This week has been mixed with peaks and valleys, the post is a recap of selected happenings around the world.
"John Santiago works on the floor of the New York Stock Exchange Friday, Aug. 12, 2011. (AP Photo/Richard Drew) Photo: AP"]
The US was stripped of its AAA credit rating by S & P. Following the downgrade, the US stock market which has witnessed continuous plunge since late July 2011 got its worst hit on Monday August 8th - the S&P index plunged by 6.7 percent in the first trading session (the biggest slump since December 2008). In response to the downgrade, the Federal Reserve said "it will leave benchmark interest rate at a record low through mid 2013. Amidst uncertainty and fear and slump in major banks stocks in the US, the stock market remained largely volatile during the week - on this note it was reported that "never before has the S & P 500 index reversed moves that large each day over four sessions." Read more here & here.
CENTRAL BANK OF NIGERIA NATIONALISE 3 BANKS: The Central Bank of Nigeria issued a press statement stating it's support for NDIC's (Nigeria Deposit Insurance Corporation) resolution to recapitalise Spring Bank Plc, Bank PHB Plc and Afribank Nigeria through Bridge Banks namely Enterprise Bank Limited, Keystone Bank Limited and Mainstreet Bank Limited respectively. In reaction to this move, the Nigerian Stock Exchange (NSE) directed stockbroking firms and dealing members to withdraw their settlement accounts from the three nationalised banks. The move by the CBN also led to stocks value plummeting consecutively for three days. The drop culminated in a N339billion drop in total market capitalization with the banking stocks losing 9.2 percent of total value in three days. Read more here.
SAM LOCO PASSES ON:
Sam Loco
Veteran actor & comedian Sam Loco passed on, you can read more here. May his soul rest in peace.
GOVERNOR FASHOLA SIGNS LAW AGAINST ABANDONMENT OF PREGNANT WOMEN:
A pregnant woman"
Governor Fashola signs law against abandonment of pregnant women. Read more here. It is now illegal in Lagos State for any man to impregnate and desert a woman.
JAPAN CUTS GROWTH FORECAST TO 0.5%: To reflect the slump in output following the March earthquake, Japan cuts its economic growth forecast for 2011 to 0.5% from 1.5%. Watch Video here.
MASS UPRISING IN LONDON:
"A woman leaps from a burning building in Surrey Street, Croydon into the arms of police officers. The town was hit by rioting and a huge fire"
Civil unrest /riots in London by citizens who are perhaps discontent with simmering poverty and neglect in the city, according to a report, Martin Fletcher says "caught in a poverty and joblessness cycle, young people in many British urban areas have little hope of a better life." The killing of a 29 year old father, Mark Dugan, heightened the spark for an uprising whose time had come.. you can get the scoop here and more here.
THE WEB (WWW) TURNS 20
On August 6th, 1991, Tim Berners-Lee, a British physicist at the European Organisation for Nuclear Research (CERN), in Geneva, created the first-ever web page—a summary of his WWW project along with explanations to help visitors build websites of their own and to search the web for information... today, the rest is Web History. It has dramatically changed the way we do things. Read more here.
INSPIRING STORY: THE BOY WITH THE BACKWARD LEG
A turned around leg, and still cheerful..
A 10 year old boy, Dugan Smith, diagnosed with cancer had his leg amputated at 11. He went through an unusual surgical procedure that allowed him to keep the remainder of his leg, but reattached backward - that way the cancer is cut out, but the nerve that controls the foot is intact by turning it around backward. According to the report, Dugan's calf now acts as his thigh, his ankle acts as his knee and his foot acts as his shin bone. He also uses a prosthetic ankle and foot.
For Dugan, now 13, despite a slight limp and some lingering troubles with running, he is not giving up, he says "Never give up, because 90 percent of it is in your mind. Read the full story here.
We would love to hear from you, share your thoughts, your stories just in case we missed it.
- US STRIPPED OF ITS AAA CREDIT RATING:
"John Santiago works on the floor of the New York Stock Exchange Friday, Aug. 12, 2011. (AP Photo/Richard Drew) Photo: AP"]
The US was stripped of its AAA credit rating by S & P. Following the downgrade, the US stock market which has witnessed continuous plunge since late July 2011 got its worst hit on Monday August 8th - the S&P index plunged by 6.7 percent in the first trading session (the biggest slump since December 2008). In response to the downgrade, the Federal Reserve said "it will leave benchmark interest rate at a record low through mid 2013. Amidst uncertainty and fear and slump in major banks stocks in the US, the stock market remained largely volatile during the week - on this note it was reported that "never before has the S & P 500 index reversed moves that large each day over four sessions." Read more here & here.
CENTRAL BANK OF NIGERIA NATIONALISE 3 BANKS: The Central Bank of Nigeria issued a press statement stating it's support for NDIC's (Nigeria Deposit Insurance Corporation) resolution to recapitalise Spring Bank Plc, Bank PHB Plc and Afribank Nigeria through Bridge Banks namely Enterprise Bank Limited, Keystone Bank Limited and Mainstreet Bank Limited respectively. In reaction to this move, the Nigerian Stock Exchange (NSE) directed stockbroking firms and dealing members to withdraw their settlement accounts from the three nationalised banks. The move by the CBN also led to stocks value plummeting consecutively for three days. The drop culminated in a N339billion drop in total market capitalization with the banking stocks losing 9.2 percent of total value in three days. Read more here.
SAM LOCO PASSES ON:
Sam Loco
Veteran actor & comedian Sam Loco passed on, you can read more here. May his soul rest in peace.
GOVERNOR FASHOLA SIGNS LAW AGAINST ABANDONMENT OF PREGNANT WOMEN:
A pregnant woman"
Governor Fashola signs law against abandonment of pregnant women. Read more here. It is now illegal in Lagos State for any man to impregnate and desert a woman.
JAPAN CUTS GROWTH FORECAST TO 0.5%: To reflect the slump in output following the March earthquake, Japan cuts its economic growth forecast for 2011 to 0.5% from 1.5%. Watch Video here.
MASS UPRISING IN LONDON:
"A woman leaps from a burning building in Surrey Street, Croydon into the arms of police officers. The town was hit by rioting and a huge fire"
Civil unrest /riots in London by citizens who are perhaps discontent with simmering poverty and neglect in the city, according to a report, Martin Fletcher says "caught in a poverty and joblessness cycle, young people in many British urban areas have little hope of a better life." The killing of a 29 year old father, Mark Dugan, heightened the spark for an uprising whose time had come.. you can get the scoop here and more here.
THE WEB (WWW) TURNS 20
On August 6th, 1991, Tim Berners-Lee, a British physicist at the European Organisation for Nuclear Research (CERN), in Geneva, created the first-ever web page—a summary of his WWW project along with explanations to help visitors build websites of their own and to search the web for information... today, the rest is Web History. It has dramatically changed the way we do things. Read more here.
INSPIRING STORY: THE BOY WITH THE BACKWARD LEG
A turned around leg, and still cheerful..
A 10 year old boy, Dugan Smith, diagnosed with cancer had his leg amputated at 11. He went through an unusual surgical procedure that allowed him to keep the remainder of his leg, but reattached backward - that way the cancer is cut out, but the nerve that controls the foot is intact by turning it around backward. According to the report, Dugan's calf now acts as his thigh, his ankle acts as his knee and his foot acts as his shin bone. He also uses a prosthetic ankle and foot.
For Dugan, now 13, despite a slight limp and some lingering troubles with running, he is not giving up, he says "Never give up, because 90 percent of it is in your mind. Read the full story here.
We would love to hear from you, share your thoughts, your stories just in case we missed it.
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