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  • Mergers and Acquisition – A Case Study and Analysis of HP-Compaq Merger

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    Brief Description

    The following is a brief description of the two companies:

    HP

    It all began in the year 1938 when two electrical engineering graduates from Stanford University called William Hewlett and David Packard started their business in a garage in Palo Alto. In a year’s time, the partnership called Hewlett-Packard was made and by the year 1947, HP was incorporated. The company has been prospering ever since as its profits grew from five and half million dollars in 1951 to about 3 billion dollars in 1981. The pace of growth knew no bounds as HP’s net revenue went up to 42 billion dollars in 1997. Starting with manufacturing audio oscillators, the company made its first computer in the year 1966 and it was by 1972 that it introduced the concept of personal computing by a calculator first which was further advanced into a personal computer in the year 1980. The company is also known for the laser-printer which it introduced in the year 1985.

    Compaq

    The company is better known as Compaq Computer Corporation. This was company that started itself as a personal computer company in the year 1982. It had the charm of being called the largest manufacturers of personal computing devices worldwide. The company was formed by two senior managers at Texas Instruments. The name of the company had come from-“Compatibility and Quality”. The company introduced its first computer in the year 1983 after at a price of 2995 dollars. In spite of being portable, the problem with the computer was that it seemed to be a suitcase. Nevertheless, there were huge commercial benefits from the computer as it sold more than 53,000 units in the first year with a revenue generation of 111 million dollars.

    Reasons for the Merger

    A very simple question that arises here is that, if HP was progressing at such a tremendous pace, what was the reason that the company had to merge with Compaq? Carly Fiorina, who became the CEO of HP in the year 1999, had a key role to play in the merger that took place in 2001. She was the first woman to have taken over as CEO of such a big company and the first outsider too. She worked very efficiently as she travelled more than 250,000 miles in the first year as a CEO. Her basic aim was to modernize the culture of operation of HP. She laid great emphasis on the profitable sides of the business. This shows that she was very extravagant in her approach as a CEO. In spite of the growth in the market value of HP’s share from 54.43 to 74.48 dollars, the company was still inefficient. This was because it could not meet the targets due to a failure of both company and industry. HP was forced to cut down on jobs and also be eluded from the privilege of having Price Water House Cooper’s to take care of its audit. So, even the job of Fiorina was under threat. This meant that improvement in the internal strategies of the company was not going to be sufficient for the company’s success. Ultimately, the company had to certainly plan out something different. So, it was decided that the company would be acquiring Compaq in a stock transaction whose net worth was 25 billion dollars. Initially, this merger was not planned. It started with a telephonic conversation between CEO HP, Fiorina and Chairman and CEO Compaq, Capellas. The idea behind the conversation was to discuss on a licensing agreement but it continued as a discussion on competitive strategy and finally a merger. It took two months for further studies and by September, 2001, the boards of the two companies approved of the merger. In spite of the decision coming from the CEO of HP, the merger was strongly opposed in the company. The two CEOs believed that the only way to fight the growing competition in terms of prices was to have a merger. But the investors and the other stakeholders thought that the company would never be able to have the loyalty of the Compaq customers, if products are sold with an HP logo on it. Other than this, there were questions on the synchronization of the organization’s members with each other. This was because of the change in the organization culture as well. Even though these were supposed to serious problems with respect to the merger, the CEO of HP, Fiorina justified the same with the fact that the merger would remove one serious competitor in the over-supplied PC market of those days. She said that the market share of the company is bound to increase with the merger and also the working unit would double. (Hoopes, 2001)

    Advantages of the Merger

    Even though it seemed to be advantageous to very few people in the beginning, it was the strong determination of Fiorina that she was able to stand by her decision. Wall Street and all her investors had gone against the company lampooning her ideas with the saying that she has made 1+1=1.5 by her extravagant ways of expansion. Fiorina had put it this way that after the company’s merger, not only would it have a larger share in the market but also the units of production would double. This would mean that the company would grow tremendously in volume. Her dream of competing with the giants in the field, IBM would also come true. She was of the view that much of the redundancy in the two companies would decrease as the internal costs on promotion, marketing and shipping would come down with the merger. This would produce the slightest harm to the collection of revenue. She used the ideas of competitive positioning to justify her plans of the merger. She said that the merger is based on the ideologies of consolidation and not on diversification. She could also defend allegations against the change in the HP was. She was of the view that the HP has always encouraged changes as it is about innovating and taking bold steps. She said that the company requires being consistent with creativity, improvement and modification. This merger had the capability of providing exactly the same. (Mergers and Acquisitions, 2010)

    Advantages to the Shareholders

    The following are the ways in which the company can be advantageous to its shareholders:

    Unique Opportunity: The position of the enterprise is bound to better with the merger. The reason for the same was that now the value creation would be fresh, leadership qualities would improve, capabilities would improve and so would the sales and also the company’s strategic differentiation would be better than the existing competitors. Other than this, one can also access the capabilities of Compaq directly hence reducing the cost structure in becoming the largest in the industry. Finally, one could also see an opportunity in reinvesting.

    Stronger Company: The profitability is bound to increase in the enterprise, access and services sectors in high degrees. The company can also see a better opportunity in its research and development. The financial conditions of the company with respect to its EBIT and net cash are also on the incremental side.

    Compelling Economics: The expected accumulation in IIP gains would be 13% in the first financial year. The company could also conduct a better segmentation of the market to forecast its revenues generation. This would go to as much as 2 and a half billion dollars of annual synergy.

    Ability to Execute: As there would be integration in the planning procedures of the company, the chances of value creation would also be huge. Along with that the experience of leading a diversified employee structure would also be there. (HP to buy Compaq, 2001)

    Opposition to the Merger

    In fact, it was only CEO Fiorina who was in favor of going with the merger. This is a practical application of Agency problem that arises because of change in financial strategies of the company owners and the management. Fiorina was certain to lose her job if the merger didn’t take effect. The reason was that HP was not able to meet the demand targets under her leadership. But the owners were against the merger due to the following beliefs of the owners:

    The new portfolio would be less preferable: The position of the company as a larger supplier of PCs would certainly increase the amount of risk and involve a lot of investment as well. Another important reason in this context is that HP’s prime interest in Imaging and Printing would not exist anymore as a result diluting the interest of the stockholders. In fact the company owners also feel that there would be a lower margin and ROI (return on investment).

    Strategic Problems would remain Unsolved: The market position in high-end servers and services would still remain in spite of the merger. The price of the PCS would not come down to be affordable by all. The requisite change in material for imaging and printing also would not exist. This merger would have no effect on the low end servers as Dell would be there in the lead and high-end servers either where IBM and Sun would have the lead. The company would also be eluded from the advantages of outsourcing because of the surplus labor it would have. So, the quality is not guaranteed to improve. Finally, the merger would not equal IBM under any condition as thought by Fiorina.

    Huge Integrated Risks: There have been no examples of success with such huge mergers. Generally when the market doesn’t support such mergers, don’t do well as is the case here. When HP could not manage its organization properly, integration would only add on to the difficulties. It would be even more difficult under the conditions because of the existing competitions between HP and Compaq. Being prone to such risky conditions, the company would also have to vary its costs causing greater trouble for the owner. The biggest factor of all is that to integrate the culture existing in the two companies would be a very difficult job.

    Financial Impact: This is mostly because the market reactions are negative. On the other hand, the position of Compaq was totally different from HP. As the company would have a greater contribution to the revenue and HP being diluted at the same time, the problems are bound to develop. This would mean that drawing money from the equity market would also be difficult for HP. In fact this might not seem to be a very profitable merger for Compaq as well in the future.

    The basic problem that the owners of the company had with this merger was that it would hamper the core values of HP. They felt that it is better to preserve wealth rather than to risk it with extravagant risk taking. This high risk profile of Fiorina was a little unacceptable for the owners of the company in light of its prospects.

    So, as far as this merger between HP and Compaq is concerned, on side there was this strong determination of the CEO, Fiorina and on the other side was the strong opposition from the company owners. This opposition continued from the market including all the investors of the company. So, this practical Agency problem was very famous considering the fact that it contained two of the most powerful hardware companies in the world. There were a number of options like Change Management, Economic wise Management, and Organizational Management which could be considered to analyze the issue. But this case study can be solved best by a strategy wise analysis. (HP-Compaq merger faces stiff opposition from shareholders stock prices fall again, 2001)

    Strategic Analysis of the Case

    Positive Aspects

    A CEO will always consider such a merger to be an occasion to take a competitive advantage over its rivals like IBM as in this case and also be of some interest to the shareholders as well. The following are the strategies that are related to this merger between HP and Compaq:

    * Having an eye over shareholders’ value: If one sees this merger from the eyes of Fiorina, it would be certain that the shareholders have a lot to gain from it. The reason for the same is the increment in the control of the market. So, even of the conditions were not suitable from the financial perspective, this truth would certainly make a lot of profits for the company in the future.

    * Development of Markets: Two organizations get involved in mergers as they want to expand their market both on the domestic and the international level. Integration with a domestic company doesn’t need much effort but when a company merges internationally as in this case, a challenging task is on head. A thorough situation scanning is significant before putting your feet in International arena. Here, the competitor for HP was Compaq to a large degree, so this merger certainly required a lot of thinking. Organizations merge with the international companies in order to set up their brands first and let people know about what they are capable of and also what they eye in the future. This is the reason that after this merger the products of Compaq would also have the logo of HP. Once the market is well-known, then HP would not have to suffer the branding created by Compaq. They would be able to draw all the customers of Compaq as well.

    * Propagated Efficiencies: Any company by acquiring another or by merging makes an attempt to add to its efficiencies by increasing the operations and also having control over it to the maximum extent. We can see that HP would now have an increased set of employees. The only factor is that they would have to be controlled properly as they are of different organizational cultures. (Benefits of Mergers:, 2010)

    * Allowances to use more resources: An improvised organization of monetary resources, intellectual capital and raw materials offers a competitive advantage to the companies. When such companies merge, many of the intellects come together and work towards a common mission to excel with financial profits to the company. Here, one can’t deny the fact that even the top brains of Compaq would be taking part in forming the strategies of the company in the future.

    * Management of risks: If we particularly take an example of this case, HP and Compaq entering into this merger can decrease the risk level they would have diversified business opportunities. The options for making choice of the supply chain also increase. Now even though HP is a pioneer in inkjet orienting, it would not have to use the Product based Facility layout which is more expensive. It can manage the risk of taking process based facility layout and make things cheaper. Manufacturing and Processing can now be done in various nations according to the cost viability as the major issue.

    * Listing potential: Even though Wall Street and all the investors of the company are against the merger, when IPOs are offered, a development will definitely be there because of the flourishing earnings and turnover value which HP would be making with this merger.

    * Necessary political regulations: When organizations take a leap into other nations, they need to consider the different regulations in that country which administer the policies of the place. As HP is already a pioneer in all the countries that Compaq used to do its business, this would not be of much difficulty for the company. The company would only need to make certain minor regulations with the political parties of some countries where Compaq was flourishing more than HP.

    * Better Opportunities: When companies merge with another company, later they can put up for sale as per as the needs of the company. This could also be done partially. If HP feels that it would not need much of warehouse space it can sell the same at increased profits. It depends on whether the company would now be regarded a s a make to stock or a make to order company.

    * Extra products, services, and facilities: Services get copyrights which enhances the level of trade. Additional Warehouse services and distribution channels offer business values. Here HP can use all such values integrated with Compaq so as to increase its prospects. (Berry, 2010)

    Negative Aspects

    There are a number of mergers and acquisitions that fail before they actually start to function. In the critical phase of implementation itself, the companies come to know that it would not be beneficial if they continue as a merger. This can occur in this merger between HP and Compaq due to the following reasons.

    Conversations are not implemented: Because of unlike cultures, ambitions and risk profiles; many of the deals are cancelled. As per as the reactions of the owners of HP, this seems to be extremely likely. So, motivation amongst the employees is an extremely important consideration in this case. This requires an extra effort by the CEO, Fiorina. This could also help her maintain her position in the company.

    Legal Contemplations: Anti-competitive deals are often limited by the rules presiding over the competition rules in a country. This leads to out of order functioning of one company and they try to separate from each other. A lot of unnecessary marketing failures get attached to these conditions. If this happens in this case, then all that money which went in publicizing the venture would go to be a waste. Moreover, even more would be required to re-promote as a single entity. Even the packaging where the entire inventory from Compaq had the logo of HP would have to be re-done, thus hampering the finance even further. (Broc Romanek, 2002)

    Compatibility problems: Every company runs on different platforms and ideas. Compatibility problems often occur because of synchronization issues. In IT companies such as HP and Compaq, many problems can take place because both the companies have worked on different strategies in the past. Now, it might not seem necessary for the HP management to make changes as per as those from Compaq. Thus such problems have become of greatest concern these days.

    Fiscal catastrophes: Both the companies after signing an agreement hope to have some return on the money they have put in to make this merger happen and also desire profitability and turnovers. If due to any reason, they are not able to attain that position, then they develop a abhorrence sense towards each other and also start charging each other for the failure.

    Human Resource Differences: Problems as a result of cultural dissimilarities, hospitality and hostility issues, and also other behavior related issues can take apart the origin of the merger.

    Lack of Determination: When organizations involve, they have plans in their minds, they have a vision set; but because of a variety of problems as mentioned above, development of the combined company to accomplish its mission is delayed. Merged companies set the goal and when the goal is not accomplished due to some faults of any of the two; then both of them develop a certain degree of hatred for each other. Also clashes can occur because of bias reactions. (William, 2008)

    Risk management failure: Companies that are involved in mergers and acquisitions, become over confident that they are going to make a profit out of this decision. This can be seen as with Fiorina. In fact she can fight the whole world for that. When their self-confidence turns out into over-confidence then they fail. Adequate risk management methods should be adopted which would take care of the effects if the decision takes a downturn. These risk policies should rule fiscal, productions, marketing, manufacturing, and inventory and HR risks associated with the merger.

    Strategic Sharing

    Marketing

    Hp and Compaq would now have common channels as far as their buying is concerned. So, the benefits in this concern is that even for those materials which were initially of high cost for HP would now be available at a cheaper price. The end users are also likely to increase. Now, the company can re frame its competitive strategy where the greatest concern can be given to all time rivals IBM. The advantages of this merger in the field of marketing can be seen in the case of shared branding, sales and service. Even the distribution procedure is likely to be enhanced with Compaq playing its part. Now, the company can look forward to cross selling, subsidization and also a reduced cost.

    Operations

    The foremost advantage in this area is that in the location of raw material. Even the processing style would be same making the products and services synchronized with the ideas and also in making a decent operational strategy. As the philosophical and mechanical control would also be in common, the operational strategy would now be to become the top most in the market. In this respect, the two companies would now have co-production, design and also location of staff. So, the operational strategy of HP would now be to use the process based facility layout and function with the mentioned shared values.

    Technology

    The technical strategy of the company can also be designed in common now. There is a disadvantage from the perspective of the differentiation that HP had in the field of inkjet printers but the advantages are also plentiful. With a common product and process technology, the technological strategy of the merged company would promote highly economical functioning. This can be done through a common research and development and designing team.

    Buying

    The buying strategy of the company would also follow a common mechanism. Here, the raw materials, machinery, and power would be common hence decreasing the cost once again. This can be done through a centralized mechanism with a lead purchaser keeping common policies in mind. Now Hp would have to think with a similar attitude for both inkjet printers as well as personal computers. This is because the parameters for manufacturing would also run on equal grounds.

    Infrastructure

    This is the most important part of the strategies that would be made after the merger. The companies would have common shareholders for providing the requisite infrastructure. The capital source, management style, and legislation would also be in common. So, the infrastructure strategies would have to take these things into account. This can be done by having a common accounting system. HP does have an option to have a separate accounting system for the products that it manufactures but that would only arouse an internal competition. So, the infrastructural benefits can be made through a common accounting, legal and human resource system. This would ensure that the investment relations of the company would improve. None of the Compaq investors would hesitate in making an investment if HP follows a common strategy.

    HP would now have to ensure another fact that with this merger they would be able to prove competitors to the present target and those of competitors like IBM as well. Even the operations and the output market needs to be above what exists at present. The company needs to ensure that the corporate strategy that it uses is efficient enough to help such a future. The degree of diversification needs to be managed thoroughly as well. This is because; the products from the two companies have performed exceptionally well in the past. So, the most optimum degree of diversification is required under the context so that the company is able to meet the demands of the customers. This has been challenged by the owners of HP but needs to be carried by the CEO Fiorina. (Bhattacharya, 2010)

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    Source by Rohit Agrawal

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  • How Does Buying African Art Improve the Lives of Local Africans?

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    The struggles of third world countries are a well known problem to most people, but what to do to help these countries is much more difficult to understand. I definitely do not have all the answers on how to eliminate poverty around the world, but I do know one way to make a small difference in the lives of the African people.

    Many African villages do not even have some of the most basic necessities such as running water, electricity, proper sanitation, education, healthcare and the list goes on. Many times women and children in these situations tend to suffer the most. One way that these terrible conditions are improving is through trade and especially fair trade. By purchasing beautiful handcrafted art from Africa, we not only get incredibly beautiful items for our home décor, but we also help to improve the lives of others.

    Fair trade can make a devastating impact on African communities. Such an impact is created because fair trade approaches development as a holistic process. Many African lives have been positively changed through this process. Children are able to get an education, nutritional needs are being met, fundamental health costs are being covered, hospitals and schools are being built, the poor (especially women) are being empowered and are becoming valued members of their societies, cultural techniques are being revived and so much more.

    So how does fair trade work? Buyers and producers work directly with each other to develop commercial relationships, trust and mutual support. Both the buyers and the producers adhere to a set of Fair Trade criteria established by the International Fair Trade federation. Both the buyer and the producer group agree to promote human rights, especially those of women, children and people with disabilities. As buyers and producers meet milestones, they are expected to continue improve upon these standards. When trade encompasses these practices, the lives of all people and their communities improve.

    Fair trade is the right way to shop. It puts a smile on the faces of children in Africa, and it makes their lives much more bearable. If you are interested in purchasing African art, you may want to make sure that the business you are dealing with adheres to the fair trade policies or sources their products from companies that are members of the Fair Trade Federation.

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    Source by Mike Griffis

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  • FORMER GHANIAN PRESIDENT TO NIGERIAN YOUTHS…

    FORMER GHANIAN PRESIDENT TO NIGERIAN YOUTHS…

    “President Muhammadu Buhari is fighting for your sake, he is stepping on toes for your sake, he is dying to create a new Nigeria, he is raising the bar for future leaders, he is laying the foundation for a brand new Nigeria, he is teaching both the young and the old that we can do better than this. He is teaching the youths accountability, probity, honesty, integrity, honour, trust, attitude, character, selfless leadership, common sense and commitment. Encourage him, support him and pray for him. It is for your own good”.

    I have been following the conversations of some young Nigerians, I have been following the body languages, I have been following their thoughts, I have been following the interactions, their desires and aspirations, as well as their frustrations and I, am running away with the thinking that they do not know President Buhari is fighting for them.

    While these young Nigerians do not know this, I am happy that I have met and had interactions with some forward-looking young Nigerians who understand very well the real games playing out in Nigeria and they know the future belongs to them.

    Now the big question is this:

    Do the youths know PMB is breaking his back for them?

    Do they know why PMB contested in 2003, 2007, 2011 and did not give up until he returned in 2015 to clinch the ticket?

    Do they know why he cried in 2011 when dawned on him that he may not make it again?

    Do you know he went to Courts on those three occasions to challenge the electoral process?

    Do they know the real reason why a man who has commanded some four or five divisions in the Nigerian Army and rose the rank of a General, a former Minister of Petroleum, former governor, former Head of State, former PTF Chairman etc want to rule Nigeria?

    Do they know the reason why he clinched the presidency in 2015 against all odds?
    Do they know why God put him there in the first place?

    Do they know the kind of road blocks the looters of Nigeria put on his way in 2015 and yet he scaled through?
    Can they remember all the hate campaigns, the type never seen in the history of Nigerian politics since the inception of Nigeria?

    Do they know why they want him dead at all cost?

    Do they know that some deadly and potentially dangerous Nigerian bigwigs planned to eliminate him forever?
    Do they know why God spared his life?

    He was saved because he has a mission to rescue Nigeria from the scourge of mindless predators and scavengers.
    He was saved because he is in the saddle for a purpose.

    He was saved because our Creator who put him there knows that everything we lack in this country, every damned thing can be traced to corruption.
    He was saved because God still loves this country.

    He was saved because Nigerian looters are getting bolder, without conscience, without remorse, without shame, without honour and without grace.

    He was saved from the cold hands of death because God has not finished with Nigeria. PMB cried in 2015 because he feared Nigeria may still lie prostrate in the next 100 years if mindless and bloody plunderers are not checkmated.

    Who would have known why Nigeria has remained poor in the midst of plenty?

    Who would have known that those who came to claim to serve all of us are men and women without souls and without conscience?
    Who would have known that some few Nigerians will have the audacity and the effrontery to steal our entire Budget without looking back?

    Can the youths see the recovered loots from the former Service Chiefs, Ministers, Judges, cabals in the Oil Industry, CEOs of federal agencies?

    Can the youths see what a former First Lady and her cronies gathered for themselves?

    Did they see what the pathological looters did with our money meant for Arms to dislodge the insurgents?

    President Muhammadu Buhari may not share these recovered loots to the youths of this country because the government does not share money.

    They will use the money to build critical infrastructure which will, in turn, drive the economy and this means more jobs. A prophet is not without honour except in his homeland. African leaders gathered in Addis Ababa recently and they crown PMB as the Anti Corruption Champion in Africa.

    Now, do we know the import of this message?

    Some people especially the corrupt ones may not know that the Train has left the Station with this monumental endorsement by African Leaders.

    At home, the man is being harassed by rogues and unrepentant thieves but outside the shores of Nigeria the man is celebrated. This is a clout!

    At 73 PMB does not need anything again. Everybody agrees that the man is not corrupt, they agree that money and things of the world mean nothing to him, they know that he is not interested in material things and they know he is fighting for the young Nigerians and generations yet unborn.

    They know he means business and they know he is unstoppable. If only they knew that there is a finger of God in all this. A school of thought says ” I freed a thousand slaves and I could have freed more if only they knew they were slaves.”

    PMB is fighting for your sake, he is stepping on toes for your sake, he is dying to create a new Nigeria, he is raising the bar for future leaders, he is laying the foundation for a brand new Nigeria, he is teaching both the young and the old that we can do better than this. He is teaching the youths accountability, probity, honesty, integrity, honour, trust, attitude, character, selfless leadership, common sense and commitment. Encourage him, support him and pray for him. It is for your own good.
    — Jerry Rawlings

    *If you do good you are doing it for yourself.*

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  • *PRESIDENT BUHARI’S COMMENTS, A CROOKED MEDIA AND INTELLECTUAL LAZINESS.*

    *PRESIDENT BUHARI’S COMMENTS, A CROOKED MEDIA AND INTELLECTUAL LAZINESS.*

    The tradition before now was that Media Houses used to be settled to whitewash the image of an Administration. When President Buhari came in, he shut the door to those back hand, unethical and corrupt practices and by so doing incurred the wrath of the Media (some of whom even had to refund monies received from the Colonel Dasuki largesse).

    The consequence is the present clearly visible gang up, hostility and deliberate ploy to always twist comments and issues concerning the Buhari administration to suit their unpatriotic and selfish agenda.

    Let us remind Journalists and the Media at large of who President Buhari is, in case they have forgotten; President Buhari is a steel gate, he is ready to absorb all vibrational shocks and frequencies from anyone; he is a leader and a father who is not like the typical ‘shine shine’ politician who tells the people what he thinks they want to hear.

    He promised Nigerians in 2014, “… to tell you everything the way they are, I will never hide anything from you.”

    When a man of such impeccable character and integrity as President Buhari promised such, what were you expecting?

    To you Nigerian Youth, read the transcript or watch the video of President Buhari’s comments for yourself;
    1. You will not see the word ‘lazy’ mentioned anywhere.
    2. You will also not find the word ‘youth’ anywhere in the comment.

    So what’s the motive of those who deliberately twisted that comment to include those two words and ended up with “Buhari said Nigerian youths are lazy”? Your guess is as good as ours.

    As for you who found it easier to use your data to promote and believe a lie than using it to search for the facts yourself, remember that intellectual laziness is equally laziness.

    Moving forward, are you under 30 years of age and uneducated and don’t have a job and still believe that Nigeria is an oil-producing country, and for that reason, you expect free healthcare, free education and free housing? If your answer is YES, then, President Buhari talked about YOU! No apologies.

    President Muhammadu Buhari’s comment was surrounded by so many conditions, which narrowed it down to a particular cadre of people, and not ALL NIGERIAN YOUTHS.

    No doubt there are youths with an over bloated sense of entitlement and a defective victim mentality but there are many of our youths who are definitely not lazy. Many who are disciplined, well educated, intelligent, dilligent and examplary; contributing daily to the growth of their families, communities, the Nation and the World – from the likes of world famous Chimamanda, Phyno, Davido etc to the everyday Ada, Okon, Musa, Ireti working hard daily on the streets or in the schools.

    Those are clearly not the people President Buhari referred to and the world knows it.

    However, the corrupt Media would always have their way of manipulating any and everything. But they will keep failing.

    After all the argy-bargy about President Buhari’s comments in the UK, the same youths still continue to demonstrate their unshakable love for our dear President, because they know he actually did not speak in derogation of them. He rather opened up to the world to see where they could come in to help, and eventually, Royal Dutch Company in conjunction with Shell BP appealed to President Buhari for a chance of a whopping $15Billion investment in Nigeria, so that the jobless under 30 youths would have jobs and further provide for themselves and their dependants.

    So, who won in the end? The same youths won, and that is the spirit of a good father and leader displayed by President Muhammadu Buhari.

    Please, do not allow the crooked, selfish and unprofessional Media to mislead your emotions against Buhari. He means well for all Nigerians, and wants the best for all of us especially the youth who are the leaders of tomorrow.

    He needs our sincere support to make Nigeria work better for all.

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  • The Science of Getting Rich, by Wallace Delois Wattles – Chapter 4

    The First Principle in The Science of Getting Rich.

    THOUGHT is the only power which can produce tangible riches from the Formless Substance. The stuff from which all things are made is a substance which thinks, and a thought of form in this substance produces the form.

    Original Substance moves according to its thoughts; every form and process you see in nature is the visible expression of a thought in Original Substance. As the Formless Stuff thinks of a form, it takes that form; as it thinks of a motion, it makes that motion. That is the way all things were created. We live in a thought world, which is part of a thought universe. The thought of a moving universe extended throughout Formless Substance, and the Thinking Stuff moving according to that thought, took the form of systems of planets, and maintains that form. Thinking Substance takes the form of its thought, and moves according to the thought. Holding the idea of a circling system of suns and worlds, it takes the form of these bodies, and moves them as it thinks. Thinking the form of a slow-growing oak tree, it moves accordingly, and produces the tree, though centuries may be required to do the work. In creating, the Formless seems to move according to the lines of motion it has established; the thought of an oak tree does not cause the instant formation of a full-grown tree, but it does start in motion the forces which will produce the tree, along established lines of growth.

    Every thought of form, held in thinking Substance, causes the creation of the form, but always, or at least generally, along lines of growth and action already established.

    The thought of a house of a certain construction, if it were impressed upon Formless Substance, might not cause the instant formation, of the house; but it would cause the turning of creative energies already working in trade and commerce into such channels as to result in the speedy building of the house. And if there were no existing channels through which the creative energy could work, then the house would be formed directly from primal substance, without waiting for the slow processes of the organic and inorganic world.

    No thought of form can be impressed upon Original Substance without causing the creation of the form.

    Man is a thinking center, and can originate thought. All the forms that man fashions with his hands must first exist in his thought; he cannot shape a thing until he has thought that thing.

    And so far man has confined his efforts wholly to the work of his hands; he has applied manual labor to the world of forms, seeking to change or modify those already existing. He has never thought of trying to cause the creation of new forms by impressing his thoughts upon Formless Substance.

    When man has a thought-form, he takes material from the forms of nature, and makes an image of the form which is in his mind. He has, so far, made little or no effort to co-operate with Formless Intelligence; to work “with the Father.” He has not dreamed that he can “do what he seeth the Father doing.” Man reshapes and modifies existing forms by manual labor; he has given no attention to the question whether he may not produce things from Formless Substance by communicating his thoughts to it. We propose to prove that he may do so; to prove that any man or woman may do so, and to show how. As our first step, we must lay down three fundamental propositions.

    First, we assert that there is one original formless stuff, or substance, from which all things are made. All the seemingly many elements are but different presentations of one element; all the many forms found in organic and inorganic nature are but different shapes, made from the same stuff. And this stuff is thinking stuff; a thought held in it produces the form of the thought. Thought, in thinking substance, produces shapes. Man is a thinking center, capable of original thought; if man can communicate his thought to original thinking substance, he can cause the creation, or formation, of the thing he thinks about. To summarize this:-

    There is a thinking stuff from which all things are made, and which, in its original state, permeates, penetrates, and fills the interspaces of the universe.

    A thought, in this substance, Produces the thing that is imaged by the thought.

    Man can form things in his thought, and, by impressing his thought upon formless substance, can cause the thing he thinks about to be created.

    It may be asked if I can prove these statements; and without going into details, I answer that I can do so, both by logic and experience.

    Reasoning back from the phenomena of form and thought, I come to one original thinking substance; and reasoning forward from this thinking substance, I come to man’s power to cause the formation of the thing he thinks about.

    And by experiment, I find the reasoning true; and this is my strongest proof.

    If one man who reads this book gets rich by doing what it tells him to do, that is evidence in support of my claim; but if every man who does what it tells him to do gets rich, that is positive proof until some one goes through the process and fails. The theory is true until the process fails; and this process will not fail, for every man who does exactly what this book tells him to do will get rich.

    I have said that men get rich by doing things in a Certain Way; and in order to do so, men must become able to think in a certain way.

    A man’s way of doing things is the direct result of the way he thinks about things.

    To do things in a way you want to do them, you will have to acquire the ability to think the way you want to think; this is the first step toward getting rich.

    To think what you want to think is to think TRUTH, regardless of appearances.

    Every man has the natural and inherent power to think what he wants to think, but it requires far more effort to do so than it does to think the thoughts which are suggested by appearances. To think according to appearance is easy; to think truth regardless of appearances is laborious, and requires the expenditure of more power than any other work man is called upon to perform.

    There is no labor from which most people shrink as they do from that of sustained and consecutive thought; it is the hardest work in the world. This is especially true when truth is contrary to appearances. Every appearance in the visible world tends to produce a corresponding form in the mind which observes it; and this can only be prevented by holding the thought of the TRUTH.

    To look upon the appearance of disease will produce the form of disease in your own mind, and ultimately in your body, unless you hold the thought of the truth, which is that there is no disease; it is only an appearance, and the reality is health.

    To look upon the appearances of poverty will produce corresponding forms in your own mind, unless you hold to the truth that there is no poverty; there is only abundance.

    To think health when surrounded by the appearances of disease, or to think riches when in the midst of appearances of poverty, requires power; but he who acquires this power becomes a MASTER MIND. He can conquer fate; he can have what he wants.

    This power can only be acquired by getting hold of the basic fact which is behind all appearances; and that fact is that there is one Thinking Substance, from which and by which all things are made.

    Then we must grasp the truth that every thought held in this substance becomes a form, and that man can so impress his thoughts upon it as to cause them to take form and become visible things.

    When we realize this, we lose all doubt and fear, for we know that we can create what we want to create; we can get what we want to have, and can become what we want to be. As a first step toward getting rich, you must believe the three fundamental statements given previously in this chapter; and in order to emphasize them. I repeat them here:-

    There is a thinking stuff from which all things are made, and which, in its original state, permeates, penetrates, and fills the interspaces of the universe.

    A thought, in this substance, Produces the thing that is imaged by the thought.

    Man can form things in his thought, and, by impressing his thought upon formless substance, can cause the thing he thinks about to be created.

    You must lay aside all other concepts of the universe than this monistic one; and you must dwell upon this until it is fixed in your mind, and has become your habitual thought. Read these creed statements over and over again; fix every word upon your memory, and meditate upon them until you firmly believe what they say. If a doubt comes to you, cast it aside as a sin. Do not listen to arguments against this idea; do not go to churches or lectures where a contrary concept of things is taught or preached. Do not read magazines or books which teach a different idea; if you get mixed up in your faith, all your efforts will be in vain.

    Do not ask why these things are true, nor speculate as to how they can be true; simply take them on trust.

    The science of getting rich begins with the absolute acceptance of this faith.

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  • Study Abroad in South Africa

    A study abroad South Africa trip consists not only of a glimpse inside a spiritual and historical people, but also face-to-face encounters with some of the most beautiful wildlife and landscapes in the world.

    If you travel to South Africa for a summer abroad you can have a once-in-a-lifetime experience jumping from Bloukrans Bridge, the highest bungee jump destination in the world.

    If you happen to be in the South African town of Hermanus in the months of August to November for a semester abroad, you’ll be able to watch whales from some of the most amazing cliffs in Africa.

    From exotic cuisine to never-before-seen animals, South Africa will be one of the memorable study abroad experiences you will ever have.

    South Africa Study Abroad Programs

    Any university that you choose to visit in South Africa will be full of new and exciting things to do and see.

    For a diverse South African experience you can join a study abroad program at Stellenbosch University, which has one of the oldest international offices in South Africa.

    You can take classes in everything from African studies and political science to art and history, and you can meet a wide variety of international students from Rwanda, Australia, India, Greece and many other countries. Stellenbosch is considered an institution of excellence and encourages diverse ideas and perspective from its staff and students.

    If you’re interested in engineering, the environment, humanities, law and science, the University of Cape Town is the perfect place for you to gain undergraduate college credit. This is the oldest university in all of South Africa, and it prides itself in its top-rated teaching and research facilities.

    In fact, it’s home to over a quarter of all the highest-rated researchers in the world in their field of study. Most importantly, the University of Cape Town continually supports HIV/AIDS prevention and research in a wide variety of programs administered by students and staff.

    Another South African institution where you can find a good study abroad program is at North-West University.

    South Africa Transportation Options

    South Africa has the largest economy in all of Africa, so that means there are many modes of transportation individuals use to get from one place to the next.

    The most important mode of transportation in South Africa is the railway system, which is also the most advanced system in Africa. People use the railway every day because it connects all major cities through its network.

    South Africa is known for its luxury railway system called the Blue Train, which travels from the cities of Pretoria and Cape Town. The Blue Train features suites that have their own marble-tiled bathrooms and temperature controlled units, and there is a full-time staff of executive chefs, butlers and waiters to accommodate your needs.

    One of the easiest ways to travel in South Africa is to grab a taxi ride or ride a bus. Both taxi cab services and bus companies will take you anywhere that you need to go, and they can be found in all major cities in South Africa. If you would like to travel by taxi you can choose the Grab a Cab service, or you can choose a bus transportation service like Translux to tour the biggest cities in South Africa.

    Car rental is another option in South Africa. The Car Rental South Africa website offers services from companies such as Avis and Hertz, and allows you to compare prices to see which type of service you can afford.

    Finally, if you’re interested in mountain biking or cycling around the South African landscape, you can always take a tour from a company like Downhill Adventures or just rent a bike to explore the area on your own.

    Always follow health and safety guidelines no matter how you travel in South Africa, just to prepare yourself for the unexpected. In a foreign country halfway across the globe from your home, it’s better to be safe than sorry.

    Exchange Rates for South African Currency

    South African currency is known as the rand. The rand was introduced in 1961 when the Republic of South Africa was established.

    Here’s what you need to know about the rand:

    * Coins = 5c, 10c, 20c, 50c, R1, R2 and R5

    * Bills = 10, 20, 50, 100 and 200

    You can use a South African currency converter to compare other amounts of U.S. dollars against the rand.

    Best Locations to Visit in South Africa

    There are many must-see cities you should visit when you study in South Africa. Johannesburg, which is the largest city in South Africa, has an endless list of things to do.

    Art enthusiasts can visit the Johannesburg Art Gallery, which features Dutch, British, European and South African art, and outdoor explorers can visit the caves in Sterkfontein, where fossils dating back as far as 3.5 million years ago have been found.

    The second largest city in South Africa is Cape Town. This city has become a popular tourist destination because of its parks, beaches and other cultural attractions. The Kirstenbosch National Botanical Gardens features over 9,000 plants, and is a great place to relax and read a book.

    Adventure-seekers can go hiking or rock climbing on Table Mountain, and people looking for good food and shopping can visit the Victoria and Alfred Waterfront, where you can also take boat and helicopter rides.

    Finally, Durban, the third largest city in South Africa, is the perfect place to go on a self-guided tour and view beautiful beaches and ports. The Golden Mile is a long stretch of sand that you can walk along and see waterfront properties, fishing piers, restaurants, museums and skate parks.

    Durban is also home to uShaka Marine World, which has the fifth largest aquarium in the world and one of the largest ocean parks in Africa.

    Trish Smith is a copywriter for Green Student U, Student Finance Domain and Study Abroad Domain, websites that are devoted to providing college students with helpful environmental, financial and study abroad advice.

    Article Source: http://EzineArticles.com/expert/Trish_Smith/143050

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  • Africa: A Case of Flogging Dead Horses?

    On pure economic indicators and all other indicators of development Africa is a dismal picture. Life expectancy has declined; mortality rates increase; heavily indebted, with over half the countries having debt that exceeds their GNP; GDP growth fallen; GDP per capita fallen as population growth gets out of control; health care is collapsing and so and so on. What has gone wrong with what after all is continent rich in mineral and material resources?

    Too much medicine

    There are several factors. First and probably most simple is that Africa after independence was not allowed to chart its own course. With good or bad intentions too many ” aid ” agencies have prescribed,subscribed and proscribed all sorts of panacea for Africa’s ” that they destroyed any capacity for that continent to solve its own ills. Africa has simply become a vegetable or as some say a huge experimental waste ground. This is really not far from the truth.

    Another factor is that African governments after independence failed to formulate clear mission and objectives that could be translated into sound economic policies. Corruption and mismanagement took hold of almost every strata of society. This was further assisted by the aid agencies. Marginal benefits were put as further evidence for aid while government excesses on grand scale were overlooked.

    For political reasons, Western governments supported dictatorships and turned a blind eye to corruption and mismanagement. Cold war politics meant that the major powers had to have a balance not only in armaments but also in allies. The drive to prevent communist influence in Africa meant keeping regimes in power that supported Western interests.

    All too often these regimes were despots and perpetrators of the most sadist human rights abuses. Moreover aid agencies ignored every basic economic or social criteria for development assistance in favor of this higher political goal. This problem was further complicated by the fact that often the aid agencies will differ with their own governments. Thus vast sums were squandered on irrelevant constructions, large sums made their way into private accounts without so much as a whisper. What I call the “guilt” factor came in handy when others dare to complain of such corruption.

    The “guilt” factor argument is” oh well, we are giving and that is the most important thing. Whatever, the President choose to do with it is his business. After all they are an independent and sovereign nation”.

    The result is that today despite several billions poured, Africa is still underdeveloped and conditions are even worse than when they were at independence. My argument seems to point to the thesis that aid can work. Yes, I believe aid can work to alleviate poverty or change the society overnight. However, it cannot bring about economic development.

    Rather it should be used to ease the pain of the unpleasant side effects of harsh monetary and fiscal policy which is precisely what was needed at this point. For example due to the cyclical nature of the markets that face Africa main exports, there often severe variations in earnings. These can be very damaging especially given the fact that some countries depend on just one commodity. What aid should do is to bridge the gap between these shortfalls in earnings.

    Poverty can never be eradicated in a country; the aim should be to distribute wealth in a manner that ensures that the gap between the rich and the poor does not create social tensions.

    Counter-productive

    What “Aid” did to Africa was to exacerbate and indeed encourage irresponsible fiscal and monetary policy on the part of governments. There was some positive aspects of aid, but these were at the margin and as far as the big picture is concerned, too insignificant to alter the present argument. Look at how much money Norway has pumped into Tanzania and what condition that country is in today!

    I seem to have pointed the blame at the aid agencies and the Africa politicians. My belief is that the development agencies had good intentions. The explanation for their failures stems from the fact that the Africans that they encountered were not educated enough to challenge their assumption. Thus very soon these agencies began to get the view that the African does not know what is good for them. In effect their mission was not simply to give aid, but to make decisions for them!

    Bad Governments

    To say that “people deserve the government they get” is a little too harsh on Africans. In many parts of Africa, after independence there were too few university graduates or technocrats to replace the white administrators. Political rhetoric and nationalism prevented any form of expatriates assistance from former colonial administrators. Those that saw themselves in power had got there on a platform of”we can do it ourselves”. Thus any notion of keeping the very people you have been fighting against was nonsensical. The truth was many nations could not” do it themselves”.

    Governments ministers and officials with half-baked educational background suddenly saw themselves in power. They had little in the way of program or policy document. What matters was the trappings that the office brought and the personal gains one could get out of the office. Of course there some educated people. However, these quickly fell out with the government or sacrificed their principles for survival. The result of course was gross mismanagement, incompetence, corruption, graft on a scale that saw millions of Africans reduced to the lowest stage of survival.

    Is it any wonder that if things have to change, we have to start with ensuring well educated take the reins of power. There is little doubt that part of the success of the Asian countries lies in pool of well educated politicians and planners in the 1960s. These individuals not only set a strategic orientation for their nations, but they continuously surveyed their environments to see new opportunities.

    Education became a central plank of development policy. Not so in Africa- resources geared for such efforts were not used- Bad economic planning could be partly explained by such poorly educated civil servants. Take the case of monetary policy. At independence, most African countries inherit a monetary system based on the English pound, the French Franc or the Portuguese escudo. However in time nationalistic pride got in the way of financial practicalities and one country after another cut itself from the backing European currency and began turning out a spectacular array of non-convertible currencies. As one commentator note ” If nothing else the President got a chance to put their picture on the note”. And in the early and late sixties, since Presidents were short- lived it was inevitable that the currencies were too.

    Many of these currencies were worthless and not even accepted in neighboring countries or in the international banking system for that matter. As the currency weakened, the general response was to print more money. In Nigeria, between 1975-1977 the money supply increased by 180%. And this was pretty much the case elsewhere.

    As money supplies rose, inflation soared and in time rates of over 100% were not uncommon. In early post independence period as the public discontent grew, the greater the social control that was exerted by leaders. The greater the national debt, the greater the reliance grew of foreign grants to keep regimes in power.

    Tribalism

    Tribalism has been put forward by many writers as the root of Africa’s problems. Tribalism was made to look exclusively African. Events in the former Yugoslavia have shown that tribalism and ethnicity are not African preserves. Colonialism brought ethnic groups(tribes if you refer to Africa) that had nothing to hold them together except force and a colonial policy of divide and rule.

    When people talk about tribal problems in Africa, I put the question on how they would feel, because of some historical error, you had to live with people that you have no desire to. The second World War in Europe created a Europe that fell into the East(Communist Bloc) and West(Capitalist Bloc). The countries of the East under Soviet hegemony manage to hold the different diverse groups found within these countries. As the Empire collapse, so has the desire for self government risen or some form of regional autonomy.

    Yugoslavia has even manage to coin a new vocabulary, -“Ethnic cleansing”. What is very African about Tribalism is the way Africans choose to solve the problem. But even these atrocities cannot match the systematic methods of say Hitler or present day”Hitler’s” in Bosnia and Croatia.

    More to the point, economically, tribalism in some countries has crippled the economy by diverting resources to unproductive efforts. It has also meant in some places governments did not capitalize on their best talents simply because they belong to the wrong group. Vast numbers of refugees have been created which has meant whole populations have been displaced, their economic productivity unrealized.

    The Future

    The collapse of the old order has created new economic partnerships, shift resources and emphasis, which has pushed Africa further into economic uncertainty and regression. The fall of Communism has opened up new areas in the world that are far more immediately attractive than Africa for investment purposes.

    Eastern Europe provide valuable investment opportunities that are fast attracting capital. One of the legacies of the Communist era are the large numbers of scientist. These are fast becoming partners with establish Western companies for research into new fields.

    Western Governments face constituencies that are increasingly frustrated with their governments wasting money on corrupt and hopeless leaders.

    This is combined with the fact that domestic social problems are getting acute. Today Europe faces difficult social problems. Unemployment, lack of growth and increasing refugee problems from Eastern Europe. Indeed many experts believe that unemployment will become a more structural problem. What this indicates is that social services budget will become bigger. These factors make it all the more difficult for governments in the West to hand over large sums as they had done in the past. Finally, we see a new economic phenomenon or to be more precise, trade phenomenon-trade blocs.

    lready in place is the European Community EC. The North Americans are working out with Mexico -NAFTA North American Free Trade Area. In South East Asia,we see increasing Japans activity in the region. This is made doubly so with the expanding Chinese economy. It is my belief that as Japan makes efforts to address her war past and apologize, this will clear the way for some kind of trade area.

    Given this new world order, what does the future hold for Africa. It is my belief that some parts may never move from the traditional society that describe earlier on. War, famine and disease are the main preoccupation that any notion of social investment is ridiculous. The leadership is some cases actually perpetuate the situation thus guaranteeing their hold on power. However, there are a few that have the potential for spectacular development. Most impressive is Botswana. Botswana apart from South Africa is the fastest growing economy in Black Africa. This economy is characterize by a work ethic, skilled and an industrious labor force.

    Namibia is also an impressive case. However that country has only been independent since 1990. Nevertheless its institutions and policies are on the right track.

    The other group is lead by Kenya, Ghana, Ivory Coast, Nigeria, Gabon and to some extent Senegal and Zaire. There is another group that have all the ingredients but have yet to make any social investments. Some of these are actually at the bottom of UN list of poor quality of life. This group is led by Sierra Leone, followed by Uganda and Angola.

    Multinational Corporations

    In an increasingly global economic environment the role of the Multinational Enterprise (MNE), more commonly known as Multinational Corporations (MNCs), in fostering economic development is going to become increasingly important. Capital that is needed for domestic investment in the poor countries will come largely from investment by these organisations.

    Western governments are going to find it increasingly hard to justify flows to African governments. In another respect there will be increasing demand in African countries that the private sector plays a more central role. These will need the resources and expertise of MNCs. This will be helped by the fact Aid agencies favor joint ventures between foreign firms and local companies as a viable path to development.

    MNEs have much to offer the region in terms of capital, technology, innovation, managerial expertise, and access to world markets. It is important that the investment by MNEs is direct and not portfolio, for direct investment brings more than just financial resources. Further, it is important that MNEs source most of the materials locally so as to develop local skills and enterprises.

    It has been suggested that the target sectors for encouragement of Foreign Direct Investment (FDI) are the

    (a) wood and paper products, (linked to forestry)

    (b) textiles and clothing, (linked to textile fibers) and

    c) metal products or food processing( linked to the extractive sector).

    The objectives for African governments is to both attract the downstream diversification of multinationals already in the relevant extractive sector, and new the investment of multinationals whose operations in the more develop countries are tending to move downstream and may wish to relocate what for them are now upstream activities.

    Dead Horses?

    Africa is not like flogging dead horses. African countries are on a life support machine or as the world bank puts it, its in a state of transition. It needs it own doctors and experts to bring her back to life. To cure the ills of Africa is to understand its environment and no one can better Africa except Africans. The bottom line is you can take the horse to the stream but it she does not want to drink there is not much you can do. In the meantime you have wasted time. Africa is rich in mineral resources and has the potential for development.

    It has the market potential to provide people in the industrialized countries with employment through its demand for unmet needs.

    The growth potentials of the developed world are limited but in Africa there is a huge demand for food, clothing, shelter and consumer goods. What is needed as Philip Kotler points out is that the west puts purchasing power in the hands of these consumers. If this is not done the west will be saddled with over capacity and slow growth. On the other hand, there is body of opinion that believes that modernization goes through stages and that Africa is going through the same process. As such trying to speed up the process by interfering with its dynamics, merely causes cross-cultural and domestic conflicts. Evidence from South East Asian countries however indicates that this process does not necessarily have to follow a linear path. With the right set of policies, governments can make rapid development or even a leap.

    What is urgently needed are several things. In the first place governments should try to recruit their well educated citizens who arc presently abroad. These individuals could be put in special ministries responsible for charting a future for the country. This stems from the fact that Africans that are capable of generating the kinds of ideas and policies that it would take to turn what Africa is today into a modern society or at least developing nations are all abroad. We must also encourage the African entrepreneur as in many parts of South East Asia.

    What is needed in Africa is a system that propels the right people to power. Leaders that could respond to the needs of their peoples. Africa needs leaders that have the foresight for long-term constructive economic and industrial policy. Above all its needs leaders that recognized the need for social economic investments, without them, no sound economic or industrial policy will yield positive results.

    Francis Stevens George

    December 1993

    Article Source: http://EzineArticles.com/8060638

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  • China Bets on the Growth of Africa’s Global Influence

    China Bets on the Growth of Africa’s Global Influence

    Relations between China and Africa are as strong as ever, since China started supporting the continent in the early 1950s. China is

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  • China pledges firm support to African development

    China pledges firm support to African development

    Chinese President Xi Jinping met with his South African counterpart Jacob Zuma on Monday in Xiamen, and vowed to deepen….

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  • Chinese people have lived in South Africa for many generations

    Simply put, this was the pursuit of the “United Front From Above” (government-to-government relations), and the “United Front From Below” (support for wars of national liberation). In practice, this meant the Chinese would support “revolutionary” opposition groups while at the same time supporting the legitimate government of an African country

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