Wednesday, August 26, 2009

the difference between US and Nigerian finance - not much

24 arrested in huge bank debt scandal in Nigeria

AFP August 26, 2009 4:01 PM

Head of Nigeria's Economic and Financial Crimes Commission (EFCC) Farida Waziri speaks in Lagos on August 25, 2009. Nigerian authorities arrested on Wednesday two dozen people wanted over massive debts owed to troubled banks in a scandal that has rocked the country's financial industry.

LAGOS — Nigerian authorities arrested on Wednesday two dozen people wanted over massive debts owed to troubled banks in a scandal that has rocked the country's financial industry.

The country's anti-graft agency had given the debtors, who included some of the country's most prominent tycoons, until Tuesday to repay their debts.

"Up to 24 bank debtors or defaulters have been brought into our premises. They are under arrest and they will undergo interrogation," said Femi Babafemi, a spokesman for the Economic and Financial Crimes Commission (EFCC).

"They are likely to be charged to court this week," Babafemi told AFP, refusing to disclose the identities of those arrested.

"The figure may be more than that at the end of today as all the five teams that went out to pick up these defaulters were yet to return", added Babafemi.

He confirmed that one of the two bank chiefs wanted by the EFCC gave herself up Wednesday after the one-week ultimatum expired.

"One of the two big fishes we are looking for surrendered herself to EFCC today," said the official who did not name the affected former bank chief.

The EFCC had said on Sunday that it was looking for Erastus Akingbola, the ex-boss of the Intercontinental Bank plc, and Cecilia Ibru, former boss of Oceanic Bank plc.

"The two former bank executives are wanted in connection with fraudulent abuse of credit process, insider trading, capital market manipulation and money laundering running into billions of Naira," an EFCC statement had said.

Nigeria's financial sector has been in crisis since the central bank chief announced on August 14 that he was sacking the heads of five banks for piling up billions of dollars in bad debts.

EFCC boss Farida Waziri said on Tuesday that the debts owed by wealthy entrepreneurs bordered "on economic sabotage of this country."

The list of accused debtors includes tycoon Aliko Dangote, rated by U.S. Forbes magazine as one of the world's richest Africans with a net worth of around 3.3 billion dollars, as debtors to these banks.

The central bank put the total loan portfolio of the five ailing banks — Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank — at 2.8 trillion naira (17.8 billion dollars, 12.6 billion euros).

Tuesday, August 25, 2009

Hip fracture rates declining: Canadian study

By Andrew Stern, ReutersAugust 25, 2009 1:28 PM

$A new Canadian study has found that hip fracture rates have declined among the elderly. Between 1985 and 2005, more than 570,000 Canadians were treated for hip fractures. Over those two decades, the rate of hip fractures declined 32 percent in women and 25 percent in men, with the largest decrease among adults aged 55 to 64.$

A new Canadian study has found that hip fracture rates have declined among the elderly. Between 1985 and 2005, more than 570,000 Canadians were treated for hip fractures. Over those two decades, the rate of hip fractures declined 32 percent in women and 25 percent in men, with the largest decrease among adults aged 55 to 64.

Photograph by: Jean Levac, Ottawa Citizen

CHICAGO - Hip fracture rates have declined among the elderly for a variety of reasons, but the disabling injury is still a major health threat as populations age, Canadian researchers said on Tuesday.

A steady year-over-year decline in fracture rates since 1985 predates widespread use of drugs used to treat osteoporosis and preserve bone density, the researchers said, even though drugs that first entered the market in the mid-1990s likely played a role.

"I don't honestly think there's just one factor that accounts for all of this," said Dr. William Leslie of the University of of Manitoba in Winnipeg, who led the study published in the Journal of the American Medical Association.

Between 1985 and 2005, more than 570,000 Canadians were treated for hip fractures. Over those two decades, the rate of hip fractures declined 32 per cent in women and 25 per cent in men, with the largest decrease among adults aged 55 to 64.

A fractured hip can lead to complications from surgery such as infections, pneumonia, and blood clots arising from the loss of mobility. One in five elderly who suffer a hip fracture die within a year.

While fracture rates have declined since 1985, the overall number in North America and Europe has climbed as populations age. Worldwide, there are 9 million new hip fractures related to declining bone density every year, the report said.

"The point is, there's no time for complacency," Leslie said in a telephone interview.

"We can identify with bone density testing those with higher risk of hip fracture, and medications in the appropriate individuals are quite helpful in reducing the risk," he said.

Possible factors in the decline in fracture rates include better nutrition throughout life that has a lasting impact on bone health, more attention to the risk of falls, improved diagnostic and treatment options for those with thinning bones, and, curiously, higher rates of obesity, Leslie said.

Overweight people tend to suffer less from osteoporosis because they have more bone-strengthening hormones circulating in their bodies and more padding to protect hips during falls. Underweight people are also more at risk of osteoporosis.

"We are in no way advocating obesity," Leslie said. "People that are immobile tend to lose muscle strength and balance, so they be more at risk for falls."

Drugs used to strength bones include a class of products known as bisphosphonates. Among them are Merck & Co's Fosamax, Roche Holding AG's Boniva, Novartis AG's Reclast, Procter and Gamble Co's Actonel, Sanofi Aventis' Skelid and Novartis' Aredia and Zometa.