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S&P Issues Red Alert on Nigerian Banking Sector

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US rating agency, Standard & Poors revised its counter-party credit ratings for Skye Bank.
The new analysis released on July 12, 2016, lowers the ratings of the banking group to CCC- on the long term and C on the short term.
S&P’s decision occurred after the Central Bank indicated that the bank failed to meet requirements of its regulatory prudential ratios.
In this context, Skye Bank’s Board and Management have been revoked; however there is still no clear plan as to how the bank will turn around.
The situation, according to S&P, should worsen the bank’s inability to pay its short-term debt and lead to default in the next six months.
Now, observers fear a domino effect in the Nigerian finance chain. In March 2016, S&P issued a negative outlook for six other local banks.
This fear is not shared by all as some believe that the regulator should have been more accommodating to the sector which is facing lots of troubles. Others welcome the Central Bank’s decision, saying it should put some order in the sector.
On the Nigerian Stock Exchange where it is listed, investors did not wait and Skye Bank’s share plunged 72% since its 12-month peak on 1 September, 2015 (N2.67). On July 13, it traded at 70 kobo (N0.70) after dropping by about 30% since Monday.
This is its lowest level since 2006, according to data provided by Bloomberg.
—Idriss Linge

African Union, IATA Sign MoU on Air Transport

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IATA

The International Air Transport Association (IATA) and The African Union Commission (AU) signed a Memorandum of Understanding (MoU) to expand strategic cooperation to further the continent’s economic and social development with the benefits of safe, efficient and sustainable air transport in Africa.
The MoU was signed by Tony Tyler, IATA’s Director General and CEO and AU’s Commissioner for Infrastructure and Energy, Dr. Elham Mahmoud Ahmed Ibrahim.
The MoU focuses on the exchange of information, expertise and capabilities in a number of areas including:
· Enhancing security through intelligence-driven, risk-based measures
· Enhancing safety
· Reducing accident rates in line with global levels of performance
· Promoting connectivity
· Facilitating collaborative decision making in air traffic management
· Improving the passenger experience through the deployment of IATA’s Fast Travel Program, a suite of projects designed to give passengers more control over their journey through a range of self-service options.
“Africa is set to be one of the fastest-growing aviation regions with 5% annual growth forecast over the next 20 years. Achieving this potential will not happen by chance; strong partnerships are key. This MoU will help ensure that global standards and best practices form the backbone of Africa’s growth as well as position the continent’s 54 nations to promote economic and social development by unleashing the full power of aviation. I congratulate Dr. Ibrahim for her leadership, vision and foresight in driving aviation development in Africa,” said Tyler.
“IATA is a strategic partner in the growth of African aviation. This MoU will commit our two organisations to even closer cooperation on the priorities for African aviation. In particular, we count on IATA to partner with us by providing the requisite technical support in the establishment of the Single African Air Transport Market as part of our long-term vision in the context of the AU Agenda 2063. We are, indeed, dedicated to global best practice as a fundamental for sustained growth in aviation in Africa,” said Dr. Ibrahim.
The MoU paves the way for further development in African aviation. The industry already supports 6.8 million jobs and generates $72.5 billion of economic activity on the continent.

Africa Insurance Market: Low Commodity Prices, Political Uncertainty as Challenges

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For almost two decades, growth in the insurance markets of Sub-Saharan Africa has been buoyed by the continent’s economic boom.
With average growth in gross domestic product (GDP) across the region far outpacing much of the developed world, the African continent has presented an extremely attractive environment for domestic, regional and international investors seeking to enhance returns.
However, the fallout from low commodity prices, the slowdown of China’s economic activity and the impact of monetary tightening by the U.S. Federal Reserve are just a number of global issues that threaten to stall growth and stability, and in turn, likely will compromise the development and financial strength of insurance markets across the continent.
In its new Best’s Special Report, “Africa’s Insurance Market Prospects Threatened by Low Commodity Prices and Political Uncertainty,” A.M. Best believes that the balance sheets of (re)insurers are exposed to material volatility arising from the uncertain landscape.

Standard Bank Leads in Africa with Digital Innovations

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Standard Bank is on a committed journey of rapid digitization across the continent, offering its customers more convenient ways to interact with their personal banking services.
The latest innovation in this digital transformation journey is the expansion of the existing Standard Bank banking app to four additional African markets simultaneously, namely Uganda, Namibia, Ghana and Botswana with plans to roll it out to Nigeria, Kenya, Zambia and Zimbabwe by the end of 2016.
The Banking App already enjoys high usage amongst Standard Bank’s South African and Offshore customers.
Rapid developments in Standard Bank’s drive to enhance its digital customer interface in Africa and simultaneous multi country enablement on the continent have been combined with extensive customer testing and prototyping, to deliver a consistent customer experience which is locally relevant to users in each of the four additional markets.
The release of the app is a demonstration of Standard Bank’s significant investment in an enterprise technology framework that is reusable in all its markets, providing a world-class and a consolidated view of banking portfolios within the Group from a single mobile interface.
Through the single interface customers will enjoy a seamless integration of their personal and business banking profiles, with a singular view of all their accounts across multiple geographies, as well as single sign-on capability from anywhere in the world – all from the convenience of their smart phone.
“Essentially this is one of the first mobile banking interfaces in Africa that allows our bank customers access to their accounts across multiple countries within the Standard Bank Group,” says Adrian Vermooten, Head Customer Channels Africa, Standard Bank.
“It is particularly important to us to ensure we continue to leverage and build banking solutions that ultimately make the lives of our customers easier and more convenient – enabling customers to bank on their terms whenever they want,” he adds.

The app offers a richer and intuitive customer experience as it takes advantage of smartphone sophistication such as biometrics for secure access, access to device contacts, and social networks for sharing of information.
Future releases of the app in late 2016 will include additional features such as Real Time Payments, Online account opening and numerous other value-added services for individuals and businesses.
“The introduction of this app is a further step in Standard Bank’s drive to build a universal bank for its customers across the continent. As a bank that operates in 20 markets across the continent and has a deep understanding of our customers in diverse markets, we are committed to delivering services that are aimed at meeting the needs of our customers and enhancing their banking experience. Africa is our home, we drive her growth” says Mr. Vermooten.

Emirates Named ‘World’s Best Airline 2016’

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Emirates was named the World’s Best Airline 2016 at the prestigious Skytrax World Airline Awards 2016, in addition to scooping up the awards for World’s Best In-flight Entertainment for a record 12th consecutive year, and Best Airline in the Middle East.
Based on the results of the largest airline passenger satisfaction survey in the industry, the World’s Best Airline Awards are considered a global benchmark of airline excellence.
This year’s Skytrax awards were based on a total of 19.2 million completed surveys covering 280 airlines, by customers hailing from more than 104 countries. The Skytrax survey measures quality standards across 41 key performance indicators of front-line products and services in the airline industry.
This is the fourth time Emirates has won the top accolade since the airline awards were introduced 15 years ago; the airline won the first ever Skytrax World’s Best Airline in 2001, again in 2002 and in 2013. In total, Emirates has won a total of 20 Skytrax World Airline Awards since 2001.
Sir Tim Clark, President Emirates Airline, said: “We are honoured to be recognized by the prestigious Skytrax awards. Emirates has always put our customers at the heart of what we do, and we work hard to deliver the very best experience possible to our customers at every touch point, every day, all around the world. We constantly invest in our product and services, both on the ground and in the air. We listen carefully to our customers, and then relentlessly challenge ourselves to deliver and exceed expectations. The fact that these awards are based on the direct feedback from passengers is gratifying and wonderful recognition for all of the hard work that’s gone into creating the Emirates experience.”
Commenting on the Award, Edward Plaisted, CEO of Skytrax said: “This fourth World’s Best Airline title for Emirates is a fantastic achievement and true testament to the airline’s popularity. To satisfy customers from such a wide and diverse passenger base is not an easy task, but Emirates continues to gain superlative feedback from customers for its product and service offering from the front to the back of the aircraft. The IFE that Emirates provides is a continued focal point for passenger praise and it is important to note that customers were not only impressed with the programming but also the superior hardware standards, particularly for the A380 fleet.”

Forex MasterClass Course Opens in Lagos Sept 9

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For Participation: Contact: Lagos Capital Group: Phone: 234(0)8035180508 or 234(0)9096438474: Email: [email protected].

A forex trading course-FX MasterClass is set to open in Lagos on September 9 and 1O, 2O16 at Four Points Sheraton Hotel, Victoria Island, Lagos. The Nigerian partner is Lagos Capital Group.

Anchored by Dr. Corvin Codirla, a world-renowned physicist and forex expert, the FX Master Course is everything every forex investor needs to create an iron-clad trading method that creates confidence in trading decisions and allows him to focus on those tactical strategies that add value to his bottom line.

“While everyone else is trying to sell you the latest EA or technical trick or tactic, I give you a simple yet comprehensive foundational framework that has proven itself for traders like you for more than a decade.”

Codirla, whose FX strategy has generated over $1 billion in 15 years of forex business, described the course as an opportunity to discover a system proven over decades by some of the best fund managers in the industry worldwide.

He added: “Discover the underlying factors that drive the FX market consistently to produce great returns. Discover how to create a truly great FX benchmark that will keep on generating consistent growth, allowing you to focus on tactical short-term profits.

The FX Master Course is really exactly what it says on the tin: a master-class in foreign exchange trading presented by an active fund manager with experience at the highest level in the industry globally.”

The FX trading framework for the MasterClass course has been proven in 3O solid years of trading and data by some of the best trading experts around the world.

Objectives
Key benefits of the FX MasterClass course include:
• A system that tells you how the FX market is primed
• A system that uses fundamental and quantitative inputs and provides objective, unambiguous readings of the market pulse
• Using factors that have been around for decades and are pegged to the fundamental macro policies of every developed nation to generate consistent returns
• Having stability in your trading approach, so that you can experiment with tactical strategies which before would have left you scared witless
• Having a sound trading strategy, that you know will continue to perform over the years, and provide consistent returns
• A straight-forward system that cuts through all the noise and hype and provides with clear steps and facts that allow you to make consistently profitable trades

Cordirla said the course is divided into 6 strategic modules thus:

• Step 1: Understand the Business of FX Trading
• Step 2: How to Determine Your Performance Measured Against Your Competition and the Market
• Step 3: Really Understanding the FX Market
• Step 4: Stable Long-Term Returns from FX Benchmarks
• Step 5: Focusing on Tactical Trading: Your Real Strength
• Step 6: The Right Money Management

Participation:
Contact: Lagos Capital Group
Phone: 234(0)8035180508 or 234(0)9096438474
Email: [email protected]

AfDB, ASEA Sign MoU to Develop Africa’s Capital Market

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Akinwumi Adesina

The African Development Bank (AfDB) and the African Securities Exchanges Association (ASEA) signed a 5-year Memorandum of Understanding (MoU) to amplify the impact of their strategically aligned joint efforts to promote resources mobilisation to fund Africa’s economic growth.

This MoU will provide a collaborative framework for harmonizing and co-ordinating the efforts of AfDB, the premier international development financial institution for Africa, and ASEA, the premier body of African stock exchanges, towards deepening and connecting African financial markets.

The partnership will facilitate various projects of mutual interest to both the Association and the Bank targeting areas such as financial markets infrastructure development, introduction of new products in the market, improving market liquidity and market participation, information sharing and capacity building amongst other programs.

The President of AfDB, Dr. Akinwumi A. Adesina thinks that the strengthening and deepening of Africa’s financial markets, as a powerful tool to mobilise domestic and international savings at an efficient cost, and channel them towards funding Africa’s private sector, is critical to accelerate the pace to achieve the Bank’s Ten Year Strategy 2013-2022 for green and inclusive growth in Africa.

It is therefore integral to the Bank’s High 5s Priority Agenda to “Light up and Power Africa”, to “Feed Africa”, to “Integrate Africa”, to “Industrialise Africa” and to “Improve the Quality of Life of Africans”, all of which embody core elements of the 2030 Agenda for Sustainable Development Goals (SDGs).

The maiden project to be undertaken under this cooperation initiative will be the African Exchanges Linkage Project (AELP). Collaboration will extend to other joint projects or programs over time.

Co-initiated by ASEA and the Bank, the AELP is aimed at addressing the lack of liquidity in African capital markets by creating linkages across markets.

It is envisaged that the linkage would allow cross border visibility and open-up markets for investors to trade in any of the linked markets.

The African Exchanges Linkage Project (AELP) will primarily commence with the four (4) pilot Exchanges selected by ASEA as regional hubs during the incubation phase of the project, namely the Casablanca Stock Exchange (CSE), the Johannesburg Stock Exchange (JSE), the Nairobi Securities Exchange (NbSE) and the Nigerian Stock Exchange (NiSE), and will eventually be rolled out to include the other ASEA Member Exchanges.

With regards to the AELP, according to the ASEA President Oscar N. Onyema, these linkages will support innovation, stimulating the creation of suitable products in relations to 2 instruments listed on the various linked markets creating more investment opportunities for the investor community.

The linkages will afford issuers access to deeper pools of capital and a wider community of investors and analysts. The AfDB and ASEA are devoted to see the continent achieve its full economic potential through the AELP and a continuous robust relationship.

Renewable Energy: Pathway to Poverty Alleviation in Africa

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New Executive Director Greenpeace International (http://www.Greenpeace.org) Bunny McDiarmid visited the Greenpeace Africa office in Johannesburg to show solidarity and gain further insight into the key issues. The visit was McDiarmid’s first to the continent since taking office in April.
Greenpeace Africa is concentrating its efforts on promoting sustainable development with particular emphasis on policies that support investment and development in clean renewable energy.
During the visit, McDiarmid said: “I came to meet and support my colleagues here in Africa. Promoting sustainable development is the most viable option for not only driving sustainable social and economic changes but important for protecting our common climate. Keeping dirty fossil fuels in the ground in every corner of the world is no longer a choice it’s an imperative.”
A quarter of the world’s population has no access to electricity and most of these people live in South Asia and sub-Saharan Africa. Access to electricity is key to supporting people out of poverty.
“What I heard is achieving 100% renewable energy by 2050 is absolutely possible in Africa. However, it will require a shift in understanding that renewable energy is already a viable solution but it needs to be backed by the policy makers,” added McDiarmid.
Greenpeace Africa is also working, as part of a global effort, for a stronger response to stop illegal and unregulated plundering of its vast natural forests and safeguarding its rich ocean resources.
“Just as collective action on climate change is key to resolving a global problem, Greenpeace Africa is calling on African nations to work together to manage and protect these precious resources so that they are there for future generations” McDiarmid said.
Greenpeace International recently appointed two female International Executive Directors. Jennifer Morgan and Bunny McDiarmid took up the reigns in an innovative shared-leadership role on 4 April 2016. They succeed South African born Kumi Naidoo who had been at the helm of the organisation for five and a half years.
Bunny McDiarmid is not a new face to Greenpeace. She is a 30-year veteran of the organisation as an activist, ship’s crew member, and most recently, the Executive Director of Greenpeace New Zealand which, under her leadership, became a powerhouse of innovation in the Greenpeace world.

Virgin Atlantic Orders 12 Airbus 35O for $4bn

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Virgin Atlantic Airways has selected the A350-1000, the largest member of the A350 Family, to become the latest aircraft in its fleet, operating from both London Heathrow and Gatwick airports. The airline is purchasing eight A350-1000s for deliveries commencing in 2019, and four new aircraft on long term leases from ALC from 2020, including a lease “option” for a fifth aircraft.
“I welcome the news of Virgin Atlantic’s investment. As well as being good news for passengers, it’s great news for jobs in the UK,” said The United Kingdom Prime Minister David Cameron.
The aircraft will be deployed initially at London Heathrow to strengthen the trans-Atlantic network on existing business routes, and subsequently at Gatwick airport on leisure routes to the Caribbean, where Virgin Atlantic will provide three classes of customer service in the A350s distinctive Airbus ‘Airspace’ cabin with roomy overhead bins and the latest concepts for ambience, comfort, service and design.
Craig Kreeger, CEO Virgin Atlantic said: “The size of this order demonstrates our absolute focus on investing in the future for our customers and our people, and confirms the strength of our business. The A350-1000 plays a pivotal role in our fleet programme, helping to create one of the youngest, cleanest, greenest fleets in the sky.”

Nigeria Missing in Top 10 African ICT Ranking

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In its 2016 global report on information technologies entitled “Innovation in Digital Economy”, the World Economic Forum assessed countries that integrate ICTs in their socio-economic development.

Integration relates to the use of ICTs by the government, companies and populations.
In Africa, Mauritius, though 49th in the world, remains the most advanced. The island is followed by South Africa (65th worldwide), Seychelles (74th), Morocco (78th), Rwanda (80th), Tunisia (81st), Cape Verde (85th), Kenya (86th), Egypt (96th), Namibia (99th) and Botswana (101st).

Last in line are Benin (128th), Swaziland (129th), Liberia (130th), Malawi (132nd), Guinea (134th), Madagascar (135th) Mauritania (136th), Burundi (138th), and Chad (139th).

However, the level of integration of ICTs of Africa cannot compare to that of emerging and developed nations.

Indeed, while Singapore and Finland, respectively first and second in WEF’s report, reached 5 on a scale of 7 in terms of ICT’s impact on the economy, African countries float around 2.9 points average.

In developed economies, while populations, then companies and government, in that order, are the one to rely on ICTs most, in Africa, it is first the government, then companies followed by populations that use the technologies.

Despite the small contribution of ICT to Africa’s development, the WEF estimates there has been since 2012. States just need to repeat their investments to improve access to ICTs to more people.

ADB Invested $2bn on ICT, Transport in 2015

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African Development Bank Group meeting in Lusaka, Zambia.

The African Development Bank [AfDB Group] investments in transport and ICT in 2015 will collectively improve mobility of at least 1.2 million users of public transport, result in the creation of about 200,000 jobs in the ICT sector, with almost 18 million people benefitting from improvements in road infrastructure.
These are the findings of the AfDB’s 2015 Annual Report on Transport and Information and communications technology (ICT).
“The expected impacts over the next few years in integrating Africa, boosting agriculture, and facilitating industrialization will be tremendous,” said Amadou Oumarou, AfDB Director for Transport and ICT Infrastructure.

Broadband Commission: ‘Leaders Should Harness ICT for Development’

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The Broadband Commission for Sustainable Development yesterday issued a statement urging policy-makers, the private sector and other partners to make deployment of Broadband infrastructure a top priority in strategies to accelerate global development and progress towards the SDGs.
The statement was presented to the 2016 High-level Political Forum on Sustainable Development, which is meeting in New York City from 11-20 July to guide global efforts on the achievement of the Sustainable Development Goals.
In the statement, the Commission outlines the myriad ways broadband can improve global sustainable development.
These include addressing basic needs such as education and access to information, helping lift people out of poverty through e-commerce opportunities and job growth, improving health services, monitoring climate change and planetary processes, and bridging the digital gender divide.
“The theme of the High-Level Political Forum on Sustainable Development is ‘Ensuring that no-one is left behind,” said Houlin Zhao, ITU Secretary-General.
“The Broadband Commission outlines the fundamental role broadband technology can play in helping the world achieve its most pressing sustainable development goals. Let us all grasp this vital opportunity to strive for a world where every citizen enjoys the opportunities and benefits of universal, affordable and inclusive access to ICTs.”
This will be the first HLPF that examines efforts at national, regional, and global levels to put policies and measures in place that will help achieve the Sustainable Development Goals.
In the months since the global community unanimously adopted the Goals at the SDG Summit in New York last September, they have become the development ‘gold standard’ for countries, the business community, civil society and local governments around world.
The HLPF also offers an opportunity for the UN to highlight the important work all members of the UN family are doing in support of the Goals.
2016 marks the beginning of implementation efforts by countries worldwide to achieve the 17 Goals. Of particular interest at this HLPF is the presentation of national voluntary reviews on the actions already being undertaken by 22 developing and developed countries:
China, Colombia, Egypt, Estonia, Finland, France, Georgia, Germany, Korea (Rep.), Madagascar, Mexico, Montenegro, Morocco, Norway, Philippines, Samoa, Sierra Leone, Switzerland, Togo, Turkey, Uganda and Venezuela.

Global Airlines Financial Monitor [June]

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IATA

Key Points:
· The latest financial results continue to point to a robust Q1 2016 for industry profitability. Cash flow metrics from the first quarter also improved relative to the same period a year ago, despite higher capital investment;
· Nonetheless, uncertainty following the ‘Brexit’ vote has taken a heavy toll on airline shares, particularly in Europe;
· Brent crude oil ended June slightly below $50/bbl and broadly unchanged from where it started the month. The market still expects prices to remain reasonably low for the foreseeable future (<$60/bbl for the next three years);
· Yields have fallen by around 6% year-on-year in constant exchange rate terms in 2016 so far. But with oil prices up more than 80% since January, the downward influence on yields from lower oil prices is likely to wane;
· Premium airfares have held up better than their economy counterparts on many of the key premium routes so far this year, and the segment continues to offer an important buffer for overall airline financial performance;
· The global air passenger market has made a robust start to 2016 this year to date, although demand conditions have eased in recent months and annual growth in traffic remained unchanged at a 16-month low of 4.6% in May;
· With the wider global trade backdrop remaining weak, annual growth in freight volumes dropped to 0.9% in May. Rising freight capacity and low freight loads are keeping intense pressure on cargo yields and revenues.

BOEING: 100 Years of Pioneering Aviation

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Just as air travel is an essential part of modern society, so Boeing is an integral element in aviation industry. On July 15th, the Boeing Company celebrates its 100th anniversary. In order to commemorate the occasion, AeroTime presents series of articles, dedicated to the US-plane maker. The first article describes Boeing’s centennial journey into nearly every commercial airport in the world.

Development of Military and Mail Delivery Aircraft
The Boeing Company was established by aviation pioneer William Edward Boeing on July 15th, 1916. The company was located in Seattle, and was called Pacific Aero Products Co., but the name was changed one year later in honor of the founder. The company’s first airplane, Model C two-place training seaplane, was designed in November 1916.
The Model C had a single main pontoon and small auxiliary floats under each wing and was powered by a Curtiss OX-5 engine.
When the U.S. entered the First World War in 1917, the Navy purchased 51 out of 56 seaplanes built, making the model company’s first financial success and establishing a long-standing partnership with the U.S. military.
Throughout the 1920s, Boeing developed many aircraft models, both for the military and transportation purposes. However, its first commercial airplane, the B-1, was not used to carry passengers, as coast to coast journeys often took more than 24 hours to commence.
The aircraft delivered mail instead and Boeing won several major delivery contracts from U.S. Post Office. In order to operate growing airmail business, the company founded Boeing Air Transport in 1927 that gave birth to United Airlines four years later.

Major Impact on WW2 Outcome
The Great Depression had a tremendous effect on aviation industry in the 1930s, delaying the production of the first financially successful commercial aircraft.
Only in 1939, Boeing’s rival, McDonnell Douglas Corporation created first profitable commercial airplane Douglas DC-3, used to carry over 90% of U.S. air travelers by the beginning of WW2.
In response to Douglas DC-3, Boeing developed a long range 314 Clipper that was largest civilian aircraft of its time. It featured dressing rooms, dining salons and was able to carry 90 passengers.
The success in the scheduled flight field did not last long, as the WW2 came. During the war, Boeing mainly produced military aircraft. The B-17 “The Flying Fortress” and “B-29 Superfortress” are among the most famous Boeing models of those times.
The B-29 had a great range that was fundamental in winning the war in the Pacific region, while B-17 was used for high altitude missions in Europe.
Gen. Carl Spaatz, the U.S. air commander in the Old Continent once said: “Without the Boeing B-17, we may have lost the WW2.”
By spring 1944, production of Boeing military aircraft ramped up so much that over 350 planes were built each month, mainly by women, whose husbands had gone to war.

Connecting the Two Continents
After WW2, the need for military bombers dropped rapidly as most orders were canceled, making thousands of workers lose their jobs at Boeing. The company tried to recover from slowing demand by developing commercial airliner that would be powered by turbofans instead of propellers, and would be able to cross the Atlantic Ocean.
Boeing was not the only company that offered transatlantic flights. The trips could have been made British De Havilland Comet, French Sud Aviation Caravelle and Soviet Tupolev Tu-104.
Therefore, in 1958, Boeing created the 707 – a four-engine airliner, capable of carrying 156 passengers on a transatlantic route. Due to shorter journeys and more comfortable travel, 707 quickly won the hearts of passengers.
The model was followed by the 727 trijet and 737 twinjet, the latter becoming world’s best-selling commercial plane by the end of 20th century.

The Incredibles Era
In order to keep up with growing number of aircraft sales, in 1966 Boeing commenced the monumental engineering challenge – the construction of the Everett Factory.
Despite the fact that the manufacturing facility was world’s largest building by volume (13,385,378 m3) it was built in only 16 months by the group of staggeringly efficient workers, later nicknamed “The Incredibles.”
The Everett Factory became home of the first wide-body jetliner Boeing 747, capable of carrying 490 passengers – more than twice as much as 707. The aircraft held a capacity record for 37 years and was sold over 1,500 times.

On the Brink of Bankruptcy
Even though 747 gave monopoly in this wide-body market segment, the start of the 1970s was hard for the plane manufacturer – it faced a $2 billion debt from 747 production.
In addition, U.S. military reduced spending for Vietnam War, which meant less military aircraft orders for Boeing. The company struggled so much that it went more than a year without a domestic order and had to lay off around half of the employees.
The massive cuts at Boeing led to a billboard that read: “Will the last person leaving Seattle turn out the lights?”
Boeing’s economic situation began to improve only in the 1980s, when the air traffic demand increased. However, the competition for new orders was harsher as Airbus, the new European plane manufacturer, arose with A320.
In response, Boeing developed single-aisle 757, twin-aisle 767 and upgraded 737.

Back on Top
The 1990s let Boeing to completely regain its strong financial status. The company, along with Lockheed, won an order from U.S. Air Force for the twin-engine stealth fighter F-22 Raptor. In addition to the jet, Boeing developed a hugely successful commercial aircraft 777.
The long-range, wide-body “Triple Seven” was the first airplane to be designed by computer and over 1000 were sold to this day. The end of the decade was noted by the acquisition of its long-time rival.
In 1997, Boeing completed the largest merger in the aviation history by purchasing McDonnell Douglas Corporation for more than $13 billion.
The combined company employed around 200,000 employees, bringing total revenue in excess of $48 billion in 1997. Around $28 billion of the sum came from Boeing and $20 billion from McDonnell Douglas.

Fuel Efficient Millennium
The new millennium was marked by the development of a new mid-range airliner 787 Dreamliner. The plane was lighter and more fuel efficient than most aircraft produced of aluminum alloys because almost half of plane’s fuselage and wings were made of carbon fiber and plastic composite materials.
Originally scheduled to start commercial service in 2008, it was delivered to Japan’s All Nippon Airways in 2011. The same year, Boeing has signed a largest commercial aircraft order in its history, when Indonesia‘s Lion Air ordered 201 737 MAX and 29 737-900ER airliners for $21 billion at list prices.
During its history, Boeing has been through a lot: massive layoffs, huge debts, fierce competition. But the past century proved the company can adapt and evolve to face the challenges.
With strong financial numbers, along with teams of bright scientists, engineers, and other employees, Boeing proudly enters the second century of its history and will continue to push the flight limits.

HALL OF FAME: DS Innovation Hub Honours Ibru, Shittu, Ndukwe, Ovia

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Empowered by Senator Ifeanyi Okowa, Governor of Delta State, the Delta State-Innovation Hub (DS-IHUB) is set to step out in style with a proof of concept and bold statements on Innovation and Entrepreneurship.
By extension, it has simultaneously raised the technology and creativity bar with the establishment and activation of Technology Innovation Hall of Fame to honour very distinguished and visionary personalities in the nation’s knowledge space.
As the State rolls out the drums to jumpstart her innovation adventure project, top of the pack of the honours roll are: Late Alex Ibru – Former Publisher of The Guardian newspaper (Posthumous), Barrister Adebayo Shittu – the Honourable Minister of Communication, Sir Jim Ovia, Chairman of Zenith Bank, Dr. Ernest Ndukwe – Chair of Open Media, Ms Funke Opeke, CEO of Mainone, Prof. Patrick Utomi, Founder of CVL and Sir Alfred Okoigun of ACRO Petrochemical Engineering Company Plc.
The above personalities constitute the pioneer members whose name will be enshrined into the annals of history of Innovation Hall of Fame.
They will all be inducted into the Technology Innovation Hall of Fame – with ‘Life-Time Achievement Award’ – “In recognition and appreciation of over two decades of distinguished and innovative leadership, unmatched professional commitment and inspirational contributions in Science, Technology & Innovation for humanity.”
The DS-Innovation Hub is a disruptive technology platform for re-engineering the blueprint for smarter processes, more effective leadership and governance for inclusive public service.
The Hub will provide expertise on Science, Technology & Innovation (STI), Information and Communications Technology (ICT) policy roadmap and implementation strategy advice on new processes and emerging approaches to conceptualisation, application and usage of Information and Communications Technology to respond to challenges and drive innovative solutions at all levels of engagement.

Why we established the Innovation Hub

Vision: Make DS Innovation Hub a smarter Platform, international destination and national centre of ICT innovation and knowledge creation.
Slogan: “We create and innovate”
Mission: Our mission is to develop the Innovation Hub as a world-class knowledge factory.

Applying a Public-Private Partnership (PPP) development model, we aim to strategically harness all knowledge attributes, potentials and ICT processes in and beyond the Delta State Region as the core accelerator for leadership, public policy, inclusive governance, state security, entrepreneurship, youth and women empowerment, creativity, innovation and wealth creation.
The Hall of Fame would establish an Endowment Fund whose content will focus on insightful perspectives and strategies on how to effectively engage the challenges of Technology Innovation in Delta State and Nigeria on the following:
· Technology Leadership
· State Policy & Strategy
· e-Government
· Education
· Industry & Entrepreneurship
· Research & Development
· Software Development Smart City Initiative Start-up and Incubators
· E-Health
· Youth Employment
· Women Empowerment
· Technology Funding
· Venture Capital & Angel Investors
· State Security
The Hub aims to be a well-groomed platform for timely harnessing of critical knowledge.