As one of the leading financial institutions in the world, Citi Group has continued its commitment in citing and giving special recognition to over-achieving staff from their offices all around the globe. For 2010, and as part of the company’s dedication to microfinance, especially among poor nations in the world, Citi again collaborated with the Central Bank of Nigeria in awarding their Nigerian employees who excelled in 2009 in the area of microfinance.

Last January 21, Citi handed out recognitions to their employees who showed a firm resolve in pursuing and making microfinance available to entrepreneurs from all over the country. The awards aim to encourage more locals to become entrepreneurs themselves through Citi’s micro-entrepreneurship program. The awards were divided into five major categories including Best Micro Business Model, Most Marketed Product, Most Innovative Product, Employment Generation and Best Female Entrepreneur. Microfinance institutions from all around Nigeria contributed in choosing the award recepients for each category.

An estimated $40,000 was awarded by the company to the Growing Business Foundation, so that it can push through with the awards in Nigeria. Last year, Citi Group donated a total of $1.2 million to Micro-Entrepreneurship Awards program in 20 countries where it is operating, including Nigeria.

The program has been successful, especially since it has increased awareness and curiosity among the people in middle to low-income countries regarding micro-entrepreneurship. The program aims to support micro-entrepreneurs financially so that they may be able to continue the role that they play in their local economies. The program became even more relevant last 2009 as the whole world felt the effects of the worldwide economic recession.

“Entrepreneurship is a key driver in any economy and we are proud to be supporting Nigerian entrepreneurs who are working hard to grow their businesses and local economies,” comments Emeka Emuwa of Citibank Nigeria Limited.

Unemployment rates were once again up as the rate gain 0.3% after a decline in July. August figures show the unemployment rate at 9.7% with many companies still reluctant about hiring personnel and companies are still looking to save in defense of this still ongoing recession. This figure rose even though the actual loss of jobs was slightly less than what was expected. Tig Gilliam, CEO of Adecco Group North America, says that “When you’re losing 200,000 jobs a month, the unemployment rate can’t help to go up unless you have a lot of people just giving up.” Analysts say this was one of the main reasons for last month’s drop in the unemployment rate, people just giving up in looking for another job instead of witnessing an increase in company hiring.

This rise in unemployment rate was also attributed to students not finding summer jobs in this economic climate. Bernard Baumohl, chief economist for the Economic Outlook Group, says that he was less concerned with the hike in these numbers because the summer vacation tends to play a lot of havoc with regards to these numbers.
Gilliams also added that despite this rise in the unemployment rate, he is still very much encouraged by the fact that job losses among temporary workers fell from 7,900 the past month to 6,500 in August.

Though he predicts modest job gains ahead, Gilliams is positive that the economy will see more hiring and clients filling openings in a few months’ time. The report released likewise showed that the underemployment rate was also up. There were as many as 9.1 million workers who have been limited to working part time as permanent positions have been scarce and hard to come by. This number has been down for the past two months making analysts hope that though employers had been cutting a lot of jobs and staff hours, they were at least bringing people back on full time positions.

The recovery from this recession is also made more difficult by the fact that even people with permanent jobs are reluctant in spending their money, opting to save it instead. These projections about unemployment are expected to remain high in the months to come.

The US unemployment rate hit an all time high in 26 years at 10.2%, as many employers are still cutting down jobs in hopes of cutting down costs as they continually traverse the business waters in this global recession. Official figures that came out last September 4, 2009 showed that many industries are still keen on cutting down jobs, with:

• The construction industry letting go of 65,000 employees;
• The manufacturing sector some 63,000;
• Financial let go around 28,000;
• 22,000 for the professional and business services sectors; government jobs at 18,000; and
• The retail industry cutting down 9,600 jobs for the month of August.

There were bright spots in this hike in unemployment, though, as health care and educational services added 52,000 employees in their workforce.

This rate rose from 9.4% of the previous month, though the job loss figure was the smallest seen in a year. This hike in the unemployment rate has exceeded analysts’ forecasts of 9.5% proving how fickle still the economy is at present. At 216,000, this figure is still slightly lower than what many analysts have expected.

Though the rates are still very high, many say that the recession is on its tail-end and the economy as a whole is starting to recover from the global recession that started in December of 2007. Despite this improvement, analysts are still expecting the unemployment rate to remain high, peaking at 10% in the first quarter of 2010.

Nigel Gault, chief US economist at HIS Global Insight, says that this rise in unemployment is not at all discouraging. He states that the unemployment rate decline of July came in as a very pleasant surprise and was too good to be true. However, it is still too early for the unemployment rates to be going down and Gault believes there will still be job losses.

Despite this, he offers that what is really worth taking note here is the fact that the rate in which the jobs are going down is steadily slowing.

The stimulus package implemented by the Obama administration is still hitting its stride; government officials say that many more improvements with regards to the whole economic picture are expected to come in the future months.

The investigation is continuing in the Scott Rothstein investment scandal. The South Florida lawyer is suspected of being involved in a scheme that the FBI now estimates cold end up costing thousands of investors $1 billion, according to an article on Law.com.

Rothstein’s scam had to do with the pre- and post-settlement aspects of litigation through his practice Rothstein Rosenfeldt Adler. According to Law.com, Rothstein sought out investors to provide settlement funds for plaintiffs in need of the money right away, rather than provide up-front litigation financing.

He has not been charged criminally, but has said, on this YouTube video, that he plans to “do the right thing.”

“Make sure you tell everybody that I’m alive and I’m well and that I am doing the right thing,” Rothstein said.

Kendall Coffey, a former U.S. Attorney in South Florida who made his name in such high-profile cases like the 2000 presidential election recount and the Elian Gonzalez saga, represents Rothstein Rosenfeldt Adler.

Kendall Coffey, now a lawyer with Coffey Burlington in Miami, said Rothstein sold structured settlements in sexual harassment and whistleblower suits to investors, some of them hedge funds.

“Rothstein promised people double their money back or something like a double-digit return in a finite timeframe,” Kendall Coffey is quoted in the article.

He said investment accounts were set up by Rothstein’s uncle at the firm that also doubled as law firm trust accounts, which could create liability issues for Rothstein Rosenfeldt Adler.

An investigation is ongoing, said FBI Special Agent in Charge John Gillies, who said, “I do not believe this was a one-man show,” according to this article.

It reports that Rothstein Rosenfeldt Adler attorneys may form their own law firm or take jobs at other firms, said Kendall Coffey.

Unemployment has hit 10.2 percent in the United States, according to an article in the New York Times.

This is the highest it has been in 26 years.

The United States Labor Department reported on Friday, Nov. 6 that another 190,000 jobs were lost in October.

In the United States, one out of every 10 people of the workforce are unemployed.

While economists say things are getting better, employers will likely still be wary to hire for at least into the middle of next year and perhaps longer.

According to the article, Republicans speculate that increased joblessness is a result of the Obama administration’s $787 billion stimulus package aimed at jump-starting the economy. At the same time, some Democrats are calling for another round of spending to help create more jobs.

An economist commenting on National Public Radio this week, said the unemployment rate is really more like 16 percent when you include people who are unemployed that have not filed for unemployment or who are “underemployed:” those who wish to work full-time but can only get part-time work.

“People are hurting, but if you can get past the sticker shock of the unemployment rate and look at the guts of the report, they are still very consistent with a recovery,” said Michael T. Darda, chief economist at the research and trading firm MKM Partners in the New York Times. “We’re getting very close to the peak unemployment rate.”

Finance analysts recommend bank stocks as the smart play investors should make a move on. Ever since the U.S. Treasury Department ordered stress tests in May, the banking industry has accumulated a total of $16 billion in equity, which places them in a more stable position to deal with expected surge in commercial real estate-related losses.

Last month, bank stocks were among the highest gainers. Bank of America shares rose 9.9% to $11.73. JPMorgan Chase & Co. shares gained 6.7% to $37.26. Shares of Citigroup Inc. also rose 16 cents to $3.64. State Street shares gained 8.5% or $3.28, raising it to $41.79.

According to Richard Green of the Lusk Center for Real Estate at the University of Southern California, the latest surge in bank valuations are enticing but they are not without risk. The challenge for investors is to distinguish which names are most likely to rebound.

Banking analyst Anthony Polini of Raymond James (RJF) sees Bank of America as one of three banks to prevail and benefit from slow growth until 2010. Together with JPMorgan Chase and Wells Fargo, the three banks combined control a third of consumer bank deposits in the U.S. With slow economic growth, borrowing rates will remain low. Weaker banks who face capital deficiencies will give these three banks pricing power to charge higher interests on new loans.

With recession recovery moving at a slow pace, Green observes that banks need to prepare for the imminent problem that will come down as commercial real estate loans mature in the next two or three years. He estimates the amount to be at $350 billion.

This aside, Standard & Poor’s Erik Oja cautions weary investors that “if they wait to see commercial loan default rates or losses peak before putting money into bank stocks, they will probably miss the boat on some good opportunities.”

In a round table discussion of more than a dozen prominent American CEOs last November 2008, it became eminent that the recession has made a clean sweep through even the top tier companies.

Fred Smith of FedEx was one of the most vocal about how big a reality this crisis is. John Byrne, BusinessWeek.com’s Editor-in-chief, asked Smith how tight of a knot the economy is in right now. As the FedEx CEO replied, considering his extensive 35 years in the industry, this would considerably be the worst he has seen.

Smith goes on to describe how traffic across the Pacific has been crashing for quite a while already. All retailers had to do a double take as well, he points out. This claim is proven by how even some of FedEx’s high-end retailers experienced a sales downturn by 25%. The only positive spark in the situation is that with low inventory levels, the turn-around when it does happen will be transpire and conclude quickly.

The question of whether FedEx will be able to ride the recession has been raised by many. But as to asking who will lead them through the crisis, there has never been any doubt. Frederick W. Smith, founder and CEO of Federal Express, continues to serve as the beacon of light for his entire corporation. Ever since its establishment on June 18, 1971, the company and its leader have become synonymous with service. This is made evident by its consistent ranking as one of the top 10 on Fortune Magazine’s World’s Most Admired Companies and on the exclusive America’s Most Admired Companies list, year after year. His business acumen, resiliency and indomitable spirit are captured best in one of the most well-known anecdotes in business history.

When Smith reportedly turned in his paper that presented the business idea of FedEx, his Yale professor gave him a “C” because of feasibility issues. Undeterred, Smith went on to build his empire after his service with the U.S. Marine Corps. FedEx became the first overnight delivery company in the world. Fred Smith virtually revolutionized the industry. Today, FedEx remains the largest overnight delivery company in the U.S. It provides jobs to around 275,000 employees and earns over $32 billion in revenue.

Official site of Federal Express.

Fortune magazine has a video of Fred Smith’s ”Recession Proof Plan” for Fedex.

Fedex cuts CEO pay, freezes hiring.

January is National Financial Wellness Month. A great way to start your year is by being aware of your finances and by taking responsibility of your spending and saving habits in order to achieve financial wellness.

However, this does not mean depriving yourself and your family of taking great vacations. The key is finding great deals and learning destination information where you will find great value for your money.

Costa Rica
Costa Rica is a country situated in Central America that is bordered by the Pacific Ocean to the west, Panama to the south, Nicaragua to the north, and the Caribbean Sea to the east. Costa Rica is a great place if adventure is what you’re looking for. The country prides itself in its diverse breathtaking landscapes and well-developed national parks system as well as its wonderful flora and fauna.

Bermuda
The Bermuda Islands is comprised of a string of islands in the North Atlantic Ocean, located off the east coast of the United States. This place has been considered as an enchanting haven for honeymooners, captivating them with unique hidden coves and pink beaches. Several vacation packages to Bermuda offer great deals that you can choose from.

Chiang Mai, Thailand
Chiang Mai is the largest city in northern Thailand that features its richness in history and culture, having existed for more than 700 years and being home to 300 Buddhist temples. Today, the city offers a wide assortment of boutique hotels, local decors, and amazing landscapes. This is one ideal place for sightseeing, entertainment, and shopping.

Cancun, Mexico
Also known as the Mexican Caribbean, Cancun is a city situated in the southeast coast of Mexico in the state of Quintana Roo in the Yucatan Peninsula. There are just so many things that you can do in Cancun. Whether your fancy is visiting ancient ruins or you simply want to appreciate the natural beauty of the place, Cancun will certainly fully satisfy you.

Amazon Basin, Ecuador
The Ecuadorian Amazon is situated in the eastern part of the country, bordered by the Andes Mountain Range to the west, Colombia to the north, and Peru to the south. The Amazon has one of the richest and most complex ecosystems in the world, with hundreds of species of flora and water systems that support more than 600 species of fish and over 250 species of reptiles and amphibians.

Lima, Peru
Lima is the capital of and the largest city in Peru that has captivated tourists through its colonial mansions, the Andes Mountains, art galleries, museums, festivals and traditions, the Inca ruins, its historic center, and archaeological sites.

Vietnam
A country in the easternmost part of the Indochina Peninsula in Southeast Asia, Vietnam borders China to the north, Laos, to the northwest, South China Sea to the east, and Cambodia to the southwest. Tourists will enjoy the country’s historical, scenic, and cultural sights. Vietnam’s floating markets are also interesting destinations.

Travel Information for:

• Costa Rica
• Bermuda
• Chiang Mai, Thailand
• Cancun, Mexico
• Amazon Basin, Ecuador
• Lima, Peru
• Vietnam