Posted: Wednesday 5th December 2012 at 0:12 am

The Punch – Nigeria’s Most Widely Read Newspaper» Business

http://www.punchng.com Breaking News, information and opinion in Nigeria Tue, 04 Dec 2012 23:53:28 +0000 en-US hourly 1 http://wordpress.org/?v=3.4.2 http://www.punchng.com/business/international-business/shareholders-haggle-over-final-details-of-eads-shake-up/ http://www.punchng.com/business/international-business/shareholders-haggle-over-final-details-of-eads-shake-up/#comments Tue, 04 Dec 2012 23:00:56 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77145

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LONDON: Bankers, civil servants and industrialists were squeezing out final concessions in talks to shake up aerospace group EADS on Tuesday, people familiar with the discussions said.

Attention focused on transactions needed to allow the Berlin government to take a stake in the Airbus parent, which are especially complex between German partners. But barring surprise changes, the main political lines appeared to have been decided, according to Reuters.

EADS shares rose over two per cent for a second day on hopes of a simpler structure for Europe’s largest aerospace group, which has been controlled by a maze of French and German public and private interests since it was created in 2000.

“The negotiations about a new shareholder structure are making good progress,” a spokesman for Germany’s economics ministry said.

“But there are still important details open, so the participants are still aiming to find a solution as soon as possible.”

The deal is expected to bring Germany on board as a direct shareholder for the first time, while allowing proxy industrial shareholders — French media firm Lagardere and Germany carmaker Daimler — to sell their stakes.

Analysts say that although state shareholdings will rise as Germany takes a seat alongside France and Spain, the risk of meddling will be reduced as industrial proxy shareholders in France and Germany withdraw and state veto powers are curbed.

With ¤8bn of net cash on its balance sheet, the company is poised to launch a share buyback if needed to prop up share prices as industrial partners exit, but a source close to the talks said no decision had yet been taken.

Such a buyback, which would be offered to all shareholders, would if necessary be “heftier” than a mere mopping-up operation, he told Reuters, asking not to be named.

France and Germany will be equal in terms of voting rights at 12 per cent each with Spain on four per cent, leaving a cordon of state shareholdings below 30 per cent and allowing the market float to rise from 49.5 per cent to more than 70 per cent.

France owns 15 per cent but is set to place three  per cent of this in a non-voting Dutch foundation. Spain owns 5.5 per cent.

On the industrial side, Daimler owns 15 per cent but exercises votes for 22.5 per cent, and Lagardere has 7.5 per cent.

The expected deal calls for Germany to build its 12 per cent stake in two stages, first by buying out a consortium set up in 2006 to allow Daimler to reduce its stake while keeping control of the votes. It would buy 4.5 per cent from Daimler itself.

Unraveling the 7.5-per cent Daedalus consortium of private and public banks is seen as a tough part of the exercise, as is defining the precise exit conditions for Daimler and Lagardere.

After plans for announcements on Friday and Monday were postponed, a source briefed on the talks was cautious on the timing of a deal, saying it would most likely come this week.

Talks to overhaul EADS accelerated after talks to merge the company with BAE Systems fell apart in September.

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http://www.punchng.com/business/international-business/shareholders-haggle-over-final-details-of-eads-shake-up/feed/ 0 http://www.punchng.com/business/international-business/e-on-sees-growth-in-turkey-after-enerjisa-deal/ http://www.punchng.com/business/international-business/e-on-sees-growth-in-turkey-after-enerjisa-deal/#comments Tue, 04 Dec 2012 23:00:56 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77147

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FRANKFURT/ISTANBUL: German utility E.ON aims to more than double Enerjisa’s share of Turkey’s power generation capacity, expanding its presence in one of the world’s fastest-growing energy markets.

Germany’s biggest utility said on Tuesday that Enerjisa, in which it acquired a 50 per cent stake on Monday, wanted at least 10 per cent of the market by 2020, up from four per cent now, according to Reuters.

E.ON’s move into Turkey followed an agreement in January to buy a 10 per cent stake in Brazilian group MPX Energia.

“In Turkey we found exactly what we wanted – a stable market with an interesting growth perspective and a superb partner which is well established,” chief executive, Johannes Teyssen, said, referring to Sabanci Holding which owns the other half of Enerjisa.

E.ON – hit by Germany’s decision to end nuclear power production by 2022 – has been looking for growth in fast-growing markets to offset stagnating energy demand in western Europe.

As part of the Enerjisa deal – which saw E.ON swap assets with Austrian hydropower company Verbund – the German group will invest 150-200 million euros ($196-$261m) annually in Turkey until 2015.

Turkey’s economy was the fastest growing in Europe last year, rising 8.5 per cent. Total Turkish energy consumption rose 9.2 per cent to 118.8 million tonnes of oil equivalent in 2011, the highest annual growth rate in Europe and Eurasia, according to BP’s statistical review.

Turkey’s annual power demand is around 210 terawatt-hours, and the government expects demand to rise at an annual rate of 6-9 per cent from 2009-23.

E.ON, together with Sabanci, aims to have up to 8,000 megawatt capacity in Turkey by 2020, giving them at least 10 per cent of market.

Enerjisa, which has 1,700 MW installed capacity, has a further 2,000 MW under construction and 1,500 MW under development.

“Enerjisa is well positioned and is currently the number two power producer in Turkey, one of the most dynamic energy markets worldwide,” DZ Bank analyst Marc Nettelbeck said.

E.ON said the transaction – under which Verbund will receive its interest in eight hydropower plants in Germany plus other assets and a cash component of about 300 million euros ($392m)- was expected to close in the first quarter of 2013.

E.ON shares were up 0.4 percent at 13.85 euros by 6:40am EDT.

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http://www.punchng.com/business/international-business/e-on-sees-growth-in-turkey-after-enerjisa-deal/feed/ 0 http://www.punchng.com/business/transport/etihad-boosts-in-flight-services/ http://www.punchng.com/business/transport/etihad-boosts-in-flight-services/#comments Tue, 04 Dec 2012 23:00:55 +0000 omosco

http://www.punchng.com/?p=77205

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United Arab Emirates national carrier, Etihad Airways, says it has introduced a new range of variations to its in-flight service to better serve its customers.

This is coming barely six months after the airline began operations in Nigeria in July 2012.

A statement by the airline said the development would make its Lagos-Abu Dhabi service more popular among its Nigerian travellers.

The statement said, “Passengers travelling in Pearl Business Class relax in a seat, which converts into a fully flat bed, and is positioned in a 1-2-1 configuration to provide all passengers with direct aisle access.

“Once seated comfortably, passengers are surrounded by a range of features that include: a state-of-the-art in-flight entertainment system with a 15.4 inch personal screen, large meal and cocktail tables, luxurious leather headrests, armrests and ottomans upholstered by Poltrona Frau, new comforter blankets, ambient lighting with dimmer settings and superb in-seat storage space.”

Etihad said that as part of its commitment to raise the service benchmark, it had also unveiled enhancements to its dining service by allowing business class passengers to dine when they wish, choosing from extensive ‘à la carte’ or ‘Kitchen Anytime’ menus. 

“A dedicated food and beverage manager is available to assist passengers with their menu selection, which they can enjoy shortly after takeoff, with new menus being introduced every two months to keep things fresh for even the most frequent of travellers,” it said.

“Passengers are also treated to signature breads created by Etihad Airways chefs, a selection of cheeses served on ceramic cheeseboards, latte glassware, and salt and pepper grinders, all served on luxury table mats,” it added. 

The UAE carrier said it had also revised its meal service options for passengers wishing to maximise their sleep during flight, with early morning ‘à la minute’ and light breakfasts, and evening ‘express supper’ and light meals.

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http://www.punchng.com/business/transport/etihad-boosts-in-flight-services/feed/ 0 http://www.punchng.com/business/international-business/cerberus-may-join-virtu-bid-for-knight-capital/ http://www.punchng.com/business/international-business/cerberus-may-join-virtu-bid-for-knight-capital/#comments Tue, 04 Dec 2012 23:00:55 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77144

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NEW YORK: Cerberus Capital Management LP is in talks to join Virtu Financial LLC’s bid for United States brokerage Knight Capital Group Inc, the Wall Street Journal reported, citing people familiar with the discussions.

Virtu and rival electronic trading firm Getco Holding Co have made competing bids for the Jersey City, N.J.-based Knight, valuing the company at a minimum of $1.1bn, according to Reuters.

Knight was made vulnerable to a takeover this summer when a trading glitch left it nearly bankrupt before a group of investors stepped in with $400m in emergency capital.

Cerberus’ participation in Virtu’s bid would add another deep-pocketed investor to a group that also includes Silver Lake Partners and banks such as Credit Suisse Group AG, the Journal said. It added that the extent of Cerberus’s potential role in the group was still under discussion.

Knight’s board met again on Monday to review the proposals, though no imminent decision on a deal was expected, according to people familiar with the negotiations, the Journal reported.

Directors are weighing an all-cash offer from Virtu that values Knight at between $1.5bn to $1.6bn including debt and would combine the two businesses into a privately held firm, sources familiar with the matter told the Journal.

Getco’s bid, submitted to Knight’s board November 28, is a cash-and-stock transaction valuing Knight at between $1.4bn and $1.8bn including debt, depending on the value of shares in the combined entity, which would remain publicly traded, the paper said.

Knight directors are also considering keeping the company independent, the Journal sources said.

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http://www.punchng.com/business/international-business/cerberus-may-join-virtu-bid-for-knight-capital/feed/ 0 http://www.punchng.com/business/appointments-management/nsitf-assures-workers-of-social-protection/ http://www.punchng.com/business/appointments-management/nsitf-assures-workers-of-social-protection/#comments Tue, 04 Dec 2012 23:00:50 +0000 omosco

http://www.punchng.com/?p=77171

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The Chairman, Nigeria Social Insurance Trust Fund Dr. Juliet Olejeme has assured Nigerian workers of  social protection  through  the Federal Government schemes aimed at boosting essential health- care benefits as well as reducing poverty in the country.

The fund, in a statement, said the social protection floor was a foundation for sustainable and inclusive economic growth that had proven to be a powerful anti-crisis measure that protects and empowers people.

The statement quoted her as saying, “We assure Nigerians of Federal Government’s social protection schemes that would boost essential health care benefits as well as reduce poverty and inequality in the country.

“Despite the global economic crisis, the government’s social protection floors will empower people employed in the informal as well as the formal sectors. As such, it would support the growth of formal employment.”

Olojeme added, “Achieving the social protection schemes would complement the transformation agenda of President Jonathan through improving and promoting social equity and sustainable growth necessary to stimulate more employment in all sectors of the economy.”

She stated that the global economic shocks had underscored the need for countries to reinvent the mechanisms and phenomena for social protection, equitable development and balanced growth.

She said,“Government social protection policies and programmes referred to initiatives that deliberately sought to protect people and groups against risk and vulnerability, mitigate the impacts of shocks on livelihoods and support people who suffer from chronic incapacities to secure basic livelihoods.

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http://www.punchng.com/business/appointments-management/nsitf-assures-workers-of-social-protection/feed/ 0 http://www.punchng.com/business/transport/toyota-releases-redesigned-2013-rav4/ http://www.punchng.com/business/transport/toyota-releases-redesigned-2013-rav4/#comments Tue, 04 Dec 2012 23:00:49 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77201

Toyota has unveiled its much-awaited, redesigned 2013 RAV4 small crossover at the Los Angeles Auto Show. It will go on sale early in the new year at prices still to be announced, reports ustoday,com. The fourth generation of what Toyota says was “the world’s original small crossover SUV” when it rolled out 16 years ago,… [Read More...]]]>

Toyota has unveiled its much-awaited, redesigned 2013 RAV4 small crossover at the Los Angeles Auto Show.

It will go on sale early in the new year at prices still to be announced, reports ustoday,com.

The fourth generation of what Toyota says was “the world’s original small crossover SUV” when it rolled out 16 years ago, was a big event — a redo of one of the four core products for the world’s largest automaker.

And it has been seven years since the last redesign, a period in which nearly all its rivals have rolled out flashy new models.

While Toyota describes the model as more exciting in style, most still will find it more conservative than other recent redesigns, such as Ford’s Escape, Kia’s Sportage and the new Mazda CX-5.

Among highlights is that the RAV4 finally has a traditional liftgate (with power available) and a donut spare under the cargo floor, rather than the side-opening door (and the spare tyre still on it in some versions).

It was among the last to have such a door and spare tyre arrangement.

The interior looks upgraded and more competitive with the current state of the class, with details such as soft-touch materials on the dash, nicer trim and upgraded lighting.

The engine is the carried-over 2.5-litre four, but now to a modern six-speed automatic rather than the outdated four-speed.

The combination will be rated, says Toyota, at 31 mpg on the highway, an increase of two mpg, with front-drive and 24 in the city.

height{ {%f��� `� y:”Georgia”,”serif”; mso-bidi-font-family:Georgia;letter-spacing:.2pt’>

“Ford’s grant programme is one of the largest corporate initiatives of its kind in the world that is aimed to protect and preserve a sustainable environment for communities where they do business,” it said.

It expressed the commitment of the company to the preservation of the environment for future generations and providing ingenious environmental solutions that would contribute to a sustainable planet.

Oloyede also said that as part of the RRR campaign initiative, a radio enlightenment programme would run from now to the end of the year to educate the people on how to preserve their local environment, and natural resources.

Nigeria was first introduced to Ford vehicles in 2002 with the opening of Ford’s first importer-dealer in the country,

The statement gave the auto company’s product lineup in Nigeria as Ford Figo, Ford Fusion, Ford Taurus, Ford E-150, Ford F-Series, Expedition, the Edge, the Escape, Ford Explorer and the all-new Ford Ranger.

f”� -i��� H�� amily:Georgia’>He said, apart from the value drive promo, the company had plans of expanding its reach in order to serve its customers better.

To participate in the promo, customers are required to visit any authorised Infinity Tyres sales outlets nationwide and purchase any of their brands of tyres or batteries, according to him.

“Every purchase entitles the customers to a scratch card containing instant exciting prizes. No raffles, no delayed gratification,” he said.

Head of Marketing, Mr. Vikas Bahl, gave details of the prizes to be won as pressure gauges, umbrellas, T-shirts, caps, tyre services such as wheel balancing, wheel alignment and Nitro-filling. Other prizes include varying cash sums, up to one N100,000.

He stated the need to go beyond sales and include services as part of its offerings in order to guarantee the well being of its customers on Nigerian roads.

He said that the company had earlier this year added another outlet to its existing nationwide network, the Tyre Centre in Adeniyi Jones, Ikeja. This, Chadra said, was to deliver better service to customers living around Agege, Oshodi and Ikeja axes.

Chadha also said the launch of ‘Infinity Manatec’ was another highlight of 2012, providing high quality range of equipment for motoring maintenance.

This, he said, afforded garage business owners to get more efficient solutions that could deliver wheel balancing, wheel alignment, tyre changing services and more, for their customers at affordable running costs.

He urged all customer’s to participate in this year’s promo as it had more exciting prizes to be won than the previous years.

He assured the public that Infinity Tyres would continue in its quest to deliver safe products of the highest quality.

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http://www.punchng.com/business/transport/toyota-releases-redesigned-2013-rav4/feed/ 0 http://www.punchng.com/business/appointments-management/nsitf-assures-workers-of-social-protection-2/ http://www.punchng.com/business/appointments-management/nsitf-assures-workers-of-social-protection-2/#comments Tue, 04 Dec 2012 23:00:45 +0000 omosco

http://www.punchng.com/?p=77173

[Read More...]]]>

The Chairman, Nigeria Social Insurance Trust Fund Dr. Juliet Olejeme has assured Nigerian workers of  social protection  through  the Federal Government schemes aimed at boosting essential health- care benefits as well as reducing poverty in the country.

The fund, in a statement, said the social protection floor was a foundation for sustainable and inclusive economic growth that had proven to be a powerful anti-crisis measure that protects and empowers people.

The statement quoted her as saying, “We assure Nigerians of Federal Government’s social protection schemes that would boost essential health care benefits as well as reduce poverty and inequality in the country.

“Despite the global economic crisis, the government’s social protection floors will empower people employed in the informal as well as the formal sectors. As such, it would support the growth of formal employment.”

Olojeme added, “Achieving the social protection schemes would complement the transformation agenda of President Jonathan through improving and promoting social equity and sustainable growth necessary to stimulate more employment in all sectors of the economy.”

She stated that the global economic shocks had underscored the need for countries to reinvent the mechanisms and phenomena for social protection, equitable development and balanced growth.

She said,“Government social protection policies and programmes referred to initiatives that deliberately sought to protect people and groups against risk and vulnerability, mitigate the impacts of shocks on livelihoods and support people who suffer from chronic incapacities to secure basic livelihoods.

]]>
http://www.punchng.com/business/appointments-management/nsitf-assures-workers-of-social-protection-2/feed/ 0 http://www.punchng.com/business/appointments-management/promasidor-appoints-don-jazzy-as-loya-brand-ambassador/ http://www.punchng.com/business/appointments-management/promasidor-appoints-don-jazzy-as-loya-brand-ambassador/#comments Tue, 04 Dec 2012 23:00:40 +0000 omosco

http://www.punchng.com/?p=77170

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Promasidor Nigeria has appointed Mr. Michael Collins Ajereh, popularly known as Don Jazzy, as the face of its Loya Milk brand.

Speaking on reasons why the firm chose the celebrity, the Commercial Director, Promasidor Nigeria, Mr. Kachi Onubogu, said the brand ambassador would help the brand further reach its target audience.

He said, “Our choice of Don Jazzy as brand ambassador is driven by the essence of the brand and its proposition to its target audience. Loya Premium Milk is a brand with class and taste; it is a brand with distinction and excellence, a brand that constantly rewards its loyal consumers.”

Onubogu noted that the firm had commenced an online promo which started on December 1, 2012 and would run till December 31, 2012.

He added, “From December 1, till December 31, Loya milk will carry out a promo. It is going to be an online promo. All the consumer needs to do is to log on to the promo site where he will enter his details and stands the chance of wining prizes and also an opportunity to be in a Loya TV commercial with Don Jazzy.

According to a statement by the company,  the ambassador is known for being charitable and is a multi award-winning Nigerian record producer, singer/songwriter, and current chief executive officer of the Mavin Records label.

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http://www.punchng.com/business/appointments-management/promasidor-appoints-don-jazzy-as-loya-brand-ambassador/feed/ 0 http://www.punchng.com/business/transport/ford-splashes-50000-on-environmental-conservation-campaign/ http://www.punchng.com/business/transport/ford-splashes-50000-on-environmental-conservation-campaign/#comments Tue, 04 Dec 2012 23:00:40 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77192

Ford Motor Company has set aside $50,000 for its environmental conservation campaign tagged Reduce, Reuse and Recycle waste materials in Nigeria. General Manager, Cutler Ogilvy, a Ford spokesperson in Nigeria, Laura Oloyede, said in Lagos. She said the grant would be used in an environmental education programme focused on creating public awareness on how to… [Read More...]]]>

Ford Motor Company has set aside $50,000 for its environmental conservation campaign tagged Reduce, Reuse and Recycle waste materials in Nigeria.

General Manager, Cutler Ogilvy, a Ford spokesperson in Nigeria, Laura Oloyede, said in Lagos.

She said the grant would be used in an environmental education programme focused on creating public awareness on how to reduce, reuse, and recycle waste materials.

According to her, the grants programme, introduced to Nigeria for the first time this year, underscored Ford’s commitment to the market and its communities.

“Since its inception more than 10 years ago, the grants programme has supported more than 150 projects with more than $1.2m granted in key Ford export markets such as the Middle East, South Korea, Puerto Rico, Central America and other markets within Asia Pacific, a statement from the company also said.

The RRR campaign, sponsored by the Ford was aimed at enlightening the public on the importance of proper waste disposal; and to educate them on how to properly care for the environment, it stated.

“We can all reduce our impact on the environment by making the right choices. We all have a role to play in helping to preserve our environment,” it said.

It also said that the programme was one of the many ways Ford assisted the society to further preserve the environment and improve its quality of life.

“Ford’s grant programme is one of the largest corporate initiatives of its kind in the world that is aimed to protect and preserve a sustainable environment for communities where they do business,” it said.

It expressed the commitment of the company to the preservation of the environment for future generations and providing ingenious environmental solutions that would contribute to a sustainable planet.

Oloyede also said that as part of the RRR campaign initiative, a radio enlightenment programme would run from now to the end of the year to educate the people on how to preserve their local environment, and natural resources.

Nigeria was first introduced to Ford vehicles in 2002 with the opening of Ford’s first importer-dealer in the country,

The statement gave the auto company’s product lineup in Nigeria as Ford Figo, Ford Fusion, Ford Taurus, Ford E-150, Ford F-Series, Expedition, the Edge, the Escape, Ford Explorer and the all-new Ford Ranger.

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http://www.punchng.com/business/transport/ford-splashes-50000-on-environmental-conservation-campaign/feed/ 0 http://www.punchng.com/business/international-business/baxter-to-buy-swedens-gambro-for-about-4bn/ http://www.punchng.com/business/international-business/baxter-to-buy-swedens-gambro-for-about-4bn/#comments Tue, 04 Dec 2012 23:00:39 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77146

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BANGALORE: Baxter International Inc said on Tuesday that it would buy privately held Swedish dialysis product company Gambro AB for about $4bn to complement its kidney therapy portfolio.

Baxter will finance the deal, which it expects to close in the first half of 2013, with debt and cash generated from overseas operations, according to Reuters.

The company, which posted sales of $13.89bn in 2011, manufactures kidney dialysis equipment, drug infusion pumps and blood therapy products. The Gambro acquisition will round out Baxter’s renal business, which accounts for almost one-fifth of the company’s revenue.

Gambro is one of the largest makers of equipment for hemodialysis, which is generally performed in a hospital or clinic. The dialysis from Baxter’s machines is called peritoneal and can be performed at home.

Excluding special items, Baxter expects this transaction to reduce earnings per diluted share by 10 cents to 15 cents in 2013 and be neutral or add modestly to them in 2014.

Excluding the impact of special items and estimated amortization of intangible assets, the company said the deal should not affect earnings in 2013 and add 20 cents to 25 cents a diluted share to them in 2014.

Baxter said it expected the deal to add to earnings per diluted share, excluding special items, after 2014.

The company said it expected over five years to increase its sales by seven per cent to eight per cent, excluding the impact of currency fluctuations, on a compound annual basis, with earnings per diluted share, excluding special items, rising by eight per cent to 10 per cent.

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http://www.punchng.com/business/international-business/baxter-to-buy-swedens-gambro-for-about-4bn/feed/ 0 http://www.punchng.com/business/international-business/synacor-partners-zynga-to-bring-games-to-tv/ http://www.punchng.com/business/international-business/synacor-partners-zynga-to-bring-games-to-tv/#comments Tue, 04 Dec 2012 23:00:39 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77148

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BANGALORE: Synacor Inc, partly owned by Intel Corporation, said it partnered with Zynga Inc to allow pay TV and broadband providers offer social games to their customers.

Zynga shares rose about three per cent to $2.30 in premarket trading, while Synacor shares were up about five per cent at $6.60, according to Reuters.

Synacor said certain pay-TV subscribers will get in-game currency each month as part of their subscription that can be redeemed for popular Zynga games such as Zynga Poker and FarmVille2.

The partnership comes days after Zynga revised its pact with Facebook Incorporated to lower its dependence on the social network.

Synacor, which debuted on the Nasdaq in February, offers authentication and management services to companies offering on-demand content, primarily cable and telecom service providers and consumer electronics brands.

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http://www.punchng.com/business/international-business/synacor-partners-zynga-to-bring-games-to-tv/feed/ 0 http://www.punchng.com/business/transport/infinity-lists-conditions-for-tyre-factory/ http://www.punchng.com/business/transport/infinity-lists-conditions-for-tyre-factory/#comments Tue, 04 Dec 2012 23:00:37 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77191

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Infinity Tyres Limited has hinted of a plan to establish a tyre factory in Nigeria as soon as the environment is right for the venture.

The Managing Director of the company, Mr. A. S. Chadha, stated this in Lagos, identifying stable electricity as a major factor in running a successful tyre manufacturing company.

He spoke in Victoria Island at a press conference to announce the commencement of the firm’s end of the year reward promo for its customers.

He said, “I will love to have a tyre factory in Nigeria but power (electricity) is a major problem.

“Having spent over 31 years here doing business in Nigeria, I will want to make heavy investment in the business.”

Chadra also said the company had to recently suspend the tyre re-threading business due to the challenge of electricity, which was making perfect production difficult.

But he declared that the company would return to the re-threading business anytime the enabling environment was provided, adding that the equipment was intact and had not been moved away from the factory.

He said that the firm had been doing well in its tyre distribution/sale, stressing that the customers were the reason for the company’s success.

The firm, he said, was, therefore, obliged to find suitable ways to reward the customers’ patronage.

He said, “The eleventh edition of the Infinity Tyres Value Drive Promo kicks off this December; this year’s promo toes the line of its signature scratch card incentive schemes of previous years.

Infinity Tyres, which has been in products business in Nigeria for over three decades, offers brands such as Goodyear, Pirelli, and CEAT as well as the battery brand.

He expressed excitement about the Value Drive Promo, saying it was an opportunity for them to give their customers a reason to smile into the new year.

“This is the 2012 edition of The Value Drive Promo. The previous editions have made our customers happy; hence we decided to make it a tradition. We use this medium to reward their loyalty to our brands. They are the reason we are here and we truly appreciate them.”

He stressed that Infinity was concerned about the safety of the motoring Nigerians and would therefore, not rescind on its promise to deliver the best automobile solutions.

Executive Director of the company, Mr. Kanwal Bajwa, also said Infinity Tyres had more exciting plans for its customers.

He said, apart from the value drive promo, the company had plans of expanding its reach in order to serve its customers better.

To participate in the promo, customers are required to visit any authorised Infinity Tyres sales outlets nationwide and purchase any of their brands of tyres or batteries, according to him.

“Every purchase entitles the customers to a scratch card containing instant exciting prizes. No raffles, no delayed gratification,” he said.

Head of Marketing, Mr. Vikas Bahl, gave details of the prizes to be won as pressure gauges, umbrellas, T-shirts, caps, tyre services such as wheel balancing, wheel alignment and Nitro-filling. Other prizes include varying cash sums, up to one N100,000.

He stated the need to go beyond sales and include services as part of its offerings in order to guarantee the well being of its customers on Nigerian roads.

He said that the company had earlier this year added another outlet to its existing nationwide network, the Tyre Centre in Adeniyi Jones, Ikeja. This, Chadra said, was to deliver better service to customers living around Agege, Oshodi and Ikeja axes.

Chadha also said the launch of ‘Infinity Manatec’ was another highlight of 2012, providing high quality range of equipment for motoring maintenance.

This, he said, afforded garage business owners to get more efficient solutions that could deliver wheel balancing, wheel alignment, tyre changing services and more, for their customers at affordable running costs.

He urged all customer’s to participate in this year’s promo as it had more exciting prizes to be won than the previous years.

He assured the public that Infinity Tyres would continue in its quest to deliver safe products of the highest quality.

]]>
http://www.punchng.com/business/transport/infinity-lists-conditions-for-tyre-factory/feed/ 0 http://www.punchng.com/business/transport/terrorism-fg-moves-to-boost-cargo-security/ http://www.punchng.com/business/transport/terrorism-fg-moves-to-boost-cargo-security/#comments Tue, 04 Dec 2012 23:00:37 +0000 omosco

http://www.punchng.com/?p=77198

Following the spate of terrorism in the country, the Federal Government is set to boost air cargo security system at the various airports. The Director-General, Nigerian Civil Aviation Authority, Dr. Harold Demuren, who dropped the hint, said government was ready to transform airport cargo terminals across the country, especially the Murtala Muhammed International Airport, Lagos…. [Read More...]]]>

Following the spate of terrorism in the country, the Federal Government is set to boost air cargo security system at the various airports.

The Director-General, Nigerian Civil Aviation Authority, Dr. Harold Demuren, who dropped the hint, said government was ready to transform airport cargo terminals across the country, especially the Murtala Muhammed International Airport, Lagos.

He spoke at a breakfast meeting organised By Aeroconsult at the MMIA.

Demuren, who was represented by Director of Aero Medical, NCAA, Dr. Theresa Bassey, said terrorists had been targeting cargo flights since security checks had been improved on passenger flights.

He said,” Air Cargo has become one of the most vulnerable aspects of aviation as it provides fewer risks to terrorists who plant whatever they want causing them little or no harm.

“Aviation security has provided counter measures and made it difficult for them to access passenger flights unlike the cargo flights that are being viewed as vulnerable.”

The President, Association of Foreign Airlines and Representatives in Nigeria, Mr. Kingsley Nwokoma, told participants that inadequate security networks at the airports most especially the restricted areas could create opening for terrorists.

According to him, the number of security personnel at the airports is inadequate to constantly monitor restricted areas such as the airsides.

He called on the government to increase security at the airports in order to safeguard goods and cargoes at the airports.

The President of the Aviation Round Table, Captain, Dele Ore, called for more training of security personnel at the cargo area of the airports.

He said, “Key technologies under consideration for screening air cargo for threat objects include x-ray screening, x-ray based explosive detection systems, chemical trace detection systems, and technologies based on neutron beams.

“Air cargo facilities present unique challenges for physical security. The large physical size of these facilities and relatively continuous high-volume cargo operations introduce numerous individuals, vehicles, and shipments into secured access areas around aircraft.”

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http://www.punchng.com/business/transport/terrorism-fg-moves-to-boost-cargo-security/feed/ 0 http://www.punchng.com/business/appointments-management/coca-cola-appoints-adetunji-as-managing-director/ http://www.punchng.com/business/appointments-management/coca-cola-appoints-adetunji-as-managing-director/#comments Tue, 04 Dec 2012 23:00:36 +0000 omosco

http://www.punchng.com/?p=77175

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Coca-Cola Nigeria Limited has announced the appointment of Adeola Adetunji as the company’s new Managing Director effective January 1, 2013. A statement from the company said Adetunji replaced Kelvin Balogun who was elevated recently to the position of President of Coca-Cola Central, East & West Africa business unit.

According to  a statement by the company,  Adetunji is currently the General Manager for Manufacturing and Trading Services and also served as the Managing Director for Waveside (Pty.) Limited, a wholly owned subsidiary of the Coca-Cola Company in South Africa.

It said, “A 19-year veteran of the company, Adetunji has served successfully in varied roles of increasing responsibility spanning finance, marketing and operations. He joined the company in Atlanta in 1993 and was appointed as the South Africa Division Accounting Manager in 1996.

“He led the Coca-Cola business in East Africa to record growth between 2003 and 2005 and was central in stabilising the business in Southern Africa between 2005 and 2007, before moving to bottling operations in July 2008 as the East and North Africa Operations Director for Coca-Cola Sabco.”

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http://www.punchng.com/business/appointments-management/coca-cola-appoints-adetunji-as-managing-director/feed/ 0 http://www.punchng.com/business/appointments-management/cima-organises-open-day-session/ http://www.punchng.com/business/appointments-management/cima-organises-open-day-session/#comments Tue, 04 Dec 2012 23:00:36 +0000 omosco

http://www.punchng.com/?p=77136

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An open day session was organised by the Chartered Institute of Management Accountants on November 24, 2012 in Lagos.

The event was attended by prospective students who desired to know more about CIMA and how the institute can impact their careers.

The Business Development Manager, CIMA, Mr. Musliu Olajide, according to a statement from the institute, delivered a presentation at the event.

Present at the event was the Country Manager, Ghana, Mr. Paul Aninakwah, who shared his experience in Ghana, the statement said.

Olajide said the need for accountants to move up the finance ladder where they can add value to their organisations was important.

He said, “Our qualification, recognised in over 170 countries with over 195000 members and students across the world, is a sign of commitment to high professional standards. CIMA is at the forefront of developing ethical and technical best practice for students and members all over the world.”

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http://www.punchng.com/business/appointments-management/cima-organises-open-day-session/feed/ 0 http://www.punchng.com/business/appointments-management/ciin-to-induct-new-associates-fellows/ http://www.punchng.com/business/appointments-management/ciin-to-induct-new-associates-fellows/#comments Tue, 04 Dec 2012 23:00:36 +0000 omosco

http://www.punchng.com/?p=77174

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The Chartered Insurance Institute of Nigeria has said that it will induct 16 new fellows to the institute’s Society of Fellows during its 2012 graduation and awards Ceremony.

In a statement by the Director of Corporate Communications, CIIN, Mr. Joseph Obah, on Friday, CIIN said this would also involve the induction of 134 new associates into the fold of insurance professionals.

President, CIIN, Dr. Wole Adetimehin, was quoted as saying that the institute was committed to the production of fit and proper practitioners to continually drive the insurance sub-sector of the Nigerian economy.

Adetimehin said professionalism was key to the growth and development of the financial services industry, stating that professionals remained the custodians of ethics and codes of conduct for all professions.

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http://www.punchng.com/business/appointments-management/ciin-to-induct-new-associates-fellows/feed/ 0 http://www.punchng.com/business/appointments-management/maritime-workers-advised-on-saving-for-retirement/ http://www.punchng.com/business/appointments-management/maritime-workers-advised-on-saving-for-retirement/#comments Tue, 04 Dec 2012 23:00:30 +0000 omosco

http://www.punchng.com/?p=77162

Employees in Nigeria’s maritime sector have been advised on the importance of planning for retirement earlier while working. The President, Maritime Workers Union of Nigeria, Mr. Emmanuel Nted, while speaking at a one-day workshop organised for employees in the sector in Lagos recently, noted that the advantages of planning for retirement could not be overemphasised…. [Read More...]]]>

Employees in Nigeria’s maritime sector have been advised on the importance of planning for retirement earlier while working.

The President, Maritime Workers Union of Nigeria, Mr. Emmanuel Nted, while speaking at a one-day workshop organised for employees in the sector in Lagos recently, noted that the advantages of planning for retirement could not be overemphasised.

He said,“This is the time to think about the future, especially for dockworkers. Whatever little you can save, you have to start planning for retirement because we have to start building our future from today irrespective of our meagre resources.”

Nted noted that most Nigerians who have retirement plans started too late, stressing that retirement life was not an indefinite leave. He maintained that retirement should be active in accordance with the realities of our time, adding that failing to plan for retirement quickens the aging process.

The MWUN boss added that people with retirement plans lived longer and were less susceptible to heart attacks after retirement. He noted that the aim of the workshop was to educate maritime workers on how to set personal financial goals, how to get and stay out of debt and how to plan for the education of their children.

Other reasons for the workshop, according to Nted, include how the workers could adequately manage their income, how to design their after-retirement business and how to become better entrepreneurs.

In its presentation at the workshop, Starfield Consulting, the firm consulted to enlighten the workers, defined retirement planning as the activity of determining today specifically what you should do in order to ensure your financial freedom at retirement.

“While financial planning is the allocation of limited resources to unlimited alternatives,note that your resources today are limited while the alternatives open for its expenditure are unlimited,”the firm said.

According to the firm, a retirement plan is simply pre-determined  actions toward a goal or goals, stressing that employees must focus on having financial freedom at retirement. “This is notwithstanding whether you want to go into business at retirement, into politics or community service,” it added.

The firm noted that statistics had shown that only two per cent Nigerians reached age 65 financially independent.

It said 30 per cent were dependent on their children while 23 per cent must continue to work and 45 per cent were dependent on relatives or they just survived.

It said,“85 out of 100 Nigerians have less than N500,000 when they reach age 65. fewer men are worth N50,000 at age 68 than they were at age 21 after 46 years of hard work. In other words, they have worked for 46 years and have not been able to save N1,000 each year.

“Retirement without a plan fastens the aging process, as 60 per cent of retirees who have no plan age twice within five years. 60 per cent of retirees who start their own business lose their money within six months and retirement benefits, no matter how large mostly run out within one year, while medical expenses increase by 50 per cent at retirement.”

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http://www.punchng.com/business/appointments-management/maritime-workers-advised-on-saving-for-retirement/feed/ 0 http://www.punchng.com/business/transport/nama-to-decongest-lagos-area-air-traffic/ http://www.punchng.com/business/transport/nama-to-decongest-lagos-area-air-traffic/#comments Tue, 04 Dec 2012 23:00:29 +0000 omosco

http://www.punchng.com/?p=77203

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Nigerian Airspace Management Agency has said the Lagos Area Control Centre is being zoned to decongest the existing radio frequency, a move, it says, will improve air traffic services in the nation’s airspace.

According to a statement by the General Manager, Public Affairs, NAMA, Mr. Supo Atobatele, the current radio frequency -127.3 MHz, for the Lagos Area Control Centre – is now congested following heavy traffic within the Southern airspace.

NAMA said the best solution was to create an additional frequency to allow for effective radio communication between pilots and air traffic controllers.

Consequently, it said the management had raised another frequency on 120.9MHz to decongest the current one and as part of the operational readiness review.

This, it said, included drawing of new procedures, gap analysis, and safety audit.

Atobatele said its engineers and air traffic controllers were already testing the new frequency.

He said the agency would deploy the new radio frequency for operation by December 17, when the integrity of the system was expected to have been ascertained.

Atobatele said, “Globally, from time to time, air traffic system management could be redefined to accommodate new additional equipment and that is what the agency has been doing of recent to allow for service delivery.”

He added, “Once again, the agency would like to confirm the integrity of all our navigation equipment across the nation’s airports and this management would not succumb to blackmails by any group within the system.”

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http://www.punchng.com/business/transport/nama-to-decongest-lagos-area-air-traffic/feed/ 0 http://www.punchng.com/business/international-business/swiss-agency-warns-us-britain-about-data-leak/ http://www.punchng.com/business/international-business/swiss-agency-warns-us-britain-about-data-leak/#comments Tue, 04 Dec 2012 23:00:28 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77150

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ZURICH: Secret information on counter-terrorism shared by foreign governments may have been compromised by a massive data theft by a senior IT technician for the NDB, Switzerland’s intelligence service, European national security sources said.

Intelligence agencies in the United States and Britain are among those who were warned by Swiss authorities that their data could have been put in jeopardy, said one of the sources, who asked for anonymity when discussing sensitive information, according to Reuters..

Swiss authorities arrested the technician suspected in the data theft last summer amid signs he was acting suspiciously. He later was released from prison while a criminal investigation by the office of Switzerland’s Federal Attorney General continues, according to two sources familiar with the case.

The suspect’s name was not made public. Swiss authorities believe he intended to sell the stolen data to foreign officials or commercial buyers.

A European security source said investigators now believe the suspect became disgruntled because he felt he was being ignored and his advice on operating the data systems was not being taken seriously.

Swiss news reports and the sources close to the investigation said that investigators believe the technician downloaded terrabytes, running into hundreds of thousands or even millions of printed pages, of classified material from the Swiss intelligence service’s servers onto portable hard drives. He then carried them out of government buildings in a backpack.

One of the sources familiar with the investigation said that intelligence services like the US Central Intelligence Agency and Britain’s Secret Intelligence Service, also known as MI6, routinely shared data on counter-terrorism and other issues with the NDB. Swiss authorities informed US and British agencies that such data could have been compromised, the source said.

News of the theft of intelligence data surfaced with Switzerland’s reputation for secrecy and discretion in government and financial affairs already under assault.

Swiss authorities have been investigating, and in some cases have charged, whistleblowers and some European government officials for using criminal methods to acquire confidential financial data about suspected tax evaders from Switzerland’s traditionally secretive banks.

The suspect in the spy data theft worked for the NDB, or Federal Intelligence Service, which is part of Switzerland’s Defense Ministry, for about eight years.

He was described by a source close to the investigation as a “very talented” technician and senior enough to have “administrator rights,” giving him unrestricted access to most or all of the NDB’s networks, including those holding vast caches of secret data.

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http://www.punchng.com/business/international-business/swiss-agency-warns-us-britain-about-data-leak/feed/ 0 http://www.punchng.com/business/international-business/qualcomm-to-invest-120m-in-japans-troubled-sharp/ http://www.punchng.com/business/international-business/qualcomm-to-invest-120m-in-japans-troubled-sharp/#comments Tue, 04 Dec 2012 23:00:28 +0000 Fatai Ibrahim

http://www.punchng.com/?p=77153

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TOKYO: Qualcomm Inc will invest as much as $120m in Sharp Corporation, a cash injection likely to make it the struggling Japanese TV maker’s biggest shareholder, and to boost Sharp’s efforts to remain viable.

As part of the agreement Qualcomm, through its Pixtronix subsidiary, will work with Sharp — which supplies screens to Apple Inc for its latest iPhone — to develop new power-saving screens based on Sharp’s IGZO technology, Reuters quoted Sharp as saying.

The two firms will also consider collaborating in the fabrication of chipsets.

Sharp’s capital and business tie-up with the high-profile United States chipmaker may help reassure investors worried about the prospects of the debt-laden company that earlier this year averted failure with a $4.4bn bank bail-out.

“With this agreement Sharp will accelerate its strategy for growth in small-to medium-sized LCDs,” the Japanese company said.

The investment from Qualcomm will help Sharp bolster its shareholder equity ratio, which at the end of September stood at 9.9 per cent, half the 20 per cent level usually considered the minimum for financial stability.

Qualcomm will make an initial investment of 4.93 billion yen ($59.91m) by the end of the year in a private placement of stock at 164 yen per share, 10 yen less than Tuesday’s closing price. That will give the US company a 2.64 per cent stake after dilution.

The timing and amount of the remaining investment has yet to be decided and will be conditional on Sharp returning to profit in the second half of the business year ending March 31.

Sharp, which posted a 168 billion yen operating loss in the six months ending September 30, forecast a loss of 155 billion yen for the full 12 months, meaning an implied profit of 13 billion for the second half. Achieving a profit would also allow its banks, including Mitsubishi UFJ Financial Group and Mizuho Financial Group, to justify their bailout.

Sharp had been expected to make Hon Hai Precision Industry Company Limited its biggest shareholder, adding to an earlier agreement to sell the Taiwanese company a stake in its advanced television LCD panel plant in Sakai, western Japan. That agreement, however, unraveled as losses mounted at the maker of Aquos TVs.

Talks with Hon Hai to renegotiate its investment have since stalled, but it may buy some of Sharp’s overseas TV assembly plants. The Sankei newspaper reported on Sunday that Hon Hai plans to purchase three factories in China, Malaysia and Mexico for $667m.

Sharp’s shares rose 1.2 per cent to 174 yen in Tokyo after the Nikkei business daily earlier reported the deal. That gain compares with a 0.3 per cent dip in the benchmark Nikkei 225 index.

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