Oil extends losses as global economic clouds gather

Both Brent crude and WTI have begun the month with falls, after posting their worst month in more than two years in October

01 November 2018 - 08:06 Meng Meng and Aizhu Chen

Picture: ISTOCK

Beijing — Oil prices fell on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.
The Brent crude January futures contract lost 46c or 0.61% to trade at $74.58 a barrel by 4.51am GMT. West Texas Intermediate (WTI) crude futures fell 41c to $64.90 a barrel.

ECONOMIC WEEK AHEAD: Plenty of opportunities to take the economy’s temperature

The week will be packed with data, from the purchasing managers index and unemployment numbers to vehicle sales, while S&P will weigh in with its credit rating outlook

Picture: REUTERS/BRENDAN MCDERMID
Image:

  

ASHA SPECKMAN

Rand volatility may resurface this week, amid a slew of economic data releases and an update from S&P Global Ratings on its SA macro and sovereign credit ratings outlook.
A negative Moody’s report on Friday, issued in response to worse-than-expected fiscal metrics

No respite for SA’s jobless as unemployment rate climbs to 27.5%

The jobless rate has climbed steadily since the second quarter of 2018 after the rate rose to 26.7% in the first quarter

Picture: THE TIMES

The unemployment rate has accelerated to 27.5% in the third quarter from 27.2% in the second quarter of 2018, according to the quarterly labour force survey released on Tuesday.
This is marginally higher than the forecast 27.4% for third quarter.
The jobless rate has climbed steadily since the second quarter of 2018 after the rate rose to 26.7% in the first quarter. The economy then slipped into a recession in the second quarter.

Shaping Britain’s post-Brexit financial services regime could take decades

  Huw Jones

Treasury select committee chair Nicky Morgan arrives at 10 Downing Street in London, Britain. Picture: REUTERS/NEIL HALL 

 

London —  It could take decades for Britain to determine the shape of financial services industry regulation after Brexit, says Nicky Morgan, who chairs the British parliament's treasury select committee.

GM starts voluntary retirement programme to keep cutting costs

CEO Mary Barra has offered buyouts to salaried workers in North America who have been at GM for at least 12 years

GM CEO Mary Barra addresses Global City Summit In Detroit, US, October 29 2018. Picture: BILL PUGLIANO/GETTY IMAGES 

 

Southfield, US  — General Motors (GM) is following a strong quarterly earnings report with a plan to keep cutting costs by starting a voluntary retirement programme for some employees.
On Wednesday, CEO Mary Barra offered buyouts to salaried workers in North America who have been at the company at least 12 years. If not enough people accept the offer, GM may consider

EU states soften draft rules for banks’ bad debt

  Agency Staff

European Union (EU) flags are seen outside the EU Commission headquarters in Brussels, Belgium. File photo: REUTERS/FRANCOIS LENOIR 

 

EU diplomats agreed on Wednesday to soften draft rules on the money banks should set aside to cover potential losses on new loans, in a move aimed at helping countries such as Italy that have huge piles of bad debt.

JSE heavyweights Naspers, Richemont shoot up by R100bn

Technology investor Naspers and luxury goods company Richemont gain on favourable MSCI annoucement

01 November 2018 - 05:09 Nick Hedley

The gains by Naspers and Richemont, the second- and third-largest stocks on the JSE, respectively, lift SA’s main bourse. Picture: BLOOMBERG 

 

The combined valuations of JSE heavyweights Naspers and Richemont soared by more than R100bn on Wednesday after a major global index provider decided not to punish stocks with dual share structures.

Apple unveils new iPad Pro and Mac computers

By

Xinhua 

Apple Inc. on Tuesday launched its new iPad Pro, MacBook Air and Mac mini at an event in Brooklyn, New York City, offering long-awaited updates to some of its popular devices.
The tech giant unveiled what it’s calling the biggest change to the iPad since its inception eight years ago. The new design eliminates the home button, pushes 11-inch and 12.9-inch Liquid Retina displays to the edges of iPad Pro, and integrates Face ID to securely unlock iPad.

Towards an integrated, prosperous and peaceful Africa

By

Kayitana ka Ruterandongozi 

The recent appointment of Kenyan politician Raila Odinga as the African Union’s High Representative for Infrastructure gives him the opportunity to lead us to the proverbial Promised Land.

EDITORIAL: Alibaba did not choose Rwanda without reason

By

The New Times 

Definitely the gods have been smiling down upon Rwanda all week, otherwise, the country would not have managed the euphoria caused by a barrage of good news.
The first good news did not come as surprise since it was a result of deliberate efforts to improve our lot. Ever since the World Bank began publishing the Doing Business report, Rwanda has been

Africa should look to geothermal to address its energy deficit, experts say

By

Jean d'Amour Mbonyinshuti

 

Delegates during the seventh African Geothermal Conference in Kigali yesterday. Sam Ngendahimana.

 should exploit their geothermal energy potential in order to cater for the growing demand of electricity, which is partly driven by the continent’s sustained robust growth, according to industry experts.  

The experts made the call yesterday during the seventh African Geothermal Conference (ARGeo-C7).

For example, they said, the Great Africa Rift Valley alone has over 20,000MW of geothermal energy yet only a fraction of that is exploited.
Kenya is the only country in the region advanced in geothermal, which generates for it 676 MW.
Geothermal is an indigenous and reliable renewable energy and should be a key ally in realising a transition to a low carbon, resource efficient and inclusive Green and Circular Economy, according to

Rwanda jumps 11 places in World Bank Doing Business report

By

Julius Bizimungu

Minister for Infrastructure Claver Gatete, REG CEO Ron Weiss and Yasser El- Gammal, the World Bank Group Country Manager during the presentation of the report in Kigali yesterday. S. Ngendahimana.

Rwanda has improved 11 places in the annual series of World Bank’s Doing Business Report, ranking 29th globally from the 41st the previous year. The country retained its second position in Africa.
The report, released Wednesday, attributes the impressive score to improvements in Rwanda’s

Kagame, Alibaba’s Jack Ma launch Africa’s first Electronic World Trade platform

By

Eugène Kwibuka

President Kagame and Alibaba Group founder and Executive Chairman Jack Ma pose with a ‘Visit Rwanda’ logo as they reiterate their commitment to Rwanda and Alibaba’s partnership in promoting the country as a top tourism destination in Kigali yesterday. The event saw the launch of Electronic World Trade Platform (eWTP) Africa, an Alibaba e-commerce platform – the first of its kind in Africa – which will facilitate Rwandans to transact business with the rest of the world. Village Urugwiro.

The first Electronic World Trade Platform (eWTP) in Africa was launched Wednesday in Kigali, opening doors for small businesses in Africa to take part in cross-border electronic trade.

NHC chair, boss have their hands full

Buildings whose construction has stalled at NHC’s Kawe satellite city project site in Dar es Salaam. PHOTO | FILE 

In Summary

• Nineteen months since President John Magufuli rescinded the appointment of the National Housing Corporation (NHC) board chairperson, the body has had no board, resulting into delays in execution of its projects.
• The new NHC board chairperson and the new Director General will have to contend with four corruption allegations bedeviling NHC; responding to some queries by the CAG on NHC’s activities; securing funds for NHC’s stalled projects as well as shifting from expensive to low-cost buildings if they are to go abreast with expectations of President John Magufuli’s administration.

By Samuel Kamndaya @TindwaSamuel stindwa@tz.nationmedia.com

Five NEMC officials charged

In Summary

• It’s the second case in which NEMC officials are accused of forging Environmental Impact Assessment Certificates and the signature of the minister on those documents and subsequently obtaining money.
• The first case involving three NEMC officials was filed in court on July 4, 2018.

By Tausi Ally @TheCitizenTz news@tz.nationmedia.com

Five officials from the National Environment Management Council (NEMC) appeared before the Kisutu Resident Magistrate’s Court yesterday charged with several economic crimes-related offences.

NSITF, NECA to strengthen compensation scheme

The Executive Director, Administration of the Nigeria Social Insurance Trust Fund (NSITF), Tijani Darazzo (left); Out-going Director General of the Nigeria Employers’ Consultative Association (NECA), Olusegun Oshinowo; Managing Director of NSITF, Adebayo Somefun; and Director General-designate of NECA, Timothy Olawale, when NECA paid a scheduled visit to the corporate headquarters of NSITF in Abuja. <br />

By Collins Olayinka, Abuja

The Nigeria Employers Consultative Association (NECA), and Nigeria Social Insurance Trust Fund (NSITF), have pledged to deepen their collaboration for the success of the Employees Compensation Scheme. 

SON ends product registration certificate regime for cargo clearing

Standards Organisation of Nigeria

By Femi Adekoya

The Standards Organisation of Nigeria (SON) has stated that its Product Registration Certificate (PRC) is no longer required for clearing cargoes at the nation’s point of entry.

LFW 2018: Tecno Highlights the Role of Mobile Technology

As part of its desire to drive mobile technology in the country, Tecno mobile has stressed the need for increased mobile technology penetration in the country. The Deputy Brand Manager, TECNO mobile, Attai Oguche, disclosed this recently in a statement made available to THISDAY, it was noted that TECNO mobile was actively involved in the 2018 LFW, and highlighted the role and importance mobile technology plays in fashion.

Terragon Engages NIBSS, Banks on Financial Inclusion Gap

In order to proffer solutions to address the wide gap that exists between the banked and unbanked Nigerians, and to boost financial inclusion in the country, Terragon Group, Africa’s leading data and marketing technology company, recently hosted a fireside chat with the Deputy Governor Designate,

Nestle Records 44% Profit Growth, Recommends N20 Interim Dividend

Goddy Egene

Shareholders of Nestle Nigeria Plc are to receive an interim dividend of N20 per share for the nine months ended September 30, 2018. The dividend is 33.3 per cent higher than the N15 per share the shareholders received in the corresponding period of 2017.

Directors of the company recommended the interim dividend at their board meeting held on October 29, 2018 to consider the nine months results.

Nigeria’s Manufacturing Index Expands in 19th Consecutive Month

Obinna Chima

The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) expanded to 56.8 points in October.

The present position of the manufacturing PMI, indicated an increase for the 19th consecutive month.

The CBN disclosed this in its October PMI report that was posted on its website.

The index grew at a faster rate when compared to the index in the previous month.

However, of the 14 sub-sectors surveyed, 13 reported growth in the review month in the following

Report: Rapid Hotel Expansion Indicates Favourable Business Climate Trevor Ward

Managing Director of W Hospitality, Trevor Ward

Chris Uba

The W Hospitality Group, an international firm which specialises in the provision of advisory services to hotels, tourism and leisure industry in 39 Africa countries, has said rapid expansion in the number of hotel rooms in Nigeria is an indication of a growing economy and favourable investment

Report Highlights Opportunities in Nigeria’s Markets

More emerging affluent consumers in Nigeria plan to start a business to increase their wealth than in any other market, according to a new Standard Chartered study.

The Emerging Affluent Study 2018 – ‘Climbing the Prosperity Ladder,’ – examined the views of 11,000 emerging affluent consumers – individuals who are earning enough to save and invest – from 11 markets across Asia, Africa and the Middle East.

Nigeria’s Manufacturing Index Expands in 19th Consecutive Month

Obinna Chima

The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) expanded to 56.8 points in October.

The present position of the manufacturing PMI, indicated an increase for the 19th consecutive month.

The CBN disclosed this in its October PMI report that was posted on its website.

The index grew at a faster rate when compared to the index in the previous month.

However, of the 14 sub-sectors surveyed, 13 reported growth in the review month in the following

IMF raises Kenya’s debt risk to medium but remains cautious

Motorists driving on one lane of the Makupa Causeway as construction of the highway started. Kenya's medium-term growth prospects remain favourable, supported by infrastructure investment and an improving business environment. FILE PHOTO | NMG 

In Summary

• IMF has raised Kenya’s debt risk to moderate, citing the country’s increasing refinancing risks and tighter safety margins.
• The Bretton-Woods institution is urging Nairobi to opt for concessional loans to refinance its debt as opposed to commercial credit.
• IMF estimates that East Africa’s largest economy will see its total public debt peak at 63.2 per cent of GDP this year before gradually declining to 58.2 per cent next year.

Uganda shelves plan to extend SGR from Malaba to Kampala

Uganda Finance Minister Matia Kasaija on October 29, 2018 t said that the Uganda government had put on hold the SGR venture and has instead turned attention to revamping the old metre-gauge railway network. PHOTO | FILE | NMG 

In Summary

• The Chinese-financed project is the first stage in a scheme that aims to extend to Uganda and other landlocked countries.
• For some time now, Ugandan government officials have blamed Kenya for failing to commit themselves to financing the remaining two — Naivasha-Kisumu, and Kisumu-Malaba sections.

Tanzania cracking down on smuggling of livestock to Kenya

Maasai in Ngorongoro Crater with their herds of cattle. Tanzania has established a livestock market in Kirumi in the Mara Region near the Kenyan border. FILE PHOTO | NMG 

In Summary

• The Ministry for Livestock and Fisheries said in a report this week that Tanzania has lost large sums of money to livestock smugglers.
• Minister said the new livestock market was intended to stop herders from selling heads of cattle, goats and sheep across the Tanzanian borders.

South Sudan rebel leader Machar reaffirms commitment to peace

South Sudan's rebel leader Riek Machar (centre) arrives at Juba international airport with his wife to attend a peace ceremony in Juba, South Sudan, on October 31, 2018. PHOTO | AKUOT CHOL | AFP 

In Summary

• Speaking at a peace ceremony in Juba on Wednesday, the rebel chief said he was ready to give peace a chance in the war-torn country.
• He announced that the new peace deal will lead to the creation of a federal government.
• Machar returned to Juba for the first time in more than two years to take part in a peace ceremony.

Kiir frees two political prisoners

South Sudanese President Salva Kiir. He declared on October 31, 2018, the release of two political detainees James Gatdet and William Endley. FILE PHOTO | AFP 

In Summary

• The two, former Riek Machar's spokesperson James Gatdet and a South African national William Endley, will be freed on Thursday.
• Mr Gatdet was arrested in 2017 after his deportation from Nairobi for allegedly subversive activities against the Juba administration.
• Mr Endley, a retired South African army colonel and ex-adviser to Machar, was accused of providing military support to Dr Machar.

Tanzanian opposition lawmaker arrested

Tanzanian opposition MP Zitto Kabwe. He was arrested in Dar es Salaam on October 31, 2018, after having claimed that dozens of people were killed in recent clashes between herders and the security forces. FILE PHOTO | THE CITIZEN 

In Summary

• Zitto Kabwe was arrested in Dar es Salaam Wednesday after having claimed that dozens of people were killed in recent clashes between herders and the security forces.
• At a press briefing in Dar on Sunday Kabwe said about 100 people were killed in clashes between police and herders some 10 days earlier in the western Kigoma province.

Witnesses tell of a vicious female officer in shocking slum shooting

A female police officer from Kinyago Police Post in Dandora, Nairobi, is reported to have shot innocent residents during a pursuit for robbers. PHOTO | FILE | NATION MEDIA GROUP 

In Summary

• The repetitive clap of bullets was loud enough to get Samuel Musili Mwenda, 21, out of bed.
• After getting out of his bed, he went outside and climbed up a tree to have a clearer view of what was happening.
• But less than 10 minutes later, an officer forced him down the tree and shot him, once in the chest and then in the head.

Experts raise alarm over China move to reopen rhino horns trade

Two rhinos in a park. China’s decision to reopen trade on rhino horn and tiger bones has raised alarm in conservation circles. PHOTO/FILE 

In Summary

• The move will encourage poaching in African countries and roll back steps that have been made to protect the endangered rhinos.
• Kenya’s rhino population has been dealt a huge blow this year, first with the death of the iconic Sudan, the last male northern white rhino in the world, in March due to old age, and later in July, the death of 11 black rhinos in Tsavo East National Park.

EU gives Sh5bn for Nairobi Bus Rapid Transit

Road engineers dedicate a lane on Thika Road designated for bus rapid transit system, on April 5, 2018. PHOTO | KANYIRI WAHITO | NATION MEDIA GROUP 

In Summary

• EU Ambassador to Kenya Stefano Dejak said the money will be used to develop and install Bus Rapid Transit supporting infrastructure in three years.
• The national and county governments will foot the remaining Sh4.6 billion.

Uganda has not abandoned SGR project, says Works minister

The standard gauge railway (SGR) Nairobi-Naivasha tunnel. PHOTO | FILE | NATION MEDIA GROUP 

In Summary

• Uganda Works ministers says country making steps towards signing a loan agreement with Exim Bank of China before rolling out the project.
• Uganda, Ms Monica Azube said, was also learning from the Kenyan situation and reviewing agreements before embarking on the project.

Low cost UberCHAPCHAP cars rise to 500 since February launch

Uber is targeting some of its 6,000 drivers. FILE PHOTO | NMG 

By IVY NYAYIEKA

More by this Author

Summary

• The number of UberCHAPCHAP cars has shot up to 500 from just about 200 eight months ago, Uber said on Wednesday.
• UberCHAPCHAP drivers purchase the fuel efficient Suzuki Altos financed through loans from Stanbic Bank and then pay off the cars while driving on the platform

Is Kenya finally ripe for disruption by cryptocurrencies?

Blockchain transactions are immutable and offer end-to-end transparency. FILE PHOTO | NMG 

 

By SHAUN BURROW

There is no doubt that cryptocurrencies and blockchain, the technology behind these virtual currencies, is set to disrupt every industry - especially the financial sector. We have previously seen waves of disruption: the computer, the internet and the mobile phone.

Blockchain is future of competitiveness

A recent PwC’s 2018 survey of 600 executives from 15 territories established that 84 per cent of them have some involvement with blockchain technology. FILE PHOTO | NMG 

By BITANGE NDEMO

More by this Author

If you search for “Blockchain Summit” on Google, you will find more than 100 conferences organised to take place in the remaining two months of the year. Why has the world suddenly become so animated by this emerging technology?

Insurers to rely on experts as accounting rules loom

IFRS 17 was issued by the International Accounting Standard Board (IASB) on May 18, 2017. FILE PHOTO | NMG 

By JAMES NGUNJIRI

More by this Author

Summary

• Deloitte actuarial and insurance consulting leader for Kenya Rebecca Muriuki said bodies like the Institute of Certified Public Accountants of Kenya (ICPAK) and industry regulator Insurance Regulatory Authority (IRA) are critical in giving guidance on areas of technical interpretation of the standard.

Ecobank rolls out money transfer app in 33 states

Citibank Kenya Managing Director Ade Ayeyemi. FILE PHOTO | NMG 

By JAMES NGUNJIRI

More by this Author

Pan-African lender Ecobank has introduced a mobile application that allows individuals to remit money to beneficiaries in any of the 33 African countries where the lender operates, as well as slashed the cost of transaction.

How to succeed as a briefcase consultant

Most hotels and restaurants refuse to accommodate idle people. FILE PHOTO | NMG 

By NANCY KOECH

Summary

• A survey done by this writer for a newspaper feature confirms, that someone with a Mercedes Benz, however old can gain more credibility in the eyes of the public.
• This then influences the type of clients, business connections, social status, and transform their financial status than the one on other wheels.

Give all buyers what they need, not want

It is not about giving your customers products for the sake of selling but ensuring they get what they really need. FILE PHOTO | NMG 

By JOHN KAGECHE

More by this Author

Assurance. A singular word that means a plural of emotions. And, retained, or new, sales. Assurance is a positive declaration intended to give confidence; a promise. Assurance is what a customer who is going through uncertainty needs- not what he says he wants. Confused? Hang on. You have my assurance that you’ll get it.

Building trust in a trustless economy

Transparency aids activities like paying taxes. FILE PHOTO | NMG 

By MAX MUSAU

There is a feeling in Kenya and in other African countries that technology can solve some of our biggest problems, create new value and set new technological foundations for a brighter future.

Blockchain, as is commonly known, is one of the most trending technologies and its implementation of the distributed ledger and smart contracts have been held by some as a technology that will revolutionise how the world interacts. In Kenya, there are discussions between researchers,

Digital platform to help local innovators market new products

Local tech-preneurs should develop products that address the Kenyan problems. FILE PHOTO | NMG 

By JOHN MUTUA

More by this Author

Local tech-preneurs and innovators will reduce the time and funding used to market their solutions following the launch of a market-place platform for their digital innovations.