SpidNetworking's 13th event holds today, Saturday, September 28, 2013 at Protea Hotel Ikoyi, 11am

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SpidNetworking's 13th event holds today, Saturday, 28 September, 2013 at Protea Hotel Ikoyi from 11am. It promises to be a worthwhile event. Also, the winner of the SpidNetworking Survey raffle will be announced at the event and presented the prize- a brand new Android Tablet. For more information call Clara at 08177204250 or 08057204250

South Africa sells $2 billion of bonds

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South Africa sold $2 billion of 12-year bonds in overseas debt markets after boosting the size ofthe offering. The country issued the bonds due in 2025 to yield 6 percent, or 3.15 percentage points above U.S. Treasuries, Monday.  It had originally planned to sell $1.5 billion of the debt to yield as much as 3.3 percentage points above Treasuries, according to a person familiar with the offering who asked not to be identified because he’s not allowed to speak publicly.

South Africa tapped the market after investors pulled $22.1 billion from emerging-market bond funds since the end of April amid speculation the U.S. will curb stimulus. The withdrawals are almost five times the amount taken out of U.S. corporate debt, according to EPFR Global.

“Despite the headline risk, there’s money to put to work in emerging markets,” said Luz Padilla, manager of the $664 million DoubleLine Emerging Markets Fixed Income Fund.

Russia, which shares South Africa’s BBB rating from Standard & Poor’s, sold $6.96 billion of euro and dollar bonds due in five, seven, 10 and 30 years Monday, Bloomberg reports. It issued 10-year securities to yield 220 basis points over Treasuries.  The 6 percent that South Africa agreed to pay on Monday is up from 4.665 percent, or 270 basis points above U.S. Treasuries, when it sold notes due in 2024 in January 2012.

 

South Africa’s central bank forecasts the nation’s economy will grow 2 percent this year after expanding 2.58 percent in 2012 as labour unrest in mines shaves 0.3 percentage point off growth,

President Jacob Zuma said in June. The country, which has the world’s largest-known reserves of platinum and chrome and is the sixth-largest producer of gold, relies on minerals for more than 50 percent of its exports.  Wall Street’s biggest firms are predicting intensifying bond losses in emerging markets, where borrowing costs have already soared to the highest in more than four years versus U.S. corporate debt, as the Federal Reserve considers curtailing record stimulus.

Borrowing costs are soaring from record lows reached in January as speculation deepens that the Fed will curtail its so-called quantitative easing as soon as this month, signaling an end to the flood of cheap money that’s propped up asset prices from India to China and Indonesia.

 

The exodus from developing nations began after Fed Chairman Ben S. Bernanke told Congress on May 22 that the central bank could scale back the pace of its $85 billion of purchases of mortgage bonds and Treasuries if the U.S. economy showed sustained improvement.

 

Source: Business Day Online

Hertz Ghana Begins Operations

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LEASAFRIC, the biggest leasing company with a portfolio of non-bank financial institution has launched Hertz Ghana as the world’s number one logistics and transportation service to corporate Ghana.

 

Hertz Corporation, a subsidiary of Hertz Global holdings Incorporation is an American car rental company with international locations in 145 countries worldwide, whiles operating a fleet of over 550,000 vehicles from 6,300 locations.

 

Speaking at the launch of Hertz Ghana, the President of Ghana Chambers of Commerce (GCC), Mr. Seth Baah, also a Member of Parliament (MP) for Nkawkaw, retreated that corporate Ghana can not survive without the services of transportation and logistics, which all kinds of commerce depend on.

“This is why Hertz was able to see into the future to recognize the importance of global travels and establish a car rental network to service that demand”, he added.  “We are confident with its entry to Ghana, that all sectors of the economic life of Ghana is assured of total logistics package/solutions with value added services streamlined to cater for the Ghanaian’s ever dynamic lifestyle because Hertz services will align with the Government’s objectives to provide seamless transportation for its citizenry and serve as a catalyst for economic growth”, Mr. Baah stressed

 

Source: World leasing News

Tycoon plans Nigeria's largest oil refinery

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A company run by Africa's richest man received a loan toward a $9 billion project that will give Nigeria its largest oil refinery and petrochemical and fertilizer complex, reducing the country's reliance on international markets. Aliko Dangote, president of Dangote Group, signed a loan worth $3.3 billion from 12 Nigerian and international banks toward the project which will be built in Nigeria's southwest.

"At the completion of these projects we expect Nigeria to become not only self-sufficient in fertilizer and refined petroleum products but indeed to become recognized as a leading exporter of these products," Dangote said at Wednesday's signing.

Nigeria is Africa's biggest oil producer, and is a top supplier of crude to the U.S., but the West African country has to import most of its fuel because of decrepit refineries unable to meet the nation's demand for gasoline due to years of mismanagement and sabotage.

The 400,000 barrels-per-day oil refinery and complex will become operational by 2016, the company said. The plant will also produce 2.8 million tons of urea for fertilizing crops and to produce polypropylene, used to make plastics, a statement said.

Dangote said the company is still seeking an additional $2.5 billion in development funds to augment the $3.5 billion of its own equity put into the project. The $3.3 billion loan deal was led by Standard Chartered and Nigeria's Guaranty Trust Bank.

Dangote's estimated worth is $16.1 billion according to Forbes, which has also ranked him among Africa's richest men for the past few years. The Nigerian has made his wealth in cement, flour and sugar

Source:  Chron.com

Apply for the 2014 Chevening Scholarship for study in the UK

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Foreign and Commonwealth Office (FCO) and partner organisations offer Chevening scholarships for masters students. The programme provides full or part funding for full-time courses at postgraduate level, normally a one-year Master’s degree in any subject and at any UK university. Chevening scholarships cover tuition fees, a living allowance at a set rate (for one individual), an economy class return airfare to the UK and additional grants to cover essential expenditure. Some Scholarships cover part of the cost of studying in the UK; for example, tuition fees only or allowances only. The application deadline varies from country to country.

 

Study Subject(s): Scholarships are provided to study any subject at any UK university.
Course Level: The programme provides full or part funding for full-time courses at postgraduate level, normally a one-year Master’s degree at any UK university.
Scholarship Provider: Foreign and Commonwealth Office (FCO) and partner organisations
Scholarship can be taken at: UK

Eligibility: Applicants must:

-Meet the academic requirements for their chosen course(s) of study;
-Have a good standard of written and spoken English, and meet the Chevening Scholarships language requirements as well as the language requirements of their chosen course(s) of study;
-Be a citizen of a Chevening country
-Have a minimum of two years’ work experience;
-Not be employees, relatives of employees, or former employees (who left within the past two years) of Her Majesty’s Government (including British Embassies and High Commissions), a partner (sponsor), a sponsoring UK university, or a staff member of the Association of Commonwealth Universities;
-Not have previously studied in the UK under a UK Government-funded scholarship;
-Not have dual British nationality (unless you are a Citizen of a British Overseas Territory).

 

Scholarship Open for International Students: The students of Chevening country (Afghanistan, Albania, Algeria, Angola, Anguilla, Antigua & Barbuda, Argentina, Armenia, Australia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belarus, Belize,  Bermuda, Bhutan, Bolivia, Bosnia Herzegovina, Botswana, Brazil, British Overseas Territories, Brunei, Burma, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, China, Colombia, Costa Rica, Croatia, Cuba, Djibouti, Dominica, Dominican Republic, Democratic People’s Republic of Korea, DR Congo, East Timor, Ecuador, Egypt, El Salvador, Equatorial Guinea, Ethiopia, Falkland Islands, Fiji,Gabon, Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea Bissau, Guyana, Haiti, Honduras, Hong Kong, Iceland, India, Indonesia, Iran, Iraq, Israel, Jamaica, Japan, Jordan,Kazakhstan, Kenya, Kiribati, Kosovo, Kyrgyzstan, Laos,Lebanon, Lesotho, Libya,Macedonia, Madagascar, Malawi, Maldives, Malaysia, Marshall Islands, Mauritius, Mexico, Micronesia, Moldova, Mongolia, Montserrat, Montenegro, Morocco, Mozambique,Namibia, Nauru, Nepal, New Zealand, Nicaragua, Nigeria, Palestinian Territories, Pakistan, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn Island,Republic of Congo, Russia, Rwanda, Samoa, Sao Tome and Principe, Senegal, Serbia,Seychelles, Sierra Leone, Singapore, Solomon Islands, Somalia, South Africa, South Korea, Southern Sudan, Sri Lanka, St Helena, St Kitts & Nevis, St Lucia, St Vincent & Grenadines, Sudan, Swaziland, Syria, Taiwan, Tajikistan, Tanzania, Thailand, Trinidad & Tobago, Tonga, Tunisia, Turkey, Turkmenistan, Turks and Caicos, Tuvalu, Uganda, Ukraine, Uruguay, Uzbekistan, Vanuatu, Venezuela, Vietnam, Yemen, Zambia and Zimbabwe) can apply for these scholarships.

 

Scholarship Description: Chevening Scholarships are the UK government’s global scholarship programme, funded by the FCO and partner organisations. National merit-based competitions in 118 countries are run each year and Scholarships are awarded to outstanding established or emerging leaders to pursue one-year Master’s degrees in any subject and at any UK university. Initial application is facilitated via the eChevening online system. Typically, up to 25,000 applications are received. These applications are first reviewed against certain eligibility criteria and those that make the cut are then sent to Reading Committees for assessment. The Chevening Scholarships Secretariat is seeking both Eligibility Reviewers and Reading Committee members.

 

Number of award(s): Not Known

 

Duration of award(s): Scholarships are awarded for one year.

 

What does it cover? Chevening Scholarships cover tuition fees, a living allowance at a set rate (for one individual), an economy class return airfare to the UK and additional grants to cover essential expenditure. Some Scholarships cover part of the cost of studying in the UK; for example, tuition fees only or allowances only.

 

Selection Criteria: Applicants should be high caliber graduates with the personal, intellectual and interpersonal qualities necessary for leadership. Evidence of leadership experience and potential is critical. Each country has a list of priority areas in which it is looking for Chevening Scholars. The typical successful applicant:
-Is a professional graduate, in early or mid-career, who displays both intellectual ability and clear leadership potential;
-Has already worked for two/three years in his/her chosen profession;
-Is committed to return to his/her home country and contribute to its socio-economic development, by implementing the new skills and knowledge acquired in the UK;
-Has a proven track record of professional excellence and achievement, with the prospect of becoming a leader in his/her chosen field;
-Is able to show at interview that he/she possesses the personal qualities to benefit from the Scholarship and use it to succeed in his/her chosen career;
-Is keen to engage with the wider Chevening community while in the UK and on return to his/her home country;
-Has a clear idea of how the Scholarship will benefit his/her country on his/her return.

 

Notification: Not Known

 

How to Apply: To apply for one of the four positions available (Eligibility Reviewer, Academic Specialist, Regional Specialist, Lay Committee Member), please send a CV with covering letter outlining each of the following:
-Applicant’s full name
-their postal and email addresses
-their phone number(s)
-position(s) being applied for
-suitability for the role(s)
-confirmation of available period of time (November for Reviewers or one of the three time periods for the Committees, as above)
-acknowledgement of willingness to sign a confidentiality agreement
-Applications should be emailed to sifting-at-chevening.org, to

 

The Attention of Michael Scott-Kline, Head of the Chevening Scholarships Secretariat.
Enquiries about the positions should be addressed to Michael Scott-Kline, Head of the Chevening Scholarships Secretariat: sifting-at-chevening.org

 

Scholarship Application Deadline: The application deadlines are as follows: Afghanistan-15 November 2013, Albania-1 November 2013, Algeria-15 November 2013, Angola 8-November 2013, Anguilla-1 November 2013, Antigua & Barbuda-8 November 2013, Argentina-15 November 2013, Armenia-1 November 2013, Australia-, Azerbaijan-8 November 2013, Bahamas-8 November 2013, Bangladesh-1 November 2013, Barbados-8 November 2013, Belarus-1 November 2013, Belize-8 November 2013, Bermuda-1 November 2013, Bhutan-, Bolivia-15 November 2013, Bosnia Herzegovina-1 November 2013, Botswana- 15 November 2013, Brazil-15 November 2013, British Overseas Territories-1 November 2013, Brunei- 15 November 2013, Burma-15 November 2013, Cambodia-15 November 2013, Cameroon-8 November 2013, Canada-8 November 2013, Cape Verde-8 November 2013, Cayman Islands-1 November 2013, Central African Republic-8 November 2013, Chad-8 November 2013, Chile-15 November 2013, China-15 December 2013, Colombia-15 November 2013, Costa Rica-8 November 2013, Croatia-1 November 2013, Cuba-8 November 2013, Djibouti-1 November 2013, Dominica-8 November 2013, Dominican Republic-8 November 2013, Democratic People’s Republic of Korea-, DR Congo, East Timor, Ecuador-15 November 2013, Egypt-8 November 2013, El Salvador-8 November 2013, Equatorial Guinea-8 November 2013, Ethiopia-1 November 2013, Falkland Islands-1 November 2013, Fiji-15 November 2013,Gabon-8 November 2013, Gambia-8 November 2013, Georgia-1 November 2013, Ghana-8 November 2013, Grenada-8 November 2013, Guatemala-8 November 2013, Guinea Bissau-8 November 2013, Guyana-15 November 2013, Haiti-8 November 2013, Honduras-8 November 2013, Hong Kong-15 November 2013, Iceland-, India-, Indonesia-8 November 2013, Iran-15 November 2013, Iraq-15 November 2013, Israel-8 November 2013, Jamaica-8 November 2013, Japan-15 November 2013, Jordan-8 November 2013,Kazakhstan-8 November 2013, Kenya-1 November 2013, Kiribati-1 November 2013, Kosovo-1 November 2013, Kyrgyzstan-8 November 2013, Laos-15 November 2013, Lebanon-8 November 2013, Lesotho-15 November 2013, Libya-15 November 2013, Macedonia-1 November 2013, Madagascar-15 November 2013, Malawi-15 November 2013, Maldives-1 November 2013, Malaysia-, Marshall Islands-1 November 2013, Mauritius-15 November 2013, Mexico-8 November 2013, Micronesia-1 November 2013, Moldova-1 November 2013, Mongolia-15 November 2013, Montserrat-1 November 2013, Montenegro-1 November 2013, Morocco-15 November 2013, Mozambique-15 November 2013, Namibia-15 November 2013, Nauru-1 November 2013, Nepal-1 November 2013, New Zealand-1 November 2013, Nicaragua-8 November 2013, Nigeria-8 November 2013, Palestinian Territories-8 November 2013, Pakistan-15 November 2013, Panama-8 November 2013, Papua New Guinea-1 November 2013, Paraguay-15 November 2013, Peru-15 November 2013, Philippines-15 November 2013, Pitcairn Island-1 November 2013, Republic of Congo-1 November 2013, Russia-1 November 2013, Rwanda-1 November 2013, Samoa-, Sao Tome and Principe-8 November 2013, Senegal-8 November 2013, Serbia-1 November 2013, Seychelles-15 November 2013, Sierra Leone-8 November 2013, Singapore-15 November 2013, Solomon Islands-1 November 2013, Somalia-1 November 2013, South Africa-15 November 2013, South Korea-15 November 2013, Southern Sudan-1 November 2013, Sri Lanka-1 November 2013, St Helena-1 November 2013, St Kitts & Nevis-8 November 2013, St Lucia-8 November 2013, St Vincent & Grenadines-8 November 2013, Sudan-15 November 2013, Swaziland-15 November 2013, Syria-8 November 2013, Taiwan-1 November 20135, Tajikistan-8 November 2013, Tanzania-1 November 2013, Thailand-15 November 2013, Trinidad & Tobago-8 November 2013, Tonga-1 November 2013, Tunisia-15 November 2013, Turkey-1 November 2013, Turkmenistan-8 November 2013, Turks and Caicos-1 November 2013, Tuvalu-1 November 2013, Uganda-1 November 2013, Ukraine-1 November 2013, Uruguay-15 November 2013, Uzbekistan-8 November 2013, Vanuatu-1 November 2013, Venezuela-15 November 2013, Vietnam-15 November 2013, Yemen-15 November 2013, Zambia-15 November 2013, Zimbabwe-15 November 2013.

Apply at : Chevening Scholarship website

Ghana officially lists ten-year Eurobond on its local exchange

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Ghana’s 10-year Eurobond was on Wednesday listed on the Ghana Stock Exchange to afford both local, foreign and prospective investors the opportunity to buy and trade on the secondary market. This is the very first time an African country is co- listing a Eurobond on the local exchange. The bond is already listed on the Irish Stock Exchange in Dublin.

 

Ghanaian institutional investors and local investors hold $16.5 million of the 2023 Eurobond. Finance Minister Seth Terkper said the recent bond issue offered local investors the opportunity for the purchase of the facility. Mr Terkper expressed the need for development of the bond market to bridge the prevailing long term financing gaps. “The wide infrastructural gap, which constraints our developments efforts as a country can only be closed when we tap into long-term financing options such as the capital markets, both domestic and foreign,” the Minister said. He said as the country consolidates its middle income status it would be prudent to finance the capital component of the budget with long-term bonds.

 

In Ghana the required infrastructural financing gap is about 1.2 billion dollars a year. A well- developed bond market, he said, would therefore be necessary for government to mobilise the funds to support capital expenditures. In this direction, Mr Terkper said government had taken substantial measures to deepen the development of the corporate bond market. The measures include the regular publication of an issuance calendar and extension of the yield curve. “We use this opportunity to encourage the private sector firms to follow the government’s lead to diversify their sources of capital by tapping the local market,” he said. Mr Kofi Yamoah, Managing Director Ghana Stock Exchange said the listing of the bond is landmark and expressed the hope that it would mark the beginning of deepening of the bond market. It should also open the opportunity for the issue of longer dated and low rate bond to serve as a benchmark for the market. Mr Michael Cobblah, Country Representative Ecobank Development Corporation, said the historic listing should open the avenue for the development and issue of corporate bonds on the market. He urged government to encourage municipal assemblies to issue bonds for development.

 

Dr Sam Mensah, Chairman of the Ghana Stock Exchange Council, pointed to the remarkable performance of the bourse and called for public support to list more bonds on the market. Ghana had raised one billion dollars from the international capital markets. It attracted $750 million for cash with maturity period of 10 years with a coupon rate of 7.875 per cent, which would be paid semi-annually. Proceeds from the bond are to be used to finance counterpart funds for capital projects as well as to finance capital expenditures approved in the 2013 Budget. Priority would be given to self-financing projects such as the ports and power projects and the refinancing of public debt to reduce the cost of borrowing.

 

Source: Ghana Business News

Federal Government of Nigeria to Float $100m Diaspora Bond in 2013

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The Federal Government of Nigeria has unveiled plans for a $100 million Diaspora bond as part of a fresh $500m bond that would be issued sometime next year. The government had early last year issued $500 million Eurobond to investors, which was over-subscribed.  Also, the government assured stakeholders that it was still working on the modalities for the forbearance for stockbrokers, in respect of margin loans, as part of efforts to enable the stock market fully recover, following its near collapse in 2008.

 

Last November, the government announced the approval of debt forbearance for stockbrokers, who got their fingers burnt owing to the crisis that rocked the stock market. The margin loans to the stockbrokers stood at over N400 billion, which is part of the N800 billion total exposure of the nation’s commercial banks to the stock market.  The Coordinating Minister of the Economy and Finance Minister, Dr. Ngozi Okonjo-Iweala, spoke recently in Arusha, Tanzania, at a debate tagged: ‘Africa Transforming Africa’ organised by Africa Finance Corporation (AFC) at the annual meetings of the African Development Bank (AfDB), that the government was working closely with the World Bank on the Diaspora bond.  “We are working on a Diaspora bond with a large and generous definition of Diaspora, to make sure we succeed. We will work on it, it will take some time, because it takes a little more work, by next year, we will be able to do something. We are working closely with the World Bank. “I will be very modest; we will do a bond, a section of which will be a Diaspora bond. May be we will still $100 million mark, because this is the first but it will part of a bigger bond. Let’s say we go for $500 million like our last Euro bond, we might decide to dedicate $100 million of that to Diaspora Bond and the remaining to the normal bond issuance,” she said. Okonjo-Iweala stated that remittances by Nigerians in Diaspora were so enormous that such needed to be harnessed for the development of the country, recalling that a World Bank study had put the remittances figure at $10 billion.

 

“Nigeria has a huge Diaspora. According the World Bank studies, Nigeria has about $10 billion in remittances recorded and unrecorded. Even if its $6 billion, it’s still a large number. The question is, it’s coming in, and it’s helping a lot in the rural areas.

“If you go to some areas, every other person’s somebody is in the Diaspora. How do you incentivise it? That’s something we could think about. We can also think of doing instruments to securitise it, to manage this fund better”, she added.  On the specific projects on which proceeds of the bond will be applied, Okonjo-Iweala said discussions with the Nigerians in the Diaspora would determine the projects that would be the beneficiaries.  “Let us discuss with the Diaspora to see what they will want their funds to be invested in. I don’t want to get ahead of myself. But you know, it must be in concrete projects that they can see, that is my belief. Then they will be more excited if they see that a particular project will be delivered.  “We are going to have conversation with them; we are already launching it, to see what they have in mind. You know the level of trust is also not that high. You must in something that people can believe in,” she said.

However, the finance minister assured that government would implement the forbearance but was only being careful not to create a situation whereby those unaffected would complain that the government was unduly favouring those affected.  According to her, “We are working on the forbearance, we’ve agreed on it. We are going to implement it. We’ve been have been discussions on how to deal with it. We must remember that we don’t want any moral hazard. We don’t want all those stockbrokers who did the right doing that they are not appreciated and have been neglected.

“So we must honour them too by looking at the type of forbearance that will be accorded to the stockbrokers that are having difficulties. There will be forbearance but there will some conditions attached to that,” the minister added.

 

 

Source: This day

Nigeria picks Goldman, Credit Suisse, UBS for wealth fund

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Nigeria's sovereign wealth fund on Wednesday appointed Goldman Sachs , UBS and Credit Suisse as asset managers for the 20 percent portion of its $1 billion fund that is meant to cushion against oil price shocks, it said.

The sovereign wealth fund (SWF) seeks to help Nigeria better manage its oft squandered oil windfall, with a threefold aim of putting money aside for infrastructure investment, providing a savings pot for future generations and lastly protecting against commodity price shocks - the so-called stabilization fund.

Africa's top oil producer pumps around 2 million barrels of oil a day, but much of that money is wasted on corruption and a bloated, inefficient bureaucracy, economists say.

In May the Sovereign Investment Authority (NSIA) said it would allocate 32.5 percent of the fund to infrastructure, the same amount to the savings pot and 20 percent to the stabilization fund, with the remaining 15 percent unallocated.

"The fund's assets will be invested conservatively, with capital preservation in nominal terms being of primary importance," NSIA special advisor Obinna Ihedioha said.

He added in a statement that UBS would manage the U.S. Treasury bond portfolio and Goldman and Credit Suisse would manage U.S. corporate grade bonds.

The fund started with only $1 billion owing to opposition from Nigeria's powerful state governors, who want oil savings to be distributed for spending, arguing that it is unconstitutional for the federal government to hoard money that belongs to all three tiers of government - federal, state and local.

The Excess Crude Account, which the SWF was originally supposed to replace, is easily raided for spending. It had $9 billion in it in December last year, but distribution to governors and spending had shrunk it to closer to $5 billion by last month, according to state data.

 

Source: Chicago Tribune

Plans for 50MW solar project in Kenya

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Chinese state corporation, Dongfang Electric International Corporation, is to establish a solar company in Kenya’s Rift Valley region. It plans to establish the company that will generate 50 MW of solar power within Nakuru County, located to the northwest of Nairobi. This power will be fed into Kenya’s national electricity grid.

 

The project is expected to take three years, with the first stage being the environmental impact studies before the implementation of the solar power plant is approved. The parties hope to have completed this by early 2014. A prerequisite for the establishment of the solar firm is the acquisition of 100 acres in an environment free from animal and human interference.

 

Currently, Kenya’s power generation capacity stands at about 1,600 MW. However, the government has ventured into tapping thermal and geothermal energy to raise its grid capacity to 3,000 MW by 2015. According to the Energy Regulatory Commission (ERC), demand for electricity is expected to increase by at least 11.2% due to rapid economic and population growth.

 

Source: esi-africa.com

Gionee Launches Flagship Smartphone Elife E6 in Nigeria

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China-based handset maker, Gionee Communications has announced the launch of its new smartphone, the Gionee Elife E6 in Nigeria. First launched in India last month, Gionee decided to launch its Gionee Elife E6 in Nigeria in order to give the Nigerian mobile phone users, a new and unique experience in smartphone usage. Speaking at the launch in Lagos, Africa Regional Manager for Gionee Communications, Jack Yung said the phone, which is a full High Definition (HD) Smartphone, comes in sleek, elegant and classic design, with long battery life that will suit the African market.

 

The smartphone has a unibody design, which is different from today's smartphone designs with several compartments, making the Gionee smartphone stronger than any other smartphone.

It has a resolution of 1080x1920 pixels and pixel density of 441ppi. The phone is extremely thin at just 6.18mm, and weighs 128 grams. Speaking on the features of the smartphone, Yung said: "The Gionee Elife E6 is powered by a 1.5GHz Mediatek quad-core processor, along with 2Gigabyte of Random Access Memory (RAM). The internal storage offered by the phone is 32GB."

 

Giving a detailed presentation of the working features of the smartphone, Marketing Manager for the Nigerian Business Unit of Gionee Communications, Gabriel Nwabueze, said: "The Gionee Elife E6 comes with a 13-megapixel auto focus rear camera, which also includes a second generation sensor, along with an LED flash and a 5-megapixel front-facing camera with a 28mm lens, and both cameras support 1080p video recording." According to Nwabueze, the phone runs on Android 4.2 Operating System, with its own custom Amigo UI layer. The phone is powered by a 2020mAh battery. Speaking at its initial launch in China last month, Vice President, Gionee Communications, William Lu said: "With its intuitive and user interface, we have developed the Elife E6 with the customers' interest at heart. Supplying what is truly important to them in terms of quality, performance and affordability - all in a stylish and sophisticated design."

 

The company claims that the Gionee Elife E6 features Heartbeat Synchronising Technology that enables the system to synchronously wake up applications every ten minutes, reducing the number of applications wake ups improving power consumption. The phone's operating system also automatically sets a white list ensuring essential applications to be wakened up at any time.

It also features motion sensing features allowing users to answer phones by directly raising it up to their ears, answer calls by sweeping a hand over the screen, flip between pictures by a sweeping motion, and automatically play/pause videos when the user looks away from the screen, among other gestures.

 

The Gionee ELIFE E6 is available in Black and White colour variants with matching colour cases. The phone which is already on sale in China since mid-July, will be available in Nigeria next week, and in India after August 2013, according to Nwabueze.

Other features include a 32Gigabyte internal storage, with Wireless Fidelity (Wi-Fi) technology, Bluetooth 4.0, FM radio, and a non-removable 2020mAh battery.

With its unique features, which makes it different from others smartphones, Nwabueze said Gionee intends to achieve faster penetration in the country, develop the Nigerian market and partner with government and stakeholders to further grow the Nigerian telecoms market. Addressing the after sales market, Nwabueze said Gionee would open five service Centres in Lagos and that the smartphone comes with 15 months warranty from the date of purchase.

 

Source: All Africa



Four Nigerian Banks Raise U.S. $1.45bn From Eurobond Market

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Following the creation of a sovereign benchmark in the international capital market (ICM) by the federal government, four Nigerian banks had taken advantage of the opportunity by issuing Eurobonds valued at a total of $1.45 billion between January 2011 and July 2013. The banks were First Bank of Nigeria Limited which issued $300 million Eurobond in July 2013, Fidelity Bank Plc's $300 million Eurobond sold in May 2013, Access Bank Plc's $350 million Eurobond issued in July 2012 and Guaranty Trust Bank's $500 million Eurobond which was issued in May 2011.

 

To this end, the Debt Management Office (DMO) has urged more Nigerian corporates to leverage the existing sovereign benchmark to raise long-term capital in both the domestic and the ICM. The Director General, DMO, Dr. Abraham Nwankwo, made this call in a speech presented at a one-day retreat for journalists tagged: "Opportunities for the Private Sector from Public Debt Management Achievements," organised by the debt office in Lagos at the weekend. Nwankwo noted by successfully addressing some of the challenges and constraints that affected Nigeria's public debt management, the DMO anticipated windows of opportunities for the private sector to raise long-term capital for the development of the real sector and infrastructure. 

Furthermore, he argued the outcome of the $1 billion bond issued by the federal government recently, which was oversubscribed, showed that there was an effective demand for debt instruments from the country. "The challenge is for Nigeria's private sector, either as individual private companies, or alternatively by pooling their resources together to directly access the international market, to raise long-term, lump sum monies to for various projects in the Nigerian economy. It can be in agriculture, solid minerals, transportation, roads, power projects, manufacturing amongst others. There is nothing holding other private sector firms either as individuals or by pooling their balance sheet together from accessing the ICM," he said.

 

The DMO boss declared that the debt office would continue to deepen the bond market by enhancing liquidity as well as the introduction of other instruments. "Even if government is not undertaking new borrowing, the DMO will continue to issue bonds because you still need to refinance the existing debt stock. So, to say that we will continue to be active does not necessarily mean that we will continue to be borrowing money. We are proactively managing existing debt stocks.

"Government is insistent in making sure that public borrowings are reduced to the barest minimum, to ensure that government does not crowd out the private sector and to make sure that cost of borrowing is reduced," he said. He also disclosed that in the domestic market, about 20 Nigerian companies had issued long-term instruments that enabled them raise about N200 billion between 2005 and 2012 from the market, to fund various real sector projects. Nwankwo added: "Our yield curve domestically has been elongated to 20 years, so private companies that are in need for 5-year money, there is a market for it, those that need 10-year fund, there is a market and those that need 20-year fund, possibly for solid minerals and infrastructure, there is also a market where they can raise money."So the days are gone when Nigerian private sector complains that one of their major constraints was lack of long-term capital in the market or that their banks will lend them money only for a maximum of 12 months. So if there is any complain the private sector has, it should not be that there is no market where they can raise long-term funds. The fact that the International Finance Corporation issued its own bond in the local, a naira-denominated, also shows that the market for long-term fund exists in Nigeria."

 

 

Source: All Africa

Kenya from Nowhere Plans East Africa's First Oil Exports

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Kenya is headed to become the first oil exporter in East Africa, moving in less than five years from being a have-not nation to the regional leader in cutting reliance on energy suppliers such as Royal Dutch Shell Plc.

After Tullow Oil Plc (TLW) discovered oil last year, Kenya is set to start shipments in 2016, overtaking neighboring Uganda, where Tullow found crude more than seven years ago. The U.K. explorer plans to start pumping in Kenya as soon as next year, Chief Operating Officer Paul McDade said in an interview. Kenya’s deposits may top 10 billion barrels, according to the company, more than three times the U.K.’s remaining reserves.

Exports will underpin Kenya’s shilling currency and are being pushed by a government that wants a lead on Uganda and Democratic Republic of Congo, whose East African resources in recent years attracted explorers such as China’s Cnooc Ltd. (883) and France’s Total SA. (FP) Most oil companies traditionally had focused on the African powerhouses of Nigeria and Angola to the west, and Libya and Egypt on the Mediterranean.

 

Oil will allow Kenya to “diversify export earnings and act as a catalyst for infrastructural spending, especially on the transport network,” Phumulele Mbiyo, regional head of macroeconomic research at Nairobi-based CfC Stanbic Bank Ltd., a unit of Standard Bank Group Ltd., said in an interview. “The shilling is expected to benefit from inflows of foreign exchange and reduced spending on fuel imports.”

Viable Rate

Kenya imports all its fuel, almost 80,000 barrels of oil a day at a daily cost of more than $8 million, according to U.S. government data. It relies on exports such as coffee and tea to support the balance of trade in a $37 billion economy, East Africa’s largest.

Tullow estimates it has found more than 300 million barrels of oil equivalent resources after making three discoveries in Kenya’s South Lokichar Basin. In February, Twiga became the first well in Kenya to produce oil at a commercially viable rate and has the potential to produce 5,000 barrels a day.

“After 50 years of disappointments, Tullow’s results in the Lokichar Basin have been the key breakthrough,” Oswald Clint, an analyst at Sanford C. Bernstein & Co., wrote in an Aug. 16 report. “Of 30 wells between 1960 and 1992, prior to Tullow’s entry, 13 were dry, 12 encountered non-commercial gas shows, and five encountered signs of oil staining or oil shows.”

Vivo Energy, a Shell joint venture with Vitol Group, as well as Total and KenolKobil Ltd. are the biggest suppliers of crude and petroleum products to the nation. Kenya Petroleum Refineries Ltd., the nation’s sole refinery, half-owned by Essar Energy Plc (ESSR), only refined crude from Abu Dhabi last year.

Bullish Idea

The discoveries have been made in the remote and underdeveloped Turkana region in the northwestern part of Kenya’s Rift Valley. Shipments will initially be made by truck or train for refining in Mombasa or exports. Once more fields are discovered and developed a pipeline can be built.

Kenya oil exports are “a very bullish idea, because Turkana is one of the least developed parts of Kenya,” Clare Allenson, an analyst at Eurasia Group, said in a phone interview. “This is definitely worth watching to see how” it will progress.

Tullow and partner Africa Oil Corp. (AOI) plan to spend at least a year exploring for further deposits. They have two drilling rigs in Kenya and expect to secure one more later this year.

The Kenyan government wants things to go faster.

“They are not drilling enough wells,” Kenyan Petroleum Commissioner Martin Heya said in a phone interview from Nairobi. “Uganda drilled a long time ago, but it’s possible that we can produce earlier than anybody else. We shall be happy.”

Local Refinery

Tullow is facing delays in Uganda, where the government and oil companies are negotiating the terms of production after 1.7 billion barrels of oil were discovered. Oil from landlocked Uganda will eventually be exported through Kenya.

Ugandan President Yoweri Museveni’s government has delayed the $10 billion investment planned by Tullow and its partners, Total and Cnooc, to tap the Lake Albert fields. The sides need to agree on the size of a local refinery and an export pipeline, which is likely to cross Kenya in 2018.

“Uganda missed the boat and Kenya will become the oil-sector hub,” John Small, chief executive officer of the Eastern Africa Association, said in an interview. “It only makes real commercial sense to cooperate and have linked pipeline network” in the region.

In Kenya, Tullow and Africa Oil still have to submit their field development plan to the Kenyan government. Eventually, a pipeline will be built from the fields to a terminal on the Indian Ocean coast, McDade said.

“For the Kenyan economy it’s going to be a major step forward,” Africa Oil CEO Keith Hill said in a phone interview. “Once the export pipeline is completed they will have a significant influx of capital coming in from oil export revenues.”

Uganda’s Museveni and his Kenyan and Rwandan counterparts, Uhuru Kenyatta and Paul Kagame, in June discussed plans for regional fuel and crude pipelines. Uganda needs more resources than Kenya to make its oil export pipeline viable partly because it’s further away from the Indian Ocean coast.

  

Source:  Bloomberg
 

 

Kenya targets $8 bn in FDI

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Kenya targets $8 bn in FDI

Kenya has set a target of attracting at least $8 billion in foreign direct investment (FDI) over the next five years, the country's investment agency said.

Kenya Investment Authority (KIA) managing director Moses Ikiara said a lot of international firms have shown interest in setting up shop in Kenya's diversified economy, reported Xinhua.

"We are therefore encouraging investments in the manufacturing, agro-processing as well as the services sector in order to increase the country's foreign exchange earnings," Ikiara said.

Data from the KIA showed Kenya attracted over $600 million in FDI last year.

"This is also part of the government's strategy to reduce the widening trade deficit that is putting pressure on the local currency," he said.

Ikiara said Kenya has one of the highest growth rates in attracting FDI.

"Kenya has lost ground in the past two decades in attracting FDI to the rest of the east African region," he said.

"This is primarily because these nations discovered natural resources such as hydrocarbons and minerals ahead of Kenya. So, the bulk of the FDI was used to exploit natural resources while Kenya's capital inflows were seeing market opportunities," he added.

Ikiara said that if Kenya maintains political stability, it will overtake the rest of the region in attracting FDI due to its huge natural mineral resources coupled with skilled labour force.

 

 

Source: Business Standard

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JetBlue and SouthAfrican Airways share codeshare deal

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JetBlue and South African Airways (SAA) have signed a bilateral codeshare agreement to connect the carriers’ networks via New York’s John F. Kennedy International Airport (JFK) and Washington’s Dulles International Airport (IAD).

The agreement is pending U.S. DOT regulatory approval and subject to receipt of foreign government operating authority.

The partnership – an expansion of an interline agreement first inked in 2010 – allows customers to purchase a single ticket combining SAA- and JetBlue-operated flights and enjoy day-of-travel conveniences such as one-stop check-in and baggage transfer.

JetBlue intends to place its “B6” code on South African Airways-operated flights between the U.S. and both Johannesburg, South Africa, and Dakar, Senegal, as well as on connecting flights to select destinations beyond Johannesburg, including Cape Town, Durban, East London and Port Elizabeth, South Africa. Tickets will be available for sale at a later date, pending regulatory and government approvals. 

The fastest way to more of South Africa and southern Africa, SAA flies nonstop each day between New York and Johannesburg’s O.R. Tambo International Airport and daily between Washington and Johannesburg via Dakar’s Leopold Sedar Senghor International Airport.

SAA has had a similar arrangement in place with JetBlue since 2011, placing its “SA” code on JetBlue-operated flights from its U.S. gateways to top destinations including Boston, Chicago, Las Vegas, Los Angeles, and Fort Lauderdale and Orlando, Florida. 

“We are excited to expand our successful relationship with South African Airways through this new codeshare via Washington and JFK, where JetBlue is the number one domestic airline,” said Scott Laurence, JetBlue’s vice president of network planning and partnerships.

“South African has been a terrific travel partner for JetBlue, consistently delivering a great experience for our customers. We look forward to working with them to offer even more travel options in the years to come.” Laurence added.

At JFK Airport, JetBlue operates from its Terminal 5, while SAA operates from the adjacent Terminal 4, allowing for fast connections between flights. At Washington Dulles, both JetBlue and SAA are co-located in Concourse B.

Source: Breaking Travel News Website
 

Innovation Postdoctorial Fellowships in South Africa 2014

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The Department of Science and Technology (DST) is offering innovation postdoctoral fellowships in South Africa. The funding is available for three years which covers local travel grant, international travel grant, non-taxable stipend, contribution towards research costs, institutional contribution. South African citizens and permanent residents non-South African citizens based at public research institutions in South Africa are eligible for this postdoctoral fellowship. Online application should be submitted by 16 September 2013.
 

Study Subject(s): The fellowships are awarded in all fields of science, engineering and technology within the priority research areas for South Africa.

Course Level: The fellowships are available for pursuing postdoctoral research program.

Scholarship Provider: The Department of Science and Technology (DST)

Scholarship can be taken at: South Africa
 

Eligibility: The following eligibility criteria listed below applies:
-Fellowships are open to South African citizens and permanent residents for full-time research at publicly funded research institutions in South Africa. A limited number of fellowships will be awarded to non-South African citizens based at public research institutions in South Africa.
-Exceptional doctoral graduates who recently received their doctoral degrees within the last five years and who wish to undertake research are encouraged to apply.
-Applicants intending to take up the innovation postdoctoral fellowship at the same institution where s (he) undertook her/his doctoral research training will only be considered for the award if a convincing motivation for pursuing a career path in the chosen research environment is provided. Special consideration will be given to applicants where the individual’s research training, outputs and career progression may be enhanced by continuing with postdoctoral research at the same institution or under the same mentor. In such instances the applicant must provide a detailed motivation describing the benefits to the applicant.
-Full- time employees of Higher Education Institutions (HEI’s) are not eligible to apply.
-All NRF fellowship awards should be held as primary funding towards the research study. Fellowships may not be held simultaneously with a fellowship from any other government or NRF source or NRF administered source.
-Fellowship-holders are allowed to hold non- binding supplementary grants or emoluments to the institutional capped value for the level of study.
-Fellowship-holders must not hold full-time salaried employment during the tenure of the award.
-Fellowship-holders will be allowed to undertake a maximum of 12 hours of teaching, tutorials, assistance or demonstrations duties per week, on average, during the year of study and may be remunerated for these duties at a rate not exceeding the normal institution tariff for services rendered.
 

Scholarship Open for Students of Following Countries: Fellowships are open to South African citizens and permanent residents. A limited number of fellowships will be awarded to non-South African citizens based at public research institutions in South Africa.
 

Scholarship Description: The Department of Science and Technology (DST) has made available financial support for postdoctoral fellowships in order to strengthen research capacity in all fields of science, engineering and technology, within the priority research areas for South Africa. The objectives of the Innovation postdoctoral fellowship programme are to:
-Contribute towards the increase in the number and quality of South African postdoctoral fellows within Science, Engineering and Technology (SET) fields of study in South Africa. This includes social sciences and humanities.
-Build a pipeline of the next generation of SET scientists and researchers in South Africa.
 

Duration of award(s): Successful applicants will receive funding for a period of three years.
 

What does it cover? -R 220 000 p.a. (non-taxable stipend) -R 50 000 p.a (contribution towards research costs) -R 15 000 p.a (institutional contribution) Beneficiaries are eligible for a local travel grant to a maximum of R 25 000 and an international travel grant to a maximum of R 45 000, which can be used during the course of the funding period for conferences, workshop attendance or visits to a laboratory/collaborator.
 

Selection Criteria: Fellowships are awarded on a competitive basis, taking into account the applicants’ academic achievements, outputs and research potential. Research outputs weigh heavily in the assessment of the application and applicants are encouraged to ensure a full list of their publications, conference presentations and activities are included when they complete the CV details of the application.
 

How to Apply: The mode of applying is online.
 

Scholarship Application Deadline: The closing date for submitting applications is 16 September 2013.

For further information and to apply: Visit Schoarships Positions website

Apply for the 2014 Commonwealth Scholarships for Developing Commonwealth Countries

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UK Department for International Development (DFID) offers Commonwealth Scholarships for developing countries students for pursuing Master’s, PhD, and split-site (PhD) degree level at UK Universities. Approximately 300 scholarships are awarded each year. The CSC invites around three times more nominations than scholarships available – therefore, nominated candidates are not guaranteed to get a scholarship. There are no quotas for scholarships for any individual country. The application deadline for these Commonwealth Scholarships is 3rd December 2013.
 

Study Subject(s): Scholarships are provided in all subject areas offered at UK universities, although the CSC’s selection criteria give priority to applications that demonstrate strong relevance to development.

Course Level: Scholarships are available for pursuing Master’s, PhD, and split-site (PhD) degree level at UK Universities.

Scholarship Provider: UK Department for International Development (DFID)

Scholarship can be taken at: UK

Eligibility: To apply for the awards covered in this prospectus, candidates should:
-Be Commonwealth citizens, refugees, or British protected persons

-Be permanent resident in a developing Commonwealth country (a full list is available at http://bit.ly/cscuk-developing-cw-countries)

-Be available to commence their academic studies in the United Kingdom by the start of the UK academic year in September/October 2014

-Hold, by October 2014, a first degree of upper second class Honours standard (or above); or a second class degree and a relevant postgraduate qualification, which will normally be a Master’s degree and

-For awards enhance clinical skills in the fields of medicine and dentistry, have qualified as a doctor or dentist between 1 October 2004 and 30 September 2009.

-The Commission wishes to promote equal opportunity, gender equity and cultural exchange. Applications are encouraged from a diverse range of candidates.
 

Scholarship Open for International Students: The students of developing Commonwealth country (Anguilla, Antigua and Barbuda, Bangladesh, Barbados, Belize, Bermuda, Botswana, Cameroon, Cayman Islands, Dominica, Falkland Islands, The Gambia, Ghana, Gibraltar, Grenada, Guyana, India, Jamaica, Kenya, Kiribati, Lesotho, Malawi, Malaysia, Maldives, Mauritius, Montserrat , Mozambique, Namibia, Nauru, Nigeria, Pakistan, Papua New Guinea, Rwanda, St Helena, St Kitts and Nevis, St Lucia, St Vincent and The Grenadines, Samoa, Seychelles, Sierra Leone, Solomon Islands, South Africa, Sri Lanka, Swaziland , Tanzania, Tonga, Trinidad and Tobago, Turks and Caicos Islands, Tuvalu, Uganda, Vanuatu, Virgin Islands (British)  and Zambia ) can apply for these scholarships.
 

Scholarship Description: Commonwealth Scholarships for students from developing Commonwealth countries are offered for Master’s, PhD, and split-site (PhD) study in the UK. These scholarships are funded by the UK Department for International Development (DFID). Each year, the CSC invites each nominating agency/university/university body to forward a specific number of nominations. Each nominating agency/university/university body is responsible for its own selection process, and in most cases they will set their own closing date, which will be before the CSC’s deadline for nominations (17 December 2013). Approximately 300 scholarships are awarded each year. The CSC invites around three times more nominations than scholarships available – therefore, nominated candidates are not guaranteed to get a scholarship. There are no quotas for scholarships for any individual country. The candidates nominated by national nominating agencies are in competition with those nominated by universities/university bodies, and the same standards will be applied to applications made through either channel.
 

Number of award(s): Approximately 300 scholarships are awarded each year.
 

Duration of award(s): -12-36 months’ support towards the completion of either a full-time taught or a doctoral post graduate qualification at an eligible UK institution. These awards are open to those candidates nominated either by the Vice Chancellor/Executive Head of their employing institution or by the appointed agency in their home country. Please note that the Commission offers awards for one-year Master’s programmes only, and does not fund MBAs.
- 12 months’ non-degree study in the United Kingdom on a Split-Site basis to aid the completion of a doctoral degree undertaken at a university in the candidate’s home country.
- Up to 6 months enhancing clinical skills in medicine or dentistry (available only to candidates from developing countries). These awards are open to candidates nominated by their Vice Chancellor/Executive Head or by the appointed agency in the home country.
 

What does it cover? Each Scholarship provides:
-Student concessionary or other approved airfare to the United Kingdom and return on expiry of the Scholarship (the cost of journeys made before final award confirmation will not normally be reimbursed, nor can fares be paid for a Scholar’s dependant)
-Approved tuition and examination fees
-A personal maintenance allowance at the rate of £917 per month (£1,134 per month for those studying at institutions in the London Metropolitan area) – rates quoted at 2012-2013 levels
-A grant towards the expenses of preparing a thesis or dissertation, where applicable
-An initial arrival allowance, incorporating an initial clothing grant for Scholars from tropical countries
-A grant for expenses for approved travel within the United Kingdom or overseas
-A grant towards fieldwork costs for those Scholars undertaking doctoral studies for whom a case has been made for fieldwork outside the United Kingdom. This shall not normally exceed one economy class return airfare to the fieldwork location
-A paid midterm fare to their home country for Scholars on three year doctoral awards. Scholars for whom fieldwork fares are provided to their home country shall not be entitled to a midterm fare home, nor Scholars who have claimed (or intend to claim) spouse or child allowances for more than 12 months during their award
-For Scholars selected by the Commission for awards exceeding 18 months, a spouse allowance of £220 per month is payable provided that the Scholar and spouse are residing together at the same address in the United Kingdom. It is not paid when the spouse is also in receipt of an award. For Scholars accompanied by their spouse and children, a child allowance is payable at the rate of £138 per month for the first child, and £108 per month for the second and third child under the age of 16, provided they reside with their  parents. The Commission’s spouse and family allowances represent only a contribution towards the costs of family maintenance in the UK and Scholars should expect and be able to supplement these allowances to support family members who choose to come to the UK.
-Irrespective of the length of the award, a Scholar who is widowed, divorced or a lone parent will receive an allowance in respect of the first accompanying child and child allowances for the second and third accompanying children.
 

Selection criteria: Applications are considered according to the following selection criteria:
-Academic merit of the candidate
-The quality of the proposal
-The likely impact of the work on the development of the candidate’s home country.
 

Notification: Candidates will be notified of their provisional selection by the Commission: that is, a selection of the award subject to the Commission agreeing the terms of admission to the university/institution. Candidates will be given a formal Notification of Award – the offer of a Scholarship – as soon as terms of admission to the university/institution have been agreed. Formal confirmation of the award will be issued when all conditions of the Notification of Award have been met. Scholars will be expected to take up the award from the date stated by the Commission in its Notification of Award.
 

How to Apply: -All applications must be made through your nominating agency (or university/university body, if applicable) in your home country. You must check with them in the first instance for specific advice on how to make an application and for their own closing date. The CSC cannot accept any applications directly from candidates.
-The CSC expects all Commonwealth Scholarship candidates to be nominated by an approved nominating agency/university/university body, and to have completed an application form using our Electronic Application System (EAS).
-Full help on how to apply using the EAS is provided in our guides, which should be read in full before making any attempt to use the EAS.
-The EAS will close to applicants on 3 December 2013 and no further applications can be made after that date. The CSC will not accept any applications which are not submitted via the EAS to the nominating agency/university/university body in the candidate’s home country.
 

Scholarship Application Deadline: The application deadline is 3rd December 2013.

Read more: 2014 Commonwealth Scholarships for Developing Commonwealth Countries website