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Africa, Middle East PC Market Suffers 28.7% Slump

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The Middle East and Africa (MEA) PC market suffered a 28.7% year-on-year slump in shipments in the final quarter of 2015, according to the latest insights from global technology research and consulting firm International Data Corporation (IDC).

Shipments fell for the third consecutive quarter in Q4 2015, with the decline representing the steepest ever recorded in the region for a single quarter.

In a shift from earlier quarters in the year when the decline in desktop shipments was notably less pronounced than the decline in notebooks, this time round both product categories declined at a similar pace.

Indeed, IDC’s Quarterly PC Tracker shows that desktop shipments declined 29.4% year on year in Q4 2015 to total 1.3 million units, with notebook shipments falling 28.2% over the same period to total 1.9 million units.

“Similar to the previous quarter, Turkey, the ‘Rest of the Middle East’ grouping (Iran, Iraq, Syria, Yemen, Afghanistan, and Palestine), Saudi Arabia, and Pakistan experienced the sharpest declines within MEA,” says Fouad Charakla, Senior Research Manager for personal computing, systems, and infrastructure solutions at IDC Middle East, Africa, and Turkey.

“The reasons for these declines varied from country to country, but included high levels political and economic instability and uncertainty, low oil prices, increasing security concerns, and volatile currency fluctuations, especially with the U.S. dollar becoming more expensive.”

Once again, the top three vendors remained unchanged in Q4 2015. The continued focus of these vendors on the commercial segment has contributed significantly to their ability to remain at the top of the rankings, since they combined to serve almost 70% of the region’s commercial PC demand during the quarter.

Overall, HP maintained the top spot in terms of market share, despite experiencing a fall of 27.4% year on year, while second-placed Lenovo suffered a decline of 29.9% on shipments. Dell, on the other hand, escaped with a mild decline of 8.7% year on year as the vendor had experienced a relatively slow quarter during the same period last year.

Declining slightly slower than the overall market at 23.2% year on year, Asus overtook Acer to claim fourth position, while Acer experienced the fastest decline among the top vendors at 42.9% year on year.

Similar to previous quarters, the local assembly of desktops continues to slow as a growing portion of end users opt for refurbished PCs, upgrades, or to prolong their refreshment cycle altogether as they increasingly shift their usage towards mobile phones and tablets.

“As market sentiment remains low, IDC expects to see a delay in the recovery of PC demand,” says Charakla.

“Overall, 2016 will experience a further decline on 2015, as growth is only expected to occur in the second half of the year. A slightly stronger recovery is expected during 2017, after which the region will continue to experience a period of slow growth over the longer term. As the growing popularity of smartphones and tablets will continue to inhibit demand for PCs, vendors and channels across the region are expected to plan and order cautiously so as to avoid being left with high inventory levels.”

Similar to IDC’s previous forecasts, there will continue to be a gradual shift in the weight of demand from consumers to the commercial segment as a growing proportion of home users switch from PCs to tablets and smartphones while commercial end users maintain a greater loyalty to PCs.

As a result, commercial demand for PCs in the region is expected to surpass that stemming from home users by the year 2017.

Survey Xrays World of Young Entrepreneurs in Africa

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The Entrepreneurship Survey is based on an emailed questionnaire answered by a selection of young entrepreneurs within the 15 to 25 age group, and located across the African continent. The survey focused on five areas of operating a business, namely growth, sales and marketing, human resources, funding and support.

It is hoped that stakeholders, such as policy makers, support organisations, and entrepreneurs will benefit from these insights. Survey respondents overwhelmingly stated that access to finance is their main barrier to growth, with 48% highlighting it as the biggest obstacle to expanding their companies.

Only 27% of young entrepreneurs received any form of outside investment, with family members (59%) and grants (52%) being the major sources of funding accessible. Despite challenges faced, 84 of entrepreneurs reported employing others, underscoring the employment creation potential of youth businesses.

However, a large proportion of respondents (41%), described the level of support available to enable and scale young entrepreneurs in their countries as “poor” and “very poor”. This suggests that significant work remains to make it easier for young business people to succeed.

Anzisha Prize applications are currently open for young entrepreneurs between the ages of 15 and 22 to compete for a share of $100,000 in prize money and receive access to support and networks to scale their businesses. Applications will close on 15 April 2016. The Anzisha Prize is offered in partnership between The MasterCard Foundation and African Leadership Academy.

“African Leadership Academy is excited to be investing in research such as this,” says Josh Adler, Vice President, Global Programmes at African Leadership Academy. “It is our hope that this and future reports will guide the work of teachers, policy makers and other stakeholders in the youth development sector.”

The youth surveyed overwhelmingly reported pursuing entrepreneurship primarily to make a difference in the world (57% of respondents). They largely have a focus on communities and use face-to-face client visits as the primary sales channel (56%) and word of mouth as the primary marketing tool (83%).
In terms of human resources, 84% of ventures reported having employees. Young CEOs reward and incentivise their employees in a variety of ways, with training programmes (51%) and bonuses (47%) being the most popular.

A large percentage also allows their employees to participate in the success of the business through profit sharing (37%). Young entrepreneurs are in a position to impact others through employment and skill building. However, they reported that the level of support available for entrepreneurs in their countries is inadequate.

“There is a large deficiency of knowledge and insights on young African entrepreneurs,” says Koffi Assouan, Programme Manager at The MasterCard Foundation. “This report provides critical data that can drive programs and strategies to support youth entrepreneurship and spark a much needed conversation among practitioners and stakeholders in this space.”

Huawei Trains Saudis Ahead of Foreign Staff Ban

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Huawei

Huawei has announced that it plans to train around 100 Saudi locals in how to repair mobile phones, following a ruling that will ban foreigners from doing the work.

The Chinese smartphone manufacturer has signed an agreement signed with the Technical Vocational Training Corporation (TVTC) covering around 100 male and female instructors.

Huawei will also send 10 instructors to China for advanced training at the company’s head office.

This is the second initiative launched by the TVTC, has designed four training programmess including the maintenance of smartphones.

Earlier this month, the government announced that there will be a ban on foreign staff selling or repairing mobile phones, to come into effect in six months time.

The move is aimed at boosting local Saudi participation in the non-oil industry, but has also sparked a rush to train up staff ahead of the deadline.

New Insurance Law in Nigeria by End 2016

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Nigeria will have a new law to regulate its insurance industry before the end of 2016. The new insurance law is expected to replace the existing Insurance Act 2003.

Mr. Mohammed Kari, Commissioner for Insurance, National Insurance Commission [NAICOM] said in Abeokuta, Ogun State, that an industry committee is working on a new comprehensive insurance law for the country through the Office of the Minister of State, Finance. He said the new law is expected to be in operation before the end of 2016.

Kari said that NAICOM is refocusing the Market Development Restructuring Initiative [MDRI] policy to ensure that public assets are properly captured and valued for insurance purposes while working to develop and deploy more channels of distribution for deeper insurance penetration in the country.

In terms of accounts for the financial year ended 2015, he said 12 insurance firms have so far submitted their annual accounts, with seven duly approved and two recommended for adjustment.

The NAICOM chief commended the existing cordial relationship between the commission and the media and called for more support from members of the Fourth Estate of the Realm to ensure sustainable growth of the insurance sector in Nigeria.

“I appreciate the existing relationship between NAICOM and the media over the years, especially in creating public awareness of policy issues by NAICOM. I implore the media to talk and report more on insurance consumers. It will help NAICOM on ways to provide better services to insurance consumers in the country.”

Nigeria Needs Strong Institutions, Diversified Economy for Growth

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Nigerian economy

“Nigeria has experienced growth in the recent past and now is Africa’s largest economy. However, this growth has not translated in poverty reduction and reduced inequalities” said new Head of the United Nations System and UNDP Resident Representative, Fatma Samoura during a breakfast meeting with the media.

During the meeting attended by media representatives drawn from across the country, Ms. Samoura emphasised that for the gains made to be sustained, the country needed to urgently look at ways of expanding its sources of growth. She stated as Africa’s largest economy, Nigeria needed to address inequalities that continue to exist noting that growth that is not inclusive is not sustainable.

“At UNDP, we believe that expanding the sources of growth and ensuring that this growth is pro-poor remain key elements necessary for reducing the levels of poverty in Nigeria.” Ms. Samoura said.

UNDP is already providing strategic support to the Government of Nigeria in two key areas that will help expand this growth; – through support to interventions aimed at transforming the country’s agricultural sector; and strengthening the country’s solid minerals sector.

“UNDP is working with both the Federal and State governments because we believe that these two sectors have great potential to drive growth further.”

In collaboration with the Federal Ministry of Agriculture and Rural Development and the Africa Facility for Inclusive Markets of the UNDP Regional Centre, UNDP will next month be launching a project on ‘Agricultural Supplier Development Programme (ASDP).

This new project will create employment opportunities, and increase income and output for rural farmers. It will also strengthen the commodity supply chains by narrowing the gaps between farmers and retailers.

Samoura stated that a co-operation framework for strengthening the solid minerals sector between the Ministry of Solid Minerals and UNDP Nigeria is being developed.

“This framework is aimed at exploring avenues for increasing the production of minerals to generate revenue for the country as well as create employment opportunities for the million unemployed Nigerians.” She said.

She promised that the UNDP will continue to support the government in strengthening the country’s democratic governance and help build on the successes scored in the past, including the successful 2015 elections. Focus will be placed on further strengthening of the electoral process, provision of policy support, and enhancement of transparency in the public sector.

“For the country to succeed in preventing corruption from taking place, the present political will need to be supported by strong institutions.” UNDP will therefore continue providing the support to the Government to ensure it succeeds in its fight against corruption.

“We will continue working closely with the media, civil society organisations and strengthen our partnership with the Presidential Advisory Committee on Corruption, the National Assembly and other Anti-Corruption Agencies in order to achieve a culture of integrity in the country… The role of the media in shaping public opinion and advocating for transparent and accountable leadership cannot be over-emphasised.” Ms. Samoura stated.

Cyber-security Tops Agenda at CTO Conference

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Engr. Shola Taylor, Secretary-General of the Commonwealth Telecommunications Organisation (CTO), has announced that working with member countries on making cyberspace safer and resilient is a top priority for the London-based organisation over the next four years.

In his opening address at the annual Commonwealth Cyber-security Forum 2016 which took place on 23 – 24 March in London, Taylor made it clear that while “the open, decentralised nature of cyberspace has empowered individuals, fostered innovation and driven development, it also presents dangers for its users.

“Cyberspace can be used for criminal activities by targeting individuals through identity fraud, targeting the vulnerable through child exploitation, targeting communities through extremism and even targeting whole countries – the experiences of Estonia in 2007 being one example.

“This year’s event is our opportunity to understand new forms of cyber threats and cybercrime and learn about new and effective ways to mitigate or eradicate them, particularly through international cooperation. With this in mind, I am pleased to announce here today that our Council has just approved our 2016 – 2020 strategic plan which makes cyber-security one of our top priorities”, Taylor announced.

The organisation, which convenes the annual event, is already working with a number of Commonwealth countries such Botswana, Cameroon, Fiji and Uganda to help develop their national cyber-security strategies, and the challenges and outcomes of this ongoing work are being presented at the London event.

Key issues addressed at the conference include:
· Economic growth and innovation in cyberspace;
· Legislative frameworks;
· Data privacy and security risks;
· Defending and protecting critical information infrastructure, including space communication infrastructure;
· International cooperation, including capacity and trust building;
· Combating cyber-terrorism.

Speaking about cyber-terrorism, Sir Malcolm Rifkind, former UK Foreign Secretary and former Chairman, Intelligence and Security Committee of the UK Parliament said that “Cyber-security is the challenge of our time. We are conscious of threats to our lives and to our well-being from international terrorism. These same terrorists are very vulnerable and if we ensure that our law enforcement and intelligence agencies are encouraged to give priority to dealing with cyber attacks from the evil people in our midst, then the very technology terrorists use, we can use against them and ultimately defeat them.”

“The CTO’s work in the area of cyber-security is important not only in providing direction, but also in knowledge sharing and practical advice.” commented Reginald Bourne, Chief Telecommunications Officer, Barbados.

Private-sector companies taking part in the event include host BT, ICANN, Huawei, Survine, Trend Micro, and Hewlett-Packard.

“I don’t foresee any let up in the cyber threat surface, and so the CTO’s Cyber-security Conference is crucial. It is able both to raise awareness of the threats to cyberspace, and how to tackle them, but also to enable delegates to take this awareness home and influence policy, technical architecture and capacity building.” said Les Anderson, Vice-President of Cyber, BT Security
Speaking on the importance of this year’s conference, Nigel Hickson, ICANN’s Vice-President for UN and IGO Engagement said that “ICANN is delighted and honoured to work with the CTO on this important annual event in the internet governance and cyber-security agenda. It was an excellent opportunity to discuss important developments, not least the recent historic agreements reached on the transfer of key technical internet governance functions from the US to the global internet community.”

“At Huawei we believe that collaboration is crucial to securing networks and devices in this increasingly connected world. And organisations need to build cyber-security in from the start, rather than bolting it on as an afterthought. CTO does a great job of bringing together both the public and private sectors across a great number of countries, creating thought-provoking debates and discussions on the cyber-security challenges the industry is currently facing.” said David Francis, Huawei’s European Chief Cyber-security Officer.

“Interacting with people from different horizons makes us realise how global cyber-security threats are and how important trust is in converging our effort to combat cybercrime”, said Honourable Vipuakuje Muharukua, Member of the Namibian Parliament.

About the Commonwealth Telecommunications Organisation
The Commonwealth Telecommunications Organisation (CTO) is the oldest and largest Commonwealth intergovernmental organisation in the field of information and communication technologies.
Although our history can be traced back to 1901 with the establishment of the Pacific Cable Board, the organisation has only existed in its present form as an intergovernmental treaty organisation since 1967. With a diverse membership spanning developed and least developed countries, small island developing states, and more recently also the private sector and civil society, the CTO aims to become a trusted partner for sustainable development for all through ICTs.

Richard Branson May Sell Virgin America

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Billionaire businessman, Richard Branson is considering the possibility of selling his share of Virgin America airline, SF Gate reports.

Richard Branson owns 22% stake in Virgin America, company that is valued at approximately $1.5 billion. By US laws, no more than 25% of American carriers can be owned by foreign parties. While no decision was made, the options are considered.

Some of the bidders are reported to be JetBlue and Delta Air Lines, because they have similar types of routes and aircraft. The low-cost carrier makes flights to 21 destinations in the United States and Mexico.

Virgin America reported that during 2015,the carrier’s revenue increased 2.7% year-over-year to $1.53 billion, the company earned net profit $340.5 million or $7.66 per share.

Last year for Virgin America was very successful; the carrier increased its revenue to $1.53 billion while earning a net profit $340.5 million or $7.66 per share.

Oral B Celebrates World Oral Health Day: Affirms Commitment to Better Oral Health for Nigerians

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oral b

The Oral-Care brand of Procter & Gamble, Oral-B, commemorated World Oral Health Day on Tuesday the 22nd of March, in its continued commitment to improve oral health in the county and making great dental care easily accessible to more Nigerians.

With the theme of the World Oral Health Day titled “Healthy Mouth, Healthy Body”, Oral B is set to take oral hygiene in Nigeria to a new level and substantially increase the overall public awareness of oral health.

Attendees at the event were also given a demonstration of the Oral B Mobile Dental Clinic. The program serves both as a platform for quick education as well as immediate dental care. Oral-B’s mission remains: helping all Nigerians have stronger and healthier teeth, hence its promise of: “Healthier, Stronger Teeth in One Week.”

Positioned as the National Oral Health Ambassador since 2014, Oral B has taken a bold step to reintroduce the mobile dental clinic program in order to be proactive and also fill a crucial gap in the Nigerian health care sector and especially in the aspect of dental care. The breakthrough trial program of the Oral B Mobile Dental Clinic will be of great benefit to millions of Nigerians.

According to P&G’s Oral Care Brand Manager for Sub-Saharan Africa, Aliza Leferink, the general focus of the World Oral Health Day 2016 is on prevention to help Nigerians achieve significantly healthier lives starting from oral care.

She emphasised that “this is very apt as the focal point of this year’s World Oral Health Day celebration is Healthy Mouth, Healthy Body. The Mobile Dental Clinic initiative is meant to underline this need as well as give Nigerian consumers a fast track to effective and long lasting dental care.

“The Mobile Dental Clinic Program provides free oral care education and dental health checks to patients who lack the means or dental insurance or any realistic way to pay for dental treatment. In addition, we aim at educating Nigerians to have stronger and healthier teeth through the campaign ‘Healthier, Stronger Teeth in One Week’. We feel strongly that a more proactive way of amplifying an improved health care is through the Mobile Dental Clinic Program.”

Representing the Honourable Minister of Health, Dr. Adebimpe Adebiyi, Head, Dentistry Division of the Federal Ministry of Health commented that it was noteworthy that development partners like Procter & Gamble are not leaving the awareness task to the Federal Government alone but actually leading the task to create awareness for oral health because prevention is not only better but cheaper than cure.

She also said: “Healthy teeth and gums are fundamental to overall health and well-being. And the federal ministry of health has a strong desire for Nigerians to stay healthy in mouth and body. This comes from forming a great daily care habit, consistency and the right toothpaste use.

“Maintaining healthy teeth can be achieved by following a number of simple principles, and Oral-B wants to help Nigerians on their way to better oral-care-routines.”

Oral B toothpaste combines three powerful ingredients, stannous chloride, sodium fluoride and a specific Polychelation Technology which address the seven areas dentist check most to help people achieve healthy, beautiful teeth.

Through its new advanced toothpaste formulation Oral-B tooth paste creates a protective shield around the teeth and gums. During brushing the paste distributes key ingredients throughout the mouth.

The Oral-B brand is a worldwide leader in both the toothpaste and tooth brushing market. It continuously strives to work closely with the dental professionals to deliver high quality products.

Oral-B Toothpaste was developed by dentists and helps to protect the eight most common oral health problems at the same time – tooth holes, bad breath, gum problems, tooth sensitivity, stains, bacteria deposits, tartar, and enamel erosion.

CTO Approves 4-Year Strategic Plan

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The Council of the Commonwealth Telecommunications Organisation (CTO) has approved a new Strategic Plan for the Organisation for the period 2016 – 2020.

The new Plan is in line with the vision outlined to Council by Mr. Shola Taylor as he assumed office as Secretary-General in September 2015 in Nairobi, Kenya and which is aimed at transforming the CTO for enhanced value for its membership.

The approved four-year Plan, which was first endorsed by the CTO’s Executive Committee in February, is an ambitious drive to make greater use the CTO’s status as an intergovernmental organisation, its strong historical position as a platform for consultation, and its wide member and partner network across five continents to enhance value for all its members.

As a result, the new mission statement of the Organisation is to provide result-focused ICT leadership in the Commonwealth and beyond.

Speaking shortly after Council’s approval, Taylor said that “this new Strategic Plan is the result of wide and thorough consultations with all our stakeholders, including for the first time all employees of the Organisation. I am most grateful for the input we received from members during this three months planning process; the Plan is designed to assist them as well as the global community in achieving the global Sustainable Development Goals adopted last year, and I am confident that our new strategic goals reflect our members and partners’ expectations.

“ICTs provide the underpinning for our members’ socio-economic development efforts, just as health or education, and the CTO is ready to move in the direction set out in the new Plan in full support of all members.”Taylor assured.

Key notable changes in the plan include:
· Introduction of Member Action Plans to be effective from April this year, as the main mechanism to respond to members’ needs. As part of this new approach, Member Account Managers have been appointed from the existing staff to maintain regular engagement with each member of the Organisation supplementing the dedicated membership division.
· Introduction of the Affiliate Membership option open to governments of non-Commonwealth countries, as well as Academia Membership to encourage universities and tertiary educational institutions to take part in the Organisation’s work.
· Adoption of the unit of membership contribution to consolidate previously separate membership financial contribution scales into a single, simpler and fairer system.
· Launch of a Development Assistance Programme (DAP) to support members’ ICT development efforts.
· Creation of a new HR and Administration department to report to the Secretary-General. This department will drive major improvements in recruitment, development and retention of CTO employees, as well as a closer realignment of the CTO’s employment conditions to the UN system.
· Creation of a new Technical Support and Consultancy division to identify, and to respond more directly and more effectively to members’ needs.
· A new Associate Consultants registration scheme open to qualified and experienced individuals as well as consultancy firms who will support the Secretariat in responding to members’ needs.

The new Plan is structured around 6 goals and 26 strategic objectives, as follows:

Enhance the value of the CTO membership and expand the CTO’s membership base
Increase CTO membership from Commonwealth countries, non-Commonwealth countries and the ICT Sector.
Establish Member Action Plans which define clear programmes and activities for each member.
Establish a membership fee structure which provides flexibility, recognises members’ ability to pay and enables membership annual fees to cover the core budget of the organisation.
Development and distribution of the Secretary-General’s quarterly reports and e-COMMONWEALTH magazine to members.
Raise funds for development activities to support members through the Development Assistance Programme.
Review and strengthen the CTO’s capacity building programmes.
Organise events and undertake consultancies on subject matter that promote that the interest of members.
Promote South-South and North-South cooperation among Member Countries.

Promote enabling regulatory environments
Promote, encourage and facilitate the development of modern regulatory frameworks including ICT licenses, spectrum management, quality of service, digital switchover and Over-the-Top operators, aimed at creating an enabling environment for investment and development.
Encourage the development and adoption of appropriate methods of collecting relevant statistical data.

Promote affordable universal and high-quality broadband connectivity
Promote the adoption of enabling policies, technologies and regulatory measures to facilitate the rapid rollout of broadband infrastructure.
Encourage cooperation between governments, regulators and service providers to develop networks suitable for the needs of members.
Assist countries in developing and maintaining Universal Service Fund regimes.

Promote a culture of cybersecurity and effective cyber governance
Encourage and support countries in the understanding of cybersecurity issues and in the establishment of cybersecurity frameworks and relevant standards.
Facilitate the promotion of cyber governance and the Commonwealth’s engagement.
Provide best practice guidelines for members, including Child Online Protection guidelines.

Promote the development and use of ICT applications for socio-economic development
Encourage the development and use of e-applications, including e-government applications such as e-governance, e-health, e-education and e-agriculture, among others.
Provide special assistance and support to countries identified by the United Nations as being vulnerable and in need of special assistance including Least Developed Countries, Small Island Developing States, and Landlocked Developing Countries.
Promote the utilisation of ICTs for social and economic benefits for all countries.
Promote the empowerment of women and girls using ICTs.
Promote the empowerment of youths using ICTs.
Promote the use of ICTs by disabled persons and other groups in need of special assistance.
Assist member countries in utilising ICTs for disaster management.
Encourage the development of business continuity strategies.
Assist in the development and adoption of suitable strategies for dealing with e-waste.

Ensure effective coordination of Commonwealth countries at international ICT conferences and meetings
Provide support in order to ensure the effective participation by the CTO Secretariat and Member Countries at important global and regional events related to all aspects of ICTs.

About the Commonwealth Telecommunications Organisation
The Commonwealth Telecommunications Organisation (CTO) is the oldest and largest Commonwealth intergovernmental organisation in the field of information and communication technologies.

Although our history can be traced back to 1901 with the establishment of the Pacific Cable Board, the organisation has only existed in its present form as an intergovernmental treaty organisation since 1967.

With a diverse membership spanning developed and least developed countries, small island developing states, and more recently also the private sector and civil society, the CTO aims to become a trusted partner for sustainable development for all through ICTs.

NSE Set to Host ‘Building African Financial Markets’ Seminar

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NSE

The Nigerian Stock Exchange (NSE), in conjunction with the African Securities Exchanges Association (ASEA), is set to host the 5th Building African Financial Markets (BAFM) seminar from Thursday 28th to Friday 29th of April, 2016 and ASEA Exco (Board) meeting on April 30th.

The BAFM seminar themed “Addressing Liquidity Concerns in African Capital Market” will bring together representatives from stock exchanges, regulatory bodies, stockbroking firms and other financial market stakeholders from several African countries.

The seminar is open to senior representatives from the capital and financial markets sector in the fields of product development, regulation and policy, information technology, investor relations, trading, clearing and settlement.

Also representatives from stockbroking community, investors, government officials and organisations who contribute to the overall capital market eco-system are expected to attend.

This is the first time the capacity building seminar will be hosted outside of South Africa, and ASEA plans to bring this important capacity building seminar to other countries in sub-Saharan Africa. According to Oscar N. Onyema, Chief Executive Officer, NSE and President African Securities Exchanges Association (ASEA), the BAFM seminar is designed to promote growth in African financial markets, and presents an opportunity to enhance the capacity of African capital market participants and exchanges to compete effectively on the global stage.

“The seminar aims to accelerate dialogue, capacity building and collaboration amongst participants to drive the growth of Africa’s capital markets and build collaboration on issues of shared interest in order to present the African continent as an attractive investment destination.”

“As African economies reposition themselves following the significant impact of global headwinds that have challenged the continent’s growth prospects, African securities exchanges must step up their efforts at driving liquidity in their markets in order to help finance the continent’s infrastructure and capital requirements. Initiatives such as this form an integral part of the continued development of sustainable economies within the continent bearing in mind peculiar strengths that we could leverage individually and collectively as we press forward.”

The Seminar will feature thought leaders from dominant African financial institutions, multilateral organisations and regulators who will moderate discussions on the theme “driving liquidity in African capital markets.”

Other topics that will be discussed at the seminar include: strengthening equity market structure in Africa to better address low liquidity, instituting an optimal pricing mechanism on African exchanges, cross border capital market integration – a catalyst for boosting liquidity on African Stock Exchanges, among others.

Some of the confirmed speakers for the event include:
Dr Leila Fourie, Executive Director, Johannesburg Stock Exchange·
Dr. Antonie Kotzé, Senior Derivatives Quant and Consultant, University of Johannesburg·
Ms. Selloua Chakri, Head Market Structure Strategy, Middle East and Africa, Bloomberg·
Mr. Ade Bajomo, Executive Director, Market Operations and Technology, NSE·
Ms. Siobhan Cleary, Head of Research & Public Policy, World Federation of Exchanges
Mr. Adewole Obadare, Chief Operating Officer, Digital Encode Ltd.
Ali Khapley, Global head of Equities, Exotix
Mr. Birahim Diouf, Director of Studies, Strategy and Market Development, BRVM
Mr. Segun Sanni, Head Investor Services, Stanbic IBTC Bank
Mr. Andre Visser, General Manager, Issuer Regulation, Johannesburg Stock Exchange

Abuja Becomes Uber’s 400th City to Launch

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Yesterday, Abuja became the 400th city to in Uber’s growing global network.

With the launch of Uber an innovative technology platform, Abuja joins the list of smart transportation hubs in Africa. Following the success of Uber in many other cities, Uber is excited to launch its ride-sharing platform to the people of Abuja.

Uber Abuja
Uber’s innovative platform connects drivers with riders in real time, at the touch of a button. Whether you’re going to work or going out with friends, Uber provides an affordable, safe and reliable way to get across the city.

Abuja is a place where entrepreneurs are born, it is a growing city in the heart of Nigeria. This is a reason why Uber loves Abuja – its people, energy, innovation and beauty really speak for itself.

Ebi Atawodi, General Manager for Uber Lagos said:
“We’re really excited to be launch Uber in Abuja. Uber gives the people of Abuja an affordable, easy and flexible choice to move around the city safely and reliably.

“For those who don’t know, Uber moves around millions of global citizens every day offering affordable and reliable rides at the touch of a button. By offering a friendly and reliable complement to existing transport options, we can help improve urban mobility in Abuja, reduce traffic congestion and the environmental impact of vehicles at the same time.”

So what is Uber?
Uber helps people get a ride at the push of a button – there’s no waiting on the street or walking through unfamiliar neighborhoods to find a bus. It’s the most convenient way to get a safe, reliable and affordable ride.

Before Getting into the Car
No more street hails or waiting outside to find a ride. You can start the Uber app from anywhere and wait safely for your car to arrive. That means no standing on the street to hail a cab or struggling to find the nearest bus stop late at night.

Trips are no longer anonymous. When a driver accepts your request, you see his or her first name, photo, and license plate number. You can also check whether others have had a good experience with him or her.

In addition, the driver can see your first name and rating. You can contact the driver—and vice versa— through the app if there is any confusion around pick-up details.

During the Ride
Share your ETA and location. You can easily share your ride details, including the specific route and estimated time of arrival, with friends or family for extra peace of mind. They’ll receive a link where they can see in real time the name and photo of the driver, their vehicle, and where you are on the map until you arrive at your destination—and they can do all of this without having to download the Uber app themselves.

After the Ride
Feedback and ratings after every trip. After every ride, you and your drivers need to rate each other and provide feedback. Our safety team reviews this information and investigates any issues.

24/7 Support.
If something happens in a car, whether it’s a traffic accident or altercation between you and your driver, our customer support staff are ready to respond to any issues 24 hours a day, seven days a week.

Rapid Response.
We have a dedicated Incident Response Team to answer any more urgent issues. If we receive a report that a driver or rider has acted dangerously or inappropriately, we suspend their account, preventing him or her from accessing the platform while we investigate.

Behind the Scenes
Always on the map. Accountability is one of the things that makes riders feel safe in an Uber. We use GPS to keep a record of where a driver goes during the ride, allowing us to verify that the most efficient routes are being used, which creates accountability and a strong incentive for good behavior.

Working with law enforcement.
In cases where law enforcement provides us with valid legal process, we work to get them the facts, for example by providing trip logs. Again, transparency and accountability are at the heart of the Uber experience.
Pre-screening drivers. All drivers must undergo a screening process before they can use the Uber app.

Ebi Atawodi added:
“Uber is part of a broader evolution in transportation, it is a new and exciting platform that is changing the way we travel and shaping the future of cities across the world. Abuja is a progressive, forward-thinking city that has a need for safe, reliable and efficient transportation and we are so excited to be launching here.”

About Uber
Uber is a technology company that connects riders and drivers at the touch of a button. Available in 400 cities across 70 countries, the Uber platform is evolving the way the world moves.

Uber’s mission is to change the way citizens of the world move, work and live.

It aspires to transform the way people connect with their communities and to bring reliability, convenience and opportunity to transport systems.

Africa Tax Symposium Set for Uganda May 4

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The Africa Tax Symposium is an annual authoritative event, drawing together tax professionals from all over the continent. The aim of the Symposium is to analyse the most pertinent international tax issues of the day and to place them within the African context. This is reflected in the signature theme, Trends in International Taxation: An African Perspective.

Building on the success of the inaugural Symposium, this year’s event will focus on today’s burning tax issues, such as the post-BEPS landscape, aggressive tax planning, transfer pricing and challenges impacting particular industries and transactions.

These topics will be brought to life by a rich selection of renowned tax experts.

The Symposium presents a wide range of speakers from tax practice, industry, revenue authorities and academia. This compelling mix is enriched even further by IBFD’s top experts on Africa.

The Africa Tax Symposium is an initiative of IBFD’s Centre for Studies in African Taxation (CSAT), a think tank devoted to the study and development of African taxation.

Through the Symposium, CSAT aims to contribute to deeper and more analytical knowledge of international tax across the continent. CSAT also sponsors research into areas of tax policy relevant to particular sectors in Africa.

One way of effecting this is by means of “CSAT scholarships,” under which qualifying researchers receive sponsorship for pertinent research work. CSAT has just concluded arrangements for several such scholarships and full details will be unveiled during the Symposium.

Saudi Arabia Bans Foreigners from Selling Mobile Phones

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Saudi Arabia

Saudi Arabia’s government has passed a decree banning foreign workers from selling and maintaining mobile phones and accessories for them.

It is also requiring that retail stores are at least 50% staffed by Saudi nationals within three months, and be entirely staffed by locals within six months.

The Ministry of Commerce and Industry said that the deadline to Saudise the telecom sector will come into effect on 2nd July.
Violators face up to two year in prison and will be deported.

The moves after reports that more than half of phone retailers in the country are owned by a Saudi national in name only, and are fronts for foreign investors.

It could also see around 20,000 Saudi’s offered jobs in the retail sector, and may be seen as the beginnings of a more aggressive move to create non-oil jobs for Saudi nationals.

Africa Mobility Spend to Top $185bn by 2019

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Africa Mobility Spend

Annual spending on mobility across the Middle East, Turkey, and Africa (META) is expected to reach $185 billion by 2019, according to IDC’s new ‘Mobility Spending Guide’.

This represents a 10.2% share of worldwide enterprise and consumer spending on mobile devices, software, and services, which is forecast to total $1.8 trillion in 2019.

Mobility is one of the four pillars that make up IDC’s 3rd Platform – a series of emerging technologies that have disrupted traditional business processes and continue to create transformative opportunities for vendors eager to engage a wider set of customers.

IDC is closely tracking mobility market developments across regions and has therefore created the new Worldwide Semiannual Mobility Spending Guide. This spending guide outlines spending in both the enterprise and consumer segments in great detail across technology categories (mobile devices, software, and services), and across industries, geographies, and industry sizes.

META’s most active countries in this regard are Saudi Arabia, Turkey, South Africa, and the UAE:

• Saudi Arabia is the single largest mobility market in META, followed by Turkey. Together, Saudi Arabia, Turkey, South Africa, and the UAE accounted for approximately 38.7% of the entire mobility opportunity within the META region in 2015.

However, the rest of the META region is expected to grow at faster compound annual growth rate (CAGR) of 5.1% over the 2014–19 period.

• While services accounts for approximately two-thirds of the total mobility opportunity in META, software is the fastest-growing category among the technology categories. Software spending will grow from $164.3 million in 2015 to $330 million in 2019. Although companies in META lag behind Western Europe in the adoption of mobility, approximately 64% of companies in the region have plans to make modest-to-major investments in business applications for mobile devices (‘IDC Enterprise Communications Survey’). Large companies are more active in this respect.

In 2015, 49% of mobility software spending in META was attributed to enterprises with over 500 employees, but small and medium-sized businesses (SMBs) are expected to grow strongly.

• Manufacturing, retail, and banking and financial services are among the early adopters of mobility. While improving productivity, efficiency, and customer services are some of the probable drivers, ensuring security, data privacy, and regulatory compliance remain the key challenges for mobility adoption. Mobility spending (including hardware, software, and services) by META manufacturing organisations will grow from $5.8 billion in 2015 to $6.5 billion in 2019. Meanwhile, both the retail and banking & financial services verticals will see increases from approximately $3 billion to $3.8 billion in 2019 over the same period.

“The META mobility market is generally on the rise,” says Krishna Chinta, program manager for telecommunications and media at IDC Middle East, Africa, and Turkey. “However, due to the diversity of the region’s economic conditions, the adoption of mobility is more mature in markets such as the GCC and Turkey, while countries in Africa remain largely underpenetrated. Africa itself is also a diverse region where countries such as South Africa and Nigeria are more mature than markets such as Ghana and Namibia, which typically remain underdeveloped. While the low penetration rates across Africa naturally present considerable growth potential for mobility, the ongoing economic diversification measures underway in the GCC will also drive the growth of mobility across the META region. However, the prevailing slump in global crude oil prices might impact the investment propensity of enterprises in the short-to-medium term.”

IDC’s ‘Worldwide Semiannual Mobility Spending Guide’ is designed to address the needs of technology organisations by assessing the mobile opportunity by country, industry, and use case. The spending guide provides subscribers with spending data on 7 technologies across 19 industries, 4 company sizes, and 53 countries.

Unlike any other research in the industry, the comprehensive spending guide can help IT decision makers to clearly understand the industry-specific scope and direction of mobility spending today and over the next five years.

Post-MPC: CBN Tightens Noose on Economy

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central bank of Nigeria

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria [CBN] at the conclusion of its 2nd meeting for the year decided to tighten its policy stance on key rates in the system.

The Committee admitted that the sustained pressure in the domestic economy – as reflected in the sharp jump in inflation rate to 11.4%, rising unemployment rate (10.4%) and slowing GDP growth (2.8%) – is driven by structural weakness in the system.

· As against a dovish stance increasingly communicated by committee members in recent statements, the Committee surprisingly reverted to a hawkish stance by taking the following decisions:
· Increased the Monetary Policy Rate (MPR) upwards by 100bps from 11.0% to 12.0% to compensate investors for lowered real return and attract foreign private capital
· Narrowed the asymmetric corridor around the MPR from +200/-700bps to +200/-500bps
· Increased Cash Reserve Ratio (CRR) from 20.0% to 22.5%to curtail increased banking system liquidity
· And, kept the Liquidity Ratio (LR) at 30.0%.

Implication for the Financial Market
The decision of the MPC to tighten monetary policy was against the run of play as it came against the broad analyst consensus of a hold on all policy rates.

Afrinvest Research had projected 100bps increase in MPR to 12.0% in our 2016 outlook but we are particularly surprised that the MPC would be taking the tightening course this early into its easing mode; especially given that;

1) the pressure on consumer prices, as admitted by the committee, is as a result of structural and cost push factors which we believe could worsen if cost of funds and go up with policy tightening and FX shortages are not addressed

2) the suggestion that increase in banking system liquidity is fundamentally driving the pressure on exchange rate is not also subject to fact as we have continued to see high subscription at CBN inter-bank auctions despite intermittent OMO mop-ups conducted and

3) exchange rate certainty has as much impact on foreign capital inflows as interest rate competitiveness and the current tightening is too mild to compensate for the exchange rate risk.

The move to hike CRR by 2.5% to 22.5% was in a bid to curb speculative activities in the FX market. We estimate this to quarantine the sum of N409.7bn from the system.

However, we are of the view that this reflects the notion that previous decision to reduce CRR by 5.0% was largely premature given that the operating environment remains unattractive for loan growth.

We do not expect a reversal in this tightening stance in the medium-term as committee members would remain wary of the liquidity impulse from expansionary budget.

In the interim, we expect to see a 100bps-200bps increase in yields in the fixed income market while Cost of Funds (CoF) may likely rise for Tier-2 banks as interbank market adjusts to the tightening of liquidity.

However, assets repricing of fixed income securities and other risk assets would likely compensate for this.

We retain our estimates on Net Interest Margins for our coverage banks as we monitor the pace of assets reprising.

In addition, we do not expect a significant reaction from the equities market, as exchange rate challenges which remain the major concern for investors, most especially the foreign players was left unaddressed by the Committee.