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Jaliebah Challenges Youth

first_imgThe Assistant Minister for Technical and Vocational Training at the Ministry of Youth and Sports, Boakai Jaliebah, has challenged Liberian youth to build their capacity if they should take control of the job market.Minister Jaliebah threw the challenge on May 15 at the graduation and certification of the Liberia Young Men’s Christian Association (YMCA) first vocational, entrepreneurship and Life skills training program at its gymnasium on Broad Street.Minister Jaliebah called on the youths to prepare themselves in schools and vocational institutions to obtain certificate in specific professions for the job market.According to the Assistant Minister, youth preparation should be a priority to ensure the attainment of the national development agenda to move the country forward.He emphasized that Liberian youth, who need to go to school or vocational institutions should not hesitate to obtain degrees or certificates, which he observed, is the first line toward opportunity on the job market.Earlier, Vivian Beh, Project Coordinator, said in 2012, YMCA conducted an assessment in five slum communities, including Slipway, Doe Community, Clara Town, Buzzy Quarters and West Point.The result, according to Madam Beh, showed increased urbanization-meaning greater numbers of people are now living in slum settlements than ever before, resulting in many being deprived of safe housing and better living conditions, access to water and sanitation and livelihood opportunities.Hence the YMCA, she said provided a grant from Comic Relief through Y-Care International to implement three years (January, 2013 to December 2015) project in West Point and Slipway.She said this is being done through the construction of water points/latrines and youth-led health and hygiene training; the establishment/ strengthening of local associations of slum dwellers to enable them better advocate for pro-poor approaches to slum upgrading and development.“We are pleased to report that 48 young people concluded the process and have been qualified by their trainers to practice their skills; few of them will go through a brief life skills and entrepreneurship training,” she said.Other area includes the training on advocacy, civic education and budget literacy/monitoring for youth-led advocacy groups; the provision of vocational, entrepreneurship and life skills training and post-training inputs for young people as well as building the capacity of Community Society Organizations (CSOs).Based on that, 50 beneficiaries were placed at eight training centers to acquire skills in different disciplines.They include tailoring/interior decoration, cosmetology/hair dressing; catering, electricity and electronics.As a reward for their commitment, they will receive toolkits as part of their post training support to enable them start their own ventures to improve their livelihoods.Meanwhile, the YMCA has trained 173 young people of West Point and Slipway in basic advocacy skills, civic responsibilities among others.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

SEC may probe stock sales by Countrywide’s Mozilo

first_imgNEW YORK – Countrywide Financial Corp. said Thursday its mortgage fundings for September fell 44 percent from the same period a year ago, and the mortgage lender is now facing a potential federal investigation over the timing of stock sales by its chief executive. Countrywide, the nation’s largest mortgage lender, said total mortgage fundings last month fell to $21.2 billion from $38.1 billion a year ago. The steep decline in volume comes as the Calabasas-based company makes a shift to originate traditional, conforming loans instead of more risky, nontraditional loans like subprime mortgages. Countrywide previously packaged the majority of its loans as securities and sold them to investors in the secondary market. During the past few months, rising delinquency and default rates have caused demand for these securities to all but dry up, especially subprime loans. The collapse of the secondary market, coupled with the deteriorating housing market, has led to a steep drop in mortgage origination volume nationwide. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.Housing foreclosures nearly doubled last month, according to real estate information firm RealtyTrac Inc. A total of 223,538 foreclosure filings were reported in September, up from 112,210 during September 2006. Conforming loans – which now account for about 90 percent of Countrywide’s volume – are considered safer because government-sponsored Fannie Mae and Freddie Mac are willing to purchase them, and typically these loans are less likely to default. The reduction in nonconforming loans was not much of a surprise, but the speed at which Countrywide shifted its production to fit Fannie and Freddie guidelines was faster than anticipated, Friedman, Billings, Ramsey & Co. analyst Paul Miller said. To cope with the weakening market, Countrywide cut 4,935 jobs in September as part of plans to reduce its work force by 12,000 jobs, or about 20 percent. A larger reduction may be required, Miller said. Nonconforming loans previously represented about 40 percent of origination volume. With that production nearly gone, job cuts may need to be between 30 percent and 40 percent, Miller said. Countrywide’s shares have fallen nearly 56 percent since January, and the company may now be facing an investigation from the Securities and Exchange Commission into the timing of stock sales made by Chief Executive Angelo Mozilo. North Carolina State Treasurer Richard Moore, in a letter to SEC Chairman Christopher Cox, claims that Mozilo “apparently manipulated his trading plans to cash in” as the subprime crisis was heating up. Moore cited reports that Mozilo was unloading 4.9 million Countrywide shares worth more than $138 million between November 2006 and August 2007. Last week, Countrywide announced Mozilo plans to sell more shares under a prearranged trading plan that began Monday and ends today. SEC spokesman John Nester declined to comment and would not say whether the agency was examining or planned to examine Mozilo’s stock trades. Countrywide did not immediately return a call seeking comment on Thursday. In the meantime, Miller expects Countrywide’s production to remain well below last year’s figures, but stabilize in the coming months. As of Sept. 30, Countrywide had $42 billion in its mortgage pipeline – loans in progress that it has yet to fund. Last year, Countrywide had $65 billion in its pipeline. Shares of Countrywide fell to $18.28 in Thursday trading.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more