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Unique: Russia’s drive to exchange Western energy know-how hits snag – NEWPAPER24

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Unique: Russia’s drive to exchange Western energy know-how hits snag

2018-04-17 14:59:54

MOSCOW (Newpaper24) – Russia’s drive to construct a big power-generating turbine to minimize its dependence on Western know-how has suffered a serious set-back after a prototype broke past restore, two sources acquainted with the challenge informed Newpaper24.

FILE PHOTO: Russian President Vladimir Putin (third L) visits the manufacturing facility of UEC-Saturn engine-building firm in Rybinsk, Russia April 25, 2017. Image taken April 25, 2017. Sputnik/Alexei Druzhinin/Kremlin through Newpaper24

Prior to now few years Russia has imported the large-capacity gasoline generators required to run trendy energy stations from companies comparable to Siemens (SIEGn.DE), GE (GE.N) and Alstom (ALSO.PA).

After Western sanctions had been imposed on Russia over the battle with Ukraine 4 years in the past, Russian President Vladimir Putin urged officers to exchange imported know-how with home-grown substitutes in vitality, software program, aerospace and drugs.

The mishap with the 110 Megawatt turbine, a capability massive sufficient to energy a sizeable city, underlines the technical challenges.

Testing was underway on a prototype 110 MW turbine on the Saturn engineering plant in Rybinsk, central Russia, in December final yr in accordance with one of many two sources, who’re each within the vitality sector and acquainted with the outcomes of the checks.

“The turbine fell aside,” mentioned the primary supply, who spoke on situation of anonymity due to the sensitivity of the topic. “They tried to restore it in time for March, however they didn’t handle it.”

March was the goal date for completion of checks on the turbine. Putin, in energy since 1999, gained a second consecutive time period in an election on March 18.

The primary supply, and a second supply, each mentioned it was not doable to rebuild the prototype turbine and the challenge must begin once more with new gear.

Newpaper24 - Global online News around the World 1523978871_491_Exclusive-Russias-drive-to-replace-Western-power-technology-hits-snag-NEWPAPER24 Unique: Russia's drive to exchange Western energy know-how hits snag - NEWPAPER24
FILE PHOTO: Russian President Vladimir Putin (2nd R, entrance) visits the manufacturing facility of UEC-Saturn engine-building firm in Rybinsk, Russia April 25, 2017. Image taken April 25, 2017. Sputnik/Alexei Druzhinin/Kremlin through Newpaper24

“The turbine broke up,” mentioned the second supply, who requested anonymity as a result of he isn’t approved to talk to the media. “There’s no turbine, that’s it.”

“NOT FATAL”

With none home-grown equivalents, Russia ought to usually nonetheless be capable of purchase generators from Western suppliers, however U.S. and European Union sanctions have made it more durable to import Western energy know-how below sure circumstances.

Final yr Russia clandestinely delivered generators made by Siemens to an influence station in Crimea, which is topic to sanctions, and the European Union retaliated by imposing further sanctions on officers and corporations concerned within the operation.

Set-backs to the home turbine program may hamper the modernization of energy technology if rising tensions with Western states lead to tighter sanctions since Russia’s modernization plan is targeted on utilizing gasoline generators.

The technical hitch additionally carries a possible political price: Putin has publicly trumpeted progress in changing Western know-how imports, so any failures will jar with the image of success he has painted.

The brand new turbine is being developed by a consortium of ODK, a unit of state-owned conglomerate Rostec that owns the Saturn manufacturing unit the place the testing was being performed, Russian state know-how agency RUSNANO, and state vitality agency InterRAO.

In an announcement, ODK mentioned one of many mechanisms of the prototype turbine had malfunctioned. It mentioned that will delay work on the challenge, however could possibly be fastened. “It isn’t deadly for the challenge.” It mentioned set-backs had been to be anticipated since this was a pioneering challenge for Russia.

RUSNANO acknowledged there had been an accident however gave no particulars. It mentioned it remained dedicated to the turbine challenge and expects it is going to be accomplished. InterRAO declined to remark.

Russia’s Commerce and Trade Ministry, which oversees the machine-building sector, declined to remark and referred inquiries to Rostec.

WESTERN SANCTIONS

Giant capability gasoline generators have been in use all over the world for years however their development is hard to good.

As a result of they function at extraordinarily excessive speeds and excessive temperatures, they must be engineered to very exact requirements they usually use subtle digital management programs to make it possible for they function effectively.

For a few years Russia made no main funding in growing the know-how as a result of it was capable of import the generators or the know-how to supply them. A scheme began within the 1990s to develop a large-capacity turbine produced prototypes however they didn’t go into manufacturing.

At a gathering in Russia’s second metropolis of Saint Petersburg in Could final yr, chaired by Prime Minister Dmitry Medvedev, Power Minister Alexander Novak mentioned a 110 MW turbine had been developed and testing must be accomplished by March 2018.

“That is the primary Russian produced highly effective machine with 100-percent home manufacture and it’ll, in fact, assist us to utterly substitute purchases of international gear of this capability,” Novak informed the assembly. His ministry didn’t reply to questions on Tuesday concerning the set-back.

Further reporting by Gleb Stolyarov; writing by Christian Lowe; enhancing by Philippa Fletcher

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Vodacom Tanzania bets on knowledge and cellular cash to remain on high | Investing House – NEWPAPER24

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Newpaper24 - Global online News around the World 1524302454_ Vodacom Tanzania bets on knowledge and cellular cash to remain on high | Investing House - NEWPAPER24

Vodacom Tanzania bets on knowledge and cellular cash to remain on high | Investing House

2018-04-21 07:52:36

NAIROBI (Newpaper24) – Vodacom Tanzania is specializing in rising its knowledge enterprise, cellular funds system and cloud companies to remain on high of the East African nation’s aggressive telecoms market, the pinnacle of the corporate mentioned on Friday.

A basic image reveals the skyline of Tanzania’s port cty of Dar es Salaam, July 12, 2013. TREUTERS/Andrew Emmanuel

Funding in these areas will guarantee the corporate retains first mover benefit, managing director Ian Ferrao informed Newpaper24.

Vodacom controls 32 p.c of the nation’s 40 million cellular subscribers, forward of firms together with Tigo Tanzania, a subsidiary of Sweden’s Millicom, and a neighborhood unit of India’s Bharti Airtel.

In 2016 Vodacom launched a funds system enabling its eight million cellular cash subscribers to make funds to greater than 10,000 retailers, from small outlets to eating places.

“I’d wish to see this get to 100,000 retailers within the subsequent couple of years, in order that in every single place you go you’ll be able to pay utilizing M-Pesa,” Ferrao mentioned.

Just a little greater than half of Tanzania’s whole cellular subscribers have cellular cash accounts, nationwide regulator knowledge reveals, suggesting room for development.

“Should you simply take a look at China, the place 90 p.c of funds right this moment are made by means of a cell phone utilizing varied apps, it has utterly remodeled the Chinese language economic system,” Ferrao mentioned.

“I believe Tanzania may be the main nation throughout Africa driving this cellular funds technique.”

One other development space is knowledge, he mentioned. Greater than 50 p.c of the nation’s cell phone customers are accessing the web utilizing their telephones, based on the regulator.

Vodacom allotted about three quarters of the 600 billion Tanzanian shillings ($263.four million) it spent on community infrastructure over the previous three years on increasing cellular broadband companies, he mentioned.

It’s subsidising gadgets on its community so that customers can purchase cheaper smartphones, he mentioned, as a result of the difficulty retaining many individuals from accessing the web is the price of smartphones.

The federal government might assist to deal with this concern by decreasing the tax on imported telephones, he added.

Regulatory uncertainty and taxes on cellular operators that Ferrao mentioned are among the many highest in Africa are creating limitations to extra funding, he mentioned. Near 40 p.c of the corporate’s income goes on taxes, instantly or not directly.

“That (excessive) taxation simply brings a barrier to unlocking the degrees of investments which are required to be rising next-generation networks.”

Ferrao is leaving Vodacom in June after main the corporate by means of a a $213 million preliminary public providing final 12 months.

Vodacom’s IPO was in compliance with a authorities directive for cellular firms to record a minimal 25 p.c stake on the native inventory alternate. It’s the solely firm to have complied.

Vodacom has additionally begun providing cloud expertise to companies.

Reporting by Omar Mohammed; Enhancing by Maggie Fick and David Goodman

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Dubai’s Mumzworld launches ‘versatile’ jobs to empower working moms – StartUp,UAE – NEWPAPER24

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Newpaper24 - Global online News around the World Mona-Ataya Dubai's Mumzworld launches 'versatile' jobs to empower working moms - StartUp,UAE - NEWPAPER24

Dubai’s Mumzworld launches ‘versatile’ jobs to empower working moms – StartUp,UAE

2018-04-17 10:05:55


Dubai-based e-commerce platform Mumzworld has re-introduced its ‘return to work’ programme from Monday April 23 to Thursday April 26 for certified moms who need to get again into the office.

The initiative guarantees versatile working hours, the chance to make money working from home in addition to specialised coaching that helps the ladies in resuming their careers.

“Being so lively within the mums neighborhood has enabled us to determine a rising want for ladies who’ve taken a profession break to give attention to their journey of motherhood, to regain a place within the office,” mentioned CEO and co-founder Mona Ataya.

“This isn’t all the time straightforward, which is why we got here up with our idea of a ‘returnship’ – a profession alternative that recognises and rewards skilled ladies for his or her abilities and abilities, and nonetheless permits them the flexibleness of managing their house life,” she added.

Positions can be found in advertising, shopping for and duplicate writing together with different sections.

The recruitment drive will start on 23rd to 26th April with over a dozen positions to be crammed.  Moms are inspired to use this week.

To use for a place, e mail careers@mumzworld.com with the reference ‘MUMZ AT WORK RETURNSHIP’ within the topic line and software.

Mumzworld.com is a bilingual e-commerce website within the devoted to merchandise for mom, child and youngster. It really works with over 1,800 retailers, distributers, producers and types within the area and internationally.

The platform was based by moms Mona Ataya and Leena Khalil in 2011.

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Greater rates of interest after HKMA intervention stoke property and inventory worries – NEWPAPER24

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Newpaper24 - Global online News around the World 22114a78-444f-11e8-ab09-36e8e67fb996_image_hires_204906 Greater rates of interest after HKMA intervention stoke property and inventory worries - NEWPAPER24

Greater rates of interest after HKMA intervention stoke property and inventory worries

2018-04-21 04:45:46


With the hole between the price of cash in Hong Kong and the US closing after the Hong Kong Financial Authority’s latest intervention to shore up the native forex, town is bracing for a regime of tighter liquidity and better rates of interest.

For the previous three years, even because the HKMA elevated its base charge six instances in lock step with the US Federal Reserve, native industrial banks have managed to maintain lending charges low, because of the considerable inflows into town’s property.

A lot in order that some market watchers are anxious in regards to the potential influence of upper borrowing prices on town’s crimson sizzling property and fairness markets.

The HKMA has used HK$51 billion (US$6.5 billion) of its US$440 billion in overseas reserves over the previous week to buy the native forex, mopping up money from the banking system, which may lastly compel industrial banks to lift charges to be in sync with their US counterparts.

Greater borrowing prices will translate to greater mortgage repayments for householders whereas different debtors might also have to roll over previous debt into greater rates of interest that may add on new loans, analysts mentioned. Banks might also shrink lending, which may pressure traders to liquidate their inventory holdings, taking part in out a domino impact that hit Hong Kong within the Asian monetary disaster in 1997 when the in a single day Hibor charge soared to 280 per cent.

Hong Kong’s property costs, rising with no signal of letting up, are already among the many highest on the earth. Property-related lending accounted for 45 per cent of the banking sector’s loans in Hong Kong as of December 2017, based on S&P.

Newpaper24 - Global online News around the World  Greater rates of interest after HKMA intervention stoke property and inventory worries - NEWPAPER24  The town’s benchmark Hold Seng Index stays about 9 per cent decrease than its all-time report excessive of 33,484 factors hit on the finish of January.

“The complete extent of this (rate of interest) danger doesn’t seem like priced into the fairness market,” mentioned George Efstathopoulos, portfolio supervisor at Constancy Worldwide.

“Actual property shares in Hong Kong seem prone to underperforming the market whereas downward strain stays on the Hong Kong greenback.”

Others, like Henry Chan, head of analysis at Caitong Worldwide Securities, expects a much bigger inventory market correction this 12 months as overseas traders are more likely to scale back their holdings on the comparatively costly Hong Kong dollar-denominated property in property and shares, on expectations that company revenue progress will gradual.

Chan mentioned the 20-per cent progress in financial institution loans was poised to gradual sharply as the present credit-to-gross home product ratio of over 400 per cent was unsustainable.

“I imagine the day of reckoning is quickly,” Chan mentioned. “As a result of your debt is at extreme ranges, as soon as your rates of interest go up you then get into deep hassle.”

Newpaper24 - Global online News around the World  Greater rates of interest after HKMA intervention stoke property and inventory worries - NEWPAPER24  Hong Kong was given the crimson sign for its credit-to-GDP hole and debt service ratio by the Financial institution of Worldwide Settlements within the latter’s March quarterly report that instructed a looming banking disaster.

The Hong Kong greenback has been slumping for an extended whereas, as overseas alternate merchants piled into arbitrage referred to as the carry commerce, which sells low-yielding Hong Kong greenback property to purchase higher-yielding US-dollar ones, to benefit from the worth distinction between the charges.

The town’s greenback has been pegged at 7.eight to the dollar since October 1983, with a buying and selling band of seven.75 to 7.85 launched in 2005. Beneath this mechanism, the HKMA is obliged to intervene within the interbank market to stop the forex from buying and selling past that vary.

The HKMA’s purchases lower the mixture stability of liquidity to HK$128.52 billion from round HK$180 billion final Thursday, however analysts anticipate that to drop additional to between HK$50 billion and HK$100 billion within the subsequent two months.

Newpaper24 - Global online News around the World  Greater rates of interest after HKMA intervention stoke property and inventory worries - NEWPAPER24  Analysts identified that the HKMA ought to take a extra pro-active strategy to shore up the forex amid the prevailing dangers of a US-Sino commerce warfare, which may gasoline outflows and the strain to not solely depreciate the forex, but additionally to extend lending to help financial progress.

As such, the Folks’s Financial institution of China has already introduced this week that it’ll lower banks’ reserve requirement ratios to ease liquidity, forward of a possible worsening of commerce tensions, analysts mentioned.

“You don’t actually have limitless ammunition,” mentioned Frances Cheung, head of macro technique, Asia, at Westpac Banking Corp. “The market can develop into panicky when reserves run down shortly and you end up with a lot larger outflows than anticipated.”

As a substitute of passively ready for outflows that may push the forex to hit the weak finish of the peg, Cheung mentioned the HKMA ought to problem further alternate fund payments and notes (EFBN) or conduct foreign-exchange operations, or do a mixture of each earlier than it hits HK$7.85 per greenback.

Newpaper24 - Global online News around the World  Greater rates of interest after HKMA intervention stoke property and inventory worries - NEWPAPER24

The market can develop into panicky when reserves run down shortly and you end up with a lot larger outflows than anticipated

Frances Cheung, Westpac Banking

Invoice issuance means shifting liquidity from the interbank market to the payments market, with no change within the financial base.

Cheung mentioned they had been a pre-emptive and extra versatile coverage choice that allowed the regulator to redeem the payments and launch funds again into the banking system below careworn market situations.

HKMA chief government Norman Chan Tak-lam mentioned final December there have been no plans to promote extra EFBN and the regulator was not aiming to curb depreciation strain. His feedback may have mirrored an underlying fear that any invoice issuance could be seen to contradict Hong Kong’s laissez-faire practices and forex board system.

Newpaper24 - Global online News around the World  Greater rates of interest after HKMA intervention stoke property and inventory worries - NEWPAPER24  The HKMA was harshly criticised for its resolution to squeeze interbank charges as much as 280 per cent to drive out forex speculators within the 1997 Asian monetary disaster.

Carie Li Ruofan, economist at OCBC Wing Hold Financial institution, forecasts Hong Kong banks will elevate their prime lending charges twice by 25 foundation factors this 12 months beginning in June, after retaining them unchanged at 5 per cent for giant banks since 2008.

“The Hong Kong greenback has stabilised in latest days, however might quickly be retested on the 7.85 weak finish once more,” Li mentioned.

The Hong Kong greenback traded at HK$7.84 per greenback on Friday night.



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