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Never send money to relatives using Paypal

Saturday, December 17th, 2011

In a previous post I discussed various options that people use to send money and remittances to their family. The primary method that is used is Western Union, though more and more people have been considering Paypal due to their extensive advertising campaigns attempting to become a popular choice for remittences.

When you send money through Paypal, Paypal reviews the transaction to determine whether or not they think that its legitimate. If its going to an old account that has been around for years, in most cases they assume its good and let it go through. However, if the recipient is a new user, they often place excessive holds on the funds, resulting in huge delays. The average delay is 180 days, because Paypal feels that 6 months is an appropriate amount of time for people to wait.

Is it an appropriate amount of time to wait? Of course not. If your relatives are expecting to receive a payment, they don’t expect to wait 6 months for it, while still paying Paypal’s ridiculous fees. Whats worse, Paypal often then makes ridiculous demands for ID and other personal information. If you fail to provide that information within a few days, they permanently freeze your account and seize your funds.

To read more about how Paypal scams their customers, I recommend reading an excellent post on a blog that we frequently read: http://prevent-id-theft.org/?p=59

So before you consider using Paypal to send funds to family or friends, be sure that you’re aware that they’ll likely never receive them!

IMF Approves 26 Billion-Euro Loan to Portugal

Saturday, May 21st, 2011

The International Monetary Fund said today it approved a 26 billion-euro loan to Portugal as part of a joint rescue package with the European Union.

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South Africa gets poor marks for education

Thursday, May 12th, 2011

CAPE TOWN, South Africa (IRIN) – Instead of providing much needed opportunities, South Africa’s ailing education system is keeping children from poor households at the back of the job queue and locking families into poverty for another generation.

By the age of eight, school children from the most affluent 20 percent of South Africa’s population are already significantly out-performing children from poorer backgrounds, according to new research by the Social Policy Research Group at Stellenbosch University.

The study, “Low Quality Education as Poverty Trap”, found that the schooling available to children in poor communities is reinforcing rather than challenging the racial and economic inequities created by South Africa’s apartheid-era policies.

Using newly available data sets, including those linking information on income with numeracy skills, the report analyzed how low-quality tuition in the post-apartheid education system is perpetuating “exclusion and marginalization”.

The government allocated R190 billion (US$28 billion) or 21 percent of its 2011/12 budget to education, but 80 percent is spent on personnel and the remainder is not enough to supply thousands of schools in mainly poor areas with basic requirements like electricity and textbooks.

Yet the top 20 percent of state schools – which largely correspond to historically white schools and charge fees to compensate for insufficient public funding – enjoy adequate facilities and attract the best teachers.

South Africa’s status as one of the wealthiest countries on the continent has not helped its educational performance – the poorest 25 percent of students ranked-th out of 15 sub-Saharan countries in reading performance, and 12th for mathematics, according to the Southern and Eastern African Consortium for Monitoring Education Quality surveys of 2000 and 2007.

“When seen in regional context, South Africa grossly under-performs, given that it has more qualified teachers, lower pupil-to-teacher-ratios and better access to resources,” the report on the study noted.

Nomusa Cembi, spokesperson for the South African Democratic Teachers’ Union (SADTU), whose nearly 250,000 members make it the country’s largest public sector union, said many teachers had received an inferior education as a result of apartheid’s “Bantu” education system, which was deliberately designed to disadvantage black learners and only ended in’94 when a new democratic government came into power.

There are a host of other problems besetting schools in poor areas. According to Yoliswa Dwane, spokesperson for the education advocacy group, Equal Education, over 2,000 schools had no piped water supply, 3,600 lacked electricity, and over 90 percent were without libraries or a functioning laboratory.

SADTU and other teachers’ unions have opposed national calls for education to become an essential service, which would prevent strike action. In August 2010 a teachers’ strike closed schools across the country for three weeks, contributing to a public perception that SADTU and some of its members did not have learners’ interests at heart.

“The focus needs to be on teachers’ development,” said Cembi. “We’ve had changes in the curriculum since the new [post-apartheid] era, but we find not much focus on training teachers.”

Many teacher training colleges were closed in the late’90s after new legislation required them to merge with existing higher education institutions. Plans to transform the training colleges into university-level institutions have not materialized, leaving thousands of teachers without any specialized training.

In recent years, SADTU has called for the reopening of training colleges because the shortage of teachers has meant that some schools in poor and rural areas have had to hire individuals who do not meet the official requirement of holding a teaching diploma.

According to the report, insufficient teacher knowledge is a problem, with many teachers scoring poorly in basic reading and mathematics tests.

A large number of changes to the national curriculum, beginning with the’97 adoption of Outcomes Based Education, many subsequent adjustments, and the final decision -announced in 2010 – to scrap it, have further stressed an already failing system.

Equal Education’s Dwane said the debate needed to move past “blaming teachers” and towards how to achieve a “serious commitment to a national education programme that would spell out what needs to be done over the next 20-30 years”.

Such a plan would have to include an assessment of existing teacher knowledge, followed by a national teacher training programme, but Dwane stressed the need to consider factors beyond teacher knowledge, including teacher motivation, and a lack of community and parental involvement.

Her view was backed up by the Stellenbosch study, which identified the lack of regular and meaningful student assessments and feedback to parents as another major weakness in the education system.

“For the parents to know how their child is performing, and by proxy to know how the teachers are performing, is very helpful,” said Ronelle Burger, one of the study’s lead researchers. “Very few top-down measures can be as effective as getting the people who are affected to act to correct the problems.”

The researchers found that the job prospects of school leavers were determined not only by the number of years of education attained, but the quality of that education.

“The labour market is at the heart of inequality, and central to labour market inequality is the quality of education,” they concluded. “Policies that address inequality by intervening in the labour market will have limited success as long as the considerable pre-labour market inequalities in the form of differential school quality persist.”

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– Provided by Integrated Regional Information Networks.

Article © AHN – All Rights Reserved

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Philippine employers reject proposed $1.75 daily wage hike for Metro Manila workers, offer $0.30 instead

Thursday, May 5th, 2011
Vittorio Hernandez – AHN News

Manila, Metro Manila, Philippines (AHN) – The Employers Confederation of the Philippines rejected the $1.75 (PHP 75) daily wage increase sought by Metro Manila workers, but instead offered a paltry $0.30 (PHP 13.35) hike.

ECOP President Edgardo Lacson said Wednesday at the 32nd National Conference of Employers that the country’s businesses could not afford the $1.75 asked by the Trade Union Congress of the Philippines.

Lacson warned that if the government gives in to workers’ demand to that level of wage adjustment, there could be massive layoffs and business closures.

He said aside from the wage hike, Philippine employers must also contend with the impact of political instability in North Africa and the Middle East, which had resulted in higher oil prices, plus the credit defaults in Europe, which also affected local business. They also have to cope with rising water and electric rates.

Lacson added that even before a wage hike order is issued by the National Wage Board. 400 Japanese companies operating in the provinces of Cavite, Laguna, Batangas, Rizal and Quewzon have started to lay off workers. The firms are exporters of car parts and electronic components sources from Japan and are affected by the parts shortage caused by the March 11 earthquake that hit Japan.

Aside from offering $0.30 daily wage increase, Lacson said employers are willing to give short-term forms of relief to workers through allowances and other non-wage benefits. Lacson said the $0.30 offer was the erosion rate of the peso’s purchasing power in the national capital region.

Article © AHN – All Rights Reserved

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Now Numsa demands massive wage hike

Wednesday, May 4th, 2011

The National Union of Metal Workers of SA is the latest to demand above-inflation wage increases, saying it wants a 20% hike in the steel industry.

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Goldman, JPMorgan Among 16 Banks Targeted by EU in Swaps Probe

Friday, April 29th, 2011

Goldman Sachs Group Inc., JPMorgan Chase & Co. and 14 other investment banks face the first-ever European Union antitrust probes into the swaps market, following investigations by U.S. regulators.

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Protesters welcome Wal-Mart chief executive in New York

Wednesday, April 27th, 2011
Kris Alingod – AHN News Contributor

New York, NY, United States (AHN) – Protesters greeted Wal-Mart chief executive Mike Duke on Wednesday in New York, where he is looking to open stores.

Members of the Retail, Wholesale and Department Store Union, New York Jobs with Justice and several other groups gathered outside Bryant Park Grill, where Duke addressed a forum hosted by the Wall Street Journal.

The demonstrators assailed Wal-Mart, the nation’s largest retailer and biggest private employer, for its “treatment of workers, business practices” and made clear the company wasn’t welcome in the city.

With yellow face masks and a marching band, they issued their warning as Duke told business executives that Wal-Mart has seen consumer spending fall every end of the month before paychecks are released.

The Arkansas-based retailer is facing mounting oppositon to its plans to expand into New York.

Early this year, City Council members Robert Jackson, Letitia James and Jumaane Williams endorsed Wal-Mart Free NYC, which was also part of Wednesday’s rally. They warned that opening a Wal-Mart in Brooklyn would destroy homegrown stores and local jobs.

According to Williams, Wal-Mart kills three jobs for every two the company creates. “The jobs they ‘create’ pay, on average, 18 percent less than the jobs they destroy. My community deserves jobs with livable wages,” he said.

Duke did not issue a statement addressing the rally. A spokesman for Wal-Mart told Crain’s New York the demonstration was a “publicity stunt” without “substance and facts.”

Apart from the issue of wages, a decade-old lawsuit accusing the company of discriminating against female employees is being considered by the U.S. Supreme Court.

Wal-Mart believes the workers are suing for different sets of individual circumstances. It is fighting to keep plaintiffs in the case, the nation’s largest civil rights lawsuit, from being recognized as part of a class that includes every woman nationwide employed over the decade in 3,400 stores.

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Numsa targets above-inflation wage hike

Thursday, April 7th, 2011

Wage talks between the National Union of Metal Workers of SA and employers are likely to be protracted as the union is demanding 20% increases.

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SEC grants stockholders say on executive pay

Wednesday, January 26th, 2011
Vittorio Hernandez – AHN News

Washington, DC, United States (AHN) – More teeth have been added to the ongoing global efforts to curb excessive executive compensation and bonuses. Amid plans by European Union regulators to curb bankers’ bonuses, the U.S. Securities and Exchange Commission approved Tuesday new rules that grant stockholders a say on company officials’ salaries, bonuses and retirement packages.

On a 3-2 vote, SEC commissioners allowed shareholders of publicly traded firms to vote at least once a year on executive compensation. However, the vote is non-binding.

Republican commissioners Kathleen Casey and Troy Paredes cast the dissenting votes on the ground that the changes would be too costly for smaller firms.

The new rules, however, won’t be in effect until 2013. It will apply only to companies where stockholders hold less than $75 million of shares. SEC Chairwoman Mary Schapiro said the two-year deferral is sufficient time to ensure the new rules would not unduly burden smaller companies.

The new rules are a result of the Dodd-Frank Act, the regulatory overhaul enacted in July as a response to the 2008 credit crisis. Fat paychecks and compensation packages were blamed for the risky trading that lead to the collapse of major American financial institutions such as Lehman Brothers Holdings and Bear Stearns.

Law experts said that although the shareholders’ vote is non-binding, rejection by investors of executive pay would be big news and be embarrassing to a company’s board, which could prompt the directors to respond to stockholders’ opinion.

The SEC vote came a week after Wall Street paid millions of bankers their 2010 bonuses, even as the rest of the nation copes with the harder times caused by the global financial crisis.

Article © AHN – All Rights Reserved

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European banks expect staff exodus to U.S. over pay rules

Monday, January 24th, 2011
Vittorio Hernandez – AHN News

London, England, United Kingdom (AHN) – Europeans banks are bracing for a mass exodus of their staff to the U.S. over pay rules. Employees of some of Europe’s largest banks have hinted that they would soon file applications with U.S. financial institutions after receiving their 2010 bonuses, headhunters said Sunday.

The majority of European bank staff got smaller bonuses paid mostly in deferred shares because of stringent European Union rules on bank bonuses, while employees of leading U.S. banks got their bonuses last week, with a large part in cash.

To worsen the situation, European regulators are considering stricter rules on bonuses because of public uproar over insensitivity of banks in granting millions of bonuses to staff, while the rest of the world from whom banks earn their income tighten their belts due to austerity measures put in place by national governments.

However, there are reports that the talks between the British government and the banks over fat bonuses and executive pay, and increasing lending to small companies have run into problems and would likely be postponed.

Last week Goldman Sachs, Citigroup and JPMorgan paid bonuses to their staff. In some cases, bonuses below $500,000 were paid in cash, while larger bonuses had only 20 percent in deferred shares.

Despite the threat of exodus, British Deputy Prime Minister Nick Clegg pushed for a breakup of banks to keep them safe and protect the government from having to bail out very large banks. Clegg said high-risk “casino” banking must be separated from low-risk high street banking.

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