South Korea’s LG Electronics has posted a fourth-quarter loss of KRW468 billion (US$429 million) which reflects a fine related to the cathode-ray tube pricing issues imposed by the European Commission in December. Fourth quarter 2012 consolidated revenues were KRW 13.50 trillion.
The LG Mobile Communications Company reported a 7 percent unit increase quarter-on-quarter in mobile handset shipments to 15.4 million with more than half of the units coming from smartphones.
Samsung Galaxy Camera
Samsung Galaxy S111 Mini
Samsung Electronics, the world’s leading electronic manufacturer has assured its consumers in Nigeria of an exciting 2013 with the introduction of innovative products that will add value to their lives. Among the products that the company’s top executives believe will shape the coming year are the newly introduced Samsung Galaxy S III Mini, which is a compact version of its rave-making flagship phone, Galaxy S III, and the recently unveiled ‘connected camera’, Samsung Galaxy Camera.
Global Mobile Ecosystem
Nokia Growth Partners (NGP), a global venture firm, today announced the launch of its third fund with a further US$250 million long term commitment from Nokia.
Nokia Growth Partners will continue to invest in high potential businesses within the mobile ecosystem in the U.S., Europe and Asia. NGP also announced its expanded presence in China with the appointments of David Tang as managing director and Lu Guo as principal.
“Over the past decade, Nokia has developed an innovative venturing strategy,” said Timo Ihamuotila, Nokia executive vice president & chief financial officer. “Our ongoing commitment to Nokia Growth Partners reinforces Nokia’s support for a vibrant mobile ecosystem and our determination to collaborate with industry innovators to build great mobile products.”
Nokia has released its fourth-quarter and full year financial reports – and announced that for the fourth-quarter of the year, revenues fell by 20% to EUR8.04 billion (US$10.7 billion), and net profits jumped to EUR255 million (US$340 million) compared to a loss of EUR1.08 billion a year ago.
For the full year, sales were down by 22 percent to EUR30.18 billion, but the net loss came in at EUR3.8 billion.
Fitch Ratings says that India-based Bharti Airtel’s financial profile could improve in the year ending March 2014 (FY14), aided by manageable spectrum payments and the likely return of pricing power. This is despite the persistence of regulatory uncertainty over the final auction price of the 900MHz spectrum in March 2013.
Fitch believes that Bharti’s effort in January 2013 to improve its voice tariff realisation by removing discounts in phases will help the company to deleverage in FY14. Fitch believes that this move indicates a likely first sign of a return in pricing power, as competitive intensity abates due to the exit of some operators, on-going operating losses for weaker telcos and high spectrum prices.
Sunil Bharti Mittal
Chairman/Group CEO
Bharti Airtel
India’s Bharti Airtel has reported a 72% fall in its third-fiscal quarter financial results for the three months to the end of last December.
The company saw net income fall to RS 2.84 billion (US$53 million) from Rs 10.11 billion a year ago as the company was hurt by foreign exchange losses and an acquisition in Africa.
Worldwide mobile advertising revenue is forecast to reach $11.4 billion in 2013, up from $9.6 billion in 2012, according to Gartner. Worldwide revenue will reach $24.5 billion in 2016 with mobile advertising revenue creating new opportunities for app developers, ad networks, mobile platform providers, specialty agencies and even communications service providers in certain regions.
“The mobile advertising market took off even faster than we expected due to an increased uptake in smartphones and tablets, as well as the merger of consumer behaviors on computers and mobile devices,” said Stephanie Baghdassarian, research director at Gartner. “Growth in mobile advertising comes in part at the expense of print formats, especially local newspapers, which currently face much lower ad yields as a result of mobile publishing initiatives.”
The global telecommunications industry was not immune to economic forces in 2012 that slowed growth from earlier predictions, according to a new market analysis report from Insight Research. Spending for wireline services contracted in 2012, while spending on wireless services grew modestly.
According to the new industry market study, telecommunications services revenue worldwide will grow from $2.2 trillion in 2012 to $2.7 trillion in 2018 at a combined average growth rate of 3.8 percent.
The report notes that wireless subscriber growth compounded with rising usage will raise wireless revenues by 31 percent from current levels, yet wireline revenues will remain flat until substantial economic recovery kicks in. Despite these modest gains, there are some sectors, such as Ethernet, Cloud, and Mobile Solutions, that will show double-digit annual percentage growth.
Yousef Abu Mutawe, CTO, Zain, Jordan will deliver the opening keynote on Day Two of the Broadband MEA Conference, taking place in March 2013 in Dubai, UAE. Ahead of the show, Mutawe talks about Zain’s activities in 2012 and challenges of 2013.
Major Developments in Broadband Industry for Zain in 2012
In the past year, the major step for Zain was the introduction of HSPA+, which delivered a significant speed boost for customers with compatible devices. With an eye on continuing evolution, we have also begun some LTE trials. On the fixed line side, we have started rolling out Ethernet-to-the-Home (ETTH) and Fibre-to-the-Home (FTTH).
The Ford Atlas Concept, a bold vision for the future of pickups, has been named Autoweek Magazine’s Most Significant vehicle of the 2013 North American International Auto Show (NAIAS).
“The Atlas Concept is clearly Most Significant winner for the things you don’t see, like hidden aerodynamic improvements and weight savings from high-strength steel and interior parts, like thinner seats,” said Bob Gritzinger, Autoweek executive editor. “Those things add up to significant fuel savings for pickup trucks down the road. A next-generation EcoBoost® with Auto Start-Stop technology also signals why Atlas is a real game changer.”
The Ford Atlas Concept made its worldwide debut at NAIAS on Tuesday, Jan. 15. A design and engineering study inspired by decades of listening to customers in the places where they work and play, the concept has tomorrow’s pickup buyers in mind.
Ford has unveiled the Ford Atlas Concept to showcase the design, capability, fuel efficiency and smart technologies that will define future pickup trucks.
“The Ford Atlas Concept previews the innovations that will transform what people expect from their pickup,” said Raj Nair, Ford Group Vice President, Global Product Development. “With 36 years as America’s best-selling pickup, we are absolutely committed to setting the agenda in the truck market.”
KIA Sorento
KIA Sportage
Kia Motors Corporation has announced that its global sales for passenger cars (export sales, domestic sales and sales from overseas plants), recreational vehicles (RVs) and commercial vehicles for 2012 reached an all-time high of 2,710,017 units, reinforcing Kia’s position as one of the world’s fastest growing automakers. This figure represents an annual year-on-year increase of 9.3% and marks the first time in the company’s history that it has eclipsed the 2.7 million unit sales mark.
When Sir (Dr) Justus Uranta bowed out of office as Managing Director/CEO of Niger Insurance Plc on December 31, 2012 after 35 years of distinguished and chequered service to the insurance industry in Nigeria, the market bowed in honour of an ICON who Came, Saw and Conquered.
A quintessential chartered insurer of repute, Uranta traversed the insurance landscape in Nigeria on his meteoric rise from the rungs of the ladder to the zenith of his career.
Popularly called ‘JC’ by his peers and admirers, within and outside the insurance industry, Uranta left an indelible mark of professionalism, transparency and service to humanity.
The Road to Greatness
Sages believe that the height attained by a man is not by sudden flight!
A product of Ahmadu Bello University, Zaria; Chartered Insurance Institute of London; Delta State University (MBA) and St. Clements University, Austria, where he bagged a PH.D in Business Management, Uranta remains a firm believer in the sanctity of quality education for a greater achievement in life. Hence, he burnt the Midnight Candles to pave the way for a better future.
Daily Improvement Maketh a Man
In the course of scaling the corporate ladder in the past 35 years, JC passed through the hallowed halls of prestigious centres of learning to immerse himself more in the knowledge of his chosen profession in the spirit of continous improvement and also set himself apart for future corporate and national challenges.
Some of these courses, locations and dates include:
ü CORPORATE GOVERNANCE-UNIVERSITY OF PENNSYLVANIA, U.S.A. 2008
ü UNIVERSITY OF GEORGIA BUSINESS SCHOOL- ATLANTA, U.S.A. 2006
ü LAGOS BUSINESS SCHOOL, LAGOS, NIGERIA 2002
ü UNIVERSITY OF BACELONA, SPAIN 2002
ü MANAGEMENT IN THE NEW MILLENIUM, LONDON 2000
ü REINSURANCE FACILITATION, ZURICH 1996
ü GENERAL INSURANCE, ITALY 1994
Journey Through Insurance Industry
For 35 years, JC served the insurance industry in various capacities in various corporate organizations. At the end of the journey, the market agreed that JC indeed paid his dues in the industry.
a) NIGER INSURANCE PLC JAN. ’06-DEC. 2012 MD/CEO
b) NIGER INSURANCE PLC 1998 –2005 EXEC. DIRECTOR (TECHNICAL)
c) NICON INSURANCE CORP. 1990-1998 AGM (OIL & GAS)
d) VERITAS INSURANCE CO. LTD 1988 – 1990 GENERAL MANAGER/CEO
e) BCM INSURANCE BROKERS. LTD. 1980-1981 MARKETING MANAGER
f) UNITY LIFE & FIRE INS. CO. LTD. 1978-1980 SUPERINTENDENT
g) FEDERAL MINISTRY OF TRADE (NAICOM) 1977-1980 ASSISTANT OFFICER
a) NIGER INSURANCE PLC
b) NIC PROPERTIES LTD.
c) GLOBE REINSURANCE CO. LTD (ALTERNATE)
d) NIC SECURITIES & TRUST LTD.
e) BETA GLASS INDUSTRIES
f) UNION ASSURANCE CO. LTD.
g) EXPRESS DISCOUNT LTD.
h) TRUSTFUND PENSIONS PLC
i) PROFUND SECURITITES NIG. LTD
FELLOWSHIP AWARDS:
(i) CHARTERED INSURANCE INSTITUTE OF NIGERIA 2004 FIIN
(ii) NATIONAL INSTITUTE OF MKTING OF NIG. 2005 FNIMN
(iii) NIGERIAN INSTITUTE OF MANAGEMENT 2005 FNIM
(iv) NIGERIAN INSTITUTE OF MGT. CONSULTANTS 2006 FNIMC
(V) CERTIFIED INSTITUTE OF COST MGT OF NIG. 2008 FCICMN
(VI) ASSOCIATION OF PENSION FUNDS OF NIG. 2009 FAPFN
a) COUNCIL MEMBER – CHARTERED INSURANCE INSTITUTE OF NIGERIA
b) VICE CHAIRMAN – WEST AFRICAN INSURANCE INSTITUTE [WAII] GAMBIA
c) ALUMNUS – LAGOS BUSINESS SCHOOL (AMPIO 2001)
d) FSS 2020 COMMITTEE MEMBER [INSURANCE SECTOR]
Commitment to Community Development:
In the course of his exemplary career, JC has impacted positively on his immediate community (Queenstown Opobo, Opobo/Nkoro LGA, Rivers State) through provision of various empowerment projects to support the growth of the next generation. Some of these projects include:
A Worthy Knight!
As a Mark of Honour, the title of KNIGHT OF ST. CHRISTOPHER (KSC) was eminently bestowed on him to recognize his sterling qualities and contribution to humanity.
Looking into the Future
A man given to service, Uranta has closed One Chapter in his life and is ready to open a New Chapter in service to Man & Country!
Dr. Justus Uranta (2nd from left) receives a meritorious award from the Nigerian Stock Exchange (NSE) in Lagos.
UK insurers have spent more than £3 billion implementing Solvency II, the Independent on Sunday reports.
FTSE 100 insurers told the paper that the cost of complying with the new European Union capital regime, which has yet to come into force, had far surpassed the FSA’s original £1.8 billion estimate.
The Independent on Sunday noted that the cost could keep rising as there is as yet no end in sight. Solvency II has been beset by delays. The implementation date has been delayed to 1 January 2014, and there are some indications that the new rules will not come into force until 2016.
Some observers even suspect the new capital regime will be sidelined altogether and will never get off the ground.
A source told the paper: “Billions have been spent on Solvency II, with a high probability that the UK will end up with a regulatory regime not much different from the current one, which after all worked perfectly well even through the financial crisis.”
Expected compliance bill busts the FSA’s £1.8 billion estimate.
Prime Minister David Cameron’s announcement of an in/out referendum on the UK being a European Union (EU) member could affect insurer regulation, according to PwC global insurance regulatory leader Paul Clarke.
In a speech earlier this week, Cameron said that if the Conservatives were re-elected he would hold a vote on EU membership.
But Clarke said: “Potentially the biggest impact on the insurance industry will be on regulation. The EU drives the regulatory environment, Solvency II being a classic example.
“Not being part of the EU would hand more discretion to domestic authorities over rule design. From a practical point of view, it is likely the UK would choose to pursue a Solvency II equivalent approach.
“Ironically, the risk would be a UK outside of the EU, unable to influence from within, yet still compelled to follow EU regulation to remain competitive.”
Dropping out could leave UK voiceless, says Clarke.
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