Dubai Unites Tech Disruptors At Fintech Surge And Future Blockchain Summit

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Dubai Unites Tech Disruptors At Fintech Surge And Future Blockchain Summit

The 4th edition of Future Blockchain Summit and the inaugural Fintech Surge proved their importance in charting the future for fast-moving digital economies with local, regional and international sector players lauding the events’ capabilities to connect communities for invaluable face-to-face networking and business potential.

The co-located events, which formed part of GITEX Global x Ai Everything, the world’s largest technology showcase this year at Dubai World TradFintece Centre (DWTC), brought together sector pioneers and innovators for an immersive four days of talks, workshops and boundless business opportunities.

Arturas Svirskis, a serial entrepreneur identifying the first Fintech Surge as an important business opportunity, chose Dubai and its new fintech platform to assist multiple businesses in Lithuania in showcasing their capabilities, and also to meet potential business partners with a view to licensing MENA products in Europe.

He said, “Fintech Surge has made it clear that this is a very fast-growing market, and I was surprised, in a positive way, at the advanced and open mind of the regulators in the UAE and other countries in the MENA region. I’m seriously considering bringing a few businesses to the Middle East – blockchain, payment and lending for example – and I now have a few hundred leads and contacts, and potentially 30 clients I could enable after some excellent networking over four days.”

UAE software company Rasan Software House used the first Fintech Surge to secure a number of important leads across four days of crucial face-to-face networking. operations manager Islam Fakhr said, “We came to Fintech Surge to showcase the brand and build recognition in Dubai and the MENA region. The event was a great opportunity to do that. We have some substantial leads both from prospective clients who we can build platforms for, and also from vendors who offered their products as a solution to improve our efficiencies. We were excited to see our brand recognised by peers in Saudi Arabia and by other international brands.”

Dr Tamer Mitwally, chief strategy officer of Digital Finance Exchange, the world’s first fully insured cross-asset trading platform, hailed the Future Blockchain Summit for its networking and business opportunities. He said, “We generated some incredible leads, we had interest from a lot of different companies from around the world looking for a tech company in the UAE providing blockchain solutions and that is what we offer. We provide technology in relation to blockchain and smart contracts. This technology is being incorporated by a wide number of industries. We are servicing a niche market in that sense.”

Collaboration came to the fore as Future Blockchain Summit also hosted a Blockchain Business Hackathon with TDeFi, a crypto startup accelerator. TDeFi CEO and Founder Gaurav Dubey said: “The Bizthon shared the ethos of the Future Blockchain Summit, bringing together the entire business ecosystem to share knowledge on new ideas and developments, network and further promote blockchain as a business solution in our fast-evolving world. We look at Bizthon as a custom vehicle that enables visionaries to share ideas and take that vital first step in our transforming business ecosystem.”

Fintech Surge and Future Blockchain Summit formed part of GITEX GLOBAL, the world’s most complete, experiential technology event at Dubai World Trade Centre, uniting international innovators in artificial intelligence, 5G, cloud, big data, cybersecurity, Blockchain, quantum computing, fintech and immersive marketing across six events – GITEX GLOBAL, Ai Everything, GITEX Future Stars, the Future Blockchain Summit, Fintech Surge and Marketing Mania.

Investors Lose ₦12.77 Billion As NGX ASI Sheds 6bps

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Investors Lose ₦12.77 Billion As NGX ASI Sheds 6bps

The Nigerian equities market closed negative at the end of today’s session as the benchmark index declined by 0.06% to close at 41,789.59 points.

This was mainly due to selloffs in bellwether stocks such as FBNH (-6.05%) and NESTLE (-0.36%). Consequently, the YTD return declined to 3.77% as market capitalisation decreased by ₦12.77 billion to close at  ₦21.81 trillion.

The sectoral performance significantly strengthened as four of the five indices under coverage improved while the Consumer Goods index closed flat. The Oil & Gas index, the biggest gainer, increased by 1.70% on TOTAL (+5.97%). The Insurance, Banking and Industrial indices followed suit, rising by 1.54%, 0.51% and 0.05% on AIICO (+9.57%), ZENITHBANK (+0.81%) and WAPCO (+0.80%) respectively.

Investor sentiment strengthened in today’s trading session, as market breadth increased to 1.60x from 0.95. This was illustrated by the advance of 24 stocks, led by LIVINGTRUST (+9.59%) and AIICO (+9.57%) and the decline of 15 stocks, led by GLAXOSMITH (-10.00%) and TRANSCOHOT (-9.57%). Activity level weakened as total volume and value decreased by 19.43% and 42.49% as investors exchanged about 284.60 million units of shares worth over N3.20 billion.

Investors Lose ₦12.77 Billion As NGX ASI Sheds 6bps
Investors Lose ₦12.77 Billion As NGX ASI Sheds 6bps

We expect bullish momentum to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real return on investments.

 Fixed Income

There was relatively bearish sentiment across the bond yield curve as 2 of the 4 bond yields under coverage closed higher, the yield on the FGN-JAN-2026 bond paper closed flat while the yield on  FGN-JUL-2030 compressed by 10bps. The yields on the FGN-APR-2023 and FGN-APR-2024 bond papers compressed by 73bps and 47bps respectively.

Treasury bill yields for the 91, 182 and 364-day papers closed flat at 3.76%, 4.59% and 7.16%.

We expect a further decline in yields in the next trading session on the back of huge demand from investors and the deliberate efforts of the  DMO to reduce borrowing costs.

MARKET SNAPSHOT

  • Negative Performance in the Local Bourse, NGX ASI Sheds 6bps
  • Bearish Sentiment across the Bond Yield Curve
  • Bearish Sentiment in Global Stocks
  • Positive Performance in the Commodities Market
  • Mixed Performance in African Stocks

My World Of Bags Launches Kafawa Training Program In Partnership With The Mastercard Foundation

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My World Of Bags Launches Kafawa Training Program In Partnership With The Mastercard Foundation

Today, My World of Bags, in partnership with the Mastercard Foundation announced the launch of Kafawa, a training initiative designed to bridge the skills gap in the leather and non-leather manufacturing industry.

 

My World of Bags, the parent company of FemiHandbags, one of Africa’s leading luxury accessory brands, is partnering with the Mastercard Foundation’s Young Africa Works upskill hundreds of Nigerian youths and connect them to work opportunities in the creative sector.

 

Kafawa, which means ‘establishment’ in Hausa, will kick-off its pilot edition in Oyo state, and will launch a series of intensive courses in hard and soft skills. The goal is to empower and establish a highly skilled generation of youth to enhance the quality of workmanship in Nigeria – and Africa’s leather and non-leather industries.

 

In a statement by the Program Director and Founder of My World of Bags/FemiHandbags, Mrs. Femi Olayebi, she said, “There is a breadth of potential in the leather and non-leather manufacturing industries in Nigeria, and yet, there is a lack of skilled hands to bring that potential to life. This partnership with the Mastercard Foundation is the perfect opportunity

 

to achieve this, by not only equipping young Nigerians with the necessary skill sets to grow and expand the sector, but also to enhance their own economic outcomes. We are honoured to be driving this change, and we are committed to creating access for as many young people at the bottom-of-the-pyramid as possible. We truly believe that there is dignity in working your way to the top, no matter how low you start, and we hope to begin to change mindsets and create a chain reaction.”

 

Speaking at the Opening Ceremony, Chioma Nwagboso, Program Lead, MSME Finance at the Mastercard Foundation said, “The Mastercard Foundation is excited at the potential for Kafawa to create a new generation of young people with a changed mindset and new- found belief that production, tailoring and manufacturing can provide dignified and fulfilling work opportunities.”

 

Over the past five years, My World of Bags has been an active advocate for skill-building, through its annual training program for leather designers, in partnership with the Nigerian Export Promotion Council (NEPC); and for expanding access and creating a platform for visibility, through its annual Lagos Leather Fair. This partnership with the Mastercard Foundation enables the company to further expand its reach, intensify and broaden the training curricula and offer placement opportunities within the leather and non-leather manufacturing industry.

 

The first cohort of trainees, selected based on their passion, availability, and readiness to strive for better, have officially been on-boarded into the Kafawa Training Program and are very eager to begin a journey that will involve intensive training over a period of 3-4 months. Application for the next cohort will be open in March 2022.

Barkindo Named In The Top 25 People To Watch In Africa’s Energy Sector For 2022

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Barkindo Named In The Top 25 People To Watch In Africa’s Energy Sector For 2022

The African Energy Chamber (AEC)  has launched its highly anticipated annual outlook, ‘the State of African Energy 2022,’ outlining the continent’s sector and providing insight into the various challenges and opportunities the continent has and continues to face.

In the report, the Chamber identifies and celebrates Africa’s top 25 movers and shakers for 2022, drawing attention to influential individuals who are expected to shape Africa’s energy sector in 2022 and beyond.

  • H.E. Macky Sall, President of the Republic of Senegal

As in-coming African Union Chair, H.E. President Macky Sall, who previously served as Managing Director of Petrosen and Minister of Petroleum and Energies, will be seen as a rational and conciliatory voice for the battle on fossil fuels between Africa and the developed world. Domestically, and despite the global call for fossil fuel abandonment, the push for first oil at the Woodside operated Sangomar development with BP continues to be on every industry player’s radar, especially given the proximity of the projects to developed western markets. How the President navigates issues of fossil fuel developments in an energy transition context will be observed by the rest of the continent, particularly as project success opens the MSGBC basin up to further investment.

  • Hon. Gwede Mantashe, Minister of Mineral Resources and Energy, South Africa

Hon. Minister Mantashe has been laser focused on creating the right legal framework for South Africa’s offshore gas resources to be monetised and developed in order to provide much needed energy feedstock for power generation. TotalEnergies discovered significant quantities of gas in February 2019, and in 2022, we expect Hon. Minister Mantashe to finalise the long-awaited new oil and gas law that will give clarity to investors, pushing it through parliament and getting it signed into law. We also expect him to finalize the ongoing restructuring of oil and gas state owned enterprises in the oil and gas sector, making them more efficient and profitable entities going forward.

Hon. Minister Mantashe is likely to strengthen his advocacy for positioning South Africa as a major gas player in 2022. He is also a voice of reason on climate concerns around decarbonization. Additionally, Hon. Minister Mantashe is also in charge of developing South Africa’s capacity to increase value creation from battery minerals, which will only grow in importance as demand for batteries increases globally.

  • Hu Xiaolian, Chairman, Export-Import Bank of China

Chinese lending to Africa, including those directed towards African related energy projects, continues to be on the decline since its peak in 2013. However, China’s Export-Import Bank (Eximbank) continues to be the single largest lender or underwriter of debt to Africa, in line with the Chinese government’s long-term initiatives.  Loans to African projects from China’s Eximbank continue to be cost competitive and therefore attractive. However, they are increasingly only available to commercially viable projects with Chinese involvement. China Eximbank is also a major provider of credit lines to African infrastructure focused lenders like the Afreximbank and the African Finance Corporation. Backed by over USD800 billion in assets, Ms Hu Xiaolian is expected to wield significant influence in Africa’s energy sector in 2022, deciding on the financing and refinancing of multibillion dollar deals in Africa, from strategic mineral projects in the Democratic Republic of the Congo and Zambia, to oil backed loans in Angola and hydropower projects in Nigeria.

  • Patrick Pouyanné, CEO, TotalEnergies

TotalEnergies’ likely resumption of its multibillion-dollar Liquified Natural Gas (LNG) project offshore Mozambique in Q1 2022 puts Mr Pouyanné in charge of arguably the most important energy project on the continent this decade. TotalEnergies Mozambique LNG project is expected to attract USD$20 billion in investment, leading to multiple years of double-digit growth for Mozambique once completed. TotalEnergies continues to hold the largest individual share of oil and gas resources in Africa. Following recent project success such as the completion of the Egina project in Nigeria, the energy major is flexing its muscles by lining up additional ventures for 2021 in Nigeria, Angola, and Uganda. Developing and operating these assets in 2022, in addition to other sizeable projects including the development of OML99 Block in Nigeria – expected to produce 60,000 bpd -; and deploying USD $1.2 billion to develop Zinia 2 in Angola’s block 17, will make Patrick Pouyanné yet again the most active International Oil Company CEO in Africa in 2022.

  • Tony Elumelu, Chairman, Heirs Holdings

Mr. Elumelu’s company Heirs Holding is likely to solidify its position as a rising star amongst African energy sector players, as the company puts into action plans to increase the output of its recently purchased OML 17 asset – which currently produces 27,000 bopd. The market is watching Heirs Holding to see if it will be successful in operating such an asset. Upon success, it is very likely that this will not be the last deal Heirs Holdings acquires from divesting IOCs, emphasizing the role of domestic companies in Africa’s hydrocarbon future. Additionally, Mr Elumelu’s control over the 2,000 MW of installed power capacity in Nigeria – via recent acquisitions – also makes him a force to reckoned with in the power space, not only in Nigeria, but also in the entire region where the demand for power continues to grow.

  • André de Ruyter, CEO, Eskom

Mr. de Ruyter currently heads the largest utility company in both the country and the entire African continent. As one of the top ten global emitters of carbon, Eskom has set an ambitious target of ending coal-fired power generation by 2050 – despite the fact that 90% of the country’s power generation comes from coal. In 2022, Eskom, led by Mr. de Ruyter, will see an accelerated shift from coal to renewable energy resources, with the company currently in the market to secure USD$10 billion as part of a multibillion-dollar energy transition investment plan. With South Africa’s current power demand exceeding supply, the transition could unlock much-needed power generation capacity, strengthening energy security as the economy recovers from the COVID-19 pandemic. Given the strategic importance of Eskom to South Africa and to the entire Southern African Power Pool, the energy sector will be watching Mr de Ruyter’s stewardship of Eskom to assess the true viability of energy transition plans in Africa.

  • H.E. Mohammed Barkindo, Secretary General, OPEC

H.E. Mohammed Barkindo might have left Africa for the world stage when he joined OPEC in 2016, however he continues to be a flag bearer for the industry in Africa. OPEC, under H.E. Barkindo, has seen African countries like Equatorial Guinea and the Republic of Congo join the exclusive club, giving those countries access to the organisations clout and technical know-how that is key for running their oil sectors. OPEC is scheduled to increase its activities on the continent in 2022 with an array of roadshows, technical workshops and meetings that are set to also include non-OPEC oil producers. This will make H.E. Barkindo the go-to person in 2022 for most ministers and presidents on the continent as they seek enhanced public policy advise on the sector.

  • H.E. Bruno Jean-Richard Itoua, Minister of Hydrocarbons, Republic of the Congo

The Congo will take over the Organization of the Petroleum Exporting Countries (OPEC’s) rotating presidency in 2022, giving H.E. Minister Itoua a key role in coordinating the activities of the world’s major oil producers. An astute politician, with extensive experience in the energy sector both regionally and internationally, H.E. Minister Itoua is likely to seek consensus that will keep production increases and restrictions coordinated in a manner that keeps markets, and ultimately prices, stable. It is likely that he will seek to strengthen cooperation between African OPEC and non-OPEC producers in an effort to keep prices upwards of USD 60 dollars per barrel. Internally, stakeholders expect H.E. Minister Itoua to continue on a path of reform to increase investment into Congo’s oil and gas sector, particularly in light of proposed divestments from IOCs.

  • Claudio Descalzi, CEO, ENI

ENI’s recent discovery offshore Côte d’Ivoire – estimated to be approximately 2 billion barrels of oil and 2.4 trillion cubic feet of gas – emphasizes the company’s commitment to being one of the most active IOCs on the continent, despite an overall reduction in exploration activity across Africa. Mergers & Acquisitions activity and additional field developments in Angola and Nigeria are likely to increase its portfolio, rather than reduce it as is the case with other IOCs. ENI has also announced that it is on track to start the production and exportation of gas from its USD$7 billion Rovoma LNG project offshore Mozambique. This will be the first step in Mozambique’s path to become a major LNG exporter, further positioning the company as Africa’s top exploration and production player.

  • H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons, Equatorial

H.E. Minister Gabriel Mbaga Obiang Lima heads the sector of one of Africa’s OPEC members. Credited with leading the industry in Africa on many fronts, he will be judged in 2022 on his ability to bring in policies that will see Equatorial Guinea attract new entrants into its prolific waters for new exploration and development projects. A strong proponent of the monetisation of gas in Africa, it is expected that H.E. Minister Lima will expand the network of his LNG2Africa initiative in order to bring more countries and organisations on board, creating a natural gas market for Equatoguinean reserves. Many eyes will be set on the minister to see how he will manage the exit of IOCs from his country. His actions are likely to serve as a blueprint for many other regulators seeking to manage the exit of IOCs on the continent.

  • Fleetwood Grobler, CEO, SASOL

South Africa’s government has turned to the Johannesburg-based petrochemical giant to lead its efforts towards a hydrogen economy in South Africa. Backed by numerous Memorandums of Understandings with state backed enterprises and local governments, all of which are professing their availability as off takers of hydrogen within the power generation space, Sasol is expected to invest millions of USD in feasibility studies in 2022 to develop a business plan for hydrogen in Africa. If successful, this will define the age of hydrogen-powered energy on the continent for decades to come.

  • H.E. Chief Timipre Sylva

H.E. Minister Sylva is credited with achieving the passing of the long-awaited Petroleum Industry Bill (PIB) in Nigeria, which broadly improves the operating environment in the industry, unlocking billions of dollars for energy projects. H.E. Minister Sylva’s challenge now remains to guide the implementation of the PIB in 2022 in order to fast track those projects that are already shovel ready. H.E. Minister Sylva is also expected to use his influence in 2022 to push for the creation of an African energy bank, one that will be able to provide the much-needed financing for energy projects both in Nigeria, and across the entire continent.

  • Sebastião Gasper Martins, CEO, Sonangol

Since his appointment in 2019 to lead Africa’s second largest crude producer and Angola’s NOC, Mr. Gaspar Martins has been in charge of Sonangol’s restructuring, which has consisted primarily of reducing the company’s exposure to non-ore E&P functions in order to focus on exploration and production. In 2022, Mr. Gaspar Martins will be leading Sonangol to the market in order to refinance significant amounts of debt and raise fresh funds for new E&P projects, as the company seeks to address production declines below current levels of 1,1 million barrels of oil per day.

  • H.E. Dr. Matthew Opoku

H.E. Dr Opoku oversees an industry which, despite its shortcomings, is considered to be one of the most advanced on the continent, driven by a clear framework that allows for investors and service companies to operate seamlessly, and without impairing the benefits that accrue to Ghanians. Compared to its peers, most of whom are producers with a longer history in the industry, Ghana has been able to promote strong, progressive local content regulations. Dr Opuku is expected to continue in the same vein in 2022, promoting initiatives like gas to power and advocating for a stronger participation of women in the industry. He is also expected to be a strong voice on eradicating energy poverty by 2030 in Africa as he champions the electrification of Ghana through a multitude of initiatives spearheaded by his ministry.

  • Rolake Akinkugbe-Filani

An astute energy banker and current Chief Commercial Officer at Mixta Africa – one of Africa’s leading infrastructure developers – Ms Akinkugbe-Filani is both an authority and well sought-after counselor on energy transition in Africa. As a trusted advisor to Development Finance Institutions – who play an important role in financing green energy projects in Africa – Ms. Akinkugbe-Filani’s voice of influence will be exceptionally prominent in Africa’s energy industry in 2022. Meanwhile, Ms. Akinkugbe-Filani sits on the board of several funds, including Africa-focused climate and renewable energy fund Persistent which runs a $120mn Energy Fund.

  • Mustafa Sanalla, Chairman, Libya National Oil Corporation

Libya’s all-important oil sector has struggled to maintain previous levels of production and attract the investment that a 1.3 million bpd economy would usually command. Current levels stand at under 800,000 barrels per day. However, plans by Mustafa Sanalla, Chairman of Libya’s National Oil Company, to ramp up production in the near term to over 1 million barrels per day in 2022 make him one of the most important figures in the industry in 2022 and beyond. Seen as a steady hand even in times of turmoil, it is unlikely that Mr Sanalla will leave his position, no matter who wins the presidential and parliamentary elections scheduled for December 2022.

  • Proscovia Nabbanja, CEO, Uganda National Oil Company

As CEO of Uganda’s National Oil Company (UNOC), Ms. Nabbanja oversees the company, which is involved in and has the power to influence every step of the development of Uganda’s nascent oil and gas sector. From the Tilenga and Kingfisher South projects, which together are expected at peak to produce 210,000 barrels per day, to the building of the EACOP pipeline and a planned 60,000 barrel per day refinery, UNOC is set to be at the heart of major investments in East Africa. Ms. Nabbanja will be tested on her ability to represent the state in the Joint Venture with IOCs to ensure that developments are fast tracked, whilst at the same time safeguarding the interests of the Ugandan state. Overall, investments needed to develop the Ugandan projects are expected to exceed USD 10bn over the next decade.

  • Vivienne Yeda, Chairman/Director General, Kenya Power/East African Development Bank

As head of the East African Development Bank’s management team and Chairman of Kenya’s power distributor, Ms. Yeda is at the center of the restructuring of Kenya’s power sector. She was nominated to the Kenya Power Chairmanship in November 2020, with the brief to steer the restructuring of the troubled state enterprise. Her extensive experience at the regional development financing institution also gives her a prime seat at the table when decisions are being made regarding financing energy deals in the region.

  • Maj Gen Innocent Kabandana, Commander of Rwandan Troops in Mozambique, Rwanda

Can the joint task force commander of Rwandan troops in Mozambique’s northernmost province of Cabo Delgado quickly stabilize the area and pave the way for TotalEnergies to deliver on Mozambique LNG? That is the question which is on the mind of everyday Mozambicans and Africa at large. The gas projects off the coast of Cabo Delgado are of critical importance, not only to Mozambique, but to the entire region. It is very likely that Gen Kabandana and his men, as well as other forces from the SADC region who are in the country, will provide the necessary security for TotalEnergies and other contractors working on gas projects in 2022.

  • Maixent Raoul Ominga, CEO SNPC

Mr Ominga is head of the Republic of Congo’s NOC, SNPC. In this position, he is expected to play a major role in the reallocation of assets in the country dropped by IOCs as they rebalance their portfolios. It is likely that some of these assets will be passed on to the SNPC to operate, hence raising SNPC’s profile as an operator. This will also give Mr. Ominga significant leverage to transform the industry in the Congo, by using his increasing influence to expand Congolese capacity and government off-take from production.

  • Toufik Hakkar, CEO, Sonatrach

As head of Algeria’s national oil company – which is also one of the world’s largest gas producers’ – Mr Hakkar, a Sonatrach veteran prior to his appointment in February 2020, shall play a major role in the sanctioning of new gas projects in Algeria in 2022. This will be particularly important considering the recent increase in demand for gas globally and the resulting price increases. Given the position Sonatrach takes in the market, Mr Hakkar will be in charge of sanctioning services contracts in the industry in 2022 worth more than USD10bn, therefore, giving him a key role in the industry in Africa in 2022.

  • Dr. KK Sarpong, CEO, GNPC

An agreement by GNPC and Kosmos Energy to buy out Occidental energy’s share of the Jubilee and TEN fields in Ghana strengthen GNPC’s position in the sector and shows that the NOC is willing to put skin in the game and build capacity to take on projects of their own in the near future. It also shows that GNPC, under Dr Sarpong, is a deal maker and capable of making the tough calls needed to build GNPC’s productive asset base. As oil prices stay at relatively high levels, it is likely that we will see GNPC embark on several projects in 2022 that will also help increase overall Ghanian capacity in the sector.

  • Olakunle Olalekan Williams, CEO, QSL Gas & Power Ltd.

Nigeria, and Africa as a whole, are betting big on gas to power to drive socio-economic growth and energy security. QSL Gas and Power Limited and its CEO Mr. Williams, have positioned themselves as facilitators of this growth by establishing themselves in a relatively short time as registered and reliable suppliers of gas to industrial complexes and power stations. Mr Williams has led the company to develop a combined supply and trading capacity of over 120mcf of gas daily. The company plans to increase this figure significantly by developing the infrastructure needed to get off- grid energy users connected to their supplies. This will not only give QSL-GP a strong market position in 2022, but will enable the company to raise the funds, or at least part of them, for a continent-wide expansion.

  • Scot Evans, CEO ReconAfrica

As head of the Africa-focused oil and gas explorer in a basin that has demonstrated much potential that is yet to be confirmed, questions are being asked if Mr. Evans and his team can meet expectations.  So far, initial evaluations from early exploration work has been positive. However, can he maintain a thick skin amidst a radical onslaught by activists in his quest to deliver Namibia an oil promise? The Canadian-based independent has emerged as a major exploration player, particularly in frontier markets such as Namibia and Botswana. Just this year, the company’s exploratory drilling in the Kavango Basin revealed a working petroleum system, positioning both the country as an attractive hydrocarbon market and ReconAFRICA as a key player. 2022 will be a year of reckoning for ReconAFRICA as it realizes its ambitions.

  • Ann Norman, President, Saqara Energy

As President of SAQARA Energy, Ms. Norman’s primary goal is to assist oil and gas companies eliminate and monetize their associated gas flares through the advent and introduction of Midstream on Demand to African markets. The lack of midstream options for the offtake of products has led her to found Midstream Africa. Ms. Norman has significant experience in directing investments into sub-Saharan African economies across various sectors, including not only oil and gas (midstream and upstream), but agriculture, infrastructure, banking, hotels, the airline industry and renewable energy. With the increase of gas to power infrastructure in Nigeria and across the continent, Ms. Norman is set to play a key role in 2022 in helping many small- and mid-sized producers in Nigeria and beyond monetize their gas.

Ahead of the continent’s premier energy event, African Energy Week (AEW) 2021, the top 25 movers and shakers list celebrates the progress made by dedicated individuals across the continent. AEW 2021, in partnership with South Africa’s Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event. AEW 2021 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.

Development Bank Approves $10 Million Equity Investment

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Development Bank Approves $10 Million Equity Investment

The Board of Directors of the African Development Bank  has approved an equity investment of $10 million in the ARCH Cold Chain Solutions East Africa Fund (CCSEAF) to support the development, construction and operation of greenfield cold storage, temperature-controlled solutions and distribution facilities in East Africa.

The investment will advance the Fund toward its targeted final close of $100 million by the second quarter of 2022. The Fund’s first close of $30 million occurred in November 2019.

In partnership with conglomerates in the region, the Fund will develop and operate as many as eight cold chain operations in Kenya, Tanzania, Ethiopia, Uganda, and Rwanda to reduce post-harvest losses, and the spoilage of processed food and medicines caused by a lack of temperature-controlled solutions.

Atsuko Toda, the Bank’s Director of Agriculture Finance and Rural Development Department, said “ARCH CCSEAF’s vision to become a regional operator of third-party cold chain logistics services is expected to address the critical issue of post-harvest food loss and food safety hazards in East Africa. Its plan to serve pharmaceutical clients for their storage and distribution of medical supplies is also very timely as the continent continues to tackle the Covid-19 pandemic.”

Traders and retailers represent roughly 40% of the total gross value of Sub-Saharan African value chains, as do farmers, and cold chain solutions are the critical interface between the two parts of the chain. According to the United Nations Food and Agriculture Organization, globally, roughly 14% of  food losses, excluding the retail stage, occur following harvest and before reaching consumers. This is mainly due to poor cold chain infrastructure.

The impacts of climate change, including supply chain interruptions and higher temperatures, are expected to exacerbate the problem. Additionally, the Covid-19 pandemic has sharpened the need for facilities to store and distribute vaccines and other medicines requiring storage in controlled temperatures.

The Fund is expected to be a strategic contributor to backward integration of local producers into regional as well as global markets.

The investment aligns with other Bank initiatives, such as the Covid-19 Response Facility to mitigate the economic and health impacts of the pandemic. The Fund also advances the Bank’s Eastern Africa Regional Integration Strategy 2018-2022, its Climate Change Action Plan, and the High-5 strategic priorities, including Feed Africa.

The Fund’s manager is ARCH Emerging Markets Partners Limited, a specialist emerging markets investment advisor based in the United Kingdom.

The Green Council Launched the first Recycled Content Certification

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Final Preparation for future waste levy and raising recycling awareness

HONG KONG SAR – Media OutReach – 28 October 2021 – While there are increased concerns about the potential environmental problems brought by designated garbage bags subsequent to the passage of the waste charging bill by the Legislative Council, the usage of recycled materials in plastic bags could ease its impact on the environment, support local recycling businesses and build a circular economy.

 

There are a large number of products and packaging on the market claiming to contain recycled materials, yet, procurement officers and consumers are unable to distinguish the authenticity among the products without verification. A survey by the Consumer Council revealed that over 30 per cent of respondents thought the information provided by the green products on market is not comprehensive and hence suggested manufacturers obtain ecolabels through a third-party certification to ensure accuracy of environmental information.

 

In view of the above, the Green Council (“GC”), which is a local, non-profit, charitable environmental stewardship organisation and certification body of Hong Kong, announced today the launch of the “Hong Kong Green Label Scheme – Recycled Content Certification”, an ISO 14021 Type II ecolabel.  With this label as a “mark” for recognition, procurement officers and the public could immediately identify products truly containing recycled materials.

 

This certification applies to products with recycled content, such as plastic bags, tableware, containers, textiles and papers, etc. Through a set of rigorous, standardised and quantified certification procedures, as well as all-round surveillance on the manufacturing process of recycled products, GC could effectively differentiate recycled products and general original products. Certified products are allowed to use ecolabel showing the contained recycled content, improving product reputation and enhancing competitiveness for entering recycling markets, at the same time helping procurement officers and consumers to make more environmentally friendly choices.

 

GC has implemented the Hong Kong Green Label Scheme since 2000, and is the only ISO 14024 Type I ecolabel in Hong Kong. So far the Type I label covers 62 products, in order to cater for products without product criteria, overseas territories have gradually set up Type II ecolabel for certifying manufactures’ environmental declarations, such as recycled content, design for disassembly, use of renewable energy, etc.  In response to the market demand, GC is launching the Recycled Content Certification as the first Type II ecolabel in Hong Kong.

Please click HERE to download the event photo and slide deck.

 

About The Green Council

The Green Council is a non-profit, non-partisan, tax-exempt charitable environmental stewardship organisation and certification body established in 2000. With the motto of “Conservation begins with Education”, the Green Council is fully committed to promote sustainable development, sustainable procurement, environmental management, waste reduction, energy conservation, cherishing water, etc. At the same time, we are committed to organising different green initiatives, including the Hong Kong Green Label Scheme, Sustainable Procurement Charter, Hong Kong Green Awards, Hong Kong Green Day, Green Run, Green Carnival, etc. For more details, please visit www.greencouncil.org.

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Coca-Cola Raises Guidance After “Another Quarter Of Momentum”

Brand Spur
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Coca-Cola Raises Guidance After “Another Quarter Of Momentum”

The Coca-Cola Company has reported a 16% rise in third-quarter net revenue and raised its guidance for full-year organic revenue growth.

The company – which owns major beverage brands including Coca-Cola, Sprite and VitaminWater – posted Q3 revenue of $10 billion, compared with last year’s $8.7 billion figure. Meanwhile, operating income grew 26% in the quarter.

Coca-Cola has updated its full-year guidance “to reflect another quarter of momentum in the business” and says that it now expects to deliver organic revenue growth of 13-14%.

Global unit case volume – a key indicator of demand – grew 6% year-over-year, benefitting from ongoing recovery in markets where coronavirus-related uncertainty is abating. The average value of products sold also rose 6%.

In Q3, Europe, Middle East & Africa unit case volume grew 8%. The company’s Latin American division saw volume go up 8%, while it went up 4% in North America, 3% in Asia Pacific and 3% in Coca-Cola’s bottling investments segment.

Unit case volume of sparkling soft drinks grew 6% in the quarter, driven by strong performance across all geographic operating segments.

Nutrition, juice, dairy and plant-based beverages grew 12%, underpinned by a “solid performance” from Minute Maid Pulpy in China, Maaza in India and Del Valle in Mexico.

Hydration, sports, coffee and tea saw unit case volume grow 6%. Coffee grew 19%, primarily driven by the ongoing reopening of Costa retail stores in the UK.

“Our strategic transformation is enabling us to effectively navigate a dynamic environment and emerge stronger from the pandemic,” said James Quincey, chairman and CEO of The Coca-Cola Company.

“While the recovery continues to be asynchronous around the world, we are investing for growth to drive long-term value for the system.”

Winning The Race With Inflation: The Pricing Opportunity For Industrial Companies

Brand Spur
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Winning The Race With Inflation: The Pricing Opportunity For Industrial Companies

Many industrial companies face a complex new array of challenges today, including a global pandemic that has driven radical shifts in demand, buying patterns, cost to serve, and perceived value across sectors and value chains, which in turn have led to sharp spikes in commodity prices.

Inflation in the cost of raw materials is forcing industrial companies to take swift action on pricing. The price increases required to offset inflation and maintain constant gross margin could greatly exceed the 2- to 3-percent hikes many industrial companies make at year-end. In our discussions with leaders across industries, many have voiced concern about this issue (see sidebar, “The response to inflation”).

As an example, a business with 30 percent gross margins and 40 percent of cost of goods sold (COGS) exposed to raw materials, assuming inflation of 20 percent, will need to implement and capture an 8 percent price increase just to keep gross margin unchanged. Even higher increases may be necessary with more exposure to raw materials or higher inflation.

In a highly volatile environment such as the one we are experiencing now, in which prices of raw materials can quickly swing by double digits, capturing pricing upside is more challenging than ever, especially if pricing and procurement organizations are not working hand in hand.

Indeed, nearly all pricing and procurement teams operate in silos with different calendars and operating rhythms, and they generally lack formal processes to communicate effectively and orchestrate decisions. As a result, margin leakage is common, and the volatility in prices of raw materials exacerbates the issue. A few examples follow:

  • Sales teams base discounting decisions on standard costs that they update only once a year, while actual sourcing costs could change as often as daily.
  • While they may update standard costs more frequently, lack of communication between pricing and procurement organizations often means that procurement savings are passed on to customers—for example, when a salesperson sets prices based on gross margin instead of value, granting customers hard-earned procurement savings.
  • Many pricing and procurement teams hedge risks independently and without coordination—for example, by using spot pricing on the purchasing side and fixed pricing on the commercial side, inadvertently raising the company’s exposure to inflation risk.

Now more than ever, procurement and pricing teams need to work together to understand pricing opportunities across products and agree on priorities to pass through cost increases and protect—or expand—margins.

While procurement teams should continue efforts to fight material-cost increases and creatively reduce sourcing costs (topics beyond the scope of this article), adjusting prices is essential in today’s inflationary environment to improve margin position and align the prices of a wide range of industrial goods to their value to customers.

Industrial companies typically face several challenges in capturing the full pricing potential from their range of engineered products:

  • For standard and configured equipment, hundreds of product configurations and accessories make it extremely hard to link performance and capabilities to price. Having limited win–loss data and competitive insights is a typical blind spot that curtails value capture, and channel incentives are often out of sync with the true value brought to the table (for example, demand creation versus fulfillment).
  • For custom equipment, significant variations often arise between budgeted versus actual margin due to front-end gaps (for example, insufficient cross-functional review during budgeting, budgeting errors, or scope changes) and execution (for example, skill gaps or inefficient installation). In addition, pricing for change orders usually does not capture the complexity of postdesign spec changes—if change orders are charged at all.
  • For engineered components, including spare parts, poor segmentation or taxonomy data (for instance, insufficient detail on IP, part life cycle, cost to serve, or attributes or complexity of base units) often makes it impossible to adequately price thousands of SKUs, and discounting across customer segments, regions, or product segments is often unexplainable or inconsistent. The typical approach reverts to “one-size-fits-all” annual price increases of 3 percent, leading to poor price realization.
  • Across the board, a lack of clear price-performance mechanisms, such as tracking tools, process price realization, delegation of authority, and central quoting teams, can lead to additional margin leakage.

Taitung and Japan discuss quarantine and inspection procedures as well as marketability challenges for Taitung’s pineapple sugar apples

Media Outreach
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TAITUNG, TAIWAN – Media OutReach – 28 October 2021 – China’s import ban on sugar apples, announced on 9/20, severely impacted Taitung’s agricultural community. Every year, Taitung exports around 15,000 metric tons of sugar apple, which accounts for 95% of national exports. China’s announcement coincided with a Japan-Taiwan Exchange Association Kaohsiung Office visit to Taitung. Taitung County Government Secretary-General Lu Xie-chang chaired a meeting with the Taitung County Government Agriculture Department, other relevant county government departments and members of the Japan-Taiwan Exchange Association Kaohsiung Office. During the meeting, those present discussed the market potential for pineapple sugar apples in Japan, quarantine regulations and other pertinent protocols.

 

Huida Digitizes Operations with Infor LN for Business Efficiency

Media Outreach
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CHONGQING, CHINA – 

This announcement reflects the direction Infor may take with regard to the specific product(s) described herein, all of which is subject to change by Infor in its sole discretion, with or without notice to you. This announcement is not a commitment to you in any way and you should not rely on this document or any of its content in making any decision. Infor is not committing to develop or deliver any specified enhancement, upgrade, product or functionality, even if such is described in this announcement and even if such description is accompanied by words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” “predict,” “should,” “will,” and/or similar expressions. Many factors can affect Infor’s product development plans and the nature, content and timing of future product releases, all of which remain in the sole discretion of Infor. This announcement, in whole or in part, may not be incorporated into any contractual agreement with Infor or its subsidiaries or affiliates. Infor expressly disclaims any liability with respect to this announcement.

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