I have read a lot of uninformed (and very irritating) articles, posts,
"analyses" and comments ridiculing President Goodluck Jonathan's
recent visit to the New York Stock Exchange (NYSE) while he was in New York to
attend the United Nations General Assembly. Some folks actually believe that
his being asked to ring the NYSE Closing Bell was insignificant and some of
them have written about the "birds, dogs and cartoon characters"
which have been similarly "honoured" as NYSE Opening or Closing
Bell-ringers in the past. The discourse has been very animated in many Nigerian
social media fora.
I feel somewhat duty-bound to try and educate my compatriots who hold this view even though I have long realised that this will be futile for those of my country-men who have become die-hard critics of the President and those who even pride themselves as "GEJ-haters".
But ignorance should never be allowed to intimidate knowledge. Darkness does not comprehend light. So, let there be light on this subject despite its frivolity.
The NYSE does not just bring in just any person or "bird, dog and cartoon character" to its trading floor on Wall Street for its famous Bell-ringing Ceremony. Not even every President or Head of State is brought in by the NYSE for what has become a famous tradition which is recognised world-wide and is now imitated by many of the world's popular bourses.
It may appear like a trivial event to some that President Goodluck Jonathan rang the NYSE Closing Bell, but it really is not. What I find so ridiculous is that while those knocking the President for the event have tried to down-play it, they have given it so much publicity that those who were not even aware that he visited the NYSE now know he did! And if it really is a non-issue, why make a big deal out of it? And how come President Jonathan is the first Nigerian President ring the NYSE Bell? I understand a former President even wrote to the NYSE to be allowed to ring the Bell and his application was politely turned down!!
The NYSE Bell Ringing event is a big deal in the international business community.
Please read the piece below from http://www.investopedia.com/.../06/openingclosingbell.asp:
A common sight today is the highly publicized events in which a celebrity or executive from a corporation stands behind the NYSE podium and pushes the button that signals the bells to ring. Many consider the act of ringing the bells to be quite an honour and a symbol of a lifetime of achievement. Furthermore, due to the amount of coverage that the opening/closing bells receive, many companies coordinate new product launches and other marketing-related events to start on the same day as when the company's representatives ring the bell. This daily tradition wasn't always this highly publicized either. In fact, it was only in 1995 that the NYSE began having special guests ring the bells on a regular basis. Prior to that, ringing the bells was usually the responsibility of the exchange's floor managers.
It appears some of our people do not know the NYSE's Opening and Closing Bell-ringing Ceremony is of such symbolic significance to the international business community such that international business television stations, such as Bloomberg and CNBC, actually show the events LIVE each day? They even have programmes named after the Bell-ringing Ceremonies. Many other television stations, including CNN, BBC World, Euro News and Al-Jazeera, also show the Closing Bell-ringing Ceremony on most week days.
Of course, the NYSE Bell-ringing Ceremony is not in itself an earth-shaking event; but it has become emblematic in many ways. It's symbolic significance lies in the fact that the honour is only accorded in recognition of some accomplishment, as an indication of support for a cause or as a pointer to positive expectations about the future of companies, economies, products, services, brands, persons or even cartoon characters (yes, including the "birds and dogs" and Muppets!). It reveals the NYSE Management's prognosis of the Bell-ringer and/or its faith in the Bell-ringer's relevance to the American business community.
In Nigeria's case, despite the negative media reports, the NYSE obviously recognizes that the country's business environment is improving and is attracting interest from international investors including many American companies such as GE, IBM, Microsoft and HP. The reforms in the power sector are of particular interest to American investors and financial services companies. A number of them are already engaged in the Nigeria power sector.
The funny thing is that all those belly-aching that the President and his supporters regard the event as significant may NEVER even be allowed into the NYSE offices not to talk of ringing the Closing Bell in their life-time! LOL!!
Someone posted on Facebook the picture of Sponge Bob ringing the NYSE Closing Bell as "proof" of the comical nature of NYSE Bell-ringing and he questioned the economic significance of the cartoon character. I had to post a news article by ABC News about Sponge Bob on that discussion thread. Below are excerpts from the article:
WELCOME INSIDE THE NO. 1-RATED CHILDREN'S SHOW IN ALL OF TELEVISION.
(http://abcnews.go.com/.../story...)
If you're thinking the main character is yellow, you're right... but he's no Big Bird.
This is the world of "SpongeBob SquarePants," a show that's grown into a multi-billion dollar phenomenon so popular it is among the top-rated shows on all of cable television.................Another key to the show's success is that the humour hits for all age groups, said Clancy Brown, who voices Mr. Krabs. "I think adults these days are very immature," Brown said. "We are keeping them immature."
Tom Kenny, the voice of SpongeBob himself, agreed.
"Luckily, the infantilization of the American culture has worked for us," Kenny said.
The show's creators say they're not necessarily writing kids stuff. A full 25 percent of the show's audience are adults who don't even have kids.
Making a children's cartoon isn't child's play: It takes nine months to make just one episode. ..................The cartoon has been going 10 years now. It's broadcast around the world in 25 languages and it has spawned an entire line of toys, clothing and food, with total sales estimated at nearly $1 billion a year.
And for those wondering about the "dogs" that rang the NYSE Opening Bell, please kindly read the following:
NEW YORK STOCK EXCHANGE GOES TO THE DOGS TO SUPPORT ANIMAL CAUSES
(http://www.marketwatch.com/...)
Shelter and service dogs teamed up today to open and close the New York Stock Exchange raising awareness for pet adoption, service animals across the nation and celebrating the unconditional love between people and pets. Representatives from Procter & Gamble's (P&G) two leading pet care brands, Iams and Eukanuba, joined partners Helen Woodward Animal Center (Rancho Santa Fe, Calif.), New York City's Bideawee and Canine Companions for Independence (CCI) to ring the opening and closing bells.
Iams rang the closing bell in honor of Iams Home 4 the Holidays, one of the world's largest pet adoption drives. The campaign, in its 14th year, began Oct. 1, 2012 and runs through Jan. 2, 2013 and is a partnership between Iams and Helen Woodward Animal Center to give more orphaned pets a fresh start through adoption and nutrition to keep their bodies as strong as their love.
"We founded Iams Home 4 the Holidays to raise awareness about the importance of pet adoption," said Mike Arms, founder of the adoption drive and president of Helen Woodward Animal Center. "Coming to the New York Stock Exchange to ring the bell is an honor and another great way to remind people who are considering a new 4-legged family member about some of the amazing pets waiting for their second chance at love."
Eukanuba rang the opening bell with its partner in celebration of CCI's first IPO, a one of a kind Initial Puppy Offering, a fundraiser designed to provide highly-trained assistance dogs and ongoing follow-up services to children and adults with disabilities, free of charge.
So how does the NYSE Bell-ringing by our President make a difference to the "average" Nigerian? For one, the visibility the event gave Nigeria could translate to greater interest in Nigeria and the Nigerian economy by international investors. Some would reason "Oh! Nigeria must be doing something right which the NYSE has noticed". Positive publicity is never a bad thing for a developing country. Secondly, the event could lead to an increase in our Foreign Direct Investments and Foreign Portfolio Investments. When/if that happens, all Nigerians will be the better for it.
Ignorance is not bliss. It is retrogressive. It is destructive. In this age of cheap internet access, smart telephone handsets which cost as little asN10,000 and Google, you would have thought
that people would educate themselves on a subject before enthusiastically
hitting their key-boards or key-pads!
But hatred and rationality often do not co-habit.
God bless Nigeria!
Nigeria di fure!!
I feel somewhat duty-bound to try and educate my compatriots who hold this view even though I have long realised that this will be futile for those of my country-men who have become die-hard critics of the President and those who even pride themselves as "GEJ-haters".
But ignorance should never be allowed to intimidate knowledge. Darkness does not comprehend light. So, let there be light on this subject despite its frivolity.
The NYSE does not just bring in just any person or "bird, dog and cartoon character" to its trading floor on Wall Street for its famous Bell-ringing Ceremony. Not even every President or Head of State is brought in by the NYSE for what has become a famous tradition which is recognised world-wide and is now imitated by many of the world's popular bourses.
It may appear like a trivial event to some that President Goodluck Jonathan rang the NYSE Closing Bell, but it really is not. What I find so ridiculous is that while those knocking the President for the event have tried to down-play it, they have given it so much publicity that those who were not even aware that he visited the NYSE now know he did! And if it really is a non-issue, why make a big deal out of it? And how come President Jonathan is the first Nigerian President ring the NYSE Bell? I understand a former President even wrote to the NYSE to be allowed to ring the Bell and his application was politely turned down!!
The NYSE Bell Ringing event is a big deal in the international business community.
Please read the piece below from http://www.investopedia.com/.../06/openingclosingbell.asp:
A common sight today is the highly publicized events in which a celebrity or executive from a corporation stands behind the NYSE podium and pushes the button that signals the bells to ring. Many consider the act of ringing the bells to be quite an honour and a symbol of a lifetime of achievement. Furthermore, due to the amount of coverage that the opening/closing bells receive, many companies coordinate new product launches and other marketing-related events to start on the same day as when the company's representatives ring the bell. This daily tradition wasn't always this highly publicized either. In fact, it was only in 1995 that the NYSE began having special guests ring the bells on a regular basis. Prior to that, ringing the bells was usually the responsibility of the exchange's floor managers.
It appears some of our people do not know the NYSE's Opening and Closing Bell-ringing Ceremony is of such symbolic significance to the international business community such that international business television stations, such as Bloomberg and CNBC, actually show the events LIVE each day? They even have programmes named after the Bell-ringing Ceremonies. Many other television stations, including CNN, BBC World, Euro News and Al-Jazeera, also show the Closing Bell-ringing Ceremony on most week days.
Of course, the NYSE Bell-ringing Ceremony is not in itself an earth-shaking event; but it has become emblematic in many ways. It's symbolic significance lies in the fact that the honour is only accorded in recognition of some accomplishment, as an indication of support for a cause or as a pointer to positive expectations about the future of companies, economies, products, services, brands, persons or even cartoon characters (yes, including the "birds and dogs" and Muppets!). It reveals the NYSE Management's prognosis of the Bell-ringer and/or its faith in the Bell-ringer's relevance to the American business community.
In Nigeria's case, despite the negative media reports, the NYSE obviously recognizes that the country's business environment is improving and is attracting interest from international investors including many American companies such as GE, IBM, Microsoft and HP. The reforms in the power sector are of particular interest to American investors and financial services companies. A number of them are already engaged in the Nigeria power sector.
The funny thing is that all those belly-aching that the President and his supporters regard the event as significant may NEVER even be allowed into the NYSE offices not to talk of ringing the Closing Bell in their life-time! LOL!!
Someone posted on Facebook the picture of Sponge Bob ringing the NYSE Closing Bell as "proof" of the comical nature of NYSE Bell-ringing and he questioned the economic significance of the cartoon character. I had to post a news article by ABC News about Sponge Bob on that discussion thread. Below are excerpts from the article:
WELCOME INSIDE THE NO. 1-RATED CHILDREN'S SHOW IN ALL OF TELEVISION.
(http://abcnews.go.com/.../story...)
If you're thinking the main character is yellow, you're right... but he's no Big Bird.
This is the world of "SpongeBob SquarePants," a show that's grown into a multi-billion dollar phenomenon so popular it is among the top-rated shows on all of cable television.................Another key to the show's success is that the humour hits for all age groups, said Clancy Brown, who voices Mr. Krabs. "I think adults these days are very immature," Brown said. "We are keeping them immature."
Tom Kenny, the voice of SpongeBob himself, agreed.
"Luckily, the infantilization of the American culture has worked for us," Kenny said.
The show's creators say they're not necessarily writing kids stuff. A full 25 percent of the show's audience are adults who don't even have kids.
Making a children's cartoon isn't child's play: It takes nine months to make just one episode. ..................The cartoon has been going 10 years now. It's broadcast around the world in 25 languages and it has spawned an entire line of toys, clothing and food, with total sales estimated at nearly $1 billion a year.
And for those wondering about the "dogs" that rang the NYSE Opening Bell, please kindly read the following:
NEW YORK STOCK EXCHANGE GOES TO THE DOGS TO SUPPORT ANIMAL CAUSES
(http://www.marketwatch.com/...)
Shelter and service dogs teamed up today to open and close the New York Stock Exchange raising awareness for pet adoption, service animals across the nation and celebrating the unconditional love between people and pets. Representatives from Procter & Gamble's (P&G) two leading pet care brands, Iams and Eukanuba, joined partners Helen Woodward Animal Center (Rancho Santa Fe, Calif.), New York City's Bideawee and Canine Companions for Independence (CCI) to ring the opening and closing bells.
Iams rang the closing bell in honor of Iams Home 4 the Holidays, one of the world's largest pet adoption drives. The campaign, in its 14th year, began Oct. 1, 2012 and runs through Jan. 2, 2013 and is a partnership between Iams and Helen Woodward Animal Center to give more orphaned pets a fresh start through adoption and nutrition to keep their bodies as strong as their love.
"We founded Iams Home 4 the Holidays to raise awareness about the importance of pet adoption," said Mike Arms, founder of the adoption drive and president of Helen Woodward Animal Center. "Coming to the New York Stock Exchange to ring the bell is an honor and another great way to remind people who are considering a new 4-legged family member about some of the amazing pets waiting for their second chance at love."
Eukanuba rang the opening bell with its partner in celebration of CCI's first IPO, a one of a kind Initial Puppy Offering, a fundraiser designed to provide highly-trained assistance dogs and ongoing follow-up services to children and adults with disabilities, free of charge.
So how does the NYSE Bell-ringing by our President make a difference to the "average" Nigerian? For one, the visibility the event gave Nigeria could translate to greater interest in Nigeria and the Nigerian economy by international investors. Some would reason "Oh! Nigeria must be doing something right which the NYSE has noticed". Positive publicity is never a bad thing for a developing country. Secondly, the event could lead to an increase in our Foreign Direct Investments and Foreign Portfolio Investments. When/if that happens, all Nigerians will be the better for it.
Ignorance is not bliss. It is retrogressive. It is destructive. In this age of cheap internet access, smart telephone handsets which cost as little as
But hatred and rationality often do not co-habit.
God bless Nigeria!
Nigeria di fure!!
Jonathan has not developed economy to that level where we can describe N10,000 as little. Let's be sincere
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