World

Yaounde: CamTel and China Unicom sign agreement to construct a South Atlantic Inter Link

5, July 2017

Yaounde: CamTel and China Unicom sign agreement to construct a South Atlantic Inter Link 0

China United Network Communications (China Unicom) has signed an agreement with Cameroon Telecom (CamTel) to construct a South Atlantic Inter Link (SAIL) cable network, 6,000-km. in length. China Unicom and CamTel will work with Huawei Marine Networks Co. Ltd., a submarine cable networks solutions provider, to connect an undersea cable that runs from Kribi Deep Sea Port, Cameroon to Fortaleza Brazil.

Total construction costs are expected to hit US$136 million and take about 24 months to complete. SAIL will possess the largest data transmission capacity between Africa and South America. SAIL would provide reliable intercontinental telecom services for Brazilians and Cameroonians. It’s the first large-scale project in the region led by one of the Big 3 Chinese Telecom operators and China-based equipment manufacturers.

China Unicom and CamTel are responsible for the building and maintenance of SAIL, while Huawei Marine Networks delivers systematic solutions. US$85 million of SAIL was funded by Export-Import Bank of China, while the remainder was covered by CamTel, which includes China Unicom financing US$34 million to the Cameroon-based telecom.

In Cameroon’s capital city – Yaounde – on June 27, Huawei Technologies Co. Ltd. Chief Executive Officer (CEO) Guo Ping, China Unicom CEO Lu Yimin and CamTel General Manager (GM) David Nkoto Emane, signed the formal agreement. “China has strategic partnerships with Africa and South America,” the Global Times quotes Lu as saying. “SAIL not only provides high-quality international communications services to countries in these two continents, but also serves Chinese companies to develop their business in the region.”

The project can advance Cameroon’s digital economy, so its nation’s citizens gain better access to phone service and the Internet. Huawei Marine Networks will utilize an advanced 100G technology system with 4 fiber optics pairs that holds a design capacity – 32T-bit/s. SAIL can bridge technology gaps in the South-South region, so Africans and South Americans can enjoy a brighter future.

Beijing has embarked on South-South Cooperation to boost trade, investments and infrastructure building in Africa and South America. Chinese companies are exploring new regions to open up manufacturing zones, tap into natural resources and to develop a growing consumers’ base in the emerging markets. Cameroon, located in Central Africa, offers major opportunities for Chinese firms.

“It is a great pleasure to partner with China Unicom and Huawei Marine Networks on building the SAIL cable system,” Emane told Global Times. He added, “When it is completed, it will provide new international connectivity to facilitate band-width demand between Africa and support the booming economies in the two continents.” In its current state, Cameroon’s cables cannot support all the telecom connections in the country. SAIL can build capacity to meet national coverage. China Unicom, the world’s 4th-largest mobile service provider by subscriber base, will extend its National Broadband Network (NBN) to Cameroon.

Constructing infrastructure that includes telecom networks along with roads and railways in Africa can help people on the continent rise above poverty. But Africans also need better education and job skills to succeed in our globalized economy.

Huawei Technologies has invited young Cameroonians to participate in a training project, known as “Seeds of the Future,” according to Business in Cameroon Website. After a careful selection process, 10 young Cameroonians will receive information and communications training (ICT) at Huawei’s headquarters in Shenzhen, China.
Trainees will participate in a 1-week program, attending lectures and practical classes to strengthen their knowledge, according to Li Dafeng, senior vice president of Huawei Group. Students can also interact with Huawei’s engineers and learn more about the latest innovations developed by the hi-tech giant.

Constructing an undersea fiberoptics cable line is no easy task, especially when telecom cable operators must stretch it to 6,000-km. in length. But, Chinese companies have introduced major equipment upgrades in the field. The people of Brazil and Cameroon will benefit tremendously from such advances, while Chinese investors and companies can expand into key emerging markets in South America and Africa.

China’s South-South Cooperation will open doors for Cameroon when SAIL is fully-connected and performing to capacity. Those living in Central Africa can dial up their phones, click on the internet to enjoy a more convenient connection with people, or to conduct business in a more efficient manner. Accordingly, SAIL will serve as the vital connector for Cameroon’s future and path to prosperity.

Source: CCTV.com


Can the Biya regime keep borrowing forever?

14, June 2017

Can the Biya regime keep borrowing forever? 0

The 84 year old Cameroonian dictator, Paul Biya has empowered the Minister of the Economy, Planning and Regional Development to sign with the Bank of China, a loan agreement of 123.3 million US dollars. Cameroon Concord News understands the money is intended to finance the second phase of the solar photo-voltaic system of electrification currently going on in 350 localities. This is a project led by the Ministry of Water and Energy (MINEE), which has been underway since 2015 thanks to the technical cooperation of the Chinese company Huawei Technologies Co Ltd.

The Yaoundé regime says the ultimate ambition is to electrify 1000 localities all over the national triangle with solar energy.  The project is a desperate attempt by the drowning CPDM government to address the country’s energy deficit.  According to well-established Cameroon Concord News sources, the first phase involving 166 localities, is well advanced and has recorded an 80% realization rate. To be sure, 112 localities have already benefited from the production of photo-voltaic power plants from which our sources indicated Ngang and Konyambetta in the Center region, Babessi in the Northwest and Doumaintang in the East.

Once a power plant is built, households who wish to subscribe and pay their monthly consumption on the basis of the rates discussed will receive supply and this will help the CPDM regime to repay the debt incurred to carry out the project.

By Chi Prudence Asong

Cameroon Concord News

UK: Pound slips further as election debacle fuels uncertainty

13, June 2017

UK: Pound slips further as election debacle fuels uncertainty 0

The pound wallowed around two-month lows Tuesday, unable to bounce back from last week’s shock election that saw Britain’s ruling Conservatives lose their majority, throwing the country into uncertainty, days before key Brexit talks.

While Prime Minister Theresa May looked to counter anger within her party by apologizing and telling MPs “I got us into this mess, and I’m going to get us out”, there are doubts about her future in Downing Street.

May had called the vote in a bid to strengthen her majority, and her bargaining power, before going into the EU exit talks set for June 19. Now she must rely on the support of Northern Ireland’s Democratic Unionist Party.

Greg McKenna, chief market strategist at AxiTrader, said: “The political uncertainty is unhelpful given Brexit talks are about to begin in the next week.”

He added that “sterling came under renewed pressure as a result” of the newly formed government’s refusal to soften its approach to the discussions. “Why the government wouldn’t use the election for a reset I just don’t know.”

In early Asian trade the pound slipped to $1.2650.

The currency’s “near-term direction will continue to be driven by the post-election fallout, but the prospects look increasingly gloomy as the possibility of another Tory leadership vacuum enters the picture at precisely the wrong time for the UK,” said Stephen Innes, senior trader at OANDA.

Fed, Sessions in view

On equity markets, technology firms struggled to recover from the previous day’s sell-off that was sparked by a rout in the sector on Wall Street Friday. Sony and Sharp were well down in Tokyo while Tencent was marginally up in Hong Kong after Monday’s tumble. Samsung was also lower in Seoul.

The losses came after the Nasdaq suffered another slump, extending Friday’s losses, as Apple and Amazon took a beating, with analysts wondering whether the selling is down to profit-taking or the start of a broad retreat after all US indices hit records last week.

Broader markets fared slightly better after Monday’s steep losses. Tokyo ended the morning session at a loss while Shanghai was down 0.1 percent. Wellington and Manila also eased slightly.

But Hong Kong added 0.1 percent, Sydney gained 0.6 percent and Seoul gained 0.5 percent.

Traders are now awaiting the end of the Federal Reserve’s latest policy meeting. While another interest rate hike is widely expected, the bank’s post-meeting statement will be scanned for some forward guidance and clues about future movements.

Also, US Attorney General Jeff Sessions is due to testify Tuesday to the Senate Intelligence Committee as it probes Russian meddling in last year’s election and Moscow’s links to under-fire President Donald Trump.

Attention has focused on Sessions as reports swirl that he may have had more meetings with Russian officials during the campaign last year than the two he has informed authorities of.

Key figures around 0230 GMT

Tokyo – Nikkei 225: DOWN 0.1 percent at 19,885.72 (break)

Hong Kong – Hang Seng: UP 0.1 percent at 25,764.00

Shanghai – Composite: DOWN 0.1 percent at 3,183.22

Euro/dollar: DOWN at $1.1193 from $1.1203 at 2040 GMT

Pound/dollar: DOWN at $1.2650 from $1.2657

Dollar/yen: UP at 110.06 yen from 109.93 yen

Oil – West Texas Intermediate: UP 13 cents at $46.21 per barrel

Oil – Brent North Sea: UP 14 cents at $48.43

New York – Dow: DOWN 0.2 percent at 21,235.67 (close)

London – FTSE 100: DOWN 0.2 percent at 7,511.87 (close)

(Source: AFP)

Centurion is first African law firm to facilitate an African nation’s entry into OPEC

26, May 2017

Centurion is first African law firm to facilitate an African nation’s entry into OPEC 0

Equatorial Guinea’s bid to join OPEC was accepted by unanimous vote at the 172nd OPEC meeting in Vienna on May 25, 2017.

  • Centurion Law Group was tasked by the EG government to lobby for OPEC membership.
  • Agreement breaks the mould, with Centurion the first African law firm to facilitate an African nation’s entry into OPEC.

Centurion congratulates the Ministry of Mines and Hydrocarbons for bringing Equatorial Guinea into OPEC, an initiative that demonstrates the massive progress made by the nation since the first oil and gas developments of the 1990s.

At yesterday’s 172nd meeting of the OPEC members, Equatorial Guinea’s Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima met in a closed session with the OPEC ministers, who voted to accept the country’s application to join the bloc. The Ministry of Mines and Hydrocarbons, which employed Centurion’s advocacy and lobbying services, applied to join OPEC in January 2017 and had its application accepted just four months later.

H.E. Gabriel Mbaga Obiang Lima praised Centurion on its work facilitating the negotiations for Equatorial Guinea to join OPEC: “Our nation, and Africa as a whole, needs more companies that are as committed to our collective progress as Centurion. The Government of Equatorial Guinea commends Centurion and its attorneys for their success in helping our nation join OPEC. Equatorial Guinea now stands tall among energy producers worldwide.”

NJ Ayuk, CEO of Centurion, stated: “The OPEC deal is huge for Equatorial Guinea, a country which advocates for African interests and African prosperity, whether in business or diplomacy. Centurion’s purpose is aligned with that of the country and its government, and we are proud of the role that we have played in bringing Equatorial Guinea into OPEC.”

Equatorial Guinea is, as Centurion has always advocated, a place for innovative energy pioneers. The firm has played an active role in bringing investment to Malabo and facilitating the growth of the energy sector. Key developments have included deepwater oil and gas production, LNG exports, methanol production, CNG public transport, and renewable power. In 2017 the Ministry of Mines and Hydrocarbons is working on keystone projects that include a petrochemicals complex (REPEGE), tank farm (Bioko Oil Terminal) and the finalization of the 2016 bidding round (EG Ronda 2016). Equatorial Guinea’s entry into OPEC provides a new framework for cooperation on these and future energy innovations.

H.E. Gabriel M. Obiang Lima and NJ Ayuk will speak at the Africa Oil & Power conference on June 5-7 in Cape Town, where Mr. Ayuk will also launch his new book, Big Barrels: African Oil & Gas and the Quest for Prosperity.

Powered by Cameroon Concord News Group

Biya expected in China

3, May 2017

Biya expected in China 0

President Paul Biya will visit China at the invitation of the Chinese President. The information was made public by Wei Wenhua the Chinese Ambassador to Cameroon. It would be Mr.Biya’s sixth trip to a country whose volume of trade with Cameroon now stands at 1, 96 billion US dollars.

Ambassador Wei Wenhua told local newsmen recently that “Despite a gloomy global economic context, Sino-African cooperation is performing well.”  He revealed that China was helping Cameroon in constructing the Yaoundé-Douala highway, the Kribi-Lolabé highway and the Bini hydroelectric dam at Warack.

Ambassador Wenhua also pointed out that by removing the visa requirement between China and Cameroon for holders of diplomatic passports; it was a step forward in Cooperation between the two countries.

By Sonne Peter

Cameroon Concord News

Elumelu: Banking and Telecom giant partner on innovative payment system

14, March 2017

Elumelu: Banking and Telecom giant partner on innovative payment system 0

Pan-African financial services group, United Bank for Africa Plc (“UBA”) and leading European and African telecom operator, Orange have announced a strategic partnership to deliver Innovative financial services across Africa, with an agreement to jointly collaborate on the promotion of Orange Money.

Both UBA and Orange have a history of financial services innovation and their joint commitment to Africa makes them natural partners. Orange Money enables customers to transfer money from their mobile phone to other account holders domestically and abroad; as well as providing bill payment and other customer focused solutions. UBA is a leader in electronic banking, for both individual and corporate customers, and with presence in 19 African countries and over 14million customers in Africa, has one of the largest pan-African banking networks.

A Memorandum of Understanding was signed today in Paris by Tony Elumelu, Chairman UBA Group, Emeke Iweriebor, CEO UBA Africa and Marc Rennard, Chairman and CEO, Orange Middle East and Africa, committing both institutions to collaborate on the delivery of innovative and convenient payment options to customers and implement a range of mobile financial services in African countries, where UBA and Orange Money platforms operate.

Both Groups recognize the extraordinary revolution occurring in the digital banking space and are committed to providing customers with service excellence, built around efficient and trustworthy platforms. “We are delighted to see the fruition of this partnership, which is capable of revolutionizing mobile money payments across the continent and is very clear evidence of UBA’s commitment to Africa’s development and delivering financial inclusion to Africans” Tony Elumelu commented. “UBA, with its extensive network on the continent and large customer base is the banking group of choice for us in this project and we are delighted with this partnership” Marc Rennard stated.

Cameroun Info.Net

Yaounde: US ambassador paints Cameroon as key to the economies of the Congo Basin

19, February 2017

Yaounde: US ambassador paints Cameroon as key to the economies of the Congo Basin 1

The U.S. Ambassador to Cameroon, Michael S. Hoza, has described Cameroon as key to the economies of the Congo Basin. The U.S. diplomat was speaking at the “American Day” at PROMOTE in Yaounde on Thursday February 16.

Ambassador Hoza said Cameroon is the key to the entire Congo basin economy and Cameroonian youth are the key to developing their future economy.  “We believe Cameroon is the key to the entire Congo basin economy and Cameroonian youth are the key to developing their future economy,” he said during a plenary to launch the “American Day” at the exhibition Fair.

“We want to engage in the fight for Cameroon’s future—that is promoting the peace and security of the Cameroonian people by giving opportunities to the youths and unleashing their potentials for the future of Cameroon,” the Ambassador said. Some 22 American companies are exhibiting their products at the 6th edition of the major trade fair in Central Africa.

“We are bringing together corporations and entrepreneurs from all industrial sectors in order to connect Cameroonian partners with American partners,” he said before prior to a ribbon cutting ceremony of the American pavilion at the fair.

The U.S diplomat was accompanied by five government ministers; Luc Mafloir Mbarga Atangana of Trade, Prof Laurent Serge Etoundi Ngoa of Small and Medium Size Enterprises, Marie Therese Obama of Women’s Empowerment and the Family, Joseph Dion Ngute of External Relations in charge of the Commonwealth and Louis Max Ayina, secretary of state for Public Works.

CIN

International money transfers disrupted for several days in Cameroon

12, January 2017

International money transfers disrupted for several days in Cameroon 0

International money transfers have been severely disrupted for several days in Cameroon. Some local media reports have blamed the situation on the Yaounde regime’s efforts at stifling the Anglophone uprising. However, Cameroon Concord News understands the International money transfer operators such as Western Union and Money Gram have refused to be taxed on their commissions.

Since 2015, the Cameroon finance law requires that operators’ levies on transfers be taxed. The Cameroonian representatives of these products, who strongly oppose the 2015 rules and regulations, have therefore decided to suspend the activity. A journalist with a sister publication Cameroon Intelligence Report hinted that the operators have not reached an agreement with their international partners.

However, although there has been a law since 2015 and the implementing legislation has been delayed due to administrative burdens, commission fees received by local operators have never been taxed for transfers to the EU.

By Chi Prudence Asong

US President-elect says American corporations that relocate abroad will be punished

2, December 2016

US President-elect says American corporations that relocate abroad will be punished 0

US President-elect Donald Trump has said American corporations that relocate abroad will be punished under his administration. Trump made the remarks on Thursday in Indianapolis, the capital of the state of Indiana, as he announced an agreement with air conditioning manufacturer Carrier to keep jobs in the United States.

“Companies are not going to leave the United States any more without consequences. Not going to happen,” Trump told workers at the Carrier plant. “They can leave from state to state, and negotiate deals with different states, but leaving the country will be very, very difficult,” he added. During his election campaign, Trump has spoken against corporations which are leaving the United States for cheaper workforce abroad in order to earn more profit, leaving many Americans jobless.

He has vowed to bring jobs back to the United States and punish those companies which refuse to do so by imposing major tariffs on their products. Trump particularly singled out Carrier, a brand of United Technologies Corporation, saying he had been trying to convince the firm not to shift thousands of jobs to neighboring Mexico.

The Republican billionaire had warned that his administration would slap tariffs on Carrier products as they were exported back to the United States. “But I called Greg (Hayes, UTC’s chairman) and I said it’s really important, we have to do something because you have a lot of people leaving and you have to understand we can’t allow this to happen anymore with our country,” Trump said as he recalled an earlier discussion with the corporation ‘s top executive.

The company said in a statement that under the deal, negotiated by Vice President-elect Mike Pence, Indian state offered Carrier $7 million in incentives over a decade, “contingent upon factors including employment, job retention and capital investment.” Pence, the outgoing Indiana governor, said the agreement will keep about 1,100 jobs in the state. “This is a great day for Indiana and it’s a great day for working people all across the United States of America.”

Trump’s campaign had been hit with so many controversies since its inception in early 2015. But the real estate tycoon still managed to stun the world by defeating the heavily-favored Democratic candidate, Hillary Clinton, in the November 8 election by promising to make American economy better and providing jobs to the jobless.

Presstv

 

 

 

 

 

 

World Bank Operations Manager says Cameroon’s economy is strong and promising

1, December 2016

World Bank Operations Manager says Cameroon’s economy is strong and promising 0

The Speaker of the National Assembly, Cavaye Yeguie Djibril has granted audience to the Operations Manager for the World Bank in Cameroon, Elisabeth Huybens today, Thursday the 1st of December 2016.

Elisabeth Huybens was at the National Assembly to discuss the state of cooperation between Cameroon and the World Bank. During her meeting with Cavaye Yeguie Djibril, the Operations Manager for the World Bank in Cameroon hailed the country’s economic performance.

She described the economy as strong and promising in spite of the falling prices of oil and other external shocks on the international market. Belgian born Elisabeth Huybens was appointed the Operations Manager for the World Bank in Cameroon, Angola, Equatorial Guinea, Gabon and the Democratic Republic of Sao Tome and Principe since July 2015.

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