In this country, our word is our bond. The respect and admiration that the United States and its institutions inspire around the world are based on the certainty that when our nation makes a promise, we keep it.

Frank Keating

Said Frank Keating, president and chief executive of the American Bankers Association and a member of the Bipartisan Policy Center’s Debt Reduction Task Force, in an article titled "We can’t afford to default on the debt" published in Washington Post of September 27, 2013. Frank Keating was governor of Oklahoma from 1995 to 2003.

According to Frank Keating, the debt-ceiling standoff in 2011 is costing taxpayers nearly $20 billion as nervous investors demanded higher interest on U.S. Treasury bonds to defray the risk of government default. He termed it as 'manufactured political crisis' which caused economic uncertainty to spike, consumer confidence to plummet and stock prices to spiral downward — all because of the perceived risk of the United States defaulting on its domestic and international obligations. Unfortunately, Congress seems poised to undermine U.S. credibility at home and abroad by taking the extraordinary step of reneging on bills that our nation has racked up. "If our nation defaults on its nearly $17 trillion in debt, the harm is likely to be measured in hundreds of billions of dollars", he added. His conclusion is : "If confidence is lost in our country’s willingness to pay its bills on time, we will have lost something that may be impossible to regain — the world’s trust".

Jacob J. Lew
Treasury Secretary

Jacob J. Lew, the US Treasury Secretary, in a letter (dated September 25, 2013) to the Speaker John A. Boehner has conveyed : "Treasury now estimates that extraordinary measures will be exhausted no later than October 17. We estimate that, at that point, Treasury would have only approximately $30 billion to meet our country's commitments. This amount would be far short of net expenditures on certain days, which can be as high as $60 billion. If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history".

The letter also says : "The debt limit impasse that took place in 2011 caused significant harm to the economy and a downgrade to the credit rating of the United States. The drawn-out dispute caused business uncertainty to increase, consumer confidence to drop, and financial markets to fall. If Congress were to repeat that brinksmanship in 2013, it could inflict even greater harm on the economy. And if the government should ultimately become unable to pay all of its bills, the results could be catastrophic.

The President remains willing to negotiate over the future direction of fiscal policy, but he will not negotiate over whether the United States will pay its bills for past commitments. Extending borrowing authority does not increase government spending; it simply allows the Treasury to pay for expenditures Congress has already approved. As such, I respectfully urge Congress to act immediately to meet its responsibility by extending the nation's borrowing authority.

An analysis carried out by the Bipartisan Policy Center (BPC) has also warned that the federal government will be unable to meet all of its spending obligations as early as mid-October, unless the debt ceiling is raised. BPC estimates that the federal government will exhaust its borrowing authority and no longer have sufficient funds to pay all of its bills in full and on time at some point between October 18 and November 5, 2013.

Both - the Treasury Department and Bipartisan Policy Center - believe that the debt limit X Date is most likely to occur between October 18 and November 5. The debt limit X Date – the day upon which the U.S. government would no longer be able to meet all of its financial obligations in full and on time – if policymakers do not take action. 

When danger comes, a true gentleman must kiss his Mr. Nice Guy self good-bye. He must be ready for battle. A lady wants a dangerous gentleman at this point. And I hope I’m that dangerous gentleman.

International singer and matinee idol Christian Bautista wins the 2013
“Modern Filipino Gentleman” award
(Photo Credit : Czeasar Dancel/NPPA Images)

Said Christian Joseph Morata Bautista, more popularly known by his screen name Christian Bautista - a Filipino singer, actor, host, and model - after winning the “Modern Filipino Gentleman” award at the 2013 Elan Awards by McJim, held at 55 Events in Quezon City, southeast of Manila, Philippines, on 15 August 2013.

The news report by Maridol Rañoa-Bismark from Yahoo! Southeast Asia Newsroom is accessibile on Christian Bautista's website under the title Christian Bautista the ‘dangerous gentleman’. 

Minutes after he received the award, Christian Bautista admitted that he had a little temper but, he said : "I expel that temper rather than keep it inside and let it out on a person". He applies anger management techniques he learned from an acting workshop.

The award is given by popular leather brand McJIM to the best role models for style and elegance among today’s Filipino gentlemen. The winner is selected on the basis of a popularity contest to be conducted through the Mc JIM Classic Leather Official Facebook Fan Page. All Facebook users in the Philippines and overseas are eligible to participate in the poll. According to McJim, the purpose of the awards is to inspire Filipino men to become true gentlemen of our modern times. 

A 5-minute video clip of the Award Function is availanle on you tube here.

A detailed report of the Award Night is also available here.

In a very recent interview with journalist Nestor Cuartero, published in Manila Bulletin of September 28, 2013, when asked at the end : "Is it still cool to be a gentleman in this modern age?", Christian Bautista gave the following reply :

In this modern age, being a gentleman isn't just required, it is needed. As the old poem by Ted Engstrom says, the world needs men.

The world needs men
who cannot be bought;
whose word is their bond;
who put character above wealth;
who possess opinions and a will;
who are larger than their vocations;
who do not hesitate to take chances;
who will not lose their individuality in a crowd;
who will be as honest in small things as in great things;
who will make no compromise with wrong;
whose ambitions are not confined to their own selfish desires;
who will not say they do it “because everybody else does it”;
who are true to their friends through good report and evil report, in adversity as well as in prosperity;
who do not believe that shrewdness, cunning, and hardheadedness are the best qualities for winning success;
who are not ashamed or afraid to stand for the truth when it is unpopular;
who can say “no” with emphasis, although all the rest of the world says “yes.”

War is great business. I love weapons and make 50,000 Syrian pounds ($370) a day

Said 39-year-old Abu Mohammad, Aleppo’s main gun seller in an interview with AFP published in The Daily Tribune of September 27, 2013 under the title "War means profit for gun seller in Syria’s Aleppo". Aleppo is the largest city in Syria located in northwestern Syria 310 kilometres from Damascus.

Picture for illustration purpose only. (Credit : Reuters/Thaer Abdallah)
Published under Israel is fighting a regional war in Syria by
Mahdi Darius Nazemroaya, a sociologist, award-winning author & geopolitical analyst.

The items for sale in Abu Mohammad's shop include 9mm guns and AK-47 assault rifles. They are made in Iraq and Russia and priced between $1,500 to $2,000, depending on the quality. He also firearms, including rocket-propelled grenades, ammunition and even swords. According to the report, he charges 15,000 Syrian pounds ($110) for 150 rounds of bullet. Abu Mohammad - an ex-employee of a weapons factory - also undertakes jobs of repairing damaged weapons.

In Syria, the role of foreign jihadists, linked to al-Qaida, has been a major issue of debate in the Western media, among think tanks and inside governments. But actual facts and figures are not known mainly because of the lack of media coverage from those areas of Syria that are being controlled by them. The regime of Bashar Assad, in its propaganda, has been calling the insurgency as the action of al-Qaida linked "foreign terrorists." Spiegel Online - a leading German media house - has extensively probed this aspect and reported the findings on it's website dated September 27, 2013 with respect to the danger these foreign jihadists pose and their lifestyle, as well.    

The world’s central banks will continue to diversify into Renminbi (RMB) : Renminbi is being used for 15 percent of (Chinese) cross border trade

Carmen Ling

Said : Carmen Ling, Global Head, RMB Solutions, Origination and Client Coverage - a newly created RMB Solutions team of Standard Chartered Bank, in an email interview with Chung Joo-won of The Korea Herald which was published on September 26, 2013.

According to Carmen Ling, trading in Chinese yuan could help Korean firms. She advised Korean companies to use Renminbi, or yuan, in their trade settlements with foreign partners, in view of the rapid globalization of the Chinese currency. The WTO data show that about 20 percent of Korea’s trade is with China. The People’s Bank of China estimates that companies could save between 2―3 percent by using the RMB for trade. 

Initially, it was predicted that RMB would be used for 20 percent of (Chinese) cross border trade by 2015, but the current figures show that it has already touched 15 percent. China announced in 2009 that it would globalize the RMB by 2020 to play a role as a key global currency after the U.S. dollar. Renminbi is becoming popular in global trade settlements

Carmen Ling expects that the internationalization of the RMB will come in three stages ― first as a trade currency, then as an investment currency and finally as an international reserve currency.

New note of 100 yuan

Standard Chartered Bank has created an RMB Solutions team that is responsible for delivering advice and bespoke client solutions to help them best capture opportunities arising from the internationalisation of the RMB. According to SCB, the liberalisation of the RMB represents one of the most profound changes in the world’s financial system in generations. SCB's aim is to be the leader in providing insights, services and ideas in this area.

"In the space of less than a decade, Hong Kong has successfully launched a full spectrum of offshore Renminbi businesses, from banking, bond and equity financing to asset management. Within just a few years, we have emerged as the largest and most competitive offshore Renminbi business centre outside of the Mainland. All the time, overseas banks here in Hong Kong are fine-tuning their Renminbi expertise, offering a broader range of Renminbi services to their clients and building up their knowledge and contact list for doing business in the Mainland of China", Hong Kong's Chief Executive, Mr C Y Leung, had mentioned in his speech at a luncheon organised by the Hong Kong Association of Banks (HKAB) in July.

According to the latest BIS (Bank for International Settlements) Triennial Central Bank Survey of Foreign exchange market activity, the trading in foreign exchange markets averaged $5.3 trillion per day in April 2013. This was up from $4.0 trillion in April 2010 and $3.3 trillion in April 2007.

The US dollar remained the dominant vehicle currency; it was on one side of 87% of all trades in April 2013 with a daily trading in average of $4.65 trillion in 2013. The euro was the second most traded currency, but its share fell to 33% in April 2013 from 39% in April 2010. The turnover of the Japanese yen increased significantly between the 2010 and 2013 surveys. So too did that of several emerging market currencies, and the Mexican peso and Chinese renminbi entered the list of the top 10 most traded currencies. The BIS survey revealed that the Chinese yuan - which occupied 9th position - recorded a turnover of $120 billion a day in 2013. (More details of the survey can be found here)

Renminbi : Chinese Currency is called Renminbi (RMB or CNY) means "People's Currency" in Chinese language.

Royal Mail needs to be able to compete with the internet, smart phones and international postal operators. That’s why I have announced that the Government will sell shares in Royal Mail through an IPO

Michael Fallon

Said Michael Fallon, MP, in his post dated September 12, 2013 on Conservative Home (a pro-Conservative Party website) justifying the sale of Royal Mail.

Michael Fallon, in his post says that the sale of shares will give Royal Mail the commercial freedom it needs to succeed. It will give the company future access to capital it needs for investment – to seize the opportunities for growth such as increasing parcel volumes from the boom in online shopping. It will give Royal Mail commercial confidence – free from Whitehall interference. We are making 10 per cent of the shares available to around 150,000 eligible employees for free. This is the largest employee share scheme of any major privatisation for almost 30 years. We are also giving people the opportunity to buy shares in Royal Mail through intermediaries, online or, of course, by post. We are committed to ensuring a sustainable future for the Post Office by maintaining a network of at least 11,500 branches across the UK.

However, The Daily Telegraph has disclosed that Michael Fallon - Conservative minister in charge of selling off Royal Mail - was firmly against the state-owned business’s privatisation just four years ago by publishing his letter to this effect. Ian Murray MP, shadow Minister for Postal Affairs, has criticised Michael Fallon terming his attitude as 'deeply hypocritical'.

The British government has kicked off the sale of the near 500-year-old company by disposing of a majority stake in Royal Mail, offering shares at between 260 pence and 330p each. That would value the company at between 2.6 and 3.3 billion pounds, raising between 1 billion pounds and 1.7 billion pounds for government coffers. The size of the offering could be increased by up to 15 per cent via an “overallotment” option, whereby more stock can be sold if there is strong demand. If that overallotment option is exercised, the government’s stake could fall to as little as 30 per cent following the sale. 

Courtesy : The Daily Telegraph

Bloomberg has reported that Royal Mail’s $5.3 Billion IPO, that opened today (September 27, 2013), was over subscribed within hours, mainly on demand from institutions. Royal Mail shares will be open to applications until Oct. 8 and are expected to make its debut on Oct 11 on the London Stock Exchange. Michael Fallon told Bloomberg Television : Postal services “aren’t businesses that sit naturally in the public sector,” he said, adding: “Its future lies in the private sector.” The U.K. government wouldn’t be able to block a foreign takeover of Royal Mail once the shares are traded, Fallon said, while adding that the company will have access to capital needed to expand internationally as other nations open postal markets. 

According to the government, which is being advised by Lazard Ltd., bookrunners for the sale are Goldman Sachs Group Inc., UBS AG (UBSN), Barclays Plc (BARC). Merrill Lynch & Co., with Investec Ltd., Nomura Bank International Plc and RBC Europe Ltd. are the lead managers. 

I initially felt reluctant to learn Japanese from a non-Japanese teacher

Said Fernando Katsuji Noda, 48, a second-generation Japanese-Brazilian banker - who was not taught Japanese by his parents - when asked about it by Motonobu Endo for his story on "Non-native teachers of Japanese growing among Brazil's immigrants" published in The Japan Times of September 26, 2013. 

Groups of Japanese immigrants began arriving in Brazil in 1908. More than a century on, the country has a population of around 1.5 million Japanese-Brazilians — the largest Japanese community overseas. While the first generation of immigrants is graying rapidly, the number of Japanese-Brazilians able to speak Japanese is declining equally fast. According to Masayuki Fukasawa, editor-in-chief of the Japanese-language Journal Nikkey Shimbun, only a few thousand Japanese-Brazilians possess the reading and writing skills required by Japanese companies for employment. Many early immigrants from Japan who became Japanese-language teachers have retired. However, an increasing number of Brazilians with no ancestral ties to Japan are studying Japanese and have become very fluent in the language and are now teaching it. Their number has continued to swell. Motonobo Endo concludes that the distance between Japan and Brazil’s Japanese community is undeniably widening.

Apple’s data centers are 100 percent powered by energy from renewable sources — solar, wind, hydro, and geothermal.

Apple’s data centers are 100 percent powered by energy from renewable sources — solar, wind, hydro, and geothermal. And so are many of our corporate facilities. The ultimate goal is to power all Apple facilities entirely by renewable energy, Said Apple on its website. 

The first glimpse of Apple Inc.'s proposed 18-MW
photovoltaic solar array in Northern Nevada
(Credit : Reno Gazette - Journal)

Apple's Energy Management is based on a three-tiered strategy with the primary focus to achieve a net zero energy policy. In other words, to use 100 percent renewable energy to power its data centers, retail stores, and other facilities worldwide. More complete details can be found in Apple's 2012 Environmental Footprint Report

Apple sites powered by 100%
renewable energy (Source : Apple)

According to GigaOm, Apple - at its huge data center in Maiden, North Carolina - has built the nation’s largest end user–owned, onsite solar photovoltaic array, and completed construction on the largest non-utility fuel cell installation operating anywhere in the country. Apple’s massive solar panel and fuel cell farm are now live and providing clean power for its huge data center in Maiden, North Carolina, which draws its power—totaling some 20 megawatts at full capacity from renewable sources. In addition, it relies on energy-efficient design elements, including a white roof and real-time energy monitoring and analytics. Apple has claimed it purchases 100 percent renewable energy for its other facilities around the world.

Apple has also proposed to build 18-megawatt photovoltaic solar farm that will keep the servers running in its Northern Nevada data center. The details of this were made public on July 1, 2013 and reported by the Reno Gazette - Journal. According to some news reports this 137-acre solar farm (it will generate approximately 43.5 million kilowatt hours of electricity) will be managed in conjunction with NV Energy, to power the datacenter located right next to it. The farm, called “Ft. Churchill Solar Array,” will be capable of providing between 18 and 20 MW to the data center. NV Energy plans to combine photovoltaics with concentrated solar-power mirrors, meaning the facility will supply energy at night as well as during the day. Solar company SunPower will work on the array's engineering and construction. Once completed, the Solar Array would save fossil fuel equivalent to taking 6,400 vehicles off the road each year.

It is worth mentioning here that NV Energy has agreed to be acquired by MidAmerican Energy Holdings Company - a subsidiary of Warren Buffett's Berkshire Hathaway Inc. The acquisition - for as much as $5.6 billion in cash - is due to be finalized in the first three months of 2014.