Ghana loses US grant after gov't scraps deal with firm that includes Meralco

Meralco said Power Distribution Services, where it has a 30-percent stake, acted 'in good faith.'
ACCRA, Ghana -- The United States has cancelled $190 million in grants to Ghana under the "Power Africa" initiative in response to the Ghanaian government's termination of a contract with a private utility provider, the US embassy said.

The Millennium Challenge Corp (MCC), a US government foreign assistance agency, agreed in 2014 to provide $498 million in funding to Ghana's power sector to help stimulate further private investment.

The financing was the largest by the United States under Power Africa, which was launched in 2013 by then president Barack Obama and aims to bring electricity to tens of millions of households in Africa.

One reform under the agreement involved handing over operations at state-run Electricity Company of Ghana (ECG) in March to Ghana Power Distribution Services (PDS), a consortium led by Philippine electricity company Meralco.

But Ghana's finance minister informed US officials on Saturday that the government was cancelling the 20-year concession it had signed with PDS, saying payment guarantees provided were not satisfactory.

Meralco, which has a 30-percent stake in PDS, told the Philippine Stock Exchange on Tuesday that the demand guarantees were invalid because they were issued "without due authorization and in excess of the mandate" of the Qatari insurer, Al Koot Insurance and Reinsurance.

"PDS has maintained that it procured the Demand Guarantees in good faith and that it has no knowledge of any issue with same until the suspension of the concession," the Filipino utility said.

In a statement on Tuesday, the US embassy said the decision to terminate the contract was unjustified and that the MCC was therefore cancelling $190 million in grants.

The remaining $308 million will still be disbursed.

"The United States underscores the importance of contract sanctity as essential to a conducive investment climate and a pre-condition for inclusive economic growth," it said.

Ghana's Information Minister Kojo Oppong Nkrumah told reporters on Wednesday that the US announcement did not represent "a crisis of confidence" between the two governments.

"It has been a difference in opinion which we have mutually agreed to respect," he said.

Meralco did not immediately respond to a request for comment. 

-- with a report from ABS-CBN News

source: news.abs-cbn.com

College Costs Level Off as Use of Savings Plans Rises

Average spending on college for the recent academic year leveled out to $21,178, as the use of college saving plans increased to its highest level ever, according to an annual report by Sallie Mae, a financial services company specializing in education.

The report, called "How America Pays for College 2013" and released Tuesday, found average college spending declined since 2010, when families paid a peak of $24,097. Like last year, the report is based on survey results of about 800 undergraduate students ages 18 to 24 and parents of undergraduates.

Since Sallie Mae (SLM) released its first report six years ago, families have spent more on college, but with the recession, families became more cost-conscious, said Sarah Ducich, senior vice president for public policy at Sallie Mae.

While tuition has risen, the amount families spend has leveled off because of the choices they are making, she said.

For example, for the 2012-13 academic year, one-fifth of parents increased work hours or earnings to help pay for college in 2013, down from 24 percent in 2012. Forty-seven percent of students increased their work hours in 2013, and 27 percent chose to accelerate their course work to spend fewer semesters earning a degree, in an effort to spend less on college overall.

For the recent academic year, 52 percent of families eliminated certain schools from their selection decision because of how expensive they are, the highest percentage Sallie Mae has seen.

The typical family uses six sources of funds to pay for college, says Sallie Mae. For the recent academic year, the average family depended the most on grants and scholarships, which paid for 30 percent of college costs.

The following list comprises the whole pie of the average percent of total cost paid from each source:

    1. Grants and Scholarships: 30 percent
    2. Parent Income and Savings: 27 percent
    3. Student Borrowing: 18 percent
    4. Student Income and Savings: 11 percent
    5. Parent Borrowing: 9 percent
    6. Relatives and Friends: 5 percent

It's not just low- and middle-income families making choices to cut costs. Overall, 57 percent of the survey respondents said a college student is choosing to live at home to cut housing costs, up from 51 percent last year.

"I think it's been striking more than half of low income families and close to middle income families live at home. It's just one of the ways you save money to go to college," said Ducich.

But this year, a striking 50 percent of high household incomes of $100,000 and above said a college student was living at home, a jump from one in four college students in that household income range who lived at home four years ago.

Parents are willing to stretch their budgets and limits as much as they always have, but stagnant income levels have solidified their upper limits, said Cliff Young, managing director of polling at Ipsos and a co-author of the study.


Ducich said because parents are "taking control" of their college investment choices, they are reporting that they are less worried about rising cost of tuition and other college-related expenses.

When asked if parents reflected worry over the increase in federal student loan interest rates, Ducich said parents are focused on the overall cost, and not just rates.

But while students and families are not obligated to pay back federal student loans until after they leave school, Ducich encourages families to begin paying back while students are in school if they can.

Twenty-two percent of families report they are paying student loans while they are in school to reduce the cost, according to the Sallie Mae survey.

The biggest amounts of borrowing occur in unsubsidized Stafford student loans and Graduate PLUS federal student aid, Ducich said.

"When you defer your payments in school, all you are doing is borrowing more," she said. "Paying early to reduce cost of borrowing is a really good strategy."

source: dailyfinance.com

Get Scholarships and Grants for College

Considering the tremendous impact that having a college degree has on lifetime earnings, and the importance of scholarships for needy students, the scholarship application process is about the most important thing a teenager can undertake. Getting scholarships can be the difference between your investments in College having a positive or negative ROI. That is if they are planning on going to college – (make sure to read Derek’s great post on is it really worth it?). Since around 90 percent of all applications are thrown out in the first round of reviews because of common errors, it is important to avoid making these mistakes on scholarship forms.

Extracurricular Activities vs Academic Excellence

If you are a student whose scholarship application makes it through the first round, you are in for the real test. The second stage of the scholarship application process is where the judges increase their focus on the details, and where extracurricular activities assume almost as much importance academic excellence. There is no room for error in this very competitive process.

Best Places to Search For Scholarships and Grants

 

The best places to search for scholarships are government run institutions like…

1. https://bigfuture.collegeboard.org/scholarship-search
2. http://go.salliemae.com/scholarship/default.aspx

Make Sure You Are Applying for the Correct Scholarship

 

It is important to avoid the first basic error, which is applying for the wrong scholarships. Every scholarship fund has its own goals and purposes, and your achievements are not considered in a vacuum, but in relation to the fund’s objectives and the course of study you plan to pursue. So, don’t make the mistake of wasting your time (and the judges’) by applying for the wrong scholarship.

Assuming that you have determined the right places to apply for scholarships, you still need to avoid these common mistakes on your scholarship forms:

10 Most Common Scholarship Application Mistakes

 

1. Not meeting the minimum requirements, of whatever kind. If you apply for a scholarship requiring a foreign language you did not study or a minimum GPA you did not achieve, you should not waste your energy or the judges’ time. This is similar to the fundamental error, mentioned above, of applying for the wrong scholarship entirely.

2. Submitting the wrong items, or inappropriate ones. Baby pictures are not considered “your photo” in this stage of your life.

3. Making avoidable mistakes of spelling, grammar or facts. Even a single misspelling can damage your application, so use both a spell-checker and have a good writer or editor review your application.

4. Mailing the application package with insufficient postage. It may arrive to the judges with postage due, or be returned so it misses the deadline.

5. Leaving off all or part of your contact information (address, phone numbers, zip code). The head of a well known free scholarship search and information Web site polled over 40 scholarship judges, and was surprised at the number of reports of contact information being left off forms.

6. Submitting a wrinkled or stained application or supporting documents. Surprisingly (or perhaps not to teenagers’ mothers), scholarship applications often show the evidence of having been filled out while the applicant was eating or drinking soda.

7. Sending an envelope without the application in it. The scholarship service mentioned above reports that this is also quite common.

8. Submitting an illegible application. It is bad enough that some applicants fill out the applications and write their essays with poor penmanship, but those using word processors should know better than to use a script typeface in all capital letters, or a weird mix of different typefaces.

9. Making inappropriate or personal comments in essays or letters. Not only is it poor manners to tell judges how to do their jobs or criticize their work, it will almost certainly guarantee that they will tell other scholarship judges about you, and not in a good way.

10. Turning in an incomplete application package. If you are asked to include photos or other documents, make sure to do so.

It is said that these common mistakes are made by more than 75 percent of all scholarship applicants. In a process as important and life-changing as applying for a scholarship, it is important to do things correctly and show the right amount of care, concern and respect for the application package – not to mention yourself and the judges, too. You can assure yourself a fighting chance if you simply avoid making these mistakes on your scholarship forms, so slow down and be extra careful! If you are looking for other ways to get through college with no debt be sure to read Derek’s eBook here.

source: lifeandmyfinances.com

Financial Considerations for Students

For many young people, starting college or university is not just the start of their higher education but also the start of their financial one. This is a time when many younger people have to start fending for themselves financially. With this in mind there are a number of financial considerations to think about as a student.











Avoid the hard sell on credit cards

There is nothing wrong with having a credit card as a student providing you use and repay it sensibly. However, one thing you should avoid is signing up to a credit card following the hard sell from a provider that targets vulnerable groups. These cards often come with freebies to entice students but can often end up being far more costly than many other cards on the market. Therefore, if you do plan to get a credit card, make sure you do your own research and make your own decision about which one is best for you. Credit card debt can become a huge problem for people of all ages, and while there are experts that can help to deal with debt issues such as those at Consolidated Credit, it is important to take steps to avoid this type of situation, particularly when you are just starting out in adult life.

Raising extra cash

Student loans and grants don’t always stretch as far as we would like them to. Many students find themselves in need of extra cash and some end up taking the dangerous route such as costly bank loans or even loan sharks. You should avoid the latter at all costs and even bank loans should be a last resort. Instead, think outside the box and look at options such as getting a part time or Saturday job, selling items you no longer want or need, or finding out about top up grants and loans.

Don’t waste money on brand new books

Buying textbooks for your courses can be costly. Of course, you need to get the textbooks required for your course but there are other options apart from buying them brand new. You can look at borrowing them from the library, getting online and finding a second hand copy, or even sharing with friends who have already purchased them for their course.

Avoid the temptation to overspend on eating out

Many students find themselves eating out more often than not, but this can have an adverse effect on your health and your budget. Instead, buy yourself a student cookbook, which focuses on cheap yet nutritious meals, and learn how to rustle up some quick and tasty dishes at home.

Don’t become a party animal

Some students get carried away with parties, clubs, and nightlife when they begin their life at college. However, while this can be a novelty at first it can become a very costly habit in next to no time. Make sure you are careful about the amount you blow on going out and don’t spend more than you have budgeted each month on entertainment.

Being mindful about your spending and financial habits as a student will not only offer immediate benefits but can teach you valuable lessons for the future as well.

source: lifeandmyfinances.com

7 King County school districts win grant

Seven school districts in King County have won a $40 million federal grant, the U.S. Department of Education announced Tuesday.

The grant is part of the federal Race to the Top initiative and the money is going to the Auburn, Federal Way, Highline, Kent, Renton, Seattle and Tukwila school districts.

The districts competed together, creating the Puget Sound Educational Service District, and drew up a unified plan.

King County’s application was one of 16 winners out of 372 entries. Grants ranged from $5 million to $40 million, and King County was one of two to win the $40 million grant.

The grant’s amount was determined by the number of students, the special district said.

“The region’s plan is designed to have big impact where it’s needed most. We are excited to roll out strategies that will help all students experience success,” said John Welch, superintendent of the Puget Sound Educational Service District.

The special district covers 261 schools and 150,000 students. It says 36,000 of those students have high needs.

Welch said the grant, spread over four years, will help schools fund science, technology, engineering and math programs; early learning; and college preparation in high school and middle school.

The 16 winners represent 55 school districts across 11 states, the U.S. Department said.

“When we level the playing field by providing increased access and opportunity for our students, everyone wins,” said Democratic U.S. Sen. Patty Murray in a statement.

source: thenewstribune.com

Japan's $3 million grant to boost garbage collectors' incomes

MANILA – Six thousand garbage workers and collectors in several areas in the Philippines will get a boost to their incomes following a $3 million grant from the Japan Social Development Fund, the World Bank said.

“This grant, which is intended to improve the livelihood of informal garbage workers in selected areas and provide better opportunities for them, will thus help address the impact of the implementation of the Ecological Solid Waste Management Act,” Motoo Konishi, World Bank country director said in a statement, who signed the grant agreement.

Under Republic Act No. 9003 or the Ecological Solid Waste Management Act of 2000, local government units are required to modernize their solid waste management practices and convert open dumpsites into sanitary landfills. These changes may affect the livelihood of garbage workers and itinerant waste buyers.

“This is a very important project because it helps address the plight of one of the most marginalized groups in society—men, women and children earning a living from garbage,” Konishi said.

Tens of thousands of people in the Philippines work informally collecting, segregating and selling wastes. These groups, referred to as the “informal waste sector,” earn a living either in dumpsites or collect waste from households.

The project called “Social Inclusion and Alternative Livelihoods for the Informal Waste Sector” will be carried out by the Solid Waste Management Association of the Philippines, a non-profit organization composed of solid waste management practitioners from LGUs, national government agencies, non-governmental organizations, and the academe.

“We are helping LGUs, communities, and the private sector improve their capability to manage solid waste problems in their respective areas through research, training, technical assistance, information exchange, and network building,” Grace P. Sapuay, SWAPP executive vice president said.

“This partnership with the World Bank and JSDF will greatly boost our programs while helping the less fortunate,” she added.

The project will provide support to the informal garbage workers and itinerant waste buyers located in five cities and municipalities which are modernizing their solid waste management systems. Support will also be provided to informal waste sector participants that are members of existing recycling cooperatives in Metro Manila.

“We are pleased to be a partner of this great initiative because it fits squarely with the mission of JSDF, which is to deliver direct benefits to the poor, vulnerable and disadvantaged groups. We do hope that this grant could make positive tangible effects in the lives of informal garbage workers in the selected project areas,” said Takahiro Etchu, financial attaché of the Japan Embassy in Manila, who witnessed the signing of the grant agreement between the World Bank and SWAPP.

As part of the modernization programs for waste disposal sites, part of the grant will be used for investment in equipment, bins and carts; formalization of the sector through registration, recognition and contractual arrangements; and improving working conditions, including the health and safety of informal workers.

Recycling cooperatives will get technical assistance for expanding their business operations and sources of income including litter cleanup and cleaning services, collection and transport, and curbside recycling. The project will also provide training for entrepreneurship and job placement.

Established in June 2000 by the Government of Japan and the World Bank, JSDF has been a leading source of grants for innovative social programs aimed at alleviating poverty around the World, with a special focus on the poorest and most vulnerable people in society. It was established in response to the impact of the East Asian financial crisis of the late 1990s.

source: interaksyon.com