Stocks: Buckle In For A Bumpy Ride

NEW YORK (CNNMoney) -- Stocks are poised to end October with one the best monthly performances on record, but the market's wave of uncertainty is far from over.
Investors are relieved that European officials finally agreed on a plan of action aimed at tackling Europe's debt crisis last week. But they aren't yet convinced that the measures go far enough, as details about the plan and how it will be implemented remain unsettled.
"We have to keep our eyes and ears open for more risks in Europe," said Tom Schrader, managing director at Stifel Nicolaus. "There's a plan to bail out Greece, but there are still major issues in Italy and Spain, which are much bigger."
The spotlight will remain on Europe next week, as leaders of the G-20 nations gather in Cannes, with Europe's debt crisis dominating their agenda.

Euro rescue plan 'sugar rush' wears off

And with increasing signs of a recession in Europe, investors will also be tuning in Thursday to the European Central Bank's rate decision. It will be Mario Draghi's first news conference as he takes the reins from outgoing ECB president Jean-Claude Trichet.
The U.S. central bank will also be in focus. The Federal Reserve concludes its two-day meeting on Wednesday. While interest rates are widely expected to hold steady, investors will be keen to hear Chairman Ben Bernanke's assessment of the economy amid on-and-off fears of another recession.
In June, the Fed cut its growth forecast, estimating that the nation's gross domestic product will rise between 2.7% to 2.9% in 2011. According to the latest government reading, U.S. GDP picked up 2.5% during the third quarter, up from the disappointing 1.3% growth in the second quarter and the anemic 0.4% pace in the first three months of the year.
Investors will also be listening for any hints the Fed chief may make about a third round of bond buying, or QE3, to help stimulate the economy.
As long as the Fed maintains its outlook for slow, but still positive, economic growth, further intervention from the Fed is likely off the table, said Thomas Nyheim, portfolio manager at Christiana Bank & Trust Company.
The biggest beast facing the economy is still the nation's sluggish job market. The unemployment has been stuck above 9% since May 2009, and it's not expected to drop off anytime soon.
In the highly anticipated jobs report due Friday, analysts expect unemployment held steady at 9.1% in October, as the economy added 88,000 jobs.
"If the job report comes in below expectations, it would cast another pall over markets," said Stifel Nicolaus' Schrader. "A worsening job markets would create more uncertainty about whether we're going to have another recession."
Investors will also continue to monitor the health of corporate America during the final big week for third-quarter results. Over 100 S&P 500 companies are expected to open their books, including media leaders News Corp. (NWSA, Fortune 500) and Time Warner (TWX, Fortune 500), the parent company of CNNMoney, as well as Starbucks (SBUX, Fortune 500), Mastercard (MA, Fortune 500) and Pfizer (PFE, Fortune 500). 

Steve Jobs' sister: 'Death didn't happen to Steve, he achieved it'

(CNN) -- The last minutes in the life of Steve Jobs were still filled by the epiphanies and moments of inspiration that fed his inventor's mind, according to an intimate portrait provided by Jobs' sister in a eulogy published Sunday in The New York Times.
Mona Simpson's eulogy -- originally read during Jobs' memorial service on October 16 -- is a sister's celebration of a brother she knew only later in life, and a lament of losing a best friend. It weaves in words what she believed were the foundations of Jobs' genius: his humility and hard work, his love of learning and his family.
"I want to tell you a few things I learned from Steve, during three distinct periods, over the 27 years I knew him," said Simpson in her eulogy. "They're not periods of years, but of states of being. His full life. His illness. His dying."
Simpson, a writer, and Steve Jobs did not meet until they were adults. Their early family history was fragmented, but set the stage for what later became a deep-rooted friendship between two estranged siblings. After Steve Jobs' birth, his parents gave him up for adoption. Simpson was born later, and the parents subsequently divorced.

The best tidbits from the new Steve Jobs biography

 Legacy of Steve Jobs One day, Simpson said in her eulogy, when she was living in New York and writing her first novel, a lawyer gave her a call to inform her that her "long-lost brother" was rich and famous and wanted to contact her.

"Because we were poor and because I knew my father had emigrated from Syria, I imagined he looked like (actor) Omar Sharif," said Simpson.
"The lawyer refused to tell me my brother's name and my colleagues started a betting pool," said Simpson. "The leading candidate: John Travolta. I secretly hoped for a literary descendant of Henry James -- someone more talented than I, someone brilliant without trying," she said.
The man who came to meet her -- her brother -- was Steve Jobs.
"Even as a feminist, my whole life I'd been waiting for a man to love, who could love me. For decades, I'd thought that man would be my father. When I was 25, I met that man and he was my brother," Simpson said in the eulogy as published in the Times.
"When I met Steve, he was a guy my age in jeans, Arab- or Jewish-looking and handsomer than Omar Sharif," she said.
When they first met, Simpson said, she told her brother she had considered buying a computer but had waited.
"Steve told me it was a good thing I'd waited. He said he was going to make something that was going to be insanely beautiful," she said.
Jobs' life was not always a smooth ride, his sister said in her eulogy. He skidded through volatile times with Apple executives and eventually was ousted from the company he had founded.
"When he got kicked out of Apple, things were painful. He told me about a dinner at which 500 Silicon Valley leaders met the then-sitting president. Steve hadn't been invited," said Simpson.
"He was hurt but he still went to work ... Every single day," she said.

Qantas resumes flights after labor board orders end to dispute with unions

Sydney (CNN) -- Australia's Qantas Airways resumed flights Monday after a government labor board ordered it to end a dispute with its unions that grounded the airline over the weekend.
"Qantas can confirm that all domestic and international services have resumed from mid-afternoon on Monday 31 October," the airline's website said. "We are deeply sorry for the inconvenience and stress our customers have faced over the past days and months."
The first planes to depart were an international flight from Sydney to Jakarta and a domestic route from Melbourne to Sydney.
Some 100,000 passengers were impacted by the groundings, said Kira Reed, an airline representative.
Labor relations tribunal Fair Work Australia ordered an end to the labor dispute "to avoid significant damage to the tourism industry" after Qantas grounded its jets Saturday afternoon.
The airline grounded 447 flights and, ahead of the order to end the dispute, had announced it would lock out its unionized pilots, engineers, ramp, baggage and catering crews effective Monday evening.
The dispute with the unions has dragged on for 14 months, the labor board said.
Qantas argued that the unions' demands would leave the airline "seriously impaired or destroyed."
The labor board gave the two sides three weeks to reach an agreement, with a possible three-week extension if talks were making progress.
The decision "provides certainty for Qantas passengers," company CEO Alan Joyce said in a statement following the decision. He apologized to passengers.
The Australian and International Pilots Association said it hoped for a "positive outcome" from the talks, calling the decision to ground the airline a "gross overreaction" to its demands. "It is a sign that the current management has lost touch with the traveling public, its workers and the basic Australian ethos of free speech," the union said in a statement.
The labor dispute involves three unions representing air and ground staff of Australia's largest domestic and international airline.
Union officials have accused the airline of planning to outsource ground jobs at a cost of thousands of Australian jobs and of putting profits first. Pay and working conditions have also been at the center of the disputes.
The industrial action is aimed at ensuring Qantas will not have enough funds to set up overseas operations that will jeopardize job security, union officials said.
Joyce has come under fire for grounding the fleet, which was preceded by weeks of tension between the airline and its workers.
It's "a maniacal overreaction," said Richard Woodward, vice president of the Australian and International Pilots' Union.
The decision to ground the Qantas fleet, stranding thousands of passengers around the world, was unnecessary and grossly irresponsible, he said in a statement.
In a statement, the Transport Workers Union of Australia described the cancellations as "disgraceful" and aimed at destroying the airline.
Qantas, which has its headquarters in Sydney, is the second oldest airline in the world, and marked its 90th anniversary last year.
It employs about 32,500 people and flies to more than 180 destinations worldwide, according to the company website.

"Gambia Economy Remains Stable" Said Central Bank Governor

The governor of the Central Bank of The Gambia has disclosed that despite the financial market turbulence generated by the European sovereign debt crisis and world banks projection of slow growth in developing countries, the Gambia economy is steadily sustaining growth.

Amadou Colley made this revelation on Friday 28th October 2011 at a press briefing of the Monetary Policy Committee of the Central Bank.  ‘The Gambia economy continues to grow at a robust pace despite the challenging global environment. Economic growth is projected at 5.5 percent in 2011, but lower than the 6.1 percent in 2010. The economy is expected to benefit from increased value-added of agriculture and tourism’, he stated.

Below is the full text of the Central Bank governor’s statement at the briefing.

Since the last MPC meeting in July 2011, growth in some of the advanced economies has weakened against the backdrop of financial market turbulence generated in large part by the unresolved European sovereign debt crisis. Although economic growth in emerging economies is expected to continue to outperform that of the advanced economies, they are unlikely to emerge unscathed from the challenging global environment.

According to the latest World Economic Outlook, global growth is projected to slowdown to 3.9 percent in 2011 compared to 5.0 percent in 2010. Owing to strong growth in the emerging economies, commodity prices remain at elevated levels. This coupled with persistent excess demand in the major emerging market economies are contributing to broader global inflationary pressures.

The Global Food Price Index of the United Nations Food and Agriculture Organization (FAO) reached a historic peak of 238 points in February 2011, well above the peak of 213.5 points reached in 2008. Prices have since eased and in September 2011, the index was 225 points, but still 15 percent higher than in September 2010.

Crude oil prices remain elevated despite recent decrease in prices in September 2011, the largest since May 2010. Overall, oil prices decelerated by 7.4 percent in the second quarter of 2011.

The Gambian economy continues to grow at a robust pace despite the challenging global environment. Economic growth is projected at 5.5 percent in 2011, but lower than the 6.1 percent in 2010. The economy is expected to benefit from increased value – added of agriculture and tourism.

Broad money grew by 11.5 percent in the year to end-September 2011 compared to 20.1 percent a year ago. Both components of money supply increased. However, narrow money grew at a faster pace of 15.3 percent than quasi money (8.6 percent).  Reserve money rose by 13.0 percent, lower than the 20.8 percent a year ago. Although the net domestic assets (NDA) of the Central Bank of The Gambia (CBG) increased by 128.9 percent, the net foreign assets (NFA) contracted by 5.1 percent.

According to the data on Government fiscal operations, total revenue and grants in the first nine months of 2011 amounted to D3.9 billion (12.0 percent of GDP) compared with D3.8 billion (13.1 per cent of GDP) in the corresponding period in 2010.

Tax revenue decreased to D2.7 billion, or 2.3 percent. Non-tax revenue, on the other hand, increased to D404.9 million, or 14.3 percent. Total expenditure and net lending rose to D4.6 billion, or 6.3 percent, reflecting in the main, the 14.1 percent increase in current spending. Capital expenditure, in contrast, decreased by 9.6 percent during the period under review.

The overall budget balance (including grants) on commitment basis was a deficit of D714.50 million (2.2 percent of GDP) compared to a deficit of D530.0 million (1.8 percent of GDP) in the corresponding period in 2010.

As at end-September 2011, the domestic debt increased to D9.2 billion (29.5 percent of GDP) compared to D7.8 billion (27.4 percent of GDP) in September 2010. Outstanding Treasury bills, accounting for 74.0 percent of the debt stock, rose to D6.8 billion compared to D5.5 billion in September 2010.

Data on the distribution of Treasury bills by maturity indicate that the 364- day bill, 182-day bill and 91-day bill accounted for 69.31 percent, 20.51 percent and 10.18 percent of the outstanding bills compared to 65.64 percent, 21.0 percent and 13.36 percent respectively in September 2010.

Treasury bills and Sukuk Al-Salaam yields continue to decline. The 91-day Treasury bill and Sukuk Al-Salaam yields declined to 7.98 percent and 8.15 percent in September 2011 from 9.57 percent and 10.08 percent respectively in September 2010.

Similarly, the yield on the 182-day and 364-day bills decreased to 8.7 percent and 10.01 percent from 10.24 percent and 13.37 percent respectively in September 2010. The volume of transactions in the foreign exchange market contracted to US$1.56 billion in the year to end-September 2011 compared to US$1.68 billion a year earlier.

The Dalasi continues to weaken against all the major currencies. Year-on year to end-September 2011, the Dalasi depreciated against the US Dollar by 4.7 percent, Euro (6.6 percent) and Pound Sterling (0.95 percent). In nominal effective exchange rate terms, the Dalasi depreciated by about 5 percent.  Preliminary balance of payments estimates indicated an overall surplus of US$39.29 million in the first half of 2011 compared to US$39.94 million in the corresponding period of 2010.

The current account recorded a surplus of US$43.5 million, significantly higher than the US$20.7 million in the corresponding period in 2010. The goods account recorded a deficit of US$55.17 million compared to the deficit of US$49.02 million in the first half of 2010.

Imports and exports rose by 17.0 percent and 19.4 percent respectively. The capital and financial account recorded a deficit of US$4.2 million relative to the surplus of US$19.2 million in the corresponding period in 2010. As at end-September 2011, the gross official reserves totaled US$171.7 million, equivalent to 4.9 months of import cover.

According to the key financial sector indicators, the banking industry remains fundamentally sound. The average risk-weighted capital adequacy ratio was 27.1 percent in September 2011, higher than the 24.8 percent in the previous quarter. All the banks met the minimum requirement of 10.0 percent.

The industry’s assets increased slightly to D18.1 billion, or 0.12 percent from the previous quarter. Compared to the corresponding quarter of 2010, assets increased by 10.7 percent. Gross loans and advances, accounting for 30.0 percent of total assets, rose to D5.4 billion, or 6.5 percent.

Although the ratio of non-performing loans to gross loans at 13.0 percent was the same as in the previous quarter, it was below the 16.2 percent in the third quarter of 2010.. Deposit liabilities rose to D11.9 billion, or 0.04 percent over the second quarter of 2011. However, compared to the corresponding quarter in 2010, deposit liabilities rose by 9.3 percent.

According to the readings of the forward-looking business sentiment survey, the vast majority of respondents expect economic and business activity to be higher in the fourth quarter of 2011 compared to the third quarter of 2011. Also, the majority of respondents reported that current prices are higher, but expect inflation to be lower in the fourth quarter of 2011.

End-period inflation, measured by the National Consumer Price Index (NCPI) was 4.1 percent at end-September 2011, from 6.2 percent in September 2010. Average inflation (12-month moving average), however, increased to 5.2 percent in the year to end-September 2011 compared to 4.2 percent a year earlier. Consumer food inflation decelerated from 8.4 percent in September 2010 to 5.5 percent in September 2011. Non-food inflation also declined to 2.2 percent from 2.9 percent in September 2010.  Core inflation, which excludes prices of energy, utilities and volatile food items, decreased to 4.2 percent in September 2011 from 6.2 percent in September 2010.

Outlook for Inflation
Inflation is projected to be within the target of 6.0 percent in the remainder of the year premised on the continuous decline in global food and energy prices, expected increase in domestic food production and the prudent stance of monetary policy. There are, however, upside risks to the outlook mainly emanating from exogenous price shocks and the stance of fiscal policy.

Decision
Taking the above developments into consideration, including the risks to the inflation outlook, the MPC has decided to reduce the rediscount rate by 1 percentage point to 14.0 percent.

Chinese investment in Europe to surge

(Financial Times) -- In the wake of a handful of high-profile Chinese investments in companies like Volvo and a constant barrage of headlines declaring China's economic rise, some Europeans might have the impression they are already being bought up by Beijing.
This impression is reinforced by a proposal that would see China give a small chunk of its $3,200bn foreign exchange reserves to the International Monetary Fund to bail out European banks or backstop sovereign debt in the eurozone.
But while the country's huge reserves make it an important participant in international debt markets, they do not represent a piggy bank that China Inc can raid to snap up big swathes of European industry.
In fact, China's total stock of direct non-financial investment in the 27 European Union member states, while growing quickly, is still miniscule at around $15bn, according to a new study from Rhodium Group, an economic consultancy.
That represents less than 0.2 per cent of all foreign investment stock in Europe.
Europe agrees on debt crisis deal.
To put it in perspective, total Chinese investment in hard assets in Europe in recent decades is equivalent to the average weekly increase of its foreign exchange reserves in the first half of 2011.
The vast bulk of those reserves is managed under a strict mandate that does not allow it to be spent on direct investments abroad. However, Beijing is encouraging its cash-rich state enterprises to expand beyond China's borders and the country's outbound investment is expected to surge in the coming years.
According to government figures, China's global stock of outbound direct investment reached $330bn at the end of June, up from less than $30bn in 2002 but that still only accounted for about 1.6 per cent of the global total from all countries.
Given Beijing's ambitions and the size of China's economy, the Rhodium Group estimates that Chinese companies could invest as much as $1,000bn abroad between now and 2020, with much of it going to developed economies.
"China's investment interest is moving from natural resources toward developed economy assets such as brands, technology and distribution channels so places like Europe will receive a greater portion of that $1,000bn," said Thilo Hanemann, research director at the Rhodium Group.
Chinese direct investment in Europe in the first half of this year hit almost $3.3bn, exceeding the total for all of last year. If some large proposed deals in the energy, gas and PC sectors are completed, the total for this year could be as high as $8bn.
The EU and Beijing are considering opening negotiations on an investment treaty that would make it easier for Chinese companies to invest in Europe and would help counter possible protectionist sentiment in Europe.
While European officials insist the continent is open to all foreign investment Chinese officials complain that their companies are treated unfairly and regarded as a threat while investors from the US are welcomed.
Analysts say the biggest obstacles to more direct investment in Europe are Chinese companies' lack of experience in international deal-making and their inability to adapt to the legal and political environment they encounter there.
"So far we have seen very few successful stories of Chinese companies operating in Europe," said Tao Jingzhou, managing partner for Asia at Dechert law firm. "It is a struggle because of much higher costs and a very different legal structure, especially when it comes to labour laws."

6th African Economic Conference opens in Addis.-Experts call for major structural transformation of African economies

The 6th African Economic Conference opened Tuesday, 25th October 2011 at the United Nations Conference Centre in Addis Ababa, Ethiopia, with calls by experts for a major structural transformation of African economies.

With the theme: ‘Green Economy and Structural Transformation’, the four-day conference is jointly hosted by the United Nations Economic Commission for Africa (ECA), the African Development Bank, and the United Nations Development Programme (UNDP). The specific objectives of the Sixth African Economic Conference is to provide a platform for experts on Africa, both within and outside the continent, to reflect and dialogue on new directions for growth policy on the continent in order to determine the best approaches to attain the Millennium Development Goals, achieve the objectives of NEPAD and accelerate Africa’s sustainable development.

It will also help to build a common understanding of and exchange knowledge on the green economy concept among African scholars, policy makers as well as other experts in the field; To deepen the knowledge-base in the subject in the quest to meet challenges and identify opportunities in a ‘green economy’ and to share experiences on what is working and what is not in terms of policy responses and interventions; Suggest ways to reinforce capacities of governments and the private sector as well as empowering citizens in the promotion of green economy on the continent, to articulate ways of formalizing a framework for African countries to ensure that relevant green economy concerns are addressed in international, regional and national fora.

Speaking at the opening ceremony, Abdoulie Janneh, the UN Under Secretary General and Executive Secretary of the United Nations Economic Commission for Africa (UNECA) said it is now evident to all concerned that mankind needs to move from old resource intensive methods of growth in which progress has been at the expense of the environment to one in which productivity is boosted by using and managing natural resources more efficiently and effectively. He said green economy must contributes to the structural transformation of African economies, as economic activities must take account of long-term consequences for the environment and the need to preserve our common heritage for future generations while promoting improved social conditions, noting that building a green economy is therefore an important element of the solution.

According to him, the commitment to building a green economy brings its own challenges noting that switching to a green growth path may enable leap-frogging of dirty and inefficient technologies, there are more fundamental dilemmas to grapple with including costly adaptation and path dependence. “Radical changes would be required in behaviour from government, firms and consumers and matched by sufficient financial resources if this approach is to succeed.  We also face a predicament in the sense that while the pressing priority for most African countries is to promote growth that creates jobs the immediate effect of on-going growth is a short-run increase in demand for food, energy, and water that may further burden the environment.” Janneh posited.

The Gambian-born UN under Secretary General said: “It is against this background that we must examine how best the green economy can bring about structural transformation in Africa.  In doing so, however, we must note that Africa has been growing quite steadily since the turn of the new Millennium with growth rates averaging about 5%.  We therefore need to take this situation into account as we try to shift to a green growth trajectory, and especially as our major development partners are also grappling with debt, unemployment and slow growth.  Moreover, we must strive to ensure that our growth processes provide job opportunities for young people and give them hope for the future.”
To ensure that the green economy contributes to structural transformation in Africa, Janneh said we have to overcome some of the challenges outlined, and would also mean providing a persuasive vision for the green economy, promoting green growth, determining key sectoral priorities and establishing frameworks for coordination at national and international levels.

Janneh reminded African leaders that if the green economy is to drive a process of structural transformation it would be important to convey a clear vision to all stakeholders of what it entails and what is required to bring it about.  Creating awareness about the concept is an important and necessary first step in meeting this very important requirement, just as it would be necessary to highlight its potential contribution to growth and structural transformation. He said Africa has an abundance of natural resources such as minerals, fisheries, forests, wind, hydro and solar which provide it with options for their long-term use in an eco-friendly manner. He added that the green economy would also need to be properly coordinated with on-going processes and must therefore be integrated in national development plans and strategies pointing out that African countries like Ethiopia, Kenya, Morocco, Rwanda and South Africa are good examples of how the green economy could be used to create jobs, generate energy and aim towards carbon-free targets.  In addition, he said governments also have a role in establishing policy frameworks that will prioritize investments in the green economy and create incentives to overcome negative externalities and encourage private actors to embrace the idea.

He then made it clear that  it is important that international governance of the environment promotes rather than hinders green growth.  “There is legitimate fear that a green economy may allow for trade protectionism and the imposition of additional policy conditionalities but this need not to be the case if we promote and adopt global norms that make it easier to produce and trade in green goods” he said. He stated that since developed economies have the resources and technological capabilities needed to undertake required changes, serious consideration should be given to how best to assist African countries to implement agreed outcomes including through the provision of accessible finance, building of local capacities, and access to green technologies. He then described the theme of the conference as relevant, apt and compelling and urged Africans to address this concern by clearly defining what we mean by the green economy and to show that it does not subtract or detract from sustainable development but rather further deepens our ability to promote the balanced integration of its economic, social and environmental pillars.

The Ethiopian Prime Minister, Meles Zenawi, stressed that green growth of utmost importance to Africa due to its abundant renewable energy sources. He said that since African economies are largely agrarian-based, any action on green growth must first target the agriculture sector. He also stated that structural transformation can only take place with a massive increase the production of energy in Africa, from renewable sources. And added that Ethiopia had already embarked on such a programme, that will increase energy generation five-fold in the next five years. “By 2025, when we expect to be a middle-income country, we will have close to zero net emissions of carbon in our economy,” he said.
The Chairperson of the African Union Commission, Jean Ping, said the theme of the meeting was very timely and will help Africa’s preparations for the CoP17 negotiations later this year in Johannesburg, South Africa; and the Rio + 20 meeting in Brazil in June 2012.

Ping quoted the famous political economist, Thomas Malthus, who once said: “The power of population is indefinitely greater than the power in the earth to produce subsistence for man.” He made it clear that he was not a Malthusian, and said green economic growth would be the solution to population pressures. He also noted that the 2011 Economic Report on Africa, jointly published by the African Union Commission and the Economic Commission for Africa, calls on the state to intervene in economic activities to guide development, and said the developmental state would be central to progress in Africa.

Tegegnework Getu of UNDP noted that although African countries had achieved impressive growth rates in recent years, this had not led to a significant improvement in the lives of Africans. He therefore called for a new economic development model such as green growth. “African countries must achieve much-needed advances in human development without replicating the unsustainable practices of those already there; improve the utilisation of their natural resources, including the new discoveries of minerals and hydro-carbons, such that critical environmental systems functions that are preserved and so that the human development of current and future generations is maximised,” Getu said.

Mthuli Ncube, the vice president and chief economist of the African Development Bank, pointed to the difficulties that the global economy is currently facing and the dangers this can pose to African economic prospects. He said African policy-makers therefore have a responsible to manage African economies to shield it against external shocks and to promote global growth. He added the continent also needs to access more funds available for climate change adaptation and called for the creation of a climate change fund that is specific to Africa.

The African Economic Conference will finally inform the 17th United Nations Framework Convention on Climate Change, which takes place in Durban, South Africa from 28 November to 9 December 2011 and will also help the continent to prepare for the United Nations Conference on Sustainable Development (Rio+20) to be held in Rio de Janeiro, Brazil, on 4-6 June, 2012.

Outgoing GTBank MD bids farewell to VP

The outgoing managing director of Guaranty Trust Bank Ltd (GTBank) Friday bade farewell to the vice president and minister of Women’s Affairs, Aja Dr Isatou Njie-Saidy at State House.

Olalekan Sanusi, who was accompanied to State House by the incoming MD, Olufemi Omotoso, used the opportunity to thank the Gambian officials for the remarkable support rendered over the years as well as ensuring a business-friendly environment.

The outgoing MD, who is taking up a new appointment in Accra, Ghana, further stated that they deem it prudent to pay a courtesy call on VP Njie-Saidy, so as to introduce his successor to the Gambian officials.

He described the new MD as a man with a vast wealth of experience, who had previously worked at their branch in Liberia before taking up the Banjul assignment.

Sanusi also commented on The Gambia’s banking performance in recent times saying it is a country where business is viable due to its political stability.

He stated that the bank is a responsible corporate institution and that they pay corporate taxes which amount to millions of dalasi annually.

“Currently, we employ about 250 Gambians and we are committed to transfer the knowledge and skills in fulfillment of the South-South Cooperation,” he added.

Sanusi also hailed the authorities for ensuring stability in the country. “The Gambia is a safe haven to me and the authorities have demonstrated a high level of confidence on us to do business here,” he concluded.

On his part, the incoming MD, Olufemi Omotoso, expressed similar sentiments and thanked the Gambian authorities for creating the enabling environment for businesses to operate successfully in the country.

In her response, VP Njie-Saidy thanked the outgoing GTBank MD for the efforts he put in while serving in the country. She also welcomed his successor on behalf of the Gambian leader and the entire citizenry.

She assured that the Gambia government is appreciative of the bank’s intervention in the development of the country and thanked the officials for their efforts.

She further assured that the Gambia government has placed a lot of confidence and trust on the bank, which she said, is as a result of the bank’s remarkable performance.

The vice president finally assured the new GTB MD of government’s full time support in creating the enabling business and policy environment for businesses to thrive.

Alhagie Saihou Denton, GTBank Group head of Public Sector also thanked the leadership of the country for creating an enabling environment to conduct business.  Babou Gai, head of Corporate Affairs, GTBank chaired the occasion.