samoa, and reports that the community has pulled together in the disaster's aftermath.

Leone was hit hard by the tsunami. Last Tuesday, the usually peaceful ocean surged into a mountain of water that swept through the scenic seaside village, on the southwest side of the main island.

Angela Laumoli, a high school vice principal, says the 3,000 villagers are drawing on ties of kinship, friendship, and church membership to get through the trauma.

"We are going to commit all our day hours today to help clean up so that at least whatever we can save, we can save," said Laumoli. "And we need to clean up so that they can come and build new residential places for our families here."

Fiu John Saelua, a hereditary village chief, says the devastation is widespread and the recovery will be daunting. At least 10 villagers have died. He says residents found six bodies on the day of the tsunami.

"We found three the next day, and then there's still one missing up to now," said Saelua.

One of the injured also died in the hospital. A downtown post office and market were destroyed.

Leone is full of churches, including the first on the island, a Congregational church founded by a British missionary in the 1800s. Church member Moana Aumavai says the damage was minor.

"There was just debris and ocean water that went in," said Aumavai.

A nearby school is still standing, and the local Catholic church also suffered only minor damage.

Residents who are coping with the ravages of nature say the bonds of community are helping them recover. Dozens came to the beach to sift through piles of clothes and textiles, truck tires and personal belongings. Nearby, others are cleaning out partially collapsed homes and buildings, including the beach structures used for traditional ceremonies. Eighteen-year-old college student Jolin Filemoni says the effort has brought her closer to her family.

"We've been praying a lot," said Filemoni. "You know, these things happen for a reason, for families to come together."

As officials assess the damage, Chief Fiu John Saelua says people of the village are optimistic, despite their losses.

"The spirit is high, back to normal," added Saelua. "The whole village has pulled together to help each other. It's going to take months."

But, he insists, the village of Leone will recover.

(IPPF) urged family plannhttp://www.blogger.com/img/blank.gifing programs to pay regular attention

Family planning communication programs have long recognized the importance of working with the news media (30, 67, 76). In 1972 the International Planned Parenthood Federation (IPPF) urged family planning programs to pay regular attention to providing information to journalists in addition to films, radio spots, advertisements, and other communication (30).
Working with the news media is important because news coverage is often people's first source of new information. Also, news coverage helps confirm and reinforce the information that people receive about family planning programs from other sources, such as entertainment programs, brochures, field workers, family members, and friends (28). Particularly where the news media are independent of official control, people see them as credible, important sources of information (73).
Informing people and encouraging healthy behavior. With their broad reach and powerful influence, the news media can help to improve reproductive health practices. As people are exposed to new information, ideas, and values—such as using contraception to control their fertility—many become increasingly aware and interested and, eventually, some decide to take action. At each stage in this process communication plays a key role (55, 76). News coverage can contribute at each step:
Knowledge stage. Awareness of new information is the first step toward new behavior. News and feature stories can make people aware of the benefits of family planning and of the existence of contraceptive methods and services and can help overcome myths and false rumors.
Persuasion stage. Frequent news coverage helps legitimize family planning, both as a practice and as a topic of conversation. Feature stories about field workers or family planning users can present role models.
Decision stage. News coverage helps people make informed choices about using contraception based on expert opinion and others' experiences.
Action stage. News and feature stories can inform people about how to take action, such as how to use contraceptive methods, where and when to go for services, and how much they cost.
Confirmation and advocacy stage. Coverage in the news media can reinforce individual decisions to adopt family planning and can serve as a forum for members of the public and opinion leaders to endorse family planning and offer testimonials from personal experience.Influencing policymakers. Accurate news coverage often helps family planning and other reproductive health care programs earn the support of national policymakers(29). Their commitment is important on both the supply and demand sides—to assure the resources to provide services and to endorse popular interest in using them (60).
Policymakers follow the news media closely because the news both reflects and shapes popular opinion (52, 63). In many countries the news media set the agenda for public discussion and debate by deciding what issues to cover and how to report on them (65). By drawing a situation to public attention, the news media sometimes even seem to create events rather than just report them (64).
Policymakers pay attention to stories with such headlines as:
"Poor Lands' Success in Cutting Birth Rate Upsets Old Theories" (The New York Times, January 2, 1994);
"Refugee Centre Sits on Population Time Bomb" (The Mail, Ghana, July 5, 1994);
"Who'll Have to Pay? The Cost of Dealing with AIDS in Asia Will Run into the Billions" (AsiaWeek, November 1993).

Goldmine Project

Do you remember that survey we ran a couple of months back to see what people wanted next from the Goldmine? Well, I’ve posted the winning result up at this link, so take a look. (I’m working on this project as of now, so, just as a favour, to help me get it absolutely right, if you could also answer the handful of point-and-click questions there too that will help refine what’s coming to the point of maximum delight!)
Next Screenwriting Goldmine Project
One other thing, that might be of interest if you’re already a user of the Screenwriting Goldmine method. If you get confused when you come to lay out your story in a spreadsheet then you might like to take a look at a spreadsheet I’ve created for you. It’s a smartened up version of the spreadsheet I use myself every time I write a story, and you can download it for a VERY reasonable price at:
The Goldmine Guider
My local newspaper, the San Francisco Chronicle, has lately been pushing local news onto the home page more than ever before. Today's front page is filled with local and regional news with nary a national story. Is it time for local newspapers -- even large metro papers like the Chronicle -- to focus much more on local news and less on national and international news? If you're a newspaper reader, would that upset you? If you're more of an online newspaper reader, how much do you count on your local newspaper site for local vs. national or international news? And what sources do you use most for l
My local newspaper, the San Francisco Chronicle, has lately been pushing local news onto the home page more than ever before. Today's front page is filled with local and regional news with nary a national story. Is it time for local newspapers -- even large metro papers like the Chronicle -- to focus much more on local news and less on national and international news? If you're a newspaper reader, would that upset you? If you're more of an online newspaper reader, how much do you count on your local newspaper site for local vs. national or international news? And what sources do you use most for local news: local TV, alternative weeklies, blogs, local newspapers, email lists? Share your thoughts in the comments below and I'll run the best ones in the next Your Take Roundup.
My local newspaper, the San Francisco Chronicle, has lately been pushing local news onto the home page more than ever before. Today's front page is filled with local and regional news with nary a national story. Is it time for local newspapers -- even large metro papers like the Chronicle -- to focus much more on local news and less on national and international news? If you're a newspaper reader, would that upset you? If you're more of an online newspaper reader, how much do you count on your local newspaper site for local vs. national or international news? And what sources do you use most for local news: local TV, alternative weeklies, blogs, local newspapers, email lists? Share your thoughts in the comments below and I'll run the best ones in the next Your Take Roundup.ocal news: local TV, alternative weeklies, blogs, local newspapers, email lists? Share your thoughts in the comments below and I'll run the best ones in the next Your Take Roundup.

the impressive GDP release

Some choppy price action overnight, but with the exception of the Yen, which continues to strengthen, all major currencies are pretty much confined to Tuesday’s ranges. On the data front, Eurozone Q2 GDP came in as expected, while PPI was slightly weaker. In the UK, PMI construction data was only a little below forecast.
MORNING SLICES
Fundys – Some choppy price action overnight, but with the exception of the Yen, which continues to strengthen, all major currencies are pretty much confined to Tuesday’s ranges. On the data front, Eurozone Q2 GDP came in as expected, while PPI was slightly weaker. In the UK, PMI construction data was only a little below forecast. Meanwhile earlier in Asia, the impressive GDP release out from Australia undoubtedly factored into the relative strength of the single currency after coming in at 0.6% m/m versus an expectation of 0.2%. Treasurer Swan came out with a mixed bag of comments, saying that government stimulus would be withdrawn, unemployment would continue rising, the recovery would continue to be challenging, and rates were at emergency low levels and would need to be adjusted at some point. In Japan, the Yen benefitted on the back of comments from DPJ Otsuka who said that the party wouldn’t meddle in BOJ policy and market operations including JGB buying. The Nok was a big loser on the day after the shockingly weak and below 50 PMI reading. Of the major currencies, Aussie has been the outperformer on the day, while the Euro and Swissie are the only currencies to show losses against the buck. US equity futures point to a slightly lower open, while oil is bid and gold flat. US mortgage applications have come out at -2.2% versus +7.5% previous. Looking ahead, ADP employment (-250k) is due at 12:15GMT, followed by non-farm productivity (6.4% expected) at 12:30GMT and factory orders (1.8% expected) at 14:00GMT. Into the afternoon, all eyes will be keenly focused on the FOMC Minutes, due for release at 18:00GMT. Quant –
For information on the above tables, please visit our Guide to Morning Slices Quant sectionTechs - EUR/USD We continue to focus on the 50-Day SMA, with the moving average acting as a formidable support on a close basis for much of the rally from April 2009. As such, any close below would be taken as a medium-term bearish signal and open the door for a shift in the broader structure. However, price action remains quite choppy and we would not rule out the potential for a bounce on Tuesday back above 1.4300. But ultimately, rallies above 1.4300 should be sold today, in anticipation of a deeper setback below the 50-Day SMA which comes in by 1.4165. USD/JPY Continues to track lower with the market now eyeing a retest of the recent trend lows by 91.75 from mid-July. With the market now exceeding the 78.6% fib retracement off of the 91.75-97.80 move, we would now expect a full retracement and retest of 91.75 over the coming sessions. Any rallies should be well capped ahead of 94.00, with a break below 91.75 to expose the more significant multi-year matched trend lows at 87.15 further down. However, it is worth noting that the daily RSI is approaching oversold readings with any near-term test of 91.75 to likely force an RSI reading below 30. As such, we may look to buy on a dip over the coming sessions towards 91.75, in anticipation of a short-term corrective rally. GBP/USD Unfortunately, we missed the short trade yesterday with the market stalling by 1.6380 before reversing sharply to 1.6115 thus far. This has also triggered the talked about negative cross of the 20-Day SMA below the 50-Day SMA that last occurred in August of 2008. Next key support now comes in by the 100-Day SMA which currently resides at 1.6030. The market has not closed below the 100-Day SMA since April 2009 and a break below will reaffirm our bearish outlook. Any rallies intraday are expected to be well capped by 1.6300. USD/CHF Continues to chop around within a very well defined multi-week range with the price currently residing at the lower end of the range. We like the idea of looking to keep playing the multi-week range with any breaks to fresh 2009 lows seen as limited. Ultimately, only a close back below psychological barriers at 1.0500 would give reason for re-think. Back above 1.0715 should help to reaffirm constructive outlook and accelerate gains to next resistance by 1.0835.Flows – Japanese bids in Usd/Jpy; large option barrier set to expire by 92.00 on Thursday. Real money offers in Usd/Cad. Asian and Middle East demand for Gbp/Usd. UK clearer selling Aud/Usd. Japanese investor bids in Aud/Jpy. Option expiry in Eur/Chf at 1.5180. Talk of central bank offers in Swissie. Middle East specs and Asian central bank interest in Eur/Usd. Trade of the Day – Aud/Usd: We contend that the pair is in the process of carving out a medium-term top below 0.8500 with deeper setbacks projected well below 0.8000 over the coming days and weeks. Tuesday’s sharp bearish reversal confirms bias and a closer look at the daily chart shows the formation of what could be a double top pattern with a neckline at 0.8155. If broken, it would open a drop towards a measured move objective in the 0.7800 area. STRATEGY: SELL @0.8365 FOR AN OPEN OBJECTIVE, STOP 0.8515. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY CLOSE (5PM NEW YORK) ON WEDNESDAY.

want to comment on the Canadian dollar’s

The Canadian dollar started this week losing versus most of the 16 main traded currencies as a negative performance in stocks and commodities influenced the loonie’s attractiveness today, as investors opted for the safety of the greenback.
After last week’s declarations from the Bank of Canada affirming that a strong loonie could delay the economic recovery in the North American nation, the loonie’s attractiveness decline, also being affected today by a bearish stock market in Asia and a decline in demand for commodities, erasing the Canadian currency past weeks’ gains.
USD/CAD traded at 1.0974 as of 10:26 GMT from an opening rate of 1.0915 yesterday.
If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to
Explore 2900+ global financial markEconomic activity in the Euro-Zone slipped 0.1% in the second quarter to match the advanced reading from the previous month, while the annual rate of growth plunged 4.7% from the first three-months of the year amid an initial forecast for a 4.6% contraction. The GDP reading has contracted for five consecutive quarters to mark the longest contracted since record keeping started 14 years ago however, economic activity is likely to fall at a slower pace throughout the second-half of the year as policy makers take unprecedented steps to steer the region out of recession. The breakdown of the report showed private spending for the first time in more than a year with household consumption increasing 0.2 percent from the previous quarter, while business investments slipped 1.3% from the first quarter amid expectations for a 1.7% drop. At the same time, producer prices fell at an annual rate of 8.5% in July to mark the biggest decline since the series began in 1981, while the index slipped 0.8% from June amid forecasts for a 0.6% decline. As growth prospects remain subdued, the European Central Bank is widely expected to hold the benchmark interest rate at 1.00% and is likely to maintain its EUR 60B in covered bond purchases at the policy meeting tomorrow in an effort to stem the downside risks ets – from Gold to the AUS 200 – right from your desktop, laptop or mobile phone
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With a GFT practice account, you can speculate on rising and falling markets using our free, award-winning software. Experience the excitement of trading live in the world’s financial markets – without risking your own money. reply bFundys – Any currency gains seen early on were easily wiped out with the USD the prime across the board beneficiary on a reduction in risk appetite, brought on by lower equity prices and weaker overnight data. Talk that a hedge fund was in trouble also did not help the cause with the Euro breaking down to fresh daily lows below 1.4300 into the US open. The Australian Dollar has been hit the hardest on the day, with the single currency suffering from the pullback in risk appetite, a discouraging current account number and most importantly a more dovish than expected accompanying monetary policy outlook from the RBA following the decision to leave rates on hold at a record low 3.00% as widely expected. Sterling has also been one of the weaker currencies with the pound suffering from the much softer than expected August manufacturing PMI result. Some better than expected Eurozone August PMI and steady unemployment failed to materially factor into price action, although the Euro did manage to find fresh bids on the Eur/Gbp cross. Elsewhere, Swiss data releases were impressive with not as bad GDP and better PMI. Looking ahead, US ISM manufacturing (50.5 expected), pending home sales ( 1.6% expected) and construction spending (0.0% expected) are all due at 14:00GMT. US equity futures point to a lower open by some 0.50%, while commodities are marginally offered. Techs - EUR/USD rallies on Tuesday have been well capped by the recent consolidation highs and the market has since pulled back to the 10-Day SMA thus far. Key levels to watch over the coming session come in by 1.4410 and 1.4255. USD/JPY price action has been less than compelling on Tuesday with the market trading close to daily opening levels just over 93.00. Look for a break above 93.60 or below 92.55 for next move. Our bias favors additional weakness to challenge the recent trend lows by 91.75. GBP/USD very well offered into the US session with gains stalling out just shy of Friday’s 1.6385 consolidation highs. A lower top is now sought out by 1.6385 to be confirmed on a drop below 1.6155. This will then expose psychological and 100-Day SMA support by 1.6000. USD/CHF remains very well bid on dips into the mid 1.0500’s with the market attempting to once again rebound out from the familiar multi-week range base. Ultimately, a break back above 1.0715 will be required to accelerate gains and take the pressure off of the downside. We do however recommend continuing to pay the range and as such, maintain a bullish bias. Flows – UK clearer sales in Cable; model fund bids. UK clearer and US prime name bidding Eur/Gbp. US prime and short-term spec bidding Aussie into dips. Local names buying Usd/Cad. Trade of the Day – Eur/Gbp: We had issued 2 Sterling recommendations already on Tuesday, but with GBP/AUD racing higher and Cable dropping, we were unable to participate in the moves and have since issued our latest recommendation on this cross. The overall structure remains grossly bearish and we view the latest multi-day rebound as corrective in nature, ahead of the next major downside extension below 0.8400. Daily studies are also now approaching overbought readings which make the short trade allOnce again Nigeria is in the throes of a bank crisis. Rumbles of a quake have been heard and the nation is girding its loins.The more the individual banker amasses from the bribes, the greedier he becomesTop Nigerians shamed as debtorsShares suspended in Nigeria banksTen banks were audited by the Central Bank of Nigeria. Only half of them got the pass mark. The others were said to have fallen far short of the prudent and transparent management required by law and by public trust.The remaining 14 banks in the country are now being audited. How many of these will scale through?Should half of them also require government bailouts, the entire financial industry in Nigeria may crash, taking what is left of the economy with it.Banking laws in Nigeria are tight enough to prevent the type of crisis creeping in.By law, no loan can be given by any bank without physical collateral and every bank must disclose its non-performing loans to the Central Bank promptly.Moreover, no bank may give out credit above a stated percentage of its assets.But what are laws in an environment with pervasive corruption and uncontrollable greed?Preserve of the richAbout 10 years ago 20 banks collapsed, taking with them the future and, in some cases, the lives of many depositors.The plight of Nigerian depositors is often forgottenI do not recollect that any serious punishment was meted to the bankers. The officials who caused the crisis smiled away with their loot.There was also the earlier saga of scores of failed finance houses when several thousand Nigerians were impoverished.Most of the proprietors initially fled the country only to return to enjoy their loot when they considered the coast clear.Since then banking in Nigeria has become a glamour profession. Bank executives flaunt opulence and an air of arrogance.Having caught the corruption bug ravaging the country, they too have become as corrupt as the most corrupt politician or businessman in the land.Hardly any customer can obtain a loan without paying a bribe, which is calculated as a percentage of the loan sought.As for the top executives, they are the glamour superstarsThe more the individual banker amasses from the bribes, the greedier he becomes and the more he closes his eyes to regulations.With time, access to bank credit has become the preserve of the very rich who see no reason to pay back, given the percentage they had paid officials.In Nigeria young bank managers ride the most expensive cars, they belong in the most exclusive social clubs, they live in the choicest neighbourhoods and they enrol their children in the most expensive schools.As for the top executives, they are the glamour superstars. They move around town with long convoys of so-called security cars.They are by far the heaviest donors to Pentecostal Churches, with attendant privileges.Pleading innocenceMany of them travel in their own private jets and they dip into their bank's resources as if these are their personal piggy-banks. Hollywood stars would envy their lifestyle.Churches are often constructed from donations from the congregationFor a week now three bank chief executives have been reflecting on their lives in the cells of the Economic and Financial Crimes Commission (EFCC).One other is said to be at large and yet another is taking refuge in the United Kingdom.All of them plead innocence.More will surely join them from the 14 other banks being audited.They will all have their day in court, along with debtors who cannot pay up.Even that may not tame the greed devouring the Nigerian elite.If you would like to comment on this column, send us your views using the postform below.Sincerely dis is pure drama. Nothing will come out of d EFCC's investigations. Wat has happened to d ex-governors dat EFCC investigated? Dey still walk around flaunting their stolen wealth while d average Nigerian lives below d poverty line. Wat has Farida Waziri done about dem? Dis dust will die down, the Bank MDs will be released to enjoy d money while still aiding politicians to cart away our money in foreign banks. We have no leaders but thieves in ds country. Imagine staying without a flash of light for 3 months now, tertiary institutions closed for d past 2months, no roads, no water! When will all these end? Only NIGERIANS can change Nigeria. We must speak out for a change in our electoral system. Dis breed of crooks called PDP must be forced out for us to make progress and d time to do dat is NOW!Chioma, Owerri, NigeriaSola, you couldn't have said it any better. How I wish the so-called leaders read this piece, unfortunately most of them can't even write their names, not to talk of reading. What we are seeing today is what we deserve, to an extent. Going by the fact that we glorified the IBB regime and nicknamed him maradona, when he is stupider than the lowliest motor-park tout. He put Nigeria on the precipice of this decline in morality and blind craze for wealth. I pray each day for GOD to send a redeemer who will chastise the fake pastors in the churches, the looting public worker and all their cohorts in the raping of Nigeria. Like the saying goes: EVERYDAY FOR THE THIEF, ONE DAY FOR THE OWNER OF THE HOUSE, and WE THE DOWN-TRODDEN MASSES ARE THE OWNERS OF THE HOUSE. Long live Nigeria, and may GOD bless Nigeria.Eze Uba, Onitsha, NigeriaThe problem with we Nigerians is that we like to point fingers at other people, while claiming to be innocent. The truth of the matter is that we the people are as guilty as our politicians, banks, contractors etc. Here is how, as long as we the people continue to worship the "money bags" corruption will continue to eat into our fabrics. As long as we the people continue to sell our votes to the highest bidder, we should not expect any thing better from our politicians. When instead of asking the politicians the tough questions, we only want to know how many bags of rice, how many cartoons of beer and how much cash he or she is able to share, what then should we expect? We should not forget that some the money used in buying the rice, beer etc was borrowed perhaps from the banks. And should we blame them if they refused to pay back? The problem is " we the people" and only we can solve it.Chukwuyere Anyandu, Imo State NIGERIAWhy audit 10 Banks first and announce the result of the audit? what happens to the other 15 banks said to be undergoing auditing now who, according to rumours, have started covering their tracks using the same powerful elites to lobby govt officials? their day in court may never come Sola. Aham Ebogu, LagosObviously this is a blow and a slap in the Nigerian financial institution. It goes to show the level of corruptions and greed in the country. Ernestly a total reform and revolution has to take it course for the country to really move ahead.Nsikan Umoh E, Omole, Lagos, NigeriaSomeone should give credit to Yaradua, weeks ago, nigerian criticised him for removing soludo. I am begging nigerians far and near to have faith in nigeria rather the condemn it, If nigeria fails, we as nigerians have equally failed, Revolution is not the solution, because the rich would leave the country, and the poor ones again will continue to suffer, what we need is to come together as one, with one voice, and say enough is enough. we all can come together and take back the destiny of our beloveth country, nobody would do it for us, nigeria is the way it is because of us, we have idiots as senators, governors and head of state, because we nigerians have let them, we can take back our our country, not by fighting and killing ourselves, but by voting and defending our votes, nigerians seem to have lost confidence in our votes, because we dont defend it, if nigerian come out in masses to vote at the next election, like we did at the 1993 elections half of our problems will be resolved. Criticising the government would not change a thing, we all need to come together, they say evil persist because good has done nothing about itGozika Omezi, londonThere is a hidden agenda concerning the sanitization of banks in Nigeria. The banking executives are also cohorts to the looting of money by so called government officials. This is a diverted attention to attract interest to banking sector so as to cover the prying eyes of people into their money laundering. Those bank executives that will agree to work with the government will be favoured while those not trusted will be screened out. And this system cares less to what happens to the money by the public in these banks affected. Our overhaul does not bring tangible positive effect to the masses but continues to create suspicion and mistrust.Fortune Chris, UkraineI am hoping 2 C dat day when bribery & corruption wil be 18 of D past in nigeria, but that day wil not come unless we say no 2 those ingreats called our leader's who steal our money & share it 2 the hoodlums & the negative minded nigerians during election. May God be our strength & refuge Daniel Oguche, Kano state, Nigeriathe genesis is from the very churches who are supposed to set high moral standards, the pastors are demigods and flaunt riches, some encourage their followers to steal and pay tithes, when the institutions that are suppose to ensure morality teach immorality and encourage falsehood, chaos sets in, these pastors have imprison the peoples conscience through deceit. the end is certainly at hand, let the politicians, the pastors and the elites eat to their full, certainly this is their own time, eternity is for the pooradie, abujaSola, it is unfortunate that those in power in Nigeria have lost their conscience and are reprobates. Because they will do anything to suppress the truth, their thinking have become futile and their hearts darkened by corruption. We all know that the government of the day, like those before it, has only one agenda (not seven) to plunder the national treasury. With people like David Mark directing the affairs at the senate, there no light at the end of the tunnel. Nigeria is indeed a failed state.Bassey Eyo, Calabar, NigeriaSame old stuff..a lot of noise will be made..a few will be arrested and released after talking to God fathers and paying people off..some will leave the country and enjoy their loot and the story will die down. A few years from now the same cycle will happen again. Seems like a movie that keeps playing over and over againTayo, MD, USIt is really sad that we do not learn from very costly precedents. The people ruining Nigerian economy are the rich and famous. Having plundered the revenue from oil, they moved to the banking industry. Kudos to the individuals that have the interest of the nation at heart. Maybe gradually, we would be able to rid ourselves of the few powerful people who think that Nigeria is their sole inheritance and be able to have a clear direction of where we ought to be.Christopher Edusi, Enfield EnglandI found myself humming Fela's song "Authority Stealing" in my head while reading this piece... On top of the road, on the side people dey waka, office workers, labor workers, worker's workers...Suddenly, Suddenly, Suddenly, you dey hear ah ah ah...Catch Am! Catch Am!! The so called big men in Nigeria are nothing but petty fraudsters. Luckily for these morons, the majority of Nigerians are too hungry to revolt...Michael Fadulu, USAWithout doubt corruption is No One evil in the society, obviously, it has destroy the fabric of Nigeria lives. Nigerian politicians and the business men who sponsor them have been too cosy with financial institutions, and that is the root cause of corruption. Apparently, these three groups have not only brought shame to the nation, but curse on many have have no access to health care, education, water and roads etc. No one is convinced that they will learn, and this case will end without any one going to "Prison". Egwenike Wosu, Dallas, TXNobody wants to die poor. a country that defines the amount of money you have as success, that takes satisfaction and integrity as failure, how can it ever get better? Our leaders are greedy devils, our pastors, reverend fathers, imams are thieves. Our lecturers and teachers are money looters. The blood of most Nigerians is filled with corruption, the prints of our DNA cant to correct without the mark of tribalism. Who wants to do good to a country that sees bad as good. Everything about dis country needs revolution. Lets start from ourselves, we're all guilty of corruption, bribe and greed. If I'm wrong ask the journalist. Kels, Kaduna, NigeriaI am ready to cast the first stone, Nigerians are stinkingly corrupt. The few innocent ones are feebly negligible to make meaningful contributions as to change the whole country. But the journey can start now. However, mine is a PANACEA for the sake of peace and tranquillity for a tranquilled socio-economic recovery for good of the country. Suggestion: SALARY STRUCTURE IN NIGERIA ESPECIALLY TO THE RULING POLITICIANS SHOULD BE STRUCTURED BASED ON THE CIVIL SERVICE STRUCTURE. For example persons with FSLC, WASC, 1ST, 2ND & Phd, be paid their respective equivalent. This will go along way to restructure this country.Dr Mfon T Udo, NigeriaPower belongs to the people and that is how it should be, decentralise it. When you have few people at the top running the country(politics and the economy)that is what happens. These people the play golf in the same clubs, the banker, the investigator, and the law enforcement agent. So the investigation is useless. Abraham Walyejjemu, Copenhagen DemanrkMr Odunfa's report is a true reflection of the rot in the banking sector, and the cancer permeates almost all the sectors of the national life. It's sickening that Nigeria, the so-called giant of Africa, is standing on decaying legs. How long that lasts is anyone's guess. Segun Olanipekun, Potomac, USAThis news was no surprise to me. I lost about 24 thousand naira to one of the failed finance houses in 1994. I have since left the country. The shameful thing is that the country's' government did nothing to check the greed or rather the mistakes of the past. CBN and EFCC are on a mission here, but I think it is rather "medicine after death."Iyke Emina, Philadelphia, PA USAIt is quite unfortunate that no monitoring and control was going on during this period. It is a common saying that "when the cat is away the mice come out to play". The banks should have been audited and monitored throughout this period. There should be a centralised body responsible for making sure that each loan has sufficient physical collateral and is performing. The regulators are to blame for this present crisis and being totally incompetence. They have not followed their mandate, and allowed a lot of people to go Scot-free.Tunde Ajao, LondonThe comments on this news is a reflection of the feelings of millions of Nigerians both at home and increasingly in diaspora. Whilst politicians and bank executives are being blamed, we all need to look at the mirror and ask what we have done to change the attitude in Nigeria. I refuse to use the term 'elite' to describe the band of criminals RUINING lives of millions. Can we not all do better..Revolution has been suggested and I certainly have heard this word from my childhood as being the only solution, the question is when and I say immediately!Chido Okwuosa, London, UKThe 'funny' thing is, in the US, UK and other mature economies, we didn't refer to bribes, we called them bonuses. Let me explain - (I use 'he' and 'his' for simplicity, but it could just as easily be 'she' and 'hers') A British banker lends the money of his bank to a project (at up to and sometimes above a 100% loan to value ratio); he doesn't conduct particularly rigorous due diligence (largely because it is not relevant in terms of his bonus horizon); he sits on several credit committees of his friends and his friends sit on his credit committee...and the lending is approved; at the end of the year he gets paid his bonus for placing all the funds he was required to in that year; the project partially or completely fails and cannot support some or all of its borrowing; there is no requirement to pay back the bonus; the banker continues to lend and get paid bonuses on new projects; now tell me which is worse, a bribe (possibly called an upfront finder's/arrangement fee elsewhere) or the aforementioned example? Or are they same? 'Lipstick on a pig' if you ask meNick H, Lagos, NigeriaThis must be a joke. How can the kettle call the pot black? Let he who is innocent cast the first stone. The so called officials looking for these fraudulent bank managers and debtors are also debtors themselves. Nothing will come out of this investigation. The bank managers will definitely bribe themselves out of jail.Okechukwu Oboh, Upper Marlboro, USAThis is not the first, second nor third time Nigerian banks are needing rescue. When will things change once and for all for the good. These lawlessness and crippling corruption seem to never go away. It has become the norm for both the public and private sector. The drive to get rich by all means and that being what has the highest value eats deep into the very fabric of the Nigerian society. C. S. Dachet, Arhus, DenmarkI strongly believe in my heart that Sola hit the nail on the head. This is what we're experiencing in every area of our economy. Sola, I throw-way Salute.Eniola, Henry, Lagos, NigeriaAfrica rich in every thing from untapped resources underground to the ever shining sun and human resources of young generations but it lacks leadership. Unfortunately it is infested with corrupt leaders be it politicians or bankers and what worrying about this phenomenon that it is becoming norm and even some times those who accumulate wealth by embezzling public money are considered clever people and an example to follow. what is the use for a graduate to be honest and keep living on a small salary since he can embezzle millions with full impunity and other wise looked upon him as an idiot who is unable to catch the chance which comes once in life.Mousa, Sudan-Port SudanNigeria is a country about to fall off the cliff. Corruption has gradually become endemic and institutionalised, the banks in question have in their board of directors politician who are the same people looting the country blind. The obasanjo administration and soludo's tenure in the CBN are to be blamed for the rot in the banking sector. After the consolidation, the apex bank failed to exercise its functions of checkmating the illegal and excesses of the bank CEO'S rather they resorted in cover-up resulting in what we are witnessing at present. Professor soludo failed in his judgement call to stop the looting of these banks and it is a pity that he based his decision on protecting the few aristocrats at the expense of millions of depositors who would have lost their life saving. Onwuama chigozie damian, Anambra state, Nigeria.its not just sad to see everyday stories of how Nigerian are enslave in their own country by their own brothers and sisters. go through the street of state capitals of our country and sample opinion of ordinary Nigerian and you will find out they are the enemy of themselves. no body cares for civil demonstration against these criminal milking our country. pray for Nigeria!!! nothing will save us except revolution. until these demons in human uniform who called themselves politician are all dead Nigerian will remain slaves. my heart is bleeding watching everyday the carnage of lawlessness from these so called leaders.Israel king, Lagos, NigeriaNigeria is indifferent to any other country's banks. The only difference is how the money is being collected by the executives.Kevin Chan, Stockholm, SwedenIt is indeed a sad story that in this current global economic recession, some ungrateful Nigerians are abusing the credit facilities available to them. The so-called 'captains of industries' are not actually living on their own money, rather they are living on the country's money - they call it national cake. The banking regulations (terms & conditions) should be overhauled and reviewed if that sector needs to stabilise.Christopher U. Ochulor, Essex, England'The strength of the oppressor lies in the ignorance of the oppressed.' The nation[Nigeria] is replicate of various forms of oppressors who masquerade themselves as the people's leader. Its unfortunate that the poor are still being milked be the very leaders that hold their destiny. Failed banks are only a tip in the iceberg, what of failed NNPC, failed PHCN, the whole strata of governance in Nigeria is a failure. AKINTOLA FRANKLYN, Delta State, Nigeria.I have visited Nigeria on business for many years. Corruption seems to start at the immigration desk and continues both upwards and downwards throughout the entire structure of the country. A 'dash' is required for anything from a soft drink to a license to work. Why therefore are bankers any different from others? It is NO surprise that Sola makes these claims. I wonder if this rich country is a continent of the impoverished will ever hold its head high. Not for me. The best view of Nigeria is from the plane on the way out.Howard Baker, Alicante SpainYes Shola, it is just greed shaking hands with greed. Unfortunately, even the best of intentions are coloured with ethnic sentiments in Nigeria. These are the signs of the times in Nigeria and the signs of things to come in the future. The picture is still not looking good.Celestine Akushie, Sydney, AustraliaI wish most of the elites of banks executives can pay hardly for the evil deed of corruption and embezzlement of public funds. Many banks official are leaving in luxury life style and flabouyant way, that enable young corper to believe bank sector is the best place to work, if you want to succeed in life in Nigeria. Greater punishment and saction should prevail if any official of the financial institution caught with fradulent act. I will appreciate if there qualifications and degree can be stripe off as well. Richard Challenger, Dublin, IrelandSola hit the nail on the head.... no one has ever being made to pay for their crimes that is why corruption thrives in Nigeria. chances are that all this would blow over and the bank executives would cut a deal with the authorities. justice must not only be done but it must be SEEN to be done. Highly placed individuals must be held accountable for their action or inaction, if found guilty then they must go to JAIL. The elites in Nigeria are nothing but parasites feeding off the rest of us. how many so called Nigerian big men pay tax? we need a proper reform and sadly i don't see Yaradua do thisThomas Ayeni, Newcastle, UK the more attractive. The 200-Day SMA which had been supporting much of the rally in 2008 and 2009, now acts as former support turned resistance, and we will look to take advantage of any rallies towards this level on Tuesday, to establish the position. Our entry level also coincides with the spike high from June 5. STRATEGY: SELL @0.8865 FOR AN OPEN OBJECTIVE, STOP 0.9015. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON TUESDAY.elow.

The Canadian dollar started this week losing versus most of the 16 main traded currencies as a negative performance in stocks and commodities influenced the loonie’s attractiveness today, as investors opted for the safety of the greenback.
After last week’s declarations from the Bank of Canada affirming that a strong loonie could delay the economic recovery in the North American nation, the loonie’s attractiveness decline, also being affected today by a bearish stock market in Asia and a decline in demand for commodities, erasing the Canadian currency past weeks’ gains.
USD/CAD traded at 1.0974 as of 10:26 GMT from an opening rate of 1.0915 yesterday.
If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to
Explore 2900+ global financial markEconomic activity in the Euro-Zone slipped 0.1% in the second quarter to match the advanced reading from the previous month, while the annual rate of growth plunged 4.7% from the first three-months of the year amid an initial forecast for a 4.6% contraction. The GDP reading has contracted for five consecutive quarters to mark the longest contracted since record keeping started 14 years ago however, economic activity is likely to fall at a slower pace throughout the second-half of the year as policy makers take unprecedented steps to steer the region out of recession. The breakdown of the report showed private spending for the first time in more than a year with household consumption increasing 0.2 percent from the previous quarter, while business investments slipped 1.3% from the first quarter amid expectations for a 1.7% drop. At the same time, producer prices fell at an annual rate of 8.5% in July to mark the biggest decline since the series began in 1981, while the index slipped 0.8% from June amid forecasts for a 0.6% decline. As growth prospects remain subdued, the European Central Bank is widely expected to hold the benchmark interest rate at 1.00% and is likely to maintain its EUR 60B in covered bond purchases at the policy meeting tomorrow in an effort to stem the downside risks ets – from Gold to the AUS 200 – right from your desktop, laptop or mobile phone
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With a GFT practice account, you can speculate on rising and falling markets using our free, award-winning software. Experience the excitement of trading live in the world’s financial markets – without risking your own money. reply bFundys – Any currency gains seen early on were easily wiped out with the USD the prime across the board beneficiary on a reduction in risk appetite, brought on by lower equity prices and weaker overnight data. Talk that a hedge fund was in trouble also did not help the cause with the Euro breaking down to fresh daily lows below 1.4300 into the US open. The Australian Dollar has been hit the hardest on the day, with the single currency suffering from the pullback in risk appetite, a discouraging current account number and most importantly a more dovish than expected accompanying monetary policy outlook from the RBA following the decision to leave rates on hold at a record low 3.00% as widely expected. Sterling has also been one of the weaker currencies with the pound suffering from the much softer than expected August manufacturing PMI result. Some better than expected Eurozone August PMI and steady unemployment failed to materially factor into price action, although the Euro did manage to find fresh bids on the Eur/Gbp cross. Elsewhere, Swiss data releases were impressive with not as bad GDP and better PMI. Looking ahead, US ISM manufacturing (50.5 expected), pending home sales ( 1.6% expected) and construction spending (0.0% expected) are all due at 14:00GMT. US equity futures point to a lower open by some 0.50%, while commodities are marginally offered. Techs - EUR/USD rallies on Tuesday have been well capped by the recent consolidation highs and the market has since pulled back to the 10-Day SMA thus far. Key levels to watch over the coming session come in by 1.4410 and 1.4255. USD/JPY price action has been less than compelling on Tuesday with the market trading close to daily opening levels just over 93.00. Look for a break above 93.60 or below 92.55 for next move. Our bias favors additional weakness to challenge the recent trend lows by 91.75. GBP/USD very well offered into the US session with gains stalling out just shy of Friday’s 1.6385 consolidation highs. A lower top is now sought out by 1.6385 to be confirmed on a drop below 1.6155. This will then expose psychological and 100-Day SMA support by 1.6000. USD/CHF remains very well bid on dips into the mid 1.0500’s with the market attempting to once again rebound out from the familiar multi-week range base. Ultimately, a break back above 1.0715 will be required to accelerate gains and take the pressure off of the downside. We do however recommend continuing to pay the range and as such, maintain a bullish bias. Flows – UK clearer sales in Cable; model fund bids. UK clearer and US prime name bidding Eur/Gbp. US prime and short-term spec bidding Aussie into dips. Local names buying Usd/Cad. Trade of the Day – Eur/Gbp: We had issued 2 Sterling recommendations already on Tuesday, but with GBP/AUD racing higher and Cable dropping, we were unable to participate in the moves and have since issued our latest recommendation on this cross. The overall structure remains grossly bearish and we view the latest multi-day rebound as corrective in nature, ahead of the next major downside extension below 0.8400. Daily studies are also now approaching overbought readings which make the short trade allOnce again Nigeria is in the throes of a bank crisis. Rumbles of a quake have been heard and the nation is girding its loins.The more the individual banker amasses from the bribes, the greedier he becomesTop Nigerians shamed as debtorsShares suspended in Nigeria banksTen banks were audited by the Central Bank of Nigeria. Only half of them got the pass mark. The others were said to have fallen far short of the prudent and transparent management required by law and by public trust.The remaining 14 banks in the country are now being audited. How many of these will scale through?Should half of them also require government bailouts, the entire financial industry in Nigeria may crash, taking what is left of the economy with it.Banking laws in Nigeria are tight enough to prevent the type of crisis creeping in.By law, no loan can be given by any bank without physical collateral and every bank must disclose its non-performing loans to the Central Bank promptly.Moreover, no bank may give out credit above a stated percentage of its assets.But what are laws in an environment with pervasive corruption and uncontrollable greed?Preserve of the richAbout 10 years ago 20 banks collapsed, taking with them the future and, in some cases, the lives of many depositors.The plight of Nigerian depositors is often forgottenI do not recollect that any serious punishment was meted to the bankers. The officials who caused the crisis smiled away with their loot.There was also the earlier saga of scores of failed finance houses when several thousand Nigerians were impoverished.Most of the proprietors initially fled the country only to return to enjoy their loot when they considered the coast clear.Since then banking in Nigeria has become a glamour profession. Bank executives flaunt opulence and an air of arrogance.Having caught the corruption bug ravaging the country, they too have become as corrupt as the most corrupt politician or businessman in the land.Hardly any customer can obtain a loan without paying a bribe, which is calculated as a percentage of the loan sought.As for the top executives, they are the glamour superstarsThe more the individual banker amasses from the bribes, the greedier he becomes and the more he closes his eyes to regulations.With time, access to bank credit has become the preserve of the very rich who see no reason to pay back, given the percentage they had paid officials.In Nigeria young bank managers ride the most expensive cars, they belong in the most exclusive social clubs, they live in the choicest neighbourhoods and they enrol their children in the most expensive schools.As for the top executives, they are the glamour superstars. They move around town with long convoys of so-called security cars.They are by far the heaviest donors to Pentecostal Churches, with attendant privileges.Pleading innocenceMany of them travel in their own private jets and they dip into their bank's resources as if these are their personal piggy-banks. Hollywood stars would envy their lifestyle.Churches are often constructed from donations from the congregationFor a week now three bank chief executives have been reflecting on their lives in the cells of the Economic and Financial Crimes Commission (EFCC).One other is said to be at large and yet another is taking refuge in the United Kingdom.All of them plead innocence.More will surely join them from the 14 other banks being audited.They will all have their day in court, along with debtors who cannot pay up.Even that may not tame the greed devouring the Nigerian elite.If you would like to comment on this column, send us your views using the postform below.Sincerely dis is pure drama. Nothing will come out of d EFCC's investigations. Wat has happened to d ex-governors dat EFCC investigated? Dey still walk around flaunting their stolen wealth while d average Nigerian lives below d poverty line. Wat has Farida Waziri done about dem? Dis dust will die down, the Bank MDs will be released to enjoy d money while still aiding politicians to cart away our money in foreign banks. We have no leaders but thieves in ds country. Imagine staying without a flash of light for 3 months now, tertiary institutions closed for d past 2months, no roads, no water! When will all these end? Only NIGERIANS can change Nigeria. We must speak out for a change in our electoral system. Dis breed of crooks called PDP must be forced out for us to make progress and d time to do dat is NOW!Chioma, Owerri, NigeriaSola, you couldn't have said it any better. How I wish the so-called leaders read this piece, unfortunately most of them can't even write their names, not to talk of reading. What we are seeing today is what we deserve, to an extent. Going by the fact that we glorified the IBB regime and nicknamed him maradona, when he is stupider than the lowliest motor-park tout. He put Nigeria on the precipice of this decline in morality and blind craze for wealth. I pray each day for GOD to send a redeemer who will chastise the fake pastors in the churches, the looting public worker and all their cohorts in the raping of Nigeria. Like the saying goes: EVERYDAY FOR THE THIEF, ONE DAY FOR THE OWNER OF THE HOUSE, and WE THE DOWN-TRODDEN MASSES ARE THE OWNERS OF THE HOUSE. Long live Nigeria, and may GOD bless Nigeria.Eze Uba, Onitsha, NigeriaThe problem with we Nigerians is that we like to point fingers at other people, while claiming to be innocent. The truth of the matter is that we the people are as guilty as our politicians, banks, contractors etc. Here is how, as long as we the people continue to worship the "money bags" corruption will continue to eat into our fabrics. As long as we the people continue to sell our votes to the highest bidder, we should not expect any thing better from our politicians. When instead of asking the politicians the tough questions, we only want to know how many bags of rice, how many cartoons of beer and how much cash he or she is able to share, what then should we expect? We should not forget that some the money used in buying the rice, beer etc was borrowed perhaps from the banks. And should we blame them if they refused to pay back? The problem is " we the people" and only we can solve it.Chukwuyere Anyandu, Imo State NIGERIAWhy audit 10 Banks first and announce the result of the audit? what happens to the other 15 banks said to be undergoing auditing now who, according to rumours, have started covering their tracks using the same powerful elites to lobby govt officials? their day in court may never come Sola. Aham Ebogu, LagosObviously this is a blow and a slap in the Nigerian financial institution. It goes to show the level of corruptions and greed in the country. Ernestly a total reform and revolution has to take it course for the country to really move ahead.Nsikan Umoh E, Omole, Lagos, NigeriaSomeone should give credit to Yaradua, weeks ago, nigerian criticised him for removing soludo. I am begging nigerians far and near to have faith in nigeria rather the condemn it, If nigeria fails, we as nigerians have equally failed, Revolution is not the solution, because the rich would leave the country, and the poor ones again will continue to suffer, what we need is to come together as one, with one voice, and say enough is enough. we all can come together and take back the destiny of our beloveth country, nobody would do it for us, nigeria is the way it is because of us, we have idiots as senators, governors and head of state, because we nigerians have let them, we can take back our our country, not by fighting and killing ourselves, but by voting and defending our votes, nigerians seem to have lost confidence in our votes, because we dont defend it, if nigerian come out in masses to vote at the next election, like we did at the 1993 elections half of our problems will be resolved. Criticising the government would not change a thing, we all need to come together, they say evil persist because good has done nothing about itGozika Omezi, londonThere is a hidden agenda concerning the sanitization of banks in Nigeria. The banking executives are also cohorts to the looting of money by so called government officials. This is a diverted attention to attract interest to banking sector so as to cover the prying eyes of people into their money laundering. Those bank executives that will agree to work with the government will be favoured while those not trusted will be screened out. And this system cares less to what happens to the money by the public in these banks affected. Our overhaul does not bring tangible positive effect to the masses but continues to create suspicion and mistrust.Fortune Chris, UkraineI am hoping 2 C dat day when bribery & corruption wil be 18 of D past in nigeria, but that day wil not come unless we say no 2 those ingreats called our leader's who steal our money & share it 2 the hoodlums & the negative minded nigerians during election. May God be our strength & refuge Daniel Oguche, Kano state, Nigeriathe genesis is from the very churches who are supposed to set high moral standards, the pastors are demigods and flaunt riches, some encourage their followers to steal and pay tithes, when the institutions that are suppose to ensure morality teach immorality and encourage falsehood, chaos sets in, these pastors have imprison the peoples conscience through deceit. the end is certainly at hand, let the politicians, the pastors and the elites eat to their full, certainly this is their own time, eternity is for the pooradie, abujaSola, it is unfortunate that those in power in Nigeria have lost their conscience and are reprobates. Because they will do anything to suppress the truth, their thinking have become futile and their hearts darkened by corruption. We all know that the government of the day, like those before it, has only one agenda (not seven) to plunder the national treasury. With people like David Mark directing the affairs at the senate, there no light at the end of the tunnel. Nigeria is indeed a failed state.Bassey Eyo, Calabar, NigeriaSame old stuff..a lot of noise will be made..a few will be arrested and released after talking to God fathers and paying people off..some will leave the country and enjoy their loot and the story will die down. A few years from now the same cycle will happen again. Seems like a movie that keeps playing over and over againTayo, MD, USIt is really sad that we do not learn from very costly precedents. The people ruining Nigerian economy are the rich and famous. Having plundered the revenue from oil, they moved to the banking industry. Kudos to the individuals that have the interest of the nation at heart. Maybe gradually, we would be able to rid ourselves of the few powerful people who think that Nigeria is their sole inheritance and be able to have a clear direction of where we ought to be.Christopher Edusi, Enfield EnglandI found myself humming Fela's song "Authority Stealing" in my head while reading this piece... On top of the road, on the side people dey waka, office workers, labor workers, worker's workers...Suddenly, Suddenly, Suddenly, you dey hear ah ah ah...Catch Am! Catch Am!! The so called big men in Nigeria are nothing but petty fraudsters. Luckily for these morons, the majority of Nigerians are too hungry to revolt...Michael Fadulu, USAWithout doubt corruption is No One evil in the society, obviously, it has destroy the fabric of Nigeria lives. Nigerian politicians and the business men who sponsor them have been too cosy with financial institutions, and that is the root cause of corruption. Apparently, these three groups have not only brought shame to the nation, but curse on many have have no access to health care, education, water and roads etc. No one is convinced that they will learn, and this case will end without any one going to "Prison". Egwenike Wosu, Dallas, TXNobody wants to die poor. a country that defines the amount of money you have as success, that takes satisfaction and integrity as failure, how can it ever get better? Our leaders are greedy devils, our pastors, reverend fathers, imams are thieves. Our lecturers and teachers are money looters. The blood of most Nigerians is filled with corruption, the prints of our DNA cant to correct without the mark of tribalism. Who wants to do good to a country that sees bad as good. Everything about dis country needs revolution. Lets start from ourselves, we're all guilty of corruption, bribe and greed. If I'm wrong ask the journalist. Kels, Kaduna, NigeriaI am ready to cast the first stone, Nigerians are stinkingly corrupt. The few innocent ones are feebly negligible to make meaningful contributions as to change the whole country. But the journey can start now. However, mine is a PANACEA for the sake of peace and tranquillity for a tranquilled socio-economic recovery for good of the country. Suggestion: SALARY STRUCTURE IN NIGERIA ESPECIALLY TO THE RULING POLITICIANS SHOULD BE STRUCTURED BASED ON THE CIVIL SERVICE STRUCTURE. For example persons with FSLC, WASC, 1ST, 2ND & Phd, be paid their respective equivalent. This will go along way to restructure this country.Dr Mfon T Udo, NigeriaPower belongs to the people and that is how it should be, decentralise it. When you have few people at the top running the country(politics and the economy)that is what happens. These people the play golf in the same clubs, the banker, the investigator, and the law enforcement agent. So the investigation is useless. Abraham Walyejjemu, Copenhagen DemanrkMr Odunfa's report is a true reflection of the rot in the banking sector, and the cancer permeates almost all the sectors of the national life. It's sickening that Nigeria, the so-called giant of Africa, is standing on decaying legs. How long that lasts is anyone's guess. Segun Olanipekun, Potomac, USAThis news was no surprise to me. I lost about 24 thousand naira to one of the failed finance houses in 1994. I have since left the country. The shameful thing is that the country's' government did nothing to check the greed or rather the mistakes of the past. CBN and EFCC are on a mission here, but I think it is rather "medicine after death."Iyke Emina, Philadelphia, PA USAIt is quite unfortunate that no monitoring and control was going on during this period. It is a common saying that "when the cat is away the mice come out to play". The banks should have been audited and monitored throughout this period. There should be a centralised body responsible for making sure that each loan has sufficient physical collateral and is performing. The regulators are to blame for this present crisis and being totally incompetence. They have not followed their mandate, and allowed a lot of people to go Scot-free.Tunde Ajao, LondonThe comments on this news is a reflection of the feelings of millions of Nigerians both at home and increasingly in diaspora. Whilst politicians and bank executives are being blamed, we all need to look at the mirror and ask what we have done to change the attitude in Nigeria. I refuse to use the term 'elite' to describe the band of criminals RUINING lives of millions. Can we not all do better..Revolution has been suggested and I certainly have heard this word from my childhood as being the only solution, the question is when and I say immediately!Chido Okwuosa, London, UKThe 'funny' thing is, in the US, UK and other mature economies, we didn't refer to bribes, we called them bonuses. Let me explain - (I use 'he' and 'his' for simplicity, but it could just as easily be 'she' and 'hers') A British banker lends the money of his bank to a project (at up to and sometimes above a 100% loan to value ratio); he doesn't conduct particularly rigorous due diligence (largely because it is not relevant in terms of his bonus horizon); he sits on several credit committees of his friends and his friends sit on his credit committee...and the lending is approved; at the end of the year he gets paid his bonus for placing all the funds he was required to in that year; the project partially or completely fails and cannot support some or all of its borrowing; there is no requirement to pay back the bonus; the banker continues to lend and get paid bonuses on new projects; now tell me which is worse, a bribe (possibly called an upfront finder's/arrangement fee elsewhere) or the aforementioned example? Or are they same? 'Lipstick on a pig' if you ask meNick H, Lagos, NigeriaThis must be a joke. How can the kettle call the pot black? Let he who is innocent cast the first stone. The so called officials looking for these fraudulent bank managers and debtors are also debtors themselves. Nothing will come out of this investigation. The bank managers will definitely bribe themselves out of jail.Okechukwu Oboh, Upper Marlboro, USAThis is not the first, second nor third time Nigerian banks are needing rescue. When will things change once and for all for the good. These lawlessness and crippling corruption seem to never go away. It has become the norm for both the public and private sector. The drive to get rich by all means and that being what has the highest value eats deep into the very fabric of the Nigerian society. C. S. Dachet, Arhus, DenmarkI strongly believe in my heart that Sola hit the nail on the head. This is what we're experiencing in every area of our economy. Sola, I throw-way Salute.Eniola, Henry, Lagos, NigeriaAfrica rich in every thing from untapped resources underground to the ever shining sun and human resources of young generations but it lacks leadership. Unfortunately it is infested with corrupt leaders be it politicians or bankers and what worrying about this phenomenon that it is becoming norm and even some times those who accumulate wealth by embezzling public money are considered clever people and an example to follow. what is the use for a graduate to be honest and keep living on a small salary since he can embezzle millions with full impunity and other wise looked upon him as an idiot who is unable to catch the chance which comes once in life.Mousa, Sudan-Port SudanNigeria is a country about to fall off the cliff. Corruption has gradually become endemic and institutionalised, the banks in question have in their board of directors politician who are the same people looting the country blind. The obasanjo administration and soludo's tenure in the CBN are to be blamed for the rot in the banking sector. After the consolidation, the apex bank failed to exercise its functions of checkmating the illegal and excesses of the bank CEO'S rather they resorted in cover-up resulting in what we are witnessing at present. Professor soludo failed in his judgement call to stop the looting of these banks and it is a pity that he based his decision on protecting the few aristocrats at the expense of millions of depositors who would have lost their life saving. Onwuama chigozie damian, Anambra state, Nigeria.its not just sad to see everyday stories of how Nigerian are enslave in their own country by their own brothers and sisters. go through the street of state capitals of our country and sample opinion of ordinary Nigerian and you will find out they are the enemy of themselves. no body cares for civil demonstration against these criminal milking our country. pray for Nigeria!!! nothing will save us except revolution. until these demons in human uniform who called themselves politician are all dead Nigerian will remain slaves. my heart is bleeding watching everyday the carnage of lawlessness from these so called leaders.Israel king, Lagos, NigeriaNigeria is indifferent to any other country's banks. The only difference is how the money is being collected by the executives.Kevin Chan, Stockholm, SwedenIt is indeed a sad story that in this current global economic recession, some ungrateful Nigerians are abusing the credit facilities available to them. The so-called 'captains of industries' are not actually living on their own money, rather they are living on the country's money - they call it national cake. The banking regulations (terms & conditions) should be overhauled and reviewed if that sector needs to stabilise.Christopher U. Ochulor, Essex, England'The strength of the oppressor lies in the ignorance of the oppressed.' The nation[Nigeria] is replicate of various forms of oppressors who masquerade themselves as the people's leader. Its unfortunate that the poor are still being milked be the very leaders that hold their destiny. Failed banks are only a tip in the iceberg, what of failed NNPC, failed PHCN, the whole strata of governance in Nigeria is a failure. AKINTOLA FRANKLYN, Delta State, Nigeria.I have visited Nigeria on business for many years. Corruption seems to start at the immigration desk and continues both upwards and downwards throughout the entire structure of the country. A 'dash' is required for anything from a soft drink to a license to work. Why therefore are bankers any different from others? It is NO surprise that Sola makes these claims. I wonder if this rich country is a continent of the impoverished will ever hold its head high. Not for me. The best view of Nigeria is from the plane on the way out.Howard Baker, Alicante SpainYes Shola, it is just greed shaking hands with greed. Unfortunately, even the best of intentions are coloured with ethnic sentiments in Nigeria. These are the signs of the times in Nigeria and the signs of things to come in the future. The picture is still not looking good.Celestine Akushie, Sydney, AustraliaI wish most of the elites of banks executives can pay hardly for the evil deed of corruption and embezzlement of public funds. Many banks official are leaving in luxury life style and flabouyant way, that enable young corper to believe bank sector is the best place to work, if you want to succeed in life in Nigeria. Greater punishment and saction should prevail if any official of the financial institution caught with fradulent act. I will appreciate if there qualifications and degree can be stripe off as well. Richard Challenger, Dublin, IrelandSola hit the nail on the head.... no one has ever being made to pay for their crimes that is why corruption thrives in Nigeria. chances are that all this would blow over and the bank executives would cut a deal with the authorities. justice must not only be done but it must be SEEN to be done. Highly placed individuals must be held accountable for their action or inaction, if found guilty then they must go to JAIL. The elites in Nigeria are nothing but parasites feeding off the rest of us. how many so called Nigerian big men pay tax? we need a proper reform and sadly i don't see Yaradua do thisThomas Ayeni, Newcastle, UK the more attractive. The 200-Day SMA which had been supporting much of the rally in 2008 and 2009, now acts as former support turned resistance, and we will look to take advantage of any rallies towards this level on Tuesday, to establish the position. Our entry level also coincides with the spike high from June 5. STRATEGY: SELL @0.8865 FOR AN OPEN OBJECTIVE, STOP 0.9015. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON TUESDAY.elow.