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Tuesday, October 25, 2022

GTCO posts N66 billion pre-tax profits for third quarter of 2022


 


Guaranty Trust Holding Plc has released its unaudited consolidated and separate financial statements for the third quarter period that ended September 30, 2022.

The report shows that the bank grew its third-quarter pre-tax profit to N66.4 billion up by 12.93% when compared to the corresponding quarter of 2021 where it posted N58.8 billion. 

The company’s profits were boosted by strong revenue growth during the quarter which saw the bank grow net interest income from N55.8 billion to N66.8 billion.

Income from commissions and fees also rose from N14.9 billion to N18.8 billion during the quarter.

GTB earnings per share for the quarter rose from N1.78 per share to N1.88 per share. (Nairametric)

Sunday, October 23, 2022

Flying car that could turn to biplane launched



At a launch event at Draper University in San Mateo, California, a start-up revealed how its flying car hopes to take off.

Alef bills its still-in-development electric vehicle, the Model A, as the first true flying car – a vehicle that it hopes will look like a sleek electric car but be capable of vertical take-off, and able to fly for 110km (68 miles).


According to a BBC report, the firm hopes to compete in a market occupied by well-advanced rivals, such as AirCar and the Pal-V gyrocopter that are already flying and driving.


But Jim Dukhovny, Alef’s chief executive and co-founder, argues most existing vehicles are not strictly flying cars in his opinion.


“A flying car has to be a car, which means it can drive on a regular street, park in a regular parking space. And it also should have vertical take-off,” he told the BBC.

"If you require an airport to take-off, what problem are you solving? And why is this a flying car?”

The top surface of the Model A’s car-like exterior is a mesh so that air can pass through to eight propellers inside the body which provide lift.

But flying any distance using these alone, without the assistance of wings, would require prohibitive amounts of power.

After a vertical lift-off, the Model A will turn onto its side, the two-person cockpit swivels so the driver remains facing forward, and the car becomes a biplane with the long sides of the vehicle forming the top and bottom wings.


The classic biplane shape, with two wings, one on top of each other, is easier to see in the Model A if you imagine the mesh in-between the solid sides being removed. Alef has also produced a video visualising the transition.

A screen capture of the launch video showing an illustration of the Alef in flight

Forbes observed that the way it would fly resembles the Opener Blackfly, an existing vertical take-off electric aircraft.

Bringing flying and driving together adds weight, electric power also means heavy batteries.

“The design is right on the ragged edge of what the physics and technology can do, which is where you would expect it to be,” says aeronautical engineer Professor Steve Wright of the University of the West of England. (Punch)

Buhari Commissions Major Oil Terminal In Lagos

 

Executive President of Nigeria

President Muhammadu Buhari on Saturday commissioned the Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos, saying the operations of the facility have eased congestion in the Apapa area, reduced cost and delivery of petroleum product distribution to many parts of our country.

In a video message at the inauguration of the facility, the President congratulated the Chief Executive Officer of Pinnacle Oil and Gas Limited, Peter Mbah, for establishing the massive terminal facility and providing hundreds of jobs to Nigerians.

Assuring investors of the continued support of the Federal Government in efforts to elevate the growing prosperity of the country, President Buhari said: ”Provision of energy security is one of the cardinal points of our administration.


”We have recognized that seamless supply and distribution of petroleum products is challenged by infrastructure deficit and complicated by the congestion in the Apapa areas of Lagos since the start of our administration in the year 2015.


”We provided targeted support to the energy industry by providing an enabling environment, including regulatory facilitation, to ensure investment in critical infrastructure.


”I am happy today that Pinnacle Oil and Gas limited leveraged the opportunities and established this massive terminal facility.

”I am happy today that Pinnacle Oil and Gas limited leveraged the opportunities and established this massive terminal facility.


”I am happy to also note that further expansion works which are starting will further provide incremental value, especially more employment to our teeming youth population.


”The success of our agenda to transform our country is clearly demonstrated by this massive investment and the obvious contributions it has made to our overall economic well-being.”



Culled from: Osbc.ng

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