InfoSessive

British Airways' losses are unbelieveable

2010-05-16T04:53:00.000-07:00

British Airways (BA) is the flag carrier of Great Britain. I know, it sounds grand but the constant losses the company has sustained is mind-boggling.

With losses expected to be as much as £600 million to the year ended March 31st 2010, investors and media alike are sure to pummel BA's image. If last year's eye-watering £401 million pre-tax losses were anything to go by, BA's Board better be ready to face the music during this year's annual general meeting (AGM).

Reasons for losses

The global recession is a "no-brainer" factor that contributed to BA's losses. With passengers opting for other means of transport or cancelling flights, BA were left singing the blues.
Industrial disputes also played their part in a major way. See the thing about the British is that they are a bunch of lazy numbskulls. They want to be paid double the money for half the work. That is their forte. I am not saying all, of course not. I have met some brilliant British folks but generally they are just plain lazy.
The seven days of strikes taken by the BA cabin crew in March cost BA £45 million and a new wave of strikes beginning on Tuesday is expected to cost BA £100 million.
The awful winter snow that blanketed Britain cost BA huge losses too. Man that snow! It just kept coming!
Last but not least, the Icelandic volcanic eruptions caused most European airspace to close down and this cost BA £20 million a day! Holy smokes indeed!

Having highlighted BA's woes, you do not need an economics degree to understand that the company's state of affairs makes a shipwreck look like a holiday in the Caribbean.

Silver lining
However amidst all this fuss, BA might have just saved itself a reluctant smile. Its merger with Spanish airline Iberia is expected to generate 400 million euros (£343 million) a year in cost savings. The new company will be called International Airlines Group. This new company will be one of the world's largest airline groups with 408 aircraft carrying more than 58 million passengers a year.

So there is still a ray of hope for the British national flag carrier. But if it does go under, bailing it out would be difficult because the British government has already run out of money.

Also see Top bankers quit London

David Beckham out of 2010 World Cup

2010-03-15T14:35:00.000-07:00

David Beckham is very likely to miss the 2010 World Cup in South Africa after he tore his achilles tendon during a 1-0 win over Chievo Verona at the San Siro stadium last night.

This comes as yet another blow to England's hopes of winning the World Cup as recent reports of Ashley Cole (who?) and John Terry's affairs threw the England team into disarray.

No worries for England
Beckham is undoubtedly a great player but he no longer has the ability to control the fate of a game. In my opinion, England may not miss his absence and might still do well without him. They have enough competent players to go all the way.
Also see No one can bend it like Beckham

Can Manchester United win the Premier league this season?

2010-03-14T06:42:00.000-07:00

Manchester United
The 08/09 Premier League season was won by Manchester United but this season is going to be nail-bitingly close. With Chelsea and Arsenal hard on their heals, its going to be a fight to the finish.

Having sold Cristiano Ronaldo to Real Madrid, Man U had a huge void to fill. Sir Alex Ferguson reacted by signing the Ecuadorian international Antonio Valencia as a direct replacement. Ronaldo could make or break a game for United but Valencia is a totally different player. He does not have the charisma and presence like Ronaldo and neither does he have the sharp-shooting ability as Ronaldo did. He does however have the essential qualities of a winger. He crosses the ball extremely well. Consequently, this has served Wayne Rooney well. More than 50% of Rooney's goals are a direct result of Valencia's crosses.

The departure of Ronaldo has also given Rooney's morale a boost and he is scoring goals like a striker should. He is a much more mature and composed player now and it is beautiful watching him play.

The free transfer of Michael Owen has also seen United's strikeforce given a huge lift. Despite his annoying injuries, Owen has contributed 3 goals for United this season. Wait for it...He is out for the rest of the season due to a hamstring injury. Michael, you need to stop getting injuries.

United as a squad works really well. Every player contributes significantly to the team and the attacking football that they adopt is never short of goals.

Chelsea

When the charismatic Jose Mourinho left Chelsea, I thought Chelsea could never bounce back. But they have. Current manager Carlo Ancelotti, a 2-time UEFA Champions League winner with AC Milan has put together a force to be reckoned with. It is always exciting to watch Chelsea play. They have a strong attacking pack and the defence is rock-solid. You can count on Didier Drogba to deliver the goods and Frank Lampard to come up with shocking winners. They are sure to give United a run for their money this season.

Arsenal

To be honest, Arsenal are a very good side. Arsene Wenger is working on a tight budget and so he fields cheap young players who have pools of talent. Consequently, they do not have enough experience on the pitch to win major championships. One of their most experienced players is Cesc Fàbregas who at 22 years, is hardly a match winner. But as Arsenal demonstrated on March 9th with the 5-0 demolition of FC Porto in the UEFA Champions League cup tie, they cannot be written off until it is all over.

The rest
The rest of the teams are pretty much out of the title race and I am not even going to bother discussing about them. Manchester City have yet to gel as a team and don't get me started on Liverpool. I doze off whenever I watch them play.

Conclusion
I enjoy United's style of play and would love for them to win it again this season. But you never know...
Also see Manchester United to have new owners? and Manchester City FC owners eyeing Liverpool FC

Real Madrid's massive spending spree pointless

2010-03-13T12:47:00.000-08:00

The Spanish football giant Real Madrid is better known for spending huge sums of money on top players rather than winning championships. For instance, they have not made it to the quarter finals of the UEFA Champions League in 6 years let alone win it and this year was no different.

Despite spending over £200 million on players like Cristiano Ronaldo, Kaka and Xabi Alonso, they were still beaten by a lowly Lyon. It is a club I have never even heard of! So what is the point in spending so much money poaching..I mean buying players fom other clubs every season then? And the one who gets the blame and the sack is always...yes you guessed it. The manager.

Manuel Pellegrini, the current manager at Real is likely to get the chop after Real's embarrassing defeat by Lyon. Maybe Real should just focus on building a good team that is going to win matches and stay gelled in the long run rather than spending heaps of money pointlessly.

Real Madrid's latest signings:

Cristiano Ronaldo

Kaka

Xabi Alonso

Also see No one can bend it like Beckham

Chile hit by quakes...again

2010-03-13T12:46:00.002-08:00

The massive 8.8 magnitude quake that hit Chile last month caused massive devastation. But it is not over. Fresh new aftershocks were felt at a magnitude of 6.9! That is nearly as strong as the one that brought carnage to Haiti in January.

Luckily there were no reported injuries but officials have warned of possible tsunamis. People near the coast! RUN!
Also see Quake moved Chilean city 3m

No one can bend it like Beckham

2010-03-11T13:47:00.000-08:00

I watched AC Milan get pummelled last night by Manchester United in their UEFA Champions League tie. What a wash-out it was.

Despite Milan's defeat, I was enthralled by David Beckham. At 34 years, dare I say...he is still one of the best midfielders in the world. The pin-point accuracy with which he delivers passes, crosses, freekicks and corners is indeed awe-inspiring. His position in Fabio Capello's England team is definitely well-deserved. Not sure aboout his wife though.
Also see Manchester United to have new owners?

Quake moved Chilean city 3m

2010-03-11T13:23:00.000-08:00

The Chilean city of Concepcion moved 3m (10 feet) to the west when the 8.8 magnitude earthquake hit Chile last month (see Chile Quake shifts Earth's axis by 8cm)! Chile's capital city Santiago also moved 28cm southwest.

The quake was so powerful even the Argentine capital city of Buenos Aires which is almost 1300km away moved 2.5cm westwards. With so many earthquakes happening these days (Haiti, Chile, Turkey), there are going to be many more shifting of cities.

British POUND will continue to get weaker

2010-03-09T15:18:00.000-08:00

Last Monday saw the POUND fall to a low of $1.478 against the US dollar and got the trading world in panic mode (see British POUND likely to fall further).

This week has been no different. When it was revealed that Britain's trade deficit (difference between what Britain imports and exports) with the rest of the world had widened from £7 billion in December last year to £8 billion in January this year, traders reacted in horror and the already pathetically weak POUND weakened even further against the US dollar, EURO and a bucket full of other currencies around the world. It was hoped that the weakening POUND would have increased Britain's competitiveness and improved exports but exports actually fell by £1.4 billion to £19.5 billion in January. DOH!!!

The POUND cannot rise
Now here is the problem: The POUND cannot rise. In fact, it would be better if it goes on par with the US dollar. At least this is the concensus of analysts and even Bank of England Governor Mervyn King. It is expected that allowing the POUND to fall to $1 against the US dollar will boost manufacturing exports and rebalance the economy, pulling it out of the recession (yeah, contrary to popular belief, Britain is still in recession).

Lets hope the predictions come true because confidence in the UK economy is eroding fast as the weakening POUND shows evidence of an economy in tatters.

Sugam Pokhrel keeping Nepali music industry alive

2010-03-07T10:34:00.000-08:00

I am very picky about what songs I listen to and often prefer not listening to Nepali songs. Simply because they are crap. The same sloppy instruments, same old cheesy, vomit inducing words. It is agonising.

The worst offenders are the lame ducks who remix old-time classics instead of coming up with new material. It infuriates me every time they do that. The only good nepali remix I have come across so far is "Jham Jham Istakot". The video is very entertaining and not offensive to women. The music remixed by Dj Tenzing is indeed very attractive and the song sung by Roj Moktan is worth every penny.

Most of the artists in general instigate me to smack them. The quality of their videos is embarrassing, the models they use could do with a bit of food and the songs are pretty much remakes of the previous crap they littered the earth with.

Sugam Pokhrel by a stark contrast has a strong vocal that is amazing to listen to. His lyrics carry a lot of weight, music is often catchy and he invents himself with every new album he releases. He is undoubtedly one of the best singers Nepal has produced.

His hits include "Mitho Hanso", "Kati Din", "Mero Sansar", "Mero Euta Sathi Cha" and the brand new "School Patshala". They are just fantastic to listen to and testament to Sugam Pokhrel's ability to keep the beat alive for the Nepali music industry.
Also see Why I hate Nepali movies and Movie review: Nepali movie Kagbeni

Manchester City FC owners eyeing Liverpool FC

2010-03-07T08:35:00.000-08:00

The Abu Dhabi royal family which owns Manchester City FC is reported to be looking to buy Liverpool FC. This story coincides with The Red Knights wanting to oust the Glazers and takeover Manchester United (see Manchester United to have new owners?).

Club debts
Like Manchester United, Liverpool was bought by its American owners through what is termed "leveraged takeovers". This happens where the buyers borrow money to buy the club and then tie that debt to the club. As such, Liverpool is laden with debts of £237 million.

Interest in Liverpool
Manchester United is widely popular in Asia while Liverpool has massive popularity in the Arab world. So it is no surprise that the Arab royals are keen to snap up the Reds. With Premier League chiefs having no reported problems with the intended takeover, another high profile football club purchase may be on the cards for Manchester City owner Sheikh Mansour (the guy with the dough).

It is estimated that Liverpool's current owners Tom Hicks and George Gillett may sell for around £400million but the asking price is dependent on Liverpool's qualification for next season’s UEFA Champions League.

Greece to sell its islands to pay off debts?

2010-03-07T05:14:00.000-08:00

Greece has been at the centre of attention lately due to its ballooning budget deficit. And intense debates are taking place among European countries about whether they should rescue Greece from its plight. With a budget deficit of a whopping £272 billion, it is not going to be easy paying off those debts.

Imagine an individual with heavy debts. He has to somehow pay them off. Sell his house, car etc. If someone helps him out, he has to give the person something in return. It is the same with a country. If the EU and other EU member states help Greece, they expect something in return.

One of the solutions suggested has been to sell Greece's islands. Greece has about 6000 islands with only 227 inhabited so the suggestion somehow makes sense. However, with massive budget cuts approved by the Greek parliament (see EURO gains strength as Greece announced spending cuts and tax increases), massive Union stikes ensued and if Greece is to announce the sale of its many islands, god knows what will happen.

The Greek islands are thought to be reasonably affordable at about £1.3m for a 30-acre site (An acre is equivalent to about 9/10 the size of a football field. You do the maths). This is because of the lack of basic amenities such as water supply and the high cost to the buyers of revamping the sites for habitation.

For the time being, Greek politicians are not up for selling the state owned unpopulated islands but when push comes to shove, selling them could become a reality.

EURO gains strength as Greece announced spending cuts and tax increases

2010-03-04T14:51:00.000-08:00

OK. I cannot trust a guy whose eyebrows and hair colour do not match

The Chancellor of the Exchequer Alistair Darling forecasted a UK budget deficit (see British POUND likely to fall further) of £178 billion in his last budget speech in 2009 but analysts are suggesting it might hit £200 billion. I know, sounds bad. The article UK Deficit 178 Billion? Make That 300 Billion also explains more about the UK budget deficit.

Greece on the other hand is faring worse with a budget deficit of £272 billion raising concerns for the EURO which has been falling recently as investors lose confidence in Europe's common currency. The main reason being the worry that Greece's inability to cope with its swelling budget deficit may hamper Europe's recovery from the economic recession.

With Greek Unions staging strikes on cuts and Brussels, the EU capital demanding cuts, Greek Prime Minister George Papandreou (try pronouncing his surname) is definitely being slapped around.

Determined to get things under control, Papandreou announced on Wednesday to cut public spending by €4.8 billion, cut bonuses for civil servants, increase tax on alcohol, cigarettes, fuel and raise VAT to 21%. This saw the EURO pick up boosting investor confidence in buying Greek debt (Greek government bonds) and the EURO. However, this is just the beginning and what happens next remains to be seen.

Top bankers quit London

2010-03-04T14:50:00.000-08:00

Top bankers are quitting London because of the 50% tax that has been introduced by the current Labour government on bankers' bonuses.

The economy is in a mess largely because of bankers but pulling the economy out of the recession is also largely in the hands of bankers. Taxing them 50% on their bonuses is doing nobody any favours and instead pushing them away to countries like Hongkong, Singapore, Japan, Malaysia and the like.

The UK banking sector is the third largest in the world after the US and Japan. So if banks decide to move their offices to other countries, the UK is looking at another major dip in their economy.

Gordon Brown's Labour government needs to think long term rather than just about raising some tax revenue in the short term. Which by the way is estimated to raise only £550 million.

Chile Quake shifts Earth's axis by 8cm

2010-03-03T07:34:00.000-08:00

According to scientists at NASA, the massive Chile earthquake that struck at a magnitude of 8.8 on February 27 might have shifted the earth's axis by 8cm shortening the day by 1.26 microseconds (a microsecond is a millionth of a second).

The Sumatran (in Indonesia) earthquake in 2004 at a magnitude of 9.1 shortened the day by 6.8 microseconds!...Yeah the earthquake that caused the massive Asian tsunami.

So how does this happen then Jim?
Super earthquakes like these can shift huge amounts of rock and alter the distribution of mass on earth affecting the rate at which the earth rotates. If the rate of rotation is affected, the length of the day is also affected.

British POUND likely to fall further

2010-03-03T07:07:00.000-08:00

Analysts have warned the POUND (sterling) is likely to slide further as investors frantically sell the sterling. Monday saw sterling collapse to a low of $1.478 against the US dollar and is expected to go as low as $1.20 against the dollar. The biggest fear is that the POUND will fall to parity (equality) against the dollar. The lowest it has fallen against the dollar is $1.05 in 1985.

Top 3 reasons for the POUND's fall

Political uncertainty in the UK - We now have what is termed a "hung parliament" where no one political party is expected to have majority seats in parliament. This means that no one political party will have decision making power sending any form of negotiations into endless debates.
Spiralling budget deficit - Budget deficit occurs when the expenditure is higher than revenues generated. And this is exactly what is happening in the UK. For instance, the UK government had to borrow £4.34 billion in January this year compared to a repayment of £5.27 billion a year earlier. As a result of the massive budget deficit, the POUND is expected to stay weak until at least 2014.
PRUDENTIAL's acquistion of AIG's Asian arm AIA (see PRUDENTIAL to become largest insurer in Asia) also sent the sterling tumbling over fears the insurance giant might move its operations to Asia.

Although a fall in currency is welcomed and is seen as a fuel to increase exports and competitiveness, it can also be a sign of a loss in confidence in the country's currency and economy. One thing is for sure - Gordon Brown's hair is likely to go whiter and face wrinklier as his woes just seem to get worse and worse.

Manchester United to have new owners?

2010-03-02T13:35:00.000-08:00

A group of financiers known as The Red Knights are looking to oust the Glazers and become the new owners of Manchester United. Although the Glazers are likely to keep a tight grip on their ownership, it is estimated that they might be willing to sell for £1 billion.

The Red Knights are among the many fans who are increasingly worried about Manchester United's massive debts of £716 million. I will say that again. £716 million!

How the hell did they manage to rack up so much debts then?
When American businessman Malcolm Glazer made an attempt to buy the club in 2004, it was fiercely contested by the numerous fans and particularly the Manchester United Supporters' Trust. The main reason being the fact that Malcolm Glazer would be relying largely on borrowings ($850 million plus interest of over £60 million a year)for his bid. This would and has indeed saddled United with a mountain of debts when the club was bought in 2005.

The aim
The Red Knights aim to round up 50 super wealthy individuals like themselves and raise £750 million. They would then look to the less well-off fans to raise the remaining £250 million.

Manchester United spear-headed by Sir Alex Ferguson, is one of the most successful if not THE most successful football club in the world and to know that it is laden with debts is just heartbreaking. Hence the new ownership aims to not only put Manchester United on solid financial grounds but also put the fans at the heart of everything the club does.

Lets see what happens...

PRUDENTIAL to become largest insurer in Asia.

2010-03-01T14:48:00.000-08:00

What happened?
PRUDENTIAL is set to become the largest insurer in Asia as it confirmed the acquisition of AIA (American International Assurance), American International Group's (AIG) Asia unit. AIG is the American insurance giant that had to be bailed out by the American taxpayer during the global recession and is also the shirt sponsor of Manchester United. The proceeds from the sale of AIA is intended to be used to help pay back part of the whopping $182 billion dollars bail out it received from the US government.

How much?
The deal is worth $35.5 billion dollars ($25 billion dollars will be in cash and the remaining $10.5 billion will be in shares). This totally smashes the $18.9 billion dollars American chocolate giant Kraft paid to acquire the well loved British brand Cadbury. The $25 billion will be raised through a $20 billion dollar rights issue making it the biggest rights issue in UK corporate history. Rights issue is sale of discounted shares to existing shareholders. The remaining $5 billion will be raised through the issue of debt (i.e. loans).

Consequences of the takeover
The announcement of such a massive rights issue meant PRUDENTIAL's shares fell 71½ pences to 528 pences because existing shareholders realised that their holding would be diluted. In other words, the more the shares of a certain company are issued, the lesser the profit-share for the existing shareholders.

Once the acquistion is complete, it would mean that PRUDENTIAL will generate 60% of its profits from Asia while trebling its customers to 30 million.

The future

AIG is a giant of a company and American at that. Taking over a bigger firm might mean it may be difficult for PRUDENTIAL to control AIG.
However if all goes well, the potential for growth is massive.
PRUDENTIAL is traditionally a British company but with this deal and the scales tipping more towards Asia, it might well become an Asian company.

I am looking forward to finding out how the two companies co-exist and work towards a common goal because I am sure the re-organisation is going to cost a fortune. Plus they are actually competitors with very different corporate cultures.

Why do they need to rush?

2010-02-24T14:58:00.000-08:00

I have lived in London for just over 2½ years and I commute to work everyday on the London tube (equivalent to MRT in Singapore just crappier) and the one thing that really gets me is seeing people rushing about the London underground all the time.

Going to work
If they are late for work and they need to rush, that is absolutely fair enough. Because it is work and being late for work is always bad news.

But then if they are always late and need to rush all the time, maybe they should just get their "behinds" off the bed earlier. How about that?

Going home
Ok. This one really pricks my tits. If they are going home, why the hell do they need to rush? I mean what is happening at home? Has there been a calamity at home and someone needs rescuing? Is there a certain time before which they need to get home, otherwise they are liable for a punishment? What is it?

I see people running for the tube, risking life and limb. Getting squashed by the closing tube door. Squeezing themselves into the tube like mashed potatoes. It is a wonder the tube works at all!

Tourist tip
So if you are thinking of visiting London, bear in mind that the London tube is one of the primary forms of transport. I am not denying the fact that the London underground is a sophisticated network that is the best in Europe but it does get very busy with lots of madcaps rushing around for reasons only they know. And to be honest, I doubt even they know why they are rushing. I guess it is one of those human traits that makes one do what everyone else does. I know. Its ridiculous.

No. This one is in Tokyo, Japan

Yeah. This is the London Tube at peak time

Also see Studying and living in the UK.

Is this the end for Whitney Houston?

2010-02-23T13:45:00.000-08:00

After ending a bumpy marriage to Bobby Brown (yeah the guy with a deformed face), Whitney Houston has been looking to revive her singing career. She appeared on UK's X Factor and is currently on the Australian leg of her world tour.

Disappointing performance
However, her performance in Brisbane last night was horrible to put it mildly. The concert was described as "a waste of money, "she couldn't entertain a dead rat" and "the worst act we've ever seen".

The reasons for disappointment

The years of wasting her life away on drugs were apparent as she appeared breathless and exhausted. In fact, she had to take a break after just two songs!
She could not reach the high notes like she used to
She kept forgetting her lyrics and kept coughing during her songs
She constantly turned her back on the audience and took long breaks in between songs to towel off, drink water and freshen up her make-up
She could not even introduce her backing band properly

In Whitney's defence
She was without doubt one of the best singers in her prime. Hits like I Wanna Dance With Somebody and I Will Always Love You will forever remain some of the best known classics in music history.

Athough she may not return to her former glory, I am sure given time she will be able to remind people of her amazing talent. There are numerous artists including Tom Jones, Rod Stewart and Neil Diamond who are over 50 and still doing their thing. She is only 46.

So is it over for Whitney Houston?
Only time will tell. Everyone knows what an amazing artist she is. Good luck Whitney. Also see Shania Twain.

30-day notice trap

2010-02-20T13:32:00.000-08:00

If you live in the UK, it is very likely that you will have broadband, mobile phone, a Sky subscription or anything else that ties you into a contract.

And there will come a time when you need to terminate your contract for whatever reason. When you anticipate this happening, may I advise you to let the hosting company know as soon as possible.

This is because they have this ridiculous 30-day notice farce which completely infuriated me when I wanted to terminate my broadband contract. Not only did I have to pay the termination fee but also a month's worth of subscription fee for nothing.

So there you go, thats one thing less that should bug you.

London School of Business and Finance: Best for accounting courses

2010-02-10T03:29:00.000-08:00

London School of Business and Finance (LSBF) is one of the many private colleges for professional studies in London. Unlike major institutions such as London Business School and London School of Economics, it is relatively new. But that just means that it is hungry for success. It is currently expanding at a phenomenal rate and is possibly a dominant player in the industry.

I will recommend LSBF if you are thinking of taking professional accounting courses especially ACCA. The main reason is because of the excellent batch of tutors that they have.

Excellent tutors

Francis Braganza (F3,F7) - He is a very charming, polite and approachable tutor. He is the best. He has over 20 years of teaching experience behind him and god knows how many students have passed under him. I am one of them.

Carolyn Napier (F6,P6) - She is the most hardworking tutor you will ever come across. She will drum the point into you until you get it. Excellent.

Rob Sowerby (F5,F9) - He has a very good sense of humour and has plenty of knowledge behind him. One of the best tutors I have come across.

Paul Merison (F8, P1, P7) - He really knows what he is talking about and his methods are excellent. He also throws some superb jokes.

David Laws (P3,P5) - He has plenty of teaching experience and his methods are excellent.

Hafeez Qazi (F3,F5) - Excellent tutor with very effective techniques.

Modes of learning
There are various ways you can undertake the courses. You can attend classes full time or part time and also do it through distance learning. So it is basically up to you.

The negatives

Admin staff
They are a bunch of incompetent and absolutely rude nitwits. They always cause students inconvenience.

Rapid expansion
Due to the rapid expansion of the company, the management tends to overlook quality of service and often cause students much frustration.

Degree courses
I will not recommend that you take any other courses besides the accounting courses with LSBF. You would be better off going to a decent university. LSBF simply provides degree courses that are endorsed by certain universities.

Cheap courses
They also run some ridiculously cheap courses which look very attractive but are of not much value. For instance, they run MBA courses which are of no value whatsoever and are dead cheap.

Conclusion
So only apply for LSBF if you want to do accounting courses namely because of the excellent staff mentioned above. Good luck with your studies.

Also visit the LSBF website for more information.

What is the difference between ACCA and CIMA?

2010-02-05T02:58:00.000-08:00

VS
For anyone wanting to pursue a professional accountancy qualification, there is often the dilemma of which qualification to take. And often the most popular question is, ACCA or CIMA?

ACCA is the acronym for Association of Certified Chartered Accountants. CIMA is Chartered Institute of Management Accountants. So what the heck is the difference then, they sound the same?

Job function
Well guess what. They are pretty much the same. I have known people who are ACCA qualified and teach CIMA or vice versa. Same goes with working. An ACCA can pretty much do what a CIMA can and vice versa. There is just a slight difference in what they do in a company.

ACCA deals with external parties while CIMA works with the company's management. ACCA prepares financial statements (FS) that are presented to shareholders and anyone else outside the company. The FS must meet the international accounting standards. ACCA deals alot with historical data. For instance presenting the figures of the year that has just gone.

CIMA on ther other hand, prepares data that is used to assist management with decision-making. So the statements prepared by CIMA are for internal use and currently there are no standards that govern how they should be prepared. CIMA is concerned with future events. Alot of what CIMA does invloves trying to predict what is going to happen in the future with relevant calculations.

The qualifications
Both are internationally recognised and require you to have a certain number of years of work experience before you are fully qualified.

Entry requirements
The good thing about taking ACCA and CIMA is that the entry requirements are pretty easy to meet. All you need is an A level certificate and you are through. You do not need any work experience either. However, I think this dilutes the vaue of the qualifications over time because this would mean there could potentially be alot of ACCA and CIMA students who complete their exams but have no practical experience whatsoever.

Exams
ACCA has 14 papers to clear while CIMA has 15 so CIMA is slightly more expensive. The difference with CIMA is that the stages are harder to clear so the number of students get lesser and lesser as you get higher. The rule that CIMA has is that you cannot take the exams for the next stage until you have cleared the present stage. No such rules for ACCA so you can get plenty of students in a single class. It can get really stuffy with no air-conditioning. I suppose this makes CIMA more valuable because you get lesser people completing the exams.

But then again, you could look at this from another angle. It can get really frustrating because it could take you forever to complete the CIMA exams.

The organisations
ACCA and CIMA are very aggressive with their marketing. They seem to be focussed alot on simply enrolling as many students as possible without actually thinking about what the students would do after completing the exams. Their customer service is also very messed up. It is often difficult to reach them by phone and email replies take ages. This often creates alot of stress and confusion among students.

Big tip
So if you are seriously deciding on pursuing an accountancy qualification, you should be focussed more on securing a training contract first and then study part time rather than taking up a full time course. This way, a job is guaranteed and you can focus on building yourself professionally rather than worrying about whether you will get a job later while you study. This can cause a major distraction and a kick to your morale.

Conclusion
I have listed the facts but which one is right for you is ultimately up to you to decide so good luck!

Check out more information on the ACCA and CIMA websites.

Can Dubai sustain its growth?

2010-02-03T07:51:00.000-08:00

Last night, I watched a show presented by Piers Morgan called Piers Morgan on... If you do not know him, he is one of the talent judges on Britian's Got Talent and America's Got Talent.

Every week, the show focusses on one major city that is doing extremely well. This episode was focussed on Dubai. I cannot imagine anyone who has not heard of Dubai especially in the last few years. I had not paid too much attention to Dubai until last night. Watching that show made me realise what a heck of a city Dubai is.

This is one city that has seen a meteoric rise from a barren sandy desert to glittering skyscrapers. All within a period of 20 years! Now that is amazing. How was this possible then?

It all started with the vision of the then ruler, Sheikh Rashid to turn Dubai into a major player at the world stage. The development really accelerated when his son Sheikh Mohammed took over as the new ruler.

Dubai was built on the backbone of the oil industry but that now only accounts for less than 6% of its total revenues which is a sensible move considering oil is a non-renewable resource. Therefore the fundamental idea behind Dubai's insane progress is to attract as much foreign investment as possible. For instance, it attracts billions of dollars of foreign investment due to its tax free laws making it a tax haven for avid investors.

Another major source of income is of course real estate. Dubai has completed some of the largest and ludicrously innovative construction projects anyone has ever seen or heard of using construction workers who come mostly from South Asia making up about 250,000 of Dubai's population.

Dubai Palm Islands - These are made up of Palm Jumeirah, Palm Jebel Ali and Palm Deira. Each in the shape of a palm tree. And yes, they are man-made islands and they add 520km of beaches to the city of Dubai. These islands house luxury villas, apartments, restaurants, shopping malls, sports facilties and whatever money can buy.
The Dubai World islands - This is perhaps the most daring project ever undertaken. As with the palm islands, these islands are man-made and constructed in the rough shape of the earth. They consist of 300 islands representing the countries of the world. Each island has been known to fetch anything between $15-$50 million USD.
The Dubai Burj Al Arab - This is the 3rd tallest hotel in the world with its own helipad. Its shape is meant to mimic the sail of a boat and represents Dubai's phenomenal urban transformation. Staying here in one of its suites can set you back $USD2000-$28000 per night! Just writing that made me sweat.
Atlantis Hotel Dubai - If you can afford to stay in this hotel then you have made it in life. Sitting on Palm Jumeirah, one of the highlights of this hotel includes the underground Aquaventure theme park where you can see the Lost World of Atlantis recreated in the Lost Chambers. Some of the biggest names in showbiz attended its official launch party: basketball legend Michael Jordan, business mogul Sir Richard Branson, the ever cool Denzel Washington, gorgeous Charlize Theron, the amazing Jonas Brothers, the funny Chris Tucker just to name a few. With Kylie Minogue blazing the stage and the Dubai night skies illuminated by $16 million worth of fireworks, it was a night to remember. In fact the fireworks were so grand, they were visible from space. If you thought the fireworks for the opening ceremony of the 2008 Beijing Olympics was big, this was 7 times that.
Dubai Burj Khalifa - Also known as the Burj Dubai, this is the latest addition to Dubai's construction achievements. At 828m high, it is the tallest building in the world. That is a dizzying height.
Dubailand - This is another of Dubai's ambitious projects that is underway. When completed this will be the world's largest theme park. Structures in the theme park include life-sized replica of India's Taj Mahal and France's Eiffel Tower.

For Dubai the crazier the idea, the more likely it is to be accepted. Plus with the ruler on the driving seat of these projects, there are no delays to decision-making due to bureacracy. Everything gets underway at the snap of a finger.

Dubai has attracted some of the world's richest and most powerful individuals to pour money into its economy. Showbiz personalities, sports stars, business tycoons and the like. With property prices skyrocketing, it is estimated that if anyone bought properties in Dubai about 5-6 years ago, these property prices have risen to about 6 times the original price today! Most of them have reported to have made money on their properties without even setting foot on them!

Amidst all these frenzy, the truth is that Dubai supports its projects with loans which makes it very vulnerable. In November 2009, the news that Dubai could not meet its loan payments sent stock markets into free-fall. Now the question beckons. Can Dubai continue to grow and sustain its lavishly ambitious projects? I guess at this point, only time will tell. Frankly, I want them to succeed. I want to see what other bonkers ideas they will come up with and turn them into reality.

Nokia: The best mobile phone brand

2010-01-27T12:18:00.001-08:00

I have used Nokia since the day I first used mobile phones and have never stopped using them.
I like Nokia for various reasons:

Durability - Nokia handsets are remarkably durable. God knows how many times it has slipped off my hand or dropped off a table but it does not shatter nor malfunction.
User-friendly - It is so easy to use. I have never had to look at the Nokia user manual.
Functionality - Amazing.
Design - I have always liked the look of Nokia phones especially the new ones. Pause. Salivating.

I just cannot get myself to use any other phone. I had a Samsung once but it was awful. Especially touch screen. My god I hate that.

I hate the flip design that Motorola phones have. They are so easy to break.

Sony-Ericsson's functions drive me insane.

Why I am not interested in the 2010 football World Cup

2010-01-27T05:38:00.000-08:00

The 2010 football World Cup is a massive event and hordes of people are eagerly awaiting its start. In England for instance, thousands of people are buying tickets by the bucket-loads in anticipation of this giant event that is held every fours years.

I on the other hand am subdued and not very concerned because I am not a fan of the football World Cup. See I am not a big fan of football to begin with and it gets even worse when it comes to the World Cup.

The main reason is that players tend to play it "safe". It is very different from club matches where one sees alot of tricks, goals and alot of good players in a team.
The 2006 World Cup was absolute shambles as far as I was concerned. For instance, Ronaldinho is an excellent player but the fact that he did not dribble the ball once during that tournament drove me insane!
And for Italy to win on penalties was just painful. The fact that teams were relying on penalties to win the tournament was just infuriating! It is just so difficult to see good matches in a World Cup game because the stakes are so high and everyone is afraid to make any mistakes. No one dares to take any risks.
It is also not possible for players to gel well in a team as well as they do in a club team because they do not play together as often as they do with their club colleagues.

Therefore as always, I will be watching only the highlights. Just the good bits.

Lost your oyster card

2010-01-26T08:52:00.000-08:00

If you live in London:

You can get a refund on your monthly Oyster Travelcard if you lose it. In order to do so, make sure you are registered. Often the easiest way is to apply for the oyster card online and you get registered automatically. Or just fill up the form at one of the tube stations.

Being registered also means you can cancel the card so that no one can use it. Simply go to the nearest tube station and they will sort it out for you. Or just ring the oyster customer service centre on 0845 330 9876 (08:00-20:00 seven days a week). You can also find detailed information on the oyster card website.

Lost your ACCA student card

2010-01-26T05:45:00.000-08:00

If you have lost the ACCA student card, you can get them replaced simply by phoning the ACCA and asking them for a replacement. Of course there is a charge. What were you thinking? In the UK, it is £10. Amounts would vary depending on which country you live in.

You would need the ACCA student card to take the ACCA exams. But if you lost it, it is possible to take the exams by showing any form of photo ID such as driving licence or passport.

Product review: Citizen Eco-Drive Watch for Men

2010-01-25T04:20:00.000-08:00

The Citizen Eco-Drive Watch for Men is the latest item to make an entry to my list of possessions. I really like the look of it. With its slick design and classy appearance, it makes me proud to be putting it on. I received it on my birthday from my younger brother and I shall treasure it for eternity. Well as long as it lasts.

It does not require a battery because it runs on the power of light. When fully charged, it can go for as long as 6 months even in total darkness.
It is water resistant to a depth of 100m and as an international brand offers international warranty on manufacturer defects.
Not only is the Citizen Eco-Drive beautiful, it works well and boasts of impeccable quality.

Ordering takeaway online

2010-01-23T15:21:00.000-08:00

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If you live in the UK, you know that there are numerous takeaway stalls. Well you can find them online at the tip of your finger-tips. This is a nice solution to one of those days when you just do not want to move or you have friends coming over. It also eliminates misunderstanding information as you would get when ordering over the phone. Oh the beauty of the internet.

10 reaons why I loved the movie Avatar

2010-01-20T16:20:00.000-08:00

This movie really takes cinema to a whole new level. I never experienced cinema quite like this before. In fact, saying it was awesome is an understatement. I am sure there are alot of reasons but here are 10 reasons why I loved this movie.

Director James Cameron – He has directed some of the best movies of all time. Terminator, Titanic, Rocky, Aliens. And with Avatar, he certainly does not disappoint.
The characters - The characters are like nothing you have seen before. They are huge blue creatures called the Na'vi that look like aliens but are actually believable. This was inspired by a dream James Cameron's mother had.
The story - This is the beauty of this movie. The story is very simple to follow and you actually think this could happen considering the naturally greedy and selfish nature of humans.
The action sequences - The action will keep you at the edge of your seat. It is fantastic.
The acting - The acting is phenomenal. I actually shed tears when the humans destroyed the Na'vi's home. I ended up supporting the Na'vi and wanted all those humans to die. In fact, the humans are the bad guys in this movie.
The main characters - The fact that this movie has no big names except maybe for Sigourney Weaver is a testament to what makes a good movie.
The comedy - There are some comedy moments that really lighten up this movie.
Visual effects - The visual effects of this movie is unrivalled. That is what I like about James Cameron. He always pushes the boundary. The standard of visual effects in the early 90s with Terminator: Judgement Day was like nothing anyone had seen before. It is the same with Avatar. Plus if you watch it in 3D, you could die. You have lived your life. It is that amazing.
The soundtrack - I fell in love with the soundtrack. Speechless.
The cinematography - You will witness some of the best pictures you have ever seen in this movie. For instance, the mountains inspired by the Chinese Huang Shan mountains are breathtaking.

How important is sex in a relationship?

2010-01-18T10:10:00.000-08:00

Sex is very important in a relationship. Any hot-blooded alpha male will tell you that. I am sure the ladies willl say the same.

But sex is certainly not the most important factor that binds a relationship. If it is, then the relationship is probably short-lived.

To put it into perspective; of the 24 hours that we have in a day, we spend 1 hour tops on sex. If you are spending more than that amount of time, you are likely to set your genitals on fire.

That leaves us with 23 hours. On average, 8 hours are spent on work. Another 8 hours on sleep. 2 hours on travelling to and from work. This leaves us with 5 hours of spare time. That means 5x more time than needed for sex.

This leaves me to conclude that if you want to be in a relationship, make sure you can get along with your partner. Make sure you have things in common to talk about, common interests etc.

Lastly, thumbs up to those people who are in a long-tem relationship, I wish you all the happiness.

Coke vs Pepsi

2010-01-15T07:39:00.000-08:00

Coke and Pepsi are 2 of the biggest names in the soft drinks industry. It is often debated as to which one tastes better. Truth be told, I like them both.

Some of the biggest names in showbiz have endorsed these 2 brands. They are globally recognised and seeing them on billboards is not a surprise.

Dave Chappelle, a popular American comedian once admitted during one of his stand-up routines that he endorsed them both and "frankly I can't tell the difference" he said.

In business terms, Coke has outperformed Pepsi for a long time. A 2008 Beverage Digest report stated Pepsi's market share at 30.8% and Coke's market share at 42.7%. Coke outsells Pepsi in the US and in fact most parts of the world.

Nonetheless, consumers will continue to love these 2 brands because not only do they taste good but they consistently update themselves to appeal to the mass consumers who by the way are growing rapidly.

Where is Thai Square?

2010-01-07T10:47:00.000-08:00

Where is Thai Square? This was a question we asked alot of times on New Year's day (1.1.10). We had intended to go there for a late night New Year's day party.

We did start off well with the new year's eve fireworks and all at London Eye. Then we got tipsy. Then we looked for the place on google maps on one of our lad's phone.

The google map took us to Charing Cross. There is a road called The Strand at Charing Cross. This is a relatively famous road and we must have spent about 2-3 hours going back and forth on this darn road.

Lots of people, and I mean pissed (drunk) people on the streets. Police on horseback. It was quite a sight. Incidentally we met some nepalese people as well, who of course were pissed.

By the time we got out of The Strand, some of us were marvelously drunk and cold not get in the club. Now, now, lets not point fingers.

The good news was we did find the place.

I have not been in there myself but presumably, it is popular among Asians and Westerners alike. Thai Square is a combo of a trendy up-market restaurant and club. So if you happen to be in London you might want to check it out.

New year celebrations in London

2010-01-07T10:21:00.000-08:00

The 2010 new year celebrations in London was exceptional. My wonderful group of friends got together and....yes we went out and got pissed. It was certainly memorable.

One thing we noted was that the recession has indeed hit the UK hard. The fireworks display was for less than 10 minutes! Yes folks...you heard that right. Less than 10 mins! We thought we were drunk!

Ok here is a list of things to avoid doing on new year's eve:

1. As a government, cutting the budget on the celebrations. Man...less than 10 mins!! Come on!!

2. Turn up late for the party and try to catch up by drinking at 4 times the normal speed.

3. Be on time for the party and still drink at 4 times the normal speed.

4. You feel cold and you decide that drinking is a good way to warm yourself up. Then you realise it felt good and you drink some more, and some more....

5. Meet a stranger on the street at 4am and become best friends.

6. Looking at a police horse's ass and thinking it looks sexy.

7. Perform karate "katas" in the middle of the street.

Happy new year people!!!

How to move to Singapore?

2010-01-07T10:20:00.000-08:00

Singapore is without question the wealthiest country in the Southeast Asian region. It is governed by a stable political party and has a peaceful society. It is definitely an ideal country to live and work.

There are 2 main ways you can go there:

1. Secure a job from your home country and be sponsored by the company in Singapore. The company will have to apply for an employment pass for you. They can do this by post or online.

2. Another way you can move there is to apply for an Emplyment Pass Eligibility Certificate. This allows you to go there for a year without a job offer. Within a year you must find a job. Getting the EPEC is a good indication that you will get a job and an employment pass.

If you are not confident of aplying for a visa yourself, you can always find an agency company that will help you.

Try VisaExpress Singapore and EnterSingapore.