The Peoples Democratic Party (PDP) yesterday declared that it would prevail on Governors Rotimi Amaechi and Adams Oshiomhole to support President Goodluck Jonathan’s re-election in the South-south geopolitical zone in 2015. The party said the 2015 presidential election would surpass partisanship, as all hands must be on deck to ensure that the presidency remains in the South-south geo-political zone.
Updated 6 Years ago

As inflation rate rose in the fifth consecutive month in July thereby posing a threat to price stability, the Monetary Policy Committee (MPC) may increase the cash reserve requirement (CRR) from 15 per cent to 18 per cent. The Managing Director/Chief Executive Officer, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane predicted this in his latest monthly economic news and views presented at the Lagos Business School’s executive breakfast meeting, a copy of which was obtained by THISDAY at the weekend.
Updated 6 Years ago

Guinness Nigeria Plc has released its results for the year ended June 30, 2014, showing a total revenue of N109 billion and profit after tax of approximately N10 billion. Following the release of the results, the board of directors of the company has recommended, subject to approval at the next annual general meeting (AGM), the declaration of dividend of approximately N5 billion in respect of the year ended June 30, 2014, that is, 320 kobo per 50 kobo ordinary share.
Updated 6 Years ago

Following disporting revenue posted by Cadbury Nigeria Plc and other fast moving consumer goods companies, analysts at Renaissance Capital has lowered their Cadbury Nigeria Plc FY14 headline earnings per share (HEPS) forecast from N3.21 to N1.75 (-45 per cent). Renaissance Capital also reduced the company’s revenue forecast from 15 per cent growth to a 5 per cent decline and operating margin from 18.8 per cent to 12.1 per cent. In 1H14 Cadbury reported a 50 per cent decline in HEPS to 67 kobo.
Updated 6 Years ago

A paragon of the success of online innovations and businesses, social media giant Facebook has revealed that it has 100 million Africans logged on to its platform, ironically the company has no physical office in the whole of Africa, which contributes 30 percent of the company’s $7.9 billion revenue, together with Europe and the Middle East. One out 10 Africans log on to Facebook every month representing 100 million or 10 percent of the continent’s 1.1 billion population, said the world’s No.1 online social media on Monday, as it presented a new target audience for advertisers.
Updated 6 Years ago

Kenya has appropriated Sh900 million ($10 million) to help revive its ailing tourism industry as calm slowly returns to Kenya’s coast. “In order to revive the tourism sector, the government this financial year has set aside Sh900 million for the implementation of the tourism recovery plan,” said Phyllis Kandie, Cabinet Secretary for EAC Affairs, Commerce and Tourism secretary.
Updated 6 Years ago

As US import of Nigeria’s crude oil continues to fall, the western country’s patronage of Angolan crude is now steadily climbing above that of Nigeria, the reasons for that is what this report explains. According to the US’ Energy Information Administration (EIA) data; While Nigeria’s oil exports to the US for the first half of 2014 stood at 20.596 million, the imports from Angola hit 23.733 million, rising above Nigeria for the for the first time. Although the US announced the reduction of oil imports from Nigeria this year, the shift became evident in the second half of last year when oil imports fell more than 50 percent while imports from Angola rose by over 2 percent.
Updated 6 Years ago

Kenyan supermarket chain Uchumi has reported a 7.6 percent increase in profit after tax for the full year ended June 30, 2014, closing the year at Sh384 million ($4.3 million) despite a slump in its Uganda operations. Board Chairperson, Khadija Mire and chief executive Jonathan Ciano, in a commentary released with the financial reports said the group sales recorded marginal growth of just one percent, “due to the drop during the year in the Uganda subsidiary by 12 per cent.”
Updated 6 Years ago

In a move to address the concerns of many who believe the DSTV service has been more focused on West Africa than the East, Multi choice has dedicated a new channel called “Maisha Magic” to exclusively serve the East African region with locally produced content. Africa Magic Plus was launched in 2008 to bridge this gap and air more content from the East and Southern Africa especially from Malawi, Tanzania, Malawi, Zambia and Uganda; however the perception among East Africans had not shifted substantially hence the move to create Maisha Magic. The name “Maisha” depicts life, grace and pride, and is a common name for East African females.
Updated 6 Years ago

The US Federal Aviation Administration (FAA) has bestowed a Category 1 rating on the Ethiopian Civil Aviation Authority (ECAA) following several months of examinations. A category 1 rating suggests effective operational organization, flight safety and air space licensing; all of which are areas that the ECAA has excelled in.
Updated 6 Years ago