Over the years, humans have evolved rapidly seeking ways to make transactions and exchange of goods and services very easy and quick.
One Of such avenue is the use of representative money. Simply put, representative money by definition is any medium of exchange, often printed on paper, that represents something of value, but has little or no value of its own.
On the other hands, a commodity money is money whose value comes from a commodity of which it is made from. It consists of objects having original value or use in themselves and a buying power for regular goods and services.
Tracing the brief history of representative money, is a very far journey. The most and first explicit evidence of representatives money dates back to Chinese of old who practiced this kind of exchange in which commodity warehouses issued certificate of deposits guaranteeing the holders of such money a portion of the goods stored in the warehouse. This way, such certificates are then used as legal tender in purchase of goods and services.
What you should know.
A genuine representative money must have something of intrinsic value supporting the face value you see. A representative money in itself does not have any value, but it indicates that the holder is entitled to a share of something of value just as enumerated above. Take for instance governments issued cheques and ATM credit cards. They are valued because they represent something of value. This way it could be valued for whatever purpose it was to be used.
What you must know.
Humans have used representative forms of money for a very long time. Things like deed of lease, wills, share certificate etc all count as kinds of representative money. One of the major merits of representative money over commodity is it’s easy movement and flexibility. Instead of carrying your land about or carrying a huge chunk of your cash, you simply just needed a thing to represent some portion of your store of goods. This is in contrast to commodity money that needed to have the value of the goods in real time during any form of exchange.
The Business mogul and leader of Dangote group Mr. Aliko Dangote has retained his ranking as African number one in Forbes billionaire world ranking released recently.
This year’s ranking comes with some changes including absence of some billionaire from the list and entrance of new debutants. Notable absentee is Mrs. Folotunsho Alakija while Mr. Mike Adenuga, Abdul Samad Rabiu are the other two Nigerians that made it into the top 10 positions in Africa.
As at today, Mr. Dangote networth stood at $12.1 billion dollars. Other remaining top 10 list members are; Nassef Sawiris of Egypt ($8.5 billion); Nicky Oppenheimer of South Africa ($8 billion); Johann Rupert ($7.2 billion); Issad Ribrab ($4.8 billion); Naguib Sawiris ($3.2 billion); Patrice Motsepe ($3 billion); Koos Bekker ($2.8 billion).
What you should know.
Forbes is an American business magazine owned by Forbes, Inc. Published biweekly, it features original articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, and law.
The president of the United States Of America Mr. Joe Biden Jr. In a quick stroke of a finger have reversed the Financial Crimes Enforcement Network (FinCEN) relating to cryptocurrency wallets.
A memo was released in this regard and reads;
“With respect to rules that … have not taken effect, consider postponing the rules’ effective dates for 60 days from the date of this memorandum.“
What you should Know.
From late last year, there have been a lot of motions by the United States Of America heads of treasury to bring more policy geared towards checkmating the meteoric rise of the digital currency. One Of the moves by the trump administration was to bring more transparency and give it a lot more control from the government establishment and protect investors. They also aim to increasing financial access, giving people greater control over their financial lives, and accelerating global payments.
What you must know.
Cryptocurrency related issues at the U.S. Securities and Exchange Commission (SEC) have increased in recent times, the current is the long jam lawsuit against Ripple Labs and its executives. In one of his early nominations (Mr. Joe Biden), Gary Gensler a top University Don from MIT and a blockchain professor have been nominated to chair the exchange commission. This has sent a mix feeling as to what would be expected in the cryptocurrency world in the coming years.
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Contract is a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
What it means.
It means that making a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting. If one of the parties fails to keep the promise, the other is entitled to legal redress.
Government Contracts bidding technicalities.
Government Contracts is often very delicate and requires a full attention to details to be very successful in it. There are countless of ways Government agencies make calls for goods and services to be rendered by various contractors, prospective companies or individual. It becomes very necessary you are very abreast of many types available.
Let me quickly take you through these three kinds of government contracts calls you should look out for.
REQUEST FOR QUOTATION(RFQ): This is the simplified acquisition procedure for Government agencies typically used for contracts requiring few funds. Here you need to prepare carefully your quotation for all the products and services your company is most interested in and submit accordingly.
REQUEST FOR PROPOSALS (RFP): This applies to larger negotiations acquisition. It simply means that the government agency is open for back and forth negotiations between you and other vendors which will lead to ultimate settled and agreed upon pricing terms and conditions. In this case, the process starts when the government agency issues an RFP describing the requirements of the contract, anticipated terms and conditions and the information needed from applicants as part of the proposals. Here complete and accurate information is key to responding to a request for proposals so if you have any confusion about how to respond to certain provisions within an RFP, never shy away from contacting the officer in charge for clarification before submitting your proposals.
Invitation for BID (IFB): In this type of contract call, it is a kind of a sealed solicitation process for Government procurement meaning there is no negotiations between agency and vendor. The submitted Bid package is considered final and price points is most often seen as the key differentiator between qualified bidders. NB: Because of the sealed and final nature of the bidding process, responding to an FIB maybe the case in which you will want to be most cautious in completing your documentation and setting your prices the first time. There won’t be an opportunity for any discussion or amendments so if you overshot the bid that may just be the final and if you become too cautious and leave out relevant details the agency will ultimately reject your bid in favour of a more meticulous bidder.
What you must Know.
In any of these processes and types, ensure you follow the specific format outlined by the agency. Success in bidding process depends on your ability to follow instructions in the proposals formatting. In other words, do due diligence to follow meticulously all schedules and forms within the solicitation in the exact order, structure and time frame as requested.
Finally ensure you price your BID appropriately.
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The 45th President of the United States of America Mr Donald J Trump bowed out from the white house after a tumultuous last months characteried by counter accusations of the Nov. 3rd historic election. Read bellow his farewell Speech.
“It’s been a great honor — the honor of a lifetime. The greatest people in the world. The greatest home in the world — I call it a home.
We’ve had an amazing four years. We’ve accomplished a lot. We love the American people. And again, it has been something very special.
“And I just want to say goodbye, but hopefully it’s not a long-term goodbye. We’ll see each other again.
“Thank you all very much. Thank you.”
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Chief Justice Roberts, Vice-President Harris, Speaker Pelosi, Leader Schumer, Leader McConnell, Vice-President Pence. My distinguished guests, my fellow Americans.
This is America’s day. This is democracy’s day. A day of history and hope, of renewal and resolve. Through a crucible for the ages, America has been tested a new and America has risen to the challenge. Today we celebrate the triumph not of a candidate but of a cause, a cause of democracy. The people – the will of the people – has been heard, and the will of the people has been heeded.
We’ve learned again that democracy is precious, democracy is fragile and, at this hour my friends, democracy has prevailed. So now on this hallowed ground where just a few days ago violence sought to shake the Capitol’s very foundations, we come together as one nation under God – indivisible – to carry out the peaceful transfer of power as we have for more than two centuries.
As we look ahead in our uniquely American way, restless, bold, optimistic, and set our sights on a nation we know we can be and must be, I thank my predecessors of both parties. I thank them from the bottom of my heart. And I know the resilience of our Constitution and the strength, the strength of our nation, as does President Carter, who I spoke with last night who cannot be with us today, but who we salute for his lifetime of service.
I’ve just taken a sacred oath each of those patriots have taken. The oath first sworn by George Washington. But the American story depends not on any one of us, not on some of us, but on all of us. On we the people who seek a more perfect union. This is a great nation, we are good people. And over the centuries through storm and strife in peace and in war we’ve come so far. But we still have far to go.
We’ll press forward with speed and urgency for we have much to do in this winter of peril and significant possibility. Much to do, much to heal, much to restore, much to build and much to gain. Few people in our nation’s history have been more challenged or found a time more challenging or difficult than the time we’re in now. A once in a century virus that silently stalks the country has taken as many lives in one year as in all of World War Two.
Millions of jobs have been lost. Hundreds of thousands of businesses closed. A cry for racial justice, some 400 years in the making, moves us. The dream of justice for all will be deferred no longer. A cry for survival comes from the planet itself, a cry that can’t be any more desperate or any more clear now. The rise of political extremism, white supremacy, domestic terrorism, that we must confront and we will defeat.
To overcome these challenges, to restore the soul and secure the future of America, requires so much more than words. It requires the most elusive of all things in a democracy – unity. Unity. In another January on New Year’s Day in 1863 Abraham Lincoln signed the Emancipation Proclamation. When he put pen to paper the president said, and I quote, ‘if my name ever goes down in history, it’ll be for this act, and my whole soul is in it’.
My whole soul is in it today, on this January day. My whole soul is in this. Bringing America together, uniting our people, uniting our nation. And I ask every American to join me in this cause. Uniting to fight the foes we face – anger, resentment and hatred. Extremism, lawlessness, violence, disease, joblessness, and hopelessness.
With unity we can do great things, important things. We can right wrongs, we can put people to work in good jobs, we can teach our children in safe schools. We can overcome the deadly virus, we can rebuild work, we can rebuild the middle class and make work secure, we can secure racial justice and we can make America once again the leading force for good in the world.
I know speaking of unity can sound to some like a foolish fantasy these days. I know the forces that divide us are deep and they are real. But I also know they are not new. Our history has been a constant struggle between the American ideal, that we are all created equal, and the harsh ugly reality that racism, nativism and fear have torn us apart. The battle is perennial and victory is never secure.
Through civil war, the Great Depression, World War, 9/11, through struggle, sacrifice, and setback, our better angels have always prevailed. In each of our moments enough of us have come together to carry all of us forward and we can do that now. History, faith and reason show the way. The way of unity.
We can see each other not as adversaries but as neighbours. We can treat each other with dignity and respect. We can join forces, stop the shouting and lower the temperature. For without unity there is no peace, only bitterness and fury, no progress, only exhausting outrage. No nation, only a state of chaos. This is our historic moment of crisis and challenge. And unity is the path forward. And we must meet this moment as the United States of America.
If we do that, I guarantee we will not fail. We have never, ever, ever, ever failed in America when we’ve acted together. And so today at this time in this place, let’s start afresh, all of us. Let’s begin to listen to one another again, hear one another, see one another. Show respect to one another. Politics doesn’t have to be a raging fire destroying everything in its path. Every disagreement doesn’t have to be a cause for total war and we must reject the culture in which facts themselves are manipulated and even manufactured.
My fellow Americans, we have to be different than this. We have to be better than this and I believe America is so much better than this. Just look around. Here we stand in the shadow of the Capitol dome. As mentioned earlier, completed in the shadow of the Civil War. When the union itself was literally hanging in the balance. We endure, we prevail. Here we stand, looking out on the great Mall, where Dr King spoke of his dream.
Here we stand, where 108 years ago at another inaugural, thousands of protesters tried to block brave women marching for the right to vote. And today we mark the swearing in of the first woman elected to national office, Vice President Kamala Harris. Don’t tell me things cannot change. Here we stand where heroes who gave the last full measure of devotion rest in eternal peace.
And here we stand just days after a riotous mob thought they could use violence to silence the will of the people, to stop the work of our democracy, to drive us from this sacred ground. It did not happen, it will never happen, not today, not tomorrow, not ever. Not ever. To all those who supported our campaign, I’m humbled by the faith you placed in us. To all those who did not support us, let me say this. Hear us out as we move forward. Take a measure of me and my heart.
If you still disagree, so be it. That’s democracy. That’s America. The right to dissent peacefully. And the guardrail of our democracy is perhaps our nation’s greatest strength. If you hear me clearly, disagreement must not lead to disunion. And I pledge this to you. I will be a President for all Americans, all Americans. And I promise you I will fight for those who did not support me as for those who did.
Many centuries ago, St Augustine – the saint of my church – wrote that a people was a multitude defined by the common objects of their love. Defined by the common objects of their love. What are the common objects we as Americans love, that define us as Americans? I think we know. Opportunity, security, liberty, dignity, respect, honour, and yes, the truth.
Recent weeks and months have taught us a painful lesson. There is truth and there are lies. Lies told for power and for profit. And each of us has a duty and a responsibility as citizens as Americans and especially as leaders. Leaders who are pledged to honour our Constitution to protect our nation. To defend the truth and defeat the lies.
Look, I understand that many of my fellow Americans view the future with fear and trepidation. I understand they worry about their jobs. I understand like my dad, they lay in bed at night staring at the ceiling thinking: ‘Can I keep my healthcare? Can I pay my mortgage?’ Thinking about their families, about what comes next. I promise you, I get it. But the answer’s not to turn inward. To retreat into competing factions. Distrusting those who don’t look like you, or worship the way you do, who don’t get their news from the same source as you do.
We must end this uncivil war that pits red against blue, rural versus urban, conservative versus liberal. We can do this if we open our souls instead of hardening our hearts, if we show a little tolerance and humility, and if we’re willing to stand in the other person’s shoes, as my mom would say. Just for a moment, stand in their shoes.
Because here’s the thing about life. There’s no accounting for what fate will deal you. Some days you need a hand. There are other days when we’re called to lend a hand. That’s how it has to be, that’s what we do for one another. And if we are that way our country will be stronger, more prosperous, more ready for the future. And we can still disagree.
My fellow Americans, in the work ahead of us we’re going to need each other. We need all our strength to persevere through this dark winter. We’re entering what may be the darkest and deadliest period of the virus. We must set aside politics and finally face this pandemic as one nation, one nation. And I promise this, as the Bible says, ‘Weeping may endure for a night, joy cometh in the morning’. We will get through this together. Together.
Look folks, all my colleagues I serve with in the House and the Senate up here, we all understand the world is watching. Watching all of us today. So here’s my message to those beyond our borders. America has been tested and we’ve come out stronger for it. We will repair our alliances, and engage with the world once again. Not to meet yesterday’s challenges but today’s and tomorrow’s challenges. And we’ll lead not merely by the example of our power but the power of our example.
Fellow Americans, moms, dads, sons, daughters, friends, neighbours and co-workers. We will honour them by becoming the people and the nation we can and should be. So I ask you let’s say a silent prayer for those who lost their lives, those left behind and for our country. Amen.
Folks, it’s a time of testing. We face an attack on our democracy, and on truth, a raging virus, a stinging inequity, systemic racism, a climate in crisis, America’s role in the world. Any one of these would be enough to challenge us in profound ways. But the fact is we face them all at once, presenting this nation with one of the greatest responsibilities we’ve had. Now we’re going to be tested. Are we going to step up?
It’s time for boldness for there is so much to do. And this is certain, I promise you. We will be judged, you and I, by how we resolve these cascading crises of our era. We will rise to the occasion. Will we master this rare and difficult hour? Will we meet our obligations and pass along a new and better world to our children? I believe we must and I’m sure you do as well. I believe we will, and when we do, we’ll write the next great chapter in the history of the United States of America. The American story.
A story that might sound like a song that means a lot to me, it’s called American Anthem. And there’s one verse that stands out at least for me and it goes like this:
‘The work and prayers of centuries have brought us to this day, which shall be our legacy, what will our children say?
Let me know in my heart when my days are through, America, America, I gave my best to you.’
Let us add our own work and prayers to the unfolding story of our great nation. If we do this, then when our days are through, our children and our children’s children will say of us: ‘They gave their best, they did their duty, they healed a broken land.’
My fellow Americans I close the day where I began, with a sacred oath. Before God and all of you, I give you my word. I will always level with you. I will defend the Constitution, I’ll defend our democracy.
I’ll defend America and I will give all – all of you – keep everything I do in your service. Thinking not of power but of possibilities. Not of personal interest but of public good.
And together we will write an American story of hope, not fear. Of unity not division, of light not darkness. A story of decency and dignity, love and healing, greatness and goodness. May this be the story that guides us. The story that inspires us. And the story that tells ages yet to come that we answered the call of history, we met the moment. Democracy and hope, truth and justice, did not die on our watch but thrive.
That America secured liberty at home and stood once again as a beacon to the world. That is what we owe our forbearers, one another, and generations to follow.
So with purpose and resolve, we turn to those tasks of our time. Sustained by faith, driven by conviction and devoted to one another and the country we love with all our hearts. May God bless America and God protect our troops.
Thank you, America.
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The all British bout involving Anthony Jushua and Tyson Fury would ultimately result to a whooping $100 Million USD for both fighters organisers have said. The fight is expected to happen in Saudi Arabia With Singapore, Dubai, Qatar and China also staking their claims, later in the year bearing any last minutes changes.
We have a location, that’s true,’ Arum told Barbershop Conversations. “We have a location and, as far as the date is confirmed, we haven’t zeroed in on a date.
“It could be as late as June because it would give more time to solve the coronavirus problem. By June, most people will be vaccinated, so it’s possible.
“And then we would do the fight, pay-per-view in the UK and pay-per-view early evening in the United States.”
Mr Arum added further, “The Joshua vs Fury fight will earn each of the guys close to $100m. Each of the guys.
“It is the biggest fight in history in the UK, not even close. Around the world it is the biggest fight that people wanna see.”
What you should know.
Joshua’s promoter Eddie Hearn had previously admitted that the fight won’t take place in the UK because of the coronavirus crisis, with the Middle East being discussed as one of a number of possible destinations.
What you must know.
This all British fight would be one of its kind in the entire history of the sport. Currently, Mr. Fury is the world undisputed Champion. A win for AJ would switch the global boxing No 1 to him making him an undisputed Champion and ultimately ending Gypsy King reign who destroyed Deontay Wilder in his last bout.
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The United States of America head of Federal reserve Mr. Powell Jerome has stated that the United States have no need to rush into cryptocurrency as they remain the world’s reserve currency.
In his words, “Since we are the world’s reserve currency, we actually think we need to get this right, and we don’t feel an urge or need to be first,” he said. “We effectively already have a first-mover advantage, because we’re the reserve currency.”
He also warned of a potential regulatory global answers to the decentralized coins.
We’ve been very focused on potential regulatory answers for global stablecoins, in particular,So that’s been a high-level focus, and that will continue to be a high-level focus because they could become systemically important overnight and we don’t begin to have, you know, our arms around the potential risks and how to manage those risks, and the public will expect we do and has every right to expect that. It’s a very high priority.”
What you should know.
The federal reserve system is the central banking system of the United States of America. With three key objectives for monetary policy.
1. Maximizing employment.
2. Stabilizing prices.
3. Moderating long-term interest rates.
The first two objectives are sometimes referred to as the Federal Reserve’s dual mandate. Its duties have expanded over the years, and currently also include supervising and regulating banks, maintaining the stability of the financial system, and providing financial services to depository institutions, the U.S. government, and foreign official institutions.
What you must know.
Currently there have been a lot of interest regarding the growing popularity of the world most valuable cryptocurrency Bitcoin by some western powers. Many are calling for reforms, while others are calling for outright regulation. Meanwhile the value of the cryptocurrency resides on its decentralized nature meaning that nobody owns it and all transactions are open for anyone interested to see.
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Digitalization simply means the use of digital technologies to improve a business model and provide new perspective. It has everything to do with trying to up the revenue and improve sales while stepping up excellence and efficiency in doing business. It is just a process of moving and improving an already digitized ventures and achieving the ultimate desired outcome in a digitalized way.
Why Digitalizing is important.
You must have been hearing digitalization as the next big deal but maybe wondering why it is so important to embrace. Here are the few hints as to why you should not waste any more time in digitizing your ventures.
Digitization is the easiest gateway to innovation. With it innovation is much better and faster and just a matter of improving the software and other system upgrade.
It makes intra and inter communication within and among the team members easier and efficient.
It gives your organization a superior end over your competition by making you to do things better, faster, and cheaper.
At all times it sure guarantee a better decision-making due to enormous availability of data.
It guarantees growth and huge return on investment.
Digitization and digitalization, clearing the ambiguity.
One of the great ambiguity that exists is the confusion and sometimes misrepresentations of these words. Digitization simply means a conversion of data mostly raw data into a digital format eg. You may use typesetting to bring your raw data to a softcopy. But in contrast to that, digitalization is simply a transformation of the digitized data into a more format for better decision making processes. It is much more than just making existing data into a digital format. Moreso, it involves ability of digital technology to collect data, establish trends and make better predictions.
What you should Know.
There are various E-Health advantages. A professional can store all the information quickly, access it whenever he wants and share it with the patient or other health professionals. The data will allow him/her to make very accurate reports, contrast the patient’s progress and make clinical decisions more easily.
In the healthcare ecosystem, the digital technologies that is in demand and trending includes some of the following;
There are also other aspects which is mostly advanced in a digitalized health system such as the areas of Artificial intelligence (AI), Blockchain technologies, the increasingly use of smart contracts, voice search, chatbots etc.
This is actually the best time to embrace digitalization of healthcare system and any establishment that fails to follow this bullish trend may find itself lagging behind in the nearest future.
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Arbitrage simply is the mechanism involving the purchase and sale of an asset or a currency in order to make some profit from the obvious price difference in the asset’s between two or more markets. It is just on the most basic a kind of trade that profits by exploiting the price differences of identical or similar financial instruments in different markets. For instance, a trader may just decide to concurrently purchase and sale a similar products in different markets in order to take advantage of price differentials and rack in profit that enterprise or action is simply and arbitrage.
An Arbitrageur is simply someone involved in the business of arbitrage.
Risk Free arbitration.
An arbitration is termed risk free anytime an an asset or a cryptocurrency is bought and sold immediately for a higher price. It is actually this short time frame that makes it riskless because it is without any additional form of investment; there is no rate of return or anything like it because the asset is immediately sold. So it is typically risk free in nature.
How to become a successful Arbitrageur; use this strategy.
One of the major arbitrage strategy employed by plenty market players is simply taking advantage of price differences in different markets for the same asset. For you to be successful in this, you must correctly identify and predict the moment such huge discrepancy occurs. The faster the execution the better. And another strategy is ensuring that there exist a situation of at least two equivalent assets with differing prices. This assets must be so equivalent in all ramifications to warrant effectiveness of this strategy. So any short existence of price difference, you will have to execute the market as fast as possible.
What you should know.
It has been observed that every markets are never 100% efficient all the time partly due to the prevalence of not so accurate information between the buyers and sellers within the same market. Some buyers tends to under quote while some sellers tends to undersell maybe due to some economic hardship or urgent need that just arise. A “negative spread” occurs when a seller’s asking price for an asset is lower than a buyer’s bid price and this singularly constitutes the main reasons for the availability of arbitrage opportunities. So the buyer would simply swoop in and grab the opportunity.
Another scenerio is when a low-interest rates exists in cryptocurrency or forex market and then buying the currency of a country that pays high-interest rates. A smart Arbitrageur just simply would take advantage in the net difference of the two interest rates and smash a huge trading profit. This is what is popularly called a “Carry Trade.”
Various types of arbitration.
Risk arbitrage: This involves buying the stocks of companies involved in a merger or acquisition and selling it almost at the point of merger or just after to recoup huge gain.
Retail arbitrage: This involves buying and selling of physical products like mostly online or offline by taking advantage of the price differences.
Statistical arbitrage: This is a form of arbitration that simply works through the use of complex mathematical formulas that trade the markets programmatically to take advantage of even small price discrepancies. Here accuracy is key and profit is often very huge.
What you must know.
Traders often use software programs to project and predict some deep arbitrage trading opportunities. These software has the ability of giving and predicting and turning up a real time result and data. There are three of this kinds of software programs commonly used for arbitrage trading and they are;
Automatic software programs.
Alert trading programs.
Remote alert programs.
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