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New Era Newspaper Thursday January 4, 2018

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12 Inside BUSINESS

12 Inside BUSINESS Thursday, January 4 2018 | NEW ERA Top Canadian CEOs made more than 200 times average worker: study Valeant Pharmaceuticals’ CEO Joseph Papa MONTREAL Canada’s 100 highest paid CEOs made more than 200 times the income of the ordinary worker in 2016, raking in an average US.3 million (N3,7 million), a study found Tuesday. Valeant Pharmaceuticals’ CEO Joseph Papa was the best paid in 2016, making .1 million Canadian dollars (N9,5 million) in eight months on the job, according to the report. He took over in May 2016 amid a crisis that took the company’s stock from 7 in mid-2015 to less than a share by early 2017. The Canadian Centre for Policy Alternatives said CEO pay in 2016 was the highest it had been since the 2008 global recession. Salary accounted for only 11 percent of their pay, compared to 14 percent in 2008, due to the rising share of bonuses and stocks in executive compensation. The best paid CEOs already had made more than the country’s ,738 Canadian dollars (N0 515.4) average annual salary. “The average worker will have to work full-time all year to earn that amount,” it said. The average annual pay of the top 100 earners was 209 times the national average, and more than 315 times a new minimum wage of (N8) in some provinces. “Canada’s corporate executives were among the loudest critics of a new Can minimum wage in provinces like Ontario and Alberta – meanwhile the highest paid among them were raking in record-breaking earnings,” said the report’s author, David Macdonald. – Nampa/AFP Norway suspends arms exports to UAE over Yemen war OSLO Norway announced it has suspended arms and ammunition exports to the United Arab Emirates because of the nation’s involvement in the Yemen war. “The development Yemen in the autumn of 2017 has been serious and there are severe concerns for the humanitarian situation,” the Norwegian Foreign Ministry said in a statement. The UAE is part of a Saudi Arabia-led coalition that has been March 2015. more than 8,750 people, including many civilians, according to the World Health Organization (WHO). The suspension of arms exports, adopted on December 19, is a precautionary move and does not indicate that Norwegian weapons have been used in Yemen, Oslo said. Norwegian arms sales in the UAE had almost doubled in 2016 compared to the previous year, reaching 79 million kroner (around 8 million euros, ,7 million at current rates). Norway says it does not sell arms to Saudi Arabia. - Nampa/AFP China’s Ant Financial drops MoneyGram deal as US approval fails BEIJING internet titan Alibaba, has been forced to abandon a .2 billion deal to buy after failing to get approval from regulators in Washington. The decision by the Committee on Foreign Investment (CFIUS) will deal a blow to Alibaba boss Jack Ma’s cial market and follows a number of moves to prevent Chinese purchases The companies jointly announced the termination of the proposed takeover on Tuesday, with MoneyGram chief executive Alex Holmes saying: “The geopolitical environment has announced the proposed transaction with Ant Financial nearly a year ago. “Despite our best efforts to work cooperatively with the US government, it has now become clear that CFIUS will not approve this merger.” The deal, announced a year ago, had been submitted to the CFIUS several times, but failed to allay concerns about the security of US customers’ data. “We hope the US can create a environment for Chinese enterprises to invest and start up businesses in the US,” Chinese foreign ministry spokesman Geng Shuang said during MADRID Spain’s jobless queue shrank by 7.8 percent last year, the labour ministry said Wednesday, as unemployment continues to recede from the record highs seen in 2013 during the economic crisis. The ministry said 3.4 million people were registered as out of work last year, some 290,000 fewer than in 2016. to a question about the deal. Controlled by Ma, Ant Financial – which provides mobile payment, lending and credit services to a mostly Chinese clientèle – has looked to expand abroad along with Alibaba, China’s largest e-commerce platform. Nasdaq-listed MoneyGram’s shares sank in after-hours trading. The two companies will still look to cooperate in other ways despite the setback, Doug Feagin, president of Ant Financial International, said in a statement. “While Ant Financial won’t have a direct ownership relationship with Spain’s unemployment shrank in 2017 unions, UGT, retorted that the labour market was still suffering the effects of the crisis and austerity measures implemented by Prime Minister Mariano Rajoy’s government. “Jobs are increasingly temporary and in December just four out of every 100 contracts signed were long-term and full-time,” it said in a statement. According to the labour ministry, some 19.6 million temporary contracts were signed last year, up 7.1 percent from 2016, while just 1.9 million long-term contracts were handed out, a 12.6 percent rise. Rajoy’s conservative government and temporary nature of many new contracts, even as the jobless rate has come down sharply from the 26 percent reached in 2013 at the height of the crisis. In the third quarter of 2017, it had dropped to 16.4 percent, but was still the second-highest level in the European Union after Greece. MoneyGram, we look forward to working closely with the Money- Gram team to make our platform even more accessible – particularly to unbanked and underserved communities globally.” The news comes almost a year after Ma met then-President-elect Donald Trump, promising to bring a million jobs to the US. The personal relationship did not sway the Trump Administration, though, which has launched a number of anti-dumping trade cases against China and is in the process of investigating it over intellectual property issues. The administration labelled China a “revisionist” power last month. The CFIUS, which reviews all potential national security concerns, has squashed a number of Chinese purchases of US businesses in recent years, as concern grows in Washington about selling critical technology to China. In September, Trump blocked the sale of Oregon-based Lattice Canyon Bridge, its Chinese partner Yitai Capital and Yitai’s parent the China Venture Capital Fund Corp over national security concerns. The CFIUS has also thwarted takeovers of US chip makers Micron Technology and Sandisk by state-owned Tsinghua Unigroup. – Nampa/AFP “We are recovering more than 70 percent of jobs lost during the biggest crisis Spain experienced in decades,” Rajoy said in televised comments. He added however that economic uncertainty persisted over the secession crisis in Catalonia. measures the number of people out of work as a proportion of the working population – will be published later this month by Spain’s statistics agency. - Nampa/AFP

Thursday, NEW January 4 2018 | ERA ERA Inside BUSINESS ADVERT 13 Suzuki kicks off 2018 on a high note Nissan to unveil new X-Trail Nissan is about to launch the next generation of the X-Trail. The new model, set for release in coming weeks, has the luxury and performance of an accomplished SUV and the smarts of a hightech multipurpose vehicle. The new Nissan X-Trail comes with a much more powerful engine and space for seven passengers, interior upgrades that will allow mountain bikes the kids enjoy the premium feel on long road-trips to the grandparents over the holidays. It also features Nissan Intelligent Mobility function that enables drivers to see more around them, with premium technology like Intelligent Emergency Braking and Lane Departure Intervention. The new Nissan X-Trail comes with a six-year/150,000km warranty, a three-year/90,000km service plan and 24-hour roadside assist. Mahindra has a new bakkie in the market Staff Reporter Windhoek Indian Staff Reporter car manufacturer, Mahindra, has a new bakkie in the Suzuki market, which Auto comes South Africa with is an improved preparing power for output another of bumper its sales turbodiesel year in 2018, model after 103kW in and a new towing capacity of 2500 sales kg. record. The company has also It also announced now features the a extension 6-speed of gearbox and new interior that boasts a large six-inch full-colour touchscreen display on the S10 Double Cab models. have On the already outside, exceeded the our new previous sales are records to the front for the where year-to- changes the grille, headlights, bonnet and foglamps more than have 8000 all units,” undergone says André a substantial Venter, the redesign. divisional head of sales and The marketing new grille at Suzuki. design is smarter, utilising a glossy very strong sales in December, it accents, as well as a more prominent Mahindra badge, The new Mahindra bakkie while the lower air intake has been have reshaped decided to to extend provide our com- a stronger visual integration with Bolder fog lamps are mounted r/min, and sustained to 2,800 r/ the on grille. all passenger Black mesh vehicles inserts until the in restyled apertures that are min, ensuring excellent in-gear are end consistently of March.” applied to both linked to the lower edge of the acceleration and superior pulling the main Suzuki grille last and year the introduced lower air a headlights. The redesigned frontend styling is accompanied by The turbodiesel engine is power. intake, comprehensive creating a more 5-year/200 consistent 000 appearance. 16-inch Freeze… alloy The wheels. popular Ignis is the linked only to Suzuki a six-speed brand that manual would not have a price increase. of The passenger headlights vehicles on either side for all The Photo: new Motorpress bakkie has an updated gearbox driving the rear wheels, of vehicles the grille are sold also until completely the end of 2.2- litre four-cylinder mHawk and will also be available with new, the with year. Aside a cleaner, from more doubling turbodiesel engine, which makes 4x4 transmission with low range. cialist has also honoured its resolute the standard appearance distance and and a new nearly use period. of a variable This means geometry that there The entire range of the Next promise to freeze vehicle prices curved LED daytime running turbocharger is no coverage to produce degradation 103kw. or Generation in the industry. Mahindra Pik Up are light signature for the S10 The impressive torque peak of - raise its prices on all models by 1.5 Double Cab. 320 Nm is reached at just 1,600 Locking Differential) as standard. popular Ignis. “The Ignis has proven exceed- and not punish the many people Venter. This may yet prove to be the 2018 WesBank/SA Guild of Mo- competition and is shortlisted for - derivatives, Suzuki is planning Photos: Quickpic and neighbouring countries. is attributable to our committed hard to maintain our high service - across South Africa and some of our neighbouring states.” Mahindra Interior

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