Nigeria Content Online

The Nigerian Stock
Exchange has said that there is no definite time frame for the
restoration of its website that has not been functioning for about two
weeks.

The website of the
Nigerian Stock Exchange has been down for about two weeks and
subscribers are getting irritated as information can no longer be
accessed online. In an age where bourses across the globe are
increasing their usage of technology, the exchange website cannot be
accessed leaving investors and customers helpless in relying on the
website to make important decisions. The customer care service official
who spoke on the issue without disclosing her name, on phone, said she
does not know when the website would come back. “I do not have the
information on when the website would be available and made accessible
for public use,” she said. “It would be ready soon. We are working to
bring it up soon.”

The page that comes on in place of the website’s home page states
that the website is undergoing an upgrade. “This site
www.nigerianstockexchange.com is currently undergoing an upgrade. The
site is scheduled to come up very soon. We regret any inconveniences
this may have caused you. Thank you. Management.” A broker who spoke
under anonymity, however, downplayed the website malfunction saying,
“We use the Central Security and Clearing System (CSCS) more for our
operations than the NSE website, but it is still necessary for the
image of the exchange that the site come up quickly.” The Nigerian
Stock Exchange (NSE) was established in 1960. All listings are included
in the only index, the Nigerian Stock Exchange All Shares Index. The
Exchange has an Automated Trading System and data on listed companies’
performances are published daily, weekly, monthly, quarterly and
annually.

Zambia plans to
boost its exports to the Democratic Republic of Congo to more than $2
billion this year from $1.2 billion in 2009, taking advantage of the
flexible trade terms, Trade Minister Felix Mutati said on Thursday.

Mr. Mutati said
exports to the DRC, Zambia’s largest trading partner in the African
trading bloc COMESA, had continued to increase because there were no
restrictions on goods it could export to its neighbour.

“The advantage of the DR Congo is that the range of exports is from
agricultural products through to processed items, machinery and
literally anything we can produce in Zambia,” he said at a media
briefing.

Ghana achieved an
economic landmark on Wednesday as annualised June inflation fell to
9.52 percent, the first time the key indicator dipped into single
digits since April 2006.

That was down from
10.68 percent in May and was the 12th consecutive monthly fall,
prompting hopes of a further cut in the 15 percent prime rate on Friday
after the Bank of Ghana holds a rate meeting.

“A rate cut of at
least 100 basis points is very much on the cards. We would not be
surprised if we saw a lot more,” said Razia Khan, head of Africa
research at Standard Chartered bank.

The government of
the world’s No. 2 cocoa producer said it hoped the pace of inflation
would continue to slow in the coming months, adding that it expected
little impact from a hike in utility prices and public sector wages.

“Presently we don’t foresee anything that will offset this trend,” said Grace Bediako, government statistician.

The utility price
and wage hikes were not fully reflected in the June inflation data, but
would likely show up in the July figures which will be released next
month, a source at the statistics office said.

Finance Minister
Kwabena Duffuor said the decline in the pace of inflation was a “major
achievement” and added the government was committed to policies that
would allow for further decreases in interest rates.

Outlook clouded

Ghana, which is
also Africa’s second-biggest gold miner and due to become an oil
exporter by the end of the year, is eager to transform its
aid-dependent economy and is hoping that a low prime rate will spur
more business activity.

Fiscal
belt-tightening and a stabilisation of the cedi currency has
contributed to steep declines in the pace of inflation from peaks over
20 percent in 2009, and paved the way for the central bank to trim
rates three times since November.

Six out of seven
analysts polled by Reuters said they expected the Bank of Ghana to cut
rates by another 50 to 100 bps this week, though several noted concern
about potential inflationary pressures in the second half of the year.

Bediako said a 42
percent hike in electricity prices and 21-135 percent hikes in water
rates, which started to roll out across the country last month, were
unlikely to affect inflation because utilities make up only a small
part of Ghana’s consumption.

“The weight is about 3 percent and overall it cannot make any significant impact,” she said.

She added a 10 percent pay rise for public sector workers set for this month was also unlikely to push up consumer prices.

Analysts have said
both the utility hike and the public sector wage increase have the
potential to reverse the disinflationary trend.

“We see inflation
rising sharply over the second half of the year, not just due to base
effects, but also owing to currency weakness as well as recent
increases in electricity tariffs and public sector pay,” said Lisa
Lewin at Business Monitor International.

Analysts said oil revenues could also boost consumer prices.

In spite of its enormous advantages, insurance is
still something that many Nigerians ignore, that is, until they need it. If you
rent a house, an apartment, or just a room, you might be assuming that your
landlord’s property insurance should cover damage to both the building and its
contents.

The typical home insurance policy will cover
damage to the actual building and its structure, that is, the bricks and
mortar; this is what a landlord is obliged to have in place to cover his
property. It will not protect your belongings though; it is for you to protect
your possessions.

Take an inventory of your
belongings

Estimate the value of your personal possessions
at current prices. This is the amount it would cost for you to replace them
with new items if they were damaged or destroyed. It is a good idea to take an
inventory, particularly of the expensive items, so that you can set a coverage
limit. Among the things to include in the inventory are electrical appliances,
indoor and outdoor furniture; musical instruments, laptop computers, and other
electronic equipment, camera, some recreational or sporting equipment; valuable
china, and silverware.

Some people go as far as to photograph or make a
video recording of their rooms and contents. This might be a little tedious but
a good photograph of furniture, electronic appliances and any significant
individual items such as a piano or other musical instrument a special CD, or
old record collection makes sense.

Keep receipts of items of significant value along
with your records as they may come in handy in helping you prove value should
you need to. It is useful to write down the brand names and model numbers of
the appliances and electronic equipment. Store the list, photos and any other
records away from the premises so that it isn’t destroyed if there is some
damage at your home.

Bear in mind that the values of your personal
belongings will change so you should revisit your policy each year when it is
due for renewal and adjust as necessary to ensure that you are always properly
covered

Is your jewellery
insured?

You might have some personal possessions that are
particularly valuable; list these specifically and consider paying for
additional cover on them. This could include jewellery, artwork, and camera
equipment. Many insurance policies offer very limited coverage for such items
so you should consider them specially.

Do you have adequate coverage for your jewellery?

Read your homeowner’s or renter’s insurance
policy carefully to find out the amount of coverage it provides for your jewellery;
what you need is insurance that will cover loss, theft and damage.

If you don’t list your jewellery specifically, it
will be included in your basic household policy under a blanket coverage, which
usually comes with a limit. You may choose to add a rider to your homeowner’s
policy to cover jewellery that is above a certain value. If your jewellery is
extremely valuable, it makes sense to opt for a separate policy that covers
significant pieces, this way you can insure such items for higher amounts than
you would ordinarily be able to do under a basic household policy. Naturally
you would be paying a higher premium for such items.

Sentimental value

We all have some possessions that no money can
replace; these are things that have sentimental value as opposed to monetary
value, such as the memories found in family photographs, certificates of
achievement and so on. Your insurance policy will not cover these but for some
of such items, you can take some practical steps to protect them by scanning
and saving such documents and photographs electronically.

You sometimes hear people say that they don’t have anything worth
protecting; yet imagine the cost of furnishing, replacing appliances and having
to purchase a new wardrobe? Do a rough calculation of how much all your
possessions are worth and you will probably find that the premium is a small
price to pay for the peace of mind from having your belongings insured. Whether
you are a landlord or a tenant, home insurance is an important part of your
personal financial management, particularly if the worst does happen. And, make
sure you know where you kept the policy.