China’s Xiaomi has just toppled Samsung to rank as the largest smartphone maker in the world by volume in June 2021, according to Counterpoint Research. It’s the very first time that the company achieved such a feat.
Xiaomi has overtaken Samsungdue to a number of combined factors in June 2021. However, it remains number two behind Samsung if the entire Q2 2021 is taken into account.
Xiaomi reportedly saw a 26 percent month-on-month growth to overtake Samsung. The Chinese firm shipment market share for June 2021 was 17.1 percent. The company is followed by Samsung with 15.7 percent of the market share at second place, Apple comes in third with 14.3 percent.
Xiaomi Mi Note 10 Lite | Photo by Zana Latif
Tarun Pathak, research director at Counterpoint said:
“Ever Since The Decline Of Huawei Commenced, Xiaomi Has Been Making Consistent And Aggressive Efforts To Fill The Gap Created By This Decline. The Oem Has Been Expanding In Huawei’s And Honor’s Legacy Markets Like China, Europe, Middle East, And Africa. In June, Xiaomi Was Further Helped By China, Europe, And India’s Recovery And Samsung’s Decline Due To Supply Constraints”.
Xiaomi has sold over 800 million smartphones since its debut in 2011. It has steadily conquered its place as the largest smartphone vendor in India for quite some years now. Samsung has been fighting with the second position.
The Korean firm lost an appeal in India, but unconquered it with the arrival of Galaxy A and M-series smartphones. While Xiaomi has made its name with budget smartphones, it has also become more appealing to premium smartphone makers.
Devices like the Mi 11, Mi 11 Pro, and Mi 11 Ultra are truly appealing against these from the Galaxy S series. The firm is also gearing to introduce a new Mi MIX 4 smartphone with its take on under-screen camera technology. We are curious to see how Xiaomi vs Samsung struggle will evolve in the forthcoming years.
Premium devices, internationalization and new retail operations drive growth; Xiaomi included in list for the third year in a row
Xiaomi has been included on the Fortune Global 500 list for the third consecutive year, rising to 338th in 2021, representing a significant advance of 84 places compared to its ranking of 422nd in 2020. Its 2021 ranking makes it the fastest-growing company at the Internet and Retail Category on the Fortune Global 500 list of the year.
“Compared to our past achievements, I’m more focused on our potential growth. Xiaomi is still a very young yet ambitious company, full of motivation. I’d like to sincerely thank our Xiaomi Fans around the world as your unwavering support have helped made Xiaomi so lively and energetic.
xiaomi
I think that this is not the limit for Xiaomi, and I am confident that people will see an even stronger, more powerful Xiaomi in the future, and we will achieve a much more outstanding record in the Fortune Global 500 list next year,”said Lei Jun, Founder, Chairman and CEO of Xiaomi.
According to Xiaomi’s earnings report, Xiaomi’s total revenue amounted to RMB245.9 billion in 2020, making Xiaomi the 338th place on the Fortune Global 500 List of 2021. In 2021, Xiaomi remains a strong momentum of rapid growth, showing an explosive increase in terms of revenue and net profit, which has far exceeded the market expectations.
In the first quarter of 2021, Xiaomi’s total revenue for the period amounted to RMB76.9 billion, representing an increase of 54.7% year-over-year while adjusted net profit for the period came in at RMB6.1 billion, an increase of 163.8% year-over-year.
This growth is attributable to Xiaomi’s ever-expanding foothold in the high-end smartphone market, its rapid growth in international markets, and the development of the company’s new retail business.
Xiaomi’s focus on core technologies has been the driving force in creating an enhanced user experience and it has strengthened its position in high-end market segments through its Mi 10 and Mi 11 series. In Q1 of 2021, the global shipments of Xiaomi smartphones priced at RMB 3,000 or above in mainland China and priced at 300 Euros and above in international markets, exceed 4 million.
Xiaomi’s global expansion also propelled its overall growth. On July 16, Xiaomi announced that according to Canalys, the company took second place globally with a 17 percent share of smartphone shipments, surpassing Apple.
In international markets, Xiaomi exceeded 300 percent year-on-year growth in the Latin American market, over 150 percent growth in Africa, and greater than 50 percent growth in Western Europe. Xiaomi smartphones have entered over 100 markets worldwide, ranking number one in smartphone market share across at least 12 markets and ranking second in Europe in terms of market share. It has ranked number one in India for 15 consecutive quarters.
Regarding new retail, Xiaomi’s physical stores have experienced fast expansion since 2020. The total number of Xiaomi Stores in mainland China surpassed 5,500 at the end of April, 2021, while there are more than 1,000 Xiaomi Stores in international markets. The physical retail network of Xiaomi is expanding rapidly across the globe.
Xiaomi has continued to invest in R&D and talent, creating a series of new reward structures for its R&D team and initiating the second phase of the Xiaomi Smart Factory project. “Over the next decade, Xiaomi will be a new driving force in the manufacturing industry,” said Lei Jun at the company’s 10th anniversary. Smart manufacturing is emerging to be one of the core competitive advantages of Xiaomi.
While leading the smartphone, AIoT, and smart manufacturing industry, Xiaomi has also proactively entered the smart electric vehicle market. In March 2021, Xiaomi officially announced that the company will set up a wholly-owned subsidiary led by CEO Lei Jun to operate the smart electric vehicle business, with total investments over the next 10 years estimated to be US$ 10 billion. The initial phase of investment will be RMB 10 billion. Smart electric vehicles will be a significant driver of new growth for Xiaomi.
The Dangote Cement generated record volume sales, with a total 7.76mt of cement sold in Q2 2021. Volume sales in the Nigerian market stood at 4.96mt, representing a 46% YoY increase from 3.39mt in Q2 2020. Volume growth in the Nigerian market was driven by strong private sector demand, associated with post-lockdown economic recovery.
Dangote cement’s strong volume growth was further magnified by the lower volumes in Q2 2020 due to the impact of COVID-19. When looking at the domestic sales alone, the company’s Nigerian operations sold 9.5Mt, up 28.3% year on year.
From the results obtained by Brand Spur, Dangote cement’s revenues for its Nigerian operations increased by 48.7% to ₦494.1B. The company recorded higher realised prices compared to the same period last year owing to lower rebates and higher recovery in transportation costs.
Source: Dangote Cement
Michel Puchercos, Chief Executive Officer, said:
“We are pleased to report a solid set of the results for the first half of the year. Our performance reflects the strong demand across the Group, with increases in revenue and profitability, compared to the same period last year. This strong intrinsic performance is magnified by the lower Q2 2020 results due to the effect of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”
The cement manufacturer recommenced clinker exports to Cameroon from both Onne and Apapa terminals. Dangote exported two ships with a total volume of 57Kt, while it exported 342Kt of cement by road in H1 2021. Lastly, the 3Mt Okpella plant in Edo State is on track to be commissioned in the third quarter of this year.
In FY 2020, Dangote cement expanded capacity with Obajana Line 5 that came on stream. Therefore, the increased demand from housing infrastructure and commercial construction was met with higher output. In addition, a low base magnified the volume growth in Q2
2021.
Dangote cement also realised a higher average price, on a year-on-year basis (+14% YoY to N51.29k per ton). Overall, revenue from the Nigerian market grew by 66% YoY to N254.46bn in Q2 2021, from N153.04bn in Q2 2020.
“In addition, Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. We believe that adopting XBRL reporting will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in our continuing efforts to modernise and enhance the transparency of, and access to, companies’ disclosures.”, stated Michel Puchercos.
In general, manufacturing costs increased by 36.4% from ₦202.4B in H12020 to ₦276.1B in H1 2021 This was mainly a result of an increase in volumes in both Nigeria and Pan-Africa. Materials consumed increased by 46.7% to ₦94.0; while fuel & power consumed increase by 53.5% to ₦99.0B. Both increases were a result of volume growth and inflationary pressures on our costs.
Total selling and administration expenses only rose by 14.1% to ₦118.3B in H1 2021 mainly from higher haulage expenses and other general administrative expenses. Inflationary pressure and the foreign currencies conversion to Naira is driving part of this
increase.
Group earnings before interest, tax, depreciation, and amortisation (EBITDA) in the first half increased by 61.0% to ₦351.1B at a margin of 50.8% (H12020: ₦218.1B, 45.7%) as a result of increased performance in both Nigeria and Pan-Africa. This strong performance is magnified by the lower Q2 2020 results due to the effect of COVID-19.
Excluding eliminations and central costs, Nigeria EBITDA increased by 60.1% to ₦311.2B at a margin of 63.0% (H12020: ₦194.4; 58.5%). Strong revenue realisation, improved fixed cost absorption and high efficiency of the new assets deployed to compensate for the inflationary pressure on variable and fixed costs.
Pan-African EBITDA increased by 49.8% to ₦47.2B, at the margin of 23.8% (H12020: ₦31.5B; 21.7%), driven by increased volumes in all our countries of operations apart from Senegal which is already operating at full capacity.
Operating profit of ₦302.2B was 74.2% higher than the ₦173.5B for H1 2020 at a margin of 43.8% (H12020: 36.4%).
A recent social media sensation popularised the hype line, ‘One for the deejay, one for the hype man…’, earning mass attention, engagement, shareability and even user-generated content.
I’ve since wondered what made this piece of content so sticky and popular across the internet in the last few weeks. Why do Nigerians crave being recognised and honoured?
Partygoers pose with premium drinks in Joker Club, Benin
Again I ask, what makes Nigerians so attracted to displays of hedonism and extravagant flamboyance? Why are we as a people so moved by materialism and show of wealth? What makes our attention easily earned by affluent lifestyle (or the promise thereof)?
In a recent study, I investigated key motivations for Affluence and Recognition in Nigerians, and what brands can do to credibly leverage this behaviour for business and brand growth.
I conducted dipstick research, covering both quantitative and qualitative analysis, and discovered the following key Dorime Effect & Abeg Culture drivers play an inter-connected:
High PIL (Poverty Rate, Inflation & Living Cost)
Low Employment Levels
Decline of Hope & Power
Low Sense of Relevance / Value
The factors create a complex matrix of socio-economic coping mechanisms that have evolved behaviours in the majority of people.
In an attempt to dimension the DEAC factors further, things got even more interesting, especially looking deep into the lower SECs. It immediately became clear why Nigerians have become perhaps one of the most misunderstood and maligned people in the world.
I found that unlike in other parts of the world, middle and lower class Nigerians unanimously react to the 4 DEAC drivers. See Fig 1.
67% & 69% respectively agreeing that ‘Nigeria is designed to keep you poor’ and 62% & 64% of the surveyed respondents sharing overwhelming feelings of powerlessness and low sense of worth.
“In Nigeria, you really do not matter, you can’t drive meaningful change” and Nobody respects anybody, even the police just want to take advantage of you and make you feel small’ are some of the quotes shared by surveyed respondents.
While it may look like all gloom and doom, these findings help us make sense of why Nigerians are attracted to ‘get rich quick schemes; TV Shows that promise Influence and Affluence, and are hardwired to crave Honor & Recognition.
Suddenly, it is not a mystery anymore that Obi Cubana has become a hero, or why the Dorime anthem became a hit in a blink, or that Giveaways are now a part of Naija culture.
What then can brands do to create breakthrough products, systems and communications hinged on these deep consumer truths? It is critical to engage in the right way.
Based on my research, there are a number of ways that brand and business leaders should leverage DEAC to create products and communications for Nigerian consumers:
1. Use Big Consumer Insights to Connect across SECs.
Few truths hold sway across class lines. This is one of them. When it comes to Affluence and Recognition, Nigerians across the board behave the same, and this can be used to connect through the line. Once a unifying insight is identified, then brands can create a story that will be relevant to all, whether in art or product form. This unifying cultural relevance is the ability to identify a central need, understand the motivations behind this need and successfully connect.
To create relevance as a universal value, one that connects across the value chain, brands must bring more than just a cursory effort, and commit to discovering a breakthrough insight that delivers. There are a number of frameworks that can be used to intuit breakthrough insights, and brands must commit to the process, in order to deliver breakthrough, culturally relevant solutions.
2. Gain Truth contexts with Qualitative & Quantitative Data.
To unpack breakthrough insights for stronger relevance into Affluence and Recognition, brands must employ the power of data to dissect and deliver contexts for different SECs. This will enable deeper, more resonating stories to be told, while still staying true to the unity of the product. Organisations should make data-driven solutions a priority.
At Insight Publicis, the Strategy & Planning team collaborates with internal and client brand teams to ensure this.
The integrity of the Consumer research process is also important, using the right tools, methodologies and processes, to assure quality and collect realities across the SECs.
3. From Real-Time Insights to Real-Time Actions, using Digital.
Digital can also play a vital role in tracking footprints of data-driven insights online, making it possible to connect insights to immediate brand actions — a key benefit in new product design/launch or marketing campaigns for disruptive markets in Nigeria & Africa.
For example, a brand planning a launch can take advantage of digital marketing to adapt strategies in real-time based on feedback. While this may seem easier in theory, it could be more of a challenge in practice, organising field data, analysing and collating multi-level input from decision-makers.
Nevertheless, the behaviours and idiosyncrasies of people online determine where brand actions will go. Everything else follows from there, with digital serving to amplify the narrative, and help brands design experiences that connect both online and offline.
A key case study is the launch of 2Sure Hand sanitiser. A product that is designed to democratise protection from germs, as by its brand essence: Stop Germs. Live Well.
Digital data insights were instrumental in harmonising real-time consumer data with offline engagements, which enabled experience design and resulted in increased sales and volumes at the trade level.
4. Inspire & Empower using New Products & Experiences.
The heart of every insight finds its place in the consumer tension, and the ability and commitment of a brand to resolve consumer grapplings are the makings of great branding.
The immutable truth remains that the Dorime Effect and Abeg Culture of Nigeria reveals a big need that brands can seek to answer. In this case, brands can deploy Inspiration: the energising of the human spirit; and Empowerment: actually supporting people with tools and resources to alleviate their problems. However, this must be delicately and meticulously mediated for effective results.
Sport and Fintech brands have attempted this with measured success, and the market is fraught with opportunities to do more.
Clearly, brand and business leaders are beginning to understand the power of Insight-driven communications and that Data & Insights go hand in hand. Only when breakthrough Insights are blended with the power of data will brands truly begin to connect and create a culture that impacts society and brands.
Author:
Timilehin Akinbinu(Senior Manager, Marketing Strategy & Planning at Insight Publicis)
2020 was a rough year for Nigeria. Like the rest of the world, Nigeria was preoccupied with dealing with the COVID-19 virus spread. Many industries suffered due to the restrictions and general atmosphere. However, fintech in Nigeria was rising more than ever. It was an important development that met the varied needs of people and provided ease and convenience in pandemic situations.
The traditional financial methods were difficult to be implemented in these times. With Nigeria’s growth in fintech, apart from meeting these challenges, it also rose to become one of the leading nations in fintech development in Africa.
The Regulations
Nigeria now has an impressive number of over 3000 tech companies. The primary reason why fintech is growing at such a rapid rate in Nigeria is mainly due to the regulations. The regulators have succeeded in creating an environment where innovation in financial services is risked and welcomed while maintaining the complete integrity of the existing financial system.
The Fintech Ecosystem in Nigeria: Present Condition and Future Outlook
The Central Bank of Nigeria (CBN) is one of the many important bodies that regulate fintech. Last year, the CBN came up with the ‘Guidelines for Licensing and Regulation of Payment Service Banks (PSBs)’. The PSBs now have to include the rural areas within their operation and provide them with the ease and convenience of technology.
Many farmers are also relieved from having to travel long distances for their financial obligations. This inclusivity is an absolute necessity to meet the various poverty challenges in Nigeria. Hence, there is generally an open attitude prevailing, which is even being seen in foreign trade.
In order to deal with the various risks and provide a safe technology experience to people, the CBN also came up with the ‘Guidelines on Nigerian Payments System Risk and Information Security Management Framework’. Hence, we see a strong regulatory drive and positive trends towards cashless payments in resolve the issues that plague traditional banks.
However, the regulation can still be improved considerably. For instance, new startups find it quite difficult to enter the sector by securing the mobile money license from the CBN as the requirement is for the startup to have at least 2 billion nairas in the shareholders’ fund.
Fintech Startups
Nigeria is the most populated country in the African content. It has a huge youth population. The youth are pretty entrepreneurial in spirit, intelligent and hardworking. There is even an association called the Young Entrepreneurs of Nigeria (YEN) to support this growth. Hence, in the future, we can surely see a rise in foreign investment in Nigerian startups.
We now have many well-performing fintech companies in Nigeria providing quality financial services to consumers. This has become possible due to the advent of new technologies like Artificial Intelligence (A.I), Machine Learning (M.L.), blockchains, cloud computing and more. Transferring money, making deposits, availing loans and credits and raising funds has become very easy processes.
The Fintech Ecosystem in Nigeria: Present Condition and Future Outlook
The most well-performing fintech companies in Nigeria right now are Flutterwave, Interswitch, Paystack, Remita, Carbon, VoguePay, OPay and more. The presence of these companies has helped create more accessibility, and many SMEs, government agencies, education institutions etc., have tremendously benefited from this. Hence, both consumers and businesses are being benefited by the fintech services.
Consumer Attitudes
It is essential to keep in mind that there still exists a considerable percentage of the population that actually doesn’t even have a bank account. Many Nigerians are gradually opening up to this development and still find it quite hard to fully place their trust in the various financial solutions created by the new platforms.
They still don’t trust these companies with their confidential information and are quite wary. Those from the millennial and Gen Z generation have been the quickest to adapt to the fintech trend in the market as they are quite tech-savvy and trustful of technology when compared to older generations.
The future is nonetheless very bright as there is a significant increase in smartphone penetration and Internet connectivity. For instance, many Nigerians now enjoy online gaming, especially gambling and find themselves on Slotsformoney.com/casinos/baccarat/ and other popular online casino websites.
The youth prefer the fast-paced and convenient nature of online payment methods. The popularity of these new methods is also spreading through referrals. There is a positive trend of a considerable number of women being very open to fintech solutions. Hence, the payments sector has benefited the most after the consumer lending sector. We even see a rise in cross-border transactions.
In Conclusion
Although foreign investment hasn’t been so good in recent times because of the COVID-19 pandemic that affected many economies and sectors in the world, the future of Nigeria is very bright and full of hope. With the increase in education and the growth of a strong digital infrastructure, this trend seems to be inevitable. Nigeria is sure to emerge and remain as one of the leading nations in Africa for fintech.
This disclosure was made in a statement signed by Amaka Pamela Obiora, Company Secretary and Legal Adviser. According to the statement obtained by Brand Spur, Molar Vessels Supplies Limited sold 410,270 shares of Caverton on August 3rd, 2021.
Lolade Abiola- Director Caverton Helicopters Limited
Yoyinsola Makanjuola – Wife Of Chairman Caverton Offshore Support Group Plc
An insider dealing such as this gives an insider clue or perception of a particular organisation. Hence, why we have taken it upon ourselves to publish every insider dealing.
Speaking on the acquisition, Osazuwa Osayi, Farmforte’s co-Chief Executive Officer, said:
“This strategic acquisition demonstrates our commitment to continuously improve our portfolio and effect economically sustainable developments, primarily across the agri-value chain. Our multi-pronged enterprise growth strategy is ever reliant on the financial and technological advancement of our growing 112,000 smallholder farmer network, which will be up to 1 million by the close of 2022.
With a widely heralded generation of disruptive banking services, and wider sector focus on mobile-first, personalised banking, we are structuring a world-class and formidable agriculture services ecosystem via Forest Capital.”
A Tier-1 digital microfinance bank operating under the license of the Central Bank of Nigeria (CBN), Kayvee MFB leverages technology to provide savings and lending platforms to support the CBN’s financial inclusion strategy.
Forest’s short term strategic diversification plans include a ramp-up of its investment advisory services, the development of high yield portfolio investments, and the build-out of Forest Bank, a modern digital interface based on the rapidly evolving concept of API-driven embedded finance.
Also speaking on the acquisition rationale, Forest Capital Managing Director, Paul Okunaiya, said:
“As Afric’s digital financial services sector grows exponentially in the next few years, this transaction underpins our desire for a necessary symbiosis between the unbanked and private entities pertaining to access, relevance, and ultimately trust. With about 350 million adults un-served by the financial services industry in sub-Saharan Africa, there is more emphasis on financial inclusion, and Forest is poised to provide much-needed solutions to individuals and corporates, from farmers to entrepreneurs, and industries at large.”
Forest will bridge the access to requisite financing across the agriculture value chain for small to medium scale farmers, infrastructure and supply chain operations, distributors, wholesalers, and retailers, last-mile delivery and Ag. tech-driven startups.
The second edition of ‘Osinbajo Day’– a day set aside by the Osinbajo Grassroots Organisation (OGO) to celebrate Nigeria’s Vice President; Prof. Yemi Osinbajo will hold this Sunday, August 8, 2021.
National Convener of the organization, Mr Foluso Ojo (FOSH) through a statement made available to Brand Spur Nigeria disclosed that the 2021 ‘Osinbajo Day’ is targeted at celebrating the unique leadership qualities of Professor. Osinbajo.
2021 ‘Osinbajo Day’ Set To Hold On Sunday, August 8-Brand Spur Nigeria
“We have identified in the Vice President a leader of unimpeachable character; someone who can continue on the good works already started by President Muhammadu Buhari.
“We do not want Nigerians to gamble with this very important decision to pay attention to only politicians, when as stakeholders, we as the youths of this country, can also identify a man with required competence, character and passion to move the nation forward.
“At different occasions, Prof Yemi Osinbajo has demonstrated that he possesses the unique competence, fairness, accommodation, tolerance and respect for the rule of law to carry everyone along as critical stakeholders in the Nigerian future. So, we do not need him or anyone to tell us that Prof Osinbajo is a pathway to Nigeria’s future from 2023.”
The theme of this year’s event is ‘Osinbajo, the future beckons.’ The group said the theme was an appeal to Vice-President Yemi Osinbajo, who after working diligently with the President to jointly implement policies and programmes for a period running to eight years; to accept an appeal to consolidate on the good initiatives of the administration for enhanced values, unity and development of Nigeria.
“At this second edition, we are joining countless compatriots, to celebrate the unique potentials of this ebullient and cerebral leader; loyal vice president, pastor, legal icon, faithful husband and responsible dad – Professor Yemi Osinbajo to inform him that ‘The future beckons!’
The fun-filled event will hold online and offline in Abuja and states across the federation and in strict adherence to the COVID-19 protocols, according to the convener who appeals to the numerous lovers of Vice President Yemi Osinbajo to join celebrating the reputable leader on August 8.
WPP plc, the world’s largest agency network, has revealed strong first half across the business. According to the report, the owner of agencies Ogilvy and GroupM has grown its revenues back to pre-pandemic levels a year sooner than expected because of a record-setting rebound in global marketing spend.
For the first half of 2021, WPP revealed year-on-year reported revenue growth of 9.8% to $854 million (6,133 million pounds) and a reported operating profit increase of 54.4% to $821 million (590 million pounds).
“I’m delighted with our performance in the first six months of the year, at a time when COVID continues to take a toll on many countries.
Mark Read
“We’ve also made very good strategic progress. Our recognition as the most awarded company at the 2021 Cannes Lions Festival reflects our investment in creative talent and the strength of our creative work over the past two years. Our focus on data, commerce and technology, through strategic acquisitions, organic investments and the launch of Choreograph, has supported a strong new business performance. Key assignment wins include AstraZeneca, Bumble, JP Morgan Chase and Pernod Ricard.
H1 and Q2 financial highlights
Q2 LFL revenue less pass-through costs 19.3%: US 12.6%, UK 31.8%, Germany 20.3%, Greater China 1.4%, Australia 8.4%, India 30.0%
Q2 LFL revenue less pass-through costs on 2019 1.3%: US 1.8%, UK 1.1%, Germany 6.3%, Greater China -1.7%, Australia -13.6%, India -2.6%
Strong new business performance: $2.9 billion net new billings in H1
H1 headline operating margin 12.1%, up 3.9 pt on the prior year with strong top-line growth supporting significant reinvestment in incentives
H1 headline operating margin pre incentives up 7.8 pt to 17.0%
Net debt at 30 June 2021 £1.5 billion, down £1.2 billion year-on-year reflecting good working capital management
Strategic progress, shareholder returns and outlook
Shifting business mix: growth areas of experience, commerce and technology represented 26% of revenue less pass-through costs in H1
Launch of Choreograph, future-ready data and analytics company
M&A to simplify and grow: buy-in of WPP AUNZ minorities; technology acquisitions in Brazil and UK; Kantar agreed to acquire Numerator
Continued recognition of creativity and effectiveness: most creative company at Cannes, collecting 190 Lions including 12 Grand Prix, 1 Titanium, 28 Gold, 57 Silver and 92 Bronze
Industry-leading commitment to net-zero carbon emissions across the entire supply chain by 2030
£248m share buyback in H1, £350m planned for H2; 12.5p 2021 interim dividend declared, +25%
Full-year 2021 LFL revenue less pass-through costs growth now expected to be 9-10%; headline operating margin towards the upper end of the 13.5-14.0% range
“In procurement, property and shared services, we are making strong progress as part of our overall transformation programme. We have significantly increased our incentive pools in the first half, to reflect the tremendous contribution of our people in these challenging times, and in line with our intention to reinvest in talent announced at our Capital Markets Day in December 2020.
“We expect our strategy to translate into benefits for all of our stakeholders: a powerful, modern offer to support our clients’ growth; a great place for our people to work; a positive contribution to communities and the environment; and good financial returns for shareholders, with the interim dividend raised 25% and £600 million of share buybacks planned in 2021.”, said Mark
WPP is a British multinational communication, advertising, public relations, technology, and commerce holding company headquartered in London.
By comparison, people in Russia are the most pessimistic.
One thing most people seem to agree on is that they expect their governments to take responsibility for leading the return to growth.
More than half of people in China think the economy there has already recovered from the pandemic. That’s one of the headline findings of a survey carried out by Ipsos and the World Economic Forum, between 25 June and 9 July. Altogether, more than 21,500 people in 29 countries were quizzed on their views of post-pandemic economic life.
Some 56% of Chinese respondents said things were already back to where they should be. That number shoots up to 83% when those who think the recovery will have happened within a year are factored in.
In Saudi Arabia too, a majority of people (63%) think the recovery will have happened in a year’s time. There, 25% say the economy has already recovered.
39% believe it will take their economy more than three years to recover from the pandemic. | Image: World Economic Forum-Ipsos
Elsewhere, however, optimism is in shorter supply. Of the 29 countries surveyed, Russia, Colombia, South Africa and Romania are the places where the fewest people expect a swift recovery.
In Russia, just 4% of people think the recovery has happened and just 6% more think things will be better in a year. A large majority (66%) expect to have to wait more than three years for the economy to bounce back.
Between one half and two-thirds of survey respondents in South Africa, Argentina, Romania, Colombia, Hungary, and Poland say they think economic recovery is more than three years away, following the pandemic.
Looking ahead
When it comes to the question of who should assume responsibility for leading a country to economic recovery, the answer given most often by respondents was their government. Averaged across all 29 countries, that was the view of 53% of people. But 48% of people didn’t mention their government at all when thinking about where a recovery might come from, indicating a possible lack of trust in their national leaders.
Most people think the government should take responsibility when it comes to the COVID-19 economic recovery. | Image: World Economic Forum-Ipsos
In Russia, nine out of 10 people surveyed said the government carries the responsibility for sorting things out. Close behind, other countries where a very large majority felt that way include Hungary (88%), South Korea (86%), China (78%), Malaysia (73%) and Saudi Arabia (70%).
An almost mirror image of those findings came when Ipsos asked whether small businesses should be responsible for the post-pandemic economic recovery. Low numbers of people in Russia (7%), South Korea (10%), Hungary (14%), and Saudi Arabia (19%) thought that was the case. Those countries where the largest numbers of people do think small businesses have a major role to play are all Spanish-speaking.
“The world is at a global turning point where leaders must cooperate, innovate and secure a robust recovery,” said Sarita Nayyar, Managing Director, World Economic Forum, adding that corporations, civil society and governments must work together to address the major challenges facing the globe and that “those that focused on the short-term have been the first to suffer”.
Photo by Farzad Mohsenvand
Reading the signs
The survey also looked at what people think an economic recovery looks and feels like – the signs that will tell them things are getting better. It transpires there are two things that lead people to think things are getting better. The first is when they see people they know being called back to work or getting a new job. An average of 79% of people gave that as their top answer. It was closely followed by seeing new businesses open (78%).
The strongest sign that people use to interpret that things are getting better is seeing people they know being called back to work or getting a new job. | Image: World Economic Forum-Ipsos
Across all 29 countries surveyed, the range of answers citing those two indicators was from 63% to 89%.
An increase in tourism was also mentioned as a key sign of recovery by a global average of 72%. It was highest in China (90%), Saudi Arabia (85%) and South Africa (84%), and lowest in Argentina (52%), Russia (59%) and Colombia (60%).
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