• This Day (Nigeria) aagm: Political Economy of Sustainable Democracy in Nigeria (2)

Investments 8 - -

Fixed assets

Tangible 27 - 31

Current assets

Debtors 2,774 3,042 2,823

Cash at bank

and in hand 28 19 25

---------- ---------- -----------

2,802 3,061 2,848

Creditors: amounts falling due within (690) (334) (533)

one year

---------- ---------- -----------

Net current

assets 2,112 2,727 2,315

---------- ---------- -----------


Total assets less current
liabilities 2,147 2,727 2,346

Creditors: amounts falling due after (638) (699) (638)

more than one year


Provision for liabilities
and charges - (30) (30)

---------- ---------- -----------

Net assets 1,509 1,998 1,678

========== ========== ===========


Capital and reserves Called up share capital 738 724 738 Share premium account 1,344 1,316 1,344 Profit and
loss account (573) (42) (404)

---------- ---------- -----------

1,509 1,998 1,678

========== ========== ===========


Consolidated Cash Flow Statement (unaudited) For the period ended 30 September 2004
6 months ended 6 months ended Audited for the

30 September 30 September year ended 31

2004 2003 March 2004

£'000 £'000 £'000


Net cash inflow/(outflow) from operating activities 47 (673) (586)
Returns on investments and servicing of
finance (40) (7) (38)

Taxation receipt - - 2

Capital

expenditure (8) (33)

---------- ---------- ----------

Cash outflow

before finance (1) (680) (655)

Financing - 699 680

---------- ---------- ----------


Net (decrease)/increase
in cash (1) 19 25

========== ========== ==========


Notes to the Interim Results
1. Basis of Preparation
The results for the six months ended 30 September 2004 are unaudited and have not been reviewed by the auditors. They have been prepared on accounting basis and policies that are consistent with those used in the preparation of the financial statements of the group for the year ended 31 March 2004.
The financial statements contained in this report do not constitute statutory accounts within the meaning of Section 240 of the Compliance Act 1985. The results for the year ended 31 March 2004 were reported on by the auditors. However, those accounts received a qualified audit opinion due to a deposit of £2,566,000 shown within the debtors which was not possible to verify. This position has still not been resolved.
Full accounts for the year ended 31 March 2004 have been delivered to the Registrar of Companies.
2. Dividends
No dividend is proposed for the period ended 30 September 2004.
3. Taxation
No taxation is expected to arise on the result for the period due to tax losses incurred during the period.
4. Loss per Share
The loss per share for the six months ended 30 September 2004 has been calculated on the basis of the loss after taxation for the period of £169,000 and the weighted average number of shares in issue during the period of 7,378,090.
5. Net cash (outflow)/inflow from operating activities
6 months ended 6 months ended Audited for the

30 September 30 September year ended 31

2004 2003 March 2004

£'000 £'000 £'000

Operating loss

before interest (129) (159) (492)


Depreciation, amortisation and impairment 4 - 2 Decrease/(increas e) in debtors 49 (461) (242) Increase/(decrease
in creditors 123 (53) 146

---------- ---------- ----------


Net cash inflow/(outflow) from operating
activities 47 (673) (586)

========== ========== ==========


Notes to the Interim Result (Continued)
6. Reconciliation of net cash flow to movement in net funds/debt
1 April 2004 Cash flow 30 September

movement 2004

Cash at bank and in hand 25 3 28

Bank overdraft (8) (4) (12)

---------- ---------- ----------

Short term investment in

cash less bank overdrafts 17 (1) 16

Debt due after one year (638) - (638)

---------- ---------- ----------

Net debt (621) (1) (622)

========== ========== ==========


7. Copies of the Interim Results will be sent to Shareholders shortly and will be available to members of the public from the Company's registered office, 1 Garrick House, Carrington Street, London W1J 7AF.
This information is provided by RNS The company news service from the London Stock Exchange
Document RNS0000020041222e0cm003bh

Worldwide PC Market To Double By 2010
821 words

19 December 2004

03:04 PM

LiquidAfrica Holding Limited

LQAF

English

(c) 2004 Liquid Africa, All Rights Reserved.
Dec 19, 2004 (LiquidAfrica via COMTEX) --
By the end of the decade, the number of personal computers in use worldwide will reach almost 1.3 billion, up from 575 million today, according to a new report by Forrester Research, Inc. (Nasdaq: FORR) that sized PC adoption rates across 16 emerging markets such as China, Russia, and India.
Mature markets in the US, Europe, and Asia-Pacific will add 150 million new PCs to the world market by 2010. More significant growth will come from emerging markets, for which Forrester forecasts that 566 million new PCs will be in use by 2010, up from 75 million in 2003, a 31% CAGR.
Competition for market share will pit industry leaders like Dell and HP against local emerging market manufacturers and fundamentally change the rules of the game. Price will be the key driver of the pace of adoption. "Today's products from Western PC vendors won't dominate in those markets in the long term," says Forrester Senior Analyst Simon Yates. "Instead, local PC makers like Lenovo Group in China and Aquarius in Russia that can better tailor the PC form factor, price point, and applications to their local markets will ultimately win the market share battle."
EMERGING NATIONS: PROJECTIONS FOR 2010
-- China. China will see 178 million new PC users.
-- India. India will get 80 million new PC users. Despite gaining prominence as a center for outsourcing, India today has one of the lowest adoption rates in the world. However, PC adoption
will grow at a 37% annual rate through the end of the decade.
-- Indonesia. There will be 40 million new PC users in Indonesia (40% growth per year -- from 2.6 million in 2003 to 40 million).
-- Mexico. Forty-six percent of Mexicans will own a PC -- the deepest penetration of PCs as a percentage of population of all 16 emerging markets analyzed.
PC ADOPTION TO OCCUR IN THREE WAVES IN EMERGING MARKETS
Western PC manufacturers will win the first round, but local manufacturers will dominate in the long term.
-- Wave 1: wealthy urbanites. Wealthy urbanites, educated, brand-conscious, sophisticated PC users, started with entry-level PCs but now demand more power from their PCs and are motivated to purchase technology from Western firms like Dell, HP, and IBM.
-- Wave 2: middle-class literates. This group represents the sweet spot for PC unit volume sales. They are educated consumers, first-time PC buyers, and are targets for local PC makers that tailor the PC form, price points, and application
to local market conditions. They are also price-conscious and brand-irrelevant.
-- Wave 3: rural mass market. It'll be a long-term challenge for the PC industry to attract this segment to the PC platform; they are likely to choose PC alternatives, such as smartphones. This group is rural, low-income, and very price-sensitive. They lack community infrastructure, funding, communications, and reliable power sources to support PC platforms.
WHAT IT MEANS
Forrester believes the PC industry must innovate to thrive. To grow emerging markets beyond the early adopters, firms must develop a new generation of PC products that are affordable, simple, localized, useful, durable, and serviceable.
-- Western versus local PC builders. The advantage goes to the locals, as evidenced in the announced sale of IBM's PC unit to China's Lenovo Group, demonstrating IBM's understanding that a
majority of the growth in the PC sector will come from emerging markets and be led by local manufacturers.
-- Windows versus Linux. The advantage goes to Linux. Establishing the Windows platform in these new markets will be an uphill battle. No Windows legacy in these markets means that local manufacturers can drive down prices by installing
Linux instead.
-- Wired versus wireless providers. The advantage goes to wireless. Investments in landline networks outside major city centers won't pay off, so rural populations must wait for new
wireless technologies like WiMAX and 3G GSM networks for connectivity. In China, for example, Nokia and Siemens have invested heavily in new GSM network coverage for China Mobile and China Unicom, the largest mobile service providers in the country.
The 16 emerging markets analyzed in this report include, in order of population size: China, India, Indonesia, Brazil, Pakistan, Russia, Nigeria, Bangladesh, Mexico, Philippines, Vietnam, Egypt, Ethiopia, Turkey, Iran, and Thailand.
The research report mentioned in this release, "Sizing The Emerging-Nation PC Market," is available to Forrester WholeView 2(TM) clients and can be found at www.forrester.com . Forrester is an independent technology research company that provides pragmatic and forward-thinking advice about technology's impact on business.
Business, marketing, and IT professionals worldwide collaborate with Forrester to align their technology investments with their business goals.
Forrester offers products and services in four major areas: Research, Data, Consulting, and Community. Established in 1983, Forrester is headquartered in Cambridge, Mass. For additional information, visit www.forrester.com .
Document LQAF000020041219e0cj0000g

CORRECTING and REPLACING Forrester Research: Worldwide PC Market To Double By 2010; Rise of emerging markets fuels growth; presents challenges for Dell and HP
1,031 words

15 December 2004

01:25 PM

Business Wire

BWR

English

(c) 2004 Business Wire. All Rights Reserved.
CAMBRIDGE, Mass. - (BUSINESS WIRE) - Dec. 15, 2004 - Please replace the original release with the following corrected version which clarifies that the projections represent the number of PC units not users.
The corrected release reads:
FORRESTER RESEARCH: WORLDWIDE PC MARKET TO DOUBLE BY 2010
Rise of emerging markets fuels growth; presents challenges for Dell and HP
By the end of the decade, the number of personal computers in use worldwide will reach almost 1.3 billion, up from 575 million today, according to a new report by Forrester Research, Inc. (Nasdaq: FORR) that sized PC adoption rates across 16 emerging markets such as China, Russia, and India.
Mature markets in the US, Europe, and Asia-Pacific will add 150 million new PCs to the world market by 2010. More significant growth will come from emerging markets, for which Forrester forecasts that 566 million new PCs will be in use by 2010, up from 75 million in 2003, a 31% CAGR.
Competition for market share will pit industry leaders like Dell and HP against local emerging market manufacturers and fundamentally change the rules of the game. Price will be the key driver of the pace of adoption.
"Today's products from Western PC vendors won't dominate in those markets in the long term," says Forrester Senior Analyst Simon Yates. "Instead, local PC makers like Lenovo Group in China and Aquarius in Russia that can better tailor the PC form factor, price point, and applications to their local markets will ultimately win the market share battle."
EMERGING NATIONS: PROJECTIONS FOR 2010
-- China. China will see 178 million new PCs.
-- India. India will get 80 million new PCs. Despite gaining prominence as a center for outsourcing, India today has one of the lowest adoption rates in the world. However, PC adoption will grow at a 37% annual rate through the end of the decade.
-- Indonesia. There will be 40 million new PCs in Indonesia (40% growth per year -- from 2.6 million in 2003 to 40 million).
-- Mexico. Mexican PC penetration will reach 46 PCs per every 100 people -- the deepest penetration of PCs as a percentage of population of all 16 emerging markets analyzed.
PC ADOPTION TO OCCUR IN THREE WAVES IN EMERGING MARKETS
Western PC manufacturers will win the first round, but local manufacturers will dominate in the long term.
-- Wave 1: wealthy urbanites. Wealthy urbanites, educated, brand-conscious, sophisticated PC users, started with entry-level PCs but now demand more power from their PCs and are motivated to purchase technology from Western firms like Dell, HP, and IBM.
-- Wave 2: middle-class literates. This group represents the sweet spot for PC unit volume sales. They are educated consumers, first-time PC buyers, and are targets for local PC makers that tailor the PC form, price points, and application to local market conditions. They are also price-conscious and brand-irrelevant.
-- Wave 3: rural mass market. It'll be a long-term challenge for the PC industry to attract this segment to the PC platform; they are likely to choose PC alternatives, such as smartphones. This group is rural, low-income, and very price-sensitive. They lack community infrastructure, funding, communications, and reliable power sources to support PC platforms.
WHAT IT MEANS
Forrester believes the PC industry must innovate to thrive. To grow emerging markets beyond the early adopters, firms must develop a new generation of PC products that are affordable, simple, localized, useful, durable, and serviceable.
-- Western versus local PC builders. The advantage goes to the locals, as evidenced in the announced sale of IBM's PC unit to China's Lenovo Group, demonstrating IBM's understanding that a majority of the growth in the PC sector will come from emerging markets and be led by local manufacturers.
-- Windows versus Linux. The advantage goes to Linux. Establishing the Windows platform in these new markets will be an uphill battle. No Windows legacy in these markets means that local manufacturers can drive down prices by installing Linux instead.
-- Wired versus wireless providers. The advantage goes to wireless. Investments in landline networks outside major city centers won't pay off, so rural populations must wait for new wireless technologies like WiMAX and 3G GSM networks for connectivity. In China, for example, Nokia and Siemens have invested heavily in new GSM network coverage for China Mobile and China Unicom, the largest mobile service providers in the country.
The 16 emerging markets analyzed in this report include, in order of population size: China, India, Indonesia, Brazil, Pakistan, Russia, Nigeria, Bangladesh, Mexico, Philippines, Vietnam, Egypt, Ethiopia, Turkey, Iran, and Thailand.
The data in this report forecasts the number of PCs in each country for every 100 people and therefore could include consumer, business, goverment, and education use.
The research report mentioned in this release, "Sizing The Emerging-Nation PC Market," is available to Forrester WholeView 2(TM) clients and can be found at www.forrester.com .
Forrester is an independent technology research company that provides pragmatic and forward-thinking advice about technology's impact on business. Business, marketing, and IT professionals worldwide collaborate with Forrester to align their technology investments with their business goals. Forrester offers products and services in four major areas: Research, Data, Consulting, and Community. Established in 1983, Forrester is headquartered in Cambridge, Mass. For additional information, visit www.forrester.com .
Privacy Policy/Integrity Polic/ Worldwide Locations/RSS
Entire contents (C)1997-2004, Forrester Research, Inc. All rights reserved. Forrester, Forrester Oval Program, Forrester Wave, ForrTel, Forrester's Ultimate Consumer Panel, WholeView 2, Technographics, TechRankings, and Total Economic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective companies. Forrester clients may make one attributed copy or slide of each figure contained herein. Additional reproduction is strictly prohibited. For additional reproduction rights and usage information, go to www.forrester.com . Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.
Document BWR0000020041215e0cf006y1

FORRESTER RESEARCH: WORLDWIDE PC MARKET TO DOUBLE BY 2010
959 words

15 December 2004

Asia Pulse

APULSE

English

(c) 2004 Asia Pulse Pte Limited
(Full text of a statement. Contact details below)
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 14, 2004--By the end of the decade, the number of personal computers in use worldwide will reach almost 1.3 billion, up from 575 million today, according to a new report by Forrester Research, Inc. (Nasdaq: FORR) that sized PC adoption rates across 16 emerging markets such as China, Russia, and India.
Mature markets in the US, Europe, and Asia-Pacific will add 150 million new PCs to the world market by 2010. More significant growth will come from emerging markets, for which Forrester forecasts that 566 million new PCs will be in use by 2010, up from 75 million in 2003, a 31 per cent CAGR.
Competition for market share will pit industry leaders like Dell and HP against local emerging market manufacturers and fundamentally change the rules of the game. Price will be the key driver of the pace of adoption. "Today's products from Western PC vendors won't dominate in those markets in the long term," says Forrester Senior Analyst Simon Yates. "Instead, local PC makers like Lenovo Group in China and Aquarius in Russia that can better tailor the PC form factor, price point, and applications to their local markets will ultimately win the market share battle."
EMERGING NATIONS: PROJECTIONS FOR 2010
-- China. China will see 178 million new PC users.
-- India. India will get 80 million new PC users. Despite gaining prominence as a center for outsourcing, India today has one of the lowest adoption rates in the world. However, PC adoption will grow at a 37 per cent annual rate through the end of the decade.
-- Indonesia. There will be 40 million new PC users in Indonesia (40 per cent growth per year -- from 2.6 million in 2003 to 40 million).
-- Mexico. Forty-six per cent of Mexicans will own a PC -- the deepest penetration of PCs as a percentage of population of all 16 emerging markets analyzed. PC ADOPTION TO OCCUR IN THREE WAVES IN EMERGING MARKETS
Western PC manufacturers will win the first round, but local manufacturers will dominate in the long term.
-- Wave 1: wealthy urbanites. Wealthy urbanites, educated, brand-conscious, sophisticated PC users, started with entry-level PCs but now demand more power from their PCs and are motivated to purchase technology from Western firms like Dell, HP, and IBM.
-- Wave 2: middle-class literates. This group represents the sweet spot for PC unit volume sales. They are educated consumers, first-time PC buyers, and are targets for local PC makers that tailor the PC form, price points, and application to local market conditions. They are also price-conscious and brand-irrelevant.
-- Wave 3: rural mass market. It'll be a long-term challenge for the PC industry to attract this segment to the PC platform; they are likely to choose PC alternatives, such as smartphones. This group is rural, low-income, and very price-sensitive. They lack community infrastructure, funding, communications, and reliable power sources to support PC platforms.
WHAT IT MEANS
Forrester believes the PC industry must innovate to thrive. To grow emerging markets beyond the early adopters, firms must develop a new generation of PC products that are affordable, simple, localized, useful, durable, and serviceable.
-- Western versus local PC builders. The advantage goes to the locals, as evidenced in the announced sale of IBM's PC unit to China's Lenovo Group, demonstrating IBM's understanding that a majority of the growth in the PC sector will come from emerging markets and be led by local manufacturers.
-- Windows versus Linux. The advantage goes to Linux.
Establishing the Windows platform in these new markets will be an uphill battle. No Windows legacy in these markets means that local manufacturers can drive down prices by installing Linux instead.
-- Wired versus wireless providers. The advantage goes to wireless. Investments in landline networks outside major city centers won't pay off, so rural populations must wait for new wireless technologies like WiMAX and 3G GSM networks for connectivity. In China, for example, Nokia and Siemens have invested heavily in new GSM network coverage for China Mobile and China Unicom, the largest mobile service providers in the country.
The 16 emerging markets analyzed in this report include, in order of population size: China, India, Indonesia, Brazil, Pakistan, Russia, Nigeria, Bangladesh, Mexico, Philippines, Vietnam, Egypt, Ethiopia, Turkey, Iran, and Thailand.
The research report mentioned in this release, "Sizing The Emerging-Nation PC Market," is available to Forrester WholeView 2(TM) clients and can be found at www.forrester.com .
Forrester is an independent technology research company that provides pragmatic and forward-thinking advice about technology's impact on business. Business, marketing, and IT professionals worldwide collaborate with Forrester to align their technology investments with their business goals. Forrester offers products and services in four major areas: Research, Data, Consulting, and Community. Established in 1983, Forrester is headquartered in Cambridge, Mass. For additional information, visit www.forrester.com .
Privacy Policy/Integrity Polic/ Worldwide Locations/RSS
Entire contents (C)1997-2004, Forrester Research, Inc. All rights reserved. Forrester, Forrester Oval Program, Forrester Wave, ForrTel, Forrester's Ultimate Consumer Panel, WholeView 2, Technographics, TechRankings, and Total Economic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective companies. Forrester clients may make one attributed copy or slide of each figure contained herein. Additional reproduction is strictly prohibited. For additional reproduction rights and usage information, go to www.forrester.com . Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.
CONTACT: Forrester Research, Inc.
Christina Wallace, 617-613-6099
Manager, Corporate Communications
cwallaceforrester.com
www.businesswire.com
Document APULSE0020041215e0cf000gt

Quiet Superpower Seduces Africa
750 words

30 November 2004

03:04 PM

All Africa

AFNWS

English

(c) 2004 AllAfrica, All Rights Reserved
Johannesburg, Nov 30, 2004 (Business Day/All Africa Global Media via COMTEX) --
Chinese firms court the continent's governments and rake in goodwill in return
CRUMBLING sport stadiums stand in many African capitals, enduring symbols of China's cold war courtship of the world's poorest continent during the 1960s and 1970s.
That was before the Communist giant embraced capitalism and transformed itself into probably the world's fastest growing economy.
Now the Chinese are back in Africa, promoting business deals and strengthening diplomatic ties in a strategic push that analysts say marks sharp new competition for the continent's rich resources.
From west African oilfields, where Chinese companies rub shoulders with western multinationals, to central African mines, Beijing's Africa outreach is raising eyebrows in some western capitals, which sense a serious new player on the continent.
"China's role in Africa is a major emerging trend," says Jakkie Cilliers of the Institute for Security Studies.
"Everyone is watching to see how far it will go."
It is already deep into Zambia's agricultural heartland, where Chinese farmers are increasingly raising the vegetables that are on sale at Lusaka's street markets.
In Botswana Chinese firms have a virtual monopoly on the construction business. China is helping Nigeria launch satellites, promoting cellphones in Zimbabwe and adding peacekeepers to United Nations operations across Africa.
Chinese officials are quick to point out that China is no newcomer to Africa. Their explorers had direct sea links with the continent as early as AD700, long before Europeans arrived.
In the 1960s, China's communist rulers worked to befriend African governments as they promoted political independence from western and Soviet superpowers.
"China and Africa shared similar experiences, both suffered from aggression, plunder and enslavement by colonialists," says Liu Guijin, the Chinese ambassador to SA and one of Beijing's top Africa hands.
China's leaders now spotlight these historical links for modern economic objectives, promoting Beijing as a reliable partner who has no interest in lecturing Africa on sensitive subjects such as human rights, governance and corruption.
"From an African perspective, there is sympathy for the Chinese position, which is premised on respect for sovereignty," says Cilliers.
This approach is expected to help boost overall China-Africa trade to more than $20bn this year, double the level in 2000. It has also won China staunch allies, led by Zimbabwe's President Robert Mugabe, who set a policy of "looking east" after western powers imposed sanctions on his government.
State-owned Air Zimbabwe this month struck a deal with Chinese authorities to begin scheduled flights to Beijing.
China is already the biggest buyer of Zimbabwean tobacco, and this month a top Chinese delegation visited Harare to sign deals on telecoms, agriculture and tourism.
Zambia has also benefited from China's rediscovered interest in Africa, with Chinese private and state enterprises investing more than $265m between 2002 and 2004 in Zambia, most of it in copper.
China has also given grants for maintaining the Tanzania-Zambia railway - built by Chinese engineers sent by chairman Mao Zedong in the 1960s - and Z-Cell, the cellphone subsidiary of Zambia's state telecommunications firm.
China's Africa push is spurred in large part by its mounting hunger for raw materials, especially oil.