FBN Holdings Generated N65.9bn Profit in 2020…EPS Grew by 3.98%

PFI Capital
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FBN Holdings Generated N65.9bn Profit in 2020…EPS Grew by 3.98%

FBN Holdings Plc (FBNH) released the 2020 full year financials showing a 10.50% decline in interest income and an 8.19% decline in net interest income. Notably, FBNH generated N386.58bn interest income compared to the N431.93bn generated in 2019.

This was followed by a 14.74% decrease in interest expense leading to a drop in the net interest income to N256.69bn.

FBN-Holdings-Plc brand spur

Impairment Charges Declined Despite COVID-19 Pressure on Loan Quality

Despite the pressure on credit quality as a result of COVID-19, FBNH loan impairment charges declined by 9.93% from N51.09bn to N50.88bn. This is an improvement compared to the impairment surge in the 3rd quarter of 2020

Fees and Commission Buoyed Earnings

FBNH net fees and commission income advanced by 24.56% from N82.90bn to N103.25 in the current period majorly driven by growth in letters of credit, commission, electronic banking fees and account maintenance charges.

Consequently, total operating income advanced marginally by 3.80% with profit before tax advancing from N75.19bn to N78.05. However, Profit after tax declined by 0.17% on the back of higher tax expense. In summary, Earnings per share advanced by 3.98% from N1.76 to N1.83

Total Nigeria Revenue dropped by 30.13% amid Relatively Stable Bottom-Line Performance

PFI Capital
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Total Nigeria Revenue dropped by 30.13% amid Relatively Stable Bottom-Line Performance

TOTAL NIGERIA PLC (TOTAL) FY-2020 shows a decline in revenue by 30.13% to N204.16bn from N292.18 recorded in 2019. Cost of sales also declined by 32.34% reducing the pressure of the low revenue on the gross profit.

Notably, gross profit declined by 13.89% to N30.18 compared to the N35.05 billion recorded in 2019. A sharp decline of 62.12% was however witnessed in the Operating profit following an increase in operating expenses.

Total Nigeria Revenue dropped by 30.13% amid Relatively Stable Bottom-Line Performance Brandspurng1

Finance Income Buoyed Bottom-line to a Profit Making Position

Surprisingly, Profit Before Tax advanced marginally by 0.68% from N3.07bn to N3.09bn in the current period following a surge in Finance income from N1.15bn to N2.26bn. This was also supported by a 63.40% decline in finance cost. Consequently, Profit After Tax declined marginally by 1.49% from N2.28 and N2.24bn.

Financial Breakdown (N’Mn)

Total Nigeria Revenue dropped by 30.13% amid Relatively Stable Bottom-Line Performance

Chevron Announces Q4 loss of $665M; Annual Capital Spending Down 35%

Esan Bolaji
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Chevron Announces Q4 loss of $665M; Annual Capital Spending Down 35%

January 29, 2021 — Chevron Corporation today reported a loss of $665 million ($(0.33) per share – diluted) for fourth quarter 2020, compared with a loss of $6.6 billion ($(3.51) per share – diluted) in fourth quarter 2019.

Included in the current quarter was a charge of $120 million associated with Noble Energy, Inc. acquisition costs. Foreign currency effects decreased earnings by $534 million. Adjusted loss of $11 million ($(0.01) per share – diluted) in fourth quarter 2020 compares to adjusted earnings of $2.8 billion ($1.49 per share – diluted) in fourth quarter 2019.

Chevron Announces Q4 loss of $665 million; annual capital spending down 35% brandspurng

Chevron reported a full-year 2020 loss of $5.5 billion ($(2.96) per share – diluted), compared with earnings of $2.9 billion ($1.54 per share – diluted) in 2019. Included in 2020 were net charges for special items of $4.5 billion, compared to net charges of $8.7 billion for special items in 2019.

Foreign currency effects decreased earnings in 2020 by $645 million. Adjusted loss of $368 million ($(0.20) per share – diluted) in full-year 2020 compares to adjusted earnings of $11.9 billion ($6.27 per share – diluted) in full-year 2019.

Sales and other operating revenues in fourth quarter 2020 were $25 billion, compared to $35 billion in the year-ago period.

“2020 was a year like no other,” said Mike Wirth, Chevron’s chairman of the board and chief executive officer. “We were well positioned when the pandemic and economic crisis hit, and we exited the year with a strong balance sheet, having completed a major acquisition and increased our dividend payout for the 33rd consecutive year.”

“When market conditions deteriorated, we swiftly reduced capital spending by 35 percent from 2019 and also reduced operating costs, demonstrating our commitment to capital and cost discipline,” Wirth added. Excluding severance expense, 2020 operating expenses were down

$1.4 billion from the prior year. Chevron also completed an enterprise-wide transformation program and the integration of Noble Energy, positioning the company for the future.

“The acquisition of Noble Energy was completed in October, adding high-quality assets, opportunities and people to Chevron,” Wirth said. The company also generated asset sales proceeds of $2.9 billion in 2020, including the sale of its Appalachia natural gas business in December. For 2018 through 2020, the company generated asset sales proceeds of $7.7 billion, in the middle of its guidance range of $5-$10 billion.

Chevron added 832 million barrels of net oil-equivalent proved reserves in 2020. These  additions, which are subject to final reviews, are net of reductions associated with lower commodity prices, decisions to reduce capital funding for various projects and asset sales.

The largest net additions were from the acquisition of Noble Energy and from assets in Kazakhstan. The largest net reductions were from assets in Australia, Venezuela, and the Permian Basin and asset sales in Appalachia. The company will provide additional details relating to 2020 reserve additions in its Annual Report on Form 10-K scheduled for filing with the SEC on February 25, 2021.

“In 2020, we increased production of renewable products and investments in low-carbon technologies, consistent with our commitment to succeed in a lower carbon future,” Wirth stated.

During the year, the company announced first gas production at its CalBioGas  renewable natural gas (RNG) joint venture in California, formed a new RNG partnership with Brightmark and announced first production of renewable base oil through its Novvi joint venture. The company also entered agreements to invest in carbon capture and other emerging low carbon technologies through its Future Energy Fund.

At year-end, balances of cash, cash equivalents, and marketable securities totaled $5.6 billion, a decrease of $0.1 billion from the end of 2019. Total debt at December 31, 2020 was $44.3 billion, an increase of $17.3 billion from a year earlier, including $9.4 billion from Noble Energy.

UPSTREAM

Worldwide net oil-equivalent production was 3.28 million barrels per day in fourth quarter 2020, an increase of 6 percent from a year ago. The increase was largely due to the Noble Energy acquisition, partially offset by production curtailments.

Worldwide net oil-equivalent production for the full-year 2020 was 3.08 million barrels per day, an increase of 1 percent from the prior year.

U.S. upstream operations earned $101 million in fourth quarter 2020, compared with a loss of $7.47 billion a year earlier. The increase was primarily due to the absence of fourth quarter 2019 impairments of $8.2 billion, partially offset by lower crude oil realizations.

The company’s average sales price per barrel of crude oil and natural gas liquids was $33 in fourth quarter 2020, down from $47 a year earlier. The average sales price of natural gas was $1.49 per thousand cubic feet in fourth quarter 2020, up from $1.10 in last year’s fourth quarter.

Net oil-equivalent production of 1.20 million barrels per day in fourth quarter 2020 was up 197,000 barrels per day from a year earlier. The increase was due to 231,000 barrels per day of

production from the Noble Energy acquisition. Additional production increases from shale and tight properties in the Permian Basin were more than offset by normal field declines, weather effects in the Gulf of Mexico and a 25,000 barrels per day decrease related to the Appalachian asset sale.

The net liquids component of oil-equivalent production in fourth quarter 2020 increased 14 percent to 880,000 barrels per day, while net natural gas production increased 39 percent to 1.89 billion cubic feet per day, compared to last year’s fourth quarter.

International upstream operations earned $400 million in fourth quarter 2020, compared with $731 million a year ago. The decrease in earnings was primarily due to the absence of a 2019 gain of $1.2 billion on the sale of the U.K. Central North Sea assets, lower crude oil and natural gas realizations and lower crude oil sales volumes.

Partially offsetting the decrease was the absence of fourth quarter 2019 write-offs and impairment charges of $2.2 billion along with  lower operating expenses. Foreign currency effects had an unfavorable impact on earnings of $158 million between periods.

The average sales price for crude oil and natural gas liquids in fourth quarter 2020 was $40 per barrel, down from $57 a year earlier. The average sales price of natural gas was $4.23 per thousand cubic feet in the fourth quarter, compared with $5.71 in last year’s fourth quarter.

Net oil-equivalent production  of 2.08 million barrels per day in fourth quarter 2020 was flat relative to fourth quarter 2019. Higher production due to 124,000 barrels per day of production from the Noble Energy acquisition and favorable entitlement effects were offset by production curtailments associated with OPEC+ restrictions and market conditions, asset sale-related decreases of 82,000 barrels per day and normal field declines.

The net liquids component of oil- equivalent production decreased 2 percent to 1.10 million barrels per day in fourth quarter 2020, while net natural gas production of 5.90 billion cubic feet per day increased 3 percent, compared to last year’s fourth quarter.

DOWNSTREAM

U.S. downstream operations reported a loss of $174 million in fourth quarter 2020, compared with earnings of $488 million a year earlier. The decrease was mainly due to lower margins on refined product sales and lower sales volumes, partially offset by lower operating expenses and higher earnings from 50 percent-owned Chevron Phillips Chemical Company LLC.

Refinery crude oil input in fourth quarter 2020 decreased 17 percent to 806,000 barrels per day from the year-ago period, as the company cut refinery runs in response to the weak refining margin environment.

Refined product sales of 1.02 million barrels per day were also down 17 percent from fourth quarter 2019, mainly due to lower jet fuel, diesel and gasoline demand associated with the COVID-19 pandemic.

International downstream operations reported a loss of $164 million in fourth quarter 2020, compared with earnings of $184 million a year earlier. The decrease in earnings was largely due to lower margins on refined product sales, partially offset by lower operating expenses. Foreign currency effects had an unfavorable impact on earnings of $108 million between periods.

Refinery crude oil input of 541,000 barrels per day in fourth quarter 2020 decreased 6 percent from the year-ago period, primarily due to the economic slowdowns in response to the COVID- 19 pandemic, partially offset by the absence of the fourth quarter 2019 major planned turnaround at the Star Petroleum Refining Company in Thailand.

Refined product sales of 1.23 million barrels per day in fourth quarter 2020 were down 4 percent from the year-ago period, mainly due to lower jet fuel demand associated with the COVID-19 pandemic, partially offset by higher diesel sales resulting from the second quarter 2020 acquisition of Puma Energy (Australia) Holdings Pty Ltd.

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.

Net charges in fourth quarter 2020 were $828 million, compared to $548 million a year earlier. The increase in net charges between periods was mainly due to higher pension expenses and Noble Energy acquisition costs, partially offset by favorable tax items. Foreign currency effects increased net charges by $12 million between periods.

CASH FLOW FROM OPERATIONS

Cash flow from operations in 2020 was $10.6 billion, compared with $27.3 billion in 2019. Excluding working capital effects, cash flow from operations in 2020 was $12.2 billion, compared with $25.8 billion in 2019.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in 2020 were $13.5 billion, compared with $21.0 billion in 2019. The amounts included $4.0 billion in 2020 and $6.1 billion in 2019 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company.

Expenditures for upstream represented 81 percent of the company-wide total in 2020. Included in 2020 were inorganic capital expenditures of $350 million primarily associated with the downstream acquisition of Puma Energy (Australia) Holdings Pty Ltd. The acquisition of Noble Energy is not included in the company’s capital and exploratory expenditures.

Naira Strenghtens Against the USD at Investors and Exporters Window

Cowry Research
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Naira Strenghtens Against the USD at Investors and Exporters Window

In the just concluded week, Naira appreciated against the USD at the Investors and Exporters window as the exchange rate moderated by 0.01% to settle at N394.13/USD amid CBN redemption of USD500 billion Eurobond which matured in the course of the week.

Nevertheless, Naira weakened against the USD at the Bureau De Change and parallel (‘black’) market by 0.21% and 1.05% to close at N473.00/USD and N480.00/USD. Notably, NGN/USD closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for
Invisibles.

Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets Brandspurng
Afolabi Sotunde Illustration Naira

Elsewhere, the Naira/USD exchange rate rose for all the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates rose by 0.40%, 0.53%, 0.44%, 0.60% and 0.31% respectively to close at N399.85/USD, N403.82/USD, N407.41/USD, N418.73/USD and N436.65/USD respectively.

Meanwhile, the spot rate remains flattish at N379.00/USD.

In the new week, we expect Naira/USD to further stabilize at the I&E FX Window as the price of Nigeria’s crude oil variant Bonny light stays above USD50 per barrel level.

Revenue from VAT Increases by 29.26% to N1.53 trillion in 2020; MPC Holds Key Rates

Cowry Research
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Revenue from VAT Increases by 29.26% to N1.53 trillion in 2020; MPC Holds Key Rates

In the just concluded week, data released from the National Bureau of Statistics (NBS) showed that revenue from both the Company Income Tax (CIT) and the Value Added Tax (VAT) rose by 9.61% year on year to N2.94 trillion in 2020 as against N2.68 trillion printed in 2019 despite COVID-19 pandemic.

A significant portion of the tax revenue came from the Telecoms sector as N289.80 billion (accounting for 11.65% of the total CIT and VAT revenue) was collected in 2020.

Collected tax amounts from sectors such as Commercial and Trading, Banking and Financial Institutions, as well as Breweries, Bottling and Beverages sectors were N145.98 billion (accounting for 4.96%), N121.17 billion (accounting for 4.12%) and N112.84 billion (accounting for 3.84%) respectively.

President Buhari to Roll Out Auto-gas Scheme for Cars in December
President Buhari to Roll Out Auto-gas Scheme for Cars in December – www.brandspurng.com

Further breakdown showed that revenue from CIT stood at N1.41 trillion in 2020, declining by 5.92% from N1.50 trillion recorded in 2019. For VAT, the total amount collected rose y-o-y by 29.26% to N1.53 trillion in 2020, from N1.18 trillion printed in 2019.

In another development, the Monetary Policy Committee (MPC), having concluded its 277th meeting on Tuesday, January 26, 2021, decided to put on hold all key monetary policy parameters. Specifically, MPR was held at 11.50% to in coherence with the fiscal authority’s goal to quicken the pace of economic recovery out of recession.

The asymmetric band was retained at +100 bps and – 700 bps around MPR while the Cash Reserve Ratio (CRR) and Liquidity Ratio were also retained at 27.50% and 30% respectively.

The Committee was of the view that the moderation in output contraction in 3Q 2020 associated with the news of the discovery of COVID-19 vaccines and rising crude oil prices reflect the good economic outlook for the oil-rich country; albeit, it feared that the good fortunes may be dampened by the second wave of COVID-19 pandemic.

The MPC noted the high inflation in emerging markets and developing economies amid weak accretion to reserves, exchange rate pressures, the poor inflow of capital and long-standing structural issues.

Also, it pointed out the steady build-up of systemic liquidity across the global economy, arising from the supports from the fiscal and monetary authorities to bolster the economy and return confidence to the financial markets.

Nevertheless, the MPC was optimistic on the direction of the inflation rate going forward. It stated that the inflation rate should moderate as output rebounds.

On the foreign scene, the West Texas Intermediate (WTI) crude price fell further by 1.49% w-o-w to USD52.34 a barrel gave the 0.26% w-o-w fall in US crude oil input to refineries to 14.72 mb/d as at January 22, 2021 (also, It declined y-o-y by 7.55% from 15.92 mb/d as at January 24, 2020).

Similarly, Brent crude decreased by 1.78% to USD55.10 a barrel even as we saw Nigeria’s crude grade (Bonny Light) price moderate by 1.56% to USD54.41 a barrel as at Thursday, January 28, 2020.

The crude oil benchmarks tanked despite the 2.04% w-o-w decline in U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) to 476.65 million barrels as at January 21, 2021 (albeit, inventories rose by 10.42% y-o-y from 431.65 million barrels as at January 21, 2020).

We note that the rise in non-oil revenue (CIT and VAT) was chiefly on the implementation of 50% increase in the VAT rate to 7.50% by the fiscal authority; hence, translating to higher VAT amount in 2020. However, revenue from CIT fell, reflecting the negative impact of COVID-19 pandemic on companies – even as the economy went into recession.

Thus, we expect revenue from corporate tax to rise going forward, as the economy rebounds.

Meanwhile, efforts by CBN to support output growth via its expansionary policies may be countered by rising inflation and depreciation of the local currency, and this may negatively impact profits of corporates.

Sighs of Relief in The FGN Bond Space as Improved Local Demand Calms Market Bearishness

ZedCrest Capital
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Sighs of Relief in The FGN Bond Space as Improved Local Demand Calms Market Bearishness

The FGN bond space saw a bit of calmness taking a break from the bearishness witnessed for the past couple of weeks as demand from local investors and EOM short-covering strengthened prices on selected papers.

The 2034s and 2049s attracted the most of the market demand, seeing the largest downward yields movement as offers dropped significantly to 10.05% and 10.45% levels, respectively, from the previous day’s 10.45% and 10.75%. Subsequently, yields compressed across the benchmark curve by -c.20bps.

We expect market participants to take new positions that support their various strategies while demand from local investors on the selected papers should also continue in the new month.

Treasury Bills

The treasury bills market closed the week on a quiet note, although with a bearish tilt as the offshore participants continue to aggressively offer their OMO T-Bills holdings in a bid to take some EOM profits.

We saw some early hour rush for the 18th Jan 2021 bills, which was offered better than other January 2021 papers at above 5% levels. However, by mid-day, the market recoiled into its shell while bids became scarce for the rest of the session despite the improved offers shown for most T-bills papers.

We expect improved activities in the treasury bills space for next week, as traders take advantage of the improved offers while taking strategic positions in the new month.

Money Markets

Money market rates increased by an additional 125bps compared to yesterday’s rates as low liquidity levels continue to pressure the smooth sail of business activities.

System figures opened the day at c.N110.65B positive, with most banks remaining camped at the SLF window throughout the session. Consequently, OBB and Overnight rates closed the day at 10.50% and 11.00%, respectively.

We expect funding cost to remain elevated for a larger part of next-week as expected outflows outweigh inflows hitting the banking system. 

FX Market

The I&E FX window closed the week on a drab note as volumes traded ($24.39m) dropped significantly by another 35% DoD while most banks remained firmly bided to close the week.

At the parallel market, the cash market closed 0.32% higher than yesterday, with the Naira depreciating by N1.50K due to increased business activities and the continued shortage of FX supply. The transfer segment remained unchanged, closing the week. 

Eurobonds 

Trading activities in the NIGERIA Sovereigns space were mostly quiet, with trading volumes staying slim for the session. The bulk of the action was seen at the curve’s belly, especially on the 2031s and 2032s, as yields compressed by an average of c.2bps across the sovereign curve.

In the SSA space, the Angola papers pulled back some recent losses to outperform other SSA sovereign papers (Ivory Coast, Egypt and, Ghana), as yields compressed by -c.6bps D/D on the 2025s.

The ETINL 2024s paper was the most active of the NIGERIA Corps tickers, as the paper’s yield rallied by approximately 24bps, while yields remained mostly unchanged on all other tracked papers.

Tablet Market Posts 18% Annual Increase in 2020, Strongest Growth in 7 Years

Esan Bolaji
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Tablet Market Posts 18% Annual Increase in 2020, Strongest Growth in 7 Years

Global market grew 28% year-on-year in Q4 2020 amid strong holiday demand for entertainment devices and continued work/school-from-home activity

As 2020 dragged on, tablet vendors delivered much-needed options to support learning and working from home, according to Strategy Analytics’ latest report.

Especially for users working within a tight budget, tablets are proving to be credible mobile computing alternatives to notebooks, as mobile computing demand showed double-digit year-on-year growth in 2020.

New Normal for Tablet Market? Highest Growth Rate in Six Years Recorded in Q2 2020
Photo by Garrhet Sampson on Unsplash

While the world optimistically looks to 2021 and the emphasis on work-from-home and e-learning changes once again, can tablets continue to play such a large role?

Eric Smith, Director – Connected Computing said,

“The new normal will start to emerge in 2021 as pandemic restrictions slowly fade away, but we fully expect work-from-home and learn-from-home will have won over fans among workers, students, companies, and educational institutions alike.

How tablet vendors choose to address this urgent need for mobile productivity will depend on their unique set of strengths and weaknesses, but it is clear that they must fight even harder for revenue in this competitive environment. The risk remains for tablets to be outflanked by notebooks or smartphones in the future.”

Chirag Upadhyay, Industry Analyst added,

“Apple had a great holiday quarter with shipments up 37% year-on-year, fulfilling consumer, commercial, and education demand. Several major Android vendors did as well or even better on an annual growth basis as Android tablets have a cost advantage over the iPad.

Amazon has great value at low cost and typically does very well during the holidays. Samsung and Lenovo had a very strong quarter of performance as their portfolios are wide-ranging, up-to-date, and innovative for entertainment and productivity needs.”

BAT recognised as Global Top Employer for 4th consecutive year

Esan Bolaji
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BAT recognised as Global Top Employer for 4th consecutive year

British American Tobacco (BAT) is proud to announce that it has been named as a Global Top Employer for the fourth year running by the Top Employers Institute.

BAT is just one of 16 companies to receive Global Top Employer status for 2021, which is based on an extensive review of employer practices across nine broad topics: Talent Strategy; Performance Management; Learning & Development; Leadership Development; Career & Succession Management; Workforce planning; On-boarding; Culture; and Compensation and Benefit.

British American Tobacco resumes sales in South Africa

The award follows BAT being certified as a Top Employer for 2021 in 34 countries across five regions: Europe, Latin America, Asia-Pacific, Africa and Middle East, and recognises the company’s commitment to attracting the best talent, investing in its people and being a great place to work.

Hae In Kim, Director, Talent, Culture and Inclusion at BAT, comments:

“Receiving Global Top Employer certification for the fourth-year running is a fantastic achievement as it acknowledges our commitment to creating an inclusive and innovative working environment that our employees enjoy being a part of.

“Our employees are our most important asset, and we are particularly proud of the resilience and determination they have displayed during the pandemic. Without doubt, they are a key driver in our continued strong performance as we transform our business and build A Better Tomorrow for all our stakeholders.”

BAT is committed to its purpose to build A Better Tomorrow™ by reducing the health impact of its business through providing a range of enjoyable and less risky products.

Fostering a culture where employees are encouraged to develop and grow in a diverse and inclusive environment has always been important to BAT and is playing an important role in accelerating this transformation.

BAT has been certified as a Top Employer in various regions around the world since 2009 and the ongoing recognition reflects its continued efforts to develop and foster the potential of its 53,000 employees around the world.

David Plink, CEO of the Top Employers Institute, says:

“Despite the challenging year we have experienced, which has certainly made an impact on organisations around the globe, our regional Top Employers have continued to demonstrate the power of putting their people first in the workplace. As a global Top Employer, BAT has shown its dedication to its employees on an international level across numerous countries and we congratulate them for their global certification.”

The Top Employer certification process is conducted annually by the Top Employers Institute, an independent organisation that studies the employee offerings of major employers around the world.

Certification recognises employers that provide best-in-class employment practices that allow employees to develop themselves personally and professionally, while driving business results.

Participating companies undergo a very rigorous assessment process which includes an extensive review of employer practices across nine broad topics. Several validation sessions are held where evidence of these practices is provided, and an independent audit of the findings is also carried out.

Xiaomi Unveils Mi Air Charge, wireless charging from across the room

Esan Bolaji
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0
Xiaomi Unveils Mi Air Charge, wireless charging from across the room

January 29, 2021 – Global technology leader Xiaomi today introduced a brand new form of charging – Mi Air Charge Technology. Revolutionizing the current wireless charging methods, Mi Air Charge Technology enables users to remotely charge electronic devices without any cables or wireless charging stands. Today, we enter a true wireless charging era.

Mi Air Charge Technology – 5W remote charging

The core technology of Xiaomi’s remote charging lies in space positioning and energy transmission. Xiaomi’s self-developed isolated charging pile has five phase interference antennas built-in, which can accurately detect the location of the smartphone. A phase control array composed of 144 antennas transmits millimetre-wide waves directly to the phone through beamforming.

Xiaomi Unveils Mi Air Charge, wireless charging from across the room

On the smartphone side, Xiaomi has also developed a miniaturized antenna array with built-in “beacon antenna” and “receiving antenna array”. Beacon antenna broadcasts position information with low power consumption. The receiving antenna array composed of 14 antennas converts the millimetre-wave signal emitted by the charging pile into electric energy through the rectifier circuit, to turn the sci-fi charging experience into reality.

Currently, Xiaomi remote charging technology is capable of 5-watt remote charging for a single device within a radius of several meters. Apart from that, multiple devices can also be charged at the same time (each device supports 5 watts), and even physical obstacles do not reduce the charging efficiency.

Future living rooms will be fully wireless

In the near future, Xiaomi’s self-developed space isolation charging technology will also be able to work with smartwatches, bracelets and other wearable devices. Soon our living room devices, including speakers, desk lamps and other small smart home products, will all be built upon a wireless power supply design, completely free of wires, making our living rooms truly wireless.

This is a revolutionary innovation of wireless charging.
This is also a bold attempt to turn the whole house wireless.
It’s not science fiction, it’s technology.
This is Xiaomi’s self-developed remote charging technology.

Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.

With an equal emphasis on innovation and quality, Xiaomi continuously pursues high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.

Xiaomi is currently the world’s third-largest smartphone brand and has established the world’s leading consumer AIoT (AI+IoT) platform with 289.5 million smart devices connected to its platform, excluding smartphones and laptops. Xiaomi products are present in more than 90 markets around the world.

In August 2020, the company made the Fortune Global 500 list for the second time, ranking 422nd, up 46 places compared to the previous year. Xiaomi also ranked 7th among internet companies on the list.

Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index and Hang Seng TECH Index.

How to move your WhatsApp Chats to Telegram on iOS & Android

Oreoluwa Aderinkomi
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How to move your WhatsApp Chats to Telegram on iOS & Android

The update of the privacy policy of WhatsApp has increased the growth of Telegram as over 100 million users have joined Telegram.

In order to increase the adoption of Telegram by users of WhatsApp. Telegram has made a move that enables people to feel more comfortable in migrating digitally from WhatsApp to Telegram.

How to move your WhatsApp Chats to Telegram on iOS & Android
Photo by Adem AY

Telegram is introducing the ability to import your chat history including videos and documents from other apps including WhatsApp. This means that you get to retain past conversations from your Whatsapp if you feel uncomfortable using WhatsApp.

You can import your chats as long as you have an account on both WhatsApp and Telegram. The feature is available on both Android and IOS.

This move by Telegram reduces the cost of switching from WhatsApp to Telegram thereby eradicating one of the barriers that users can face.

Here is how to move your chats from WhatsApp to Telegram:

On iOS:

  1. Open WhatsApp on your iPhone.
  2. Head to the chat and click the contact or group name at the top to open the Group/ Contact Info screen.
  3. Click on Export Chat.
  4. Now, select Telegram and click Import when prompted.

On Android:

  1. Launch WhatsApp on your Android phone.
  2. Open the chat and click the three-dot menu at the top right corner.
  3. Click on More and select Export Chat.
  4. Tap Include Media if you want to add images, videos, and other files.
  5. In the share sheet, tap on Telegram.
  6. Now, select the Telegram chat or contact where you want to copy your WhatsApp chats.

Also, any messages imported into chats have a small “Imported” label on them noting when they were originally sent, and when they were brought into Telegram, and messages are visible to all chat participants.

For more updates and information on the WhatsApp and Telegram battle for customers, kindly follow Brand Spur for updates on news about the brands.

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