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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Nigeria:India’s Bharti Airtel blames Nigerian losses as Q1 net profit drops 31 pct

bycitibusinessnews
July 28, 2016
in Africa, West Africa
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India’s largest telecom network operator, Bharti Airtel Ltd, reported a 30.8 percent fall in first-quarter net profit on Wednesday, blaming an adverse foreign exchange impact in Nigeria, although it beat analysts’ estimates.

Consolidated net profit fell to 14.62 billion rupees ($218 million) in the quarter ended June 30, from 21.13 billion rupees last year, the company said.

Analysts on average had expected a net profit of 11.59 billion rupees, according to Thomson Reuters data.

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Bharti Airtel, headed by Indian billionaire Sunil Mittal, said total revenue rose 7.9 percent from a year earlier to a record 255.47 billion rupees, helped by new customers signing up for the company’s 3G and 4G data services.

During the quarter, the Nigerian naira depreciated by 42 percent, forcing the company to register an exceptional loss of 7.48 billion rupees as a result. Bharti derives about 7 percent of its consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) from Nigeria, analysts estimate.

Restructuring in some other countries also hurt profits, the company said.

Mobile data revenue during the June quarter rose 35 percent to 35.25 billion rupees from a year ago, Bharti Airtel said. Average revenue per user (ARPU) of data rose 10-fold from a year earlier to 202 rupees during the quarter.

The proliferation of cheap smartphones, led by Chinese brands, has prompted more Indians to use their handsets to access the Internet and demand faster downloads. An Internet-based startup boom in the country has also seen increased adaptability on smartphones, bolstering demand for high-speed data.

Over 100 million smartphones were sold in India, the world’s second-biggest mobile phone market by customers, last year and that number is expected to grow by over a quarter this year.

Earlier in July Indian conglomerate Reliance Industries said it would launch its much-awaited fourth-generation (4G) wireless services commercially in the coming months, competing with Bharti Airtel, which ramped up coverage of its 4G services last year to 300 towns in anticipation.

4G services should make it much faster than 3G services to surf the web on mobile phones, tablets and laptops.

–

Credit: CNBC Africa

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