Gold Exchange Limited has unveiled a business initiative called pawn loans designed to alleviate poverty and give partners easy access to cash.
Gold Exchange Executive, Mr. Victor Okezie, who launched the initiative in Lagos, explained how a pawn loan works. He said: “A customer that is interested in pawn loan brings in an item of value to the pawn broker who offers a loan that is based on a percentage of the item’s estimated value. The pawnbroker then keeps the item until the customer repays the loan with interest.”
According to him, pawn businesses are licensed and regulated by government. Continuing, he said: “On average, customers receive only a portion of the items retail value. Remember that the pawnbroker is loaning money on the items, not buying them. Therefore, the pawnbroker must consider the costs of storage, security, and future demand for the item, along with the resale value if the loan is not repaid.”
However, in order to secure a pawn loan, customers need to provide an item of value like gold, silver, platinum to the pawnbroker.”
“The pawn loans do not require any credit checks, bank account or co-signer, it is the easiest kind of loan to secure. Defaulting on pawn loan can never affect your credibility or damage the borrower’s reputation. Since the loan is based on a collateral, it is already considered as paid in full, when the item is handed over to the pawnbroker. However, the transaction must be kept legal,” he said.
Okezie said the business is targeted at alleviating poverty given the current economic downturn. “We saw a need for it to bridge the gap that emanates when a man or a woman is in need of quick cash to pay school fees, house rent or other pressing needs,” he said.
Egypt, Toyota Tsusho discuss manufacturing natural gas-powered microbuses
CAIRO – 13 October 2019: Egypt and Toyota Tsusho discussed on Sunday how the giant Japanese company can contribute to the government’s plans to manufacturing natural gas-powered microbuses.
During his meeting with President and CEO of Toyota Tsusho Mr. Ichiro Kashitani, Prime Minister Mostafa Madbouli emphasized Egypt’s keenness to best utilize its resources by reducing diesel exports’ expenses and transferring diesel-fueled vehicles to natural gas-powered ones or to bi-fuel vehicles that are capable of running on two fuels (natural gas and gasoline) through offering payment facilities.
Mabdouli further stressed that the transfer process needs to be implemented through manufacturing companies that working on Egypt’s soil, in order to enhance local manufacturing, and transfer expertise, according to a cabinet press statement about the meeting. He also ensured that the government is serious in its plans to implementing the transfer process through providing funding programs and incentives to encourage owners of old microbuses.
These ambitions go the lines with the government’s latest unveiled plan in August, aiming to turn 50,000 vehicles into gas-powered annually.
Mabdouli also stressed the government’s readiness to discuss the details of the implementation of the program and accelerate the process according to a specific schedule.
For their part, Toyota Tsusho delegation presented their proposal of “manufacturing high quality microbuses in a way that will meet the Egyptian government’s converting the fuel-powered vehicles.”
In a previous interview with Business Today Egypt magazine, Toyota Tsusho Kashitani explained his company’s strategy about using diversified fuels, based on the global trend to electrification, while maintaining an environment-friendly technology.
“In order to realize the fuel transfer plan by government, natural gas field development would be necessary to be accelerated and we are ready to support it by expansion of the offshore rig project as referred above,” Kashitani added during the interview.
Messe Frankfurt studies holding international textile exhibition in Egypt
Shirts- CC via Maxpixel/ Sony Ilce-7
CAIRO – 19 May 2019: Messe Frankfurt Exhibition GmbH is studying holding an international fair for textile products in Egypt for the first time, announced Egypt’s Ministry of Trade and Industry in a statement on Sunday.
“The exhibition will be an important platform for bringing together exporters and importers from around the world to exchange experiences and views in this field,” the statement read.
The exhibition comes in light of Egypt’s strategic plan to be a trade hub serving the African countries, the ministry said, noting that the country aims to be an international center for all international exhibitions.
Member of the Executive Board of Messe Frankfurt GmbH Uwe Behm said that the company has been cooperating with Egypt for 100 years, adding that the company aims to hold this big international exhibition due to Egypt’s distinguished and strategic geographic place in Africa and in the Arab World.
Durban Car Terminal handles over half a million fully built units
DURBAN – The Durban Car Terminal broke a South African (SA) record, handling over half a million fully built units (FBU) in the 2018/19 financial year.
Amanda Siyengo, the Transnet Port Terminals (TPT) General Manager for Bulk, Break Bulk and Car Operations said, “A combination of a shift in the operating model, improved planning, dedicated operational teams and collaboration with customers and shipping lines have seen the terminal exceed its annual average of 480 000 FBU”.
This has resulted in the terminal handling 510 936 FBU which comprises of passenger, commercial, static mafi cargo and high and heavy vehicles.
The terminal had undergone an operating model change which entailed taking over the outsourced driving service function so that it was handled internally. Siyengo added that this achievement had not been an easy task, commending terminal management on and improving efficiencies such as units handled per hour with and ship working hours
“Facilitating seamless logistics planning and operational execution for original equipment manufacturers plus collaboration with shipping lines, is very critical in eliminating bottlenecks and ensuring that automotive exports and imports are handled efficiently for the South African economy,” said Siyengo.
The Durban Car Terminal is also focusing on creating more storage capacity to meet the industry demand, driving a high performance culture and being innovative in solutions it provides. Introducing the automated service instruction entry (SIE) to over 100 customers, supply chain partners and various other stakeholders is an initiative that is work in progress however, improves the SARS clearance process from 72 to 24 hours.
There have also been significant investments in the SA automotive sector that supported higher production capacity which led to better than expected export volumes countrywide.
The Department of Trade and Industry’s Automotive Production and Development Plan incentivizing the industry for increasing local content from 38% to 60% ex-factory price, has also played a significant role in increased numbers after its introduction in 2013. SA’s motor industry currently builds about 600 000 vehicles per annum, which is 0.7 percent of the global consumption. The SA government would like to see this grow to about 1 percent in 2035 when the SA Automotive Masterplan expires.
SA, through TPT’s Durban Car Terminal is the single largest car terminal in Africa. They have previously created a web-based, general cargo operating system called GCOS which enhances security of break bulk cargo and automotive, offering simple user interface and greater data integrity compared to the old manual method.
GCOS is a commercial product that some of the West African terminals are already utilizing and one of these is the Port of Cotonou in Benin.
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