Well, we're back with the breakfast and plus TV Africa time for us to look at the concerns that have been raised, you know, as regards the economy. Well, we have a guest joining us this morning via Zoom, Dr. Modo Yusuf. Dr. Modo Yusuf, thank you for joining us. Thank you very much. All right then. A bit of a background, you know, before we head straight to the conversation. Well, the National Bureau of Statistics says Nigerian inflation rose to 21.47%. That's in November from 21.09%. That was recorded in October, which represented 10 consecutive months increased since the start of 2022. Now, despite this, economists are worried that key drivers of inflation are being sacrificed for penny chasing and misplaced policy at the time. You know, the economy is falling into chaos on the eve of another year. The Central Bank of Nigeria, that's the CBN, has embarked on an aggressive interest rate regime to reduce, you know, the stubborn high inflation increase and also the monetary policy rate. That's the NPR by 500 basis points since May to 16.5%. Well, experts are also worried that the ultra high cost of borrowing would only stifle the already shocked local manufacturing space. According to the CBN, the maximum lending rate was over 28% in October, where the manufacturers and all the fund users say that the pay as much as 30% of the cost of the fund. And to make sense of all of this, we have our guest joining us, Dr. Muda Yusuf. Thank you so much once again for being part of the show, a compliment of the season. Thank you very much. Yes, please. So over time, the CBN has increased interest rate now. The high targets only 10% of inflation costs. I'd like to ask you, what does this tell of our monetary policy? Well, the Central Bank of Nigeria possibly means well, you know, one of the major objectives of Central Bank, one of the major functions is to ensure price stability. So it is within that context that CBN has been deploying some of these monetary policy instruments and namely, reviewed the NPR, which has been consistently, been reviewed upwards over the last three MPC meetings. They reviewed the CRR, which is the cash reserve requirements. And of course, those are the main reviews that they have done. Or that's like liquidity ratio have been left constant. But the point is that even in spite of all this upward review or what you call monetary policy tightening, inflation has not updated. And the reason is that the economy is not very well connected with the financial system. And those who are paying the price for this tightening are essentially those who are in the real economy, those who have borrowed money from the banks, and those who are about to borrow money from the banks. Because interest rates have been going up and yet inflation is not a bit. That is why we pay that. The effectiveness of monetary policy in terms of tackling inflation is something that we need to interrogate. Because the factors that are driving Nigerian inflation are essentially cost-driven factors, that supply-side factors, that is what we call it in economics. These are factors pushing off the cost of production, cost of distribution and all of that. So that is where the emphasis should be. Another major component, which also is driving inflation, especially what you call liquidity in the financial system. That is the sharp growth in money supply. It's also the injection of liquidity by the Central Bank of Nigeria. That's what we call ways and means. Because I mean over the last few years, the government has been having challenges with its finances, fiscal deficits have been growing, revenue targets are not being met, and yet expenditure has been growing. So to fill this financing gap, apart from borrowing from other sources, the government is also borrowing a lot from the Central Bank, and that is injecting a whole lot of liquidity into the system. And that is really inflation a great deal. Because cumulatively, I mean as we speak, over 20 trillion have been borrowed from the Central Bank to finance these deficits. And in economics, we regard this financing as high-powered money. They are highly inflationary. So it's also a major factor when we talk about inflation, apart from the supply-side issues, which I'm sure will come to as we progress with this conversation. So that is the situation. We need to get the financial system to be better connected. But as you speak, the financial system is not properly connected to the real economy. And we can also stick to data in this context. Where we look at domestic credit to private sector as a percentage of GDP. In Nigeria, currently, it's around 22%. Sub-Saharan average is about 40%. In many of these advanced economies, it's over 100%. So that shows that in many of these advanced economies, where they use regularly these monetary policy instruments, there's a very strong connection or link between the financial system and the economy, and between the financial households. That is why in many of these advanced economies, they use a lot of credit cards. To credit or interest rate adjustment affects the way they spend. But in this economy, it is not exactly like that. How many bank customers have credit cards? How many businesses have access to credit? So it is the few people that are able to access credit that are bearing the brunt of the continuous monetary policy tighten. So that is why we feel that it's better to look elsewhere and not just to follow what other people or just copying and paste what is being done in other jurisdictions in terms of monetary policy tighten. Because the peculiarities are different. We have our own peculiar challenges here. All right. Dr. Yusuf, thank you. Very interesting. I was about to take a pain from this, so I could take some notice from what you were saying. You've talked about monetary policy as it's being implemented by the central bank, not being the solution to what we have because of those who are outside the financial system in Nigeria. Like this report says, the interest rate hack is only targeting 10% of the cause of inflation. You talked about supply side issues. There are skyrocketing prices everywhere. Since the central bank is only vested with the responsibility to handle the monetary policy of the country, nation's economy, what else can it do? What else can it do to tackle this inflation? Because one would think that they are doing the right thing, economically speaking, by increasing interest rates and tightening the system so that it becomes more expensive for people to borrow and therefore they reduce the liquidity. That's number one. What else can be done? Now, number two, do you think that this new cash withdrawal limit policy by the central bank will be successful in reducing the liquidity in the system? Well, as to what this can be done. First, tackling inflation is both a monetary and a fiscal responsibility. The fiscal authorities have responsibility in this matter, just as the monetary authorities also have some responsibilities. Because the economy is not interest rate sensitive, there is very little we can achieve with regard to adjustment of interest rates. But the CBN has a whole lot to do with exchange rates. Because exchange rate situation or exchange rate depreciation is also a major factor that has been driving costs and increasing prices upwards. I mean, if you look at the rates over the last one year, you can see how rapidly the exchange rate has depreciated and how there is a very strong correlation between the exchange rate depreciation and the general price level. So the exchange rate policy needs to be reviewed. The exchange rates are management of a major factor and it's a major source of distortion in the economy. It's affecting investment. It's affecting outputs. And it's also affecting confidence generally in the economy. Now, as you know, we have multiple rates, which is a major problem. We have a very big gap between the official window and the parallel market window. We have a premium of close to between 80 to 90 cents. It's almost unprecedented in the history of this country. And I don't think there's anywhere in the world where you have this kind of disparity between the official rate and the parallel market rate. And the policy itself is also impeding the supply of foreign exchange into the economy. Because foreign exchange into the Nigerian economy is not only coming from oil sector. Of course, we have issues with oil production, oil theft, and the policy issues in oil and gas. But also have prospects because this economy is a very big economy. And the prospects, the chances, the prospects of economic economy is quite high. If only the policy environment is right. But the current foreign exchange policy environment has created a major problem. Apart from the foreign policy environment, quickly before we lose the track, I asked also about the cash withdrawal limit policy in terms of the liquidity in the system. You talked about excess amount of cash in the system. Will this help? Will this help to reduce that liquidity? Because we already see complaints from different sectors of the Nigerian economy about the negative impact of this policy. The policy has no impact on liquidity at all. There is no connection. And when people say that either the designing of the currency or the withdrawal limit will have impact on monetary points or liquidity, that is not correct. Because money supply in the economy currently is over 50 trillion. This cash thing that we dramatize so greatly is just 2.8 trillion. That is about just 5.5 percent of total money supply in the economy. So when people say that because they are designing the currency that we draw a limit, that will affect inflation, there is no economic basis. There is no empirical basis for that assertion. So it is not correct to say that. What that we only do as we are beginning to see, just to disrupt economic activities, especially at the informal sector level and the rural economy, there is going to be a major disruption as we are beginning to see. So the policy is not bringing any significant value into this economy, either from the policy point of view or from productivity point of view. Well, my sense is that perhaps this is just about politics, about the so-called people who are, you know, who want to buy votes, money laundering and all of that. And the question is, should that be the major focus of the central bank? We have numerous institutions of states that are so positive. Dr, we are almost out of time. I'd like to ask you this as we, you know, close the conversation down quickly. Do you think that we need to continue to increase the NPR, especially when the, you know, the World Bank has complained about the increasing inflation? So yes, that's my concern. And that that's because it comes from the lack of commitments to reforms. So do you think that it's, it's very valid and rational that we continue to increase the NPR? No, no, it is not, it is not advisable. I think what we need to do is to reduce the CDF financial deficit, which I alluded to earlier. We call it waste and means. And we need to focus a lot more on reforming our foreign exchange policy. And more importantly, to look at the supply side factors. We have factors like the high energy cost, which you just discussed in your previous with your previous guest, that is falling in inflation a great deal at the cost of diesel, cost of transportation. We have challenges like insecurity, which is affecting food supply. We have challenges like climate change. Look at the effects of flooding and all of that. All of those things we manifest in both December and January inflation because many firms produce, many firms have been destroyed. Then we have also have the global factors. These are all these other factors that we need to address. So we should focus less on the use of NPR, the use of CRR, because CRR in Nigeria today is about 32.5%. It's one of the highest in the whole world. And that is affecting what we call financial intermediation. It's affecting the capacity of the banking system to support productivity in the economy. Because 32.5% of all the deposits have been mopped up by the Central Bank of Nigeria. You know, so I think we just need to just leave the NPR, the CRR, all those variables, we should leave them as they are and look at all these other key drivers of inflation. That is what that is. We have to go. I want to just give me one sentence, because this is actually the thesis of this discussion, which if we don't talk about it, it will be a waste of time. Just one sentence. The experts that we are citing are feeling there will be an inverse relation between the increase in the NPR or the interest rate and local production manufacturing. They think it's here, right? I'll be going down. Just quickly, do you agree with them, sir? Very quickly, please. Yes, yes, yes. It should be going down to the interest rate, the kind of principle of productivity in the economy. Thank you so much, Dr. Muda Yusuf. Thank you, my friend. Well, we appreciate your time. Dr. Muda Yusuf, CEO Center for Promotion of Private Enterprise. Thank you and have a Merry Christmas. Well, that's the size of a conversation. We hope that you join us tomorrow. Interesting. Very interesting. I wish to thank the man for what? Very interesting and very insightful. As we inch closer to 2020, we'll definitely have Dr. Muda some other time to share his thought, and even in 2023. It reminds me of when you call Mukta. Mukta. Well, that's it this morning, and we do appreciate you for always being with us. We hope to return tomorrow, all things being equal. Thank you so much. You can join the conversation on social media and Facebook, Twitter and Instagram, and also subscribe to our YouTube channel as a plus TV Africa and plus TV Africa lifestyle. My name is Messi Bopu. We joined the newsroom at 10 o'clock for the news brief. My name is Stofi Bartels. We're going across the road. Messi will use the ATM machine to withdraw. Do you now know so we can see if it's true or not, and I'll keep them afterwards. See you tomorrow. We have to go. Nine o'clock is time for, you know, the news brief. Please stay with us.


What is up everybody? Welcome back to the channel.  Shout out to Lita Out there in Dallas, Texas, crushing it in real estate, and she just wanted to kind of pick my brain and You know get my advice on on running Facebook ads, right to build her real estate business Specifically to actually sell a property a listing that she has. Okay, so What I want to do here is I just thought I'd you know Educate all of you guys and just show you these basic fundamentals and these basic strategies to really be effective at this type of advertising Okay, so I wanted to kind of just jump on here and share it with with all of you guys now Here's the deal as you come into as you come into your Facebook page, right? You can there's there's you know a few different ways you can get to the ads manager You can and make sure you're doing this from a computer You know a lot of you guys try a lot of you guys try to do it from a cell phone or from some app Do it from your computer.  Okay?  Okay. This is where the magic happens now What you want to make sure you do also first and foremost is make sure your billing is updated Make sure you have a credit card on file because without having a card on file Facebook's not gonna allow you to you know Run an ad so make sure you click on billing Update the credit card information if you need to Change the billing date if you need to in my case. I have my date It's actually one one date per month So you can choose whichever date of the month you want Facebook to bill you I have them bill me at the end of the month, which gives me the ability to run ads all month and not have to worry about a Cost right I just end up making that monthly payment at the end of the month So that's just how I have mine set up You can set up however you want But make sure the billing is for sure set up and then once you have that going you're gonna simply click click over here Click on create and this is gonna bring you to the setup. This is where the magic happens Okay, and I truly truly believe the reason why I'm cutting this video for all of you is because I truly believe 99% of people who try to run Facebook ads Make the mistake on Step one this right here is step one when it comes to clicking the green button and coming over here There's three steps step one is the campaign step two is the ad set step three is the actual ad Okay, so in step one the campaign Facebook wants to know What is your goal? Like what is your objective? Okay? And that's why I want to spend some time on step one in this campaign Level at this campaign level because this is the most important if we don't choose the right Consideration the right conversion the right awareness if we don't choose the right one right here Nothing else matters, okay? Your ad doesn't matter your video doesn't matter what you put in the text that doesn't matter You're targeting if you're targeting Dallas that doesn't matter if you do not have this part set up correctly That if you don't choose this part correctly, I should say now when it comes to this part It depends on what you what you have on the back end for example If we're looking to capture leads which is pretty much 100% of you guys are watching this video You're in some type of business where you need to capture a lead whether you're a real estate agent You're looking to capture a lead whether you're building a Social media marketing agency you're looking to capture elite whether you're a coach or some type of consultant You're looking to capture a lead if you're if you're an affiliate marketer or selling any type of physical product on a website You're looking to make a sell so at the end of the day All of us that are running Facebook ads 99.99999% It's to do one of those things you're either capturing a lead or you're making a sell Bottom line right there's really nothing else to it. That's really what we're all here for so with that being said It starts here if our goal is to capture a lead There's a few different Options that you need to be aware of okay now When I was on the phone with Lita Lita, I was I asked her I said hey Do you have any landing pages because this is an open house that she's looking to promote right here's a post now I told her that the way you have it set up now is you shared it from Benny's page What you want to make sure you do for sure is post it on your page. It has to be native. It has to be Officially posted here from you. That's your video. That's your post you write out the text It's coming from your page not sharing it from someone else's so make sure you do that first, right? The post goes up here the text of whatever you want to put in the ad it all goes right there I put it here first now some people will run the ad behind the scenes So you just come over here and you set up a whole brand new ad Without it being posted here first, but the reason why I post it here first is so Whenever I do turn off that ad it ends up staying on my page forever Because why not like why wouldn't I want it on the page forever right like I'm paying for it Like just because I turn off the ad I Still want it to show like I stood even though the open house already passed even though the listing already sold It doesn't matter. I posted it. I paid for it. I want it to live here forever That's why I post it here first versus not posting here because if you do not post it here And you just come into the ads manager and you run an ad and rather than then then then having the video here You upload the video from your computer or an image you upload it from your download You know folder on your computer the moment you turn off that ad it's nowhere to be seen Right, so that's why that's why I want to do it here first So so so what you want to do is is post whatever the heck you're gonna advertise your your image your video The text it all goes here first just like you're posting any other post nothing different Okay, but obviously in the text you want some type of call to action You want to tell them about the property in this case whatever the heck we're promoting tell it to me in the text Okay, now what I asked Lita is I asked her I said okay You have this open house or this listing that you're looking to run a Facebook ad number one question I asked her is I said do you have a landing page and she wasn't really too familiar with a landing page and Most people aren't and so I showed her what a landing page was and she said no I don't have I don't have anything like that which led me into the next way to director Which is what I'm going to share with you guys Okay, and that's why the title of the video is how to run an engagement ad how to run an engagement ad is It's gonna be it's gonna be the topic of this of this one because you can run a lead generation ad for sure I'll leave that for another video Let's let's focus on engagement add on this one and in what exactly is an engagement ad Okay, so I showed her a landing page. So I told her I said hey If I was running it I would be running it to a landing page and this is what I showed her I said, okay, so this is the ad. There's the text. There's the video Open house coming up this weekend Targeting the local area of Dallas. That's the ad when people click on it. This is what I showed her I said when people click on it, here's where I would take them I would take them to a landing page to capture the lead So they see the ad in their newsfeed targeting that local area. Okay, they click learn more They come to one page like this, okay Open house Saturday and Sunday 444 3rd Avenue San Diego all this stuff you can edit you can edit the image you can edit the text That's not even you know the important part at all You can edit all that stuff. So The purpose of bringing them here is so they can click on that button And that's how you capture the lead So for those of you that are actually really looking to crush facebook ads It's not just one ad you want to be running multiple ads And I even told her I said is it is it just this one ad that you're looking to run and she said yeah And that's why I said, okay, maybe landing page software might not be for you Because if you're not planning on running ads all the time There's no need to pay a hundred bucks a month for landing pages, right? Um, and that's the advice I give to you guys landing pages email automation Um, it's only necessary for those that are actually running traffic If you're not paying if you're not running facebook ads all the time every single month You don't even need landing pages like what are you going to do with your landing page? Take the link and share it on social media when 99 percent of people don't even care like no like There's no need for landing pages that landing pages at that point But if we're going to run them all the time, then yeah landing pages is a for sure for a sure super important investment Because this is where you want to be driving your traffic Capturing that lead once they click on that yellow button, then they're put into your email auto responder Which now that email list is nurtured by receiving emails all the time from you Now whenever I email my list no more having to pay for advertising, right? So that's that's that's the dream is that's the official goal That's the real goal is to drive them to a landing page to collect that email And then nurture that list to build to build rapport build a relationship and communicate with people via that email list And especially if you're running a local business and you're running local ads You have the ability through this one strategy alone to build an email list of hundreds of people that live in your backyard Like that's powerful. That's super super powerful. Now again in her case she's only running one ad and She's not Going to be running multiple ads. So therefore I said, okay landing pages is not what you want to do now over here That would have been conversions. Okay, so for those of you who are running it to a landing page Looking to capture leads its conversions Now since she does not have landing page software, then I told her I said, okay Your next two options to run this ad is going to be engagement Or it's going to be lead generation. Okay, so These are the two that you can you can choose from now If you know how to run a lead generation then then go through that I have a whole another video On that which which which um, in fact, I'll tie to the end I'll tie to the end on how to run a lead generation ad but it's really those two options and now now Now she's not now shout out to Lita Sending my love out to Lita, but at the same time she's not super super Tech savvy when it comes to Facebook ads, that's why I didn't want to show her the lead generation Uh process on how to set that up. I wanted to keep it as super simple as I could And as I can um, and that would be engagement So walking you through this engagement ad is what I'm going to show you this is as basic as it gets This is how you can still take that listing That open house and get a ton of exposure In that local area for not the highest Amount of cost like it's not going to cost you a lot at all And it's not going to be super techie where you have to learn All these steps of how to set up a lead generation ad because there are quite a few steps to set up the actual lead form So if you're not going to you know spend time and and and and have patience to set up a lead generation ad Then then engagement is going to be is going to be your next best bet Um, or you can do messages, but then you got to set up the messenger app Which is in many cases many chat and that's a whole separate software So we won't even do messages. We're going to keep an engagement. Now. What is an engagement ad? An engagement ad is when you're targeting that local area. So we're going to take this post right here We're going to target Dallas for example, and we're going to show it to everyone in that area Okay, now an engagement ad is whenever you come across a sponsored post. Let me see if I can just See one randomly Let's see if we can if that's not one um Let's see if we can find a an engagement ad And sometimes you'll see them sometimes You know, you won't but Okay, let me let me just give you an example of this one shout out to carrot. They do a lot of real estate marketing Here's a perfect example. Okay. Now this is not an engagement ad, but it's also a perfect example Whenever you come across an ad a sponsored post that's an ad right There's the text There's the video. There's the learn more when I click on learn more. He's taking me off of facebook He's taking me to a landing page. Okay. That's what I showed you with this one over here This is a landing page The ad that he is running is conversions. Okay, so again, if you're driving it to a landing page That's the the the the objective right there Is conversions But if we're not then it's going to be engagement or lead generation now I know for a fact that this is not either one of those it's not a lead generation ad and it's not a Engagement ad because if it was an engagement ad I would see 79 79 likes. I would see 57 comments. I would see 27 shares You would see that engagement. You would see that those those numbers right there. That's an engagement ad Now in my opinion, it's still super powerful because I'm targeting Dallas. I'm targeting that local area Now the only difference is in this case running an engagement ad is now I have to micro manage Meaning I have to constantly be looking at my facebook because I have to look at all these comments that are coming in Because that's what we're paying for we're paying to get people in a local area to engage With the post now if I'm targeting Dallas And I'm targeting a bunch of people that that I'm not friends with on facebook I'm targeting people who do not even like my business page, which I'll show you how to do that through the setup process here But I'm not targeting any of those. I'm not targeting facebook friends I'm not targeting people who like my business page. So therefore every single comment that would come in Are from people that I don't know and these people are seeing my ad And the only reason why they would comment because it's an engagement ad The only reason why it's because they're freaking interested. It's the only reason why it's it's an open house coming up or it's a listing Why else would you comment like why outs unless you're just commenting for the hell of it?  So that's even powerful as well You're going to be getting a bunch of people in your local area To share it on their social media to share it on their facebook. That's what you're paying for engagement. Okay so Given where where her her knowledge You know is that on running facebook ads? That's why I said, you know what let's just do an engagement ad I'm going to show you how to do it. I'll send you this video and Run an engagement ad. Okay, because it's again, it's just it's just in my opinion the easiest one to set up So here's how we're going to set it up. We're going to go engagement. Okay. Now once you click on engagement Then this box is going to appear. Okay. It wasn't there before I clicked on conversions or before I click on any of these You didn't see that special ad category Because she's a real estate agent you have to for sure Check that box and make sure this is housing. Okay, as long as you do that, you're fine Now we're going to go engagement. Okay, so let's go back to her post Here's the post right here. Okay, so This one right here is 65 or 651 county road That's what I'm going to title it So I'm going to walk you through the setup of it right now engagement We're going to come down and by default you'll already see it post engagement and what I'm going to do is I'm going to space Put a put a dash I'm going to paste in the actual address. Okay And then I'm going to make sure that these both are gray because sometimes you'll see it shaded blue We want to shade that gray both of those and then we're going to hit continue This is how to run a facebook engagement ad. Okay, and so what I'm going to do will be here is I'm going to simply come up to the title And I'll paste that address in right there as well. Okay. Now. Here's what we do Because we most likely don't have any custom audiences. This is pretty much her first ad There's no custom audiences. So we won't worry about that Now this right here is very very important because I want to target my local area I want to target where that property is listed Although people relocate and you never know where your next buyer is coming from I want all the attention Especially if we're spending money on this I want it to be all in that area I want everybody to know about this open house. I want everybody to know about the listing I want all the local community to know about what's going on And so what I want to do is I want to choose this drop down And I want to go people Living in this location and what I'm going to do is I'm actually going to base everything around this address So if I come over here And I type in 651 county road, let's just paste it in and see if we get anything Um, we're looking for the drop down and we're looking for Texas let's go texas Okay, so there it is there It's this one right here, which Which i'm pretty sure it's that one, but even if it's not that one here here's the I mean This is a clear example of how to do it. So whether that's the right address or not What I would do is I would either base it around the address Or I would just type in the city So that's the option as well Whatever the city is or if I'm looking to target a completely different city I would target that city, but in this case, it's an open house. It's a listing We want all the attention in that area. So let's say for example, this is the right one Now I can 15 miles is the minimum I can go up as high as I want on the targeting 15 16 I can go 20 miles. That's kind of you know a far way out, but it's it's up to you But 15 miles is for sure the minimum So I'll leave it at 15. Okay. Now what I also want to do is I scroll down You can no longer change the age you can no longer change the gender now This is specifically for housing if you're not running housing ads then you can change age and gender, but um With housing you cannot language you could target Spanish in this case Lita is is Hispanic and she has a huge huge Hispanic community and and followers So she could for sure Come into the ad and only target people who speak Spanish And in that case if you're targeting only people who speak Spanish then the post over here the ad Write this out in Spanish. Okay, you can write that out in Spanish And then and then and then you can come over here and only target people who speak Spanish. Okay now if you're going to Type the ad and put the text in English You could do English and Spanish. That's what I would do if I was Lita She has you know a market from both both angles I would do English and Spanish write out both write out everything and here's what you're writing You're writing the specs. You're writing the specs um Three bedroom two bath huge yard four acres Swimming pool, you know, you're writing whatever catchy text you want to write about the property And then what you can also do just for the heck of it You can add a few I wouldn't do too too many But you can go to emoji copy.com, which is this right here emoji copy.com And you can maybe add some a little emojis inside of the text that way it doesn't look so plain Right like it and share it doesn't look so plain You can actually come to this one emoji copy.com And you can add a few different emojis like maybe add a property or add a smiley face or add something You know what I mean? Like just to just to make it stand out and that's all emojis do emojis make make the post as you're going to the news feed And and you're just seeing, you know different random post from different people The emojis psychologically makes a person pause So if I'm scrolling through and I just see text, right? There's a video. I just see text. There's the image I just see, you know more more and more text the moment I see some type of emojis It allows us to stop in our place and just take a second look, right?  I'm targeting those two areas Now because we're only targeting this small area of 15 miles this specific location. This is where the property is located I would leave this detail targeting. I would leave it open I would leave it open the only time you really want to come in here and put some keywords And really target some interest or some behaviors or some demographics based on what people like or or the job title The only time you really really want to do that is when you're when you're when you're running ads for a nationwide type of business If you're running out ads and you're targeting the entire country Then then then being more specific on on the targeting Is necessary, but if I'm targeting a very specific location a small a small location I'm going to leave that blank. I won't even put in keywords right there Now here's what I want to do also on the connections click on that And I'm going to exclude Everyone who likes my page Because chances are The people who like your business page 99 of them Live across the country So I don't need to to have any of my advertising going towards those people at all I want to focus every single penny Targeting that area. That's it. So I'm going to have to exclude My business page. Okay, so I would do that And then I would scroll down I would leave it on automatic placements Facebook does a very good job on on on placing the ad and and and making sure that your dollar Really goes far where they're not wasting it. So I would rather than manual placements I would just leave it on automatic and then I would come down here And this is what we're optimizing for post engagement. So it's not impressions. It's not daily unique reach It's post engagement, which that will already be there by default and then here's what you want to do You want to change this daily and you want to go to lifetime? Okay, it's the same dollar amount. So whatever you plan on spending 20 bucks a day for 10 days Let's just use that as an example rather than me going daily budget of 20 dollars per day And rather than doing that right daily budget, let's go back to daily budget Rather than going daily budget of 20 dollars per day What I would do and again, it just comes down to how many days we're running it What I would do if we're running it for 10 days is I would go lifetime budget And then I would change the day and and and whatever day whatever time of the day it is chances are your midday chances are it's already freaking You know In the afternoon so depending on when you're running this ad if it's already midday if it's already afternoon I for sure do it this way because I want to set the calendar for the next day. So right now it's may 4th Right now it's it's freaking. What time is it? It's it's 11 o'clock my time, right? So what I would do is I would set this for the fifth And I would set it for 6 a.m Because I want to give facebook plenty of time to review and approve the ad I don't want it to go out right now. I don't want to set the calendar right now I want to set it out a few hours in advance, right? So in my case what I do most of the time Now again, if it's the morning if it's 11 o'clock like it's 11 Actually, it's 12 o'clock. It's 12 o'clock my time. What I could do since it's 12 o'clock. It's noon I could set it to go live at 6 p.m Which gives facebook six hours to review it and approve it Now sometimes they take longer than that. That's why what I always do based on my experience I just set it for the next day So I'd go may 5th and I would I would set it for for 6 a.m to go live The very next morning. Okay, so that's what I would do in this case now If our budget is 20 a day and I plan on running it for 10 days I'm going to go lifetime budget 200 Okay, I'm going to go lifetime budget to 200 and then I'm going to make sure that I change the calendar So right now it is may 4th Actually, let's go start day. So may 5th and I'm going to change this to The if I'm only going to run it for if I'm going to run it for 10 days Then it's going to go to the to the 15th Okay, so there's my 10 day period and I'm going to make sure that I change the end time As well, and I'm going to go to 6 a.m So whether I'm running a daily budget at 20 bucks or I'm running a lifetime budget for 200 It's the same thing But but I do it this way so I can start I can set up a start time and I can I can also Have an end time and this allows me to also not forget about the damn ad Because I've spoken to so many people where they're like damn David Facebook charged me 700 bucks and I had no idea I had ads on It's like do because you're you're running daily budget and you're forgetting about the ads that are freaking on Turn that damn thing off, right? But most importantly set the time Set the budget and make sure you don't overspend and that's how you do it You set a start date and you set set set an end date and you go lifetime budget Okay, so we'll do that and then down here. You don't have to worry about any of that. We'll hit continue And then this is the third and final step. Okay, so back up here The title I mean you can leave it whatever but then again I just I just bring it over again the same same address and then down here What I want to do now is I want to choose hit the drop down and make sure you see your business page So whatever that business page may be let's say for example, it's melissa Melissa posted the ad on the business page first, right? So now as we get to this third and final step, we're going to go with use existing post I'm going to click on select post I'm going to find that post. Let's say for example. It's this one. I'm going to hit continue And there goes the ad okay, so the ad will be posted right up here Let me go to back to melissa's page Make sure you make sure you check on that damn thing because sometimes by default I'll take you back So let's so now we got her page up there Let's select post And let's say for example, we go with this one Okay, we hit continue And then now that post Becomes the ad now if I didn't do it that way so as it populates. We'll see it over here to the right hand side There goes the ad okay that text she wrote out that image she posted On the business page first now if I didn't do it that way then I would come I would come over here And I would hit create ad And then I would I would simply pull the image or pull the the video from my computer So I would click create ad and then I would click a single image or video That's that and then I would go over here actually I would go over here and then I would add image or I would add video So let's say for example, I add image Then I'm going to come up here and then to the top left Most likely that image may not be right here. These are just past Facebook Images for ads, but what I'm going to do is I'm going to click upload And then it's going to bring me to my computer Where I'm going to find that image. I'm going to either find that image or I'm going to find that video Now again, now I'm running it from the actual Um My computer right so that means when I actually turn off the ad Then it's nowhere to be seen. That's why I want to post it on my business page first So when I turned it off, it's going to be there forever. Okay, so I just like it that way You guys can choose whatever you want, but again in this case. I'm going use existing post And then it's going to it's going to pull that that post Down here. It's going to ask for a call to action button now Here is where you can put you could put a link to your landing page But you don't have a landing page. You could put a link to your website But don't hold your breath You ain't going to capture leads from it because chances are your website has a million things to click on So that's not where you're going to capture leads, but in this case it's not even a lead Capture type of ad it's an engagement ad so any activity is going to happen on facebook So in this case what I normally do is I'll just put a send message button Send message and if anyone clicks on it, then I'll get a facebook message But again, that's not the objective. So don't hold your breath for people to send you a message on it either Now it could be you could get send messages because it is an engagement ad so people for sure That's what I would do for sure now that I really think about it Put a send message because any engagement whatsoever is going to stay on facebook So if they see the ad and they see the send message for sure that is engagement So they could send you a message No doubt no doubt about it But at the same time it's an engagement ad So what I want to do is I want to really be be on the lookout for any notifications that start to come in And those notifications will come in just like your other notifications over here to your to the right When when you click on the bell just like those notifications come in These same notifications will be coming in because all they're doing is is commenting Liking or sharing the post and and again every single person that engages are it's going to live in that area Okay, so that's what's super powerful Now again in closing the reason why we'd run that is because we're not driving it to a landing page The reason why we're running that is so we don't get super complicated It's not super complicated setting up a lead generation ad even though a lead generation ad when I come back over here Step one the campaign level the objective It's not super super Difficult to set up a lead generation, but in this case she wants it fast She doesn't have a whole lot of time to learn it and this is the best one you can do You can focus on engagement and just get a ton of people in that area to engage in the ad So if I come back over here the last and final step This is the messenger setup now the reason why there's now a messenger setup is because I chose the call to action Of send message. So right over here Because I chose this call to action of send message Then this bot this drop down pop pops up and then I can I can hit generate leads And then I can create a whole new layout of of just a handful of messages that are automated Okay, now again right here. Hi, please answer a few questions So we can get started now you can do this you can do this and and set that part up See and and also this error error make sure there's not text in that image There's text in the image and that's why they're telling me it may reach fewer people because there's text So you don't want to put too much text in the in the image at all Um, and so you can go through this setup right here and just click on create Or if you want to find out more about this click learn more, but again, it's it's really just An engagement ad so I'm not even looking for a bunch of people to necessarily message me I'm looking for people to engage and I'll just focus on those comments I'll focus on that engagement and and get people into my world that way, okay? So right here start conversation suggest topics or questions And then and then you could just click create and go through that setup And then once you're done with that, which is super simple all you're going to do It's come down to the bottom and click confirm and that is it you guys So now we set up our budget we set up our targeting we set a calendar So we don't overspend and now all the attention of that one Post is going to be going to that local area and that's where your next buyer is coming from So that's how you set up an engagement ad you guys. Let's go back to the Step one to the campaign Make sure you're checking this box And and and and what you here's here's the last thing that I'll say in closing If you are the type of business that's looking to capture leads or make sells You absolutely have to start driving it to a landing page Conversions is going to be your best bet you can do lead generation But there's just a few more steps involved which In my opinion are one too many steps I'd rather just go conversions drive it straight to a landing page get that person to opt in Now all of a sudden that person's on my email list now They can start receiving emails from me that can all happen through lead generation as well But you do have to you do have to implement a few more steps Zappier is one software that you'll eventually have to start paying for to connect at all Then you got to pay for your landing page software Then you got to pay for your email automation software So I just use one software for everything and then and then I'll run conversion ads to that one software And and my one software is for my landing pages my email automation And my calendar. Okay, there's a you know, that's a whole other software So I use one software for those main three tools and that's profit with kartra dot online So you'll see a 14 day trial. You'll see a link in the description That's the software I use but again, it's only necessary if you're running paid traffic If you're not running paid traffic, you don't need landing pages You don't need an extra monthly fee right because the landing pages is $99 a month There is a 14 day trial, but it's 99 bucks a month But but at the same time man, I'm telling you in 2020 from this point on Your landing page software and your facebook ad budget is literally all you need You could take those two things right there and absolutely Scale your business to the moon. You could take it as seven figures eight figures You can get to the freaking you could you could take your business out of this world by those two simple things Facebook ad budget and landing page software. That's all you need and kartra is the one for it all I run everything out of that one software So there's a 14 day trial profit with kartra dot online For any of you that set up your 14 day trial message me, you know, send me a message Let me know we'll set up a strategy call I'll walk you through the software and I'll help you get off to a fast start free of charge You will have all my time that you could possibly need. That's the landing pages. Okay, so If you're new to facebook facebook ads FB ads for beginners that link is in this is in the description as well Jump on my vip list where I teach you just these basic fundamentals On facebook advertising to help you run the most profitable ads in 2020 and beyond So that that link is in the is in the description fb ads for beginners Jump on that list, but that right there you guys that's an engagement ad That's to keep all the traffic on facebook that pretty much is your beginner friendly ad that can be super super powerful and effective All right guys, I'll see you in the next video over and out


LibreOffice 5.3 is full of new features and updates that can be used across the suite. Keyboard shortcuts can now be displayed in context menus and are enabled by default on Windows and Linux. To help you work better with filled shapes, the Area dialog has been simplified and includes a new Patterns section for better compatibility with other Office software. Additionally, if you want to fill a shape with a custom bitmap image, you can now import a new image directly from the sidebar. It's now possible to insert PDFs into your documents as images with the first page being shown. Furthermore, you can sign existing PDF files and verify those signatures as well. Color palette management has been simplified and new palettes have been added for professional graphic and layout workflows. New items have been added to the Help menu including quick links to user guides and community support forums. The Safe mode is now available to help you find and fix problems with your user profile or extensions. Text layout has been unified for consistency across operating systems while file format compatibility has been improved as well. Finally, LibreOffice 5.3 is the first full source code release of LibreOffice Online, a browser-based version of the suite that you can run on your private cloud infrastructure.


If you learn to quiet it, you will be engaging in things that make life worth while. And if you're not, well, your inner critic has won the battle, but has not won the war. And I always ask everybody, how old was Magellan when he went and set sail around the world and all his adventures are like, I don't know, probably like 50, but because he dove into his passions and was bold and brave enough to know what he wanted to do and went after it. And that is why he set sail at that age because of the glory that was on the other side of that. And for all of you young people listening to this show, if you're staring at the ceiling and your mind is racing, it is because the things that mean the most to you have been left to the side while you pursue what you think is the right answer. Or what you felt was the safe thing to do because your inner critic up until this point has been winning.


Thank you very much. It's really a pleasure to be here today so the topic of our panel is financing the SDGs and This is an unsolved challenge even two years after the SDGs have been adopted We know that the SDGs require trillions of dollars of additional public and private investment And we also know that there is ample capital in this world and ample wealth in this world That is waiting to be mobilized But despite this coexistence of capital and needs we still don't have the mechanisms at scale To solve the problem at hand We're very lucky today to have two leaders in this space Who will actually help us get out of this conundrum? To my left we have Mr. Alexander de Kru Deputy Prime Minister and Minister of Development Cooperation digital agenda post and telecom in the Belgian federal cabinet Mr. De Kru previously served as the Deputy Prime Minister and Minister of Pensions for his government and to his left We have Mr. Herve Dutay and he is the regional coordinator for sustainable finance at BNP Paribas And has spent over 20 years in the financial services industry in a variety of roles around the world So we have perspectives from both the public sector and the private sector And I'm just really ecstatic to see what we can come up with to solve these problems Deputy Prime Minister, why don't we start with you five-minute opening remarks and then we'll hand it over to Herve and take it from there Okay, thank you for this very nice introduction when we are talking about Financing for the SDGs One of the main topics that will always come into the discussion is ODA official development aid For who does not not ring a bell. It's the infamous zero seven percent Now is ODA really the key to unlock development? My hypothesis here is that it is not the case And I would just like to start with one one example two countries Ethiopia and the Democratic Republic of Congo both sub-Saharan countries Fairly the similar size coming out of a conflict end of the end of the 90s If their GNI gross national income in the end of the 90s was a hundred Then you see that in the DRC it is today about four hundred and you see that in Ethiopia today It is about seven hundred So if the thinking would be that ODA is the key to development Then we would have to conclude that Ethiopia has received a lot more official development assistance Then the DRC has received That's not the case It's actually quite the opposite the DRC has received a lot more official development aid The main difference obviously was that the governance in Ethiopia was much better than the governments in In the DRC throughout the world today We do not really see a correlation between the success in development and how much ODA we are Pouring in what we see is that development is taking place in stable environments And it's taking place in countries where there is a certain political will This is more about policy than it is about pouring money in and maybe another Another great example of development and it's a completely side of the other side of the world It's in China and it's a policy that Deng Cha Ping Introduced that in the end of the 70s at some point he allowed Farmers to produce more Than the quota they had to sell to the states and to produce more but also sell it on the market the fact that the farmers were allowed to sell on the market created Entrepreneurship created profit profit created investment and so on this is just giving a little bit more freedom and Improving the lives for more than 10 million of people. So in the end what it is about It's about governance about political will and about sound policies These are the real factors that drive sustainable development Financing will only have its role when the political space is there to allow Financing to play its its role Does that mean that financing has no role to play whatsoever? No That's not what I said. What I said is that there is a precondition for financing to help in Development and that is very different on the type of country you're talking about when we are talking about middle-income countries This is mostly about domestic resource mobilization. This is about Foreign foreign direct investment. This is about remittances capital markets and so on If you are talking about the least developed countries These developed countries are today very very dependent on foreign assistance now all the ODA in the world is Never going to be sufficient To achieve the SDG agenda in the least developed countries That means that you have to open it up to other sources of financing private sector for example and Private sector that will invest if there's profit and Profit is actually a good thing also in development if you want Those financial flows to come then there needs to be a perspective of profit and a decent profit I'm not talking about monopolistic Profit. I'm not talking about tax evasion, but a decent profit Means that people can get hired means that there can be investment means that there is an economic Cycle is taking taking place in my perspective ODA is a very outdated concepts if we want to look into financing today I think we need to look at it from another perspective. We need to look at it from the perspective of leverage For any every dollar or euro of ODA how much other types of investments are you pulling in? Basically, I think you should look at ODA The way we look at the hedge fund today in the financial markets ODA should also something that Partners with the private investment and a private investment that is looking for impact and looking for results And this is also about values Pouring money in is not the solution Investing in human rights Investing in empowerment is a real thing If we make sure that a girl can go to school This is a good thing for demographics, but it's also a good thing because she can become an entrepreneur and become an entrepreneur Is the best way of driving development? This is about free enterprise. It is about having governance being accountable so I would say Development is not so much about finance. It is about empowerment if you empower people Then develop then financing can have its role and drive the sustainable development goals. Thank you They thank you very much. Mr. D crew Harvey over to you Good morning First of all prime deputy prime minister Thank you so much for your remark and what you said does resonate very much to me from the private sector My name is Irving Dutay for over 20 years. I've traded derivatives or managed capital market activities and A little over three years ago. I took over the role of heading corporate social responsibility for BNP Paribas and When a trader takes over CSR, believe me, it's not to repay in classrooms in the Bronx or at least not just that My view you see is very much that when it comes to CSR within comes to Corporate responsibility towards society our first and foremost Responsibilities to come up with business solutions, not just philanthropic ones So fast forward to today this has led to the creation of our sustainable Finance practice and I will share it with you a couple of perspectives and especially I think that's what you wanted and you get One example of a product that starts moving the ball when it comes to financing the SDGs So first of all, what is our problem from from the private sector and especially from a bank's perspective? It's how to unlock capital from pension funds from insurance companies from sovereign wealth funds and Especially from what we call mainstream investors or retail investors. That is probably most of you here and To solve that problem one has to understand What what is the key pain point of those private sector? Stakeholders to invest and that has to do with return That has to do with risk That has to do with liquidity when you invest something you may want your money back tomorrow And that has to do with time with time horizon These are the tenants which are embedded Into shareholders expectations and as well within fiduciaries and And they come before any other civil society expectations somehow So this is what we have to deal with We have to either fit these requirements and we the private sector can do something around those constraints Or one has to change those requirements, but this is what policy can do not the private sector So two things we can do the first one is signaling and the second one is create products So just one minute on what signaling is about and things that we've done at BMP paribas The very first thing that we've done like Microsoft and other companies is to map our business along the SDGs I didn't bring you the slides It turns out that we do cover all of them in several times, which is not surprising because banks Fortunately and sadly we don't do anything tangible. We're a pass-through of money So we may finance good or not so good projects, but this is how we map our Business the second thing is we set targets and one of them is that by 2018 at least 15% of our financing Fund directly projects which which are related to the SDGs today. We're at 16 and a half percent Which means we'll raise the target soon Incentives we have 13 public KPIs around these endeavors one of them so is about the percentage of loans to SDGs and 20% of the variable compensation of our top 5,000 officers is linked to the achievement of that target in 2018 all right now products so I Believe banks are Hold the key of this capitalism to the common good for one reason banks We are in the business of bridging money between projects and investors and Investment banks in particular we are in the business of transforming risk and remember I mentioned that the investor wants return a safe risk and liquidity So here is the opportunity. This is the amount of money that's going to change hands over the next 30 years or so About 41 trillion dollars are going to change hands from baby boomers and Gen X to millennials And we know this generation and people who live with this this generation and I associate myself to that Are very conscious and want to bring purpose to their investments So this is what we want to invest in the reality is if I offer you that you won't put your money into it Okay, so here's an example of a product that we've done with the World Bank We've done several actually for the last three years and last March. We launched the very first Sustainable bond with the for the World Bank That is linked to the SDGs so Investing in a solo farm in Tanzania doesn't work for us. We want safety So what we did is we selected a bunch of Sustainable projects around the world with the World Bank and wrap that them into a bond So now we've transformed project risk into a World Bank triple a credit risk The problem is now you're gonna get 2% or so Which you don't want you want more upside Hopefully so we've transformed that yield into an equity return if you believe the equity market will do better over the next 10 or 15 Years, this is the transformation we've done now you don't want the stock return of Any basket of everything and anything so we've filtered this Many ways we've excluded what we don't want we've taken the best in class in the insurers in in the banks Etc. And especially we've kept the 50 companies where at least 20% of their revenues address at least one of the SDGs and On top of it we control for a number of financial parameters So it fits the requirement and finally we and the World Bank have committed to provide daily liquidity on this product So the day you want your money back you can have it and Those fairly engineered products usually are available to the wealthy which have a billion dollars to spare and the face value Is usually a quarter million dollars well, we've put a face value of a thousand dollars So that anyone and it was distributed by a number of banks around the world UBS torture bank and so on So that the retail investor can invest in so to wrap up this is the one example of a product With partners that can bring the private sector much closer to what we call impact investing. Thank you so audience please have Take some time to think about some questions for our panelists and I'll start actually if I may So mr. Decru there was a provocative speech about Oda versus private investment The reality is though that there are some investments in this world that need public financing And that there are some that need private financing and then there's a different set that could require a bit of both So as Minister of Development, how do you think about drawing that distinction? to say Oda or international public finance needs to go into these sectors or these industries or these regions and That the private sector can take care of other parts and then I'll ask you a question right after I think that the First thing that needs to change is that we move from measuring inputs to measuring outputs the whole Development finance today world today is looking at how much money you spend and Myself as a minister I will be seen as a good minister if I spend a lot of money And if I do not spend a lot of money will be seen as a bad minister Whereas there is a whole other question is what's the impact of what you are of what you are doing? I'm not convinced that pouring in more money is always the right the right investment very often. This is about Empowering people and yes, obviously providing education Is one of the key of the key elements and providing health care is one of the other key elements and investing in family planning Is actually one of the best things best investments that you can you can do, but it is much more about Accountability About the effectiveness of the investments that we are doing then it really is about how much more should money should we be Pouring in if you make sure that people are strong enough if you make sure that there is attention Between population and its governments. I mean today what we see is that too often Governments some governments are so dependent on external financing from development aid That it doesn't matter if the population is happy with the policy or not because the financing is coming from another way in an in a classic Democracy classic functioning nation well as a population you give a mandate to political leadership With your tax money, and if you're happy you will continue so if you're not happy There is there is a rupture which is going to to come that level of Accountability towards the population and not towards the international world I think is the key is key elements and if you have a stable environment with political will Then external financing can do a lot of things interesting, but if there's no political will Then I think it's very hard to achieve progress great Perfect question for you. Thank you very much for this presentation about the SDG bonds It's really an innovative product, and you and your colleagues deserve a lot of credit for that What do you see as one or two areas where public policy could help change how the financial system works? So that products that you're developing can be scaled quicker and money can be Invested in at a quicker pace than it currently is so first of all that's going to be my personal opinion And not the firm that employs me because I don't I don't mean to opine on policy, but One example that has worked very well in France as a matter of fact It's the so-called 1910 funds First of all 1910 funds are Funds where which are 90% so-called SRI socially responsible investing So it's typical listed equities which have been filtered to basically not do bad and 10% which is impact investing and so it can be in in the In the domestic developed country it can be social businesses where the social impact comes first and What was interesting in terms of policy in the early? 2000s France enacted a law for that any company that has at least 50 employees must offer at least 1910 fund within its Pension plan and within its employee incentive schemes and as a result because of this ability to obligation to offer that has driven billions of euros into Impact investing in in in France. So that's one example of a mandatory law It doesn't oblige people to invest in but there is an obligation for the employer to offer such fantastic Wonderful. Thank you. Are there any questions from the audience? We have just a few minutes here and here please Are there mics or? Okay, I'll repeat your question administrative expenses as Okay, and and please quickly because we yeah, okay, basically all day you said it's it's not very Progressive and I think that is right true and Because basically in my country Where you look at all day 50% of the audio that actually comes in goes into administrative expenses I'm little of it actually gets to the people that need it. Why don't ODA be invested in mechanization of farming or in industrialization because it's from the Ghanaian president. He said We're farming we're producing cocoa But at the end of the day the moment the moment is coming in from industrialized nations like where you Switzerland where you have Chocolates coming out from so why don't you invest more in? systems like industrialization Mechanization and if you do that people get to farm they get to make more money you build a crop of entrepreneurs that can now Take care of themselves. They don't need your aid to go to the hospital You don't need to buy malaria drugs for anybody You don't need to pay for you know because they have the funds to be able to do those things So what do you think can be done about that? Thank you very much and we'll take the second question Thank you very much the question I was gonna ask you is there you do talk about financing so obviously didn't talk about lack of Expertise and institutional capacity to ask some of this funding in Africa. I I mean I work for United Nations You know United University in in Tokyo and I led one of the biggest study in the issue of climate change And one of the their the outcome of this finance lack of Institutional capacity, how do you how do you address that because there is part of money on that UNF triple C and they do They can't ask it and that's the problem so Quickly, I think first of all when when people are educated and healthy a lot of things are possible and I think that's the basics make sure that a Girl gets the choice to not become pregnant at the age of 12 But it's go to school and take her own life in her own in her own hands Make sure that the basic health care is there and provide enough freedom if there is freedom of enterprise If there is an equalizing taxation system a lot of things will happen And and I'm not sure that governments need to set up whole types of industrialization Processes in general governments are not so good at that what government should do is provide the basis and People are people who are healthy and well educated are entrepreneurial everywhere and just make it Possible for people to construct their own country to build their own country not only to politics But also through to economic and social Things maybe on institutional capacity Look Institutional capacity in the end. What is it in the end? It's human capacity Right, so too often investments in what we call capacity building gets eaten up by per diems being paid to government officials traveling throughout the world and Not in the end being the most sounds investment if you invest in strong people strong people will build strong institutions Investing in strong institutions in the end is money, which is one way or another down down the drain So I think the common element with both questions is investing people Don't invest in institutions Infrastructure and so on if you invest in people who are healthy free and educated great things will happen Maybe I didn't share two points one one is the importance of leverage The there's not enough taxpayers money There's not enough philanthropic funds, and it's the same with multilateral funds. You can Spend billions, but there there is a limit to that the power of the private sector is leveraged Take the example of a bank you put one hundred dollars the bank will lend a thousand So we need to to to get those private sector metrics and of return To leverage the amount of money the second thing is there's a lack of instruments All our instruments in finance are based where we reward capital much more than we reward labor in other words We we've developed zillion of Mechanisms to fund those who take risk to make money but have fallen short in developing mechanisms to Raise funds for those who take risk to help others Some products are being developed, but we're This is the beginning of the journey Fantastic well, I think that's a nice way to end it This is the beginning of a long journey a lot of brainstorming is needed And let's all remember that we're talking about trillions of dollars for the SDGs so it's been a real pleasure to have been on a panel with both of you and Look forward to continuing the day's discussions. Thank you


So, in the first part of this course, we saw several examples of topological spaces. Now we will see the notion of continuous maps between these, which will help us study their topological spaces, their topological properties later on. So, this lecture is about continuous maps. So, definition continuous map, so let X and Y. So, the definition is a very simple one, bit topological spaces, let F from X to Y be a map of sets. So, we are just given a map of sets between X and Y and X and Y happen to be topological spaces, they have topologies. So, we say that F is continuous if for every open subset V in Y. So, recall what this means, so Y is a topological space and therefore, it has a topology tau. So, we say that V is open in Y, if V belongs to that topology tau, the set F inverse U V, which is contained in X is open, is open in X or in short given an open set in Y, its inverse image should be open in X. So, recall the meaning of the definition of F inverse V, this is those X in X, so that F of X belongs to V. So, let us see some very simple examples of continuous maps. So, let X be a topological space and consider the identity map. So, this F from X to X and it is given by, it is the identity map, so it is F of X is equal to X. So, we claim that F is continuous. So, to see this, we need to let U be an open subset, so what we need is F inverse U should be open. So, then F inverse U, but F is the identity map, so this simply equal to U, F inverse U is just equal to U. So, therefore, so as U is open in X, this implies F inverse U is open, this implies F is continuous. So, this is a really silly example. So, let us see a slightly more complicated example. So, let X be a topological space, you do not have to write this always. So, let X let Y contained in X be a subset and we give Y with the subspace topology. So, let us denote this inclusion map by I. So, we claim that then, so Y now has a topology which is a subspace topology coming from X and of course X is has a topology. So, we can ask if this inclusion map is continuous. So, then we claim that I is continuous. So, what do we need to do? So, let U contained in X be an open subset, then we need to show that this I inverse U is open in Y in the subspace topology, but I inverse U is simply U intersected with Y by definition. So, I mean what is I inverse U? I inverse U is those Y in Y says that I of Y belongs to U, but I simply the inclusion. So, this same as saying that Y belongs to U. Right. So, therefore, I inverse U is equal to U intersection Y. So, this shows that I is continuous. This inclusion map is continuous. Let us take a third example. So, this is the same example as above. So, let X be a topological space and let I from Y to X be inclusion of a subset. So, let tau be a topology on Y. So, here we are saying tau is any topology on Y. It need not be the subspace topology. For instance, tau could be the discrete topology on Y. For example, or it could be any other topology on Y such that, but we have this condition such that the map I is continuous. We are given that this map I is continuous. So, then we claim that tau contains the subspace topology tau sub Y. So, we are given that tau is a topology on Y such that the inclusion map is continuous and we need to show that tau sub Y is contained in tau. So, how do we see this? So, this is easy. So, since so, let U be an element of tau sub Y and recall what the subspace topology was. This is let us call this V. This is the intersection of all U in X where U is open in X. U intersection Y sorry not X where U is open in X. So, we have to take we are given that in the inclusion is continuous when Y is given the topology tau. So, what this means is and we have to show that ok. So, tau sub Y is contained in tau. So, we just we start with any V in tau sub Y then there is U in X open such that U intersection Y which is precisely equal to I inverse of U is equal to V. This is by the definition of the subspace topology and now as I is continuous this implies that I inverse of U is open in tau. That is I inverse of U is an element of tau right, but I inverse of U as we have seen is just equal to V. So, this implies that V belongs to tau. So, thus we have proved tau sub Y is contained in tau. So, the point of this example is that. So, this example. So, let us make a remark this example shows that the subspace topology on a subset Y is the smallest topology which makes the inclusion map continuous right. We have proved that if we put any topology on Y for which the inclusion map is continuous then that topology contains a subspace topology. So, in other words the subspace topology is the smallest topology which makes the inclusion continuous. Let us see a similar example. So, this is 4 let X i for i in i be a collection of topological spaces and consider the product with the product topology. So, recall what the product topology was recall that this is the topology generated by the basis B equal to such that A U i is open in X i and B when we look at the cardinality of those i's for which U i is not equal to X i this cardinality is finite. So, now from this product so we have natural maps projection maps. So, this is sorry X j right what is do. So, we have an element over here that looks like X i for i in i and we just send this element to the jth coordinate X j and so these maps we should denote by P j. So, we claim that these projection maps P j are continuous right. So, what we have to do to prove continuity we have to take an open subset in X j and show that the inverse image of that open subset is open in the product topology right. So, for this let U contained in X j be an open subset. So, then P inverse U. So, what is P inverse U?  So, this is P j inverse U sorry and it is exactly equal to is exactly equal to. So, those elements X i's says that the jth coordinate is in U right. So, in other words you know. So, note that if ok. So, we can write. So, note that we can write P j inverse of U to be equal to it is actually equal to a product U i where U j is exactly equal to U and U i is equal to X i for i not equal to j ok. So, if i is not equal to j then X i can be anything and if i is equal to j then we need that X j should belong to U. So, that is that is a description of this set P j inverse U. So, you can convince yourself that this is correct that is an easy exercise and clearly. So, clearly this is in B right what is B?  So, in our case this collection X i is equal to just this one j and which has finite cardinality ok. So, therefore, this P j inverse U it is in B right. So, and which is contained inside tau sub B right the product apology generated by B ok. So, therefore, so this implies that that is the projection maps ok. Now, similar to the earlier example let us show the following. So, let tau be a topology in this product of X i's such that all the projection maps. So, then we claim that tau contains the product apology. So, let us denote the product apology by tau sub B ok or prod ok. So, how do we see this? So, first note that so let. So, if B is the basis that we define for the product apology this product apology and product U i is an element of B right. So, for this element so let j be equal to the subset of those i's for which U i is not equal to X i yeah. So, then cardinality of j is finite by our definition of this set being in B. So, notice that what we can do is so this product. So, note that this product i in i U i it can be written as the intersection of j in j P j inverse of U j ok. So, yeah so I will leave this as an exercise this is left as an exercise. So, for instance if we have U 1 cross X 2 cross X 3 and so on let us say our i is z ok and we have topological space X i not z let us say natural numbers for each i in n.  So, this is rough the basic idea. So, using this we can easily prove this assertion in the square. So, we will use this right. So, now our aim is to show that. So, we need to show that the product apology is contained in our topology tau right. So, using the earlier result we have proved result or let me just say using the earlier result we had proved it suffices to show that this basis B for the product apology is contained in tau yeah, but the basis B every element. So, now let us pick up an element if this product U i is an element of B then using this identity we can write it as U i is equal to intersection a finite intersection because the cardinality of the subset j is finite U j. Now each p j inverse of U j is open in tau as the projection maps are given to be continuous right. So, each of these sets is open and we know that in our topology finite intersection of open sets is open since a finite intersection of open sets is open this implies that this intersection j capital J is a finite set. So, this is open. So, this is in tau which implies that this product is in tau. So, this implies that B is contained in tau this implies that tau product is contained in tau. So, therefore, so in view of the above we see that this product apology is the smallest apology we can put on this set product x i for which the projection maps for which all the projection maps are continuous. So, this product apology has this nice property ok. So, let us say make some more remarks now we will explain why the box topology is not such a great topology. So, let us see a natural map which is not continuous when the product is given the box topology. So, let me explain. So, we take x equal to r and r with a standard topology and for each natural number. So, by natural numbers I mean the set of integers positive integers let x n be the topological space r with again with a standard topology right. So, consider the diagonal map. So, this is the map from x to product n in n x n. So, what is this map do it sends x to x and so on ok. So, this is the diagonal map let us give it a name let us call it delta ok. So, we claim that if this thing this product is given the box topology then delta is not a continuous map ok. So, this is just one example. So, for instance. So, in the. So, how do we see this we have to construct a set which is open in the box topology, but whose inverse image is not open in x yeah. So, for this consider the set. So, we can look at this set ok. So, let me just write it as u n contained in the product where each u n is a set minus 1 upon n comma 1 upon n ok. So, then one checks easily. So, this is open in the box topology. In fact, it is in the basis b 1 which we defined and check that delta inverse of this set is just equal to singled in 0 which is not open in x. So, that is the map delta is not I am sorry is not continuous if this product is given the box topology ok and I will end this with an exercise. So, let x be a topological space and let x i be equal to i for i in i, i is any set and. So, then consider the diagonal map this diagonal map and give this the product topology now ok. So, then show that delta is continuous in order to show prove this exercise we will need the following lemma which we will prove in the next class, but you can try it if you want to. So, let f from x to y be a map of sets between topological spaces x and y right. Let b be a basis for the topology on y if f inverse v is open for every v in v then f is continuous ok we will stop here.