Lessons Learnt

It’s 3:00 AM in London and I learnt a few interesting things this evening. First, it’s important to check your smoke detectors regularly. Second, every house should have a fire extinguisher. Third, fire insurance is probably a good investment of your money. Fourth, never leave candles unattended.

One of my flatmates (the Vietnamese girl living on the third floor) left a candle lit on her desk. She came downstairs to watch a movie and left the candle burning. The candle holder somehow fell unto her desk and a small fire started… The South Koreans smelled the smoke and pored water over the fire and wet towels which contained the fire. They also moved her laptop which would have been engulfed by the fire. My Mexican roommate called the firemen who arrived within 4 minutes of the call. One of my South Korean flatmates woke me up and tried to explain the situation in his broken English. I was fast asleep on the ground floor when this happened. It’s amazing how calm I was during the entire ordeal. When I woke up, within a minute or two, I had grabbed my cash, my mobile, my keys, my computer, my passport, put it in my MEC bag, grabbed a coat and went outside… Smoke was coming out of the third floor windows.

We stayed outside for a few minutes and then were asked by the firemen to wait inside in the living room because the fire was out and it was drizzling a bit. The landlord showed up with his wife shortly thereafter. The fire marshal completed his investigation and I went to bed. There is no law requiring fire extinguishers and fire alarms to be made available in the building. But I convinced the landlords to buy a fire extinguisher and to change the batteries in the fire alarms (which had not gone off).

Everyone is safe and sound and the damage didn’t look too severe although the firemen discovered a wasp’s nest underneath Lin’s room. She was recommended not to sleep in her room tonight. Also, there appears to be a leaking pipe on the third floor.

I guess this is an opportunity to ensure that in a future fire, we are all more prepared. We need the proper equipment and we need to know how the system works. The fire department was very quick and the firemen very courteous and professional. This is the first time I actually saw firemen attending a fire and they seemed to know exactly what to do and did not waste any time doing it which is very reassuring.

Microfinance Revisited

Well, I think I have my research subject nailed down! I was fortunate enough to have met Dr. Levin, a methodology specialist, who holds one on one sessions with students writing their dissertations. He recommended his book (obviously) but it ended up being a great help in nailing down the scope and extent of my research topic... Here goes (make sure you have had your coffee this morning before reading this part):

"Based on the interviews I will be conducting in London, UK from November 5th to November 19th, I wish to learn whether the interest by private investors and specialized equity funds in providing additional funds to microfinance institutions has resulted in an increased outreach to the poor due to the increased access to funds to MFI’s or has it resulted in a reduction in clients served due to the profitability and sustainability covenants imposed by this additional capital."

Okay, now that we have finished with the scope of the research (and the research question), we can get to work. I will be attending a conference on November 2nd organized by the Microfinance Club of London, a groupment of who's who in microfinance here in the UK. If I can't find relevant contacts here, I probably should give up. But I know that at least the UN representative of the 2005 Year of MicroCredit as well as the global director of Microfinance at Citigroup will be there so they will probably send me in the right direction if I can approach them.

My supervisor is enthusiastic about my research topic and very supportive. Maybe it's because he's a Jesuit priest as well as an accounting professor, but I really feel at ease with him. He provides me with very good suggestions and really is interested in what I am doing. I am certain I made the right decision in choosing him for supervisor which is reassuring. The only weird thing is I call him "Father" when I meet him during our weekly meetings instead of "Dr..." but it seems to clear the air a lot which is quite nice. There is no presumption and we talk like equals which is also very nice.

Okay, I should probably eat breakfast (yes, it is 10:00 AM on a Friday morning... I should be at work by now... but I'm a student! Lovin' it!).

Opening up a bank account in the UK

Well, given I haven't entered a blog entry in a little while, I thought I would take this opportunity to rant and rave against the UK banking system. I had heard rumours about the UK's inability to process new savings accounts but I thought these were unfounded and exaggerated. I mean this is the imperial headquarters of the British Empire, well known for their mercantile history. Why would their banking system be slow and antiquated?

Well, not so. I went a first time to see the process involved in opening up a bank account. They categorically denied me access to this service because I needed a proof of residence... "But I have a signed lease demonstrating my address..." No, that will not suffice. You need a bill that has been paid. "But my rent is all inclusive...". Well, if you can get one of your Canadian banks to send you a statement to your UK based address, it should be fine.

So, I went off and tried changing addresses from my Canadian banks to my UK address. I was denied from my banks given it is illegal to ship statements to a foreign destination. Given the firmness of their response, I didn't push it, so I did my second trip to the bank. This time, they were a bit more friendly and suggested I receive my official certification from the school with my new address.

So, I went to the computer lab and changed my mailing address and printed my official certification. Once that had been printed, I needed to go to the Student Service Center to get it stamped by LSE. Armed with this in hand, I made it to the bank for the third time. Well, third times a charm, you might say? I thought so... They allowed me in! I got to fill out a form and they happily photocopied my documents, and they came back saying everything checked out.

Unfortunately, I would have to wait 5 working days for the paperwork to get processed. I would get a statement by mail and I would have to come in to officially open the account. I waited for 8 working days and received nothing so I inquired (especially since a colleague of mine who had opened the account on the same day had already received his confirmation). This was my fourth trip to the bank. They checked in their system and found nothing. They told me not to worry and to come back in 2 days... Everything would be settled by then.

So, I came back for a fifth time to the bank. When I explained myself, the lady shuffled some papers and said she had to go back to check something out. After waiting for an additional 15 minutes, she came back with my photocopied application and said there was a mistake somewhere in the process and they would have to complete the application manually. I was asked to fill out the form a second time. She assured me that the account would be open for tomorrow morning.

I came back to the bank for a sixth time and when I went to deposit some funds into my account, I was told the account was still not active. So I went to the Natwest student centre once again and asked for an explanation. The bank officer recognized me from all the previous times I had come and took my ID and came back about 10 minutes later from the back with a printout and said: "He's your account number... Sorry for the delay but everything should be working... Your bank card will be ready... in 10 working days. In the mean time, please feel free to use our regular bank attendants". But at least, I could deposit the check...

However, a question was always nagging at the back of my mind... Why does it take 20 days to open a bank account and receive your bank card in this country? And why is the British government currently holding a royal commission on why 10% of the UK citizens do not have a bank account and access to financial services? It seems quite obvious to me... Perhaps Microfinance should be used in the UK?

It's raining in London... Bah Hum Bug :)

Driving in the front of the bus

I am very happy today... I got to drive in the front of the bus on the second floor of a double decker for the first time... Okay, for all you non-Londoners out there, this place is the most prized thing for people living here (with the notable exception of being invited for tea with the queen). Everyone always takes those seats first because you get a huge window on the second floor of the bus and you can see everything going on below you (you actually appear to be flying). It's quite the fun experience and I hope everyone can have a chance to experience this once in their life... Am I making a big deal about a small pleasure? Maybe... but maybe not... You'll just have to come over here to tell me I'm wrong :)

I came back from Camdem market today, having spent 3 absolutely amazing hours with Deborah and Sarunas at the best market I have EVER been in my life (I am not exaggerating although I have been known to exaggerate in the past). The ambience of laissez-faire (gothic-style teenagers run free along with indie-types, tourists, locals, and the notorious punk Brit) along with the thousands of stalls (not exaggerating here!) gives you a choice and an array of goods only the ultimate consumer can really appreciate... You'll find everything for everyone on your list (from the chain pot smoker, to the gothic friend of yours, along with the weirdest t-shirts and most eccletic home devices I have ever seen!).

Deborah and I have committed to going there next weekend. We will bring more friends! Everyone from Canada coming to visit me will have to make a mandatory stop at Camdem market... Best of all, it's only 20 minute bus ride from my place so I have no excuses. The weather, after 3 days of rain and drizzle, is amazing. Sunny with a warm 19-20 degrees. I bought an African print and a very cool, ecclectic yellow pillow cover.

Okay, I have to go meet up with some friends at Butlers wharf (going from hippie to yuppy, all in one day). This new development is very posh and the bars are swanky... I should probably change pants...

Is free trade fair or should fair trade be free?

I attended a very interesting debate yesterday at the Old Building on the LSE campus. In one corner was the president of UK fairtrade foundation (owned by OXFAM), Harriett Lamb and in another corner was professor Tony Venables from LSE and Alex Singleton, the head of the UK globalization organization.

Free trade is an interesting concept. When ideal conditions are met, no one can refute the immense potential of free trade to maximize the utility of participants in the equation. Everyone benefits in a true free trade environment. The issue is not whether free trade works but whether it really exists. Professor Venables mentions 6 issues which need to be dealt with prior to using free trade as a poverty alleviation device:

1) Pursuade consumers to consume more goods from low income countries (remove people's concepts that buying locally is somehow patriotic)
2) Remove the trade monopolies in domestic and external markets (remove the number of transfers between parties before it arrives to end user... In some cases, coffee will touch over 50 different parties before arriving to your home)
3) Trade liberalization from all parties concerned (removal of all import and export duties, tariffs or other trade-distorting policies)
4) Develop key infrastructures in all markets concerned including developing countries (roads, health centers, education)
5) Remove all subsidies, direct or indirect, that distort the true value of the transactions
6) Account for externalities such as impact on environment in transactional costs

Who can disagree with this? Even non economist see the intrinsic value of commercial trade. You have two parties with 2 values each (one for the good they wish to exchange and another one for the good they wish to purchase). Each party agrees upon the price of exchange and both parties are left with a higher utility from the transaction. What I fundamentally disagree with is that the 6 issues that Professor Tony Venables showed us are far from being realized.

In the context of free trade as defined by George Bush (only when it benefits us and fuck the rest) or by the European Union (CAP is good for our farmers... Don't touch CAP), you find developing countries restrained by the markets they can export to. They can trade amongst themselves (which they actively do) but the true value-added markets are in the developed world.

Is fair trade the answer? Fair trade tries to answer points 1 and 2 and has had some measure of success in making the trading world a bit more fair for the farmers involved in these schemes. However, they do not fix the fundamental issues involved in world trade which is a lack of goodwill between nations. Trade can only occur when mistrust and politics are removed from the equation.

In this context, free trade can be used as a tool for poverty alleviation if it can allow for local manufacturers, farmers and developers to grow their business. I would add that microfinance plays a large role in providing the necessary monetary capital, in working capital, or infrastructure or capital expenditures for these company. This allows the company to grow as their sales grow. Many companies in the developing world stand to benefit from integrative trade as they are more likely to enjoy cost advantages and resources at a lower cost. Tools that responsible the average citizen and allow them to make their own economic decisions are usually the most sustainable.

What they need most is education and key transport infrastructure. This is where the G20 can play an active role. Where governance is being met in developing countries, G20 countries should be encouraged to actively invest in public infrastructure and education schemes to allow the citizens to benefit from their governments actions. This would allow for business investment to arrive and more additional capital to be invested in local companies allowing for international trade, permitting growth in jobs and real wages. Surely earning $3 a day is better than earning $1 a day? We are still far from the ideal but improvement is what is key in poverty alleviation.

Happy Thanksgiving... From London

Yesterday, I visited the zero meridian in Greenwich... No, this isn't a song by the Tragically Hip. But it was quite neat to view the sign post which started all meridians around the world. It was at the top of the Greenwich park which rises up to provide a great view of the City (London's financial district) and downtown London.

Latitia and I slowly made our way through some of the most interesting shops I've seen so far in London (specializing in 2 pound books... not the weight but the price;, and Maritime items). We got to visit some museums including the Royal Observatory and the Maritime Museum (free of charge, of course... most museum run by the government are free everyday).

We finished the evening at Leicester square where we met Sarunas. We walked to China town which eerily ressembles the one in Montreal. There are tons of restaurants and choices for eating out. We eventually chose this all you could eat buffet for 5 pounds (we are students after all!). The food was good. We went for a pint accross the street at this really neat underground Irish pub with live music (we are in London after all!). Afterwards, Latitia and I went to see this movie called the Green Street Hooligans about football hooligans and their gangs (we are in the UK after all!).

Given the Canadian Thanksgiving holiday is not celebrated in the UK, I will take today in stride although I need to go to the bank to open an account, purchase tickets for a faculty event, meet with a potential supervisor for my research paper, attend an introductory meeting with a nurse at the LSE Medical Centre, attend a debate on whether free trade promotion can help development or fair trade is the real answer... Oh, and I have to do 2 loads of laundry, purchase an ironing board and I'd like to go for a run and discover my neighbourhood... Not bad for my first day off :)

Take care everyone and happy thanksgiving!

Finsbury Park

I just came back from a run around Finsbury Park (about 4 minute walk from my flat or 2 minute run). It was amazing... The leaves have changed colours, the park is well maintained and has plenty of sporting facilities (including soccer pitches, basketball and volleyball courts, tennis courts and a great running lane. I think the actual run is about 4km but I may be wrong (it felt like that and it took me around 20 minutes to circle it). Unfortunately, I'm out of shape so I will probably only do 1 and a half laps tomorrow and try to do it without too much panting. I'm very lucky to have such a great facility nearby... If I have visitors, make sure to bring your runners along so that we can go for a run or play tennis, volleyball, b-ball or football :)

I've decided to not go to class tomorrow given the subject matter is statistics and I have done enough of it in my undergraduate and CFA to know what is going on. Although our professor likes to deviate from the subject matter to prove theorems, he always mentions it is useless to know this (then why teach it?). I will instead join Latitia, one of Jess's friends, for a leasurely walk in Greenwich (pronounced Grenich... Don't ask me why). Supposedly, you have an amazing view of downtown London from the Greenwich park.

I have to run (excuse the pun here) as I am late for our dinner invitation to Sarunas, our Lithuanian friend. He is cooking us a traditional dish which I am very excited to try out. More to follow...

European Football Tryouts

There comes at time in a man's amateur soccer career that he realizes that he's out of his league... That is how I felt as I tried out for the LSE division 5, 6 and 7 teams... It was slightly embarrasing trying to mark the mostly 19-21 year olds vying for a spot on this team... I felt old and outclassed and mostly useless on the football pitch. It was an awe-inspiring event as I realized that I was in a drastic need for some conditioning (who knew walking up the multiple escalators in the tube stations wasn't enough to keep up with the lean English football player?).
To be quite honest, the time required to be on these teams is, well, short of amazing. There are 2 games a week and all games are held on LSE sports fields, which are conveniently located in zone 6 in berrylands... about 15 minutes walk from the train station. So, make sure you mark your calendar for a one-hour and 20 minute ride to and fro the football field. Given games last about 2 hours, bank on wasting about 9 hours a week on football... Although, I love football, I don't have the patience... Imagine if I ran 9 hours a week? I would be a marathan runner! Not that I will replace the football with running but I'm just saying...

Back at my new apartment (I can use that term for at least a few more days). I went shopping at Asda last night (the UK equivalent of Walmart with the additional benefit of fresh food). Although it was a hardship to get to the store (took 2 separate buses to get there), it was well worth it (in terms of savings) and I was able to buy some good food for my supper this evening (mom, you would be proud... steak sauteed in garlic, onions and mushrooms, with carrots, green beans... with a glass of wine, naturally, thanks to Norm's stash he provided me before his return to Ottawa).

This morning's class was, well, interesting... Our accounting professor started his course with an interpretation of Macbeth... Then, he went on to sing his favorite poem... Unfortunately, this was the introduction as he went straight into accounting principles shortly thereafter (but he's getting good marks for his entertaining start to the class)... After an hour of accounting principles, the professor went to his second most favourite subject: physiotherapy (he is doing a course right now towards becoming a physiotherapy). He explained why the bicep is, well, called the bicep (there are two muscles there... we even did an exercise examining our biceps). Finally, he finished the class by sending us in groups to complete an analysis on 2 companies accounts. Our group choose the forestry sector.

Mysteriously, our afternoon session was cancelled because the professor was sick? I should mention that the course leader showed up during some of the teaching time... Perhaps, the course leader doesn't like Macbeth or physiotherapy as much as the students do?

Londoner, true and true

As I took the tube this morning, after waking up at 7:30 this morning in a the borough of Hackney, I discovered that I am slowly getting accustomed to London life. With my eleven roomates (I seem to meet a new one everytime I open the room to my door), I really am living the total student life. Here are the names I can remember:

* Sha and Tex from India (my ground floor mates)... both are graduate students at Middle Essex University
* Lin from Vietnam... she is eighteen and was shipped here by her parents, I think, to get a proper western education.
* David from Mexico... A very friendly, but somewhat nocturnal Mexican.
* Nataresh from Spain... Doesn't really speak English so I got to practice my very rudimentery Spanish... Me llamo es Serge y soy de Canada. Yo vivo en tu casa en la primer piso.
* Honey (not kidding on the name) and his roomate Oye (not kidding on the name) from China... They smile a lot but they don't really speak English either. Everytime I say Honey's name, he giggles uncontrollably... Really strange stuff.
* A Columbian fellow and his girlfriend from Hungary who have introduced themselves three times already but their names are so complicated I cannot understand them.
* A Korean girl whom I forgot her name but looks very quiet.

I travelled throughout London all day yesterday starting at 1:30 PM. I signed the lease but only after 2 hours at the apartment... Lin and Mia (the landlords) were busy running errands and photocopying documents so I got to talk with Sha, an Indian graduate student completing his dissertation for a Masters in Computer Engineering. He lives with a roomate in the room next to mine... The rooms are quite large in this house! Then, I went back to Ted's place to pick-up my duvet and pillows, which ended up being more trouble than anticipated (how does one transport a king size duvet in the tube? In a very large garbage bag of course... I'll let you ponder on the comic relief I provided Londoners yesterday). Then, I had to go to the airport to pick-up my baggage at the let luggage shop. Good news: Manor House is on the Piccadilly line which connects directly with Heathrow. Bad news: it's 30 stations until Heathrow... roughly 1 hour and 20 minutes... But I almost finished the book Jess bought for me before my departure... The end is quite funny and I really like it so the 2 hours and 40 minutes on the tube went by very quickly (thanks Jess!). Has my already long and tyring day ended? Not quite... You see, Norm, a Canadian friend of mine from Ottawa, who is working in London, was flying out the day after (back to Canada). I was very lucky to get a few things from him and made my way to his place, a 5 minute walk from Bank tube stop. By the time I was in the apartment, with all my stuff off my bed (and had a bed to sleep on), it was way past my bedtime.

I also discovered, being on the ground floor does have some important disadvantages (I hadn't really thought of this when I saw the apartment) as my room gives way to the corridor leading to the living room and kitchen... Although I usually get up in the morning relatively early, sleeping in may be a challenge. But this may not be a problem if I conveniently use earplugs on Saturdays and Sundays. This isn't a problem for the time being as I have classes everyday until next Sunday at 10:00 or 9:00 AM.

I have unpacked most of my things but this would lead the reader to believe everything is in its place. You would be wrong. I have a pile of dirty laundry in one corner. I have a pile of food that Norm gave me the night before in another. I have a pile of odd things (like ties, computer cords, squash rackets, plastic bags and whatever else doesn't belong anywhere) in front of my mock fireplace (yes, you read right). I have put some things on hangers (which I can only thank Norm for supplying).

Once I had my morning java (thanks again for Norm's Nescafe instant coffee...), I put on a blazer because today, there is an interesting presentation by bankers on measures of success... Not that I ever want to work in a bank in London, putting in 12 hours days in a stressful environment but I thought the idea of attending this presentation would be mildly amusing... I got dressed, brushed my teeth, grabbed my bag, walked out of the door, made my way to the local shop for a few fruits and croissant... The girl at the counter kind of giggled which I thought was kind of cute (man, I'm making women in London giggle, that's great!)... Then, I made my way to the tube office and purchased my oyster card (what the hell is an oyster card, you might ask? Don't ask me! But I did shell out 21 pounds for it and it gives me access to the tube for 7 days). Again, the women kind of smiled at me (but this smile was more malicious... sort of "you are really out of it this morning, aren't you?"). It wasn't until the break this morning at class that I discovered I hadn't shaved in 3 days, was wearing a blazer with a white shirt and might ressemble a hobo in most countries... But heck, I'm a student, so on LSE campus, anything goes! No smirks, giggles or even looks as everyone is out of whack here!

Just one last thought before I run out of inspiration (which happens very often)... The tube is an amazing invention, allowing thousands of people every minute to get where they want to get, so long as there are no tracks to fix, leaves on tracks, tea spilled on the controls by the conductor as he speeds out of the station. I kind of feel at one with the proletariat, on their way to wherever, everyone minding their own business, everyone trying to get to somewhere... I think this feeling will get increasingly annoying with time (I'm laughing as I write this because one has to in London).

Life is as it should, in a metropolis of 12 million people. I am but a dot in the city's fabric and I'm kind of happy to be here (even if my stomachs is making strange noises... Was it the milk in Sha's tea he maded me yesterday or the gallon of water I drank straight from the tap when I came back last night...)

62 Woodberry Grove, London, N4 1SN

Just provided a deposit for a room in an 11-person house... Sounds like l'auberge espagnol? Well, it kind of is (there are numerous nationalities and mostly students staying in the place)... You see, I haven't met any of my roomates other than 1 Columbian woman living with her boyfriend on the third floor. However, my room is quite large and I will have a double bed as well as a desk and plenty of storage space... Natural lighting is great and I can control the heat.

Location is good as it is about 4-5 minutes walk from Manor House tube stop (on the piccadilly line, which is the line with the best service on the network). There is also bus 341 which passes every 20 minutes which drops you off right in front of LSE. I did the trek from LSE to the apartment and it took around 30 minutes which is fine... Also important are two night buses that drop me 4-5 minutes from my place. For those who do not know, tubes stop running at midnight so if you are out on the town, you are very dependent on the night buses which run throughout the night. Service is quite good so usually, it isn't a problem (it takes around 30 minutes from downtown to get to my place with a night bus).

Apartment is well priced and the only thing that kind of annoys me is this ugly blue carpet (I'm not a fan of carpets...) But there is a cleaning lady that comes and cleans the common areas (living room, washroom and kitchen) once a week so it is almost like living in residence but with more space :)

I'm meeting Mia and her husband, the South Korean owners, tomorrow to sign the lease for a 9-month period... There is a quaint garden and the neighborhood is nice, peaceful and safe. There are two 24-hour supermarkets open within 10 minutes walking distance.

I think I have found a place to call home :) So, let the visiting commence!

P.S. I haven't signed anything and only gave a small holding deposit so I hope to be able to confirm tomorrow that everything is a go!