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Republican of Angolan Banking System Ready for Influx of Oil Dollars, Emidio Pinheiro CEO Says

Jan. 10 - Angolan banks are preparing to handle hundreds of millions of dollars from foreign oil companies operating in the African country when a law requiring them to use local lenders comes into effect later this year.

Emidio Pinheiro, the chief executive officer of Banco Fomento Angola, the country’s second biggest private bank, expects oil companies to start using local banks to pay part of their taxes and suppliers by the end of June.

“It’s a very significant challenge for the financial system,” Pinheiro said in a phone interview from Luanda. “I believe we will be ready for it.”

In the past, oil companies weren’t required to use banks in Angola, Africa’s biggest producer of crude after Nigeria, as lenders couldn’t handle such transactions, Agencia Angola Press reported on Oct. 26, citing a proposal of the new oil law.

The law, approved by parliament in Luanda on Nov. 29, will be phased in so that Angolan banks can adjust to it, Pinheiro said.

The southern African country, which emerged from a civil war in 2002, is adopting measures to increase transparency in the banking sector, said Pinheiro.

Last year, President Jose Eduardo dos Santos signed into law a bill designed to prevent money laundering and the funding of terrorist activities. The country ranked in the bottom 15 of 183 countries in a Transparency International corruption study last year.

“Such laws will bring more credibility to Angola’s economy and create a more business-friendly environment,” said Pinheiro.

Booming Economy

Angola is attracting more foreign companies as its economy booms. Gross domestic product is is expected to grow 10.8 percent this year, up from an estimated 3.7 percent in 2011, according to the International Monetary Fund.

“There is a lot of interest in Angola from foreign investors, mainly because the country’s energy sector remains robust,” he said. “There is also interest in farming and other industries.”

About 21 banks operate in Angola, including Standard Bank Group Ltd., Africa’s largest lender. Banco Fomento Angola, which is controlled by Banco BPI SA, Portugal’s third-biggest publicly traded lender, accounted for more than 60 percent of BPI’s nine- month net income last year, according to BPI.

--Editors: Hilton Shone, Digby Lidstone | Bloomberg

If Iran e Russia dump dollar for rial and ruble; hike in crude oil prices and disrupt the interests of the US and its allies that depend on oil imports from Iran

Russian ruble notes (file photo)

Iranian Ambassador to Moscow Seyyed Reza Sajjadi says Iran and Russia have turned to their national hard currencies instead of the American dollar in reciprocal trade exchanges.

Sajjadi said on Saturday that the proposal for the replacement of the US dollar with the Iranian rial and Russian ruble was raised during a meeting between Russia's President Dmitry Medvedev and his Iranian counterpart Mahmoud Ahmadinejad on the sidelines of the 11th meeting of the Shanghai Cooperation Organization (SCO) last June.
Permanent SCO members include China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Iran, along with India, Mongolia and Pakistan, is an observer state to the intergovernmental mutual-security organization.
The Iranian envoy said Tehran and Moscow switched to their national currencies in preference after the meeting between their presidents.
Sajjadi also pointed to Russia' strong opposition to sanctions against Iran over its nuclear program, saying Russians have clearly announced that they will not accept fresh anti-Iran bids that target the country's Central Bank and financial institutions.
He also described new US sanctions against Iran as “illegal and unilateral”, stressing that Russia has at times called for a peaceful solution to Iran's atomic case through negotiations.
On December 31, US President Barack Obama signed into law fresh economic sanctions against Iran's Central Bank in an apparent bid to punish foreign companies and banks that do business with the Iranian financial institution.
The bill requires foreign financial firms to make a choice between doing business with Iran's Central Bank and oil sector or with the US financial sector.
The legislation will not take effect for six months in a bid to provide oil markets with time to adjust.
Meanwhile, energy experts say sanctions could lead to a major hike in crude oil prices and disrupt the interests of the US and its allies that depend on oil imports from Iran.
Facing major economic troubles, the United States is reportedly the world's largest debtor nation.
MP/HGH/IS

Angola: Vice President Fernando da Piedade Dias dos Santos Discusses Cooperation With Japan

Luanda — The strengthening of cooperation relations between Angola and Japan was discussed on Monday in Luanda between the vice president of Angola, Fernando da Piedade Dias dos Santos and the deputy minister of Foreign Affairs of the Asian country, Toshiyuki Kato.

The information was released by the Japanese diplomat at the end of an audience with the vice president.

Toshiyuki Kato said that during the meeting was discussed the importance of the signing of a bilateral agreement and the introduction of Angola to the system of digital television with participation of Angola and Brazil.

The diplomat said that the interest of Japan in the signing of these agreements shows the interest of his country in the strengthening of the cooperation with Angola.

The vice president defended the necessity to have a technical cooperation with Japan to contribute toward the country development.

The deputy minister for Foreign Affairs of Japan, Toshiyuki Kato arrived on Sunday in Luanda for a two-day visit and will meet various holders of ministerial departments.

FRASE DE PURO AMOR: ‎"Cada qual sabe amar a seu modo; o modo, pouco importa; o essencial é que saiba amar...(Machado de Assis)"

HERE WE GO: Some Money Quotes, Best Financial Sayings, Quotations about Wealth

My problem lies in reconciling my gross habits with my net income.  ~Errol Flynn
Car sickness is the feeling you get when the monthly payment is due.  ~Author Unknown

Inflation hasn't ruined everything.  A dime can still be used as a screwdriver.  ~Quoted in P.S. I Love You, compiled by H. Jackson Brown, Jr.

I am opposed to millionaires, but it would be dangerous to offer me the position.  ~Mark Twain
They who are of the opinion that Money will do everything, may very well be suspected to do everything for Money.  ~George Savile, Complete Works, 1912

I cannot afford to waste my time making money.  ~Louis Agassiz

There's no money in poetry, but then there's no poetry in money, either.  ~Robert Graves

When I have money, I get rid of it quickly, lest it find a way into my heart.  ~John Wesley

It is an unfortunate human failing that a full pocketbook often groans more loudly than an empty stomach.  ~Franklin Delano Roosevelt

After a visit to the beach, it's hard to believe that we live in a material world.  ~Pam Shaw

The real measure of your wealth is how much you'd be worth if you lost all your money.  ~Author Unknown

Only when the last tree has died and the last river been poisoned and the last fish been caught will we realise we cannot eat money.  ~Cree Indian Proverb

The only reason a great many American families don't own an elephant is that they have never been offered an elephant for a dollar down and easy weekly payments.  ~Mad Magazine

I'd like to live as a poor man with lots of money.  ~Pablo Picasso

No matter how hard you hug your money, it never hugs back.  ~Quoted in P.S. I Love You, compiled by H. Jackson Brown, Jr.

There are no pockets in a shroud.  ~Author Unknown

Waste your money and you're only out of money, but waste your time and you've lost a part of your life.  ~Michael Leboeuf

How to Make Money - THE BEST WAYS TO MAKE MONEY WITHOUT SPENDING MONEY

Every day more and more people are looking to learn how to make money fast. Both in the online and offline worlds people are starting realize that having a “job” and working 40 hours a week for 40 years is not the ideal way to live.
So we have put this site together to outline some alternative ways, that people can go about generating an income, including affiliate marketing, selling ebooks, and even stock market investing. Feel free to explore the ideas on this site, join the discussions under each article or suggest an idea we haven’t thought of yet…

Use the law of supply and demand to your advantage. Most of us are familiar with the law of supply and demand--the more there is of something, the cheaper it is; conversely, the rarer the product or service, the more expensive it is. However, other than when we get to a toy store before sunrise to get on line for the latest fad toy that kids can't get enough of, we don't really apply the law of supply and demand to our own lives--particularly our careers. For example, if you're aspiring to do something that many, many other people want to do (so much so that they do it for free, as a hobby) then it will be far more challenging for you to make money doing it. On the other hand, if you do something that most people don't want to do, or if you get very good at doing something most people don't do all that well, then you can make a whole lot more money. In other words, choose a career in pharmacy over photography.

• If your career path is going nowhere, resign gracefully and switch careers. Research occupations to find out how much they pay and what their future outlook is (in the U.S., you can find this information in the Bureau of Labor StatisticsOccupational Outlook Handbook). Find an occupation that pays well, and invest in the education and/or training to get you that job. Look for employers that offer competitive salaries and ample opportunity for advancement.
• If your goal is to make enough money to retire early, prioritize earning potential over job satisfaction, since you plan on getting out of the rat race early, anyway. Consider the types of jobs that pay extraordinarily well in exchange for hard work, little psychological satisfaction, and a punishing lifestyle, such as investment banking, sales, and engineering. If you can keep your expenses low and do this for about 10 years, you can save a nest egg for a modest but youthful retirement, or to supplement your income while you do something you really love doing but doesn't pay much. But keep in mind that delayed gratification requires clear goal-setting and strong willpower.

Recognize that time is money. This critical piece of advice is attributed to Benjamin Franklin, who was an accomplished American inventor, journalist, printer, diplomat, and statesman--the ultimate multitasker. Your ability to manage your time (and stop procrastinating) is a critical ingredient in your ability to make money. Whether you have a job or are self-employed, keep track of what you're spending your time on. Ask yourself "Which of these activities make the most money, and which of them are a waste of time?" Do more of the former and less of the latter, simple as that. When you're focusing on high-priority tasks, get the job done well, and get the job done fast. By working efficiently, you're giving your employer or clients more time, and they'll appreciate you for it. Remember that time is a limited resource that you're always investing. Will your investments pay off?

Jack up your prices. If you're providing a skill, service or product that is in high demand and low supply, and you're making the most of your time, you should be making good money. Unfortunately, there are many people who are too humble or fearful to demand that they get paid accordingly. It's the pushovers in life who get taken advantage of and exploited, so if you think you might be one of them, learn how to stop being a people pleaser. If you work for someone else, ask for a pay raise or get a promotion, and if none of that pans out, revisit your career options as described previously. If you're self-employed, the first thing to do is to make sure your customers and clients pay up on time--this alone can substantially improve your income. Check your prices and rates against those of your competitors--are you undercutting them? Why? If you're providing a superior product or service, you should be getting at least the average, unless your profitability depends on mass production, in which case you're probably making a lot of money and wouldn't be reading this article anyway!

 

Be proactive. Remember Murphy's Law: "Whatever can go wrong will go wrong." Make plans, complete with as many calculations as possible, then anticipate everything that can go wrong. Then make contingency or backup plans for each scenario. Don't leave anything to luck. If you're writing a business plan, for example, do your best to estimate when you'll break even, then multiply that time frame by three to get a more realistic date; and after you've identified all the costs, add 20% to that for costs that will come up that you didn't anticipate. Your best defense against Murphy's law is to assume the worst, and brace yourself. An appropriate amount of insurance may be something worth considering. Don't forget the advice of Louis Pasteur, a French chemist who made several incredible breakthroughs in the causes and prevention of disease: "Luck favors the prepared mind."

Redefine wealth. In studies of millionaires, people are surprised to learn that most millionaires aren't doctors, lawyers, and corporate leaders with big houses and fancy cars; they're people who religiously live below their means and invest the surplus into assets, rather than liabilities.^[1] As you're taking the above steps to make more money, keep in mind that increased income does not necessarily equal increased wealth. Most people who flaunt their wealth actually have a low net worth because their debt to asset ratio is high--in other words, they owe a whole lot more money than they actually have. All of the previous steps have outlined aggressive strategies for making money, but you'll never get anywhere if you have a hole in your pocket.

• They say that a penny saved is a penny earned. Actually, when you consider that you pay taxes on every penny you earn, you really do make more money by saving than by increasing your income, especially if the extra income will increase your tax rate dramatically. For example, let's say you have a choice between saving $100 or earning an extra $100. If you pay 15% taxes, then when you earn an $100, you only get $85. But when you shave $100 off of your existing budget, you keep it all. To sweeten the deal further, if you take advantage of compound interest as found in most savings accounts, over time you'll start making money on the amount saved plus previous interest paid on that amount saved. It'll be pennies at first, but eventually the amount will multiply exponentially.

• Take advantage of tax laws if you're self-employed. Money saved on taxes is still money saved. You may be able to deduct many of your business expenses (use of your home, use of your car, office supplies, etc.) if you keep good records. You may also qualify for tax breaks, such as deducting your health insurance premiums on your tax return. These laws are in place to encourage commerce and business growth, so don't neglect their benefits.
• If you're not self-employed and work for a company, find out if they have a retirement plan. If you're lucky, employers will sometimes match contributions you make into a retirement fund. Retirement plans also often have the benefit of being tax-deferred. The longer you get to keep your money (and make interest on it) the better. It's never too early to start planning for retirement.

Know the difference between an asset and a liability. The dividing line is whether it puts money in your pocket, or takes it out.^[2] As much as you love your home, for instance, it is a liability rather than an asset because you put more money into it than you get out of it (unless you're flipping it or renting it out). Whatever money you save, invest it in assets such as stocks, mutual funds, patents, copyrighted works--anything that generates interest or royalties. Eventually, you might get to the point where your assets are doing the work for you, and all you have to do is sit there and make money!

• Watch out for inflation chipping away at your assets. We've all heard an elderly person describe the purchasing power of a coin in their day. Inflation continues to make today's money worth less in the future. To win the race against time and inflation, learn to invest your money in the right places. A savings account might help you to keep up with inflation; however, to stay ahead of the game you'll want to invest in bonds, stocks, or some other investment that returns above the average rate of inflation (currently 3%-4%).

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