Thursday, February 28, 2019

Embraer-Boeing JV Deal Gets Shareholders Approval

The joint venture announced by Boeing and Embraer in December 2018, with the Brazilian government approving the deal in January this year, has been endorsed by shareholders.
The acquisition of the 80 percent stake, costing Boeing USD$4.2 billion, was approved by 96.8 percent of voters at a shareholders’ meeting in São Paulo.

‘How Perishable Goods’ Export Can Boost Nigeria’s FX Earnings’

Chinedu Eze
If Nigeria can harness agricultural produce for export, it can earn more than what it currently earns from crude oil, immediate past Managing Director of Nahco Free Trade Zone, Mr. Baba Yusuf, has said.

UK Disagrees with US Decision to Ban Huawei 5G Network

By Emma Okonji
Despite restrictions in the United States (US) on Huawei’s 5G network equipment, and the controversial allegations that Chinese manufacturers are spying on the West, the United Kingdom(UK)’s National Cyber Security Centre (NCSC) has reiterated that Huawei’s network equipment do not pose threat to security, adding that any potential risk posed from using the

What Kids Teach Us about Business

Debbie Larry-Izamoje
         Growing up I always wondered why my parents shared their business ideas with us before proper implementation. With age and running my own digital agency, I have come to realize the importance of seeking opinion on business ideas before implementation even from sources and people that might not necessarily be vast in that area. A basic chat sometimes creates the inspiration you need.
         One of my greatest inspirations has therefore been children. If you watch your child closely you’ll realize that he/she mirrors some of your greatest leadership and business lessons. If you do not believe me yet, then read below

Zimbabwe Limits Dollar Sales to Foreign Payments

Zimbabwe’s commercial banks are under orders to restrict United States dollar transactions to companies and individuals with foreign payments to make, according to a central bank directive that demonstrates the slow progress of currency reforms.
The document, a measure of the foreign exchange controls that remain in place six days after

StanChart Hiring Chinese-speaking Bankers, Targets Chinese Firms

Standard Chartered is targeting more trade-focused business from Chinese companies by hiring around 15 bankers worldwide, a source familiar with the plans told Reuters.
The move forms part of a broader StanChart strategy announced recently to boost profits in its corporate and institutional banking division by focusing on its network of 63 countries, mainly in

Nigerian Airlines and Corporate Governance

Chinedu Eze
There is a general belief that one of the reasons why airlines fail in Nigeria is because they lack corporate governance in their management.
Industry experts have posited that owner-manager syndrome has contributed to the demise of many Nigerian airlines whose lifespan is average of 10 years.

Steering Monetary Policy

Obinna Chima examines efforts by the central bank to address factors that constrain growth in the economy The traditional functions of a central bank include formulating and implementing monetary policy, determining interest rates and directing money supply, achieving price stability, regulating and supervising the banking and financial systems and managing foreign reserves.
However, today, the role of central banks in developing economies is expanding.
In fact, a report by the International Monetary Fund titled: “Challenges for Central Banking,” noted that the breadth and scale of central banking operation has been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Specifically, it pointed out that

Benchmark Bond Yield Drops 40 Basis Points as Funds Buy Debt

Nume Ekeghe with agency report
Yields on Nigeria’s most liquid 10-year bond fell 40 basis point to 13.9 percent on Thursday as uncertainty eases for foreign investors following the conclusion of the first leg of the general elections.

Nigerian Stock Market Gains N434bn to close N11.83tr in February

Goddy Egene
The Nigerian stock market appreciated by 3.8 per cent in the month of February compared with a decline in January. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose from 30,557.20 to close at 31,721.76 while market capitalisation gained N434 billion, rising from N11.395 trillion to N11.829 trillion at the end of the month.

Economy Tops People’s Expectations of Buhari’s Second Term

Muhammadu Buhari
Obinna Chima
As President Muhammadu Buhari begins to wind down his first term of office and prepares for his second tenure, Nigerians have begun to set agenda for him, listing the economy as what they say should be his priority.

‘17% of adult Nigerians don’t have smartphones’


 By Adeyemi Adepetun
About 17 per cent of Nigerian adults are without smartphones. A study conducted by Pew Research Centre, based in Washington D.C., USA, which disclosed this, however said 39 per cent owned a smartphone, while 44 per cent use ordinary mobile phone. Nigeria, according to Woldometer is a country with 200 million populations.

Huawei racks up 5G deals at top mobile fair despite US pressure

This photo illustration shows a logo of Chinese telecoms giant Huawei at a shopping mall in Kuala Lumpur on February 13, 2019. (Photo by Mohd RASFAN / AFP)

Chinese telecoms giant Huawei racked up a slew of deals to sell 5G equipment at the world’s top mobile fair in Spain despite Washington’s campaign to convince its allies bar the firm from their next-generation wireless networks.

How Buhari’s victory will affect economy, oil, gas sector

By Kingsley Jeremiah, Abuja
The victory of President Muhammadu Buhari at the just-concluded polls may create stability in the nation’s economy, particularly the oil and gas sector, but challenges confronting the industry may remain.
Analysis by global think-tank, Wood Mackenzie, and other stakeholders in Nigeria, expect limited changes in the direction of the nation’s economy and the oil and gas sector.

Liberalisation of African airspace long overdue – investor

Abdullah Al-Sayed, NEXUS Group Founder and Chairman addressing delegates at the summit in Kigali, yesterday. Courtesy.

The African aviation industry is one with potential, but requires urgent intervention, according to multiple stakeholders at the ongoing Aviation Africa Summit. The summit has convened over 600 delegates from over 60 countries.
On the sidelines of the summit, The New Times’ Collins Mwai spoke to Abdullah Al-Sayed, the chairman and founder of NEXUS Group, which has interest in the Rwandan and African aviation sector.
Al-Sayed spoke on some of the missed opportunities, avenues of growth, as well as reduction of losses in the sector.
Below are excerpts:
What have been some of the missed opportunities in the African aviation sector that stakeholders ought to give attention to at the moment to spur development in the sector?

Survey: Unpredictable taxes biggest constraint to businesses

Businesses also highlighted the burden of additional cleaning fee similar to the security fees. They complained about flat fee for cleaning regardless of scale of business.
Participants follow the presentation of the report yesterday. / Sam Ngendahimana

A new report commissioned by the Private Sector Federation (PSF) has cited high taxes, particularly stemming from multiple taxation, as the major constraints to doing business in Rwanda.
The fourth Business and Investment Climate Survey 2019-2021 report indicates that more than three-fourths of the respondents appealed for a review of the current tax regime in order to make locally produced goods more competitive.
While releasing the report for stakeholders yesterday, Stephen Ruzibiza, the Chief Executive Officer of PSF, said that it will help the umbrella organisation of private sector operators to carry out advocacy that is evidence-based.

PSF’s Ruzibiza speaks during the presentation of the fourth ‘Business and Investment Climate Survey 2019-2021’ report yesterday.
The report states that as the country is gradually transitioning from completely no tax to tax regime, tax is likely to remain a key challenge for businesses ahead.
“During focused group discussions, businesses revealed various local fees such as cleaning fees, security fees, parking fees levied at the local level were burdensome for their businesses on top of

PICTORIAL - Africa Aviation Summit and Exhibition

This week stakeholders from the African aviation sector convened at the Kigali Convention Centre for a two-day African Aviation Summit and Exhibition.
The summit brought together executives, policymakers and service providers in the aviation industry to discuss issues surrounding safety and professionalism, among other subjects.
The summit happned alongside the exhibition. The New Times captured some of the moments at the events.
Among the highlights of the event was the latest Gulfstream business jets that were on display at Kigali International Airport.

Rwanda plans bigger continental air show

An air show is basically an exhibition where individuals and companies that need services and those who offer services in aviation meet, discuss and can seal deals
Officials experience the interior of the latest model of Gulfstream business jet, which was showcased at the just concluded Africa Aviation Summit and Exhibition in Kigali. Rwanda is keen to upgrade the event to a continental Air Show, official said. / Emmanuel Kwizera

Rwanda is planning to launch an African Air Show in the next couple of years as it seeks to attract more sector players from across the globe and tap from the potential of the aviation industry, the State Minister in Charge of Transport has said.
Jean de Dieu Uwihanganye was addressing the media after touring the aircraft on display at Kigali International Airport, which was part of the just-concluded Africa Aviation Summit and Exhibition in Kigali.
“This [aircraft display] demonstrates something. This event is called the Africa Aviation Summit and Exhibition. The reason why we are at that step is because we want this summit to become, later, an air show,” he said.
READ ALSOKagame makes case for Single African Air Transport Market
In aviation, the minister stated, there has been air shows which have built names, like Dubai Air Show and London Air Show.
“We want to have African Air Show in Rwanda. This is one step towards the air show,” he added.

One of the latest Gulfstream business jet, which was showcased at the just concluded Africa Aviation Summit and Exhibition. / Emmanuel Kwizera
Uwihanganye disclosed that having a Rwandan air show demonstrates that the country is on course to

Tanzania: Zanzibar Anti-Malaria Drive Cuts New Cases By 94pc

Zanzibar's anti-malaria campaign is paying off, with research showing a drop in transmission of about 94 per cent.
A study conducted in two rural districts, North A (Unguja Island) and Micheweni (Pemba Island) and published in the journal, BMC Medicine, attributes this low transmission rate to a nationwide control programme and access to tools for prevention, diagnosis and treatment including free mosquito nets.
In the study titled From High to Low Malaria Transmission in Zanzibar -- Challenges and

Zambia: No, Tank You - Zambian Truckers Quit Dar Corridor

Local petroleum transporters have stopped using the Dar-es-Salaam corridor in the transportation of imported fuel following the introduction by the Tanzanian government of a Vehicle Load Act that reduces the weight of the cargo they can carry.
The Vehicle Load Act, which will come into effect on March 1, will compel transporters to reduce the number of litres to be loaded from Dar-se-Salaam by 4,000 litres. The truckers say this obliterates the profit margin by increasing the costs of meeting the new standards.
Read more

Tanzania: Magufuli's Graft Fight Wins Internattional Accolades

Photo: The Citizen Tanzania

President John Magufuli (file photo).
TANZANIA'S anti-corruption crusade and accountability enforcement in public service under the current regime has continued to receive accolades globally, with Finland coming as the latest admirer.
Finland's Foreign Affairs Minister Timo Soini hailed the reforms during a meeting with Tanzania's

Tanzania: High Taxes On Mining Firms Irk Commissioner

MINERAL Commission has been irked by high taxes charged by municipal councils to mining companies that may impact on their profitability.
This was said by the Chairman of the Commission, Prof Idris Kikula when speaking with the Coast Regional Commissioner, Engineer, Evarist Ndikilo during the three days working tour at various mineral sites in the region.

Tanzania: Tasaf Programme Impresses World Bank

PichaTHE World Bank (WB) in Tanzania said yesterday that there has been a big response from development partners continuing to support the Tanzania Social Action Fund (TASAF) programme after it has attained significant achievements.
WB's Team Leader for Tasaf programme, Mr Mohamed Muderis said this yesterday, commending the government for close supervision of the programme which helped to reach such successes.

Tanzania: Dar Gets 210bn/ - for Sewage System Expansion

THE government has secured 210bn/- loan for upgrading and expanding Dar es Salaam City sewage system.
The money, according to Minister of Water, Prof Makame Mbarawa, would enable to increase the

Tanzania Up 31 Places in Global Innovation Index

THE rapid development of innovation ecosystem in Tanzania over the past five years has improved the country's ranking in the Global Innovation Index (GII), moving up 31 positions from 123 in 2013 to 92 in 2018.
This was revealed recently by Human Development Innovation Fund (HDIF) team leader, David McGinty during the launch of a report dubbed 'Investing in Social Innovation and Technology in

Tanzania Banana Research Centre to Improve Yields

Tanzania is finalising plans for a banana research centre.
Belgium has already pledged $1.29 million towards a banana centre of excellence to be based at the Nelson Mandela African Institute of Science and Technology in Arusha.
The institute's vice chancellor, Prof Emmanuel Luoga, said the focus will be on helping smallholder farmers increase their production quotas of the more popular varieties in the region, including

Tanzania: Jail of 'Queen of Ivory' Boost for Antipoaching Crusade

Photo: The Citizen

Chinese national Yang Feng Glan dubbed "queen of Ivory" .
THE decision by Kisutu Resident Magistrate's Court in Dar es Salaam to convict the " Q ueen of Ivory," Chinese Yang Feng Clan, of smuggling elephant tusks offences and sentenced to 17 years imprisonment has been received positively by the World, a move that will send shockwaves through organised criminal networks. Our Staff Writer FAUSTINE KAPAMA who has been following up the trial reports...

StanChart prepares for extra NYS cash penalty

Standard Chartered ATM lobby in Nairobi. FILE PHOTO | NMG Standard Chartered ATM lobby in Nairobi. FILE PHOTO | NMG 

Brief news on farming and agribusiness in the country

Crops affected by tuta absoluta in a farm.
Crops affected by tuta absoluta in a farm. Tuta absoluta is a harmful leaf-mining moth that spreads rapidly due to the high number of eggs it lays. FILE PHOTO | NMG 

US John Deere in leasing plan for farmers’ groups

A farmer ploughs his land with a tractor.
Smallholder farmers looking to buy tractors often find that they can’t raise enough cash from their operations to afford one. FILE PHOTO | NMG 
More by this Author
Farm machinery maker John Deere will this year start leasing tractors to Kenyan farmer groups in an effort to enhance mechanised farming.

Sellers hold back 22pc tea at auction

Unilever tea estate in Kericho
Unilever tea estate in Kericho. FILE PHOTO | NMG