Nigeria stock traders accused over 'illegal practices'

By Caroline Duffield BBC News, Lagos

Ms Oteh is seeking return of profits allegedly made illegally

Nigeria's financial regulator is to bring 260 organisations and individuals to a special tribunal over alleged abuses in the country's stock markets.

Securities and Exchange Commission head Arunma Oteh is seeking injunctions, financial penalties and the return of profits made through illegal practices.

For months, Nigeria's financial regulators have gathered evidence against hundreds of individuals.

The offences include price fixing, share price manipulation, and fraud.

Those involved are not named, but they range from stockbrokerages to accountants, lawyers and individuals working in the capital markets.

Banking crisis

A spokesman for the Nigerian Stock Exchange had no comment to make on the statement.

Nigeria's banking crisis last year exposed widespread abuses in the capital markets.

As Nigeria's banks came close to collapse, it became clear that lax regulation and inadequate surveillance of stockbrokers was a major problem.

The appointment of a tough new financial regulator earlier this year dramatically changed the climate in the financial world.

A team from the US Securities and Exchange Commission visited Nigeria earlier this year, and compiled a confidential report.

The BBC has seen it and it is sharply critical, attacking "a startling lack of oversight", and detailing cases of bribery and insider trading in the stock exchange.

It also says between 65% and 70% of Nigeria's stockbrokers are technically insolvent.

Source: BBC

Nigeria records 3,000 oil spills since 2006: minister

Warri - Nigeria

LAGOS (AFP) – Nigeria, the eight largest oil exporter, recorded at least 3,000 oil spills between 2006 and last month, the environment minister said Tuesday.

Evoking the figure at a meeting with oil company chiefs, John Odey told them to work with authorities to tackle the problem, the official News Agency of Nigeria quoted him as saying.

"In the light of this (the oil spills), it is imperative that you adequately review your processes in collaboration with National Oil Spill Detection and Remediation Agency," Odey said.

The minister, who did not venture a guess how much oil had been spilled during the period, said that the companies should boost efforts to improve education and awareness about the problem.

He said a top-level committee aimed to drum up funds both locally and abroad to clean up sites hit by oil spills.

The minister pointed out that after a BP oil rig exploded on April 20, killing 11 workers and unleashing millions of gallons of crude into the Gulf of Mexico, a compensation fund had been set up to help affected people.

"We should explore similar opportunities, we need to take advantage of appropriate global resources and technology to achieve our task in a cooperative manner," Odey said.

Oil companies in Nigeria often blame oil spills on armed militants operating in the Niger Delta, who campaign for a fairer allocation of oil revenue to locals in the oil-rich region.

Travel magazine names Bangkok world's top city

By KINAN SUCHAOVANICH, Associated Press Writer Kinan Suchaovanich, Associated Press Writer – Wed Jul 28, 8:28 am ET

BANGKOK – Bangkok city officials say they are humbled and inspired after receiving Travel + Leisure magazine's "Top City" award, despite recent street riots that sent tourists packing.

Bangkok Gov. Sukhumbhand Paribatra told a news conference that the award offers a morale boost to the battered capital and called on political protesters to behave themselves. The recent political upheaval prompted dozens of international travel advisories and emptied hotels.

"What we have in our hands is very precious," said Sukhumbhand. "We must prevent troubles and any more losses from happening in our beloved city. We should not damage it any further."

A grenade explosion Sunday in a central Bangkok shopping area killed one person and wounded 10. Authorities have declined to speculate if it was politically related.

The No. 1 ranking in the magazine's top 10 cities list appears in the August edition of Travel + Leisure, which was based on a poll of readers who cast votes from December to March to rate their favorite cities, islands, hotels, airlines and other categories. Nearly 16,000 readers participated. The polling stopped a few days before civil disorder erupted in Bangkok that lasted 10 weeks and ended May 19 with nearly 90 dead and 1,400 hurt.

Click image to see more photos of Bangkok life

AP

During the chaos, several top hotels and upscale department stores closed because they were surrounded by thousands of anti-government protesters. Dozens of buildings were damaged or burned as the protests were broken up in a military crackdown.

Nationwide hotel occupancy in May — the end of tourism's high season — was 32 percent, down 10 percent from the same period last year, said Prakit Chinamornpong, president of Thai Hotels Association.

The Bangkok governor visited New York last week to pick up the award from the magazine's publishers and said he met with Mayor Michael Bloomberg and asked for advice about New York's post 9-11 recovery.

"'Bad things happened, but we must move forward. We can't stop. We must keep up the morale.' That's what Mayor Bloomberg told me," he said.

New York City ranked 10th among favorite cities in the poll. Second was the northern Thai city of Chiang Mai, followed by Florence, Italy; San Miguel de Allende, Mexico; and Rome.

Bangkok also was the top city in 2008.

Source: AP and Yahoo!

Rihanna - Hard ft. Jeezy

Rihanna Hard Video Ft. Young Jeezy

Rihanna, Eminem 'Lie' Video To Premiere Next Week

Rihanna and Eminem's new music video for "Love The Way You Lie" could be released within two weeks.

According to the video's director, Joseph Kahn, "Love The Way You Lie" has already been edited and may premiere next week.

Writing "My director's edit of Love the Way You Lie is done," admitting "I love this video," Joseph Kahn confirmed "that's a wrap, Eminem/Rihanna premieres in a week," Saturday.

As previously reported, the video was shot last week and is said to feature a cameo from actress, Megan Fox.

Rihanna is set to make her acting debut following a casting in Peter Berg’s ‘Battleship’

(Sod-a-blog) - The ‘Rude Boy’ singer will star alongside Alexander Skarsgard and Taylor Kitsch in the movie, based on the popular board game of the same name.

The movie – directed by ‘Hancock’ filmmaker Peter Berg – takes place across land, sea and air and sees the planet fighting for survival against an alien invader known as The Regents, Variety.com reports.

Kitsch is set to play a naval officer who leads the fight against the invading species, while Skarsgard will play his brother. It is not yet known what role Rihanna will play.

Jon and Erich Hoeber wrote the original script for the movie, which has been revised by Brian Koppleman and David Levien.

The film will be told from both sides of the battle – humans and aliens – and it is known that the alien ships will lose their ability to fly once in earth’s atmosphere.

‘Battleship’ is due to hit cinemas on May 18, 2012.

Katy Perry sizzles in new photoshoot

(Sod-a-Blog) - Katy Perry is smouldering in a new photo shoot titled Teenage Dream. The California Gurls singer appears as a pinup mode in a series of candy-coloured promotional images for her new album. The getup is a purple

Bettie Page-style wig, a multicoloured pleather bikini, and a pair of chunky heels.

The second photo shows her in a tight hyper-short black pleather shorts and the tattoo she got to match the one on her husband-to-be, Russell Brand.

According to The New York Daily News, the singer told EW.com that she bet against California Gurls hitting no. 1 and now must take the winner's kids to kiddie restaurant Chuck E. Cheese.

"I have six nights of Chuck E. Cheese planned. I’m excited! It’s going to be crazy!" she said.