First National Bank (FNB) has become the first South African financial services company to launch its own branded Android-powered smartphones.

The FNB phones, which were unveiled on Tuesday in Cape Town, include the 'ConeXis X1' which costs R150 per month over a two year period. Meanwhile, FNB's 'ConeXis A1' is priced at R59 over a 24 month period.

FNB said the phones are also set to provide free banking services while they are designed by Chinese phone maker ZTE.

Kartik Mistry, FNB's head of smart devices said the company has applied "serious attention to detail in putting an entire smartphone package together."

Mistry further said that customers can "walk into a bank with brick in their pocket and walk out with a bank in their pocket."

FNB's move to launch its own smartphone brand comes after the company unveiled its own branded mobile network last year.

FNB Connect runs atop Cell C's network as a Mobile Virtual Network Operator (MVNO).

*Fin24 has been flown down to the launch event by FNB.

Source: Fin24

Nairobi — President Uhuru Kenyatta has finally signed into law the Banking (Amendment) Bill, 2015 aimed at regulating interest rates charged by banks.
 

He said since receiving the Bill, he had consulted widely and it was clear to him from those consultations that Kenyans were disappointed and frustrated with the lack of sensitivity by the financial sector, particularly banks.

"These frustrations are centred around the cost of credit and the applicable interest rates on their hard-earned deposits. I share these concerns," President Kenyatta said.

The eagerly awaited move is bound to cause a stir in the sector considering efforts by banks to have interest rates determined by the market.

President Kenyatta however recalled that this was the third time that the National Assembly was attempting to reduce interest rates to affordable levels.

"In the previous two instances, dialogue and promises of change prevailed and banks avoided the introduction of these caps. Banks failed to live up to their promises and interest rates have continued to increase along with the spreads between the deposit and lending rates."

He said after taking all these considerations in account: "I have assented to the Bill as presented to me. We will implement the new law, noting the difficulties that it would present, which include credit becoming unavailable to some consumers and the possible emergence of unregulated informal and exploitative lending mechanisms."

He says despite having one of the most efficient and effective financial markets, Kenya has one of the highest returns-on-equity for banks in the African continent.

Banks he noted, need to do more to reduce the cost of credit and ensure that the benefits of the vibrant financial sector are also felt by their customers.

The Bill was presented to the Head of State after it was passed by the National Assembly on July 28, 2016.

President Kenyatta said his government would accelerate other reform measures necessary to reduce the cost of credit and thereby create the opportunities that will move the economy to greater prosperity.

"We also reiterate our commitment to free market policies in driving sustainable economic growth, to which we owe much of our success."

Sumbe — The Simgerf Agro-Pecuária farm, situated in Sumbe, central Cuanza Sul province, has an output of 4,500 eggs a day, as a result of the investment made in 2014 that involved 5,120 laying hens.

Owned by Francisco Figueiredo Júnior, the undertaking was established in 2012, but only the following year did it start poultry industry.

With an initial Akz 40 million investment granted by the Banco de Comércio e Indústria (BCI), the farmer built the aviary and purchased 2,120 hens and set up the feed plant.

Right now, the third aisle has been built covering 500 square metres to accommodate 54,000 new hens. Another 18,000 hens are being raised that will bring the price of egg down.

There are also 5,000 broiler chickens in preparation.

The farm is awaiting a slaughterhouse for 150 chickens an hour.

Feed production

The project follows the setting up of a feed plant expected to stimulate egg production.

With a capacity to produce three tons per hour, the plant is fed with maize grown on a 120 hectares field.

The birds consume an average 900 kilograms of feed per day.

About 60 percent of the production is to cater for the local market, being the remainder sent to the markets of Benguela, Huíla and Cunene.

The undertaken employs eight workers with ages ranging from 18 to 24 years and one veterinary that secures the technical assistance. It cover an area of 1000 hectares, 100 of which for poultry.

Western Cape businesses invited to enter entrepreneurship awards

Western Cape businesses have two weeks left to enter the Premier's Entrepreneurship Recognition Awards (PERA).

Now in its fourth year, the PERA awards seek to celebrate entrepreneurs who are contributing to job creation and growth. Entries close on 5 September.

Premier Helen Zille and Alan Winde, MEC of Economic Opportunities, last month launched entries for the 2016 PERA awards.

PERA is an initiative of the Department of Economic Development and Tourism. Over 700 entrepreneurs have entered the awards since 2013.

MEC Winde encouraged entrepreneurs to enter. "Through the efforts of our innovative and dedicated entrepreneurs, employment is created for over 500 000 people. PERA seeks to celebrate their achievements and to inspire other potential businesspeople to grow and start businesses."

The initiative is being co-sponsored by Absa.

Doug Walker, Managing Executive for Absa Western Cape, said: "At Absa we recognise the vital role SME's play in our economy in generating economic growth and job creation – we are delighted to be a partner of the PERA awards. We see the awards as an important platform to showcase and create a culture of entrepreneurship in the Western Cape.

"We also recognise the importance of SMEs as an engine of economic growth and we are committed to partnering with other stakeholders to develop sustainable SMEs. Our support for these awards is in line with our Shared Growth vision, through which we aim to use our assets and resources to grow and develop the societies where we operate while growing our business."

Absa's Shared Growth strategy focuses on three priority areas, namely: education and skills, financial inclusion and enterprise development. Walker said the concept of Shared Growth recognises that: "As we grow, society prospers, and as society prospers, we grow. This theme of reciprocity is critical if we are to succeed."

There are 11 categories and the winner in each category will receive R100 000. The second place and third place entrepreneurs will received R50 000 and R25 000.

The overall winner will receive R100 000 prize money to grow their business and an overseas trip to a conference or trade fair.

There will be 3 finalists per category; one winner will be selected per category from the 3 finalists, resulting in 11 winners. An overall winner will be selected from the 11 winners.

The overall winner will be judged on the ability of the business to sustain/create jobs and to increase its turnover in the medium to long-term.

Emerging Business: A business in its initial growth phase operating in the Western Cape for 12 months or longer, but not longer than 36 months;

Established Business: Operating in the Western Cape for longer than 36 months with an annual turnover of more than R10m and less than R50m;

Social Enterprise: Any revenue generating entity operating in the Western Cape for 12 months or longer, which aims to address a social challenge or need;

Innovative Student Business Idea: Student defined in a narrow sense that is any full time student at a Western Cape tertiary institution including TVET colleges. This refers to an innovative solution (idea or concept) to a new problem or service. This category will not be taken into consideration for the overall winner;

Most Innovative Business: Operating in the Western Cape for 12 months or longer. This refers to an innovative solution or approach to an existing service or product;

Job-creating Business: Operating in the Western Cape for 36 months or longer with an annual turnover of less than R10m and an indication of the number of permanent employees appointed over the last financial year;

Emerging Rural Business: A business in its initial growth phase based in areas outside of the Cape Metropolitan area and operating in the Western Cape for 12 months or longer, but not longer than 36 months. The business should have an annual turnover of more than R500 000;

Emerging Tourism Business: A business in its initial growth phase operating in the Western Cape for 12 months or longer, but not longer than 36 months;

Emerging Agri-Processing Business: A business in its initial growth phase operating in the Western Cape for 12 months or longer, but not longer than 36 months;

School Business Idea: Any high school in the Western Cape (Grade 8 to 12 learners or equivalent). This category will not be taken into consideration for the election of the overall winner. Learners could also apply independently (prize money to be paid to the applicant); and

Business with Global Reach: Operating in the Western Cape for 36 months or longer with a minimum turnover of R10m and less than R50m. The operations of this business should have a global reach.

The overall winner will be judged on the ability of the business to sustain/create jobs and to increase its turnover in the medium to long-term.

Issued by: Western Cape Agriculture and Economic Development

A salt manufacturing industry established by Ethiopian and Turkish investors has become operational at a cost of 300 million Br in Semera, Afar regional state. The total area of the company is 50 thousands square metres.

Currently, the manufacturing company has the capacity to create more than 300 job opportunities. This figure will reach 8,000 when the company becomes operational at its full capacity.

The company aims to provide iodised salt to local chemical industries, as well as meeting the local demand and bringing significant improvements to the export market.

In terms of production, the factory has capacity to provide 1,000tn of iodised salt and up to 140,000tn of salt for industries on a daily basis.

The Afar region is the major supplier of salt in Ethiopia, specifically Afdera, producing three-quarters of the country's total.

Many studies indicate that more than 250,000tn of salt is consumed annually in Ethiopia.

A motorist was slapped with a R18 000 speeding fine for clocking 220km/h, n a 120km/h zone along the South Coast, the KwaZulu-Natal department of transport said on Monday.

Transport MEC Mxolisi Kaunda in a statement commended the Park Rynie's Department of Transport's Road Traffic Inspectorate team for arresting Ivan Botha, 28, on August 14, for speeding in a Golf 6 GTI at 220km/h on the N2 national route.

Kaunda said in a statement that Botha had been held in custody at the Scottburgh police station.

"The Scottburgh's magistrate today [Monday] handed down a fine of R18 000," said Kaunda.

"[This] should be a great lesson to all who endanger our lives. Speedsters are like murderers, because at any moment their actions could lead to devastating consequences, including death and maiming of other road users.

"More so, we commend the great work of the department's Road Traffic Inspectorate team in the Park Rynie station, who always catch speedsters travelling to the South Coast. It is high time all road users, especially motorists, started taking our call for road safety seriously, and realise that it's about life and death," said Kaunda.

The Chinese on Sunday appeared to spoil Japan's big publicity from the Tokyo International Conference on African Development (Ticad) in Nairobi, when Beijing's head of delegation questioned Tokyo's ability to fulfil the promises made during the summit.

Mr Zhang Ming, China's Vice-Minister for Foreign Affairs, was in Nairobi in what he said was to "gain first-hand knowledge" of Africa's other partners.

But as the conference ended, the former Chinese envoy to Nairobi told journalists that Japan could be joining a list of countries that have promised much but delivered little to Africa.
 

"There is a never shortage of conferences and promises for Africa, and yet action and implementation have not always followed.

"We hope Africa's partners will honour their commitments with real actions and deliver tangible fruits to the African people," he said on Sunday in a statement.

Ticad VI, happening for the first time in Africa, saw Japan pledge up to Sh3 trillion more over the next three years to be invested in African infrastructure, healthcare systems and other projects meant to boost the economy.

On Sunday night, President Uhuru Kenyatta and Japanese Prime Minister Shinzo Abe signed further bilateral agreements where Japan pledged Sh10 billion to fund various healthcare projects.

But this conference always appeared to be in the shadow of China's ventures in Africa.

"Both China and Japan are working with Africa as part of the international endeavour to help the continent.

"We support the diversification of Africa's partners and hope they will leverage their respective strengths and combine forces to support enduring peace and rapid development in Africa," Zhang said.

At China's similar conference, called the Forum on China-Africa Cooperation (Focac) last year, Beijing pledged Sh6 trillion to go into infrastructure, most of it to be channelled through government-to-government deals.

Beijing claims Sh5 trillion worth of agreements have been signed already, although there is little information on how the money is to be repaid or the terms of the agreements.

Japan, on the other hand, would be mostly disbursing these monies through development agencies, and will be following up to ensure the money is used for the purpose given.
 

Yet the Chinese official who served as Beijing's ambassador to Kenya between 2006 and 2009 said China's way of doing things remains that of non-interference.

MUTUAL RESPECT

"The secret recipe for ever-lasting vibrancy of this relationship is sincerity, mutual respect and non-interference in each other's internal affairs.

"We hope other partners will also listen carefully to Africa's voice and fully respect Africa's will," he said.

China and Japan have had previous tiffs especially in the East China Sea over ownership of islands there.

But they have in the recent past pushed their rivalry to Africa.

The Japanese prime minister promised to help Africa get a permanent seat at the UN Security Council by 2023, in what appeared to be a longshot to checkmate China which is already a permanent member.

However, the rivalry between the two countries has been in trade.

Japan has pledged Sh1 trillion ($10 billion) for infrastructure development in Africa.

Japanese Prime Minister Shinzo Abe said another $500 million will be channelled through international agencies to support health initiatives in the continent and combat epidemics.

The PM also pledged to initiate reforms in the United Nations Security Council and have an African country get a permanent seat in the body by 2023.

"UN Security Council is the most powerful body of the UN but there is no African permanent member in it…Japan is also eyeing a similar seat," he said.
 

Mr Abe was speaking at the opening ceremony of the Tokyo International Conference on African Development (Ticad) in Nairobi on Saturday.

Speaking at the same function, President Uhuru Kenyatta urged leaders to push for fair global trade.

He said there is a worrying trend for the developed world to turn inwards, even after benefiting from open trade before.

"Indeed, if we look back, the wealthiest countries today with very few exceptions, got rich by trading with others. The critical ingredient of prosperity in the last century has been free and fair trade, infrastructure integration of regions, educated citizens who enjoy economic liberty and responsible governments.

"Yet there is now a turn among many countries, to turn towards more isolationist or grossly unfair positions on trade. I believe Ticad is a positive response to this trend," he said.

The Ticad meeting, the sixth since 1993 but the first to be held in Africa, is meant to discuss development issues and the support of Japan for Africa.

African leaders meeting in the Kenyan capital Nairobi, on Friday agreed to use President Museveni's paper on "bottlenecks facing Africa's development" as a blue print to drive the conversation on the continent's problems.
 

The decision was reached at by the leaders meeting for the African Peer Review Mechanism (APRM) chaired by President Uhuru Kenyatta at the Intercontinental Hotel, on the sidelines of the sixth Tokyo International Conference on African Development (TICAD).

President Museveni told the meeting that he had arrived at the 10 bottlenecks after watching the development scene in Africa for 50 years. "I have picked some ideas which are responsible for our lagging behind. The problem seems not to be addressing all issues in a comprehensive way."

The motion to adopt the paper and task the APRM secretariat to expand it into a blue-print for the continent was moved by South African President Jacob Zuma and was unanimously supported. The proposal had earlier been backed by Senegalese President Macky Sall of Senegal and Ellen Johnson Sirleaf of Liberia in their earlier presentations.

According to President Museveni, Africa's first bottleneck is ideological disorientation, which had fanned tribal and sectarian conflicts.

"A lot of chaos in Africa is because of misidentification. We need to ask, is identity more important than interests? Ask, who buys what you produce, is it your tribes mate or religious mate?"

The second bottleneck, observed by Mr Museveni, is a weak state exemplified in a weak army, adding that it is a result of the first obstacle.

"When you want to build an army and you look for people from your tribe, you should ask, can a sectarian army command respect of a whole country? In such circumstances, when you get a small rebellion the army collapses. You then bring in the UN who are armed tourists."
 

The President commended the international community for speaking about the third bottleneck; human resource underdevelopment. He, however, said the issue had been raised in isolation of the other bottlenecks.

Underdevelopment of infrastructure is the fourth bottleneck, said Mr Museveni. He said many development partners were disinterested in building Africa's infrastructure especially electricity.

"They do not care about dams, roads and the railway. As a consequence, only South Africa and Libya under Gaddafi had high electricity consumption. Importantly, poor infrastructure causes very high costs of doing business. You can't attract investments, how then do you eradicate poverty if people are not employed?" he asked.

Because of poor infrastructure, the next bottleneck is failure to industrialize, the President said. This, he added, had forced Africa into exporting raw materials and ultimately donating a lot of revenue to the West. Citing the Ugandan example where a kilogram of unprocessed exported coffee goes for $1 while the processed coffee in the West fetches $14, President Museveni asserted that Africans were the real donors–and unfortunately were donating their jobs too.