Wednesday, January 27We Break the News

Tag: Business

Arab Petroleum Investments Corporation (APICORP) posts USD54.8 million net profit in first half of 2020

Arab Petroleum Investments Corporation (APICORP) posts USD54.8 million net profit in first half of 2020

INTERNATIONAL
DAMMAM, Kingdom of Saudi Arabia -- Gross operating income at USD144.7 million and net income at USD54.8 million despite adverse global conditions; Balance sheet grew by 10% to reach USD8.1 billion; APICORP (www.APICORP.org) launched a USD500 million countercyclical support package towards easing the financial pressures of the COVID-19 pandemic and oil price fluctuations in the region. The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announced its half-year results for the six months ended 30 June, 2020. Gross operating income for the period stood at USD144.7 million while net profit reached USD54.8 million. While down from the corresponding period last year at 20% and 22%, respectively, the net profit results are notable under the ...
With Nigerian Top Banker Dauda Lawal: Integrity, Commitment, Determination Remain key to success

With Nigerian Top Banker Dauda Lawal: Integrity, Commitment, Determination Remain key to success

AFRICA
ABUJA -- In this interview with Dr. Dauda Lawal a Nigerian foremost banker, strategic business adviser and politician, he speaks with PLEASURES Magazine (https://PleasuresMagazine.com.ng/) on the secrets to achieve greatness, his early childhood and rise to the top. How he narrowly missed being Governor of Nigeria’s North western state of Zamfara and plan for 2023. Early childhood and education Dr. Dauda Lawal was born on 2nd September, 1965 in a town called Gusau, Zamfara state in Northwestern Nigeria. He had his primary school in Guga located in the present day Katsina state where he was being raised by his grandparents and proceeded for his secondary school education in Kachia Local Government Area in Kaduna State. Lawal is known to be one of the key players in the financial sect...
Paxful sees more Young Women in Africa turn to Bitcoin amidst Pandemic

Paxful sees more Young Women in Africa turn to Bitcoin amidst Pandemic

TECHNOLOGY
JOHANNESBURG, South Africa, August 21, 2020/ -- The COVID-19 pandemic has strained the global economy and put millions of people under financial stress. Understandably, people from all walks of life started looking for alternative income streams. In honour of Women’s Month this August, a global peer-to-peer bitcoin marketplace, Paxful, (Paxful.com) is shining a spotlight on women who have started successful side hustles powered by bitcoin. Not only are these side jobs providing women with additional income, they are also giving individuals an opportunity to develop new skills in the bitcoin and blockchain space. Blockchain skills are in high demand internationally and may unlock new career opportunities or set the ground for running a successful business in the future. Tug...
UGANDA: Ralph Mupita assigned as new MTN Group President, CEO

UGANDA: Ralph Mupita assigned as new MTN Group President, CEO

Business, TECHNOLOGY, UGANDA
Mr. Ralph Mupita, MTN Group’s new president (PHOTO/Courtesy). JOHANNESBURG – MTN Group on Wednesday 19, announced Ralph Mupita as its new group President and Chief Executive Officer (CEO). The Zimbabwean born is set to assume office from September 1, 2020 replacing Rob Shutter who has been at the helm for a period of four years. Ralph has served as the MTN Group Chief Financial Officer (CFO) since April 2017, won accolades and has played a critical role in the development and execution of the group’s strategy, capital allocation processes, financial performance as well as in the resolution of a number of complex regulatory matters. In a statement, MTN Group chairman Mr Mcebisi Jonas said: “After a rigorous and extensive search process, we are pleased to have appoin...
BUSINESS: Government of Uganda plans to make oil, gas mining commerce public

BUSINESS: Government of Uganda plans to make oil, gas mining commerce public

Business, TECHNOLOGY, UGANDA
Following its admission to the Extractive Industries Transparency Initiative (EITI) on Wednesday, the government has said it expects to make public its dealings with oil and mining companies in a report to be published within the next 18 months as a step to validate this membership. EITI is a global standard to promote the open and accountable management of the extractive industry. It necessitates the disclosure of information in the different value chains, from point of extraction to the receipt and sharing of revenues, of the oil and gas, and mining industry sectors. The head of the EITI Uganda multi-sectoral group, Mr Moses Kaggwa, who is also the director of economic affairs at Ministry of Finance, told Daily Monitor that a work plan has been put in place to guide the next proce...
BUSINESS: Alcatel-Lucent Enterprise and RingCentral Enter into a Strategic Partnership

BUSINESS: Alcatel-Lucent Enterprise and RingCentral Enter into a Strategic Partnership

Business, INTERNATIONAL, TECHNOLOGY
RingCentral and Alcatel-Lucent Enterprise will jointly develop programs enabling both companies to lead the cloud communications services for the enterprise marketPARIS, France, August 11, 2020/ -- Alcatel-Lucent Enterprise (https://www.AL-Enterprise.com/), a leading provider of communications, networking and cloud solutions and RingCentral, Inc. (NYSE: RNG) (https://www.RingCentral.com/), a leading provider of global enterprise cloud communications, collaboration and contact center solutions, today announced that they have entered into a strategic partnership to introduce a new co-branded cloud solution – Rainbow Office powered by RingCentral –  making it unique and exclusive for Alcatel-Lucent Enterprise. RingCentral and Alcatel-Lucent Enterprise will jointly develop programs ...
BUSINESS: BoU maintains lending rate at 7% amid crawling economic recovery over Virus Pandemic

BUSINESS: BoU maintains lending rate at 7% amid crawling economic recovery over Virus Pandemic

Business, TECHNOLOGY, UGANDA
KAMPALA – Bank of Uganda has kept the Central bank rate (CBR) at 7 per cent for the month of August amid slow economic recovery over coronavirus. BOU Governor Emmanuel Tumusiime-Mutebile on Monday said the CBR indicates the direction of interest rates and with this BOU expects commercial banks to provide more money to Ugandans so that they can spend. It warns that increasing Non-Performing Loans (NPLs) and high lending interest rates could delay recovery of loan extensions to pre-COVID levels. Mutebile is, however, optimistic that economic growth could turn out stronger than projected if the spread of the virus is contained, or if a vaccine or effective treatment is available earlier than is currently being assumed. He said the economy in 2020/21 is projected in the range of 3...
BUSINESS: AUDA-NEPA launches the MSME Academy for all Africa’s Micro Small and Medium Enterprises

BUSINESS: AUDA-NEPA launches the MSME Academy for all Africa’s Micro Small and Medium Enterprises

AFRICA, TECHNOLOGY
JOHANNESBURG, South Africa, August 11, 2020/ -- AUDA-NEPAD (the African Union Development Agency) (www.NEPAD.org) has announced the launch of the MSME Academy, in partnership with Ecobank Group.  Spearheaded under the AUDA-NEPAD “100,000 MSMEs by 2021” (100K MSMEs) programme for Africa’s Micro Small and Medium Enterprises, the Academy provides easy access to practical training and resources on  financing opportunities in various countries, materials on how to build digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic. The platform will also provide access to market intelligence, a host of mentors with diverse experience, while assisting with access to funding opportunities.The MSME Academy has three components: an informatio...
BUSINESS: Toyota closes branch in Uganda after 3 employees test postive to Covid-19

BUSINESS: Toyota closes branch in Uganda after 3 employees test postive to Covid-19

TECHNOLOGY, UGANDA
Toyota Uganda has temporarily sealed off its Kampala branch with effect from yesterday after three of their staff tested positive for Covid-19. Mr Mahmood Omar, the company’s managing director in a press statement, said last week some of the staff at the branch reported feeling unwell with mild flu like symptoms and the company requested that they be tested. Results from the Health ministry confirmed that they had tested positive and have been referred to Mulago hospital for further treatment. “In the meantime, our Kampala branch at First Street, Industrial Area, will be temporarily closed effective today as additional steps, as guided by the authorities, are put in place, and all our staff confirmed in good health,” reads the press statement. Mr Omar said the rest of the staf...
UGANDA:  Gov’t setting up pineapple juice processing factory in Kayunga

UGANDA: Gov’t setting up pineapple juice processing factory in Kayunga

TECHNOLOGY, UGANDA
The government through the National Agricultural Advisory Services (Naads) is constructing a multi-billion pineapple juice processing factory in Kayunga District amid challenges of low production and wrong location. The Busaale Pineapple Juice Processing Factory located in Kayunga Sub-county is being constructed with an aim of assisting pineapple farmers to get ready market for their produce in a bid to increase household incomes.The factory was a presidential pledge to the people of Kayunga District and is expected to be commissioned later this year. However, local leaders, agriculture and Naads officials are pondering over sustainability of the factory given the low production of pineapples in the area. Some leaders in Kayunga are also questioning the procedure that was used to...
New Regulatory Affairs Committee: Putting Regulatory Frameworks at the Heart of the Continent’s Global Investment Competitiveness

New Regulatory Affairs Committee: Putting Regulatory Frameworks at the Heart of the Continent’s Global Investment Competitiveness

AFRICA
JOHANNESBURG, South Africa, August 4, 2020/ -- The African Energy Chamber (www.EnergyChamber.org) is delighted to announce the nomination of its Regulatory Affairs Committee, which will serve on its Advisory Board for 2020 and 2021. The Committee will be central to the Chamber’s policy advocacy and advisory efforts across the continent to provide an enabling business environment for investors and entrepreneurs. Its members include: Nicolas Bonnefoy, Managing Director, Africa Oil & Gas LTDBill Drennen, President and CEO, WTD Resources LLCChijioke Akwukwuma, MD/CEO, Ocean Deep Drilling ESV Nigeria Limited (ODENL)Bruce Falkenstein P.G., Upstream Advisory and ConsultingOneyka Ojobgo, Associate Attorney, Centurion Law GroupJovita Nsoh, Regional CTO, Strategy & Innovation, Micro...
German Energy Investors Have a Bright Future in a Post-Covid 19 Africa

German Energy Investors Have a Bright Future in a Post-Covid 19 Africa

AFRICA
JOHANNESBURG, South Africa, August 4, 2020/ -- On Thursday, the Germany-Africa Business Forum (GABF) is organizing an exclusive webinar to encourage new deals between German and African public and private energy stakeholders. This is an extremely timely initiative. Covid-19 has accelerated several major trends and dynamics within Africa’s energy sector which are set to significantly increase the demand for German capital and technology on the continent. Energy has been identified by most African governments and financial institutions as a key sector able to support Africa’s economic recovery post-Covid-19. In parallel, global trends toward a cleaner energy transition are now accelerating and Africa is no stranger to the game. The reshaping of the continent from 2021 onwards provides a ...
AFRICA: Operation SALAMA reaches millions of Moroccans with pandemic information, supplies, support

AFRICA: Operation SALAMA reaches millions of Moroccans with pandemic information, supplies, support

AFRICA, Business, TECHNOLOGY
The Government also worked closely with partners, including UNFPA, to reduce disease transmission and limit the impact of the pandemic on at-risk communitiesRABAT, Morocco, July 28, 2020/ -- When the COVID-19 pandemic arrived in Morocco in March, alarm spread through the country. “At the start of the pandemic, we were very worried about our health,” Halima*, a migrant woman from Madagascar, told UNFPA.A state of emergency was declared, and strict movement restrictions were implemented. Within three months of enacting these measures, the country was recognized for having one of the lowest fatality rates from the illness.The Government also worked closely with partners, including UNFPA, to reduce disease transmission and limit the impact of the pandemic on at-risk communities. Operation SAL...
BUSINESS: CANAL+ to launch first premium DTH platform over Ethiopia, broadcast from EUTELSAT 7C

BUSINESS: CANAL+ to launch first premium DTH platform over Ethiopia, broadcast from EUTELSAT 7C

TECHNOLOGY
PARIS, France, July 28, 2020/ -- Long-term, multi-transponder contract leveraging capacity on EUTELSAT 7C’s dedicated Ethiopian spot beam; showcasing the dynamism of the Ethiopian broadcast landscapeEutelsat Communications (Euronext Paris: ETL) (www.Eutelsat.com) and CANAL+ have signed a multi-year, multi-transponder contract for Ku capacity on EUTELSAT 7C to support the launch by CANAL+ of a premium DTH platform in Ethiopia at the beginning of 2021.Leveraging Eutelsat 7C’s incremental capacity dedicated to Ethiopia, CANAL+ will launch a comprehensive broadcast offer encompassing a DTH pay-TV offer of some 50 premium channels in a mix of standard and high definition, enriched by the addition of a selection of Ethiopian Free-to-air content.EUTELSAT 7C is a high-power broadcast satellite wh...
S.AFRICA: Trade and industry committee engages on sugar and steel industry

S.AFRICA: Trade and industry committee engages on sugar and steel industry

Business, TECHNOLOGY
Parliament, Tuesday, 28 July 2020 – The Portfolio Committee on Trade and Industry today had fruitful discussions on developments in the South African sugar and steel industries. Committee Chairperson Mr Duma Nkosi noted that the sugar industry is in the process of applying for an exception from the Competition Commission to implement the provisions of the master plan as drawn up by the Department of Trade, Industry and Competition (DTIC). The committee heard that the South African share of the sugar market has shrunk from 1.6 to 1.2 million tons. Furthermore, there has been a significant decrease in sugar cane production, mainly in KwaZulu-Natal. Consequently, there have been job losses and small growers have gone out of business. The DTIC’s proposed sugar masterplan interventions for sta...
BUSINESS: VC4A announces 2020 ‘Venture Showcase – Seed’ in partnership with AWS Activate, AfriLabs and ABAN

BUSINESS: VC4A announces 2020 ‘Venture Showcase – Seed’ in partnership with AWS Activate, AfriLabs and ABAN

AFRICA, Business, TECHNOLOGY
CAPE TOWN, South Africa, July 29, 2020/ -- VC4A (https://VC4A.com/) is calling for African startups looking to raise between $150K and $1M. In proud collaboration with technical partner AWS Activate, and network partners AfriLabs and ABAN, VC4A will be hosting the exclusive ‘Venture Showcase - Seed(https://bit.ly/2D9XODn)’ in November as part of a virtual gathering of Africa-focused early-stage investors.Via this campaign VC4A will select 10 innovative early-stage startups to showcase their business to the world. A requirement is that you are based in Africa and your tech-enabled solution is already on the market, you are able to show some traction and you have expansion plans in mind.Since 2017, VC4A has showcased growth-stage startups as part of the annual Africa Early Stage Investor Su...
BUSINESS: Bank customers to make payments at no extra cost

BUSINESS: Bank customers to make payments at no extra cost

Business, TECHNOLOGY, UGANDA
Uganda Bankers Association (UBA) has today launched the ‘No Merchant Surcharge’ Campaign dubbed “Pay with your Card @ No extra Cost”.   The campaign aims to raise awareness on the Card payment system. The campaign aims at eliminating the practice of merchants levying extra fees for electronic payments made using Point of Sale (POS) machines. Speaking at a Press Briefing this morning, UBA Executive Director Wilbrod Owor said, “In August last year, Bank of Uganda issued a directive that prohibits merchant surcharging at POS terminal and the fixing of minimum/maximum transaction amounts  on electronic  payment cards.  This was in a bid to drive the growth and uptake of Digital Financial Services. Through this campaign, UBA will educate consumers on the No Surc...
BUSINESS: Umeme discontinues free electricity connection program

BUSINESS: Umeme discontinues free electricity connection program

TECHNOLOGY, UGANDA
In 2018 launched ECP a free electricity connection policy where customers were required to pay only shs20,000 for inspection and government caters for the remaining connection fees in a move aimed at connecting 300,000 customers annually implemented by Rural Electrification Agency. However, according to Umeme, the program has been halted after government ran out of funds. “Unfortunately, due to a realignment of priorities and financial resources by government in part brought by the unexpected Covid-19 pandemic, the ECP program has been put on hold until further notice,” a statement by the Umeme head of communications, Peter Kaujju said. “The Ministry of Energy , the Electricity Regulatory Authority and REA are fully aware of the current constraints and we are confident a solution...
BUSINESS: Byarugaba assigned as Absa Uganda’s new board chairperson

BUSINESS: Byarugaba assigned as Absa Uganda’s new board chairperson

TECHNOLOGY, UGANDA
Byarugaba, who has served on the board since January 2016, replaces Swithin Munyantwali who vacated the position following his appointment to the board of Absa Group as Non-Executive Director in September 2019. “I am delighted to confirm Nadine’s appointment as Board Chair of Absa Bank Uganda. Her strategic leadership and seasoned knowledge of the banking sector stands us in good stead as we continue to pursue our ambition and goal to be a leading and trusted African financial services company. I am confident that Nadine’s leadership will strengthen our resolve to deliver continued value to our customers and shareholders” said Peter Matlare, Deputy Group CEO of Absa Group Limited. A seasoned banking professional with experience spanning over 25 years, Byarugaba is also a board membe...
BUSINESS: MTN MoMoNyabo promo breathes life into struggling businesses

BUSINESS: MTN MoMoNyabo promo breathes life into struggling businesses

AFRICA, TECHNOLOGY, UGANDA
MTN Uganda through its MoMo Nyabo promotion has come out to stand with its customers as it offers them an opportunity to win money up to sh5m to help them rebuild their lives and businesses following the COVID-19 financial disruptions. But that is no longer a problem for Janat Katende Namakula who won a whooping sh4.2m with the on-going MoMoNyabo Together promotion.MTN Uganda through its MoMo Nyabo promotion has come out to stand with its customers as it offers them an opportunity to win money up to sh5m to help them rebuild their lives and businesses following the COVID-19 financial disruptions.To enter the draw, MTN customers simply have to use the MyMTN app or dial *165# and buy airtime or data, including paying for utilities and many other goods and services.Namakula, a shoe business ...