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New Era Newspaper Wednesday July 26, 2017

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NEW ERA | Airlines will need 637,000 new pilots over next 20 years: Boeing Page 10 2,600 jobs on the line at Bokoni Platinum, says NUM Page 10 INSIDE BUSINESS This news is your business Shell shuts down key Nigerian supply pipeline LAGOS Anglo-Dutch energy giant Shell on Tuesday said it had shut down a key crude oil supply pipeline in Nigeria’s restive south because of a leak. Shell subsidiary the Shell Petroleum Development Corporation of Nigeria Ltd (SPDC) said it shut the Trans Niger Pipeline (TNP) on July 21 at B-Dere in Ogoniland. “Efforts are ongoing for a joint investigation visit to determine the cause of the leak and repair of the pipeline,” the company said in a statement. It did not disclose the volume of production shut-in. The TNP feeds the Bonny Light export terminal, which has a production capacity of 225,000 barrels per day of oil. Militants and oil thieves in the region have repeatedly attacked the pipeline. Community unrest forced Shell to quit oil production in Ogoniland in 1993 but the company still runs a network of pipelines criss-crossing the area. A spokesman for the Movement for the Survival of Ogoni People (MOSOP) pressure group said it was not responsible for the latest shutdown. “We are not involved in the incident, we only heard about it. Our position however remains that Shell is not welcome on our land,” Fegalo Nsuke told AFP. He called on Shell to address the issues of environmental degradation, neglect, injustice and under-development before considering the resumption of production in Ogoniland. “If they want our oil, they have to take care of the people,” he added. MOSOP founder Ken Saro-Wiwa was executed with eight other activists by Nigeria’s then-military government in November 1995 on trumped-up murder charges at a secret trial. Many believed his conviction was politically motivated because of his opposition to Shell’s presence in Ogoniland – where there Photo: Nampa/AFP Nigeria’s former President Olusegun Obasanjo (C) flanked by President of African Development Bank (ADB) Akinwumi Adesina (L) and former military Head of State General Yakubu Gowon inspect the exhibition mounted during the 50th anniversary of the International Institute for Tropical Agriculture (IITA) in Ibadan, Oyo State in southwest Nigeria, on Monday this week. The International Institute for Tropical Agriculture (IITA) celebrated its 50th year of research achievements in addressing Africa’s most pressing challenges of hunger, malnutrition, poverty, and natural resource degradation with a view to improving livelihoods, enhance food and nutrition security across the continent. have been repeated oil spills. In 2015, Shell agreed to pay £55 million ( million, 61 million euros) in compensation to more than 15,500 people in Ogoniland and agreed to start a clean-up of two major spills. – Nampa/AFP UK Serious Fraud Office probes Rio Tinto Guinea project SYDNEY Britain’s Serious Fraud Office has opened an investigation into mining giant Rio Tinto for “suspected corruption” surrounding the development of the world’s biggest untapped iron-ore deposit in Guinea. Plans to mine the massive Simandou iron ore deposits – a US billion project deep in the remote interior of the poor west African country – have been mired in legal disputes and political upheaval for years. Rio Tinto reported itself to regulators last November after conducting an internal probe into US.5 million in payments made over the project. In a statement late Monday, Britain’s fraud investigators said: “The SFO has opened an investigation into suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it.” Rio told AFP Tuesday it would “fully co-operate with the Serious Fraud Office and any other relevant authorities, as it has done since it self-reported in November 2016”. The Australian Federal Police confirmed it was also investigating the Guinea allegations and that Rio was co-operating. Rio Tinto first secured exploration rights to Simandou in 1997. In 2014, it sealed a US billion deal with a Chinese consortium led by state-run aluminium group Chinalco to develop Simandou, which would have been Africa’s biggest-ever mining and infrastructure venture. Rio launched its internal investigation after becoming aware last August of email correspondence from 2011 relating to the payments “made to a consultant providing advisory services” for the project. In October last year, Rio announced the sale of its 46.6 percent holding to Chinalco, which previously held a 41.3 percent stake in the project. A month later, it notified US, British and Australian regulators of its internal investigation. The Anglo-Australian firm is listed on both London and Sydney’s stock exchanges. The world’s second-largest miner also fired two executives – energy and minerals head Alan Davies and legal affairs chief Debra Valentine – following its probe. The miner’s shares fell 0.24 percent to A$ 62.47 in mid-day trading Tuesday in Sydney. – Nampa/AFP German business confidence up FRANKFURT AM MAIN Confidence among German business leaders hit a “euphoric” alltime high in July, the Munich-based Ifo institute said, beating analysts’ expectations of a small decline. The survey-based index, closely watched by economic observers as an indicator of future performance in Europe’s largest economy, rose to 116.0 points after a reading of 115.1 in June. Analysts surveyed by data company Factset had predicted a slip in the barometer this month. July’s increase in the Ifo index JOHANNESBURG Private healthcare group Mediclinic International Plc on Tuesday announced that Danie Meintjes has informed the board of his intention to retire from his position as chief executive and a director of the company by 31 July 2018. Meintjes, now aged 61, joined the group in 1985 as the hospital manager of Mediclinic Sandton. He became a member of Mediclinic International executive committee in 1995 and a director in 1996. He was named chief executive of Mediclinic International in 2010 was powered by improvements in businesses’ view of both their current situation and the outlook for the coming months. “Germany’s economy is powering ahead,” Ifo president Clemens Fuest said in a statement. “Companies’ satisfaction with their current business situation reached its highest level since German reunification [in 1990].” Looking at different sectors in the economy, manufacturers and construction firms were positive about both the present situation and the future outlook. But while wholesalers were more optimistic for the coming months, their judgement on today’s level of activity became more negative. Retail companies became slightly more negative about both the present situation and the future. While it was “pleasant” that the Ifo indicator hit new heights, “it’s more important that the acceleration of the upturn perceived by companies begins to be reflected in hard data,” such as industrial production figures, economist Joerg Zeuner of the KfW public investment bank cautioned. – Nampa/AFP Mediclinic CEO Danie Meintjes retires in 2018 and became chief executive of the enlarged group in February 2016 following its combination with Al Noor Hospitals Group plc. Mediclinic chairman, Edwin Hertzog, said: “Danie has been instrumental to the development of Mediclinic and the implementation of our strategy over 20 years of service to the group. We look forward to continuing to work with him over the coming twelve months and wish him well”. Meintjes said it had been a great privilege to have been in a position to shape the success of Mediclinic. “The company is in a strong position and has excellent prospects for growth. I thank all my colleagues at Mediclinic for the part they play in meeting the challenges to our business and upholding the highest standards of clinical governance and ethical behaviour across our platforms,” Meintjies said. Mediclinic said the nomination committee would begin a search to identify a successor, to facilitate a smooth transition. Mediclinic International has operations in Southern Africa, Switzerland and the United Arab Emirates. Mediclinic comprises 74 hospitals and 37 clinics. – Nampa/ANA

New Era

New Era Newspaper Vol 22 No 167

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