The Nigerian Stock Exchange has announced that it has released its Interpretative Guidance on the Circuit Breakers’ Rule, Rule 15.46 of the Rulebook of The Exchange, 2015.

The Rule became effective on January 15, 2016. The Exchange also notified the market of the Securities and Exchange Commission (SEC)’s January 19, 2016 approval of amendments to the Rule.

The implementation of The Exchange’s circuit breaker system is consistent with the procedures prescribed by the World Federation of Exchanges in its 2008 Report on Circuit Breakers, as well as the International Organisation of Securities Commissions in its 2002 Report on Trading Halts and Market Closures.

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The Nigerian Stock Exchange, a company limited by guarantee, services the largest economy in Africa and is championing the development of Africa’s financial markets. The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services, and more.

The Nigerian Stock Exchange continues to evolve to meet the needs of its valued customers, and to achieve the highest level of competitiveness. It is an open, professional and vibrant exchange, and the Entrepreneurial Growth hub of Africa. The Nigerian Stock Exchange aspires to be Africa’s foremost securities exchange, connecting Nigeria, with the rest of Africa and the world.

China’s foreign exchange reserves have fallen to their lowest level in more than three years, the central bank said Sunday, as Beijing sells dollars to stop the yuan from depreciating further.

The world’s largest currency hoard shrank by $99.5 billion in January to some $3.2 trillion, the People’s Bank of China said on its website, the lowest since May 2012.

Worries about China’s economy have pushed the yuan to a five-year low. The country saw its first-ever annual decline in foreign exchange reserves last year as Beijing tried to prevent a more drastic devaluation.

The PBoC is selling dollars to buy yuan amid a capital flight spurred by the slowing growth in the world’s second largest economy.

But some analysts predict a more drastic weakening of the yuan this year and question China’s ability to continue rapidly shedding the reserves.

“While the remaining reserves represent a substantial war chest, the rapid pace of depletion in recent months is simply unsustainable,” IHS Global Insight economist Rajiv Biswas told Bloomberg News.

Outflows increased “as expectations mount that the PBoC will eventually be forced to capitulate once its reserves are sufficiently depleted”, he added.

George Magnus, Economic Commentator and Associate at Oxford University’s China Centre, wrote on twitter: “China’s fx reserves fell another $100bn… clearly this can’t go on for long.”

The pace of decline in the reserves in January was slower than December, which at some $108 billion was the largest monthly drop on record.

China has also tightened some capital controls to try to curb outflows.

“The smaller decline in the reserves suggests that some capital outflow restrictions imposed in January worked,” Shen Jianguang, Chief Asia Economist at Mizuho Securities, wrote in a note.

The drop in February will be much smaller, he added.

China has set its growth target for this year at between 6.5-7 percent, the top economic planner said, an acknowledgement that expansion — already at its slowest pace in 25 years — will continue to weaken.

Global investors are closely watching the slowdown in the world’s second largest economy, which has created turbulence in world markets.

Private equity firms have invested $21.6 billion in Africa through 823 transactions from 2010 to 2015. This was revealed by a report from the African Private Equity Venture Capital Association (AVCA) published on February 1, 2016.

The report shows that West Africa was leading in terms of number of transactions conducted (25%) and the value of these transactions (25%) over the period considered.

South Africa who attracted in the 2000s more than 33% of the value of investments of private equities in Africa has fallen behind. Indeed, from 2010 to 2015 the rainbow nation attracted 25% of these transactions and 15% of their overall value.

In Africa, the main sectors to have attracted funds from Private equity over the past six years are telecommunication (31% of total value of investments), infrastructure (16%), financial services (11%), energy (10%) and consumption goods (9%).

The report also reveals that private equity funds raised $16.2 billion for Africa over the period. Half of the funds to have raised this money are regional, meaning they focus on a single African sub-region while a third of these funds was SSA (Sub- Saharan Africa)-focused. The rest are pan-African funds.

In 2015 only, transactions conducted by investment funds active in Africa amounted to $2.5 billion against $8.1 billion in 2014.
Last year, funds raised increased to $4.3 billion against $1.9 billion in 2014.

AviaDev Africa, a unique platform bringing together airlines, airports, hotel and hospitality investors for the first time, is being launched this year in Rwanda.

The inaugural forum on aviation route planning and development will run in parallel with the prestigious Africa Hotel Investment Forum (AHIF), providing government and industry with a valuable opportunity to take a strategic approach to the expansion of travel across the continent.

Leading airline, airport and hotel executives, alongside government representatives, will be able to explore the crucial link between aviation and hotel investment and discuss potential new airline routes in exclusive one-to-one meetings.

The conference is timely. 7 of the 10 fastest growing passenger markets over the next 20 years will be in Africa, according to a 2015 IATA Report, and Rwanda, the host country, is among them.

The event will include workshops on the rise of the “airport city” in Africa, organised by leading experts Wiedemann Consultants GmbH, as well as the environmental factors needed for success. International consultants, InterVISTAS, will also run a route development master-class.

Delegates will have the opportunity to organise route development meetings with a range of airports and airlines to help realise Africa’s full potential.

AviaDev Africa will open at the Radisson Blu Hotel and Convention Centre in Kigali on 4 October, joining the main AHIF conference on 5 and 6 October.

Jonathan Worsley, Chairman of Bench Events, which organises AHIF, said:
“AviaDev Africa will be a valuable opportunity for leading executives from aviation and hotel development to have some serious and fruitful discussions on how to develop the future connectivity of the continent.”

Mario Fulgoni, CEO of Air Djibouti, said:
“We need to get at a high level, the airline community and hotel investors and brands together to have a co-ordinated response. Africa is a little different to Asia, Europe and the States, because the hotels are really not in place. My view is that if you build it they will come.

The hotel owners would say if we had the services, we’d build the hotels. So we’ve got to get past the chicken and egg situation. Build a co-ordinated investment programme so we can develop the two things side-by-side.”
Belise Kariza, Chief Tourism Officer at the Rwanda Development Board, said:

“We want to showcase Rwanda as a key destination to do business. The AHIF conference is a vital part of that, and the addition of a forum focused on aviation developments, AviaDev, provides an important platform for the aviation and hotel sectors to discuss future development projects and forge new relationships.”

AHIF is the premier hotel investment conference in Africa, attracting over 500 high-calibre executives from 45 countries, as well as key Government representatives.

Ringier is restructuring its international market set-up for the beginning of the new year.

On the first of January, Ringier Africa and Asia have implemented various changes, further supporting the strong growth of its international markets, with additional personnel and international support.

After a successful 2015 with strong growth across all core businesses and countries on both continents, the accomplishment of important milestones, including the new market entry in Myanmar, Ringier introduced a new international setup which will ensure further growth in quality and efficiency for future expansions.

To facilitate this, Leonard Stiegeler, former General Manager, Ringier Nigeria & Head of Ringier, West Africa has been appointed to the new position of General Manager, Ringier Africa.

Former Head of New Business Implementation, Ringier AG, Florent de Rocca-Serra will take the new position of General Manager Ringier Asia Pacific.

Jessica List, formerly part of Ringiers M&A and Business Development team will take the new position of CFO Africa. Jessica Stiles, former Head of Marketing International Markets becomes CMO Africa & Asia.

All of these positions will be reporting into the current CEO Asia & Africa, Robin Lingg, who has been elected to the Group Executive Board of Ringier AG in December.

Julian Artopé, current Director, Ringier Africa will pursue an MBA by the end of March after four years of building Ringiers African business on the continent. Mark Slade, former Head of the Digital Marketing Agency, RDM in Nigeria, will take over the position as General Manager, Ringier Nigeria.

To further support the risen complexity in Ringier’s fast-scaling operations, four dedicated teams were established for each of the African business models Classifieds, Content, E-Commerce and Digital Marketing. Each will consist of a dedicated team supporting their field in Marketing, Business & Operations and Product Development.

Robin Lingg, CEO Ringier Africa and Asia:
“With the high speed and growth of our digital business in Africa and Asia, we were in need of stronger support structures to facilitate further aggressive scaling of our business.

Through this evolution of the organisation I’m convinced we’ll be able to further boost and expand our leading market positions in Classifieds, Content, E-Commerce and Digital Marketing across all our markets.

We have a proven and highly experienced team of which I’m very happy to see so much internally promoted leadership emerge. I also would like to thank Julian Artopé, who has been essential for building this organisation on the ground and has been a key part for the success of Ringier.”