Splash Ventures, a new accelerator program for Israeli start-ups will operate in Los Angeles. The city has the third-largest startup ecosystem in the US, after Silicon Valley and New York according to the 2015 Global Startup Ecosystem Ranking Report.
Splash is launching its drafting process for the first cycle for 6 chosen Israeli start-ups, which will participate in a 3-month program in LA this August. As part of its program, Splash will provide practical assistance in branding and marketing, business development, and venture capital-raising The Israeli entrepreneurs will meet with leading figures in the Los Angeles tech ecosystem, including investors, executives and innovation managers in accelerator programs and corporations, as well as entrepreneurs and professionals.
“Our vision is to be the bridge between innovation in Israel and Los Angeles, leveraging the entrepreneurial spirit and fast pace that are abundant in both places”, said Guy Katsovich, Managing Partner at Splash. “Our goal is to make Splash synonymous with connecting the Israeli and LA tech industries, becoming the go-to organization for Israeli entrepreneurs who want to connect to this dynamic city.”
The tech and venture landscape in Los Angeles is also the fastest growing in the US.
The Nigerian Stock Exchange & Bloomberg invite you to join us for the third annual NSE Bloomberg CEO Roundtable.
This edition will focus on innovating out of Nigeria’s recession and will bring together reputable economists, top government officials and CEOs spanning the Manufacturing, Financial Services, Telecommunications, Agricultural, Investment and Educational sectors.
The bane of Nigeria’s exposure to global economic headwinds is the resource dependent nature of its economy, which has seen the country derive its major income from the sale of its unrefined resources (majorly oil, minerals and cash crops) without building value across the supply chain to yield better earnings. The recent recession has shown that Nigeria’s dependence on natural resources without building value along the supply chain creates little or no buffers for the nation to withstand global economic downturns.
The 2017 edition of the NSE/Bloomberg CEO Roundtable will address this topical issue of resource dependency and the alignment of the economic recovery plan and roadmap to insulate the Nigerian economy from the shocks that come with resource dependency.
|10:00-10:10 AM||Welcome Address & Introduction|
|Oscar N. Onyema, OON|
|CEO, The Nigerian Stock Exchange|
|10:10-10:30 AM||Keynote Address|
|Honorable Minister of Finance|
|10:30-10:40 AM||Opening Address|
|Head of Market Structure Strategy, MEA, Bloomberg L.P.|
|10:40-11:00 AM||Economic Roundup|
|Dr. Doyin Salami|
|Associate Professor, Lagos Business School|
|and Principal Consultant, Edward Kingston Associates|
|11:00-12:00 PM||Panel Discussion:|
|INNOVATING OUT OF NIGERIA’S RECESSION: EXPLORING NEW PARADIGMS FOR NIGERIA’S ECONOMIC GROWTH|
|Dr Demola Sogunle – CEO, Stanbic IBTC Bank|
|Andrew Alli – CEO, African Finance Corporation|
|Ms. Ngozi Adebiyi – CEO, OutsideIn HR|
|Ms. Funke Opeke – CEO, Main One|
|Dr Graham Hefer – MD, Okomu Oil Plc|
|Mark Bohlund – Africa & Middle East Senior Economist, Bloomberg|
|Moderated by Yinka Ibukun, Bloomberg News|
|12:00-12:20 PM||Q & A|
|12:20-12:30 PM||Vote of Thanks|
|Executive Director, Capital Markets Division, The Nigerian Stock Exchange|
Friday 16 June 2017
09:30 AM — 12:30 PM
The Nigerian Stock Exchange
Pre Registration is Essential
ON JUNE 9, 201710:24 AMIN NEWS COMMENTS By Soni Daniel, Northern Region Editor ABUJA—
After three days of stormy deliberations over the belated 2017 budget, the Presidency and the National Assembly, NASS, have resolved all the grey areas that prevented the President from assenting to the Appropriation Bill passed into law by the legislature last month. A top Presidency source confirmed to Vanguard, last night, that the major areas of disagreement had been resolved by the two sides, paving the way for the President to assent to the bill, which is already six month late in coming and holding back major financial transactions of the government. As a result of the deal struck by both parties, there were indications that the President would assent to the bill before the end of this week, although the presidential source simply said: “We will sign it soon,” declining to specify the date and time. The meetings by the Presidency and the leadership of the NASS took place on Sunday, Monday and Tuesday before the areas of conflict were resolved, according to competent sources close to the deal. Vanguard learned that as part of the understanding between the two sides, the lawmakers would not insist on the full implementation of the “over 400 strange projects,” which the lawmakers brought into the budget and would also not accuse the executive of not complying with the full implementation of the law. “It is true that all the contentious issues that delayed the President’s assent had been resolved. Hopefully, the president will assent to the budget soon,” the official confirmed to Vanguard, yesterday. It was learnt that the lawmakers had also accepted that money taken away from major infrastructure projects by the lawmakers and added to other obscure projects, be returned to those projects as outlined by President Muhammadu Buhari in the budget sent to the NASS even though the president would sign the bill as transmitted to him by the NASS. The Presidency had frowned at the insertion of strange projects mostly roads, health centres, recreational centres, water and electricity schemes, which are under state and local governments that were never evaluated, designed or included in the federal government. The executive was also upset that while NASS slashed the votes for other vital projects and MDAS, it jerked its own votes from N115 billion to N125 billion even with the hard times. Beyond that, NASS also increased the budget by N143 billion without explaining where the additional cash would be derived from, a development that made the executive to distance itself from the fiscal document, contending that the “distortions” would adversely affect the implementation of the budget.
Read more at: http://www.vanguardngr.com/2017/06/osinbajo-sign-2017-budget-presidency-nass-reach-agreement/
Katherine Miller lives a strange life. She only works six months of the year.
She’s a Process Engineer for a mining company in Australia. The cause of her unique work schedule is the mine’s location. It’s in a remote area. There aren’t enough people to hire locally, so her company has built a village there.
This means that the workforce is rotated in and out. In Miller’s case, she works for 12 hours a day for two weeks before somebody else takes her place for the two weeks that she’s off.
The lifestyle isn’t for everyone. Being away from home for a few weeks at a time isn’t easy, and the work days are challenging. The whole idea is even more daunting if you have a family.
Miller, however, enjoys her job. She’s excited about solving problems, and each day allows her to do exactly that. In spite of the compromises, she can’t imagine having it any other way.
Being in her mid-twenties, she doesn’t have a family to worry about, and she also doesn’t have a home. When she works, housing is provided, and when she’s off, she travels with the money not spent on rent and living expenses.
Her life is a version of the “work hard, play hard” cliche. She loves it.
Of course, not only is an arrangement like that not feasible for most people, but it’s also not universally appealing. Everyone has their own definition of work and play. That said, there’s an underlying formula in Miller’s life that we all can use to live an interesting and balanced life by:
• Crafting routines that add meaning and identity
• Designing for autonomy to create empowerment
• Balancing with variety to maintain appreciation
We have more flexibility to redesign our life than we think. Let’s do so.
Routines aren’t sexy. They rarely provide any immediate returns. There’s little short-term spice in following the same loop day in, day out. If we’re doing the same thing everyday, there’s a lot else in life we’re not doing.
In spite of their short-term unsexiness, however, routines help us meet the demands of life. They limit the decisions we have to make, and they better allocate our focus.
In a study published as a collaboration between the Columbia Business School and Ben Gurion University, researchers analyzed 1,112 rulings made by judges on parole boards. The judges began their day with a session, took a break, and then finished off another session.
They were measured for the number of favorable rulings they made throughout the day, and the researchers found that each session began with about a 65% chance of a positive ruling and went downhill after that. This was true for the sessions before and after the midday break. The longer the judges made decisions, the less consistent their judgment became.
This is a phenomenon in behavioral psychology known as decision fatigue.
Good routines allow us to bypass unnecessary decisions, so we can orient ourselves when it matters. They cut out needless choice in the short-term to reward us in the long-term.
Pretty much anything that modern society values as a great accomplishment requires a routine to fuel it. To get the most out of something, whether it be a career, hobby, or a relationship, we need to invest time, and we need to do so systematically and consistently.
It’s not always exciting for even the artists or entrepreneurs, chasing their dreams, to get up and get to work at 6 AM every day, but that’s a part of pursuing something valuable.
Without routines to automate and guide our behavior, we get pulled in far too many directions, and that stops us from making the choices that we need to craft a purposeful future.
That said, the fruits of the labor don’t just show themselves in the form of accomplishment. The process of meaningful investment, even if it isn’t always fun, keeps us grounded. It connects us to a source, and there are moments in life when that can be of critical importance.
Without the commitment of good routines, it’s far harder to forge a sense of long-term identity.
Routines get an unfair reputation, but at times, there’s a good reason for it.
No matter what the routine, there’s a cost that comes with the discipline that it infuses. It has a degree of control over us even if we pursue it by choice because it limits what we can do beyond the enforced parameters.
To live an existence of more than just limitations, we need to design parts of life for autonomy to create empowerment. Autonomy is closer to living in the moment. It welcomes some of the instant gratification and pleasure that we need to enjoy life on a more consistent basis.
In 1997, Richard Ryan and Christina Frederick conducted an extensive meta-analysis of six different studies to measure the effect of subjective vitality (a positive feeling of energy and aliveness) on general well-being across a multitude of factors.
Interestingly enough, not only did they find a correlation between the two, but they also drew on established theories of human motivation and found that autonomy, in particular, played a large role in energy levels of the subjects across the studies. When people had a degree of control, they showed higher levels of vitality, which subsequently influenced their well-being.
Too many choices might be exhausting, but reasonable empowerment is exciting. It adds a sense of possibility beyond what we know, and that’s liberating. There really is more to life.
There are far too many people simply going through the motions, while not being content with how they’re living. They live their life for an indeterminate future. It’s a suboptimal strategy.
If that’s you, then maybe it’s time to prioritize more autonomy in your life. If you feel stuck, then maybe you need more control than the illusion provided by what appears as free time.
Naturally, for many of us, certain commitments aren’t too flexible. Bills need to be paid, and relationships need attention. That said, there are still more options than we intuitively think.
We all get 168 hours a week. If you do an honest audit of how you spend them, you’d be surprised at how much wasted time can be carved out for activities that create autonomy.
Routines add meaning, but autonomy adds the flavor.
That said, there is such a thing as too much autonomy, too. In small doses, it’s invaluable, but we can also easily become desensitized to its appeal. By nature, autonomy pushes us towards instant gratification.
The more we get, the more we want, and the game of relativity warps our perception quickly and unsuspectingly. It cheapens the good but still has us craving more. On the surface, it can open up an ocean of possibilities, but in reality, that only leads to disorientation.
Over short periods, there will be a misbalance here and there. As the months and years add up, however, we should have a healthy divide between the two. To maintain appreciation, we need to balance the pleasure invited by autonomy with the meaning inspired by routines.
Let’s recount the story of Katherine Miller.
Over the course of the year, half of her time is spent doing something she really enjoys at work. Sure, it’s hard stuff, and it has its ups and downs, but for the most part, that’s her source of usefulness and identity.
The other half of the year, she spends traveling. It’s a lifestyle in which she practically chooses do whatever she wants in windows of two week periods. It allows her to get away from some of the more mundane aspects of living a life of consistency, and that’s empowering.
Taken to the extreme, in a different world, if she did one exclusively without the other, she might find herself engorged and excited for a while, but in most scenarios, either extreme would leave her dissatisfied in the long run.
Knowing the balance needed to appreciate the many layers of life is a personal undertaking. It makes sense to develop an understanding of where on the spectrum you stand.
As famed researcher Daniel Gilbert points out in Stumbling on Happiness,“The secret of happiness is variety, but the secret of variety, like the secret of all spices, is knowing when to use it.”
In truth, it’s virtually impossible to dissect what it is that makes us happy. There’s no comprehensive package out there that’s broad enough to enlighten everyone. We’re born with different genes, we live in different environments, and we entertain different perspectives.
In some ways, we can reason that there’s a way there with a healthy mixture of meaning and pleasure. If we settle with that, by focusing on optimally incorporating the two, we can at least live a balanced and interesting life.
That’s the focus here, and there are three parts to it.
I. Craft routines that add meaning. They might not always be sexy in the short-term, but they’re invaluable in any quest to accomplish something over time. They allow us to bypass needless choice, and they ground to us to an identity. Without them, we would be paralyzed into making decisions that misalign with future prosperity.
II. Design for autonomy to create empowerment. Routines, whether good or bad, often have a degree of control over us. They confine what we can do, and that’s not always ideal. To live beyond just limitations, we need autonomy, too. We need the option to indulge in the easy pleasures of life, and we need to feel liberated and in charge.
III. Balance the two with variety to maintain an appreciation of both. Excess of one or the other is unhealthy. It’s about stabilizing the meaning and structure of routines with the empowerment of autonomy. If you feel trapped by your routines, you need a dose of autonomy. If you feel desensitized by the autonomy, you need to mix in a few routines.
That’s it. It’s by no means a blueprint, but it can serve as a useful mental model. Different people will extract their own nuggets of value from it. The only point is to inspire thinking about how to live deliberately.
Balance doesn’t always mean an even divide. It’s just about what works.
This was originally published at Design Luck.
Abuja sees the Power Sector Recovery Plan as the essential next step towards overcoming an electricity supply ‘emergency’ and is looking to mobilise billions of dollars more in World Bank support for the dysfunctional sector, writes Batuta Lawal in Lagos, with African Energy staff
Senior Federal Government of Nigeria (FGN) andWorld Bank Group (WBG) officials have been negotiating an estimated $2.519bn loan to support the Buhari administration’s Power Sector Recovery Plan (PSRP), announced in late February. Taking the lead is the Advisory Power Team, lodged in the office of Vice-President Oluyemi Oluleke Osinbajo, the key player driving policy during
President Muhammadu Buhari’s period of protracted illness (AE 340/21).The FGN’s key negotiators are finance minister Kemi Adeosun and power, works and housing minister Babatunde Fashola.
According to government documents seen by African Energy, the WBG has also indicated a willingness to provide an additional $2.7bn in the form of International Finance
AFRICAN ENERGY • ISSUE 346 • 18 MAY 2017
WBG lines up Nigeria transmission loan
Board approval by the World Bank Group (WBG) is slated on 7 June for a $486m concessional International Development Association loan to support the strengthening of the Nigerian transmission system. Another $4m in counterpart funding from the government would be added to take the Transmission Network Strengthening and Improvement project’s total to $490m.The aim is to support overall sector reform by increasing the network’s power transfer capacity to at least 7GW from about 5GW now.
The project also envisages expanding transmission capacity by 3,060MVA for transformation at 330/132kV (currently 8,138MVA) and by 3,500MVA for transformation at 132/33kV (currently 10,162MVA).The project’s main components, as set out by WBG documents in the public domain, include the following:
• Upgrading and rehabilitating up to 48 existing substations, of which around 11 require replacement transformers and others the addition of transformers, plus the addition and replacement of protection and control systems, switchgear and associated equipment;
• Replacing conductors on up to 13 132kV transmission lines and conversion of up to two 132kV lines from single circuit to double circuit;
• Upgrading and expanding the network’s supervisory control and data acquisition (Scada) infrastructure to maintain system stability and telecommunication system;
• Installing a voltage regulation system at Gombe substation in the remote north-east; and
• Purchasing spare equipment.
Technical assistance includes providing consulting support and capacity-building to improve the performance of Transmission
Company of Nigeria (TCN)’s Project Management Unit (PMU) – which is implementing the programme – and for construction supervision and management.The bank is critical of the PMU’s performance to date, observing that “weaknesses in the PMU’s capacity have hampered procurement, contract management, and environmental and social safeguards management” under the current sector reform programme.
Feasibility studies are expected to be tendered for priority investment projects that would receive donor financing – as identified by a transmission expansion study, now under way.Work is also expected to support the implementation of a pilot public-private partnership to expand transmission infrastructure on the network. Consulting services and capacity-building will be required to support TCN’s corporatisation and commercialisation efforts; to enhance its managerial, technical, environmental/social and financial capacity; and to support other public institutions operating in the sector.
The loan fits with wider plans to revive the sector, strengthening the Transitional Energy Market (TEM)’s institutional and market arrangements.According to aWBG project document,“theTEM is expected to evolve into a fully-fledged competitive market over time. In the future [distribution companies] discos are expected to be fully commercially viable and will then be expected to purchase power directly from the [generation companies] gencos, and [Nigerian Bulk Electricity Trading Company] NBET’s intermediary role will gradually lessen. Unsolicited generation projects are expected to give way to competitive procurement (the FGN will need to issue a policy in this regard) and eventually not require government backing of [power purchase agreements] PPAs with NBET as the counterparty.” However, the Bank concludes,“it is likely that this stage of market evolution will not be reached before five years hence”.
Corporation (IFC) investment and other support for distribution companies (discos), and Multilateral Investment Guarantee Agency (Miga) support for private investment.This would reinforce the WBG’s already substantial commitment to the Nigerian electricity supply industry, which includes partial risk guarantees (PRGs) essential to underpinning the Nigerian Bulk Electricity Trading (NBET) company and privatised distribution sector, and over $1bn in IFC exposure (AE 334/6).
The PSRP calls on the IFC to provide $1.3bn as direct investment and other support for the power sector to deliver an additional 3.5GW of generation capacity and cover IFC investments in discos. It states that Miga will provide $1.4bn as guarantees on debt and equity for gas and solar independent power projects (IPPs).This will be welcomed by solar IPPs, which have an estimated pipeline of some 800MW of projects that have been looking for support from a range of sources including the African Development Bank (AE 345/9).
WBG approval of the PSRP would unlock a considerable number of deals, project financiers say. The WBG now seems committed to supporting a $490m transmission project (see box), but has also been haggling for months over support for solar IPPs. Sources have told African Energy that these negotiations stalled over the WBG’s insistence that the FGN first introduce agreed reforms before it would unblock PRGs underwriting
NBET, and funds for solar and other schemes. A deal on the PSRP, with a clear timetable and process for implementation, would ensure this.
Of the main World Bank loan, $1bn would be budgetary support for NBET, to ensure that generation companies (gencos) and gas suppliers are paid in full for power, “notwithstanding any shortfalls from discos”, according to a government document outlining the facility. Another $500m would be committed to loss reduction by discos, including metering, $364m would be for Transmission Company of Nigeria priority projects, and $305m for guarantees for IPPs provided through the WBG’s conventional lending window, the International Bank for Reconstruction and Development
The remaining $350m is earmarked for rural electrification.The WBG funded comprehensive consultancy on the rural sector under the aegis of the Bureau of Public Enterprises early in the last decade; more recently, the European Union has funded, and German development agency Deutsche Gesellschaft für Internationale Zusammenarbeit overseen, considerable research into rural micro-grids and other distributed solutions – not least in recognition of the grid’s long-term failings. Solar has increased in prominence under the Buhari administration – which is led by a northerner surrounded by a small coterie of senior northern allies, even if much of the policy
AFRICAN ENERGY • ISSUE 346 • 18 MAY 2017
implementation is driven by southerners.“Solar will be used to solve problems in the north-east,” an official in Abuja said – for example to provide power in university towns.
Critics are asking whether the PSRP will provide a clear direction for access and rural electrification strategy; past projects have generally been undertaken in isolation and on an ad hoc basis.The Rural Electrification Agency is widely seen to need strengthening with a clear mandate and sufficient resources to roll out projects.The PSRP envisages funding for solar mini- grids, solar infrastructure to power schools and hospitals, and a rural electrification fund.
The WBG on 22 April issued a statement confirming it had held a high-level consultation meeting to discuss support for the PSRP, approved by the Federal Executive Council of Nigeria on 22 March. It gave no details of the numbers involved but carried quotes from a range of players including Fashola, Adeosun (“There is need for well-designed derisking in order to attract private investors to the sector”) and House of Representatives Committee on Power chairman Dan Asuquo (“We will make sure our oversight functions focus on the completion of projects and initiatives that support the [PSRP’s] effectiveness”). The WBG “congratulated the government on its commitment to the recovery programme”. Country director for Nigeria Rachid Benmessaoud underlined that theWBG was “committed to supporting the [PSRP’s] implementation… to re-establish financial sustainability in the power sector”.
The WBG has been involved in the power sector reform programme since its inception, providing technical assistance to the FGN and financial support and policy recommendations to the earlier Privatisation Support Project. Critics say the Washington-based multilateral’s performance has been patchy.
In January,WBG staff analysed the bank’s Nigeria Electricity and Gas Improvement Project launched in July 2010; this was due to close on 31 December 2014, but will now run until end- 2017. The WBG committed $198.6m for a project whose objectives were “to: (i) improve the availability and reliability of gas supply to increase power generation in existing public sector power plants; and (ii) improve the power network’s capacity and efficiency to transmit and distribute quality electricity to the consumers”. Its progress towards achievement and overall implementation were both rated “moderately unsatisfactory”, with a “substantial” risk rating.
Privatisation has not had the desired effect of raising capacity or security of supply.The PSRP’s objective is nothing less than the “restoration of financial viability in the electricity market transitional phase post-privatisation”, based on a series of measures supported by the WBG. The FGN sees it as a key instrument to revive the still failing electricity supply industry and underpin the wider Economic Recovery and Growth Plan (2017-20), which is being pushed by Osinbajo and his key allies, including Adeosun, minister of state for oil Emmanuel Kachikwu and Fashola.They have been fighting entrenched interests – some of them within the presidential entourage – to implement credible reforms, recognising that urgent action is
needed on issues from constraints on gas output in the Niger Delta (AE 342/13) to the failure to deliver power.According to the PSRP’s executive summary, the “power sector is now in a state of emergency that could cause failure in electricity delivery and of the power sector reform programme itself, which would have severe impact and constrain the administration’s ability to revive economic growth and cause timely exit of recession”.
According to figures presented by the FGN to the WBG to support its loan application, the sector cash deficit reached N800bn ($2.53m) by end-December 2016 – and is calculated to grow by N20bn/month throughout 2017 “if no action is taken”.
Officials told African Energy the Nigerian Electricity Regulatory Commission (Nerc) and other bodies had sought to tackle this problem in recent months, including raising the numbers of registered customers – from a very low 7m – and “tackling problems bit by bit”, including tariffs and metering. In mid- March, the government showed its intent by approving N700bn for NBET to pay gencos. Further intervention is needed.“The government needs to come in to address short-term problems,” a Nerc official said.
According to the PSRP document, the reform process has “experienced major setbacks over the last 18 months that have resulted in financial distress for sector participants”, reflected in the sector shortfall figures. It identifies four much-discussed problems as key causes of the crisis: the lack of a cost-reflective tariff, low power generation due to gas constraints, poor management and persistently high [aggregate technical, commercial and collection] ATC&C losses due to discos’ inability to invest in loss reduction.
In an interview with the Financial Times, published on 12 May, Adeosun looked forward to a return to modest growth of around 1% in 2017, on the back of improved crude prices and government spending on power and rail projects; $6.9bn was earmarked for infrastructure, including major rail and power schemes.This would include borrowing nearly $6bn from the Export-Import Bank of China for the Chinese-led Lagos-Kano railway line upgrade, but major multilateral borrowing is also envisaged. Similar commitments in 2016 were not met, but the government’s reformist core believes it is now strategically better placed to implement projects that will stimulate the economy andstartrebuildingNigeria’sdilapidatedinfrastructure“sensibly and sustainably”, as Adeosun put it.
Nigeria’s appetite for borrowing was underlined when it floated a $1bn bond in February; the market’s appetite was underlined when the paper was nearly eight times oversubscribed.The desirability of such borrowing was hotly debated, as one analyst put it, because “many believe Nigeria should not get itself into astronomic debt again”. In this context, the PSRP will have to be seen to work to give value to future generations of Nigerian taxpayers, whom the government is keen to see paying more into the exchequer than their predecessors.
AFRICAN ENERGY • ISSUE 346 • 18 MAY 2017
British Prime Minister Theresa May will ask Queen Elizabeth for permission to form a government on Friday after an election debacle that saw her Conservative Party lose its parliamentary majority days before talks on Britain’s EU departure are due to begin.
Confident of securing a sweeping victory, May had called the snap election to strengthen her hand in the European Union divorce talks. But in one of the most sensational nights in British electoral history, a resurgent Labour Party denied her an outright win, throwing the country into political turmoil as no clear winner emerged.
European Union leaders expressed fears that May’s shock loss of her majority would delay the Brexit talks, due to begin on June 19, and so raise the risk of negotiations failing.
May’s Labour rival Jeremy Corbyn, once written off by his opponents as a no-hoper, said May should step down and he wanted to form a minority government.
But May, facing scorn for running a lacklustre campaign, was determined to hang on. A spokesman for her office said she would go to Buckingham Palace to ask Queen Elizabeth for permission to form a government – a formality under the British system.
Sky News reported that Northern Ireland’s Democratic Unionist Party (DUP) would back her, allowing the Conservatives to reach the 326 seats needed for a parliamentary majority. The DUP declined to comment.
With 649 of 650 seats declared, the Conservatives had won 318 seats and Labour 261.
The DUP, which took 10 seats, was considering an arrangement which would involve it supporting a Conservative minority government on key votes in parliament but not forming a formal coalition, Sky said.
“If … the Conservative Party has won the most seats and probably the most votes then it will be incumbent on us to ensure that we have that period of stability and that is exactly what we will do,” a grim-faced May said after winning her own parliamentary seat of Maidenhead, near London.
But with complex talks on Britain’s divorce from the EU due to start in 10 days, it was unclear what their direction would now be and if the so-called “Hard Brexit” taking Britain out of a single market could still be pursued.
After winning his own seat in north London, Corbyn said May’s attempt to win a bigger mandate had backfired.
“The mandate she’s got is lost Conservative seats, lost votes, lost support and lost confidence,” he said. “I would have thought that’s enough to go, actually, and make way for a government that will be truly representative of all of the people of this country.”
Chief among Labour’s potential allies would be the Scottish National Party (SNP), which suffered major setbacks but still won a majority of Scottish seats.
“We need a government that can act,” EU Budget Commissioner Guenther Oettinger told German broadcaster Deutschlandfunk. “With a weak negotiating partner, there’s a danger that the (Brexit) negotiations will turn out badly for both sides.”
The EU’s chief negotiator said the bloc’s stance on Brexit and the timetable for the talks were clear, but the divorce negotiations should only start when Britain is ready. “Let’s put our minds together on striking a deal,” Michel Barnier said.
But there was little sympathy from some other Europeans.
“Yet another own goal, after Cameron now May, will make already complex negotiations even more complicated,” tweeted Guy Verhofstadt, the former Belgian premier who is the European Parliament’s point man for the Brexit process.
May’s predecessor David Cameron sought to silence Eurosceptic fellow Conservatives by calling the referendum on EU membership. The result ended his career and shocked Europe.
German conservative Markus Ferber, an EU lawmaker involved in discussions on access to EU markets for Britain’s financial sector, was scathing.
“The British political system is in total disarray. Instead of strong and stable leadership we witness chaos and uncertainty,” he said, mocking May’s campaign slogan.
Sterling tumbled as much as 2.5 percent on the result while the FTSE share index opened higher. The pound hit an eight-week low against the dollar and its lowest levels in seven months versus the euro.
“A working government is needed as soon as possible to avoid a further drop in the pound,” said ING currency strategist Viraj Patel in London.
Craig Erlam, an analyst with brokerage Oanda in London, said a hung parliament was the worst outcome from a markets perspective.
“It creates another layer of uncertainty ahead of the Brexit negotiations and chips away at what is already a short timeline to secure a deal for Britain,” he said.
Conservative member of parliament Anna Soubry was the first in the party to disavow May in public, calling on the prime minister to “consider her position”.
“I’m afraid we ran a pretty dreadful campaign,” Soubry said.
May had unexpectedly called the snap election seven weeks ago, even though no vote was due until 2020. At that point, polls predicted she would massively increase the slim majority she had inherited from Cameron.
May had spent the campaign denouncing Corbyn as the weak leader of a spendthrift party that would crash Britain’s economy and flounder in Brexit talks, while she would provide “strong and stable leadership” to clinch a good deal for Britain.
But her campaign unravelled after a policy u-turn on care for the elderly, while Corbyn’s old-school socialist platform and more impassioned campaigning style won wider support than anyone had foreseen.
In the late stages of the campaign, Britain was hit by two Islamist militant attacks that killed 30 people in Manchester and London, temporarily shifting the focus onto security issues.
That did not help May, who in her previous role as interior minister for six years had overseen cuts in the number of police officers. She sought to deflect pressure onto Corbyn, arguing he had a weak record on security matters.
“What tonight is about is the rejection of Theresa May’s version of extreme Brexit,” said Keir Starmer, Labour’s policy chief on Brexit, saying his party wanted to retain the benefits of the European single market and customs union.
Analysis suggested Labour had benefited from a strong turnout among young voters.
The campaign had played out differently in Scotland, the main faultline being the SNP’s drive for a second referendum on independence from Britain, having lost a plebiscite in 2014.
SNP leader and First Minister Nicola Sturgeon said it had been a disappointing night for her party, which lost seats to the Conservatives, Labour and the Liberal Democrats.
Scottish Conservative leader Ruth Davidson said Sturgeon should take the prospect of a new independence referendum off the table.
(Additional reporting by Guy Faulconbridge, Alistair Smout, David Milliken, Paul Sandle, William Schomberg, Andy Bruce, William James, Michael Urquhart and Paddy Graham in London, Padraic Halpin in Dublin, Writing by Angus MacSwan, Editing by Janet Lawrence)
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You can now search to know if you have not mandated your Registrars for E-Dividend Crediting into your Bank account HERE
Note: all investors whose name(s) appear, are advised to URGENTLY download and fill their respective Registrar’s E-MANDATE FORM and submit same at the nearest branch of their Bank or Registrar to register for the collection of their unclaimed dividends and subsequent dividends electronically; as well as for the proceeds from their secondary market transactions, to be credited to their preferred Bank Account (Direct Cash Settlement).
The Commission also wishes to remind the investing public on the deadline of 30th June, 2017, which will mark the end of issuance of physical dividend warrant, with a view to mitigating the risks associated with physical dividend warrants and improving investors experience.
Furthermore, the 30th June, 2017 deadline will see the end of free registration of e-dividend, being bank-rolled by the Commission since the inception of the exercise in November, 2015. Hence, members of the investing public are encouraged to urgently key into the on-going free registration.
REMINDER: All investors in the Nigerian Capital Market are please advised to take advantage of the on-going free registration and register by approaching the nearest branch of their Bank or Registrars for enrollment before the deadline