Wednesday, March 31, 2010
Libya Now Accepting Applications for Banks
Libya is opening its economy to allow private businesses to be run there. UniCredit, HSBC, Standard Charted, and numerous others have all applied for lucrative licenses to operate in the North African country. The oil-rich state has remained a closed economy for quite some time and is known politically as a totalitarian state. Farhat Bengdara, the governor of the Central Bank of Lybia, the equivalent of our Ben Bernanke, disclosed that the government of Lybia will award two licenses to operate a private bank in the country and will offer the chosen banks the licenses in July. Bergdara said, "Opening up the financial sector to foreign participantion is proceeding according to initiatives that are part of a gradual strategy. Our aim is that by 2012 Tripoli would become an international financial center for the region." Exactly what it means to hold a license is anyone's guess, but it is clear that the foreign partner will have management rights as well as a 49% stake in the venture. Lybian partners would own the remaining 51%; however, individual ownership would be capped at 15%.
It should be interesting to what Lybia in the upcoming few months as its economy transitions from years of public operation to a being based on a quasi-private economic model. Ambitious goals, perhaps Gaddafi actually cares about his legacy...
It should be interesting to what Lybia in the upcoming few months as its economy transitions from years of public operation to a being based on a quasi-private economic model. Ambitious goals, perhaps Gaddafi actually cares about his legacy...
Tuesday, March 30, 2010
Human Rights in Iran and the Dealth Penalty in the U.S.
I was burning some time earlier today when I found a site dedicated to the human rights issues in Iran, which is a fantastic site and offers much need publicity for some of the things going on in Iran. However, one of the most striking things to me was the execution counter - right on the home page. Now, being from the States I had heard that the U.S. government is mentioned in the company of Iran, Iraq, and Saudi Arabia as one of the world's top executioners. Executions fly under the radar in the U.S. and not many people talked about it, so I started digging.
As it turns out the United States government does not execute as many people as Iran, but there exists the Death Penalty Information Center (DPIC), which publishes a rather chilling calendar. And according to the DPIC, the U.S. executed 52 people in 2009. This compares to 388 for Iran in 2009 and 714 people in 18 countries - excluding China. As one could image the statistics for certain things are hard to find, but the consensus elsewhere seems to be slightly north of 1,000 executions for 2009 in China. All for what?
As it turns out the United States government does not execute as many people as Iran, but there exists the Death Penalty Information Center (DPIC), which publishes a rather chilling calendar. And according to the DPIC, the U.S. executed 52 people in 2009. This compares to 388 for Iran in 2009 and 714 people in 18 countries - excluding China. As one could image the statistics for certain things are hard to find, but the consensus elsewhere seems to be slightly north of 1,000 executions for 2009 in China. All for what?
Saturday, March 27, 2010
Healthcare Reform - Passing on the Costs
The front page of the WSJ today highlights AT&T taking a $1 billion charge due to the new healthcare bill. Also taking a painful hit from the healthcare bill are John Deere at $150 million, Caterpillar at $100 million, 3M at $90 million, and AK Steel at $31 million. AT&T's charges in particular revolve around prescription drug related benefits in employee retirement plans. Since AT&T has a large number of current and future retirees as well as a high unionization level, their losses attributed to the healthcare bill are much larger than other companies. Deere for instance is well-known for their extensive employee health insurance plans, this the new bill adds only incrementally to what already exists for the Company. In the past employers who offer prescription coverage to their retirees would receive a federal subsidy to help cover offering this service and were able to deduct the subsidy from their taxes. Essentially, companies were able to deduct part of the cost of providing drugs to their retirees from their taxes. The new healthcare bill eliminates this tax deduction. The charges mentioned here and other places is a result of a tax increase on businesses for providing a much needed service to their retirees.
On a different note, many Republicans lashed out at the passage of the bill. Some of whom were large supporters of Mitt Romney. Need they be reminded Mitt's healthcare plan was strikingly similar to the one passed just last week? - yes. How quickly we can forget what people said a short while ago...
On a different note, many Republicans lashed out at the passage of the bill. Some of whom were large supporters of Mitt Romney. Need they be reminded Mitt's healthcare plan was strikingly similar to the one passed just last week? - yes. How quickly we can forget what people said a short while ago...
Friday, March 26, 2010
Upcoming midterm elections...
Monday, March 22, 2010
Best Champagne in the World
Some of you out there may think the best champagne in the world is Kurg. Others may think Cristal. Even others think Dom Perignon. It turns out that many people believe the best champagne is Armand de Brignac Brut Gold (Ace of Spades). Pictured off to the right here, the packaging far exceeds any of the other champagnes. It looks aristocratic just sitting there. If you want a bottle it is a little difficult to get a find and starts at 200USD per bottle - magnums typically go for 800USD. You can check out their site and admire the golden bottles in the cellar.
Sunday, March 21, 2010
Healthcare Reform Bill
As I understand it there is a healthcare reform bill that will be voted on later today. Simply put the bill will cost a lot of money, have varied if any results, and disrupt the existing insurance system in place. Furthermore, what does the government know about the insurance business? The argument I have most often heard revolves around the individuals running state insurance programs would be incentivized the ability to be a "good guy." Unfortunately, most people are not sustained by merely being a good person. Challenge, intrigue, and excitement may be sustainable ideas to keep an individual at successfully working at their place of employment. But being a "good" person will not sustain someone over the long term - and the idea alone will certainly not attract talent.
The bottom line is, efficiency could be improved. Every week doctors are sued for excessive punitive damages - often times loosing and being forced to pay even higher medical malpractice insurance premiums. There is no need for archaic archiving systems. The list goes on. Reforming the healthcare industry to burden a country that cannot afford anything of the sort, is not a proper solution. I'm sure you've heard plenty an argument about healthcare in the past couple months, so in the interest of your time and non-redundancy I have not delved into the detail I could. If you're interested in more let me know.
The bottom line is, efficiency could be improved. Every week doctors are sued for excessive punitive damages - often times loosing and being forced to pay even higher medical malpractice insurance premiums. There is no need for archaic archiving systems. The list goes on. Reforming the healthcare industry to burden a country that cannot afford anything of the sort, is not a proper solution. I'm sure you've heard plenty an argument about healthcare in the past couple months, so in the interest of your time and non-redundancy I have not delved into the detail I could. If you're interested in more let me know.
Wednesday, March 10, 2010
Moroccan Crime Rate Nearly as Low as Singapore
Interestingly enough, the US State department believes, "crime in Morocco is a serious concern." Furthermore, "[crimes] have occurred at any time of day and night, not only in isolated places or areas less frequented by visitors, but in crowded areas as well." However, Morocco has a crime rate that places it close to Singapore in crimes per 100,000 people - 8.8/100,000 to 7.3/100,000 respectively.
My question to the State Dept. is: if crime in Morocco is a "serious concern," what is crime in the United States considered? With 7 times as many prisoners per capita and nearly 39.5 "criminal" incidents per 100,000 individuals, the US is clearly a much more dangerous country. It's unfortunate that the stigma of Islam and the Middle East colors opinions as much as it does. Where is our objectivity?
Statistics courtesy of NationMaster.com.
My question to the State Dept. is: if crime in Morocco is a "serious concern," what is crime in the United States considered? With 7 times as many prisoners per capita and nearly 39.5 "criminal" incidents per 100,000 individuals, the US is clearly a much more dangerous country. It's unfortunate that the stigma of Islam and the Middle East colors opinions as much as it does. Where is our objectivity?
Statistics courtesy of NationMaster.com.
Monday, March 08, 2010
The Energy Efficent President
How old is President Obama's 747? If I were to guess, it's a 747-100. The same type of plane flown by Pan Am when it existed 20 years ago. Now, don't get me wrong I'm not advocating more unnecessary governmental spending; however, for a man so concerned about carbon emissions and clearly not afraid to throw around a couple dollars here and there, one would think Obama would get a 747-400 if space is that important (perhaps even a BBJ if he were serious about anything he was/is saying). The hypocrisy out of Washington is more rampant than it has ever been in the past. Washington, largely devoid of logic from what I can see, is more a marketing shop than anything else.
