Items filtered by date: Friday, 16 November 2018
GE has handed the rail concession arrangement it has with Nigeria to its parners, Transnet SOC Limited.
 
The development is believed to be part of its strategy to exit transportation business.
 
GE, in an e-mail response to a question, said agreements it reached with the Nigerian government “are now being negotiated by Transnet and its consortium partners” including SinoHydro of China and APM Terminals.
 
GE is expected to focus on infrastructure development in Nigeria in areas such as health care and power, it also said.
 
GE won a contract last year to manage Nigeria’s narrow-gauge rail network in partnership with three other companies. It signed an agreement in April to proceed with the interim phase of the narrow-gauge concession that is expected to grow freight haulage capacity in the country ten-fold to 500,000 metric tons annually.
 
“Transnet has been a trusted partner of GE for several decades.
 
“We have confidence in their ability and that of the other consortium members to execute on the rail concession project successfully”, GE said in the statement.
 
 
Source: The Ripples
Published in Engineering
Eight Nigerians have been listed, among other global influencers, in the 2019 `Forbes 30 under 30 list.’
 
reports has it that Forbes 30 under 30 is a set of lists issued annually by Forbes magazine and some of its regional editions to recognise business and industry figures.
 
This year, the list featured 300 trailblazers from 20 industries with average age of 26.8.
 
Over 55 percent of them are founders or co-founders.
 
Also, 19 percent of them include immigrants from 57 countries, and 38 of them identifying as first generation Americans.
 
Nigerians who made the list include Taofeek Abijako, Kayode Ojo, Obi Omile Jr, Adegoke Olubusi, Tito Ovia, Dimeji Sofowora, Olaoluwa Osuntokun and Emmanuel Acho.
 
Taofeek Abijako is a 20 year-old designer who started his men’s streetwear brand when he was a high school teenager.
 
Kayode Ojo is a 28 year-old photographer who has had solo shows in Paris, Berlin, New York and Dallas.
 
Communication expert, Obi Omile Jr. is the co-founder of the Cut, a technology platform that allows users and barbers to schedule and manage appointments.
 
Meanwhile, Adegoke Olubusi, 25, Tito Ovia, 25, and Dimeji Sofowora, 26 are founders of Helium Health a platform used by 5,000 doctors, with data from 500,000 patients across West Africa.
 
Olaoluwa Osuntokun, 25, is the cofounder of Lighting Labs which has raised $2.5 million to turn bitcoin into a more viable form of payment by making smaller transactions more cost effective.
 
Also, Emmanuel Acho, 28, serves as the youngest national football analyst for ESPN and runs a charity that has built a hospital in Nigeria.
 
reports has it that the list also features Ghanaian, Shadrack Frimpong, who founded Cocoa360, a ‘farm-for-impact’ model that uses revenues from community cocoa farms to fund educational and healthcare services.
 
International musicians Post Malone, 23, 21 Savage, 26, photographer Tyler Mitchell, 23 who photographed Beyonce for her Vogue September 2018 cover, and actor Storm Reid, 15 made the list.
 
Media also reports that the 2019 class have raised over one billion dollars in funding and work an average of 67 hours per week.
 
77 percent of honorees consider being under the age of 30 an advantage in their career, 89 percent are optimistic about the U.S. economy for startups,
 
31 percent decided what they wanted to do for a career during university, 22 percent decided as a child, and 10 percent are still deciding.
 
 
Source: NAN
 
Published in World
The U.S. Department of Agriculture (USDA) has projected that Nigeria will become the world’s biggest rice importer after China.
 
According to the USDA, Nigeria’s importation of rice will jump up by a whopping 13 percent to 3.4 million metric tons.
 
The Rice Outlook report released on Tuesday, said: “China and Nigeria are projected to remain the largest rice importing countries in 2019, followed by the EU, Cote d’Ivoire, and Iran.”
 
The USDA also said that “Nigeria and Egypt are projected to account for the bulk of the 2019 import increase.”
 
This latest USDA rice outlook projection for Nigeria is however contrary to the optimism by the Federsl Government o become rice self-dependent in the nearest future.
 
It will be recalled that Vice President, Yemi Osinbajo had said earlier in the year that Nigeria will stop importing rice into the country within the next one year on account of Federal government’s interventions in rice production.
 
“We only import 2 percent of rice into the country presently and this is because we are funding agriculture and production of rice locally.
 
“Today, only two per cent of rice consumed here are imported while the remaining 98 per cent are locally produced, since we came to power, we have been funding agriculture and encouraging our farmers across the country so as to be self-sufficient in food production”, the VP had said.
 
According to data from Bloomberg terminal, rice production in Nigeria had increased more than 50 percent since 2012 to 3.7 million tons last year.
 
Domestic demand rose 4 percent to 6.7 million tons in the 2017-18 year that ended in May, leaving gap of 3 million tons.
 
 
 
Source: The Ripples
 
Published in Agriculture
The South African Broadcasting Corporation (SABC) and MultiChoice say they disagree that their distribution agreement signed in 2013 constitutes a merger.
 
This follows a ruling from the Competition Commission that the agreement constitutes a notifiable merger under the Competition Act.
 
But both broadcasters disagree, saying their partnership is a standard distribution deal like other channel suppliers.
 
MultiChoice says both the Competition Tribunal and the Competition Appeals Court previously ruled that its agreement with the SABC did not constitute a merger.
 
Joe Heshu, MultiChoice’s Group Executive Corporate Affairs, said in a statement on Monday that it remains firmly of the belief that the 2013 agreement with the SABC should not be considered a merger.
 
The SABC says it has entered into a new commercial channel supply agreement with MultiChoice which in the public broadcaster’s understanding does not constitute a merger.
 
“The SABC has entered into a new agreement with MultiChoice to licence its 24-hour channel for a period of five years and SABC Encore for two years. This was entered into in August this year,” SABC spokesperson Neo Momodu says.
 
Multichoice says it can only be able to provide a more comprehensive response once it has received the full report from the Competition Commission.
 
 
Source: NewsExpress
Published in Business

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