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Economy

PSIRS generates N9bn in 6 months – chairman

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Mr Dashe Arlat, the Chairman of Plateau State Internal Revenue Service (PSIRS) says the service generated N9.2 billion between January and June.

Arlat disclosed this on Wednesday in Jos at a news conference.

He said most of the Internally Generated Revenue (IGR) was from liabilities and interest paid as penalties by companies which evaded various forms of taxation.

Arlat said the 2019 mid-year IGR had been the best since he assumed office in 2015, pointing that revenue generated in 2018 was N12.7 billion.

According to him, the service has expanded its tax net on the formal sector, especially those situated in the 17 local government areas of the state.

He said in the past, emphasis was on the informal sector and formal sector within the Jos– Bukuru town.

The chairman said most of the companies and offices outside the Jos-Bukuru were not aware that they were required to remit certain taxes such as PAYE to the government.

He said the service had engaged 200 ad hoc workers and created three district offices in the three senatorial zones of the state to meet its target.

Arlat said that positive result being recorded followed steps taken by the service to increase the state’s revenue base.

He assured that the N2 billion monthly target set for the service was attainable as there were various sectors to be tapped into.

The Nigeria News Agency recalls that the N2 billion monthly target was set for the service on June 12.

Economy

Beauty West Africa Exhibition: Visitors queue to get free haircuts

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As the 2019 Beauty West Africa exhibition entered its second day in Lagos, some visitors at the fair queued at the stand of Wahl Clipper Corporation to get  free hair cuts from international barbers.

Nigeria News Agency reports that the U.S.A-based firm displayed its clipper range and other hair dressing professional tools at the exhibition, in which numerous exhibitors are participating.

The Regional Sales Manager of Wahl, Mr Kunal Vimal, told NAN that the stand had received about 500 visitors since the opening on Nov. 20.

Vimal said that the company was open to receive more distributors to come on board, which was one of the reasons they were participating in the beauty fair.

“So far, we have had about 500 visitors at the stand to see our products and also indicate interest to do business with us, especially becoming distributors of our brands.

“We are also giving free haircuts to participants who visit our stand free-of-charge by our best barbers from Germany and Dubai.

“The barbers are part of Wahl’s Education and Training Team (WEAT). Each hair cut from where these barbers are based attracts minimum of €100 (one hundred Euros) but it is free for Nigerians,” he said.

The regional manager said that Nigerians were very particular about their looks, which stood them out globally.

He thanked the organisers of the exhibition for the opportunity to interface with Nigerians in the beauty and cosmetics industry.

A visitor, Mr Jude Eze, said that he had a haircut before coming, but when he saw the job done on someone at the stand, he could not resist another trim.

NAN reports that the 2019 Beauty West Africa Exhibition and Conference, which is the second in its series, started on Nov. 20, and will end on Nov. 22 at the Landmark Events Centre.

The exhibition was put together by the BtoB Events, organisers of the West Africa Automobile Show and Food and Beverage West Africa Exhibitions, to bring international brands into Nigeria for cross-border business opportunities.

Edited by Cecilia Odey/Oluwole Sogunle (NAN)

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Economy

ADB introduces new loan pricing for higher-income countries, economies

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The Asian Development Bank (ADB) says it approved the introduction of diversified financing terms for its developing member countries and economies, with higher income sub-groups paying higher maturity premiums for longer-term loans.

The Manila-based bank said in a statement released on Thursday that the new pricing structure will be effective on Jan. 1, 2021.

Recipients of the loans and grants from the ADB are classified under groups A, B, and C, according to their per capita income levels and creditworthiness.

The bank said only members in the three groups have access to loans and grants.

“Some of them will not be affected because they are vulnerable countries such as small island developing states.

“The list of countries under each category will be updated before the effectivity of the diversification with the latest Gross National Income (GNI) per capita data,’’ the ADB said.

The financing terms offered to Group A and B countries and economies are already diversified with a combination of grants, concessional loans and market-based loans.

Group C countries have a wider spread of per capita incomes but are all offered the same financing terms.

In the new pricing framework, the ADB said Group C countries would be divided into several sub-groups according to their GNI: lower-middle-income, upper-middle-income and high-income.

Higher-income sub-groups will pay higher maturity premiums for longer-term loans, the ADB added.

For instance, it said upper-middle-income countries with GNI per capita of $6,976 to $12,375 (in 2018 prices) will pay up to 30 basis points additional maturity premium depending on the loan tenor.

The ADB said the new pricing framework would provide more favourable terms to more vulnerable countries such as Small Island developing states and countries transitioning from Group B to Group C.

It said the additional income from the new pricing would supplement existing Technical Assistance Special Funds to support policy advice, institution building and knowledge sharing in ADB’s developing member countries and economies.

The pricing framework will also help build reserves for expanding ADB’s lending capacity in the long term, it added.

“The current flat pricing structure offered to our recipient countries borrowing only market-based loans does not reflect the high level of diversity among these countries in their income levels, capacities to mobilise domestic resources and access to capital markets,’’ said ADB President Takehiko Nakao.

“The new structure will enable us to continue engaging with countries at a more advanced stage of development on terms that remain fair and competitive with other multilateral development banks and contribute to ADB’s long-term sustainability.’’

The ADB said this reform reflects a regional landscape that had changed over the past 50 years.

“The situation in Asia and the Pacific region is now different compared to 1966 when ADB was established.

“Most ADB recipient countries are currently middle-income countries.

“These countries, though with relatively higher income and strong financial capacity, still need ADB’s support to tackle pockets of poverty, strengthen institutions and address climate change as well as other areas with externalities,’’ the ADB further said.

Established in 1966, the ADB encompasses 68 members, with 49 from the region.

Edited by Fatima Sule/Abdulfatah Babatunde (NAN)

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Economy

Anglo-South African Investec reports 17% fall in first half profit

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Anglo-South African financial services firm, Investec, said on Thursday its first half profit fell 17.2 per cent.

Headline earnings per share, the main profit measure in South Africa, stood at 22.7 pence in the six months to Sept. 30, compared with 27.4 pence a year earlier.

The bank’s adjusted basic earnings per share, which reflect profits made in the course of ordinary operations, were down by four per cent from 30.1 pence last year to 28.9 pence this year.

Edited by Abdullahi Mohammed/Adeleye Ajayi (NAN)

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Economy

Oil drops amid new concern over prospects for U.S.-China trade deal

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Oil prices edged lower on Thursday as fresh tensions between the United States and China over ongoing protests in Hong Kong fueled concern that a long hoped-for deal to end a trade war between the world’s top two economies may be further delayed.

Trade experts have warned the first phase of a deal could slide into next year, while markets are wary negotiations might take a hit as the U.S. House of Representatives passed two bills to back protesters in Hong Kong, much to the disapproval of China.

Brent crude futures LCOc1 dipped 22 cents or 0.35 per cent to 62.18 dollars a barrel by 0611 GMT, while West Texas Intermediate (WTI) crude futures CLc1 fell 20 cents or 0.35 per cent to 56.81 dollars per barrel.

Both benchmarks had risen strongly on Wednesday on bullish U.S. crude inventory data.

“Overnight, we saw a rebound of about three per cent in crude futures after a reduction in U.S. inventories,” said Hue Frame, portfolio manager at Frame Funds in Sydney.

“The volatility today can be attributed to concerns surrounding the ‘phase one’ of the U.S.-China trade deal being delayed into 2020.”

The trade war has hit global growth prospects and dominated the outlook for future oil demand, and U.S. President Donald Trump has said he is inclined to raise tariffs on Chinese imports if a trade deal is not reached.

“Market participants … hope that the slowdown in global growth will subside if a deal is struck,” said portfolio manager Frame.

“If (the deal is) delayed, they would more than likely sell off crude with the expectation that global demand for oil will decline during 2020 and beyond.”

The subdued mood took over from optimism after U.S. crude stocks rose by a less-than-expected 1.4 million barrels in the week to Nov. 15, data from the Energy Information Administration showed.

“It was a fall in stockpiles at the key pricing point of Cushing that drove prices higher (on Wednesday),” ANZ Research said. Crude stocks at the U.S. delivery hub of Cushing, Oklahoma, fell by 2.3 million barrels.

Elsewhere, Russian President Vladimir Putin said on Wednesday that Russia and the Organization of the Petroleum Exporting Countries have “a common goal” of keeping the oil market balanced and predictable, and Moscow will continue cooperation under a global supply curbs deal.

The impact of that on the market was welcome, but limited, sector watchers said.

“Russian commitment on an extended supply curb deal, though supportive of oil prices, will continue to struggle against headwinds on global trade issues,” said Benjamin Lu, analyst at Singapore-based brokerage Phillip Futures.

Edited by Abdullahi Mohammed/Tajudeen Atitebi (NAN)

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Economy

Coca-Cola CEO, James Quincey in Africa, Defines Region as Company’s Future Growth Driver

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The Global CEO and Chairman of The Coca-Cola Company (https://www.Coca-ColaCompany.com/), James Quincey culminated in a tour of Africa last week. Accompanied by his extended leadership team, the visit was a testament of Coca-Cola’s commitment to Africa and its interest in the vast opportunity that the continent presents in driving the beverage company’s overarching growth strategy over the next decade.

Visiting Nigeria and South Africa, Quincey met with business and political leaders as the company scales up investments and looks forward to continued growth on the continent. Key among his engagements were discussions with Africa’s foremost entrepreneur and industrialist Dr. Aliko Dangote who stands out as an example of indigenous African investors who are driving growth across the continent.

Other engagements included meetings with top executives from Discovery Group, MTN, Unilever and the Johannesburg Stock Exchange, and thought leaders such as Tony Elumelu (Chairman of Heirs Holding), Doyin Salami (Chairman of Nigeria’s Economic Advisory Council) and Fred Swaniker from the Africa Leadership Academy. These engagements provided Quincey and his team with critical insights about Africa’s opportunities.

“Having operated in Africa for over 90 years as a local business in every country, we believe Africa is a region that will increasingly influence the growth trajectory of our global businesses in just a few years,” he said. “Together with our bottling partners, we continue to reinforce our stake on the continent by accelerating investments that strengthen and scale our capabilities and expand into new businesses to drive our Total Beverage Company aspiration.”

Quincey highlighted a number of positive and encouraging developments across Africa which he described as important foundations for strong economic growth and, if sustained, will fast track the continent’s role as a global growth engine. These include the growing scale of domestic investments by African investors across sectors and the potential of the Africa Continental Free Trade Agreement (AfCFTA).

Added to these were Africa’s positive consumer demographics, the infrastructure expansion in many countries, and the growing emphasis on building African talent.

“It is clear that Africa is indeed a region that will increasingly influence the growth trajectory of global businesses and we have taken some bold measures to strengthen the Coca-Cola System in Africa for long term growth, enhancing our capacity to continue to win in the continent’s increasingly competitive landscape.”

He outlined the company’s growth plans in Africa, including continuously investing to boost capacity ahead of demand, consolidating the bottling system to build scale and investing in new businesses to accelerate growth and expand its beverage offering. He also cited Coca-Cola’s role in spurring Africa’s economy through the eco-system the company has built and continues to foster investments across multiple sectors on the continent.

Underpinning this, he emphasized that the Company is committed to building a talent engine in Africa, creating shared opportunities to enhance the prosperity of communities across the continent.

“We have an enduring belief that our business is only as sustainable as the communities in which we operate, that means for our business to grow sustainably, our communities must grow also.”

This is the strong motivation for the significant investments the company continues to make across Africa to help build more resilient communities, enabling the economic empowerment of women and youth downstream and upstream of Coca-Cola’s supply chain; providing access to clean water, sanitation, and hygiene facilities through its Replenish Africa Initiative (RAIN); supporting governments to strengthen health systems through Project Last Mile and the Safe Birth Initiative; and addressing environmental concerns particularly around plastic packaging with its World Without Waste vision.

Said Quincey: “Over the past 90 years together with our bottling partners, we have built pervasive and very strong local businesses, creating shared opportunity in every country on the continent. This has been one of our greatest strengths and we will continue playing a significant role in Africa’s sustainable and inclusive growth”.

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Economy

DMO offers N150bn from 3 instruments

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The Debt Management Office (DMO) on Wednesday offered N150 billion from three Instruments. five- year, 10-year and 30-year bonds for N50 billion each to investors at the auction.

The statement issued by DMO in Abuja indicated that the bond Auction by the DMO which took place on Wednesday, Nov. 20, was highly oversubscribed.

The DMO explained that the total subscriptions received through Competitive bids for the instruments at the Auction was N252.35 billion, indicating a subscription level of 168.23 per cent.

It said that the trend of investors’ appetite for the longer tenored instruments continued with subscription of N115.09 billion or 230.18 per cent for the 30-year Bond.

According to the statement, the successful bids are allotted at the rate of 12.0000 per cent for the 5-year, 12.9300 per cent for the 10-year and 13.3900 per cent for the 30-year Bonds.

“The allotment rates indicated a significant decline from the rates at which the Bonds were issued at the October 2019 FGN Bond Auction.

“The total amount allotted for Competitive Bids was N157.93 billion across the three tenors. In addition, the sum of N95.00 billion was allotted through Non-Competitive Bids for all the tenors at the same rates as the Competitive Bids.

“Overall, the sum of N252.93 billion is allotted to investors at the auction through both Competitive and Non-Competitive Bids” it added.

Edited by Ese E. Ekama (NAN)

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