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Exchange Rate Reaches L$150 to US$1

first_imgLiberians want government to urgently derive solutions to economic downturnSigns of a halt to the continued fall of the Liberian currency against the US dollar appears nowhere in sight as the exchange rate continues to climb, with the Liberian dollar now trading at L$150 to US$1.Liberians including business people, caught in the dragnet of the current economic hardships, want the Liberian government to urgently derive  practical solutions to the current economic downturn which is having disastrous consequences for the ordinary Liberian.A two-week survey of the foreign exchange market was conducted in several business districts in and out of Monrovia. The survey included Paynesville, Kakata, Gbarnga  and Voinjama.Currently, the exchange rate of the Liberian dollar against the all-powerful American dollar is L$150 to US$1.As a result of this seemingly uncontrollable climb in the exchange rate,  Liberians  are encountering unbearable hardship in accessing money to purchase essential items like rice, vegetable oil, etc. Even locally produced food items are now being sold at prices beyond the reach of many, particularly those surviving at less than a dollar a day.Economic and financial analysts told the Daily Observer that an immediate intervention by the Central Bank of Liberia (CBL), Ministry of Finance and Development Planning (MFDP) and key financial institutions in the country is required to restore sanity to the currency market.Owing to the sharp increase in the pump prices of gasoline and diesel fuel, which are being sold at a cost of L$500 per gallon at the moment, transport fares have dramatically been stepped up to all destinations in and outside Monrovia.Moreover, the recently commenced motor vehicle inspection exercise by officers of the Liberia National Police (LNP) is driving many vehicles  off the streets, adding to the transportation woes of commuters.When the police vehicle inspection exercise started on Monday, June 11, several commercial and privately-owned vehicles were impounded for not processing their registration and insurance documents on the stipulated deadlines set by revenue and finance agencies.Police sources say because of the exercise, many commercial and privately-owned vehicles, not registered and covered by third party insurance as stipulated, have been keeping off the streets and driving at night hours mainly to evade possible police action.However, public reaction to the ongoing inspection exercise by the LNP has been mixed, with some applauding it and arguing that the country needs money for development, while others have shunned the exercise, describing it as “chopping” for police officers.Meanwhile, the latest transport fares from Paynesville Red-Light Market to Broad Street, central Monrovia, range between L$150 to L$200 in taxi cabs and L$90 to L$100 in mini buses.Prior to the sharp increment in petroleum products, commuters and business people were paying taxi cabs L$100 and L$70 in mini buses from Red-Light Market to Broad Street, central Monrovia.Civil servant Darlington B. Thomas, 45, of Paynesville Weaver Street noted that the CBL needs to really work meticulously with the various foreign exchange bureaux, to structure a single exchange rate and have law enforcement agencies monitor the transactions in all parts of the country.On the hike in transport fares, Mr. Thomas pointed out that there are some unscrupulous commercial drivers that are allegedly taking advantage of the current socioeconomic challenges to exploit and destroy the image of the Liberian government.Businessman Clarence B. Sackie Sr. intimated that the Liberian government needs to take proactive steps to work with well-seasoned experts in financial management, in order to shore up the business sector against the current economic downturn.“I personally want the CBL and other financial stakeholders to take a critical economic look at our foreign exchange sector and come out with genuine and durable solutions to our nightmare and hardships in our own country,” Mr. Sackie stressed.Madam Caroline George Cooper, 48, general merchandise dealer at the Waterside General Market in Monrovia, stated that every effort should be exerted by the CBL and MFDP officials to find permanent solutions to the unusual escalation of the foreign exchange rate.Besides, she added, the Ministry of Commerce and Industry (MOCI) must double or triple efforts aimed at regulating transport fares and enforcing all laws against violators caught in  price hiking and commodity hoarding.Madam Cooper also stressed that the Liberia Petroleum Refining Company (LPRC) should exert all efforts to regularly brief Liberians on the global trend of oil prices in order to checkmate hoarding and illegal price hikes.It can be recalled that the Liberian government, through the Ministry of Commerce recently announced a reduction in tariffs for some basic commodities such as pig feet, chicken feet and mosquito coils.However, there are growing public concerns that the announced tariff reductions have had little or no effect on the cost of living generally. The rising cost of petroleum products on the Liberian market is said to be the chief culprit responsible for the hike in prices and the continued fall of the Liberian dollar against the United States dollar.The Ministry of Commerce has not, however, addressed itself to these latest claims. Meanwhile the Ministry of Commerce has vowed to continue with its inspection exercise which has resulted in the discovery of tainted and expired food items on the shelves of supermarkets in Monrovia.It can be recalled that recently, the Ministry of Commerce imposed a fine on the Abi Jaoudi supermarket for selling expired food items a charge which the business outfit strenuously denied, although the Abi Jaoudi supermarket did pay the imposed fine.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Don’t Freak Out About Facebook’s Mobile-Ad Revenue

first_imgA Web Developer’s New Best Friend is the AI Wai… Why Tech Companies Need Simpler Terms of Servic… Related Posts 8 Best WordPress Hosting Solutions on the Market Tags:#advertising#web center_img Top Reasons to Go With Managed WordPress Hosting dave copeland News outlets breathlessly reported last week that Twitter was projected to overtake Facebook in mobile-ad revenue for 2012. But they missed the bigger picture. Twitter is projected to generate $129.7 million in mobile-ad revenue this year, well ahead of Facebook’s $72.7 million. What critics and journalists missed in hurried analyses of that news was Facebook’s projection that annual mobile-ad revenue will grow to $629.4 million in 2013 and 2014. That’s second only to Google, which is expected to generate $3.58 billion in mobile revenue in the same period.Not bad for Facebook, a company that didn’t bring in a dime in mobile-ad revenue last year and which has been plagued by questions about its mobile strategy since announcing it would go public in February.Pandora Is A Good/Bad ExampleStill, it takes more than revenue to make a profit. Look no further than Pandora, which ranked second in 2012 mobile-ad revenue projections, with $226.4 million, but still struggles to turn a profit.Pandora’s mobile-ad revenue is expected to jump 86% this year, from $120 million last year. But that may not be enough to put the company solidly in the black, says J.T. Hroncich, president of Capitol Media Solutions.Newcomers to mobile ads will join Pandora in trying to solve three primary puzzles:Mobile-ad networks generally increase sales volume, but they often cut per-ad marginsAd auctions favor buyers. As a result, some sellers are trying to sell directly to advertisersMobile-ad rates are still well below those of other kinds of ads because the ads are smaller and demand is lower“The companies that perform best in mobile advertising are typically companies earning core profits in another industry,” Hroncich said. Google does not have to rely on mobile-ad networks, for instance. And Google integrates its products to create a richer mobile experience that advertisers tend to like.The Point People Are MissingFacebook will face all these issues as it tries to turn quickly growing mobile revenue into mobile profits. But the company has an advantage, said Peter Friedman, CEO of LiveWorld, a social-media management company.“People really like to connect and engage socially while on the move,” Friedman said. “Eventually Facebook will monetize it, thus dramatically increasing their revenue per user.”Indeed, Friedman said he would have been surprised if Facebook had said it would record more mobile revenue than Twitter this year.“It’s great that Twitter is advancing its mobile revenue this way. But one would expect them to do so, and be further along than Facebook, because Twitter’s usage patterns have been more dominated by mobile or at least more focused on mobile for quite a while,” he said.“Facebook has been attending to other knitting and is further along on those aspects. Twitter’s progress in this area more proof this can be done. Both companies have a good future here,” said Friedman.last_img read more

Woman, daughter kill abusive husband, arrested

first_imgA 50-year-old woman allegedly murdered her husband with the help of their daughter in Malkangiri district of Odisha.The woman, Mude Madkami, and her daughter Anjali Madkami, 18, of Balakati village were arrested on Wednesday. According to the police, the duo killed Padia Madkami, a migrant labourer and an alcoholic, to escape his torture and abuse. On December 31, 2018, decomposed remnants of a half-burnt body were found in a bushy forest near Gorahunta under Malkangiri police station limits. Post-mortem and inquiry revealed that the body was of Padia Madkami and he had been killed on December 7.Investigation suggested that the deceased had a history of torturing his spouse. His first wife and their son had left him for this reason.Second wifeAccording to police sources, Padia Madkami continued to ill-treat his second wife, Ms. Mude, and their daughter, Ms. Anjali. When his torture became unbearable, Ms. Mude and Ms. Anjali decided to kill the deceased.On December 7, the mother and daughter asked Padia to accompany them to the house of Ms. Mude’s sister. On the way, the victim got drunk and started abusing and assaulting his wife. Both women then attacked him and hit his head with a stone. The man died on the spot. The duo then collected some dry straw and set his body on fire inside the forest, police sources said.last_img read more

Aussie paceman Harris injured

first_imgCricket Australia says paceman Ryan Harris will undergo surgery on his injured left ankle and will be sidelined for between three and four months.Harris was Australia’s most productive bowler through the first three tests of the Ashes series but sustained a stress fracture on the third day of the fourth test at the MCG.Cricket Australia doctor Trefor James said Harris met with a specialist Wednesday who confirmed the injury needed surgery.Harris’s projected recovery time all but rules him out of the cricket World Cup starting next month in the subcontinent.last_img read more