Skye Bank picked as buyer for Nigeria's nationalized lender Mainstreet

 

The Asset Management Company of Nigeria (AMCON) says it has selected mid-tier lender Skye Bank, as the successful bidder to buy nationalised lender Mainstreet Bank

An AMCON statement released on Saturday did not give details of the agreed price of the sale.

Asset Management Company of Nigeria (AMCON) had sought bidders for the sale of its 100 percent stake in Mainstreet Bank, one of three banks nationalised following a $4 billion central bank bailout that saved several Nigerian lenders from near bankruptcy in 2009.

Afro Tourism Expo: Seeking Ways To Harness Nigeria’s Potential

Stakeholders in the tourism and hospitality industry have consistently expressed worry over the inability of the government at all levels to exploit Nigeria’s tourism potentials like in other countries of the world.

This was one of the major reasons experts from the travel, tourism and hospitality industry converged in Abuja, recently, for the maiden edition of the Afro Tourism Expo with the theme, ‘Creating the Framework and Business Environment for Investment In Africa’s Tourism Industries.’

The 2-day event organised by Destination Marketing Extra Limited (DMX), a Nigerian destination management company, in partnership with tourism firms in South Africa and Canada, was supported by 10 organisations, including the LEADERSHIP Group.

West Africa Crude-Nigerian sales stay slow

Buyers chipped away at a backlog of West African cargoes for November export on Friday, but
activity for the week has been very slow, and offers were regarded as too high to attract significant interest.

There were still close to 40 Nigerian cargoes available for purchase for November export out of a total of 63 that went to market. Emphasising the abundant supply, a cargo of the Escravos grade was added to an already large programme.

Traders said strong supply from other regions also encouraged buyers to hold back in the hope of buying grades at lower differentials to Brent crude.
      
 NIGERIA
 * Qua Iboe: Two cargoes changed hands, with Vitol buying from Taleveras, a trader said. It was on offer for November at around dated Brent plus $2.00, traders said. Traders said it would trade closer to $1.50 above dated Brent.
    * Agbami, Akpo: Cargoes are sold out, or almost sold out, for November loading.

Nigeria's Unity Bank 9-month pretax profit leaps

Nigeria's Unity Bank said on Friday pretax profit for the first nine months of its financial year jumped to 12.01 billion naira ($73.13 million) from 1.20 billion naira in the same period last year.

Revenue also rose to 48.77 billion naira from 45.39 billion last year, it said in a filing with the Nigerian Stock Exchange.

Facebook may be eyeing your health data. Should you trust it?

Reuters is reporting that Facebook may enter the health care space — a step that many have been expecting since the company bought the fitness-tracking app Moves earlier this year.

The plans, which are still being developed, would establish online support groups to connect people with similar lifestyles and ailments. Facebook would also develop a series of apps, some of which would presumably monitor your workout and other aspects of your health.

Online support groups for diseases like Parkinson's and celiac have been around almost since the dawn of the Internet itself. Facebook, too, has all manner of user-created communities to address health care issues. But Facebook may be betting that by creating its own official versions, the company can keep users more engaged with the site and perhaps even improve health outcomes in a small but measurable way.

There's also a lot of money floating around the healthcare industry — an estimated $3 trillion worth — and no doubt Facebook hopes to capture a slice of that market. Health records are so valuable, security experts say, that hackers will pay up to 20 times more for a person's medical record on the black market than for a stolen credit card number.

FG Summons Shell MD Over Bonga Oil Spill Crisis

The Federal Government of Nigeria has summoned Tony Attah, the new managing director of Shell Nigeria Exploration and Production Company (SNEPCO) over the lingering crisis on the Bonga oil spill which occurred on December 20, 2011.

The National Oil Spill Detection and Response Agency (NOSDRA), says about 40,000 barrels of oil spilled into the Atlantic Ocean during the oil exploration from Bonga offshore facility of SNEPCO, affecting the livelihood of 350 coastal communities.

 At the meeting, Uche Ekwunife, chairperson, House Committee on Environment, also expressed disgust over the flagrant abuse of the extant environmental laws, directed SNEPCO to forward relevant reports signed by all the parties to the committee on or before October 14, 2014.

Ekwunife directed that SNEPCO should “look at the findings of the joint investigative team and NOSDRA’s recommendations and look at what happened since 2011.

       

City Sightseeing Abuja begins, boost intra-city tourism

With operations in over 90 locations across five continents, City Sightseeing, the worldwide city tour, has commenced tour operations in Abuja.

Known as City Sightseeing Abuja, the tour offers visitors and residents in Abuja the opportunity of touring the federal capital territory in specially built eco-friendly open-roof tour buses.

City Sightseeing Abuja is the first of its kind in Nigeria in particular and West Africa in general. Sally Mbanefo, director general, Nigerian Tourism Development Corporation (NTDC), having toured certain areas of Abuja on the city tour buses, was optimistic that this novel open top sightseeing tour would boost tourist activities in the federal capital territory, given its hospitable metropolitan feel.

It operates every 55-60 minutes on Thursdays, Fridays, Saturdays and Sundays, and even on public holidays. Tickets can be purchased on the bus from the driver, or at City Sightseeing head office at 36, Ekukinam Street, off Berger Junction, Utako District, Abuja, or from Silverbird Galleria, Ceddi Plaza, National Park & Zoo and certain designated hotels in Abuja. Tickets can also be bought at any of the 14 bus stops where the tour buses are known to ply.

The ticket is N2,990 for adults and N1,500 for children between five and eleven years old,  below five years are transported free, although an adult is allowed a maximum of two children only. Every ticket is valid for presentation within 30 days of purchase.

Google to test new messaging app in India - report

There are reports that Google is planning to launch its own mobile messaging app.

The app will likely be tested in India and other emerging markets. The app is still in the early stages of development and will likely only come out next year, sources aware of the plans said. Google declined to comment.

Unlike other Google products, the messenger will not force users to use their Google login. The company is also considering loalising the product by adding Indian language support and voice-to-text messaging. The messenger will be free to use.

Nigeria's Unity Bank picks SkyVision VPN

 

 

SkyVision Global Networks has announced a partnership with Unity Bank of Nigeria.

SkyVision has provided its satellite-based Virtual Private Network (VPN) services via its local Nigerian hub to support Unity Bank's LAN, the retail bank's headquarters in Lagos to its numerous branch offices nationwide.

Unity Bank has 236 branch offices and chose SkyVision to install and deploy an optimal solution to meet its needs.

The SkyVision VPN connects Unity Bank's core applications to its headquarters, enabling continuous, seamless business operations in its rural branches. Fully deployed and managed by SkyVision, the VPN enabled Unity Bank to connect itsr LAN sites with no investment in additional infrastructure.

HTC's Q3 clings to a thin profit on sluggish sales

HTC on Friday reported NT$640m ($21m) in unaudited net profit during the quarter to September 30, which, according to Reuters, beat the NT$216.23m ($7m) average estimated by 13 analysts. In the second quarter, it recorded NT$2.4bn in profit.

HTC's newest flagship the HTC One (M8) has impressed reviewers. It's followed up with a smaller sibling, the HTC One mini, and is rumoured to be refreshing its One Max handset soon. Still, when the HTC phablet launches, it will be facing stiff competition from Apple's new iPhone 6 and iPhone 6 Plus.

HTC also recently launched a range of Desire mid-tier flagships and, like its rivals, is targeting the selfie market with better front-facing cameras.

Despite seemingly making all the right moves, the company still finds itself being squeezed by Samsung across all price points while Chinese handset makers, most notably Xiaomi, are rising to prominence in China. Xiaomi overtook Samsung as the biggest seller in China in the second quarter, according to Canalys.

HTC's unaudited revenues for the third quarter of NT$41.86bn ($1.4bn) are the lower end of NT42bn to NT$47bn it last quarter predicted it would make.

UBA Capital Launches Online Platform

One of Nigeria's leading financial and investment services institution, UBA Capital, has launched the first real time online trading platform, which was meant to facilitate greater investment in the country.

The trading platform, www.investnow.ng, according to the Managing Director and Chief Executive Officer of the company, Oluwatoyin Sanni, is coming with real time investment account funding functionality and the launch marked a major milestone in its mission to promote and facilitate investment in Nigeria.

She said the platform is the only way for investors to be able to fund their investment accounts directly and instantly, without the need to go through an account officer in the option of a client-company funds lodgment. It also provides a live price feed (intra-day) for listed stocks, enabling investors to make informed decisions based on the latest data.

Stocks retrace after 3-day gains as big CAPs shed weight

 

The equities market closed yesterday on a negative note, as NSE ASI depreciated by -0.18% to close at 41,135.56 basis points, compared with the +0.25% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.47%.

Market breadth closed positive as CHAMPION led 30 gainers against 25 losers topped by  PZ at the end of today’s session- an unimproved performance when compared with previous outlook.

Market turnover closes negative as volume traded downwards by -37.58% against +294.02% uptick recorded in the previous session. MULTIVERSE, SKYEBANK and FBNH were the most active to boost market turnover. ZENITHBANK and GUARANTY top market value list.

National ID Card to be Used as Travel Document

The National Identity Management Commission (NIMC) is pushing for the use of the new national e-Identity card as travel document.

One of the applets imbedded in the card has all the travel details and requirements contained in Nigeria’s e-passport and it is known as Travel Applet, so it could easily be used as travel document with the approval of the international community.

Head, Card Management Services, NIMC, Mr. Tunji Durodola,said that the back of the NIMC eID Card contains three lines called MRZ Lines (Machine Readable Zone) just like the Passport.

In addition, NIMC also has included all the details found on the e-Passport in the chip of the card, which makes it eligible and legal to be used as travel document.

Savannah Petroleum to invest $90 mln in Niger project

UK-based firm Savannah Petroleum will invest $90 million in its project in Niger in 2015 after receiving a production-sharing contract from the government earlier this year.

A government spokesman said that as part of the money will be used to drill five exploration wells and conduct an environmental impact study at the project, which is in the south east of the country, said ministry spokesman Adolphe Gbadigui.

Niger is one of Africa's newest oil producers and it announced the award of the contract to Savannah in June as part of a drive to attract a broader range of investors into its nascent oil industry.

The West African state began pumping oil in 2011 as part of a $5 billion deal with China National Petroleum Corp (CNPC) to develop the Agadem block. It is expected to export around 80,000 barrels per day via a pipeline through neighbouring Chad and Cameroon from 2016.

FG to give Abuja airport to private operator

The Federal Government is set to concede the Nnamdi Azikiwe International Airport, Abuja to a private sector operator.

The Director-General, Bureau of Public Enterprises, Mr. Benjamin Dikki, disclosed this at a ceremony to mark the Privatisation Day at the ongoing Abuja International Trade Fair.

Dikki said rather than sell the airport outright, it could be given to a private sector operator to manage for a period of 15 or 20 years.

The transaction, he said, would be subject to the consideration of the BPE steering committee, adding that the privatisation agency would soon engage the Ministry of Aviation towards achieving the goal.

The BPE boss listed other activities that could be carried out this year to include the concession of river channels and railway tracks as well as the development of a framework for the concession of federal roads.

Others are the establishment of some regulatory agencies and the privatisation of Skypower Catering Services Limited, subject to the consideration of the steering committee.

World Bank: Ukraine GDP to shrink 8% this year

Ukraine's economy is likely to suffer more than previously predicted because of the conflict in the east of the country, the World Bank has said.

It now says that GDP is likely to contract by 8% this year, compared with its previous prediction of 5%.

It also now expects a 1% contraction in 2015, instead of 2.5% growth. The prediction comes as pro-Russian separatists and government forces vie for control of the airport in the eastern city of Donetsk.

The rebels say they occupy nearly all the airport, but the government disputes this.

The World Bank said the conflict had caused disruption in economic activity in the eastern Donetsk and Luhansk regions, leading to a sharper decline in GDP.

The bank's chief representative in Ukraine, Qimiao Fan, said the two regions accounted for about one-sixth of the country's GDP, including a quarter of industrial output.

The crisis in eastern Ukraine and Russia's annexation of Crimea have prompted the US and EU to impose an array of sanctions on Russian individuals and businesses.

But on Thursday, Russian President Vladimir Putin described the sanctions as "unwarranted" and said they would not stop his country developing into a stronger economic power.

He told an audience of business leaders in Moscow that Russia would continue to develop as an open market economy.

                      ECB to start asset buying programme

The European Central Bank has kept its benchmark interest rate at 0.05% and given details of its asset purchase programme announced last month.

The bank's head Mario Draghi said it would start buying covered bonds this month and other assets in the final three months of the year. He said it would continue to buy assets for two years.

The bank is looking to add liquidity to the financial system, boost lending and lift flagging economic growth.

Covered bonds are those backed by public sector loans or mortgages.

The bank's rate-setting meeting is taking place in Naples, Italy, where protesters have faced riot police outside the Capodimonti Palace, where Mr Draghi is held his press conference.

Protesters expressed anger about austerity measures, unemployment and poverty.
'Unconventional instruments'

Pimco had $25.5 billion net outflows across U.S. open-end funds

 Pacific Investment Management Co had $25.5 billion of net outflows across all of its U.S. open-ended funds in September, the bulk of them from its flagship fund, according to Morningstar data on Thursday.

Morningstar estimated net outflow for the flagship Pimco Total Return Fund of $17.9 billion in September, compared with the Newport Beach, California firm's figure of $23.5 billion.

Morningstar said the firm estimates open-end fund net flows by computing changes in assets from one month to the next that are not explained by the performance of the funds.

Morningstar also said estimated net inflows for the DoubleLine Total Return, a direct competitor of the Pimco Total Return Fund, at $1 billion in September. Total assets in the fund at the end of September were $35.6 billion.

            CBN restates commitment to defending the naira

The Central Bank of Nigeria (CBN) has reiterated its commitment to defending the naira.

Deputy Governor (Economic Policy), CBN, Dr. Sarah Alade said this yesterday at the Euromoney Conference held in Lagos yesterday.

Alade, who was represented by the Director, Research Department, CBN, Mr. Charles Mordi, restated that the Nigerian economy is stable and healthy.

However, speaking in a chat with journalists, on the sidelines of the event, Mordi said: “We have always said that we are not going to defend the naira at all cost but so far so good, as at the time the CBN Governor Emefiele came in, the reserves was around $36 billion but now we have managed to push it up to around $40 billion so we are still comfortable.

International body re-elects Oteh as AMERC chairperson

The Director-General, Securities and Exchange Commission, Ms. Arunma Oteh, has been returned unopposed as the Chairperson of the African/Middle East Regional Committee of the International Organisation of Securities Commissions.

The development took place at the 39th annual conference of the organisation, which is currently taking place in Rio de Janeiro, Brazil.

As a result of the election, Oteh will also serve on the Executive Committee, which is the highest decision-making organ of IOSCO for the next two years.

Oteh, who became SEC DG in 2010, was quoted as saying her election as AMERC Chair was a demonstration of the confidence in her and her team at SEC and Nigeria as a whole.

She promised to protect the region’s interest and uphold the goals and ideals of the global body.

Keystone Bank inaugurates ATMs for physically challenged customers

As part of efforts to support Nigeria’s drive for financial inclusion, Keystone Bank Limited has inaugurated an ATM gallery that was built to accommodate physically challenged persons in the society.

Speaking at the event, the Executive Director, Operations and Technology, Keystone Bank, Mrs. Yvonne Isichei, said the bank decided to locate the ATM gallery at its Maryland branch, Lagos because it is a very busy metropolitan area.

According to Isichei, the bank decided to introduce the ATM gallery as part of its corporate social responsibility, which she said, is all about touching the lives of people; to demonstrate its commitment to financial inclusion as a developmental goal; as well to align with goal of sustainable banking, which is all about being conscious of the needs of those around its environment.

Isichei noted that the level of financial inclusion has continued to grow, even as she expressed optimism that the 2020 target of achieving significant improvement in the level of financial inclusion would be met with structures such as the bank’s ATM gallery for the physically challenged.

Emirates Plans to Expand Africa Routes by 2025 With Bigger Fleet

Emirates, the largest international airline, is planning to expand in Africa with at least 10 new routes by 2025 and a jet fleet worth $10 billion to $12 billion, according to President Tim Clark.

The carrier is seeking African destinations with oil and gas reserves that need regular transport for people and cargo, Clark told reporters at the Africa Global Business Forum in Dubai, where it’s based. The company is also considering opportunities in West African countries such as Equatorial Guinea and Togo.

Emirates is seeing a drop in demand for flights to Africa from Asia because of the outbreak of the Ebola virus in Liberia, Guinea and Sierra Leone, he said. The airline flies to 22 destinations on the continent and has planes worth about $7 billion operating there.

Emirates will take delivery of 24 aircraft in 2015, Clark said. The carrier has recourse to a range of financing instruments including operating leases.

Dubai's Emaar Properties to float Egyptian unit, hotel business - chairman

Dubai's Emaar Properties plans to float its Egyptian unit in about June 2015 and may also take its hotels subsidiary public after the successful listing of its malls and retail business, the company's chairman said on Thursday.

Emaar, Dubai's largest listed property developer, sold a 15.4 percent stake in Emaar Malls Group (EMG) in an initial public offer (IPO) last month, raising $1.6 billion following huge investor demand. The shares ended 12.1 percent higher on their stock market debut on Thursday.

This week, local media quoted its chairman Mohamed Alabbar as saying that the hotels unit could follow in a few months. However, on Thursday, Alabbar declined to indicate any timetable for the flotation.

Emaar will also launch an IPO for its Egyptian unit, Egypt Misr, Alabbar told a conference later in the day.

Air industry battles Ebola with heat scans and handwash

Airlines and airports handling travel to countries worst hit by the Ebola epidemic are trying to prove that flying to West Africa is safe, following concerns that the first case diagnosed in the United States could curtail worldwide services.

Some airlines have already suspended or cut back flights since the summer, and only one European carrier now offers direct services to Guinea, Sierra Leone and Liberia. However, those still operating have taken measures to protect passengers and crew, along with airports in the region and beyond.

The Dallas Ebola case, involving a man who returned to the United States from Liberia last month, has led to worries about a spread of the virus outside West Africa, where at least 3,338 people have died in the worst outbreak on record.

Shares in airline and travel stocks fell on Thursday, with European travel and leisure shares down 1 percent, against a 0.6 percent fall for European stocks.

The International Air Transport Association (IATA) said on Thursday that the Ebola crisis has taken on a "new dimension" with the case in the United States, but it repeated that flying remained safe.

SEC to inaugurate 10-year capital market master plan in November

The Securities and Exchange Commission (SEC) said, in a statement issued by its Head of Public Relations Unit, it had concluded plan to inaugurate  a 10-year capital market master plan aimed at ensuring the guided growth of the Nigerian capital market in November.

Yakubu Olayele,  SEC’s Head of Public Relations Unit, stated that it’s Executive Commissioner, Corporate Services,  Zakawanu Garuba, made this known at the ongoing International Organisation of Securities Commissions (IOSCO) annual meeting in Rio de Janeiro, Brazil.

Garuba said the master plan, meant to cover the 10-year period from 2015 to 2025, was aimed at increasing the depth of the capital market and increasing foreign direct investment.

He said that the master plan was also aimed at diversifying the sources of capital, among others.

The executive commissioner said that basically, the reason for the master plan was to enable all concerned parties in Nigeria’s capital market to plan ahead.

France’s Iliad Said to Plan Bid for Bigger T-Mobile Stake

Reports say Iliad SA (ILD) is planning to bid for a bigger stake in Deutsche Telekom AG’s U.S. unit than it sought in July, as the French telecom carrier approaches a self-imposed deadline to reach a deal.

Iliad, which originally proposed buying 56.6 percent of T-Mobile US Inc. (TMUS), still intends to offer about $33 for each T-Mobile share for a significantly larger stake, said the people, asking not to be identified discussing a private matter. Controlled by billionaire entrepreneur Xavier Niel, Iliad has set a deadline of this month for reaching a preliminary agreement with Deutsche Telekom, the people said.

Deutsche Telekom (DTE), which owns just over 66 percent of T-Mobile, is in regular, informal contact with Iliad, and hasn’t decided yet whether a new offer for a larger stake would be sufficient, the people said. Iliad’s pitch will be that its offer for a larger stake at the same price will leave Deutsche Telekom more cash and a smaller remaining stake in T-Mobile, one person said.

Executives at Bonn-based Deutsche Telekom view at least $35 per share as a fairer price for T-Mobile, two people said.

T-Mobile gained 1.5 percent to $28.54 as of 1:25 p.m. in New York, reversing earlier losses and giving the company a market value of about $23 billion. The shares climbed as much as 4 percent in intraday trading.

Obama Makes Case for Economy at Home by Pointing Overseas

President Barack Obama is making the case for his economic stewardship at home by arguing that the U.S. is showing more progress than other nations.

Obama has struggled to promote his performance amid slow gains in wages and incomes for ordinary Americans. For them, the economy is the preeminent concern even as the news is dominated by the Ebola virus, tensions with Russia, and the fight against Islamic extremists.

A month before the midterm congressional elections, the president is touting the nation’s economic strength in a bid to remind voters how far the U.S. has come since he took office in the midst of the worst slump since the Great Depression.

White House aides say he’ll return to that theme in a speech today in the Chicago suburb of Evanston, presenting a summary of progress over the past six years and proposals to bolster the middle class. Obama will argue that American global leadership stems from economic power in a speech that will offer a new perspective, not a list of new policies.

Facebook Apologizes to Drag Queens Over Real-Name Policy

Facebook Inc. (FB) apologized to drag queens and the gay, lesbian, bisexual and transgender community after an outcry over the social network’s policy of requiring members to use real names for their accounts on its service.

The company, which from its founding has focused on authentic identities instead of allowing anonymous activity, drew criticism after it locked out some users going by their drag names, leading to complaints that the inability to use a pseudonym could compromise individuals’ safety and privacy.

According to a statement yesterday by Chief Product Officer Chris Cox, Facebook was caught off-guard when someone reported several hundred of these accounts as fake, triggering a process that requires users to validate their names with some form of identification, like library cards, mail or gym memberships, which can be difficult for those who go by pseudonyms.

The company, whose authentic-name policy is meant to protect members by avoiding impersonation, bullying, hate speech and scams, now realizes that the resulting events put these users through a hardship, and Facebook will fix the way the identification policy is handled, Cox wrote in a post on the site.

S.Africa's Nedbank to take Ecobank stake for $493 mln

 

Nedbank Group said on Thursday it will acquire 20 a percent stake in pan-African lender Ecobank Transnational for $493 million in cash, ending months of speculation the South African bank could walk away from the deal over governance concerns.

Nedbank, South Africa's fourth-largest lender, had a right to take the stake under the terms of a 2011 loan to Ecobank. But a crisis over corporate governance and the departure of Ecobank's chief executive in March raised questions about whether Nedbank would go through with the deal.

The acquisition puts Togo-based Ecobank in the rare - and potentially difficult - position of having two strategic shareholders. Qatar National Bank (QNB) last month raised its holding in Ecobank to 23.5 percent, making it the top shareholder.

Like Nedbank, QNB is looking to expand its presence in fast-growing sub-Saharan Africa.

Nedbank said in a statement it will pay $493.4 million for 4.5 billion new Ecobank shares, valuing Ecobank at 10.93 U.S. cents a share, a 4 percent discount to its price on the Nigerian Stock Exchange at the end of September.

Togo-based Ecobank has a presence in nearly 40 sub-Saharan countries, meaning the deal would broaden Nedbank's reach well beyond its core South African market.

Kenya 91-day Treasury bill yield falls to 8.630 pct

the Kenyan Central bank said the the weighted average yield on Kenya's 91-day Treasury bills fell to 8.630 percent in auction on Thursday from 8.653 percent last week.

The bank said it received bids worth 3.6 billion shillings ($40.31 million) for the 3 billion shillings worth of bills offered. It accepted 3.3 billion shillings.

Next week the bank will sell 91-day, 182-day and 364-day Treasury bills worth a total of 12 billion shillings.

Ghana lifts farmers' cocoa price in bid to deter smuggling

Ghana sharply raised the price it will pay cocoa farmers for the new 2014/15 season to 5,520 cedis ($1,720) per tonne in a bid to deter smuggling to Ivory Coast, authorities said on Thursday.

The rise represents a 63 percent increase on the 3,392 cedis price cocoa regulator Cocobod paid last season. It is also slightly higher than the price the world's top producer, Ivory Coast, announced this week that it would pay to its farmers for the new season.

Cocobod Chief Executive Stephen Opuni, said Ghana, the world's second biggest producer, will aim to produce more than 1 million tonnes in the season to begin on Friday, up from a forecast of 900,000 tonnes in the just-ended season.

In the past, cocoa farmers particularly in the west of the country have loaded their produce onto lorries to take over the border to secure higher prices but Opuni said better security and the higher prices would stop this practice.

Cocobod will pay farmers an additional 5 cedis per 64 kg-bag of cocoa this season as a bonus on top of the season's price, which works out at 345 cedis per bag, he said.

Bayelsa to create 20,000 jobs

Bayelsa State Government says it has incorporated a commercial security outfit to police critical assets in the state.

With the new company, Izon-Ibe Security Company Limited, the government is targetting 20,000 jobs for its people, a statement on Thursday by the Chief Press Secretary to the Governor, Mr. Daniel Iworiso-Markson, said.

The government said the new outfit has former President of the Pan Ijaw socio-political organisation, the Ijaw National Congress, Chief Joshua Fumudoh as Chairman.

It said the company was expected to provide commercial security services as well as report all security related matters on a daily basis in communities across the state.

Nigeria’s Foreign reserves fall to $39.56b

 

The nation’s foreign reserves fell to $39.56 billion by September 26, down 0.15 per cent from the previous month.

Data from the Central Bank of Nigeria (CBN), showed that the reserves stood at $39.62 billion in August and were $45.66 billion in September last year. Currency traders attributed the fall to draw downs by the CBN to support the naira.

The data further showed that the reserves stood at $39.65 billion on August 25 and  $38.4 billion on July 17. The rate of accretions to the reserves has been marginal but consistent since the CBN reviewed the Bureau De Change (BDC) policy guidelines.

The reserves were at $37.23 billion on June 25; $37.26 billion on June 26; $37.31 billion on June 27. The reserves also rose to $37.54 billion on July 1 and continued the upbeat till the current position.
Further analysis showed that before the upbeat, the reserves had maintained a steady decline after closing last year at $42.85 billion.

It would be recalled that the CBN had on June 24, rolled out new guidelines for BDCs operation. The regulator raised the capital base for operators from N10 million to N35 million, plus additional caution deposit of N35 million to be kept with the CBN at zero interest rate.

Ghana to export its excess electricity to Nigeria, other countries

In what appears to be a good gesture, but an embarrassing one for Nigeria, the Ghanaian government has announced its intention to export thousands megawatts of electricity to Nigeria, Ivory Coast and other neighboring West African countries with power deficit.

The Ghanaian President, John Mahama made the disclosure at the Africa Global Business and Economic Forum in Dubai on Wednesday, where he said his government had made huge investments in power generation that would enable it export excess electricity to Nigeria and others.

“We have given priority to electricity generation in our country. We have prioritized energy in such a way that we want to become the hub for power production in West Africa. We want to generate electricity to the point that excess power can be exported to Nigeria, Ivory Coast and other countries that have power deficit,” he said.

To bring its dream to fruition, Mahama said his country had secured export-import financing from China as well as special funds from Abu Dhabi to kick-off series of power generation projects, adding that a third hydropower dam project was already at an advanced stage.

China to become biggest aviation market, say Airbus bosses

THE biggest growth in the aerospace sector will come from the Far East in years to come, with China set to become the number one market, according to the bosses at Airbus.

One hundred years after the first plane for paying passengers took to the skies, the manufacturer has been forecasting the future direction of the industry.

Today, 32 million flights carry three billion passengers and 50 million tonnes of freight a year. Globally the aviation sector's economic impact is estimated at £1.5 trillion annually.

Airbus' global market forecast predicts the growth will continue at a healthy rate.

The firm predicts passenger traffic will grow annually at 4.7 per cent driving a need for around 31,400 new passenger and freighter aircraft (100 seats and above).

The passenger and freighter fleet will increase from today's 18,500 aircraft to 37,500 by 2033, an increase of nearly 19,000 aircraft. Some 12,400 older less fuel efficient passenger and freighter aircraft will be retired.

That should be good for Bristol's world-leading aerospace cluster, although the fastest growth will come from emerging markets such as Asia, Latin America, Africa and the Middle East. Already carriers such as Ethiad and Qatar are among the biggest customers for the soon-to-be-ready A350 XWB.

Airbus chief operating officer John Leahy said: "Aviation is growing impressively and our latest forecast confirms its long term growth.

Apple to offer next iPad in gold -- report

Apple is expected to unveil a new iPad this month -- and it may come in a new color this time around.

Apple plans to launch a gold version of its 9.7-inch iPad, Bloomberg reported Wednesday, citing people who claim to have knowledge of the company's plans. The gold version, which would come with a white face, will flank the silver and gray models already available, according to the report.

Rumors have been swirling for months that Apple is working on the sixth generation of iPads. While major design changes are not expected, the new iPads is rumored to feature Apple's new A8 processor and updated specs.

By offering a gold version of the iPad, Apple would bring its tablets in line with its iPhones. The company's iPhone 5S and iPhone 6 models both come in gold versions. Several other companies, including LG, have also offered gold versions of their mobile devices. What the appetite is for gold models, however, has never been fully revealed by device makers.

In addition to launching a gold iPad, Apple may also boost the size of its upcoming tablet. The company is reportedly working on a model with a 12.9-inch screen. That device would be unveiled next year, according to Bloomberg's sources.

The idea of Apple designing a larger iPad doesn't seem especially outlandish. The company last month launched two new iPhone sizes -- a 4.7-inch iPhone 6 and 5.5-inch iPhone 6 Plus. For now, it appears bigger is better at Apple -- at least in smartphones.

Apple did immediately respond to a request for comment.

Lagos Drivers Will Now Get Drivers License Within Two Hours'

The Commissioner for Transportation, Kayode Opeifa, said this during the commissioning of the Motor Vehicle Agency’s One-Stop Centre, adding that the new centre would increase MVAA’s capacity to be the best in the provision of a cutting-edge vehicle documentation service and products.

He said, “The building we are commissioning today will afford every Lagosian the opportunity to fill their forms, access the internet, pay at the same point, visit the Motor Vehicle Administration Agency, Vehicle Inspection Services, do their data capture and get their temporary driver’s licence the same day within a maximum of two hours.

“Apart from that, we will also be able to procure the plate numbers for your vehicle and your individual licence renewal and other services. This is the way it should be and that is what we are offering Lagosians. The Temporary Vehicle Tag will be issued at the centre.”