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investment so that we can participate in the evolution of that technology in all those different areas. So, that's why we're starting out with cards.
And the first part for us, was understanding the market in terms of the activity on cards and so forth, because we don't have a lot of that background. The same way when we got into online Money Transfer, we didn't have a lot of experience in marketing on the Internet. So, we're figuring it out quickly, and that's the goal is to start with the general spend card. And then, I think the next turn of the evolution is then, how do we tie it into the other things that we do.
UNIDENTIFIED COMPANY REPRESENTATIVE: I think we're -- we've got a lot of things to leverage on these types of products. One is the relationship we have with the consumer, the brand name that they know, recognize and trust, the loyalty program and the strength of our distribution. So, I think we look at all those things and how do we leverage those assets. And I think that fits well with the card strategy.
UNIDENTIFIED AUDIENCE MEMBER: [inaudible] at Viking, just a question on your net interest margin guidance, can you talk about what kind of expectations are embedded -- are embedded -- what kind of yield curve expectations are embedded in that guidance? And that guidance moved up quite a bit over the course of last year, so could you talk about what kinds of factors could cause that to be moved up or down?
UNIDENTIFIED COMPANY REPRESENTATIVE: Sure, sure. It depends who's speaking, if it's Bernanke or Greenspan how that alters from day to day. But, we've said we think the curve's going to be flat for the remainder of the year. The fed could go either way at this point. The likelihood they raise rates is pretty slim. They're probably going to hold rates, maybe even cut later in the year or into '08. I don't think we're going to see any change. I think the guidance that Phil had put forth last quarter, I think, we're comfortable in that range at this point.
UNIDENTIFIED AUDIENCE MEMBER: Okay. And so, none of the changes that you've seen thus far --.
UNIDENTIFIED COMPANY REPRESENTATIVE: None of the changes, no. I -- you've seen a lot of headline risk out there. There's a lot of things going on obviously. We've seen in equities. We've seen it in bonds, but I don't think there's really been any changes since we've had our last earnings call that would really impact the portfolio at this point one way or another outside of that range.
UNIDENTIFIED AUDIENCE MEMBER: Okay. And then just, Dave, talk clarify your comments on CapEx, did you say that that will not be up as much or that it will not be as high?
PHIL MILNE: Well, how did you answer that Dave?
DAVE PARRIN, CFO, MONEYGRAM INTERNATIONA: As high, I don't expect it to be as high as last year.
UNIDENTIFIED AUDIENCE MEMBER: Okay, thanks.
UNIDENTIFIED AUDIENCE MEMBER: [question inaudible - microphone inaccessible]
PHIL MILNE: Assuming our growth and location doesn't exceed our expectation.
UNIDENTIFIED COMPANY REPRESENTATIVE: Yes, that is -- if network growth accelerates beyond what we discussed, then that's a different issue. But, I assume that you guys will be okay with us spending to grow out agents. So, that would be a good thing.
UNIDENTIFIED AUDIENCE MEMBER: Phil, you talked about US Bank being wildly successful. Can you just talk a little bit about [banks] here in the US and the opportunity for them to maybe partner with someone like yourself when, in the past, they've gone about trying to take the business themselves?
PHIL MILNE: Yes. We continue to be very interested in partnering up with some banks and continuing to have discussions with a number of them. And so, I think we've -- in our minds now, we've proved the model out. And that was one of the things that we really wanted to do with US Bank was to prove the model out. And just -- we could just smile about how successful that's been. That's been terrific. But US Bank also was a great partner in this. And they committed to putting up signs, and they did it. They committed to joint marketing with us, and they executed very well on that.
So, all the pieces have to come together. Its one thing to roll the network out and say it's in there. It's another thing to get behind it. And they did the training. They did the marketing, and they put the signs up, which we know is critical to success. So, I think it's finding the right partners and the people that would be committed to it. I don't know, Tony, I think that -- they've been terrific about it.
TONY RYAN: Yes. And I think the other thing that US Bank did too is, they focused on Money Transfer for Money Transfer's sake.
PHIL MILNE: Right.
TONY RYAN: But, a lot of banks immediately go to, how do I cross-sell some other product to it, and I'm using Money Transfer just to try to get into the other banking products. And I think US Bank's been successful because they've focused on the consumer and the remittance product is primary to them. And if you can execute that well in the way that Phil said, all the things that we've learned over the course of time about how to operate in this market, we think banks can be successful. And then, we think they need partners like us.
PHIL MILNE: Then, I think they'd tell you they've seen a lot of side benefits from focusing on the Money Transfer and Bill Payment business. They've gotten new consumers into their stores, which I think is great. But, I think Tony's right. They focused on, let's get good at this, and then we'll see the side benefits.
UNIDENTIFIED COMPANY REPRESENTATIVE: Okay. It looks like we've got about time for this last question.
PHIL MILNE: All right.
UNIDENTIFIED COMPANY REPRESENTATIVE: Just keep it on schedule.
PHIL MILNE: Mr. Parker?
DAVID PARKER: David Parker from Merrill Lynch, this has already been addressed somewhat. But, First Data decided to exit the official check business rather than sell the business?
PHIL MILNE: Yes.
DAVID PARKER: Is this really a business that you want to be in? And why do you feel you can be successful where First Data failed?
UNIDENTIFIED COMPANY REPRESENTATIVE: Well, I think that -- and they took a little different course a few years ago with their portfolio than we did. And from -- this is our outside view looking in, and they took a lot of gains, which I think put a lot of compression on the portfolio, which I think put a lot of compression on their earnings in that particular business. And we did not do that. And we kind of -- we've rode out the flat yield curve. We've kept duration short, and I think Bill and his team have just done a phenomenal job of positioning us for the current environment.
So, I think we're in a very different spot on that. And so, I think the way we see it now is, one, maybe this will affect pricing in a positive way, and two, there might be some selective opportunities, the right account at the right price. And that's kind of our view right now. And this is news is what, two week old too, so there's still a lot to play out.
DAVID PARKER: You said you're going to be disciplined on how you pick off the business, potentially. Is there -- are there any restrictions on the size of the portfolio in terms of how it impacts your balance sheet or how it could pressure your balance sheet?
UNIDENTIFIED COMPANY REPRESENTATIVE: Don't ask Bill that question. No. I think that we've got -- as I -- we point out, we have a real strong balance sheet. And I don't think from where we're standing right now to execute what we'd want to execute, the balance sheet is going to be an issue. Dave, I don't know if anything to add to that.
DAVE PARRIN: No.
UNIDENTIFIED COMPANY REPRESENTATIVE: I really -- I just want to get back to we're going to be very disciplined about it. We've been disciplined about the business over the last three years or so. And our view isn't going to change on that. We're operating in a flat yield environment now. If the right account came across at the right pricing, I think selectively, we'd be interested. But, we're not out for a huge land grab right now.
DAVID PARKER: Okay. Last question is on a different subject, but are you active on Capitol Hill with any of the politicians in terms of the potential immigration reform in the US? And any thoughts on how that all plays out, the resolution and the timing of that issued?
UNIDENTIFIED COMPANY REPRESENTATIVE: No. Well, we've certainly been active on Capitol Hill against a lot of issues. As far as immigration and where that plays out, there's been a -- such a big change on Capitol Hill, I don't think we really have a view on where that's going to go this year. And I think it's just too early to tell. But, we're certainly active there.
PHIL MILNE: Well listen, first of all once again, thank you so much for traveling and coming to Minneapolis and spending time with us here today. We really, really appreciate it. We appreciate the interest in the company and the support. And I hope you walk away with the feeling that the management team here is really excited about the opportunity that we have ahead of us. And we think we've got tremendous runway ahead of us, markets are huge. There's a lot to develop. It's still very, very fragmented, and there's some -- there's just big potential in places that we're just getting into like China and India, Eastern Europe, Russia.
And then, the fact that Bill Payment, I think, represents a very big opportunity for us as well. So, we're really excited about the position of the company. We're excited about where we're at in the evolution of MoneyGram. And I thank you very, very much for coming. And everybody have safe travels on the way home.
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Document FNDW000020070314e3370028n

ENSURING SAFETY OF CHINESE OVERSEAS
By Qin Jize

696 words

7 March 2007

China Daily

CHNDLY

English

Copyright 2007 China Daily Information Company. All rights reserved.
More than 30 million Chinese travel overseas or go abroad to study or earn their living every year. Many of them find themselves in various crises, from everyday problems like losing a passport or being involved in an accident to natural and man-made disasters such as a tsunami and wars.
Who should they turn for help? The Chinese embassies and consulates are duty-bound to protect their basic internationally recognized rights. The past year was especially unforgettable because more Chinese abroad became victims of attacks, robberies, bomb explosions, kidnappings, fishery disputes, traffic accidents and natural disasters.
The year also saw unprecedented government efforts to help such people. For instance, the government arranged for special chartered planes and consular staff evacuated about 900 people from violence-hit countries such as the Solomon Islands, East Timor, Lebanon and Tonga. It conducted successful rescues and offered regular consular services to ensure the safety of its citizens abroad.
Official figures show that the government handled more than 30,000 consular cases last year to protect the legitimate rights and interests of Chinese nationals overseas. The figure was 29,000 in 2005.
In the past two months, 14 Chinese workers kidnapped in Nigeria returned home safe and sound, thanks to the tremendous efforts of Chinese diplomats. These efforts have added a new chapter to the history of China's diplomacy.
Director of the Department of Consular Affairs of the Foreign Ministry Wei Wei says Chinese consulate staff around the world are performing a much heavier duty because more Chinese travel and live abroad today.
Only 280,000 Chinese travelled or went to study or work abroad between 1949 and 1979, that is, in 30 years. In contrast, their number last year alone was 32 million. What's more, the country is fast becoming the largest source of tourists in Asia.
The international political, economic and security situation is becoming more complicated and erratic, Wei says. "Serving the people is the essence of China's diplomacy," and Chinese embassies and consulate-generals have been instructed to go all out to help Chinese citizens in accordance with international laws.
To maintain the existing system of consular protection, the Foreign Ministry set up the Division of Consular Protection, under the Department of Consular Affairs, in May that would handle and coordinate consular protection work. It's the biggest department in the foreign ministry and has 140 staff based in Beijing alone, with more than 600 consular officials working overseas.
Last year, the Foreign Ministry issued about 400 special notices on outbound traveling on its website, www.fmprc.gov.cn , up almost 50 percent over of 2005. The latest version of the regulation on "Consular Protection and Services Overseas" is expected to be made public next month.
Li Wei, a security expert with China Institutes of Contemporary International Relations, says consular protection is a far more formidable job today , with people's need for consular protection growing constantly. In fact, consular protection is becoming a big challenge for every country, especially the bigger ones.
An estimated 100 million Chinese will travel overseas in 2020 for business, tourism, education or employment as more domestic enterprises strengthen their presence abroad. And the government will do its best to protect its citizens abroad, Li Wei says.
But he advises Chinese people, too, to learn to better protect themselves. He suggests Chinese citizens learn the local laws, customs and abide by them during their trips or stays abroad. They should remember certain important phone numbers, such as those of the Chinese embassy or consulate in the country of their stay. And to ensure a safe and sound trip, Chinese travelers should behave properly.
He said he hopes Chinese wishing to work abroad would be more cautious and verify the information with the domestic labor authorities and Chinese diplomatic mission to avoid disputes.
Li Wei says some Chinese companies had not taken the security cost into account while investing abroad. "They neither evaluated the security risks properly nor educated their employees," Li says, "thus few companies had any emergency plan to deal with a possible crisis."
(Copyright 2001 by China Daily)
Document CHNDLY0020070306e33700019

Thisday Award Winners... Profiles in Excellence
by Louis Achi

10,350 words

5 March 2007

09:00 AM

All Africa

AFNWS

English

(c) 2007 AllAfrica, All Rights Reserved
Lagos, Mar 05, 2007 (This Day/All Africa Global Media via COMTEX) --
Prologue
The award recipients essentially turned mettle into gold, achieving what ancient alchemists had sweated but failed to do with metal. But beyond the traditional panache, a bit of swagger, glitz and glamour, the 12th THISDAY Annual Awards for Excellence and Good Governance, at a more fundamental level, represents a sober effort to recognise and fete merit and excellence. In an environment where these qualities are often not sufficiently highlighted, a danger of moral atrophy and creeping indifference to quality governance, optimal industrial and service delivery comes to the fore. No country or society can be leveraged meaningfully or journey safely on such a Philistinic scenario. In effect, no society can live without its dreamers and achievers.
It's perhaps in recognition of this that the former US First Lady, Eleanor Roosevelt observed: "The future belongs to those who believe in the beauty of their dreams." This insight simply goes to confirm the timeless truth that indeed dreams are the raw materials, the seedlings of reality. As it were, the personalities and institutions who were singled out for the award represent men/women/institutions who logged onto this truth and as a consequence astonishingly leveraged their profile in Nigeria and beyond.
Meet recipients of the 12th THISDAY Annual Awards for Excellence and Good Governance. They come from disparate backgrounds. Their trajectories traverse banking/finance, energy, governance, information/communication technology, transportation and good old merchandising/manufacturing sectors.
Laying no particular claim to special Solomonic wisdom, these award recipients have not been heard to lay claims to sainthood either. Nevertheless, it could hardly be denied that their passion for excellence, commitment and often larger-than-life image single them out for recognition of merit and make them ready models for emulation by many.
At times when there is palpable decline of faith in the nation's common destiny, their sheer energy and imagination represent beacons of hope. Like adroit alchemists, they wove a delicate balance between the ethics of commerce, governance, responsibility and conviction. From this philosophical quartet, they derived a flight plan that has put them in the forefront of prestige, recognition and accolades.
Who are these swashbuckling folk and institutions whose sheer energy, application, and commitment to service have won them formal accolades? For instance, from the 36 state governors, the duo of Alhaji Adamu Muazu (Bauchi State) and Donald Duke (Cross River State) shared 'Governor of the Year Award.' Does this make them saints? Hardly so. But with little question it cannot be denied that these state chief executives have made considerable developmental impact in their respective states.
Similarly, out of 109 senators, the Senate President, Ken Nnamani, representing Enugu East Constituency of Enugu State emerged as the award recipient for 'Senator of the Year.' Nnamani's adroit handling of delicate, critical issues at the 'banana peels-strewn' senate was obvious. His leadership of the Upper House may have diffused certain situations that could have threatened the Fourth Republic's viability. On his own part, Hon. Farouk Lawan, representing Bagwai/Shanono Federal Constituency of Kano State also emerged the Representative of the Year. Not without good reason equally.
There is also Ifueko Omoigui, chairman of the Federal Inland Revenue Service (FIRS), who snagged 'Government Personality of the Year', an award she fittingly shared with Prof. Charles Soludo, governor of the Central Bank. The duo, icons in their own rights represent some of the best in terms of human commitment to duty and in terms of instigating transformative changes to old institutions that had not functioned optimally.
Outside the public sphere, the private theatre also threw up several shining icons of excellence - folks and institutions. A quick check-list: Aliko Dangote won both the CEO of The Year and Entrepreneur of The Year; Sportsman of The Year: Nwankwo Kanu; Young Manager of The Year: Wale Tinubu/Oando; Company of The Year: Globacom Ltd.; Airline of The Year: Virgin Nigeria Airlines; Car of The Year: Honda Accord I-VTEC; Brand of The Year: Celtel/GTBank Brand; Regulator of The Year: NCC and many others.
How about the life time achievers - who though represent the moral and business lions in winter are no less landmarks and Northern Stars which the unsure and the lost could navigate to safety. As it were, those who bagged the Lifetime Achievement Award include Dr. Christopher Abebe, Gen. Abdulsalami Abubakar, Most Rev. Peter Akinola, Dr. Kofi Annan, Chief Philip Asiodu, Alhaji Aminu Dantata, Chief Cyprian Ekwensi, Dr. Alex Ekwueme and Alhaji Wahab Iyanda Folawiyo. Others are Amb. Christopher Kolade, Dr. Moses Majekodunmi, Alhaji Alade Odunewu, Chief Chris Oladipo Ogunbanjo, Chief Adekunle Ojora, Mr. Gamaliel Onosode, Dr. Olusola Saraki, Alhaji Shehu Shagari, Alhaji Umaru Shinkafi, Chief Ernest Shonekan and Alhaji Bamanga Tukur.
If the awards represent a message, then THISDAY newspapers is the messenger. The awards were instituted in 1995 as a veritable reward for excellence in business and recognition of integrity in governance. It was however formally institutionalised in 2005 at the 10th edition when the awards categories were expanded.
The awards, now in its 12th edition, traditionally celebrates leadership, innovation and creativity in Nigeria. It highlights human icons and institutions that are driving positive change in the nation's march forward. In arriving at the nominees for all categories drawn from entries made by our esteemed readers, THISDAY editors considered people, institutions and products that have impacted most on the Nigerian people in year 2006.
Beyond acquitting its quintessential mandate of agenda-setting in society, THISDAY Awards for Excellence and Good Governance shares in the dream of a new, prosperous, secure and equitable society. This is not merely a pious wish, but a necessity and imperative for civilised survival. Read on...
Governor of the Year Award: Duke: The Power of Ideas
In Cross River State Governor, Mr. Donald Duke, that popular saying- ideas rule the world- has got its greatest believer. For in Duke's Cross River, most of the ordinary things of life that others take for granted are now spinning money and generating employment for the state and its teeming people through the power of ideas. Duke has shown how a state with meager allocation from the federation account can turn around its fortunes with ideas. At the helm in Cross River State is a man of ideas. Just check it: Duke has harnessed the tourism potentials of the state and today Cross River is raking in a lot of foreign exchange from tourism. The popular Tinapa project comes in handy here. Christmas has also become a major festival on the streets of Calabar, the state capital and foreigners and other Nigerians alike, troop to the city to be part of the yearly event, and of course, with huge revenue that come to the state. There is also the Calabar Export Processing Zone which has forever changed the economic life of the state. Indeed, in Duke's Cross River, what is doing wonders is idea. With this kind of news coming out of the state, Duke's victory as Governor of the Year at the 12th THISDAY awards cannot be seen in any other way other than to contend it was truly earned. Duke won the award alongside his Bauchi State counterpart, Adamu Muazu. The governor who is gradually rounding off his second term in office has done remarkably well. Duke is that youthful governor in the South-south zone with the Midas touch that has changed the face of economic enterprise in Cross River State. As stated earlier, Duke is noted for his accomplishments in the area of tourism and economic projects which included the widely acclaimed Tinapa project. With these projects, Duke has engraved the name-Cross River State- on the economic map of the world. He is perhaps one of the few governors in the country that has made a statement with public service. He has ensured peace in his state and demonstrated good governance.
On the political front, having performed well as governor, Duke tried to cap it up with the presidency and so vied for the exalted office. He ran a good and impressive campaign but when the Peoples Democratic Party (PDP) leaders decided all PDP governors should concede the ticket to the Katsina State Governor, Alhaji Umaru Yar'Adua, Duke, a loyal party man, abided by the party decision. Duke was first elected governor of Cross River State in 1999 and was reelected in 2003. He brought into government young men like himself who have helped make the wonderous impact he has made in the state. Duke was the cynosure of all eyes at the THISDAY awards. Dressed in black suit with tie to match, he was accompanied by his wife, Onari and children to receive his Governor of the Year award.
Born September 30, 1961 in Calabar, Cross Rivers State, to the family of Mr. and Mrs. Henry Etim Duke, Mr. Donald Duke attended Corona and St. Mary's private school in Lagos after which he enrolled at the Federal Government College, Sokoto State. He later went to the Federal Government College, Ilorin, Kwara State where he had his West African School Certificate in 1978. After this, he proceeded to the Federal School of Arts and Science, Lagos, where he got the Higher School Certificate (HSC) in 1979.
It was in furtherance of his education that Duke attended Ahmadu Bello University, Zaria and bagged LLB Honours between 1979 and 1982. Later in 1982, he went to the Nigerian Law School and was thereafter, called to the bar. However in 1984, he proceeded to the United States of America where he got LLM in Business Law and Admiralty.
Soon after he returned to the country, he established a law firm with Chief Goziam Onyia- Onyia and Duke Partners. He was also the Chief Executive Officer of the family shipping freight, forwarding and shipping businesses. He also held sway in several other places until he was made commissioner for