Africa's Mobile Phone Industry 'Booming'

(BBC News Business)--Africa is the fastest-growing mobile market in the world, and is the biggest after Asia, an association of worldwide mobile phone operators has said.

The number of subscribers on the continent has grown almost 20% each year for the past five years, the GSM Association report on Africa says.

It expects there will be more than 735 million subscribers by the end of 2012.

Analysts say bad and expensive landline connections in Africa are responsible for the high mobile phone usage.

Peter Lyons, GSMA's director of spectrum policy for Africa and Middle East, told the BBC that mobile penetration in Africa had reached 649 million subscribers in the fourth quarter of 2011.

Tax cuts

"That is equivalent to a 65% penetration rate. Out of every 100 people, 65 have some form of mobile connectivity," he told the BBC's Focus on Africa programme.

In a report, GSMA says that 96% of subscriptions are pre-paid with voice services currently dominating, although uptake of data services is increasing steadily. 

The Kenyan government's abolition of the 16% general sales tax on mobile handsets in 2009 has resulted in handset purchases increasing by more than 200%, it says.

Kenya is at the forefront of mobile money transfers, with 8.5 million users, the report says.

Nigeria has the highest number of mobile phone subscriptions in Africa - more than 93 million, representing 16% of the continent's total mobile subscriptions, GSMA says.

South Africa, with its more developed infrastructure, has the highest broadband penetration - 6%, followed by Morocco with 2.8%, the report says.

"The mobile industry in Africa is booming and a catalyst for immense growth, but there is scope for far greater development," Mr Lyons said.

He said 36% of people in the 25 largest African mobile markets still had no access to mobile services.

"To take full advantage of its potential, African countries need to allocate more spectrum for the provision of mobile broadband services, as well as introduce tax cuts for the industry," Mr Lyons said.

The report says African countries have allocated far less spectrum to mobile services than Europe, the Americas and Asia, which inhibits connectivity to many people in rural areas.

"Sufficient spectrum should be provided for mobile broadband services through 3G, HSPA [High-Speed Packet Access] and LTE [Long Term Evolution] technologies," it says.

UK Clocks Up Record Trade Deficit In September

(BBC News Business)--The UK recorded its biggest trade deficit to date in September, while an August jump in exports has been revised away, new data shows.

The difference in value between imports and exports of goods and services in September was £9.8bn, according to the Office for National Statistics (ONS), the worst since data began in 1998.
It rose from £8.6bn in August, thanks to a record jump in imports.
But the August data was itself worse than previously reported.
A month ago, the ONS had reported a record rise in monthly goods exports by the UK.
But new data from HM Revenue and Customs, as well a change in the ONS's seasonal adjustment methodology, has largely eliminated the increase.
In contrast, record exports pushed the trade surplus of Germany - Europe's largest economy - to a three-year high in September, data showed on Tuesday.
'Double-dip'
Meanwhile, in the September data, the jump in UK imports was driven by oil, chemicals and silver.
The trade deficit with non-European Union countries was much worse than expected, which may be particularly worrying as the UK's European export markets are now being badly affected by the eurozone debt crisis and a looming recession.

  "A key concern was the fall in goods exports, which fell 1.6% in September," said Chris Williamson of financial data firm Markit.

"Further export losses look likely in coming months, with survey data suggesting the rate of decline could accelerate substantially.
"With domestic demand hit by deficit-fighting austerity measures and export sales falling, it is hard to see what will drive economic growth in coming months, raising the risk of a double-dip recession."
Sterling slip
Other analysts questioned the data, pointing out that the monthly figures can be quite volatile and adding that the widening deficit was driven by an increase in imports, which seemed inconsistent with the subdued mood among UK consumers.
The pound fell sharply as the data was released, and was down over a cent and a half against the dollar in afternoon trading, at about $1.593.
Markets took the data as further evidence of an economic slowdown, which is likely to result in additional money creation by the Bank of England, weighing on the value of sterling.
"The EU trade market is volatile in these challenging economic times - that is why we are working on boosting trade with emerging markets," said the trade and investment minister, Lord Green.
"Trade is at the heart of the government's plan for growth. Through their new strategy, [UK Trade and Industry] is targeting high-growth [small and medium-sized businesses] to encourage them to export and focuses on aiding existing exporters with winning high-value opportunities in overseas markets."

What Is Forex?

(Bloomberg)--Are you new to forex trading? If so, forex trading may seem "foreign" to you now, but it doesn't have to. Use the information in these pages to help you learn more about the forex markets and how you can trade more confidently in them.
Forex (foreign exchange) is the buying and selling of currencies. Forex transactions always include two currencies—one currency is purchased while the other is sold. For example, in a forex transaction euros (EUR) may be purchased while US dollars (USD) are sold; or Great British pounds (GBP) may be purchased while Japanese yen (JPY) are sold. The two currencies involved in a transaction are considered a currency pair (e.g., EUR/USD or GBP/JPY) and each currency pair has an exchange rate.
The goal of forex trading is similar to the goal of stock trading where you attempt to "buy low and sell high." Currency exchange rates fluctuate up and down throughout the day, providing forex traders with the ability to potentially profit from these movements.
The basic concept of forex trading is similar to those used in equities, bonds, futures, and options markets—the distinction being the product that is traded. In fact, most new forex traders will probably find the transition to forex to be simple and straight forward. The technical indicators and strategies used in other markets can be used in the forex market as well.

Why Trade Forex?

• Flexibility: Place trades 24 hours a day.
• Opportunity: Easily trade when markets are trending up or trending down.
• Simplicity: Use technical analysis (indicators on charts) methods from other markets like equities.
• Strength: Access the most liquid market in the world.

South Africa’s Rating Outlook Cut to Negative by Moody’s

(Bloomberg)--South Africa’s credit-ratings outlook was lowered to negative by Moody’s Investors Service, indicating it may downgrade the nation’s debt from A3, as “heightened political risk” and spending demands put pressure on public finances.
The outlook was reduced from stable, Moody’s said in a statement today. The rating is the fourth-lowest investment- grade level. Standard & Poor’s rates South Africa’s debt at BBB+, one level lower than Moody’s.
Finance Minister Pravin Gordhan forecast on Oct. 25 a budget deficit of 5.5 percent of gross domestic product in the year through March, compared with 4.6 percent last year, as the economy’s recovery stalls and the government misses revenue targets. Gordhan has little room to rein in spending as labor unions push the government to do more to boost jobs and the youth wing of the ruling African National Congress calls for mines to be nationalized.
Moody’s action was driven by “the growing risk that the political commitment to low budget deficits and the ability to keep within current debt targets could be undermined by popular pressures and rising internal strains within the African National Congress” and its labor union allies, the ratings company said.
South Africa disagrees and is “disappointed” with Moody’s decision, the National Treasury said in an e-mailed statement today. The global environment was the main reason for Moody’s action and an improvement in growth will boost South Africa’s public revenue once again, the statement said.

Political Risk

“We disagree with the assessment of political risk in South Africa,” the Treasury said in the statement. “We note that the decision to revise the outlook comes after a recent clear fiscal policy statement of government, the Medium Term Budget Policy Statement tabled in October.”
Gordhan lowered his forecast for economic growth to 3.1 percent this year and 3.4 percent in 2012 from 3.4 percent and 4.1 percent respectively. Growth that’s slower than estimated may add to job losses and worsen social tensions in the country, increasing calls for “interventionist” policies to boost ownership by black people in the economy, Moody’s said.
The rand reversed an earlier gain, weakening 1.8 percent to 8.0038 per dollar at 6:15 p.m. in Johannesburg. The yield on the benchmark rand bond due in 2015 rose 11 basis points, or 0.11 percentage point, to 6.49 percent.
“No one had really been expecting this reaction in outlook,” said Leon Myburgh, sub-Saharan Africa strategist at Citigroup Inc. in Johannesburg, in a telephone interview. “I don’t think there will be a downgrade any time soon.”

Debt Accumulation

Higher domestic savings and investment rates, stronger economic growth and “restrained debt accumulation” will support a credit rating upgrade, Moody’s said.
“The ratings could be downgraded in the event of a serious and durable deterioration in the debt metrics and/or heightened socio-political pressures that are not addressed in a manner consistent with future debt,” Moody’s said.
ANC Youth League President Julius Malema has called for the nationalization of mines in South Africa, the world’s largest producer of platinum and chrome. Malema has said his wing of the party will withhold support from ANC members who don’t support their policies. The ANC holds elections in December next year, which will determine the party’s candidate for president.

China's Rapid Inflation Cools

NEW YORK (CNNMoney) -- Over the past year, China's government has enacted various measures to curb rapidly rising prices, without sacrificing economic growth. So far, those efforts seem to be working.

Prices were up 5.5% from a year ago in October, according to the Consumer Price Index released by China's National Bureau of Statistics early Wednesday.

While that's much faster than 3.9% annual inflation in the United States, for China it may be a baby step toward sustainable economic growth.

"Prices on everything from rents to haircuts, have decelerated somewhat in the last few months, and I think it is a good sign," said Sung Won Sohn, economics professor at Cal State University Channel Islands. "That's exactly what the government has been trying to deliver."
Just three months earlier, Chinese consumers were being squeezed by prices that were rising as fast as 6.5% year-over-year.
But inflation has slowed gradually every month since July, and according to one government official it's likely to come down even further, to about 5% by the end of the year. (The Chinese government officially aims for a 4% inflation rate).
"At present, prices are stabilizing and are under overall control," Peng Sen, vice-chairman of the National Development and Reform Commission said in an online statement two weeks ago.

The World's Largest Economies

Food prices are typically one of the biggest drivers behind Chinese inflation, and lately, the price of pork, a key staple, has started to come down. Declines in vegetable prices have also helped.
As recently as July, food prices were up by a staggering 14.8% annual rate, but they have since moderated to a 11.9% rate in October.
Food makes up roughly a third of the government's official CPI figure, but in reality, it could account for even as much as 80% of a family's spending, in many rural parts of the country, Sohn said.
Meanwhile, housing-related prices were up 4.4% in October, down from a recent high of 6.2% year-over-year increases in June.

0:00 / 2:20 Should China bail out Europe?

The Chinese government has fiercely been trying to tame the country's housing boom, and inflation overall.
Since last year, it has lifted interest rates five times and bank reserve requirements nine times, and has also imposed limitations on homebuyers.

Global income inequality: Where does the U.S. rank?

Tightening credit while still allowing for robust growth can be a delicate balancing act for the Chinese government. Fears have run high that instead of deflating the housing boom slowly, the government could cause the sector to suddenly collapse, taking the Chinese economy with it in a so-called hard landing.
It's true, China's economic growth has slowed recently as the government has focused on curbing inflation. But Chinese growth is still so strong, it remains the envy of many Western nations.

Now fears about a hard landing are beginning to wane, as both measures -- inflation and economic growth -- appear to be slowing very gradually.

"It doesn't look like the Chinese economy is crashing at this point," said Jay Bryson, global economist for Wells Fargo. "That's good news for the global economy, which wants a strong China right now."

IMF Chief Lagarde Warns of ’Lost Decade’ for Economy

(Bloomberg)--International Monetary Fund Managing Director Christine Lagarde warned of the risk of a “lost decade” for the global economy unless nations act together to counter threats to growth.
“In our increasingly interconnected world, no country or region can go it alone,” Lagarde said in a speech to a forum in Beijing today. “There are dark clouds gathering in the global economy.” China and India echoed the call for cooperation in a separate statement.
Advanced economies have a “special responsibility” to restore confidence and lift growth, while China should boost consumption and allow its currency to rise, the IMF leader said. European leaders are looking to China as a potential source of funds as a sovereign-debt crisis threatens to engulf Italy, the third-biggest economy in the euro area.
Asian stocks rose for the first day in three today as easing inflation in China left more room for officials to support economic growth. A 5.5 percent gain in consumer prices in October was the least in five months, a government report showed.
China and India said that the global economy is in a “critical phase,” in a statement after the fifth meeting in a so-called financial dialogue between the two nations, usually held each year. The comments were dated yesterday and posted on a Chinese government website today.

Customs Valuation

These are the rates posted by the Central Bank of The Gambia as of the date below. Rates as of 31 October, 2011

Currency	Rates (GMD)
USD	30.55
EUR	42.19
GBP	47.20
CHF	32.55
SEK (100)	423.78
CAD	30.63
CFA (5000)	306.19
NOK (100)	482.68
DKK (100)	505.05
SAR	8.15
JPY (100)	39.11
AUD	32.22
WAUA	45.23
TWD	1.02
LKR	0.28
THB	0.99
PHP	0.72
NZD	24.77
UAE (DIRHAM)	8.32
KWD (DINAR)	111.17
SID	24.46
NAIRA	0.19
HKD	3.93
SOUTH AFRICAN RAND	3.90
EGP	5.12
SDR	48.79
CNY	4.81
BRL	18.26
INR	0.63
GHC	18.19
SLL	0.0064
VEB	7.10

Jobs With Great Pay, But Huge Stress

(Investopedia) We all want to get paid more, but this is usually balanced out by concerns over working longer hours and the overall stress of a job. That's why many of us can envy a surgeon making hundreds of thousands a year, but still balk at the thought of having someone bleeding out on a table or all the years of schooling needed to make it to that point. In this article, we'll look at some of those jobs that we'd gladly take for the pay, but run away screaming from the stress. All of the salary information was taken from the Bureau of Labor Statistics (BLS).


Stock Broker: $70,190
We'll start with a controversial one – the stock broker. Stock brokers are well paid, there is no arguing that. That said, they also have to be constantly on the ball in one of the most chaotic work environments in the world. If you have ever had stress over investing your own money, imagine how it would feel investing other people's money and being accountable to them when the market decides to take a huge dive. Not only that, your job security is correlated with the market and your personal record. If the market goes down and takes your client's money with it, you may be looking for a new job. 

Firefighter: $45,250
Somewhere in the dawn of time, our ancestors learned that fire burned and big fire burns more, so we've gained a healthy instinct for running away from fire. Unfortunately, though, we also want to help get people out of burning buildings, so we train up people to go against instinct and run into them. The stress factor of being a firefighter is difficult to peg because there may not be a major fire every day, but there is always the threat of one. Not only that, firefighters have other roles that lead to stress, such as reporting to accidents and attempting to revive people after a medical emergency.

Detective or Criminal Investigator: $68,820
Perhaps only the Shadow knows what evil lurks in the hearts of men, but police officers – particularly detectives and criminal investigators – have to see it every day. Perhaps the biggest challenge for detectives is not to carry work home with them in that they deal with the worst of the worst day in and day out. Although these situations make for riveting viewing as a TV drama, spending your waking hours seeing, analyzing and being in crime scenes is beyond what most people can handle.

Soldier: $26,000 (base), $53,960 (includes allowances, benefits)
 Soldiers do not get paid much at all when you consider that they go into active combat situations where there is the possibility of being shot or blown up. Aside from the physical price paid, there is the psychological price in the form of post-traumatic stress disorder. A soldier works in high-stress and highly dangerous situations and then is faced with additional problems when trying to adjust to normal life when the tour is done.

Surgeon: $225,390 (Mean)
The money is huge in surgery, making it a very competitive field to get into. However, the years of education alone are stressful enough to cause breakdowns, and the job at the end is several levels above that. When you are a surgeon, you don't deal with colds, scrape or bumps. You are dealing with injuries, diseases or deformities that require surgery. The hours are all over the place and the chances are good that, if the phone rings in the night, you'll be responsible for keeping a patient alive. Being a surgeon is one of those jobs where screwing up means a lot more than getting chewed out by a supervisor.

The Bottom Line
This is just a sampling of jobs that may seem high-paying until you look at the price to be paid in stress. There are, of course, many others like nursing, selling homes, teaching and so on that can make equal claims to being a lot of stress for the money. With jobs like these, most people get into them for reasons other than money, so it is wrong to begrudge them the pay check. When you factor in the stress, they've earned it.
All these salaries are U.S. salaries, now why is Africa not at this level?

Latest Papers Put Pressure On James Murdoch

(Financial Times) -- James Murdoch will come under further pressure from MPs over what he knew about phone hacking at the News of the World, following the release on Tuesday of documents citing the tabloid's own lawyers.
The papers, including a QC's opinion, suggest that some of Mr Murdoch's most senior advisers knew three years ago that the illegal practice was widespread at the now-defunct newspaper.
The newly published documents also show that Colin Myler, NoW's former editor, told an external lawyer that he believed Mr Murdoch would tell him to "get rid" of journalists and "cut out [the] cancer" afflicting the newspaper if he knew about it.
But the documents, released by MPs investigating the phone hacking scandal, do not show that Mr Murdoch, then executive chairman of the paper's parent, News International, was aware of the extent of the brewing crisis at the tabloid.
Michael Silverleaf QC, instructed by lawyers for News Group Newspapers (NGN), said in a formal opinion that, if a privacy suit brought against the company came to trial, they could not hope to maintain the position that phone hacking was the work of only one reporter.
Mr Silverleaf had been asked whether NGN should seek to settle a case brought by Gordon Taylor, chief executive of the Professional Footballers' Association, and if so, for how much. He said he thought that it was "almost inevitable" that, if the case went to trial, any court would "wish to mark its disapproval" of activities that "will be seen as immoral and repugnant by any judge who is likely to hear the action".
"There is a powerful case that there is (or was) a culture of illegal information access used at NGN to produce stories for publication," he wrote on June 3 2008.
The Taylor case was settled and Mr Murdoch's company continued to advance the "rogue reporter" defence until April this year.
Mr Murdoch is due to appear on November 10 before the Commons select committee on culture, media and sport, which published the documents on Tuesday, and has said throughout that he was never told about evidence of phone hacking.
A person close to Mr Murdoch said he had not seen the QC's opinion until "very recently".