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Pop Star Turns President In Haiti?

Friday, August 20th, 2010

Some speculate that the political influence of singer Wyclef Jean could encourage charitable giving to Haiti.

  • Hip-hop star Wyclef Jean recently declared his candidacy for president of Haiti, a move which will undoubtedly draw attention to his charity, Yele Haiti.
  • Yele Haiti has had a mixed impact on Haiti and its people, and many criticize its poor management and uneven distribution of resources.
  • Mr. Jean, with a bad record of handling his personal finances, has faced scrutiny over his political intentions.

Facts & Figures

  • After the earthquake, Yéle Haiti’s 2006 tax filing revealed $350,000 in questionable payments to two companies that Mr. Jean and his cousin control, including $250,000 to a Haitian television station they had just acquired.

Best Quote

“It is problematic if he [Wyclef Jean] uses this money, which historically has not been well spent, for political purposes,” – Mario Joseph, Human Rights Lawyer, Haiti.

Wall Street An Unlikely Aid To Homeowners

Friday, August 20th, 2010

Wall Street firms are stepping in to help some homeowners pay off their loans.

  • When Wall Street companies purchase loans, they have an advantage over banks and other lenders: because they don’t have to go through as much red tape, it’s often easier for them to reduce monthly payments and interest rates for homeowners.
  • These firms buy loans at a reduced price, so even if the homeowners pay a reduced sum, the firm still profits. The loans are also generally worth more if they get paid off than they are if the houses get foreclosed.
  • The only problem is that Wall Street is offering these services to a very small fraction of homeowners.

Facts & Figures

  • Approximately 90% of the loan reductions offered by Selene, one of these Wall Street companies, includes a reduction in the principal amount owed; less than 2% of the reductions offered by federal banks.
  • These firms have only covered an estimated 0.25% of outstanding US home loans.
  • Selene reports that 50% of the customers whose loans it buys are able to keep their homes. 20% are able to sell their homes in a short sale without a foreclosure, and the remaining 30% are foreclosed on.

Best Quote

“There are obvious inconsistencies in treatment [of borrowers] depending on who owns and services the loan. It’s the luck of the draw.” –Edward Delgado, Chief Executive, Five Star Institute

Pakistan Still Suffering From Flood

Thursday, August 19th, 2010

Despite international aid, the flood in Pakistan continues to take an enormous toll on the country.

  • Though the flood began to recede in parts of Pakistan the waters were still rising in the southern Sindh Province.
  • The United Nations announced that the situation in Pakistan remains very serious and that growing numbers of people need shelter, food and drinking water.
  • American officials worry that the floods will strengthen the position of Islamic extremists.
  • A recent conference in Islamabad discussed that the current relief operations were not sufficient to cope with the millions of people in need of immediate care.

Facts & Figures

  • The World Health Organization said 200 cases of skin infections had been reported across Pakistan, as well as more than 200 cases of diarrhea and more than 300 cases of respiratory diseases.
  • The United Nations raised the number people left homeless by the floods to 4.6 million.
  • Senator John Kerry said the United States would increase its flood aid to $150 million.

Best Quote

“People are using boats and tubes to supply food to their families. Our children are in very miserable conditions and we have to take every risk for them.” – Hafiz Basher, flood victim.

Hulu Prepares Public Option

Thursday, August 19th, 2010

Hulu plans to introduce an initial public offering as early as this fall.

  • Although Hulu gets a lot of traffic, it has had difficulty turning its popularity into profit. It hopes to change things by making an initial public offering.
  • An IPO could have the additional benefits of increasing confidence in the company, possibly luring back content producers like Viacom, which recently removed popular shows like The Daily Show and The Colbert Report from Hulu.
  • However, with many other companies poised to go public and a lack of confidence in IPOs in general, going public may not solve Hulu’s problems.

Facts & Figures

  • The planned IPO could value the company at more than $2 billion.
  • Hulu reported that it made $100 million last year, but it is also on track to make that amount again in the first half of this year.
  • Hulu produced more than $566 million ads this past June – more than double YouTube’s amount.

Things Are Looking Up For Greece

Thursday, August 19th, 2010

Greece, after plummeting into an economic black hole a few months ago, is slowly crawling back to more stable territory.

  • Greece is in the process of implementing their austerity program, which includes civil service pay, reduced pensions and increased taxes.
  • The initial success of this program allows Greece to receive the next installment of its bailout package – a $9 billion boost.
  • Though the progress of Greece’s economy is overwhelmingly positive, there are still large economic glitches to overcome.
  • In the first half of the year, tax collection was below target and local government spending was over budget.

Facts & Figures

  • The Euro, which dropped to $1.19 in June has rebounded to $1.32.
  • Greece is trying to dig itself out of a $400 billion budget deficit.

Best Quote

“You have a government here that is clearly determined to move ahead. This program is off to a very good start. I would say a very impressive start.” – Paul Thomsen, Head, I.M.F. Delegation.

Indian Billionaires Reluctant To Give

Wednesday, August 18th, 2010

In a country wrought with poverty, giving to the poor becomes a challenge in its own right.

  • Bill Gates and Warren buffet, two of the wealthiest individuals in the world, recently pledged to give half of their net worth to charity.
  • The pledge has been replicated by 38 other American billionaires, but in India – home to two of the richest people in the world – wealthy individuals have not made the same commitment.
  • Those billionaires contacted regarding the challenge evaded commenting on the subject.
  • Experts say that Indian billionaires donate less because the opportunities for giving are fewer and often tainted by corruption.

Facts & Figures

  • Indians collectively donate 0.6% of their country’s GDP to charity. While Canada donates 1.3% and the U.S. 2.2%.
  • Just 10% of charitable giving in India comes from individuals or companies, compared to 75% in the United States.

Best Quote

“Indians just don’t trust the organizations that want money or that they could give to. Often they find themselves in the position that even if they want to give, there is no mechanism available to them by which they could give.” – Emily Harrison, Founder, Innovaid

Improving The Quality Of Internet Service

Wednesday, August 18th, 2010

Satellite companies attempt to improve their technology in order to provide better internet service to consumers, especially those  for whom satellite connection is the only option.

  • Two satellite companies, WildBlue and HughesNet, have big plans for the future of satellite and internet service.
  • These companies claim that their new satellites will allow them to provide consumers with internet service that rivals the speed of their broadband competitors’ but costs far less.
  • Terrestrial internet providers argue that fiber-optics are expensive to install but much easier to update as technology improves, an advantage satellites lack.

Facts & Figures

  • An estimated 14-24 million Americans currently live without broadband internet service.
  • WildBlue argues that a $28 million grant aimed at extending fiber optics to 420 schools in North Carolina could instead have supplied 70,000 residents in that area with satellite service.
  • The average lifespan of a satellite is 15 years–a statistic that helps explain why the industry has advanced so slowly to date.

Best Quote

“One advantage satellite has is ubiquity. The cost of reaching you with a satellite dish is independent of where you are. Fiber or cable is labor-intensive and dependent on distance.” –Arunas G. Slekys, Vice President, Hughes Network Systems

Financial Regulation Shifts The Focus Of Wall Street’s Leaders

Wednesday, August 18th, 2010

It’s a new world on Wall Street and banks are looking for leaders who can handle the unfamiliar territory.

  • The new financial regulation measures deter banks from trading simply for their own benefit and push them to focus on riskier investments that directly serve customers.
  • As a result, choosing the head of an investment bank can no longer be based solely upon a person’s level of financial success and leadership skills.
  • Chief executives of banks must also be astute risk managers who can handle varying business lines.

Facts & Figures

  • Citi is scaling back trading and expanding advisory business.

Tony Blair Turns Profit Into Charity

Tuesday, August 17th, 2010

The former British Prime Minister cleans up his image by donating millions to injured soldiers.

  • Tony Blair plans to donate millions in earning from his forthcoming memoir to charity for injured troops.
  • The proceeds will go to the “Battle Back Challenge Center”, a facility that will provide sports and rehabilitation services for wounded personnel.
  • Despite Blair’s donation, he is still under scrutiny. Families of some of the hundreds of British troops killed in Iraq and Afghanistan have criticized him for earning millions from the sale of his book and public speaking since leaving office.

Facts & Figures

  • Random House paid and estimated $7.5 million for his book, “A Journey”.

Best Quote

“I am delighted to accept this very generous donation.” – Chris Simpkins, General, Royal British Legion

Recession Benefits The Employed?

Tuesday, August 17th, 2010

Although the recession has produced a large number of the long-term unemployed, there are, ironically, some benefits for those who have been able to keep their jobs.

  • Though wages usually fall during economic downturns, this recession has seen a growth in salaries.
  • Some regions have been hit harder than others but areas in the central US are relatively unscathed.
  • Although blue collar jobs suffered most at the beginning of the recession, we’re currently seeing a downturn in white collar jobs instead.

Facts & Figures

  • Nearly 45% of unemployed workers today have been unemployed for 27 weeks or more.
  • Since the recession began, real average hourly wages have risen almost 5%.
  • The unemployment rate for college graduates is still only 4.5%, and the disparity between their pay and that of non-graduates has never been greater.
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