Igihe

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  • Nigeria’s Domestic Debt Hits US$39.5Billion

    The Nigerian Debt Management Office ( DMO) has disclosed that at end June this year, the nation’s External debt stood at US$6.035Billion and Domestic debt at US$39.456Billion.

    It added that of the US$6.035 billion foreign debt commitment, the Federal Government’s portfolio is US$3.820 billion, while the balance of US$2.214 billion was the portion being held by States representing 63.30% and 36.70% respectively with total debt / GDP Ration of 18.32% far below the 40% threshold approved for countries in Nigeria category.

    The Director-General of the Agency, Dr. Abraham Nwankwo revealed this October 18, when the Senate Committee on Local and Foreign Debts visited the Agency on an oversight mission.

    Dr. Nwankwo added that the body had concluded the debt reconstruction exercise in all the 36 States of the Federation,including the Federal Capital Territory ( FCT), aimed at ascertaining their debt commitments.

  • Ugandan Doctor Heads World Medical Association

    Dr. Margaret Mungherera a Ugandan National has been elected to head the World Medical Association.

    Dr Mungherera, 54, has been a doctor for 30 years and a psychiatrist for 20 years with forensic psychiatry as her special area of interest.

    “My focus will be on urging national medical associations of poor countries to join and to participate in the activities of the WMA,”said Dr Mungherera.

    A statement from the World Medical Association says Dr Mungherera was elected unopposed during WMA’S annual general assembly held in Bangkok, Thailand.

  • Ugandan Doctor Heads World Medical Association

    Dr. Margaret Mungherera a Ugandan National has been elected to head the World Medical Association.

    Dr Mungherera, 54, has been a doctor for 30 years and a psychiatrist for 20 years with forensic psychiatry as her special area of interest.

    “My focus will be on urging national medical associations of poor countries to join and to participate in the activities of the WMA,”said Dr Mungherera.

    A statement from the World Medical Association says Dr Mungherera was elected unopposed during WMA’S annual general assembly held in Bangkok, Thailand.

  • Oil Production To Resume Immidiately in South Sudan

    South Sudan issued an order October 18, instructing foreign and national companies involved in oil industry to immediately resume production and exports through the territory of neigbouring Sudan.

    Stephen Dhieu Dau, South Sudan’s Minister of Petroleum and Mining on Thursday said the government had completed assessing all oil infrastructures located in the world’s youngest nation and was technically ready to recommence operations within three months.

    Production was halted at the beginning of the year over a transit fee disputed between the two countries. South Sudan split from Sudan in July 2011 without bilateral agreements on oil and other issues leading to a conflict over a disputed border area in April this year.

  • Oil Production To Resume Immidiately in South Sudan

    South Sudan issued an order October 18, instructing foreign and national companies involved in oil industry to immediately resume production and exports through the territory of neigbouring Sudan.

    Stephen Dhieu Dau, South Sudan’s Minister of Petroleum and Mining on Thursday said the government had completed assessing all oil infrastructures located in the world’s youngest nation and was technically ready to recommence operations within three months.

    Production was halted at the beginning of the year over a transit fee disputed between the two countries. South Sudan split from Sudan in July 2011 without bilateral agreements on oil and other issues leading to a conflict over a disputed border area in April this year.

  • Archbishop Sentamu Criticises African Nations

    UK’s Archbishop of York, Dr. John Sentamu has criticised African nations for blaming their former colonial masters for their problems.

    Sentamu said, “Europe may have underdeveloped Africa, but I believe we have had the opportunity since then to shape our future and destiny and are in danger of squandering these opportunities”.

    Sentamu noted that African countries are bedeviled with corruption and lack of democracy, with several leaders amending constitutions to stay in power.

    Sentamu, the only black bishop in the Church of England, is a renowned speaker against racism.

    He has told young black people in the UK to stop blaming racism for their problems.

    Sentamu told Black people in UK that success does not lie in guns, gangs, knives or worshiping celebrities, observing that prisons, mental health units and young offender institutions are holding up too many black people.

  • Archbishop Sentamu Criticises African Nations

    UK’s Archbishop of York, Dr. John Sentamu has criticised African nations for blaming their former colonial masters for their problems.

    Sentamu said, “Europe may have underdeveloped Africa, but I believe we have had the opportunity since then to shape our future and destiny and are in danger of squandering these opportunities”.

    Sentamu noted that African countries are bedeviled with corruption and lack of democracy, with several leaders amending constitutions to stay in power.

    Sentamu, the only black bishop in the Church of England, is a renowned speaker against racism.

    He has told young black people in the UK to stop blaming racism for their problems.

    Sentamu told Black people in UK that success does not lie in guns, gangs, knives or worshiping celebrities, observing that prisons, mental health units and young offender institutions are holding up too many black people.

  • DRC to Connect to Submarine Optical Fiber

    DRC is expected to get connected to the Optical fiber The Managing Director of the Company Congolese General of Posts and Telecommunications (SCPT), Placide Mbatika said October 18.

    Mbatika said the work of installing transmission equipment will start next Monday at the Moanda landing station, where the DRC must be connected to the optical fiber.

    According to Mbatika, the connection to the optical fiber must be made two weeks after the beginning of this work.

    However,Mbatika said that the commercialization of the connection will begin three months later.

    DRC missed a first opportunity to connect to the fiber in May. Thirteen other African countries had done at the start of the project WACS (West African Cable system submarin).

    This project Telecom giant MTN aims to connect fourteen African countries to use fiber optic broadband internet.

    “The DRC has not been connected because we’re a little behind the construction of the landfall to be connected to the optical fiber.

    In two months, the work [construction of this station] will be finished, “said Mbatika who attended the launch of the WACS in South Africa.

    Arrested at the National Assembly in June, about this failure, the Minister of Posts and Telecommunications, Kin-Kiey Mulumba, said connecting the DRC to the optical fiber was blocked following the hijacking of the US$3 million for this operation.

  • DRC to Connect to Submarine Optical Fiber

    DRC is expected to get connected to the Optical fiber The Managing Director of the Company Congolese General of Posts and Telecommunications (SCPT), Placide Mbatika said October 18.

    Mbatika said the work of installing transmission equipment will start next Monday at the Moanda landing station, where the DRC must be connected to the optical fiber.

    According to Mbatika, the connection to the optical fiber must be made two weeks after the beginning of this work.

    However,Mbatika said that the commercialization of the connection will begin three months later.

    DRC missed a first opportunity to connect to the fiber in May. Thirteen other African countries had done at the start of the project WACS (West African Cable system submarin).

    This project Telecom giant MTN aims to connect fourteen African countries to use fiber optic broadband internet.

    “The DRC has not been connected because we’re a little behind the construction of the landfall to be connected to the optical fiber.

    In two months, the work [construction of this station] will be finished, “said Mbatika who attended the launch of the WACS in South Africa.

    Arrested at the National Assembly in June, about this failure, the Minister of Posts and Telecommunications, Kin-Kiey Mulumba, said connecting the DRC to the optical fiber was blocked following the hijacking of the US$3 million for this operation.

  • Google Shares Drop 9%

    Google suffered an embarrassing gaff when its third quarter financial results were accidentally released early, which ultimately led to its stock price falling by more than $60 a share Oct. 18 while the markets remained open.

    Times got a bit rocky for Google Oct. 18 as the search company announced that its third-quarter profit totaled $2.18 billion, down from $2.73 billion a year ago.

    However, that wasn’t the worst of it – Google also suffered an embarrassing early release of its third-quarter Form 8-K report to the Securities and Exchange Commission’s Web site, which meant the financial data was accidentally available four hours before the stock market was set to close.

    That accidental report release triggered an early selloff in Google shares, with share prices dropping by about 9 percent before the sale of shares were eventually halted, according to a report by Barron’s.

    Google’s third-quarter revenue for the period ending Sept. 30, 2012, totaled $11.33 billion, which is lower than the expectations of a survey of financial analysts, who expected revenue of $11.87 billion.

    In his opening remarks during the earnings call with analysts, Google CEO Larry Page said the early report at 12:30 p.m. Eastern time was accidentally caused by the company’s financial printer.

    “I’m sorry for the scramble early today,” said Page. “Our printers have said that they sent out the release just a bit early.”

    Google’s revenue for the third-quarter is listed by the company at $14.1 billion, which is before the deduction of traffic acquisition costs totaling $2.77 billion. Q3 revenue for the same period one year ago totaled $9.72 billion.

    This was Google’s second quarterly earnings report since acquiring its Motorola Mobility unit in May for $12.5 billion. In its second quarter earnings report this past July, Google posted revenue of $12.2 billion, which was a 35 percent year-over-year increase from 2011.

    “We had a strong quarter,” said Page. “Revenue was up 45 percent year-on-year, and we cleared our first $14 billion revenue quarter. Not bad for a teenager,” alluding to the 14 years since Google was incorporated.