WE’RE COMMITTED TO MULTI-MODAL TRANSPORT SYSTEM –FASHOLA

The Lagos State Government has expressed commitment to the development of a multi-modal transport system to boost the business of the people and accelerate the economic growth of the state.

This, it said, was in line with its aim of expanding the current scope of its partnership with the private sector in transportation.

The Lagos State Governor, Mr. Babatude Fashola, stated this, adding that the state government was set to tap into numerous opportunities presented by the maritime sector to secure a space in marine transportation business.

Fashola was quoted in a statement on Tuesday as saying this at the second annual Nigeria Transport Award and Lecture held in Lagos and organised by the Transport Day News magazine, on Friday.

The governor, who was represented by the Permanent Secretary, Ministry of Transportation, Mr. Oluseyi Coker, said communities within the coastal region were no longer challenged in the area of moving goods and services to the mainland.

VW QUARTERLY PROFIT BEATS ESTIMATES

Volkswagen AG, Europe’s largest automaker, said first-quarter operating profit rose 22 per cent, helped by record sales at the luxury Porsche and Audi brands.

Earnings before interest and taxes increased to €2.86bn from €2.34bn a year earlier, the Wolfsburg, Germany-based manufacturer said in a statement today.

Bloomberg News reported on Tuesday, that profit beat the €2.74bn average of nine analyst estimates. Revenue gained 2.7 per cent to €47.8bn.

VW said last month that its annual sales may exceed 10 million vehicles for the first time in 2014, four years earlier than planned.

That includes deliveries by MAN SE and Scania AB, the truck divisions in which VW is seeking full ownership. Those takeovers, and plans to introduce 100 new or revamped cars through next year, are part of a strategy to overtake Toyota Motor Corporation as the global leader in auto sales by 2018.

“From a strategic point of view, the product and brand position of Volkswagen AG is the envy of the industry,” said Roman Mathyssek, a Munich-based analyst at consulting company Strategy Engineers GmbH.”

DANA AIR NAMED 2013 DOMESTIC AIRLINE OPERATOR

Dana Air Limited has announced that it has emerged the domestic airline operator for 2013.

The company was given the award by the Transport & Logistics Nigeria Limited, organisers of the Transport Stakeholders’ Excellence Awards.

A statement by the company on Monday noted that the airline emerged after a thorough screening by a team of assessors and the result was subsequently confirmed by a public opinion survey.

The transport and logistics award is an initiative designed to celebrate, encourage and project transport stakeholders who have contributed significantly towards the development of logistics and transport in all ramifications.

Commenting on the award, the Chief Operating Officer of Dana Air, Mr. Yvan Drewinsky, said the hard work and dedication the airline had put into its activities were beginning to pay off.

He said, “It’s gratifying that the airline has continued to attract positive attention and has again been voted as the airline of the year by stakeholders in the transport and logistics sector.

“More importantly, Dana Air takes this award as a vote of confidence from our discerning customers and we want to re-assure them that we will intensify our efforts at building a world-class airline in Nigeria.”

‘US MARKETS ARE NOT RIGGED’- MARY JO WHITE

The United States Securities and Exchange Commission Chair, Mary Jo White, on Tuesday responded directly to allegations in Michael Lewis’ new book about high-frequency trading markets.

“The markets are not rigged,” she told a US House of Representatives panel. “The US markets are the strongest and most reliable in the world.”

Reuters reported that White’s comments come nearly a month after Lewis’ “Flash Boys: A Wall Street Revolt,” was published. The book has re-ignited a fierce debate over the role of high-speed trading, and whether it may leave some investors at an unfair disadvantage.

Lewis alleges that high-speed traders are engaged in a form of front-running, in which the firms are able to quickly identify an investor’s desire to buy stock, rush to buy it first and then sell it back at a higher price.

UBA CAPITAL’S SHAREHOLDERS APPROVE N1.5BN DIVIDEND

Shareholders of UBA Capital Plc on Tuesday approved the 25 kobo per ordinary share dividend proposed by the directors for the 2013 financial year. This amounted to a total dividend of N1.5bn.

The shareholders, who gave the approval at the company’s first Annual General Meeting in Lagos, also reelected the directors, and the Chairman, Mr. Chika Mordi.

The reelected directors are Mr. Emmanuel Nnorom, Mr. Adim Jibunoh, Ambassador J. Shinkaiye, and Mr. Yoro Diallo.

The board had recommended the dividend after the company recorded improvements in its profit in 2013.

For instance, the group’s gross earnings rose by 241 per cent to N4.573bn in 2013 from N1.342bn in 2012; profit before tax jumped by 212 per cent to N2.634bn from N844m; while profit after tax climbed by 106 per cent to N1.763bn from N1.418bn.

FBN HOLDINGS’S PROFIT DROPS DESPITE RISE IN EARNINGS

FBN Holdings has released its result for the financial year ended December 2013 with its profit before tax declining by 2.8 per cent to N91.3bn, from N93.9bn in 2012.

Similarly, the group’s profit after tax was down by eight per cent, falling to N70.6bn in 2013 from N76.8bn the previous year.

The results, however, showed that the group’s gross earnings rose by seven per cent in the year under review to N395.9bn from N370.2bn, while its net interest income at N230.1bn represented an increase of 1.5 per cent on the N226.6bn it declared the previous year.

The bank’s total assets and customer deposits rose by 19.9 per cent and 22.3 per cent, respectively.

While total assets rose to N3.9tn from N3.2tn, customer deposit advanced to N2.9tn from N2.4tn.

Highlights of FBN Holdings’ operations in 2013, according to the group, include the acquisition of ICB West Africa operations – in Ghana, The Gambia, Sierra Leone and Guinea.

GUINNESS NIGERIA RECORDS 22% DECLINE IN PROFIT

Guinness Nigeria Plc recorded a 22 per cent drop in its profit after tax for the nine-month period ended March 31, 2014, the company’s unaudited result for the period has shown.

The result, which was posted on the website of the Nigerian Stock Exchange, showed that its PAT fell to N5.943bn in the review period from N7.633bn in the corresponding period of 2013.

The result also showed that the company’s profit before tax declined by 30 per cent to N7.824bn from N11.234bn, while its revenue fell by 11 per cent to N78.019bn from N88.058bn.

A statement from the company on Tuesday quoted the Managing Director and Chief Executive Officer, Mr. Seni Adetu, as saying the tough operating environment affected the company’s revenue negatively in the review period.

He said, “High finance costs in an increasing interest rate environment negatively impacted our overall profitability in spite of this, we continue to invest in our brand portfolio and optimisation of our market logistics. We expect that these and other initiatives will lead to improved revenues and overall performance.”