Adebayo appointed as IFMA Nigeria Chapter 11th President

Esan Bolaji
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0
Adebayo appointed as IFMA Nigeria Chapter 11th President

13th December 2020 Lagos, Nigeria: The International Facility Management Association, IFMA Nigeria Chapter has elected her 11th President, Mr Segun Adebayo, as well as other Council members to serve as the new executive council team for the Association up till 2022.

Mr. Adebayo, the former Vice President and pioneer Publicity Secretary of the Association, was elected during the last Annual General Meeting of the Association that took place recently at the IFMA secretariat and was presided over by the outgoing President, Mrs. Abimbola Adamolekun.

Adebayo appointed as IFMA Nigeria Chapter 11th President Brandspurng
From Left: The newly elected Gen. Sec, Engr Sherif Daramola; The Executive Secretary Dele Chinedu; The newly elected president Segun Adebayo and Vice President: Lekan Akinwunmi at the Inauguration of the new IFMA Council Team at the Secretariat in Lagos over the weekend. | www.brandspurng.com

Mr Adebayo is an astute administrator, a resourceful and solution-driven individual with a strong flair for excellence. A graduate of Banking & Finance with Upper-Class grade from Kwara State Polytechnic and Master’s Degree (M.Sc.) in Corporate Governance from Leeds Metropolitan University (now Leeds Becket University), UK. He has worked in various corporate and public roles and he has garnered over 20 years of professional experience.

Prior to now, He was appointed the Senior Special Assistant on Facility Management to the former Governor of Ogun State in 2017; Head, General Services of FBN Quest Merchant Bank Limited between 2016 and 2017; Head of Administration Department, Kakawa Discount House (2003 – 2015) amongst other roles.

Mr Adebayo is a Fellow, Institute of Administrative Manager, UK; Member, Society for Corporate Governance Nigeria; Chartered Member, Chartered Institute of Purchasing & Supply Management and Facility Management Professional (FMP),  International Facility Management Association, Houston.

In his acceptance speech, he said,

“It is with a great sense of humility and commitment that I accept the responsibility to serve as the President of our noble Association”   Our election presents us the opportunity not to sustain the performance of the immediate past Council but to creatively improve upon their achievements.

We will make the association the leading voice in the Facility Management industry and also a force to reckon with by all stakeholders.”

“Our priorities for this administration shall be service-oriented and also result-driven. We will enhance and improve the association’s knowledge base through innovation and technology with special attention to increasing membership participation, engagement and growth,” he added.

He opined that the new Council under his leadership will deepen the relevance and impact of the association through strategic alliances and collaboration with credible private institutions and other relevant professional bodies.

We will also engage government institutions and agency towards the development of fit for purpose policy in order to achieve a better operating environment. He urged members to work together with the Council members to change the narratives in the built environment and break new grounds in the industry in particular and our Nation in general.

The International Facility Management Association, Nigeria Chapter was formed in the year, 1995. The organization offers the opportunity to develop the competence of her members through national and international programmes with the drive to enhance the maintenance culture within the built environment in the country.

Other elected Executive Members are, Mr Lekan Akinwumi, the Vice President; Engr Sheriff Daramola, the General Secretary; Mr. Bayo Owojori, the Assistant General Secretary; Mr. Adeniyi Ifaturoti, the Treasurer and Engr Sherifat Adeleye, the Publicity Secretary.

The outgoing President, Mrs Abimbola Adamolekun and other council members were highly commended for a job well done for the innovative programme most especially during the COVID-29 pandemic to ensure that members of the association were upskilled.

IFMA Nigeria is an affiliate of IFMA Worldwide where membership is opened to people actively engaged in the application practice, teaching and researching of facilities management principles and techniques for the built environment.

The Association is involved in periodic training, lectures, facility tours, interactive seminars, education and research. All these are aimed at equipping relevant officers with current skills, knowledge and increase the effective practice of facility management in both the private and public sectors.

FCMB Suspends Proposed N30Bn Commercial Paper Issuance

Esan Bolaji
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0
FCMB Suspends Proposed N30Bn Commercial Paper Issuance

FCMB Group Plc (FCMB) hereby notifies the Nigerian Stock Exchange (NSE) and its esteemed shareholders that the proposed Commercial Paper Issuance by one of its subsidiaries, First City Monument Bank Limited has been suspended.

This is as a result of the Nigerian Treasury Bills auction of Wednesday, 9 December 2020, which distorted price discovery.

The proposed Commercial Paper Issuance is under its N100 billion-naira CP programme. The CP has a tenor of 260 days with the aim of raising up to N30 billion to support the Bank’s short-term funding needs.

First City Monument Bank (FCMB) Ltd is a banking group, headquartered in Lagos. As of December 2019, the bank’s total assets were valued at US$4.4 billion (NGN: 1.7 trillion).

FCMB Suspends Proposed N30Bn Commercial Paper Issuance Brandspurng

A Diamond Cut At An Angle Of 24.4° Sparkles Brightest. As Does The Gerety Rebrand And Its 2021 Jury!

Esan Bolaji
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0
A Diamond Cut At An Angle Of 24.4° Sparkles Brightest. As Does The Gerety Rebrand And Its 2021 Jury!

Gerety announces a brand refresh and new website with its 2021 jury which includes some of the world’s most respected advertising and marketing leaders.

The new-look comes from London-based brand story-telling studio, Here.We.Go.

A Diamond Cut At An Angle Of 24.4° Sparkles Brightest. As Does The Gerety Rebrand And Its 2021 Jury!

Its founder, Louise Sloper, says,

“It has been a pleasure to work on this change-making brand. As a jury member of the inaugural Gerety Awards myself, its mission to level-up the voices of many incredible female creatives was something we were keen to highlight in the brand refresh. We have worked on the UX and visual elements of the new website, giving the jury members prominence.

A Diamond Cut At An Angle Of 24.4° Sparkles Brightest. As Does The Gerety Rebrand And Its 2021 Jury!

You’re basically hit with a wall of names, which challenges the status quo of many other awards schemes. The tone-of-voice is feminine but confident, elegant but edgy. It was important to retain some of the original branding, such as the strong purple palette, whilst updating elements such as the logo.

Gbemi Adekanmbi Ambassador Lagos Brandspurng

The concept of light refraction and the brilliance of a perfectly cut diamond reflects the quality of the awards and the women who are part of it. The beauty that happens in the detail was important to the work.”

With its mission of changing the narrative around female leadership by reinforcing the value in the female vision of advertising, the 2021 Gerety Awards will continue to define the standard to which advertising should be held and show clients the best way to target the world’s most powerful consumers.

Lagos is the location for one of the executive judging sessions with Gbemi Adekanmbi, Founder of For Creative Girls as the Ambassador.

There will be a total of 10 executive judging sessions held around the world, the ambassadors are:

  • Kirsten Rutherford, Group Creative Director, TBWA\Chiat\Day LA, USA
  • Elizabeth Valleau, Global Creative Lead, Facebook, UK
  • Kaitlin Doherty, Managing Director, The Local Collective, Canada
  • Uma Rudd Chia, Creative Director, Weber Shandwick, Singapore
  • Gbemi Adekanmbi, Founder, For Creative Girls, Nigeria
  • Valentina Amenta, Creative Director FCB, Italy
  • Karolina Galácz, Creative Director DDB Budapest, Hungary
  • Antoinette Hoes, Strategy Lead, Germany
  • Fabienne Fiorucci, Creative Director Dare.win, France
  • Ingrid Bragemann, Executive Director Tantor Films, Chile
  • Maribel Maneiro, Creative Director Raya, Chile

Here.We.Go Designer George Stockley notes,

“There are 58 facets on a brilliant-cut diamond, which you may not always notice, but they are important. This attention to detail is also what makes Gerety so well cut… the ‘critical angle’ of 24.4 degrees has been carefully applied throughout the brand system, and the story of the diamond is always being told. Right down to the primary colour inspired by the shade of a diamond polishing wheel”.

Gerety’s Co-Founder Lucia Ongay concludes

“The attention to detail has really blown us away. The brand refresh re-emphasizes the Gerety purpose and is a perfect showcase for the 2021 jury and beyond.”

The Gerety Awards will announce the full Executive Jury and open for entries in January. See all of the Grand Jury and Ambassadors at www.geretyawards.com

Named for Frances Gerety, the copywriter who in 1948 coined the slogan “A diamond is forever, The Gerety Awards marks the first time that a jury has been brought together to select the best in advertising — all advertising, not just advertising made for women — through the female lens, creating a benchmark that is relevant to the market reality, all while redefining the standard to which advertising has traditionally been held.

Shoppers to save big as Konga Jara 2020 debuts

Esan Bolaji
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0
Shoppers to save big as Konga Jara 2020 debuts

Nigeria’s leading composite e-commerce giant has rolled out Konga Jara 2020, the final sales promo for the year, offering customers huge savings on their year-end shopping.

This year’s edition of Konga Jara, an annual final shopping campaign for each year exclusive to Konga, will run from December 14 to 31, 2020.

Specifically, the highly anticipated Konga Jara offers millions of shoppers a chance to enjoy a final countdown sale for the year, with highly discounted offers on a wide range of genuine products. Traditionally, Konga Jara meets the yearnings of teeming customers who are eager to find the best deals for their Christmas shopping.

Shoppers to save big as Konga Jara 2020 debuts

To this effect, the management of Konga has specifically positioned Konga Jara 2020 as a discount sale to help customers make huge savings on their yuletide shopping.

The promotion, which kicked off on Monday, December 14 across the website – www.konga.com and across all of Konga’s retail stores nationwide – comes loaded with price slashes and heavy discounts across major product categories including Fast Moving Consumer Goods (FMCG), cooking items, rice, groceries, Home & Kitchen appliances, Fashion items, Electronics, Wine & Spirits, Computing, mobile phones and other devices, among many others.

Kalu Johnson, Vice President, Strategic Business, says Konga Jara is a unique opportunity for shoppers to save big.

‘‘We have set aside Konga Jara 2020 as a special offer for our customers, many of whom have pleaded with us for an extension of the recently concluded and highly successful Konga Yakata 2020 which ended on Saturday.

As a result, we have put together a strong line-up of products across various categories, with mouthwatering discounts to put the money back in our customers’ pockets this festive season. That is why we have tagged Konga Jara 2020 as an opportunity to let the savings continue. We continue to urge everyone to check prices on Konga Jara before buying anything.

‘‘I urge everyone to take advantage of Konga Jara to get their festive season shopping sorted at best prices and with huge savings,’’ he stated.

Konga has enjoyed a remarkable year despite the constraints of the COVID-19 pandemic, with the e-Commerce giant deepening its leadership of the market with a series of exciting campaigns, deals and initiatives.

COVID-19: Young African Filmmakers Back UN Anti-Misinformation Initiative

Esan Bolaji
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0
COVID-19: Young African Filmmakers Back UN Anti-Misinformation Initiative

Seven short films aimed at combating COVID-19 misinformation have been produced by the 2020 cohort of the MultiChoice Talent Factory Academy, putting the talent of young African filmmakers to work on one of the world’s current biggest challenges.

The films are part of the United Nations’ Pause campaign, a wider behaviour change campaign that aims to create a new social media norm to help combat the rising impact of viral misinformation. The short films will air on MultiChoice channels between 9 and 31 December 2020. The MultiChoice Group is providing the airtime as part of its ongoing support of the campaign.

COVID-19: Young African Filmmakers Back UN Anti-Misinformation InitiativeMTF-MultiChoice Talent Factory-brandspurng

The filmmakers, who are from Nigeria, Mozambique, South Africa, Uganda, Zambia and Zimbabwe, tackled the subject through a variety of approaches, often using humour and slang to deliver vital and punchy lifesaving messages that appeal to local viewers.

“We recognise the transformative power of media and the critical role we play to educate audiences about the dangers of misinformation through these short films, which have enabled us to share hyperlocal information with our audiences,” says Caroline Oghuma, Executive Head: Corporate Affairs, MultiChoice Nigeria.

The MultiChoice Talent Factory (MTF) is MultiChoice’s flagship shared-value initiative launched in 2018 to ignite Africa’s creative film and TV industries through training and skills development. The MTF Academy is a 12-month fully funded training programme aimed at upskilling the next generation of passionate young film creatives.

As the first touchpoint of the shared-value initiative, the MTF Academy’s one-of-a-kind curriculum is expertly executed under the guidance of regional Academy Directors Njoki Muhoho (East Africa hub), Berry Lwando (Southern Africa hub), Femi Odugbemi (West Africa hub) and Bobby Heaney (South Africa hub).

The Pause campaign is part of Verified, an initiative launched in May by the United Nations to communicate accessible science-backed health information in compelling formats and sharing stories of global solidarity around COVID-19.

Pause is the first global behaviour change campaign on misinformation to mobilise experts and researchers, governments, influencers, civil society, businesses, regulators and the media under a single message. It is aimed at increasing media literacy to enable social media users to spot misinformation and stop themselves from passing it on.

The campaign is based on research that indicates that a brief pause significantly lessens the inclination to share shocking or emotive material thereby slowing the spread of misinformation. It aims to reach a global audience of 1 billion globally, online and through partnerships, by the end of December.

“We cannot successfully tackle the pandemic without also addressing online misinformation. We’re thrilled to be working with the talented young African filmmakers at the MultiChoice Talent Factory, who have brought such creativity and passion to this project. We hope young people across Africa will see themselves in these films and take action to help break the chain of misinformation by pausing before they share,” said Robert Skinner, UN Senior Adviser for Global Communications.

OPPO Showcases New Conceptual design with nendo and Hosts Retrospective Exhibition at CIIDE

Esan Bolaji
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0
OPPO Showcases New Conceptual design with nendo and Hosts Retrospective Exhibition at CIIDE

December 14, 2020, Lagos, Nigeria – Today, OPPO, a leading smart device company, showcased multiple new conceptual designs based on its human-centric design philosophy at the 4th China International Industrial Design Expo (CIIDE). These conceptual designs were created for OPPO by leading Japanese design studio nendo, founded by Oki Sato.

These result from the close collaboration between OPPO and nendo, exploring the possibilities of future design. During the exhibition, OPPO also exhibited a series of its classic product designs, showcasing its unique insights and exploration into form design, materials and interaction that have occurred since the company’s inception.

OPPO Showcases New Conceptual design with nendo and Hosts Retrospective Exhibition at CIIDE

The China International Industrial Design Expo is a national-level event focused on industrial design in China. With this year’s theme of “New Designs, New Trends, New Momentum,” OPPO put on a retrospective exposition, showcasing classic industry-leading product designs from throughout its history.

In 2008, OPPO launched its first smartphone, the “Smiley Face” A103, marking the beginning of its pursuit of the perfect synergy of ultimate aesthetics and innovation. These innovations have proved numerous over the past 12 years: In 2012, OPPO launched Finder – one of the world’s thinnest phones – designed to be easier and more comfortable for users to hold.

OPPO Showcases New Conceptual design with nendo and Hosts Retrospective Exhibition at CIIDE

In 2014, it introduced the 2.5D curved design on Find 5, while 2016’s R9 took inspiration from snow-covered mountain ridges to provide a smartphone with improved grip and looks. More recently, OPPO launched Reno3 in 2019 as the world’s thinnest 5G phone at the time.

OPPO’s breakthrough in design also extends to its cutting-edge camera technology. In 2014, OPPO released the world’s first motorized rotating camera smartphone –N3. In 2018, its full-screen display smartphone, Find X, utilized a pioneering sliding design which enabled the camera to pop out from within the phone when activated.

December 14, 2020, Lagos, Nigeria— Today, OPPO, a leading smart device company, showcased multiple new conceptual designs based on its human-centric design philosophy at the 4th China International Industrial Design Expo (CIIDE). These conceptual designs were created for OPPO by leading Japanese design studio nendo, founded by Oki Sato. These result from the close collaboration between OPPO and nendo, exploring the possibilities of future design. During the exhibition, OPPO also exhibited a series of its classic product designs, showcasing its unique insights and exploration into form design, materials and interaction that have occurred since the company’s inception. The China International Industrial Design Expo is a national-level event focused on industrial design in China. With this year’s theme of “New Designs, New Trends, New Momentum,” OPPO put on a retrospective exposition, showcasing classic industry-leading product designs from throughout its history. In 2008, OPPO launched its first smartphone, the "Smiley Face" A103, marking the beginning of its pursuit of the perfect synergy of ultimate aesthetics and innovation. These innovations have proved numerous over the past 12 years: In 2012, OPPO launched Finder – one of the world’s thinnest phones – designed to be easier and more comfortable for users to hold. In 2014, it introduced the 2.5D curved design on Find 5, while 2016’s R9 took inspiration from snow-covered mountain ridges to provide a smartphone with improved grip and looks. More recently, OPPO launched Reno3 in 2019 as the world’s thinnest 5G phone at the time. OPPO’s breakthrough in design also extends to its cutting-edge camera technology. In 2014, OPPO released the world's first motorized rotating camera smartphone –N3. In 2018, its full-screen display smartphone, Find X, utilized a pioneering sliding design which enabled the camera to pop out from within the phone when activated. This innovation integrated 11 components, including front and rear cameras and sensors, and resulted in a screen-to-body ratio of 93.8%. In 2019, OPPO broke even more boundaries with the launch of the Reno 10x Zoom and its unique pivot rising structure, which has since inspired new design ideas within the smartphone industry. In November this year, OPPO once again demonstrated its latest exploration into mobile phone form factors with the OPPO X 2021 rollable conceptual handset at the OPPO INNO DAY 2020 event. The size of the conceptual device’s rollable display is infinitely adjustable within a specified range, offering a new perspective on the future of devices and how humans might interact with them. At the China International Industrial Design Expo, OPPO showcased the "slide-phone" and "music-link" conceptual designs that it has been working on together with the leading Japanese industrial designing studio nendo. The “slide-phone” conceptual design can be folded into different states The idea for the “slide-phone” originated from OPPO and nendo's discovery that smartphone users increasingly rely on their smartphones to interact with the world around them. To support more functionality, the smartphone is designed in a constant increase of size, making it difficult to hold and less convenient. This trend towards larger phones has become a growing concern for users. Armed with this insight, the “slide-phone” concept is designed with three foldable screens attached by hinges folding over in the same direction. By providing users with the flexibility to change the form of the phone as needed, users may benefit from the ability to change its size to suit the occasion. Furthermore, a stylus inserted in the phone allows users to expand their productivity by using the phone for work or other more complex tasks. The conceptual design“slide-phone” can be folded into different sizes The conceptual design“slide-phone” with stylus OPPO and nendo’s other conceptual design, "music-link", is a collection of devices centred around a pair of TWS earphones that includes a smartwatch, an AI speaker, a portable charger and a wireless charger. All devices are designed in a sleek organic form, adopting an affinity design that mirrors the aesthetic values of users today. When the TWS earphones and portable charging case are placed on the AI speaker, users can enjoy a seamless music experience transitioning from headphones to speaker. This symbiotic design between devices, and the emphasis on portability and convenience, reflects OPPO’s integration of technology and human-centricity in its design philosophy. The “music-link” conceptual design Commenting on the partnership, nendo CEO and chief designer, Oki Sato, said： “I was impressed by OPPO’s philosophy, which goes beyond leveraging the latest technology and pursues a comfortable relationship between people and their products through a human-centric approach to design. I am looking forward to seeing new concepts from the OPPO team as well as seeing how they manage to further strike a balance between technology and emotional engagement.” OPPO Industrial Design lead designer Xiao Bo added: “nendo’s design is closely aligned with OPPO’s human-centric philosophy.  OPPO aims to bring users a delightful product experience with cutting-edge technology and aesthetic design. This partnership is built upon a conviction that, to create a groundbreaking tech product with the right level of comfort for users, we must focus on “human.” Moving forward, we will double down on this approach by engineering products with a more seamless, user-friendly experience.” As an explorer and leader pursuing the perfect synergy of ultimate aesthetics and innovation, OPPO established an industrial design center at its inception to incubate design and innovation within the industry. The center was certified by The Fourth selection of National Industrial Design Centers in China on November 22, 2019. OPPO's cutting-edge product design has also been well-received and recognized by the industry. This year, OPPO Find X and Reno3 Pro won the 2020 Good Design Awards, while the OPPO Find X2 Pro won the Swan Award in the China Mobile Phone Design Competition.  OPPO will continue to focus on product design, further exploring how technology and aesthetics can be integrated to create closer relationships between people, devices, and the world around them. OPPO is a leading global smart device brand. Since the launch of its first mobile phone - “Smiley Face” - in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find X and Reno series. Beyond devices, OPPO provides its users with the ColorOS operating system and internet services like OPPO Cloud and OPPO+. OPPO operates in more than 40 countries and regions, with 6 Research Institutes and 4 R&D Centers worldwide, as well as an International Design Center in London. More than 40,000 of OPPO's employees are dedicated to creating a better life for customers around the world.

This innovation integrated 11 components, including front and rear cameras and sensors, and resulted in a screen-to-body ratio of 93.8%. In 2019, OPPO broke even more boundaries with the launch of the Reno 10x Zoom and its unique pivot rising structure, which has since inspired new design ideas within the smartphone industry.

In November this year, OPPO once again demonstrated its latest exploration into mobile phone form factors with the OPPO X 2021 rollable conceptual handset at the OPPO INNO DAY 2020 event. The size of the conceptual device’s rollable display is infinitely adjustable within a specified range, offering a new perspective on the future of devices and how humans might interact with them.

OPPO Showcases New Conceptual design with nendo and Hosts Retrospective Exhibition at CIIDE brandspurng2

At the China International Industrial Design Expo, OPPO showcased the “slide-phone” and “music-link” conceptual designs that it has been working on together with the leading Japanese industrial designing studio nendo.

The “slide-phone” conceptual design can be folded into different states

The idea for the “slide-phone” originated from OPPO and nendo’s discovery that smartphone users increasingly rely on their smartphones to interact with the world around them. To support more functionality, the smartphone is designed in a constant increase of size, making it difficult to hold and less convenient. This trend towards larger phones has become a growing concern for users.

Armed with this insight, the “slide-phone” concept is designed with three foldable screens attached by hinges folding over in the same direction. By providing users with the flexibility to change the form of the phone as needed, users may benefit from the ability to change its size to suit the occasion. Furthermore, a stylus inserted in the phone allows users to expand their productivity by using the phone for work or other more complex tasks.

The conceptual design“slide-phone” can be folded into different sizes

The conceptual design“slide-phone” with stylus

OPPO and nendo’s other conceptual design, “music-link”, is a collection of devices centred around a pair of TWS earphones that includes a smartwatch, an AI speaker, a portable charger and a wireless charger. All devices are designed in a sleek organic form, adopting an affinity design that mirrors the aesthetic values of users today.

When the TWS earphones and portable charging case are placed on the AI speaker, users can enjoy a seamless music experience transitioning from headphones to speaker. This symbiotic design between devices, and the emphasis on portability and convenience, reflects OPPO’s integration of technology and human-centricity in its design philosophy.

The “music-link” conceptual design

Commenting on the partnership, nendo CEO and chief designer, Oki Sato, said：

“I was impressed by OPPO’s philosophy, which goes beyond leveraging the latest technology and pursues a comfortable relationship between people and their products through a human-centric approach to design. I am looking forward to seeing new concepts from the OPPO team as well as seeing how they manage to further strike a balance between technology and emotional engagement.”

OPPO Industrial Design lead designer Xiao Bo added:

“nendo’s design is closely aligned with OPPO’s human-centric philosophy.  OPPO aims to bring users a delightful product experience with cutting-edge technology and aesthetic design. This partnership is built upon a conviction that, to create a groundbreaking tech product with the right level of comfort for users, we must focus on “human.” Moving forward, we will double down on this approach by engineering products with a more seamless, user-friendly experience.”

As an explorer and leader pursuing the perfect synergy of ultimate aesthetics and innovation, OPPO established an industrial design center at its inception to incubate design and innovation within the industry. The center was certified by The Fourth selection of National Industrial Design Centers in China on November 22, 2019.

OPPO’s cutting-edge product design has also been well-received and recognized by the industry. This year, OPPO Find X and Reno3 Pro won the 2020 Good Design Awards, while the OPPO Find X2 Pro won the Swan Award in the China Mobile Phone Design Competition.

OPPO will continue to focus on product design, further exploring how technology and aesthetics can be integrated to create closer relationships between people, devices, and the world around them.

OPPO is a leading global smart device brand. Since the launch of its first mobile phone – “Smiley Face” – in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find X and Reno series.

Beyond devices, OPPO provides its users with the ColorOS operating system and internet services like OPPO Cloud and OPPO+. OPPO operates in more than 40 countries and regions, with 6 Research Institutes and 4 R&D Centers worldwide, as well as an International Design Center in London. More than 40,000 of OPPO’s employees are dedicated to creating a better life for customers around the world.

UK Grocery Sales Spike with Early Christmas Cheer

Kantar
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0
UK Grocery Sales Spike with Early Christmas Cheer

Shoppers are expected to spend close to £12 billion in the supermarkets during December, around £1.5 billion more than last year.

The latest grocery market share figures from Kantar show take-home grocery sales rose by 11.3% during the 12 weeks to 29 November 2020, the fastest rate of growth since August. Take-home sales during the past four weeks increased by 13.9%, as eating and drinking out of home was restricted by the English national lockdown.

UK Grocery Sales Spike with Early Christmas Cheer Brandspurng

The three days before non-essential retail and hospitality closed on 5 November were especially busy, with grocery sales that week up by 17%. November as a whole saw shopper frequency hit its highest level since the beginning of the pandemic, suggesting more confidence among people going into stores.

Those factors contributed to November being the single largest month ever for the supermarkets, with £10.9 billion spent over four weeks. December’s numbers are likely to surpass that again, and we expect spending to be close to £12 billion in the month ahead, around £1.5 billion more than last year.

After a tough 12 months for many people, Christmas has given shoppers a much-needed cause for celebration. 42% of Britons said they are pushing to make this the best Christmas in memory, while over a third are planning to put up Christmas lights early because of the pandemic*.

Many people have begun the countdown to Christmas 2020 already, using more time at home to go big on festive revelry. Sales of turkeys, both whole birds and ready-to-roast joints, are up by 36% on last year, while more than £11 million was spent on Christmas puddings.

Shoppers spent 238% more on Christmas lights in the month to 15 November, suggesting that people are eager to capture the Christmas spirit at home. However, mince pie sales are down by 8%, reflecting fewer opportunities to share a treat with friends and colleagues.

Limited opportunities to drink in pubs and restaurants, as well as an early eye on festivities, pushed alcohol to spend 33% higher than in the same four weeks last year. Two-fifths of that growth came from spirits, with sales of cream liqueurs – popular Christmas tipples – more than doubling compared with 2019.

The other word on everybody’s lips at the moment is Brexit. Shoppers, retailers, and suppliers will all be hoping that grocery price inflation, which is currently running at 1.4%, remains relatively benign.

The average British household has spent a record £4,206 on groceries so far in 2020, meaning that even moderate price increases could result in the need to balance household budgets next year.

Online shopping has been one of the major trends of 2020, and this month more than six million households bought from a grocer via the internet, the highest ever. Renewed lockdown protocols saw the share of overall market sales made online reach a record of 13.7%. Ocado demonstrated the trend, growing by 38.3% in the latest 12 weeks.

This period also fully covers the time since Ocado started selling M&S products, during which its share of the chilled ready meals market has tripled to just over 3%.

Waitrose increased sales by 13.2%, its fastest rate of growth since 2005, with sales of fresh meat and fresh fish rising by 25% and 16% respectively. Its share rose by 0.1 percentage points on last year, and the retailer now accounts for 4.9% of the market.

Both Iceland and Lidl found success this month by encouraging shoppers to fill their trolleys. Just over a quarter of Iceland’s 21% growth came from the freezer aisles, with fruit, vegetables and household cleaning products also growing quickly.

With shoppers buying more completely across the store, the average trip to Iceland now totals £18.21, 44% more than a year ago. Meanwhile, Lidl reached a new record market share of 6.2%, as sales grew by 13.9%. More than two-thirds of the growth was from trips over £60, like coupons and offers on the Lidl Plus app incentivised customers to spend more in store.

Co-op’s growth increased to 9.8%, with the convenience retailer holding on to a market share of 6.3%. Aldi’s sales were up by 7.0%, with a 7.7% share of the market. At Morrisons, increases both in-store and online helped to grow sales by 13.7%, gaining 0.2 percentage points of market share to stand at 10.3%.

Sainsbury’s share remained steady at 15.7%, with sales up by 10.8% in the latest 12 weeks. Tesco’s sales rose by 10.4%, and Asda’s by 7.7%.

Notes

*Based on Worldpanel Plus survey of 46,709 consumers Thursday 19 – Sunday 23 November

What to do When Low-for-Long Interest Rates are Lower and for Longer

Esan Bolaji
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0
What to do When Low-for-Long Interest Rates are Lower and for Longer

Central banks have played a pivotal role in easing financial conditions in response to the COVID-19 shock and helped avert a catastrophic downturn. However, their work is far from done. Yet more monetary stimulus will be needed to support economic recovery, and central banks are implementing innovative new strategies to provide it.

While the new approaches are both necessary and welcome, it is critical that policymakers weigh the pros of providing more stimulus today against the potential cons of higher financial stability risks down the road. In a new paper, I present a model for quantifying the tradeoff between support today and vulnerability tomorrow.

Moneay Printing 100 US Dollar Banknotes
Money Printing 100 US Dollar Banknotes Illustration. 3D render | (PHOTO: NERTHUZ BY GETTY IMAGES)

New strategies for new challenges

Even prior to the pandemic, central banks were struggling to boost economic activity and bring inflation to target. A range of policies, including forwarding guidance and asset purchases, was deployed to spur a strong recovery in employment after the Global Financial Crisis. But a sharp decline in the neutral rate of interest reduced the scope to counter low inflationary pressures.

Even with interest rates very low out the yield curve, inflation remained chronically low and appeared to be pulling down long-run inflation expectations in many economies. This is a concern because it would put downward pressure on nominal yields and further erode policy space.

The COVID-19 crisis has greatly intensified these challenges. Employment has collapsed, threatening a major humanitarian crisis in many economies, and inflation has been further depressed by weak activity and falling commodity prices.

While more stimulus is needed—along with better ways to anchor inflation expectations—the post-2008 playbook won’t suffice. Policy rates have already been pushed to zero or below, and very low yields on long-term government bonds limit the scope to provide stimulus through purchases of these instruments.

Last month, I joined a panel hosted by the IMF, New Policy Frameworks for a “Lower-for-Longer” World, to consider how some leading central banks are addressing these challenges. Richard Clarida (Federal Reserve), Philip Lane (European Central Bank), and Carolyn Wilkins (Bank of Canada) discussed the monetary policy frameworks reviews that their institutions have launched, focusing on new ways to boost employment and inflation in this very low-rate environment.

The Fed recently completed its review, adopting an innovative “make-up” strategy also being considered by other central banks: to allow inflation to overshoot its target to make up for a period in which it has run low, helping to better anchor inflation expectations around targets. The prospect that the central bank will allow the economy to run hot in the future – so that inflation can overshoot – may create more optimism today and fuel a stronger recovery.

Financial stability tradeoffs

Central banks are also exploring how unconventional policies already in use, such as purchases of sovereign bonds or corporate debt, can be used more aggressively. Combined with new approaches, this can play a critical role in speeding the recovery from COVID-19, as well as from future shocks hitting economies.

But these even more accommodative policies may pose substantial risks down the road by encouraging excessive risk-taking and a build-up of vulnerabilities.

Ideally, financial regulation (macroprudential policies) should serve as the first line of defence in mitigating financial stability risks, consistent with Fund policy advice. But that may fall short, often reflecting the lack of tools to contain vulnerabilities such as in nonbank financial institutions, or implementation hurdles stemming from the political process.

Accordingly, it is crucial that monetary policymakers incorporate macro-financial stability considerations in their decision making, besides the path of output, unemployment, and inflation. At the “New Frameworks” event, I presented a “New Keynesian” modelling framework which allows central banks to quantify the tradeoff between boosting inflation and output in the near-term and increasing financial stability risks down the road.

In the framework, easy monetary policy stimulates aggregate demand not only through standard channels but also through a risk-taking mechanism. Looser monetary policy today relaxes financial conditions and reduces near-term risks to both output and financial stability, but also cause financial fragilities to grow over time, increasing output risk in the medium term.

The framework is designed to help policymakers balance this “intemporal” tradeoff associated with “low-for-long” monetary policies, including those deployed in response to COVID-19.

Macroprudential policies may influence these tradeoffs, and the active deployment of tools to contain financial stability would allow more prolonged accommodation and promote faster recovery. It is also vital to consider how monetary policy easing by major central banks may affect financial stability in foreign economies through increased risk-taking and a buildup of leverage.

The IMF’s efforts to develop an integrated policy framework in recent years – which considers how central banks can use macroprudential policies, capital flow management tools, and foreign exchange intervention to achieve their objectives – should be constructive in assessing how to mitigate such risks.

Conclusions

Central banks’ bold and innovative strategies to address the challenges of a “lower-for-longer” environment post-COVID-19 should provide additional firepower to support faster global recovery and help achieve their inflation targets. But central banks need to be vigilant in managing the risks to financial stability that may accompany these accommodative policies and should make the future consequences of their present actions a key part of their decision making.

Tobias Adrian is the Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department.

Honeywell to Seek Supreme Court’s Review of Court of Appeal Decision on Ecobank

Esan Bolaji
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Honeywell to Seek Supreme Court’s Review of Court of Appeal Decision on Ecobank
Counsel to Honeywell Group, Mr Olabode Olanipekun (SAN), today, Monday 14th December 2020, hinted that his client will be seeking the apex court’s intervention and review of the Court of Appeal judgement on its protracted case with Ecobank.

The Court of Appeal, in a judgement delivered today, had reversed the judgement of the Federal High Court, Lagos delivered in May 2019, where the lower court in its judgement affirmed that operating companies of Honeywell Group were not in any way indebted to Ecobank.

Honeywell to Seek Supreme Court’s Review of Court of Appeal Decision on Ecobank Brandspurng

In a reaction to the decision of the Court of Appeal, Honeywell Group’s General Counsel Olasumbo Abolaji has said Honeywell remains convinced that it has a compelling case and it is ready to appeal the judgement of the Court of Appeal. According to her, “Litigants can seek relief up to the Supreme Court. Consequently, the decision of the Court of Appeal is definitely not final on this matter.”

She reminded our correspondent that in the course of the court action, at least 10 decisions had been the subject of appeals both at the Court of Appeal and the Supreme Court stages and that Honeywell largely recorded victories at those stages based on the strength of its arguments. “We believe in the Nigerian Judicial System and we will take our case further to the Supreme Court,” she concluded.

It will be recalled that Honeywell had in 2015 approached the court to determine whether or not its three subsidiaries, Anchorage Leisures Ltd, Honeywell Flour Mills Plc, and Siloam Global Limited were still indebted to Ecobank after having reached an agreement to pay the sum of N3.5billion as a full and final settlement of the companies’ indebtedness.

Testifying at the lower court during the trial, Honeywell Group’s Chief Finance Officer, Oluwakemi Owasanoye told the court that by an agreement reached at a meeting held on July 22, 2013, the bank agreed to merge the collective indebtedness of Honeywell’s three subsidiaries, which amounted to N3.5billion with the negotiations anchored by Honeywell Group Limited.

Owasanoye added that part of the agreement reached with the bank was that N500million must be paid immediately, while the balance of N3billion would be paid before the exit of the Central Bank of Nigeria (CBN) examiners from the bank, without any specific stipulation on a number of tranches.

According to her testimony, Honeywell complied with the terms of the agreement and thereafter wrote to inform the bank of its compliance and the need for the bank to formally discharge the company of any further obligation. She stated that the bank in its reply to the letter did not raise any objections.

Honeywell, she said, was however surprised when the bank proceeded to demand for further payments in respect of the debt which had been fully liquidated for over a year.

She further stated in her testimony that when the dispute arose, the Company referred the matter to the Bankers’ Committee which resolved the matter in favour of Honeywell.

In view of Honeywell’s decision to appeal the Court of Appeal’s judgement, the legal tussle which began in 2015, will now continue at the Supreme Court.

Orange becomes Rugby World Cup France 2023 Official Sponsor

Esan Bolaji
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Orange becomes Rugby World Cup France 2023 Official Sponsor

Less than three years before the competition kicks off, Orange has become an Official Sponsor of Rugby World Cup France 2023. The announcement was made by Béatrice Mandine, Executive Director of Orange Communication, Brand and Engagement, and Claude Atcher, France 2023 Organising Committee CEO, at the Rugby World Cup 2023 Draw in Paris.

Rugby World Cup France 2023 will celebrate 200 years of rugby, bringing together the top 20 teams worldwide between 8 September to 21 October 2023 at nine stadiums across France.

Orange becomes Rugby World Cup France 2023 Official Sponsor Brandspurng

As Official Telecom Operator of Rugby World Cup 2023, Orange will supply all the telecommunications services required for the competition. High-speed broadband networks will be installed at each site, allowing everyone to experience all the thrills and spills of the event’s 48 matches, whether they are in France or overseas.

Orange will offer the highest standards to both spectators and broadcasters. France 2023 and Orange share the ambition to make Rugby World Cup 2023 a responsible event with a positive impact on rugby, society and the planet. With a focus on social and environmental commitments, this 10th edition will leave a tangible legacy across the country.

Chairman and CEO of Orange Stéphane Richard said:

“Orange is proud to join Rugby World Cup France 2023 as an Official Sponsor. Our teams will be working hard to support the organisers, partners, broadcasters and spectators of this 10th Rugby World Cup.

Back in 2007, we demonstrated our technical expertise to the rugby world, and the planet as a whole. Rugby World Cup 2023 will be an excellent opportunity to showcase France’s love of rugby, one year before it hosts the Olympics.”

France 2023 Organising Committee CEO Claude Atcher said:

“Because it is an historic supporter of rugby, a strong technological expert and a media outlet in itself, we have three good reasons to welcome the Orange Group as an Official Sponsor of Rugby World Cup France 2023. Together we will offer a unique experience to fans worldwide thanks to the expertise of a global telecommunications champion.”

Between now and the competition, Team Orange Rugby will engage with rugby fans on Twitter and Instagram to allow them to discover exclusive and original content.

Rugby World Cup France 2023 is the 10th Rugby World Cup and will take place from 8 September to 21 October 2023, celebrating 200 years of rugby. The competition’s 48 matches will take place in nine stadiums and ten host towns and cities.

France 2023’s main objective is to deliver a positive impact on rugby, France and the planet. Its mission is to organise a responsible event conscious of current and future challenges.

For the first time in the event’s history, in view of the Host Union Agreement, the France 2023 Organising Committee has acquired three levels of commercial rights for the Rugby World Cup (official sponsors, official suppliers and official supporters), which allow it to build tailored, international sponsorships through dedicated activation programmes.

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