He promised that the Swift2pay App would soon be on-boarded into Google Play Store and the Apple Store to enable consumers to fund their wallet through a transfer.

Nigerians can truly save time – cut off the waiting game at the bank, at the electricity office where sometimes the queue stretches on to 100 meters, or even the drive around in search of recharge cards.

The cumulative effect is increased productivity on both the individual, corporate and national levels.

Swift2pay was initially launched as a payment platform embedded in the CarXie e hailing Cab App in July 2018.

A good number of banks and financial institutions have bought into and are doing business successfully with Swift2pay.

The Dukan Group is a beehive of digitally innovative apps including Vino Facility for estate management, Vino Biz for start-ups, Vino Medicals, Vino Academy, Vino Tech Solutions, etc

The DuKan Group Operations director seized the opportunity to acknowledge and commend the contributions of Konga to the current culture of enterprise, confidence and trust in the online market.

Amadi listed some of the novel inputs as including the omni-channel model adopted by Konga that will ultimately grow the online market while diminishing the traditional through the availability of lower priced smart phones; the re-introduction of the payment on delivery mode; and the imparting of knowledge, skills and competencies through massive deployment of technology, interaction of hundreds of staff from diverse backgrounds, international and local partners, and a fertile pedigree of hard work and integrity.

The launch, earlier scheduled for last Wednesday, was delayed due to the Ethiopian Airlines’ B737Max plane that crashed in Ethiopia, killing all 157 souls onboard. In the aftermath of the disaster, the second in five months, airlines in many parts of the world have grounded the B737Max 8 and 9 fleet, putting Boeing in crisis.

But as a mark of respect for those who died in the 737 Max 8 crash, it was instead unveiled in a low-key event that was only attended by Boeing employees.

Pictures posted to Twitter show the huge jet, which has foldable wing tips, inside a hangar at the Boeing plant surrounded by hundreds of people.

In one image, uploaded by the account Dj’s Aviation, Boeing staff can be seen snapping photos of it – and its enormous engines – on their phones.

Other pictures posted by aviation enthusiast, Katie Bailey, show the wheels and one of the engines up close.

The aircraft that was unveiled is a 777-9, the larger of two 777X models. It is expected to make its maiden test flight later in the spring.

Boeing claims that the 777X will be the largest and most efficient twin engine jet in the world, with 12 per cent lower fuel consumption and 10 per cent lower operating costs than the competition.

The 777-9 variant is 77 meters (252ft) long. The current longest passenger jet is the 747-8, which is 76.3 meters (250ft 2in) long.

As well as the folding wing-tips – the 235ft wings are the biggest Boeing has ever made, over 30ft longer than the current model’s wingspan – it also has bigger windows and overhead bins compared to the current 777 and ‘advanced LED lighting’.

The two versions of the 777X – the 777-8 and 777-9 – cost $360.5million and $388.7million respectively.

The 777-8 will be able to seat between 350 and 375 passengers and the 777-9 between 400 and 425, depending on the buyer’s layout requirements. In comparison. the current family of 777s offer capacities of between 300 and 370.

There is also an improvement with range. The 777X can fly for 16,110km (10,010 miles), compared to the 777’s maximum range of 15,800km (9,817miles).

Deliveries to customers are expected to begin in 2020. Carriers that have placed orders are British Airways, All Nippon Airways, Cathay Pacific, Emirates, Etihad Airways, Lufthansa, Qatar Airways and Singapore Airlines.

Last year, Boeing released a video and pictures of a ‘static’ 777X rolling off the production line at the Everett factory. However, as it was a static model, it wasn’t destined for the skies, but instead built for a series of year-long tests.

The unveiling of the 777X comes at a troubling time for Boeing as its entire 737 Max 8 fleet has been grounded in the wake of the Ethiopian Airlines crash that claimed the lives of all 157 on board.

The Boeing 737 Max 8 aircraft en-route to Nairobi from Addis Ababa plunged to the ground just minutes after take off.

Figures obtained from the CBN on Monday revealed that of the total number of projects, 34 were in respect of state governments.

It revealed that a total of N852.15m was guaranteed to 5,454 farmers under the Agricultural Credit Guarantee Scheme in the fourth quarter of 2018.

The amount represented a decrease of 40.1 per cent and 5.9 per cent below the levels in the preceding quarter and the corresponding period of 2017, it added.

Sub-sectoral analysis showed that food crops got the largest share, amounting to N369.54m (43.4 per cent), guaranteed to 2,373 beneficiaries; followed by mixed crop sub-sector, which received N162.75m (19.1 per cent), guaranteed to 1,710 beneficiaries, N138.44m (16.2 per cent) was guaranteed to livestock sub-sector in favour of 564 beneficiaries; while cash crop, fisheries and “others” sub- sectors got N105.28m (12.4 per cent), N58.82m (6.9 per cent), and N17.32m (2.0 per cent), guaranteed to 542, 175 and 90 beneficiaries, respectively.

Analysis of the states showed that 30 states and the Federal Capital Territory benefited from the scheme with the highest and lowest sums of N95.83m (11.3 per cent) and N1.99m (0.2 per cent) guaranteed to Ogun and Bayelsa states, respectively.

According to the apex bank, the cessation of rainfall led to widespread dryness across the country.

It stated that, “Agricultural activities in the review quarter, were dominated by harvest of tubers, grains and vegetables. In the livestock sub- sector, farmers continued with the breeding of poultry birds and fattening of cattle in anticipation of the end of the year sales. End-period headline inflation, on year-on-year and 12-month moving average bases for the fourth quarter of 2018 stood at 11.44 and 12.10 per cent, respectively.”

According to the report, the cessation of rainfall led to widespread dryness of severe- to-extreme intensity across the country in the fourth quarter of 2018.

Generally, it added that the predominant agricultural activities during the review quarter were the harvesting of tubers, grains and vegetables. It stated, “Pre-planting operations in preparation for dry season planting commenced. In the livestock sub-sector, farmers engaged in the fattening of cattle and stocking of broilers to take advantage of Yuletide season sales.”

The equity market extended the losing streak for the second trading day of the year as indices plunge further by N111 billion.

At the close of trading yesterday, the All- share index (ASI) shed 298.74 points, representing 0.96 per cent for depreciation to close at 30,771.32 points.

Similarly, the market capitalisation shed N111 billion at N11.475 trillion.

The decline was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Stanbic IBTC Holdings, Guaranty Trust Bank, GlaxoSmithKline Consumer Nigeria, Cement Company of Northern Nigeria (CCNN), and Chemical & Allied Products (CAP).

Analysts at Afrinvest Limited, said: “Despite the bearish performance of the market, good bargains in fundamentally sound stocks exist. We expect investors to take positions in these stocks even as pre-election jitters continue.”

Market breadth closed negative with 13 gainers against 24 losers. Forte Oil recorded the highest price gain of 9.64 per cent to close at N30.70 per share. Union Bank of Nigeria (UBN) followed with a gain of 8.04 per cent to close at N6.05, while Trans-Nationwide Express rose 7.69 per cent to close at 70 kobo per share, respectively.

Julius Berger appreciated by 5.20 per cent to close at N23.25, while Jaiz Bank rose 3.85 per cent to close at 54 kobo per share, respectively.

On the other hand, Glaxosmithline led the losers’ chart by 10 per cent to close at N13.05, while University Press (UPL) followed with a decline of 9.63 per cent to close at N1.97 per share respectively.

McNichols fell 8.51 per cent to close at 43 kobo, while FCMB Group, and First Aluminium dropped 8.33 per cent each, to close at N1.65 and 33 kobo per share, respectively.

Total volume traded fell 21.09 per cent to 169.19 million units, valued at N1.13 billion, exchanged in 3,683 deals. Diamond Bank traded with 51.95 million shares valued at N107.2 million.

Transnational Corporation of Nigeria (Transcorp) followed with 12.81 million shares worth N15.58 million, while Access Bank traded 11.26 million shares valued at N71.4 million.

FCMB Groups traded 9.77 million shares at N16.49 million, while Zenith Bank transacted 7.41 million shares worth N168.68 million.

Net profit for Industrial & Commercial Bank of China climbed almost five percent to 160.4 billion yuan ($23.5 billion) between January and June compared to the same period last year, the bank said in a statement to the Hong Kong exchange, where it is listed.

The country’s three other top banks posted similarly strong results this week.

China’s second largest lender, China Construction Bank, said earlier this week that its net profit grew 6.3 percent to 147 billion yuan.

Agricultural Bank of China reported a 6.6 percent jump to 115.8 billion yuan.

Bank of China said net profit was up 5.2 percent to 109.1 billion yuan in the first half.

All of China’s four biggest banks saw profit growth largely flat-line in 2015 and 2016 as concerns grew over rising bad loans.

Earnings have improved since a government campaign to clean up bad loans and risky lending in China’s often chaotic and murky financial system last year.

The crackdown is seen as hitting smaller lenders and wealth management companies hardest, driving them to seek loans from the established banks in order to clean up their balance sheets.

But ICBC warned that the trade dispute with the United States could bring more risks for the bank in the future.

“The US-China trade frictions may in particular negatively affect multiple sectors, bringing more risks and disturbances to bank operations,” ICBC said in the earnings report.

The United States has imposed steep tariffs of 25 percent on $50 billion of Chinese goods since July, with Beijing retaliating dollar for dollar.

US President Donald Trump has also threatened to impose tariffs on another $200 billion worth of Chinese goods.

“Hot beverages is one of the few remaining segments of the total beverage landscape where Coca-Cola does not have a global brand. Costa gives us access to this market through a strong coffee platform,” Coca-Cola chief executive James Quincey said in a joint statement.

The deal comes amid eroding consumer demand for conventional carbonated drinks owing to health and obesity concerns in the US and other markets.

Earlier in August, Coca-Cola’s fierce rival PepsiCo struck a deal to buy Israeli company SodaStream for $3.2 billion — in a pitch to consumers concerned also about mounting waste from soda cans and plastics in landfills worldwide.

SodaStream makes machines that carbonate home tap water.

Meanwhile following pressure from activist shareholders, Whitbread announced in April that it would spin off Costa, leaving it to concentrate on its hotel chain Premier Inn.

Whitbread was forced to act after US group Elliott became its biggest shareholder with a six percent stake.

“The announcement today represents a substantial premium to the value that would have been created through the demerger of the business and we expect to return a significant majority of net proceeds to shareholders,” Whitbread chief executive Alison Brittain said in the statement.

“Whitbread will also reduce debt and make a contribution to its pension fund, which will provide additional headroom for the expansion of Premier Inn.”

Whitbread bought Costa in 1995 from founders Sergio and Bruno Costa and presently runs about 2,400 stores in the UK and some 1,400 around the world.

Costa also operates more than 8,000 Costa Express self-serve machines in eight countries, as well as placing its products in supermarkets.

Premier Inn has 785 hotels in the UK and a sprinkling of others in Germany and the Middle East.

Just as Egypt’s remarkable pyramids earned its place in history, so too can smart cities in Africa. At 138 metres high, the Great Pyramid of Giza is the tallest man-made structure ever built, and continues to marvel the world some 4,000 years after construction. One can only imagine the kind of brilliance and innovative thinking behind it. What we do know is that even way back then, the people of Africa had it right. They collectively immersed themselves in a creative vision, cutting-edge ingenuity, tireless efforts and countless hours of sweat. Today, the Great Pyramid is regarded as one of the most impressive architectural feats in history, and stands as the sole survivor of the Seven Wonders of the Ancient World.

This is what we want for Africa and our people. Not a pyramid exactly, but a revolutionized smart city that will withstand the test of time. A city that resolves our lifelong challenges in infrastructure, energy, population, traffic, health, safety and unemployment. This concept, however, requires more than the installation of pipes and drainage. It necessitates quantum-age thinking coupled with detailed information, sustainable plans, and ingenuity in digital transformation.

Much has been said about digital transformation and ambitious ideas often sound great on paper, but can it be accomplished given the continent’s current financial and infrastructural challenges. Many organizations recognize that digital transformation is crucial for future success, but are unsure where to start, what investments to make, and which technologies to implement. They may also lack capital and the required skills. The pace of change is so fast in the digital age that they need to take action to safeguard their competitiveness, and the best way to do it is to collaborate with partners that provide the technical know-how, particularly as urbanization accelerates at an unprecedented rate in Africa.

Urbanization

Most people enter cities for work opportunities as unemployment escalates. However, economies are not adequately equipped to handle the growing demand and are struggling to cope. This has taken a toll on transportation networks, housing, water and electricity supplies.

Knowledge on urbanization, therefore, must go hand-in-hand with digital transformation. According to an April 2018 report by the Centre for Strategic Insights and International Studies (CSIS), sub-Saharan Africa is undergoing an immense demographical shift and is regarded as the fastest urbanizing region. During this shift, urban centres were expected to play a critical role in sustaining economic growth.

Data is key

The first step in leaping Africa into the future is extracting crucial information about each city, which will not only inform strategies and decisions, but also open a number of doors. This data will give greater insight into what makes each city tick, what works and what doesn’t, and most importantly, it will enable us to determine what is possible in the future. The kind of information needed will be intricate and incorporate all sectors of the city – from water and energy to air quality, lighting, transport, unemployment, security and economic growth. This data will enable smart decision-making, help us connect the dots and ensure that past failures do not repeat itself.

Let’s look at the city of Johannesburg for a second. We know our infrastructure facilities and energy supplies are inadequate to accommodate our new inhabitants. If we had to take one smart step in the right direction, it would result in a domino effect that gives rise to extraordinary developments while amplifying benefits to residents. For example, decentralising energy systems and investing in a variety of microgrids that are designed to provide uninterrupted power would ensure a steady and affordable electricity supply for a growing demand. Technology could then be used to transform waste into energy at landfill sites, and that space in turn could be utilized for urban farming and other developments, while the generated energy could power city infrastructure like buildings and electric cars.

Another thought would be to look at digitizing townships surrounding cities so that people can benefit from new job opportunities. Children would be able to access learning material online, and those finishing school would be able to apply for jobs and tertiary education or explore their entrepreneurship skills through ecommerce, app development and crowd funded activities. Our peri-urban communities will play a crucial role in growing the country’s economy from the confines of their own home and town. Imagine the possibilities of using blockchain to crowdfund a microgrid that works to literally light-up a township economy. I’ve always believed that having a reliable and affordable energy supply is a catalyst for socio-economic growth.

Amazing right, now imagine what we could do if we break down and analyse the considerable amounts of data from each city in Africa.  Understanding it will equate to smarter ways of living in future on a grand scale.

Connecting worlds
However, such a transformation can’t be achieved by data and software alone. It requires a combination of digital expertise and domain knowhow, an inherent understanding of hardware – of how things are built, how they work, and the markets they serve – in order to leverage digital technologies and optimize operations.

This is where Siemens comes in.  It is uniquely positioned to help society unlock its full potential for digital transformation. It knows how to connect the physical and virtual worlds thanks to its domain intellect, broad installed base, digital portfolio and heightened cybersecurity setup. It shapes and accelerates digitalization by mastering disruptive technologies like the digital twin and artificial intelligence.

Digitalization of the industrial world is the single biggest transformation of our time so we can’t afford to mess it up. We need to embrace the right partners, acquire the appropriate skill set and apply data smartly.  The foundation of a uniquely African smart city lies in data, but its backbone will be ingenuity. It will be created by smart people and inspired by local understanding. Tomorrow’s cities can be healthier, safer and more efficient with Africa’s young tech-savvy minds. And as they make good on our targets and leap Africa into the future one pyramid at a time, let’s remember that beneath the chaotic nature of a present day African city lie incredible data patterns, weaved into the very fabric of our society.

Futures fell for the third day in New York, losing as much as 1.1 per cent to hit their lowest level since June 22, but U.S. government’s data showed a surprise gain in nationwide stockpiles on Wednesday.

OPEC’s July output climbed as Saudi Arabia pumped near-record volumes, while Russia boosted production to unprecedented levels since it joined the cartel in a coordinated cut in January 2017.

The higher supplies from OPEC and Russia are contributing to growing signs of a new glut in the oil market and that is adding to concern a trade war between the U.S. and China could curb economic growth and limit energy demand, which drove crude to the biggest decline in two years last month.

Head of Commodity Strategy at Saxo Bank A/S in Copenhagen, Ole Sloth Hansen, said: “We are seeing continued negative sentiment, driven by worries over growth and demand.”

West Texas Intermediate crude for September delivery fell to as low as $66.92 per barrel and traded at $67.35 on the New York Mercantile Exchange at 8:57am local time.

The contract declined $2.47 in the previous two sessions.

Total volume traded yesterday was about 28 per cent below the 100-day average.

Brent for October settlement fell 34 cents to $72.05 a barrel on the London-based ICE Futures Europe exchange, after dipping $1.82 on Wednesday.

The global benchmark traded at $5.86 premium to WTI in the same month after the spread widened to as much as $11.43 in June.

U.S. crude inventories rose 3.8 million barrels last week, according to data from the Energy Information Administration.

That compares with a forecast for a 3-million-barrel decline in a Bloomberg survey of analysts. Stockpiles at the Cushing storage hub in Oklahoma fell for an 11th straight week.

Traders are also watching rising output from OPEC and its allies following their June accord to increase supply, having faced acute pressure from the U.S. President, Donald Trump, to calm oil prices.

Saudi Arabia’s production increased by 230,000 barrels a day in July to 10.65 million barrels per day.

The kingdom’s higher supply, along with that from Nigeria and Iraq, pushed up OPEC’s total output by 300,000 barrels a day last month.

Meanwhile, Russia’s Energy Minister, Alexander Novak said his country boosted its production in July to just below the post-Soviet record set in October 2016.

It produced about 11.21 million barrels per day, an increase of 140,000 from a month earlier, according to Bloomberg calculations based on the ministry’s data.

In its quarterly labour force survey, Statistics South Africa said the manufacturing sector saw the most job losses.

There were 6.1 million people without jobs in the three months to the end of June, compared with 6.0 million people in the first three months of the year, it said.

The expanded definition of unemployment, which includes people who have stopped looking for work, rose to 37.2 percent in the second quarter from 36.7 percent in the previous quarter.

The Senior Adviser, Empowerment, ITC, Nicholas Schlapher, explained that the opportunities that abounds in the commonwealth market are limitless, pointing out that ITC would be working across commonwealth countries including Nigeria to provide solutions on policy issues specifically to help drive women in business.

According to him, ITC would be providing technical assistance to Nigeria’s agricultural, power and service sectors, stressing that agriculture is key to drive economic growth in Nigeria considering the huge role it plays by contributing over 20 per cent to the Gross Domestic Product (GDP) and employing 45 per cent of the population.