3 months ago

New Era Newspaper Tuesday January 30, 2018

  • Text
  • Namibia
  • Windhoek
  • January
  • Farmers
  • Registration
  • Namibian
  • African
  • Tender
  • Rundu
  • Trading

12 Inside BUSINESS

12 Inside BUSINESS Tuesday, January 30 2018 | NEW ERA MTN expects earnings to bounce back 20% after Nigerian losses JOHANNESBURG South African telecommunications giant, MTN said yesterday that it expected an improvement of at least JOHANNESBURG South Africa’s government is committed to supporting the local production of vehicles in order to boost the economy and exports as well as create jobs, deputy trade and industry minister Bulelani Magwanishe said at the weekend. “Our commitment to local vehicle production is marked in our Industrial Policy Action Plan with a prime focus towards adding value in the manufacturing and industrial sector,” Magwanishe said at the launch of the new Polo by Volkswagen South Africa in Uitenhage in the Eastern Cape province. The project has an investment value of R6.1 billion. “Export promotion, job creation and inclusive growth remain as the fundamentals to this policy,” Magwanishe said. 20 percent in both headline earnings per share (HEPS) and earnings per share (EPS) for the 12-month period ended December 31, 2017. This is a significant improvement SA committed to boosting local vehicle production The automotive industry is the largest manufacturing sector in South Africa’s economy and currently employs about 300,000 people; 31,000 of them in vehicle assembly, 82,000 in component manufacturing and the rest in retail. Magwanishe said government support to the sector included disbursement under the Automotive Production and Development Programme amounting to R8 billion since its inception in 2009. He lauded VWSA’s efforts to support the entrance of black industrialists in the automotive sector through its ‘Ntinga’ empowerment project. “Similar initiatives by other vehicle manufacturers must be advanced through the partnership of the public and private sector, and other stakeholders,” he said. - Nampa/ANA compared with a headline loss per share of 77 cents and attributable loss per share of 144 cents for the prior 2016 financial year. HEPS is South Africa’s main JOHANNESBURG Restaurant group Spur said yesterday franchised restaurant sales declined by 2.6 percent to R3.7 billion in the six months to December 2017 as economic conditions deteriorated in most of the markets in which it trades. In South Africa, franchised restaurant sales declined by three percent, while sales from international restaurants increased by 1.3 percent in rand terms and by 3.2 percent on a constant exchange rate basis. Spur said 35 new local outlets were opened and 13 closed during measure of a company’s profit. MTN said the negative performance in the 2016 financial year was mainly as a result of nonrecurring costs, including those related to the Nigerian regulatory fine and losses on MTN’s 51 percent equity interest in the Nigerian tower company. In March 2017, MTN paid the period, while five outlets were opened and five closed internationally. “The first half was a tale of two distinct quarters: while local franchised restaurant sales declined by 6.2 percent in the three- months to September 2017, the second three months of the financial year to December 2017 showed a marked improvement with sales declining by only 0.2 percent,” chief executive Pierre van Tonder said. He said the group’s performance for the period could be attributed to the residual effects of the “perfect storm” of March 2017: including the political uncertainty caused by a cabinet million, or R1.34 billion, of a reduced .7 billion fine for failing to disconnect 5.1 million unregistered SIM cards in Nigeria. The full payment would be made over three years. MTN will release its financial results on the Stock Exchange News Service of the JSE Limited in March. - Nampa/ANA Spur says franchised sales down 2.6% in half year to Dec. 2017 reshuffle which saw the finance minister fired, the impact of the social media fallout following a customer incident at a Spur outlet in Johannesburg and a struggling economy. “Economic growth is critical to local business and the resolution of the political turmoil in the country will no doubt have a profound impact on our future,” van Tonder said. He said the company was also implementing remedial strategies to limit the damage, should the water crisis in Western Cape province culminate in “day zero” - when water supply would run out completely. - Nampa/ANA Replacement of faulty LED bulbs. NamPower would like to thank everyone who participated in the 1 Million LED Campaign, for allowing us into their homes to replace their old light bulbs with new LED bulbs. By participating in the Campaign, you have contributed towards reducing electricity usage during peak hours. NamPower is now offering to replace the LED bulbs that it installed, should they become faulty within the next three years (January 2018 to December 2020). Visit any of our Distribution Centres listed below to exchange faulty LED bulbs from the 1mLED Campaign. Please bring along your identification documents and your municipal bill. NAMPOWER WARRANTY DISTRIBUTION POINTS NO. TOWN DISTRIBUTION CENTRES & PHYSICAL ADDRESS OPERATION DAYS & HOURS NO. TOWN DISTRIBUTION CENTRES & PHYSICAL ADDRESS OPERATION DAYS & HOURS 1 Eenhana Nored Offices, Onawa Complex Tuesday & Thursday 10:00-12:00 16 Ondangwa Nored Offices, Opposite Old Government Building Near Ondangwa Post Office Thursday & Friday 10:00-12:00 2 Omuthiya Nored Offices, Eheka Properties Complex B1 Main Road Friday 14:00-16:00 17 Opuwo Opuwo Post Office, Tjitjapia Kapeke Street Weekdays 08:00-16:30 3 Gobabis Gobabis Post Office, Erf 1255 N.J Low Street Weekdays 08:00-16:30 18 Oranjemund Oranjemund Post Office, Seven Street Weekdays 08:00-16:30 4 Grootfontein Grootfontein Post office, Erf 237 West-end Street Weekdays 08:00-16:30 19 Oshakati Oshakati Premier Electric, 3175 Oshakati East Monday & Tuesday 10:00-12:00 5 Helao Nafidi Nored Ohangwena Offices, near Oukwanyama Traditional Authority Offices Tuesday & Wednesday 14:00-16:00 20 Otjiwarongo Cenored Head-Office, c/o Henk Williams Street & Frans Indongo Road Tuesday & Thursday 10:00-12:00 6 Karasburg Karasburg Municipality, c/o Park Street & 8th Avenue Monday 10:00-12:00 21 Outapi Outapi Post Office, Aihuiku Ekandjo Weekdays 08:00-16:30 7 Karibib Erongo RED Offices, 90 Park Street Monday 14:00-16:00 22 Rehoboth Rehoboth Post Office, Block B Weekdays 08:00-16:30 8 Katima Mulilo Nored Offices, Shoprite Complex Tuesday & Thursday 10:00-12:00 23 Rundu Rundu Post Office, Maria Mwengere Road Weekdays 08:00-16:30 9 Keetmanshoop Keetmanshoop Municipality, Hampie Plichta Avenue Tuesday & Thursday 10:00-12:00 24 Swakopmund Erongo RED Offices, Smith lane Street Apex Park Building Monday & Thursday 10:00-12:00 10 Lüderitz Lüderitz Post Office, Erf 282, Bismarck Street Weekdays 08:00-16:30 25 Tsumeb Tsumeb Post Office, Erf 5, Post Street Weekdays 08:00-16:30 11 Mariental Mariental Municipality, 370 Dr. Sam Nujoma Avenue Tuesday & Thursday 10:00-12:00 26 Usakos Erongo RED Offices, 52 Goede Street Monday 10:00-12:00 12 Nkurenkuru Nkurenkuru Post Office Weekdays 08:00-16:30 27 Walvis Bay Walvis Bay Post Office, Erf 180 Sam Nujoma Avenue Weekdays 08:00-16:30 13 Okahandja Okahandja Post Office, Martin Neid Street Weekdays 08:00-16:30 28 Windhoek Nampost Head Office, 172 Independence Avenue Weekdays 08:00-16:30 14 Okakarara Cenored Office, John Tjikuua Street Wednesday & Thursday 14:00-16:00 29 Windhoek Evale Investment (PTY) Ltd, Nickel Street, Unit 2 Western Warehouse,Prosperita Monday 10:00-12:00 Friday 14:00-16:00 15 Omaruru Erongo RED Offices, 83 Vilhelm Zeraua Road Tuesday & Thursday 14:00-16:00

Tuesday, January 30 2018 | NEW ERA Inside BUSINESS 13 Britain sees first Bitcoin armed robbery: reports LONDON Armed robbers have raided the house of a British virtual currency trader, forcing him to transfer Bitcoins after tying up his wife and threatening him with a gun, British media reported on Monday. The robbery happened on January 22 at the couple’s home in the village of Moulsford in southeast England, according to the Daily Mail, which said the cryptocurrency crime was the first of its kind. Four robbers wearing balaclavas broke into the house of Danny Aston, 30, and his wife Amy Jay, 31. A Thames Valley Police spokesman quoted by the Daily Telegraph said only that police were investigating an “aggravated burglary” in Moulsford last week and that the occupants of the house had been “threatened”. According to company registry records, Aston and Jay are directors of Aston Digital Currencies, which specialises in managing virtual currency portfolios. The company was created in June 2017 at a time when Bitcoin was trading at around 2,500 euros. It has since risen sharply to a peak of 16,323 euros on December 17 before falling back below 10,000 euros. No arrests have been made but the reports said that Aston may have been targeted because of his high profile in the cryptocurrency community. Using a pseudonym, Aston has carried out more than 100,000 transactions with 16,375 partners. Some of them referred to him online using his real name, which may have led robbers directly to him. Bitcoin is a virtual currency created from computer code that allows anonymous transactions. Unlike a realworld unit such as the US dollar or euro, it has no central bank and is not backed by any government. - Nampa/AFP Stock markets downbeat as dollar firms LONDON Stocks markets kicked off the week in lacklustre fashion on Monday as the dollar recovered some ground after slumping last week to three-year lows against the euro. London was one of the few risers, with the index benefitting from gains to share prices of heavyweight mining companies on rising copper prices, traders said. “After managing to staunch its bleeding last Friday, the dollar has continued to try and claw back the acres of ground lost in the last few months,” said Connor Campbell, an analyst at Spreadex trading group. Earlier Monday, Asian stock markets ended down on profit-taking, as investors tracked last week’s record-breaking close on Wall Street. LONDON EU says would react ‘swiftly’ to any Trump trade curbs BRUSSELS The European Union warned Monday it would react “swiftly and appropriately” if Washington imposed trade curbs, after US President Donald Trump accused the bloc of trading “very unfairly” and hinted at such action. “The European Union stands ready to react swiftly and appropriately in case our exports are affected by any restrictive trade measures from the United States,” European Commission The three major US indices all closed at record highs on Friday with earnings season in full swing, on the back of strong earnings announcements. The trend is expected to continue, with major companies signalling higher profits in anticipation of tax cuts recently enacted in the United States. With more data expected this week – including from tech giants like Apple, Amazon, Facebook, Alibaba and Google’s parent company Alphabet – analysts say strong results could sustain the positive sentiment in the markets “A data-packed week and stock reporting seasons around the globe should see market focus turn to the numbers,” said Michael McCarthy, chief strategist at CMC Markets in Sydney. Britain will probe accountancy firm KPMG over its audit work for collapsed construction group Carillion, regulators said Monday. The Financial Reporting Council has launched the probe after making enquiries about Carillion’s July 2017 profit warning, the FRC said in a statement. Carillion went bust earlier this month, announcing its liquidation after the heavilyindebted company failed to secure a lastminute financial rescue from the government and banks. “The FRC has decided... to open an investigation under the audit enforcement procedure in relation to KPMG’s audit of the financial statements of Carillion,” said a statement. The probe will look at four years of accounting ending in 2017 after the watchdog said it is making “urgent enquiries into the conduct of professional accountants within Carillion”. spokesman Margaritis Schinas told reporters. Trump told Britain’s ITV channel that the EU has treated the US “very unfairly when it came to trade” and that his many problems with Brussels could “morph into something very big”. In reaction to the Trump interview, Schinas said: “For us, trade policy is not a zero-sum game, it is not about winners and losers. We here in the European Union believe that trade can and should be win-win.” Schinas added: “We also believe that while trade has to be open and fair it has also to be rules based.” Trump delivered the warning during a wide-ranging interview last Thursday on the sidelines of the World Economic Forum in Davos, where he took his “America But he warned that a weak dollar “may prove a brake on any investor exuberance”. The greenback remains under pressure, after and Treasury Secretary Steven Mnuchin. The dollar could experience more turbulence with several major announcements coming up this week, including Trump’s State of the Markets could also be impacted this week by the outcome of a scheduled The Fed is expected to leave the benchmark US interest rate untouched, but economists say the changing composition of the policy committee could point to faster rate rises in seemingly contradictory comments last week on its strength by US President Donald Trump Union address today. US Federal Reserve meeting. 2018. UK launches probe into Carillion accountants KPMG The investigation will consider whether KPMG has “breached any relevant requirements, in particular the ethical and technical standards for auditors”, the FRC added. Carillion’s collapse sparked a major political row in Britain because Prime Minister Theresa May’s government signed major contracts with the company after it issued the first of several profit warnings last July. - Nampa/AFP First” agenda to the global business elite. In a speech Friday he told the forum that his mantra “does not mean America alone” and hinted that the US could rejoin the Trans- Pacific Partnership, a deal he withdrew from a year ago. But earlier this month the Trump Administration imposed steep tariffs on imported washing machines and solar panels. Last year it vowed to impose nearly 300 percent punitive tariffs on airplanes manufactured by Canada’s Bombardier. A bipartisan US trade panel blocked that decision on Friday but the dispute, which has inflamed relations with Ottawa – and to a lesser degree Britain, where Bombardier has a large workforce – could be a harbinger for the EU. – Nampa/AFP No more… IKEA employees stand during a minute of silence in honour of Ingvar Kamprad, founder of the Swedish furniture giant IKEA, on January 29, 2018 in Barkaby, near Stockholm. Ingvar Kamprad, the enigmatic founder of Swedish furniture giant IKEA, died aged 91 on Sunday, January 28, the company said. Photo: Nampa/AFP NEW DELHI India sees growth improving as reforms take hold India said Monday it expects economic growth to rise to between 7 and 7.5 percent in the next fiscal year as the negative impact of two controversial reforms diminishes. The economy is expected to grow 6.75 percent this fiscal year on the back of a recovery in the second half, the government said in its economic report released before the annual budget. Growth has been hit by the introduction of a new national goods and services tax (GST) last year and by a controversial 2016 move to withdraw all high-value banknotes from circulation. The economy has also been helped by a rise in exports, the government’s chief economic adviser Arvind Subramanian told reporters. “Growth is picking up because the temporary impact of demonetisation and GST have dissipated, corrective actions have been taken and the government is injecting a fair amount of demand,” he said. “The direction is very good. The level is still below potential. But in terms of directionality, the economy seems to be picking up quite nicely, quite robustly,” Subramanian said. Prime Minister Narendra Modi swept to power in 2014 on a promise to attract foreign investment and create jobs for a burgeoning youth population. In its report, the government said creating employment for young people would remain a key priority before a general election that must be held by May next year. It also expressed concern about falling rural incomes, saying climate change was having an adverse impact on farm yields. “Climate change could reduce annual agricultural incomes in the range of 15 percent to 18 percent on average, and up to 20 percent to 25 percent for unirrigated areas in India,” it said. Less than half of India’s farmland is irrigated, with the rest reliant on rainfall. – Nampa/AFP

New Era

New Era Newspaper Vol 22 No 167