Thursday 24 October 2013

The pathetic state of our country NIGERIA.

Doctors' strike takes toll on LUTH patients

GET TO KNOW THE LATEST UPDATE ON ASSU STRIKE.

Atiku, 215 others sign petition to end ASUU strike

 Two hundred and sixteen Nigerians at home and in the Diaspora have signed an online petition 
asking the Federal Government and the Academic Staff Union of Universities to end the industrial 
 dispute which has kept public universities shut for four months.

The petition launched on change.org, a go-to site for web protests, is asking President Goodluck Jonathan and the National President of ASUU, Dr. Nassir Faggae, to reach an “amicable consensus.”

In the petition entitled, “Mr. President and the Academic Staff Union of Universities: Please End the ASUU Strike now,” the petitioners said the Presidency should stop playing politics with education of the Nigerian youth.

The petition read in part, “Since the ASUU strike began, it has been over half a semester, a lot in the life of students waiting at home, not knowing when the strike will be over. The future of Nigeria is at stake. Stop playing politics with education.

“It is urgent we send a message that it is long past time for the FG and ASUU to reach consensus and get students back to school by ending this strike.”
A majority of non-students who appended their signature to the petition noted that they joined the online protest with a view to crying out to ASUU and the FG to consider poor students whose parents cannot afford the luxury of sending them overseas to study like the sons and daughters of political office holders.

Former Vice-President, Atiku Abubakar, joined other students and concerned Nigerians clamouring for a speedy end to the crisis rocking the higher education sector.

Atiku, who featured the link to the petition signing website on his Twitter handle, wrote, “We should never play politics with education. Our future depends on it. It is time for the FG and ASUU to reach a consensus and get students back to school by ending this strike.”

An Abuja-based post-graduate student in one of the public universities in the country, Mubarak Jubrin, expressing his dissatisfaction, wrote: “I am stuck with a semester to finish my Master’s programme. The FG should be doing everything possible to rescue the one institution left that is working towards producing better human beings who will shape the future of our dear country.”
Noting that prolonged shutting down of public universities is a dangerous omen for the society and development of the nation, a Kaduna-based student, Tarik Abubakar, also said Nigerians students were being denied their rights to education.

“Students in other countries are enjoying their rights to education. I am pleading with the FG and ASUU to settle their issue and call off the strike,” Abubakar stated.

A Nigerian student studying at the University of Cape Town, South Africa, Godspower Onwudiwe, lamented that the industrial action paints a bad picture of Nigeria on the international scene.
Onwudiwe stated, I feel so sorry for my beloved country because these incessant strikes are a barrier to her general development. Also, as a student in the Diaspora, it paints a very pitiful and shameful picture on our international identity.

“I cannot wait to not only see this strike end but also the end of future strikes to the detriment of the future of this generation and our country at large.”
Jemima Gana, who was moved to sign the petition because she believes that the status quo needs to change as the prosperous future of Nigeria depends on quality education, which is being threatened by the strike.

Gana, who according to the information she provided on the site, is based in Lagos, said Nigerian students need a stable learning environment devoid of strikes for them to be able to compete globally.
“It is so important to me because it is high time the FG took the value of education seriously and in high regard. Students in Nigeria need a stable environment to acquire knowledge and graduate on time in order to contribute their skills to the growth and development of this great nation,” she wrote.


FG reiterates call on ASUU to end strike

Monday 14 October 2013

SSANU Suspends Strike

ssanu_main_logo







 


As Court Refuses To Vacate Order On ASUP


 THE Senior Staff Association of Nigerian Universities (SSANU) has announced the suspension of its weeklong strike.

The suspension of the strike is contained in a statement issued Friday in Abuja and signed by the association’s National Secretary, Mr. Promise Adewusi.

SSANU had embarked on a strike to agitate for the payment of August and September subventions to university workers by the federal government.

SSANU disclosed that the decision to suspend the strike was informed by the federal government’s compliance with the association’s demands.

“Following substantial compliance with our demand for the payment of August and September salaries of our members, which is the reason for our current national strike action, we hereby suspend the strike and direct all our members to return to their duties with effect from Monday, the October 14, 2013.”

The association expressed appreciation to its members for their solidarity, adding that the non-payment of the salaries of its members for work done would not happen again.

Meanwhile, a National Industrial Court, sitting in Enugu, on Friday, refused to vacate an injunction it granted against the Academic Staff Union of Polytechnics (ASUP), Institute of Management and Technology (IMT) Enugu chapter.

The court presided by Justice Awal Ibrahim refused to hear the counsel to ASUP.

Counsel to the Institute of Management and Technology, Chioma Egbuniwe had objected to the appearance of the ASUP counsel, arguing that apart from filling their processes out of time, the defendants were also yet to file their memorandum of appearance.

Her objection followed an attempt by counsel to ASUP, E.W. Orji, to pray the court to vacate the existing injunction, on the grounds that the union had suffered much injustice as a result of the ex-parte injunction.

However, Egwuniwe told the court that it would be foul of the relevant laws to hear any prayer from the defendant even when they were yet to regularise their processes before the court.

The court had earlier granted an “order for interim injunction restraining the defendants and members of the 4th defendant (ASUP), their agents, servants, privies, no matter how so constituted or persons acting for and on their behalf from convening and or holding the meeting of the 4th defendant or any union meeting whatsoever during the office hours of the claimant between 8am and 4pm Mondays to Fridays pending the hearing of the motion on notice filed in this suit.

The Judge agreed with the claimant’s counsel and adjourned the matter to October 31, 2013, to enable both parties file and respond to processes.

Sunday 13 October 2013

Chevron's latest interest.

Chevron Latest To Sell Oil Interests In Nigeria

 
       US-based Chevron announced Tuesday it was selling its interest in two Nigerian oil blocks, becoming the latest multi-national to part with assets in Africa's biggest crude producer.
The move will see Chevron sell its 40-percent stakes in oil mining leases 83 and 85 located in shallow water off Nigeria's Bayelsa state in the country's southern Niger Delta region.
The blocks contain the Madu and Anyala fields and are owned through a joint venture with Nigerian state oil firm NNPC.
      Chevron declined to provide information on reserves. Local media reported that the blocks contain reserves of some 250 million barrels of oil.
      Chevron has been Nigeria's third-biggest oil producer, after Shell and Exxon, with daily output at 238,000 barrels of crude per day in 2012. It will continue to have a major presence in Nigeria.
      The move marks the latest sale of Nigerian assets by a multi-national company and comes amid uncertainty in the country's oil industry, with a sweeping overhaul of regulations, royalties and taxes delayed for years and still stuck in parliament.
      Shell has been seeking to sell off its stakes in several onshore blocks, and analysts say the British-Dutch firm appears willing to shift more of its focus offshore, where the risks of sabotage, theft and militant attacks are lower.
      In November, French oil group Total announced the sale of its 20-percent stake in a Nigerian offshore bloc to China's Sinopec for $2.5 billion.
      Meanwhile in December, Nigerian firm Oando announced the purchase of ConocoPhillips' interests in the country.
Nigeria has been producing around 2.0 million barrels of oil per day.

Saturday 12 October 2013

The big sleep in the market.

60 minutes reveals untold story of Vietnam war-era. Follow this link below for the video.
http://screen.yahoo.com/60-minutes-reveals-untold-story-141240992-cbs.html

THE BIG SLEEP: Why The Stock Market Will Crash In A Few Months, Then Go Nowhere For Years

Nearly all of Wall Street is optimistic about the prospects for the stock market in the coming years.
Today, the S&P 500 closed at 1676. The median 2014 year-end target for the index among Wall Street equity strategists, according to a poll by Bloomberg, is 1900 — 13% above today's levels.
Thus, a new report from Société Générale's asset allocation team — which calls for a 15% correction in the stock market in the first quarter of next year, followed by a multi-year journey back to where the index sits today — may come as a bit of a shock.
SocGen S&P 500 price targets
SG Cross Asset Research/Global Asset Allocation
SocGen's new S&P 500 price targets.
In the report — titled "S&P 500: -15% in sight, then the big sleep" — SocGen's global head of asset allocation, Alain Bokobza, explains how an unwind of easy money policies at the Federal Reserve and ongoing dysfunction in Washington will cause the stock market to languish.
"Strategically, we advise investors to switch into eurozone and Japanese equities, where economic policy is much clearer, monetary policy very loose and positioning is low," says Bokobza.
The strategist lays out the case in the report:
Between now and the end of the year, any decline in the S&P 500 is likely to be limited given that the Fed is still injecting liquidity. We expect the S&P to be at 1600 by year-end, in line with our technical analyst’s forecast (1560+/-10pts).
SG economists expect the January FOMC meeting to be the most likely timeframe for tapering. They look for the first move to be $20bn (instead of the $5-10bn previously expected by the market).
We expect the drop to accelerate at the start of 2014 as the market starts pricing in the end of asset purchases (i.e. well before the market’s Fed tapering expectation). The S&P 500 should dip to 1450 on our estimates, down c.15% from the peak.
Keep in mind the S&P 500 fell by -16% after QE1 stopped and by -17% after the end of QE2.
From Q2 2014, the S&P 500 should start to recover slowly after a technical rebound (c.+7%), as 'Growth' returns to the forefront. We see the S&P 500 at 1600 by the end of the year, so 2014 should be rather flat.
In the two to three years that follow, the U.S. equity index should remain relatively flat, burdened by higher yields (rate hikes in mid-2015), a higher U.S. dollar and limited earnings growth (Return on Equity is already high), but supported by better economic prospects and a new shareholder value cycle, staving off a bear market.
The SocGen report calls Fed tightening "a cap on the U.S. equity market," pointing to liquidity as "the main driver of U.S. equities since 2008."
Simply put, stocks will not be able to handle higher interest rates.
" U.S. equities have been able to absorb the recent increase in the [10-year] bond yield without panic thanks to a high equity risk premium," says Bokobza. "The U.S. equity risk has dropped from 6.8% to 4.7% over the last 10 months. According to our proprietary risk premium model, U.S. equities can absorb only c.80 [basis points] more; i.e., a bond yield of around 3.4% (to normalise our risk premium at its long-term average)."
The surge in long-term interest rates that accompanied a big sell-off in the Treasury market this summer as investors anticipated a tapering of quantitative easing did not weigh much on the stock market, but the 10-year yield only made it to 3.0%.
global market valuations
Datastream, SG Cross Asset Research/Global Asset Allocation
Note: Red line = linear regression. Return on Equity = 12-month forward earnings/current book value
SocGen says the U.S. stock market — along with Switzerland's — is the most expensive in the entire world, as the chart at left illustrates.

"We continue to find some value in U.S. equities, but we particularly like financial sectors," writes Bokobza. "The rest of the market is now back to pre-crisis levels, trading at 3.2x book value. Over the last 30 years, the only period non-financial U.S. stocks traded higher was during the dot-com bubble (1997- 2001), when markets entered into a period of ' irrational exuberance'."
From a fundamental standpoint, SocGen argues that it's becoming increasingly difficult for companies to deliver on earnings expectations.
"While the profitability of U.S. companies is already relatively high, earnings momentum remains in negative territory and is decreasing," says Bokobza. "It will be increasingly difficult for U.S. companies to beat consensus expectations. Last year earnings growth expectations for 2012 and 2013 were revised down sharply from the double-digit level. The consensus expects 10% earnings growth for 2014 and 2015."
But what about the Great Rotation?
"There is more money in U.S. equities now than in 2007 (not the case for European equities)," writes Bokobza. " Everyone has found good reasons to buy U.S. equities, even if some of those reasons are incompatible with one another: economic recovery, monetary stimulus, energy revolution, safe haven area or simply a lack of alternatives."
"After gaining 170% since March 2009, we believe that US equities are a tired and crowded asset now."
investors overweight equities
EPFR, SG Cross Asset Research/Global Asset Allocation



Wind, rain pound India as massive cyclone hits


Associated Press

Cyclone Phailin
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A family carries their belongings as they move to a safer place at the village of Donkuru in Srikakulam district, in the southern Indian state of Andhra Pradesh October 12, 2013. Rain and wind lashed India's east coast on Saturday, forcing more than 400,000 people to flee to storm shelters as one of the country's largest cyclones closed in, threatening to cut a wide swathe of devastation through farmland and fishing hamlets. Filling most of the Bay of Bengal, Cyclone Phailin was about 200 km (124 miles) offshore by noon on Saturday, satellite images showed, and was expected to hit land by nightfall. (REUTERS/Adnan Abidi)
BEHRAMPUR, India (AP) — A massive, powerful cyclone packing heavy rains and destructive winds slammed into India's eastern coastline Saturday evening, as hundreds of thousands of residents moved inland to shelters in hopes of riding out the dangerous storm.
Roads were all but empty as high waves lashed the coastline of Orissa state, which will bear the brunt of Cyclone Phailin. By midafternoon, wind gusts were so strong that they could blow over grown men. Seawater pushed inland, swamping villages where many people survive as subsistence farmers in mud and thatch huts.
As the cyclone swept across the Bay of Bengal toward the Indian coast, satellite images showed its spinning tails covering an area larger than France. Images appeared to show the storm making landfall early Saturday night near Gopalpur.
With some of the world's warmest waters, the Indian Ocean is considered a cyclone hot spot, and some of the deadliest storms in recent history have come through the Bay of Bengal, including a 1999 cyclone that also hit Orissa and killed 10,000 people.
Officials said early reports of deaths from Phailin won't become clear until after daybreak Sunday.
In Behrampur, a town about 10 kilometers (7 miles) inland from where the eye of the storm hit, the sky blackened quickly around the time of landfall, with heavy winds and rains pelting the empty streets.
Window panes shook and shattered against the wind. Outside, objects could be heard smashing into walls.
"My parents have been calling me regularly ... they are worried," said Hemant Pati, 27, who was holed up in a Behrampur hotel with 15 other people from the coastal town hit first by the storm.
The hotel manager said he would bar the doors against anyone trying to enter, saying there would be food, water and electricity from generators only for guests of the Hotel Jyoti Residency. "Nobody can come inside, and nobody can go out," Shaik Nisaruddin said.
Estimates of the storm's power had dropped slightly, with the U.S. Navy's Joint Typhoon Warning Center in Hawaii showing maximum sustained winds of about 222 kilometers per hour (138 miles per hour), with gusts up to 268 kph (167 mph).
The storm, though, remained exceedingly strong and dangerous. A few hours before it hit land, the eye of the storm collapsed, spreading the hurricane force winds out over a larger area and giving it a "bigger damage footprint," said Jeff Masters, meteorology director at the U.S.-based private Weather Underground.
"It's probably a bad thing it was doing this when it made landfall. Much of the housing in India is unable to withstand even a much weaker hurricane," Masters said.
He also said coasts would not be alone in suffering heavy damage. "This is a remarkably strong storm. It's going to carry hurricane-force winds inland for about 12 hours, which is quite unusual," Masters said.
Hurricanes typically lose much of their force when they hit land, where there is less heat-trapping moisture feeding energy into the storm.
By Friday evening, some 420,000 people had been moved to higher ground or shelters in Orissa, and 100,000 more in neighboring Andhra Pradesh, said Indian Home Secretary Anil Goswami.
L.S. Rathore, the head of the Indian Meteorological Department, predicted a storm surge of 3-3.5 meters (10-11.5 feet), but several U.S. experts had predicted a much higher wall of water would blast ashore. Meteorologist Ryan Maue of the private U.S. weather firm Weather Bell said that, even in the best-case scenario, there would be a surge of 7-9 meters (20-30 feet).
A storm surge is the big killer in such storms, though heavy rains are likely to compound the destruction. The Indian government said some 12 million people would be affected by the storm, including millions living far from the coast.
There were few reports coming out of Orissa in the first hours after the storm's landfall.
Phailin had already been large and powerful for nearly 36 hours, with winds that had built up a tremendous amount of surge, Maue said. "A storm this large can't peter out that fast," he said.
The 1999 cyclone — similar in strength to Phailin but covering a smaller area — threw out a 5.9-meter (19.4-foot) storm surge.
Several hours before the storm hit, about 200 villagers were jammed into a two-room, concrete schoolhouse in the village of Subalaya, about 30 kilometers (20 miles) from the coast, while local emergency officials distributed food and water. The roads were almost empty, except for two trucks bringing more evacuees to the school. Children shivered in the rain as they stepped down from the vehicles, following women carrying bags jammed with possessions.
Many had fled low-lying villages for the shelter, but some left behind relatives who feared the storm could wipe out lifetimes of work.
"My son had to stay back with his wife because of the cattle and belongings," said 70-year-old Kaushalya Jena, weeping in fear inside the makeshift shelter. "I don't know if they are safe."
In Bhubaneshwar, the Orissa state capital, government workers and volunteers were putting together hundreds of thousands of food packages for relief camps.
Stranded tourists who had come for Orissa's beaches and temples instead roamed the hallways of boarded-up hotels.
"It seemed strange, because it was a beautiful sunny day yesterday," said Doris Lang of Honolulu, who was with a friend in the seaside temple town of Puri when news of the cyclone's approach reached them.
The state's top official, Chief Minister Naveen Patnaik, appealed for calm.
"I request everyone to not panic. Please assist the government. Everyone from the village to the state headquarters have been put on alert," he told reporters.
Surya Narayan Patro, the state's top disaster management official, had said that "no one will be allowed to stay in mud and thatched houses in the coastal areas" when the storm hits.
By Saturday afternoon, the sea had already pushed inland as much as 40 meters (130 feet) along parts of the coastline.
Officials in both Orissa and Andhra Pradesh have been stockpiling emergency food supplies and setting up shelters. The Indian military has put some of its forces on alert, and has trucks, transport planes and helicopters at the ready for relief operations.
The storm is expected to cause large-scale power and communications outages and shut down road and rail links, officials said. It's also expected to cause extensive damage to crops.
In the port city of Paradip — which was hammered in the 1999 cyclone, also in October — at least seven ships were moved out to sea to ride out the storm, with other boats shifted to safer parts of the harbor, officials said.
U.S. forecasters had repeatedly warned that Phailin would be immense.
"If it's not a record, it's really, really close," University of Miami hurricane researcher Brian McNoldy told The Associated Press. "You really don't get storms stronger than this anywhere in the world ever."
To compare it to killer U.S. storms, McNoldy said Phailin is nearly the size of Hurricane Katrina, which killed 1,200 people in 2005 and caused devastating flooding in New Orleans, but also has the wind power of 1992's Hurricane Andrew, which packed 265 kph (165 mph) winds at landfall in Miami.
India experiences two cyclone seasons a year, one in May before the annual monsoon rains and another beginning in October.
"Keep in mind, India's second cyclone season is only just beginning," said Masters, the American meteorologist. "We could see another big storm in October or November."

Check out this.


Plateau attack leaves 11 villagers dead

Image: Associated Press
The Special Task Force (STF) maintaining peace in Plateau, has confirmed the death of 11 people during an attack by cow thieves at Pandadi Village in the Barkin-Ladi Local Government Area of Plateau on Thursday.
The STF Commander, Maj.-Gen. David Enetie, who confirmed the incident in Jos, also confirmed the killing of five of the attackers by the STF.
Enetie said that the cattle rustlers, who attacked the village in the morning, killed eight members of one family and two others while a neighbour, who came out to assist the victims, was also killed.
He disclosed that STF operatives, who rushed to the scene of the incident, killed five of the suspected cattle rustlers.
The commander said that the corpses of the five suspected cattle rustlers had been deposited at the Mangu Police Station, while those of the 11 villagers had been taken to Plateau State Specialist Hospital.
He explained that the incident was not part of any crisis.
"What happened here was not crisis, it was a clear case of cow theft by a group of cattle rustlers."
Enetie said that the cow thieves rustled 20 cows but could not escape with their loot after the STF’s quick intervention.
He commended the intelligence unit of the STF for its timely information that enabled his men to quickly storm the scene of the incident, calling for more information from members of the public to enable the STF rid the state of criminals.