Should You Retire at the Same Time as Your Spouse?- Sheiresa Ngo

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Retirement can be an exciting time for a couple, but it can also be lonely if one partner decides to retire a few years ahead of the other. You and your loved one likely do a lot together, so quality time may get out of sync if you choose to stagger your retirement. On the other hand, retiring simultaneously may also pose some challenges. Are you ready to spend a lot more time together? How will your finances be affected by the sudden change in cash flow? Will you be at each other’s throats all day? These are questions to consider before you decide which decision is right for you.
The Cheat Sheet spoke with TIAA-CREF Financial Planning Manager Shelly-Ann Eweka. She gave us a few tips on how to make the best decision when it comes to coordinating your retirement with your partner.

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The Cheat Sheet: What are some of the pros and cons of retiring at the same time as your spouse?
Shelly-Ann Eweka: You’ll want to be sure both you and your spouse are ready to retire, and you may want to discuss the possibility that one of you may want to continue working longer than the other. There are a few reasons you and your spouse may decide not to retire together. These may include:

• Both salaries will end at the same time. If you stagger retirement, more of your retirement assets stay invested.
• Staggering retirement will mean you’ll have continued employer benefits — especially medical — from one of your employers.
• Major travel expenses will be delayed until the second retirement, as the working spouse is still limited to vacation time.

If you or your spouse has been working most of your adult lives, you may also want to discuss the emotional impact of retirement. For some people, ending a career can result in a diminished sense of self-worth, and the end of a steady income can create stress and anxiety. Regardless of how much you’ve saved and how well you’ve planned, many people worry about running out of money in retirement.

Source: iStock

CS: What are some tax implications when it comes to retiring at the same time, if any?
SE: To learn more about how your specific taxes may be affected, it’s best to speak to a tax professional. You’ll want to discuss what your sources of income are and how they are taxed.  Does your state provide tax benefits for retirees?  Many states offer tax benefits, such as not taxing income from retirement accounts or providing discounts to senior citizens on property taxes. However, every state is different in how they tax retirees. Also, remember that the required minimum distributions from your employer retirement plans do not have to begin if you are still working past age 70.5. They would begin after that employee left service.

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CS: When a couple decides to retire together, what steps should they take beforehand to prepare?
SE: Before you can decide what kind of lifestyle you want in retirement, you first must ask yourself, “can I afford to retire?” An advisor can help you assess your financial standing, and help you set priorities for your retirement goals. You need to be aware of your financial situation both to help you determine the amount of income you will have to live off of in retirement and to help you agree on retirement goals.
Next, you should discuss how much you want to spend. Are you okay with using all of your savings in retirement, or do you want to leave money or assets behind for your family or a charitable cause? Finding a balance that you both agree on is vital to retirement planning.
Once you’ve established some broad financial parameters, you can begin setting priorities such as:

• What do you see yourself doing in retirement?
• Do you plan to travel?
• Would you rather move closer to your children and grandchildren?
• What social activities, such as volunteering or charity work, would you like to do?
• How much do you want to spend on leisure activities?

You and your spouse should make a list of individual goals, then pare down the list by finding agreed-upon activities, even if only one person will participate. Of the items where you differ, rank the importance of each for yourself. Which items would make retirement seem like a failure if you didn’t do them? Which ones could you live without? From that, develop a list of common goals for what you want to do in retirement.  Do you plan to develop new hobbies in retirement? If so, you may want to prepare before you retire. If you plan to buy a sailboat, for example, have you learned to sail? You might want to invest in lessons while you’re still earning an income.
Retirement is a time of enjoyment, but it also has a more serious side. As couples age, you must think about your health. Have you saved enough to care for each other if one of you gets sick? And, of course, retirement and estate planning go hand in hand. Again, an advisor can help you tackle these areas.

 

Culled from personal finance cheat sheet

Are bonds in your retirement plan? They should be-By Deborah Nason

StockstudioX | E+ | Getty Images. The wide variety of bond instruments provides the opportunity for age-appropriate …

Bonds, the seemingly boring and inscrutable partner to equities, don't usually generate much excitement. But they play important roles in portfolio planning, offering diversification and fixed-income opportunities.

The wide variety of bond instruments provides the opportunity for age-appropriate strategies throughout the client's life span. CNBC consulted with several advisors on how they employ bonds when working with pre-retirees.

"I like individual bonds, but I don't like bond funds , because of the fluctuation of the principal," said Helen Simon, certified financial planner, retirement management analyst and CEO of Personal Business Management Services.
She uses individual bonds to bridge the time between when clients retire and when they start taking money out of their qualified accounts, such as 401(k) plans, individual retirement accounts and pensions.
"I like to use zero coupon tax-free municipal bonds because when the money comes through, it is all tax-free," she said.
Zero coupon bonds, long-term fixed-income securities, are purchased at a deep discount and pay out interest only once, at maturity.


Simon purchases these securities for her clients monthly, creating a "bond ladder."
"The ideal situation being bonds coming due monthly or close thereto once the client begins tapping their retirement income stream," she said.
For example, a 45-year-old client who wished to make $10,000 a month available at age 60 could assign a bucket of cash to start purchasing zero coupon bonds through the next 15 years that mature monthly.
The client could purchase a bond today with a 5 percent coupon (interest) rate for $4,800, which will yield $10,000 tax-free when it matures in 2030. Similarly, a 20-year bond at 5 percent, purchased for $3,750, will yield $10,000 in 2045 tax-free.
"A 40- to 50-year-old should consider more than age and time to retirement but also market conditions," said R. M. Zalatimo, managing director, National Securities Corp.
"We are in a potential rising-interest-rate environment, and initially this will have a negative impact on bond and equity markets," he said. "If interest rates go up, your bond portfolios will drop in value and you will take a loss."
For example, a 4 percent corporate bond can only sell at a discount if next year's bonds are offered at 5 percent, Zalatimo said.
Therefore, to increase liquidity, he advises pre-retirees to reduce their bond portfolio duration to short-term positions of five to seven years.
Other advisors suggest even shorter terms.
Herb White, CFP and president of Life Certain Wealth Strategies, advises his pre-retiree clients to hold short-term (one- to three-year) or intermediate (three- to five-year) positions in bonds.
"As an overall strategy, you still need equities for growth, but you don't want to overlook bonds," he said.


Zalatimo at National Securities also suggests looking into convertible bonds-corporate bonds that can be converted into its issuer's common stock.
"This is an overlooked asset class," he said. "It reduces exposure to the market by converting to stock later when the market may be better.
"It gives the income and stability of a bond with the potential for appreciation from the stock market," Zalatimo said. "It allows you to increase your exposure to bonds, but not necessarily lose out" in times of low yield.

"I wouldn't recommend too large of a percentage of investment in bonds prior to 10 years before retirement," said Russell D. Francis, CPA, CFP and owner of Portland Fixed Income Specialists.
When clients reach ages 50 to 55, he starts shifting their investments toward bonds, gradually increasing the percentages from about 30 percent bonds to about 60 percent or more at retirement age.
At this stage, Francis diversifies clients' bond holdings within mutual bond funds, and individual bonds, including holdings in:

• Tax-free municipal bonds, to be put in clients' taxable accounts.
• Taxable municipal bonds, which pay more and have a higher yield and are used for IRAs and other tax-deferred accounts.
• U.S. Treasury Inflation-Protected Securities (TIPS), for more conservative clients.
• International bonds, including those from developing and emerging markets, as a good portfolio diversifier.
• High-yield corporate bonds, which will have higher risk but higher yield.

"We work toward an eventual shift towards higher weight in individual bonds because, compared to bond funds, they have lower cost and you always get the face value back at maturity," Francis said.
White, from Life Certain, suggests several other options for diversification, including:

• Floating-rate bank loans, which are funds of bank loans typically tied to an index, such as LIBOR.
• Certain bond ETFs, such as those with one- or two-year maturities. "I like these because you know what's in there," he said.
• Unit investment trusts, which are portfolios of bonds with one maturity date.

  Culled from CNBC.com

Waterloo handshakes as Europe marks bicentenary united-By Alastair Macdonald

Fireworks explode as re-enactors perform during the opening show "Inferno" by artistic director …

By Alastair Macdonald

WATERLOO, Belgium (Reuters) - Descendants of Napoleon Bonaparte and the Duke of Wellington shook hands at Waterloo on the 200th anniversary of a battle that ended French imperial hegemony over Europe and ushered in a century of fragile peace.
Belgium's king and prime minister, hosting the celebrations, used the occasion on Thursday to hail the European Union, based a few miles away in Brussels, and characterised Waterloo, fought with great loss on June 18, 1815, as a turning point in the development of systems to manage the continent's many states.
In a symbolic gesture, descendants of the French, British, German and Dutch commanders shook hands: Jean-Christophe Napoleon Bonaparte, a London financier; Arthur Wellesley, son of the current Duke of Wellington; Nikolaus Prince Bluecher, a descendent of the Prussian marshal; and King Willem-Alexander of the Netherlands, whose ancestor led Wellington's Dutch allies.
"Those who yesterday were enemies have become the closest of allies," said Belgian premier Charles Michel. "It is not so much a battle, it is a reconciliation I want to celebrate today."
He spoke on day when the European Union, already stressed by confrontation with Wellington's old ally Russia and by fears of Britain quitting the EU in a referendum, found itself facing a "Waterloo" of its own as Greece refused to cut its budget to qualify for EU loans it needs to avoid looming bankruptcy.
King Philippe of the Belgians, whose state was created through the diplomatic system set up in the wake of Waterloo, recalled how the final defeat of a post-revolutionary Napoleonic French empire stretching from Iberia to the Russian frontier led to a "concert of Europe" aimed at settling disputes in peace.
"Today, the European institutions are firmly established in Brussels, a few kilometres from Waterloo," he said. "Certainly, it is not always easy to get along. But it is always better to meet around the negotiating table than on the battlefield."
France sent its ambassador to the ceremony, making it the first major anniversary at the site to be marked by all sides.

A music-and-fireworks spectacular, featuring several hundred of the 5,000 battlefield re-enactors gathering for the weekend, marked the end of the bicentenary day on Thursday. Some 200,000 visitors are expected at Waterloo over the coming few days to watch vivid evocations of the bloody summer Sunday 200 years ago when tens of thousands of men died on the field.

(Additional reporting by Yves Herman and Christian Levaux; Editing by Angus MacSwan and Lisa Shumaker)

Culled from Reuters

4 ways credit card alerts can save you money -By Jeanine Skowronski

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Editor's note: Each week, one of Bankrate's personal finance reporters is reporting on a new way to save and chronicling the savings journey.

Around this time last year, I almost did what was, given my profession as a credit card reporter, unthinkable: I nearly missed a credit card payment.
The culprit was a pesky annual fee that was applied directly to my monthly statement. I caught the balance just in the nick of time, but considering the damage that misstep could have done to my credit score, I wanted to make sure I never ran into a similar problem again.
Luckily, my issuer offers a litany of credit card alerts. These email, text or push notifications (via an issuer's app) are "reason enough to select one credit card over another," says Richard Crone, CEO of Crone Consulting LLC. They can help you monitor spending, minimize fees, reap rewards and spot fraud easily.
Issuers generally list the types of alerts they offer online. You can hop into your credit card account and adjust your settings to receive notice of particular activities or transactions. But don't be afraid to call and ask about offerings before you apply for a specific product.
"Find out what's available and take advantage of it so you can protect yourself and stay financially healthy," says Beverly Harzog, author of "The Debt Escape Plan."
Keep in mind, these alerts are generally free, but your phone's mobile text messaging and Web access charges may apply. Ask your carrier about potential charges before signing up for notifications.
Here are four ways credit card alerts can save you money.

Never miss a payment

Missed payments can be very expensive. For starters, you'll incur a late fee -- typically around $25 to $35, Harzog says. You'll also start accruing interest on purchases that you may have meant to pay off in full.

Plus, missed payments seriously mess up your credit. A first missed payment on a credit card bill can cause a drop of 70 to 90 points on your credit score, depending on your current score, which, in turn, can make future financing more expensive.

To prevent this from happening, set up a payment due alert. Many issuers let you customize when this alert gets sent, so you can specify how many days' notice you need to get the money in on time. Set up a payment received alert so you know your payment has posted. And, for some extra security, take advantage of a payment past due alert, which will let you know if you have forgotten to make your minimum payment.
If that happens "call your issuer (and) explain what has happened," Harzog says. "If you don't have a history of this, you have a good chance of getting a pass."

Monitor your spending

Some alerts can be "a great money management tool," Crone says, because they build a greater awareness of how much you are spending. Frequent chargers can use a daily or weekly balance alert, for instance, to make sure their bill isn't getting out of control.

Alternately, you might be able to set a spend threshold for yourself and ask your issuer to notify you once your balance goes above that dollar amount. Many issuers have similar alerts built around your credit limit.
This notification can be helpful in maintaining a budget, experts say. It also lets you know "what your (credit) utilization ratio is if you're worried about your (credit) score," Harzog says. (Remember, a good rule of thumb is to keep your credit utilization rate -- how much debt you are carrying versus how much credit has been extended to you -- under at least 30 percent.)
To stay on top of transactions, set up a spending alert. You can customize these notifications, too, so you know when a purchase exceeds a certain dollar amount.

Find fraud fast

Many consumers "set (spending alerts) at zero," Crone says, so they are notified every time a transaction occurs and can easily spot unauthorized charges. There are other notifications that you should take advantage of in order to readily learn when something is amiss.

Any alerts that "relate to patterns of card use can be very important along the lines of protecting yourself against identity theft," says Bruce McClary, vice president of public relations and external affairs with the National Foundation for Credit Counseling.
For instance, you can have an alert sent every time a transaction is made outside of the U.S. or any time a transaction is made without the card present.
"Anytime the card is used to purchase something online or over the phone, an alert is sent quickly," McClary says .
You can also be alerted if a card is used for a cash withdrawal. These credit card cash advances generally carry the costliest interest rates.
If an alert pops up for a transaction you didn't make, call the issuer immediately to dispute the charge. Some issuers may even provide actionable alerts that give you more control over your account.
"If a questionable transaction surfaces, the alert will be sent for you to decline the transaction or accept the transaction," Crone says. Expect these types of alerts to become more popular as issuers compete for the most valuable credit card customers.

Reap your rewards

Many credit cards allow you to earn points, miles or cash back on your purchases, which can subsequently be used to fund a vacation, subsidize a big buy or even score your dream drone.

To help cardholders keep track of their points reserves, many issuers have incorporated alerts into their rewards programs, McClary says. For instance, set up a monthly alert balance or ask to be notified after a certain amount of points is accumulated so you're sure to use your hard-earned rewards.
If you have a revolving 5 percent cash-back credit card, elect to receive a text or email when it comes time to sign up for new categories. Plus, some issuers have alerts you can take advantage of that will let you know when a special deal or discount it is offering is about to expire.
One rule of thumb to remember: Rewards cards are best suited to consumers who never revolve a balance, given they generally have higher annual percentage rates associated with them. (You don't want any of the points you earn to be rendered moot by interest).
Secondly, make sure the alerts you sign up for are ones that you will really use.

If you simply ask your issuer to send you every alert in its arsenal, "you might start treating it as spam and take the alerts less seriously," McClary says. "Drill down the important ones."

Culled from Bankrate.com

Leveraging customer’s satisfaction in the Pension Industry-Odunze Reginald

Image credited to guardingwealthmanagemement

Napoleon Hill devoted over twenty five years of his life to trying to discover why so few men succeed and so many fail. Le Boeuf (1987:133). He went on to say that he interviewed and studied the lives of numerous great achievers from all walks of life such as Andrew Carnegie, Thomas Edison and Woodrow Wilson and presented the essence of his findings in his classic bestselling “Think and grow Rich”

One of Hill’s best recommendation is to cultivate the idea and habit of rendering more and better service than that for which you are paid” and before you realized it the world is willingly paying you for more than you do” today we call that building perceived value, seventy years ago Napoleon Hill called it “the law of increasing returns” Le Boeuf (op cited)

Pension Fund Administrators are all offering the same service, a homogenous service and the service is basically the following:

Retirement Savings Account

Investment of the contributor’s and retiree’s fund

Customers support services and relationship management

Retirement seminars, pension forums and enlightenment programmes.

Therefore the extra mile the PFAs goes in satisfying the customers will go a long way in enhancing customer’s loyalty. Customer loyalty is essential for the pension fund administrator because it gives the edge they need in the event of the regulatory body National Pension Commission, PenCom, lifting the transfer window.

National Pension Commission ,PenCom has stated that the pension fund is now far in excess of 4.6 Trillion Naira that is good for investment in other sectors of the economy, but analyst are of the view that with the rate of corruption investing such fund may the debar the pensioners from the accessing their fund at the point of retirement.

The desire of the PFAs will be to retain their customers and possibly acquire new ones in the event of the transfer window. But achieving such feat rest squarely on their ability to offer and render more and better services to their customers. Customers are now more sophisticated and their expectations are becoming more and more increasing. They can network and definitely affect the workings of PFAs if not giving their expectations.

Social networks are now at their disposal, they make such bad services  a trending topic in the social network, what does it portend to the organization, a decrease in customer patronize and customer loyalty.

The One Thing Stopping You From an Early Retirement-Eric McWhinnie

Source: Fox Searchlight Pictures

The only thing worse than never retiring is having to wait until you’re old and decrepit to reach your so-called golden years. In America, the average retirement age is about 64 for men and 62 for women. That may not sound too old given medical advancements and improved life expectancy rates, but stories are told every day about people who retire early, sometimes as early as 30 or 40 years old. If these people can retire early, why can’t you?
Not everyone will have the perfect combination of luck and skill to retire before gray hairs even think about making an appearance, but the biggest reason you can’t retire noticeably earlier than average is you. Nobody cares about your money or financial future more than you. If you don’t have the desire to improve your financial situation and knowledge, you are destined for mediocrity. A deeper dive into our American culture reveals why more people don’t accomplish early retirement.
Money gets labeled as a taboo topic. Personal finance is hardly taught in schools, while parents tend to gloss over money discussions with their kids in favor of less sensitive subjects. Adults don’t even like talking to other adults about money. A recent survey from Wells Fargo finds 44% of Americans believe personal finance is the most difficult subject to talk about, beating out death and politics at 38% and 35%, respectively. About a third of respondents even admit to having difficulty discussing money with their significant others. It’s no wonder why we have a society filled of financial illiterates.
Given the stigmas surrounding money, individuals need to educate themselves. Sadly, this is easier said than done. Too many people would rather go to work, come home and relax, take a vacation every now and then, and worry about retirement later. The Wells Fargo survey also finds Americans are more likely to take a vacation each year than review their own finances. Americans who consider themselves to be in poor or average financial health are twice as likely to update their Facebook profile than review their money habits.
Early retirees not only take the time to plan their financial futures, they stay on track by consistently spending less than they earn and investing the difference. They automate their savings, look for opportunities to increase income, focus spending on things that truly matter, and remember that keeping up with the Joneses is a losing battle. They also recognize that money equals freedom while debt comes with shackles. When early retirees or those striving to retire early hear about the average new vehicle loan hitting a record $28,711 with an average duration of a record 67 months, they simply shake their heads. They give the same response when learning the average household credit card balance is $7,177.
Of course, life is complicated and full of financial surprises. You may not always be able to save money with every single paycheck. However, instead of blaming outside forces like the economy or government, early retirees have a knack for accepting personal responsibility and keeping the big picture in mind. Recent research shows 79% of habitual savers have a retirement planning strategy, compared to only 13% among non-savers. In fact, 48% of habitual savers even have a back-up plan to help them weather financial storms. Only 11% of non-savers have back-up plans.
Perhaps the most important lesson we can learn from early retirees is that retirement should not be seen as a race to accumulate enough assets to fade into the night. Instead, retirement is a period of financial freedom, where you can afford to find fulfillment as desired. This can include travel, spending time with family, or even part-time employment. Having a job in retirement may not sound ideal, but many retirees find emotional benefits to working in retirement. When you have the financial freedom to pursue your passions, paid or unpaid, you know you’ve reached the golden years.

Culled fromwallstreetcheatsheet

Where should you keep your emergency fund? -By AJ Smith June

We have all heard and (hopefully) heeded the advice to keep between three and six months' worth of expenses aside as an emergency fund. Even if you feel like you have a handle on budgeting for your day-to-day expenses, what happens when the unpredictable hits with the potential to set your finances back? This stash is not meant for buying a home or going on a trip, it is for real emergencies. It's a good idea to make growing an emergency fund a priority and where we keep this money can make a big difference. It's important for the money to be accessible, but it can also be earning interest while waiting to be tapped. If you are building up your emergency fund and looking for a better place to keep it than under the mattress, check out these options of places to park your emergency fund.

Online Savings Account
Traditional savings accounts can be great for those of us who like to play it safe, but interest rates will not do much for you. Online banks do tend to offer slightly higher rates and lower fees so you could see a little more growth. Furthermore, it's important to keep your emergency savings fund away from your normal checking account so you have some separation between your spending cash, cash for other savings goals and your emergency cash.
Money Market Account
This is a common place for emergency funds for those looking to get better interest rates. They are similar to regular savings accounts in terms of FDIC insurance and limits on the number of withdrawals you can make each month, but typically require a higher minimum deposit and they sometimes carry higher fees. It's a good idea to read the fine print before choosing which account to keep your emergency fund in.
Penalty-Free CD
Since you need the money to be accessible, regular certificates of deposit with established time limits are not always going to work, but there are some no-penalty options. These typically have lower rates than traditional CDs, but offer higher yields than traditional savings accounts. You just need to look for banks that offer these and, again, read the fine print carefully.
Savings Bond
These are also typically seen as a long-term investment, but I-bonds can offer more flexibility. You can own some for as little as one year and do not need much capital to get started. The interest rate is better than other, more liquid vehicles but the interest is taxable and if you need to cash them in before five years, you will forfeit some of the interest you have earned.
Retirement Fund

Most experts will tell you to avoid touching your retirement savings until actual retirement. This is generally good advice as you want to make sure you have enough money left to fund your golden years. But if you have to tap your retirement funds for emergencies, it's good to understand the different tax implications and penalty fees associated with each type of account. 401(k) accounts generally (there are exceptions like the Roth 401(k) option) hold funds that you contributed before paying taxes. So if you take out money before you are 59½ (besides for a few particular exceptions) you will have to pay an early withdrawal penalty and taxes. Since you contribute to a Roth IRA account with after-tax money, you may still pay a penalty but can withdraw the original contributions (not the interest earned) without paying additional taxes.

Where you keep your emergency fund is up to you, and you may even choose to use a combination of locations to ensure your stash is safe, liquid and reliable. Do your research before carefully considering the best location for your money — there is no one right answer, just as long as you have a place for it.

Culled from Credit.com

COMBATING THE GLOBAL FINANCIAL CRIME AND CORRUPTION-ODUNZE REGINALD C

Images credited to freedomworks.com

One of the trending manifestos of APC is change, the incoming administration campaigning for change in the quest for 2015 presidency, canvassed for change. Change in everything, Change in Government, although their opponents wanted transformation and continuity but the overwhelming majority of Nigerians  wanted a change. And that change culminated in loss of the ruling party. But analyst in politics and the economy are of the views that the only change that matter most to them would be in the way corruption is being tackled.

In an article captioned “Can corruption be eliminated “which appeared in REGINALD ODUNZE.COM, Odunze (2013) observed that “corruption has reached an endemic state that virtually all areas of our public sectors, has been corrupted” and those who decides not to follow with the trend fall out with the authority that be”

It should be noted that corruption was so humiliating and of age that it becomes so difficult to tackle it. Tackling corruption that is mind blowing requires the active support of all and sundry.

Corruption has fizzled business and rendered people useless, and at some times droved organization, states, countries and individuals to a state of confusion and utter helplessness.

As the peoples’ president General M. Buhari (Rtd) mount the saddle for the presidency, we are expectant of the necessary fight against corruption, this is the time to strengthen the anti corruption bodies like EFCC, ICPC, NDLEA, and the judiciary for a joint collaboration in the necessary fight against corruption, Advance Fee Fraud, popularly called 419, a corrupt version of the criminal code where it was cited. Drug related offences and more currently insurgency and terrorism which analyst have come to see as the most major act of corruption, as undistributed earnings, capital flight and murder also goes with it.

Corruption and fraud has been with the people for a long time, as far back as 1720, When Isaac Newton, the powerful scientist who enunciated the Newton’s Laws of motion lost his fortune in the South Sea Bubble Company of 1720 due to corruption. He said and I quote “I can calculate the motions of heavenly bodies but not the madness of men”. Today in my people there is madness, everyone is thinking of getting rich quick. ( Kiyosaki 1990:70)

And according to Ojo (2009:11) in an article captioned, “Reps set to pass cyber crime bill, he stated that corruption has grown so wide to include advance fee fraud, password sniffing, hacking, web cramming, credit card fraud, identity theft , data kidnapping, software piracy, cyber squatting, unlawful interceptions etc”

The preamble to the 2003 United Nations against corruption (UNCAC), which Nigeria has ratified states that corruption “is no longer a local matter but a transnational phenomenon that affects all societies and economies. The African convention on preventing and combating corruption which Nigeria has ratified acknowledged the need for international co-operation to combat corruption and note the corrosive effect on individual and society” Falana 2008:120.

The world is a global village, what affects economy in our society will definitely affect other economies and countries. Though the World 3.0 mindset has a different believe. They believed that there are barriers, bridges and that what affect one society may not definitely affect the other. That is not our subject of study.

Continuing Falana stated that the ground corruption exacerbates scarcity of fund in Nigeria, frustrating any interest in enriching quality and life, Nigerian leaders must accept responsibility for the continued poverty in the country, he noted that ground and blatant corruption degrades life, he went further to say that in 2006 the Commonwealth working group on assets repatriation specifically refers to corruption being defined as  an international crime  and suggest that jurisdiction of the international court be extended beyond the prosecution of crimes against  humanity as defined in Article 7 of the Roman Statutes. Falana further stated that the early draft of the statute did in fact include  reference to crimes other than crime against humanity such as Terrorism and Drug Trafficking.

Corruption has reached an alarming rate globally, and do we continue to fold our hands and watch corruption kill our great economy, the answer is an emphatic No.  It could be observed that most people who involved in corruption often end in poverty so also for a country. And as Prof Pat Utomi 2008 in “The Limit of lets share Economy, he stated that like people who won lottery, they often return to poverty.

This is the time for the President to fight corruption to a standstill.

reginaldodunze.blogspot.com

Major funds draw up plans to leave London if Britain quits EU - paper

An employee uses a cash till, behind a chocolate shaped as a one Euro coin and placed for sale in a coffee …

LONDON (Reuters) - Several of the biggest fund managers based in London are drawing up plans to move trillions of pounds of assets and thousands of jobs outside of Britain should the country vote to leave the EU in a referendum due by the end of 2017, the Sunday Times said.

Prime Minister David Cameron's Conservatives won an unexpected majority in polls last month and are now seeking to renegotiate Britain's relationship with the 28-member bloc ahead of a plebiscite.
Cameron has toured major European capitals to drum up support for reforms but is facing an increasing strong Eurosceptic voice from within his own centre-right party at home.
The Sunday Times said that several major funds had said on condition of anonymity that they had set up committees to prepare for a possible move, with Luxembourg being one possible country to which they could relocate.
The newspaper said it had spoken to fund managers who believed they could be forced to leave due to EU regulations which only allow the sale of investment products in the bloc when the European headquarters are based in a member state.
On Friday, the only major ratings agency still to give Britain a top-notch credit rating said it risked a downgrade due to the government's decision to hold a referendum over EU membership.
However, a senior executive with global investment firm PIMCO said earlier this week that the chance of a 'Brexit' was very low and uncertainty over the referendum outcome was not likely to affect business investment.
(Reporting By Costas Pitas; Editing by Tom Brown)

Culled from Reuters