Johnson Electric reports Business and Unaudited Financial Information for the Third Quarter of Financial Year 2020/21

HONG KONG SAR – Media OutReach – 14 January 2021 –
This news release is made by Johnson Electric Holdings Limited (“Johnson
Electric” or the “Company” and together with its subsidiaries, the “Group”) for
the business operations and selected unaudited financial information of the
Group for the three months and the nine months ended 31 December 2020.

 

The Board of Directors (the
“Board”) of the Company considers the publication of quarterly sales performance
updates to be consistent with international corporate disclosure best practice.
The objective of this news release is to provide transparency and to ensure
that investors and potential investors receive equal access to the same
information at the same time.

 

The Group’s sales for the
quarter ended 31 December 2020 were US$912 million compared to US$773 million
for the same quarter in 2019, an increase of 18%. Excluding currency movements,
sales increased by 15% to US$887 million. Foreign exchange rate movements had a
positive effect of US$25 million on the Group’s sales for the quarter ended 31
December 2020. This was mainly due to the impact of the stronger average
exchange rates for the Euro and Chinese Renminbi against the US Dollar,
compared to the same quarter in 2019.

 

The recovery in sales
experienced in the second quarter gathered momentum in the third quarter,
partially mitigating the deep pandemic-driven decline experienced in the first
quarter of the financial year. Overall, the Group recorded sales of US$2,242
million for the nine months ended 31 December 2020, compared to US$2,338
million for the same period in 2019, a decrease of 4%. Excluding currency
movements, sales for the nine months ended 31 December 2020 decreased by 5%.

 

Sales of Automotive
Products Group (“APG”)

APG’s sales for the quarter
ended 31 December 2020 increased by US$107 million or 17% compared to the same
quarter in 2019.  Excluding currency
effects, APG’s sales increased by US$84 million or 13% in the quarter.

 

APG’s sales outperformed
compared to automotive industry production volumes, in all regions, in both the
nine months and the quarter ended 31 December 2020. Although the COVID-19
pandemic sharply reduced APG’s sales in April and May 2020, particularly in
Europe and the Americas, the Group subsequently experienced a significant
recovery in demand. The sales changes by region, excluding currency effects,
were as follows:

 

 

Quarter ended
31 December 2020

Nine months ended
31 December 2020

Asia

increased 16%

increased 6%

Europe

increased 7%

decreased 20%

Americas

increased 17%

decreased 13%

Total

increased 13%

decreased 8%

 

Johnson Electric’s
innovative technology and product portfolio remains well positioned to meet
growing demand for the electrification of critical automotive functions to
increase powertrain efficiency, reduce vehicle weight, improve safety,
reliability and enhance comfort.

 

Sales of Industry
Products Group (“IPG”)

IPG’s sales for the quarter
ended 31 December 2020 increased by US$32 million or 21% compared to the same
quarter in 2019. Excluding currency effects, IPG’s sales increased by US$29
million or 20% for the quarter.

 

IPG’s business and financial
performance benefited significantly from changes in consumer behaviour and
expenditure in response to the COVID-19 pandemic. As consumers in many
countries were required to spend more time at home, the division experienced
strong demand for products for food and beverage, floor care, home office
printer, lawn and garden, window automation, power tool, sanitation and
ventilation applications. The medical segment also experienced strong growth,
driven by the long-term imperative to reduce the labour intensity of hospital
procedures.

 

These positive demand
dynamics were partly offset by the COVID-19 pandemic’s adverse impact on some
specific customers and market segments. In Europe and the Americas, sales to
many small and medium enterprises decreased as consumers switched to purchasing
through the online sales channels of larger competitors. Commercial printers,
metering, flexible printed products and switches segments were also slower than
usual.

 

On a regional basis, IPG
experienced the highest sales growth in Asia due in large part to the rapid
recovery of China’s industrial sector and strong global demand for the
country’s manufactured goods. In Europe and the Americas, the path to recovery
in some segments has taken somewhat longer and in the US, in particular, IPG’s
sales have been hampered by delays from port congestion as well as land and
rail logistical bottlenecks. The sales changes by region, excluding currency
effects, were as follows:

 

 

Quarter ended
31 December 2020

Nine months ended
31 December 2020

Asia

increased 35%

increased 18%

Europe

increased 22%

increased 6%

Americas

flat

decreased 3%

Total

increased 20%

increased 8%

 

Chairman’s Comments on Sales
Performance and Outlook

Concerning the quarter ended
31 December 2020 sales performance, the Chairman and Chief Executive, Dr.
Patrick Shui-Chung Wang, said, “The strong recovery in demand that we
experienced during the second quarter continued in the third quarter — with
sales levels in both APG and IPG running well ahead of the third quarter in the
prior year.  Although there remains some
uncertainty as to how the upsurge in COVID-19 in many Western countries could
impact business activity and consumer confidence, the Group is presently on track
to deliver full-year total sales close to the level achieved in the prior
financial year.  This would represent a
very satisfactory achievement given the fact that such a large portion of
Johnson Electric’s operations was either shutdown or significantly constrained
during the first two months of the current financial year.”

 

Cautionary
Statement

Shareholders and potential
investors in the Company are reminded that the information provided in this news
release, including information related to the expected outlook for the full
year, is based on the Group’s unaudited internal records and management accounts.
This information has not been reviewed or audited by the Company’s auditors.

 

Shareholders
and potential investors should exercise caution when dealing or investing in
the shares of the Company.

About Johnson Electric Group

The
Johnson Electric Group is a global leader in electric motors, actuators, motion
subsystems and related electro-mechanical components. It serves a broad range
of industries including Automotive, Smart Metering, Medical Devices, Business
Equipment, Home Automation, Ventilation, White Goods, Power Tools, and Lawn
& Garden Equipment. The Group is headquartered in Hong Kong and employs over
35,000 individuals in 23 countries worldwide. Johnson Electric Holdings Limited
is listed on The Stock Exchange of Hong Kong Limited (Stock Code: 179). For
further information, please visit: www.johnsonelectric.com.

Rhotex Inc Launches Environmentally-Sound Options to Crypto Mining

TORONTO, ON – EQS Newswire – 14 January
2021Rhotex has officially launched 3 miner cases configured with an in-built factory
cooling system to ensure 100% efficiency as the chips generate heat. From
Rhotex, this first of its kind innovation designed by seasoned crypto industry
experts provides an environmentally responsible solution to today’s challenges
with the traditional miners by consuming lesser power supply compared to the
output performance.

 

Rhotex currently offers a range of products in their new offer: RHO Lite,
RHO Pro, and RHO Rack which comes with incredible features such as low power
consumption, high-performance output, Wi-Fi/ Ethernet connection, easy setup
and productive compatibility with various blockchain options. These combined
with its inbuilt cooling system increases expected hash rate conversion hence
giving it an edge in the industry. All products in the RHO series were
painstakingly analyzed and tried under intense conditions.

 

Rhotex Inc.’s algorithm solutions integrate world-class hardware and
software technologies for edge and cloud-to-edge enterprise solutions and mines
Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash at high levels in remarkable
time. Hash rate powers in the series include:

RHO Lite: 1000 TH/s – Bitcoin, 5 GH/s – Ethereum

RHO Pro: 1800 TH/s – Bitcoin, 10 GH/s – Ethereum and

RHO Rack: 4100 TH/s – Bitcoin, 20 GH/s – Ethereum.

 

Roberts Evans, CEO for Rhotex Inc. in a statement says the RHO series is an
easy to use miner that optimizes energy efficiency while providing maximum
output. “It’s our way of contributing our quota to a green environment by
creating an eco-friendly design with an in-built cooling system that has very
low carbon emission. This is the first of its kind. We are very delighted by
the opportunities this innovation offers,” he further added.

 

To access the wide range of products on offer and learn more about Rhotex
visit www.rhotex.com

About Rhotex:

Rhotex Inc. is the company behind the RHO Miner series which are
eco-friendly high-quality cryptocurrency miners with an in-built cooling system
that delivers extremely high hash power with low energy consumption. Their
partners include Equinix, Avenga, Etiya, Altiostar, and many more.
Headquartered in Toronto Canada, the company currently has facilities in Australia.

KEF Creates Maximum Bass in Minimum Space with New Uni-Core Technology

MAIDSTONE, KENT – Media OutReach – 14 January 2021 – KEF has created a completely new take on subwoofer and speaker designs with the innovative Uni-Core technology. The patent-pending Uni-Core technology delivers ultra-compact size and mighty performance, creating the audio lover’s dream of a powerful but discreet subwoofer or speaker. The new Uni-Core technology, developed by KEF, redefines the size versus performance battle in an unprecedented triumph of quality sound. The technology enables high-level performance whilst reducing the subwoofer or speaker cabinet volume significantly. The evolution of KEF’s technology has been met with KEF’s unwavering desire to create a timeless design with forward-thinking acoustic inventiveness.

Acknowledging the ambition to create an aesthetically pleasing piece of audio equipment to complement our living room, it was also imperitive that KEF not only maintain but excel in their provision of accurate and deep bass. With this aim of desirable aesthetics and uncompromising performance the first challenge was how to fit two drivers into a compact cube enclosure. “To deliver deep and loud bass from a compact product is a big engineering challenge. The Uni-core is a breakthrough technology for KEF because it allows us to pack two drivers into a tighter space without compromising their performance.” – Dr Jack Oclee-Brown, Head of Research & Development at KEF.

With the new Uni-Core topology, dual force-cancelling drivers provide bass performance from less space by means of concentrically arranged, overlapping voice coils. Furthermore, Uni-Core allows a single motor to energise both cones. The coils are different sizes on each cone, which means when the cones move backwards the coils can occupy the same space within the cabinet. Overall it means that the physical cabinet can be extremely compact and significantly reduced in volume compared to using conventional driver technology.

The space saved allows the drivers to have far more excursion than an equivalent-sized force-cancelling design, unlocking more output and depth from much less space. This patent-pending technology smoothly delivers the aspirational design and audio excellence.

 

Notes to Editors: Uni-Core technology

  • Patent-pending Uni-Core technology redefines the physical space required for high-performance speakers and subwoofers
  • Uni-Core combines the dual force-cancelling drive units into a single motor system with the overlapping voice coils concentrically arranged thus reducing the size of the speaker or subwoofer cabinet significantly
  • The new Uni-Core technology will be applied in an upcoming new KEF product to be announced this month

 

To discover more on KEF, please visit: https://kef.world/zez

#KEF #KEFListenandbelieve #KEFTech #KEFUniCore

About KEF

KEF was founded in 1961 by Raymond Cooke OBE (1925–1995). Headquartered, in those early years, in a Nissen Hut on the premises of Kent Engineering & Foundry in the UK, after more than half a century at the cutting edge of audio the company remains committed to excellence in sound. From ground-breaking Uni-Q technology to the bar-setting LS50 Wireless, KEF’s flair for the unusual — and sometimes controversial — balances an obsession with design in harmony with the most innovative engineering. KEF’s reputation for quality is founded on a refusal to compromise on aural authenticity or experience.

www.kef.com

Bears in the air: DHL flies two Himalayan brown bears to their new homes

  • The
    two highly-endangered bears are settling in Al Ma’wa for Nature and Wildlife in
    Jordan after a temperature-controlled multimodal journey from Islamabad
  • DHL took care of the customs clearance and logistics,
    while global animal welfare organization FOUR PAWS provided animal expertise

 

SINGAPORE
– Media OutReach – 14 January 2021 – Bubloo
and Suzie, two 17-year old highly-endangered Himalayan brown bears, took the
flight of a lifetime and have safely arrived at Al Ma’wa for Nature and
Wildlife in Jordan. After months of extensive preparation, which included
health checks, planning of routes, customs clearance and training for the
bears, DHL Global Forwarding and FOUR PAWS, a global animal welfare
organization, brought Bubloo and Suzie to their new home on 17 December.

 

“Being able to leverage our logistics expertise,
temperature-controlled capabilities and customs clearance solutions to help
animals, such as Bubloo and Suzie, relocate brings another perspective to our
mission of “Connecting People, Improving Lives”. The successful move, like so
many others that we have done, might have required more elaborate planning but brought
the teams so much satisfaction. We are glad that the bears are settling in
their new home in time to ring in the New Year,” said Kelvin Leung, CEO, DHL
Global Forwarding Asia Pacific.

 

The freight forwarding specialist of Deutsche
Post DHL Group managed the logistics of flying the animals, while veterinary
specialists from FOUR PAWS, who accompanied them on the same flight, provided
insights to make the journey comfortable for the bears. DHL chauffeured Bubloo
and Suzie, weighing 120 kilograms and 90 kilograms respectively, to the Islamabad
International Airport in custom-built cages that adhere to the International
Air Transport Association’s regulations. From there, they boarded their flight
to Jordan with a short layover in Doha.

 

“We are pleased to report that, after their
first-class flight experience that ended at the Queen Alia International
Airport, Bubloo and Suzie are thriving in their new home. The months of detailed
planning with DHL in coordination with local Pakistan officials and the
financial help of American businessman Eric S. Margolis, have paid off as the
bears begin to build their new lives at Al Ma’wa for Nature and Wildlife, a
sanctuary run by the Princess Alia Foundation and FOUR PAWS,” said Dr. Amir
Khalil, FOUR PAWS veterinarian and leader of the rescue mission.

 

On 30 November, DHL and FOUR PAWS relocated Kaavan,
also known as the world’s loneliest elephant, from the Marghazar Zoo in
Islamabad to the Cambodia Wildlife Sanctuary. In previous years, DHL
successfully helped four
grown endangered Ussuri brown bears
travel across continents from Japan to
England, and sent two
giant pandas
on a climate-neutral journey from China to Finland.

 

Note to editors:

Kaavan, a 36-year old Asian
elephant, was the first-ever adult elephant that was flown out of Pakistan.
Here’s a behind-the-scenes look at the
logistics that moved the Asian elephant, which was kept captive for decades in
a Pakistan Zoo, to a Cambodian wildlife sanctuary to live out its days in
comfort and good company.


DHL – The logistics company for the world

DHL is the leading global brand in the logistics industry. Our DHL
divisions offer an unrivalled portfolio of logistics services ranging from
national and international parcel delivery, e-commerce shipping and fulfillment
solutions, international express, road, air and ocean transport to industrial
supply chain management. With about 380,000 employees in more than 220
countries and territories worldwide, DHL connects people and businesses securely
and reliably, enabling global sustainable trade flows. With specialized
solutions for growth markets and industries including technology, life sciences
and healthcare, engineering, manufacturing & energy, auto-mobility and
retail, DHL is decisively positioned as “The logistics company for the world”.

 

DHL is
part of Deutsche Post DHL Group. The Group generated revenues of more than 63
billion euros in 2019. With sustainable business practices and a commitment to
society and the environment, the Group makes a positive contribution to the
world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by
2050.

Nielsen Begins Tracking Premium Theatrical Films Being Distributed On Streaming Platforms

0

New Service Gives Industry A Wide Array Of Consumer Data And Actionable Insights For This New Form Of Distribution Accelerated And Influenced By Covid-19

Nielsen announced that it is launching its Theatrical Video-On-Demand (TVOD) measurement service as a way to capture viewing to movie releases that are directly available to consumers to rent or purchase on-demand through streaming/MVPD platforms. 

Often offered at premium pricing, this rapidly expanding distribution model of film releases was accelerated by COVID-19 early in 2020 as content creators, such as studios, sought to offset disruption caused by social distancing mandates that temporarily closed movie theatres across the U.S.

The evolution of theatrical distribution, especially during the COVID-19 pandemic, has introduced a new opportunity for both consumers and content owners by delivering theatrical releases directly to viewers in the comfort of their own homes.

As a result, the entire media food chain, from studios to talent, have a need to analyze the volume and reach of their audiences by detailed household and person’s characteristics, such as age and gender, ethnicity or even territory.

Nielsen’s TVOD measurement service will help clients uncover how many people are streaming this type of valuable content in relation to other content options.

Additionally, it will deliver detailed demographic and behavioural information beyond what the standard box office metrics, transactional rental or purchase information often provides, allowing for crucial audience-driven decisions in regard to licensing and promotion.

The past year, underpinned by COVID-19 related uncertainty, has changed consumer behaviour, driving a rise in streaming consumption. In fact, streaming now accounts for nearly a quarter (23%) of total usage among OTT capable homes, up from 21% just a year prior, and a much broader swath of consumers have enabled streaming capabilities, presenting a new opportunity to deliver this form of entertainment directly.

“As this unprecedented pandemic continues to influence consumer behaviour, perhaps even through a prolonged state of recovery waves, being able to measure and help clients appropriately monetize new revenue streams has never been more crucial,” said Scott N. Brown, GM Audience Measurement, Nielsen.

“A bigger question might be what will audiences do following any recovery, how the behaviour adopted during stay-at-home orders might influence habits when consumers have the ability to go back to theatres to enjoy that experience and how content creators will leverage data to make the best decisions regarding distribution platforms in the future.”

Nielsen Holdings plc is a global measurement and data analytics company that provides the most complete and trusted view available of consumers and markets worldwide. Nielsen is divided into two business units.

The Top 10 Most-Streamed TV and Movies of 2020 are here

2020 has been branded with an assortment of labels and titles, but from a media perspective, it was a truly transitional year for streaming video. With dramatic impacts to traditional staples like live sports, and an anxiety-inducing hyper news cycle alternating between COVID updates and political divisiveness, streaming video provided a much needed escape. 

While the massive spikes in media usage that sparked streaming enablement into near ubiquity weren’t unexpected given countrywide lockdowns, the aftermath reflects a permanently altered media landscape, with video streaming accounting for a larger share of overall media consumption than in previous years.

The Top 10 Most-Streamed TV and Movies of 2020 are here Brandspurng

Unsurprisingly, streaming platforms have become video wellsprings for content-hungry consumers, with well-advertised originals like OzarkThe Boys and The Mandalorian grabbing much of the spotlight.

TOP STREAMING CONTENT OF 2020 – ORIGINAL SERIES

Rank

Program Name

SVOD Provider(s)

# of Episodes

Minutes Streamed (Nearest Million)

1OZARKNetflix3030,462
2LUCIFERNetflix7518,975
3THE CROWNNetflix4016,275
4TIGER KINGNetflix815,611
5THE MANDALORIANDisney+1614,519
6THE UMBRELLA ACADEMYNetflix2013,470
7GREAT BRITISH BAKING SHOWNetflix6513,279
8BOSS BABY: BACK IN BUSINESSNetflix4912,625
9LONGMIRENetflix6311,382
10YOUNetflix2010,965

 

Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020). 

Read as: Ozark had nearly 30.5 billion minutes streamed.

TOP STREAMING CONTENT OF 2020 – ACQUIRED SERIES

Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020).
Read as: The Office had over 57 billion minutes streamed.

TOP STREAMING CONTENT OF 2020 – MOVIES

Source: Nielsen SVOD Content Ratings (Netflix, Amazon Prime, Disney+ and Hulu), Nielsen National TV Panel, U.S. Viewing through Television. U.S. Persons 2+, Total Minutes Viewed During 2020 (December 30, 2019 through December 27, 2020).
Read as: Frozen II had nearly 15 billion minutes streamed.

And while consumers binged nearly 30.5 billion minutes of Ozark during 2020, they did so across a total of 28 episodes. Similarly, consumers watched more than 57 billion minutes of The Office, which ended its run on Netflix in December, but that viewing covered 192 episodes.

When looking at the types of content that was successful in 2020, it was original content that sparked cultural phenomenons and shepherded in new subscribers to both established and nascent platforms.

However, the most-viewed pieces of content on streaming platforms overall weren’t simply the original ones: They were the older shows that first found success on more traditional channels. While original content can generate buzz and draw in audiences, library content is what viewers find comfort in, watch casually and often return to. Simply put, they’re known quantities.

They’re the shows that viewers will turn to, as they already have established connections with audiences and provide easy viewing, especially when the hunt for new content to binge may be daunting.

Outside of episodic programming, the trends are much different, as eight of the top 10 movies (in terms of minutes watched) available on SVOD platforms in 2020 were kids’ titles. Unlike adults, children will watch and re-watch their favorite content time and time again (perhaps despite the sake of their parents’ possible sanity).

This helped land titles like Frozen IIMoanaSecret Life of Pets 2 and Onward into this year’s top 10 list, with each attracting viewership of between 8.3 billion and nearly 15 billion minutes each.

In addition to providing a stop-gap to the traditional theater experience during a year where many spent their time close to home, kids movies on streaming platforms likely helped many households cope with having children at home when they would traditionally be away at school.

Kids’ habits aside, streaming platforms offered a lifeline for movies that could no longer be released through a traditional means and in turn made films more easily accessible to a larger audience. After initially disrupting the television space, streaming services are enabling new options for the film industry as well.

CBN Issues Framework for QR Code Payments in Nigeria

In furtherance of its mandates to, ensure the safety and stability of the Nigerian Financial System, promote the use and adoption of electronic payments and foster innovation in the payments system, the Central Bank of Nigeria hereby issues the Framework for Quick Response Code (QR Code) Payments in Nigeria.

Quick Response (QR) Codes are a kind of matrix barcode representing information presented as square grids, made up of black squares against a contrasting background, that can be scanned by the imaging device, processed and transmitted by appropriate technology.

CBN Issues Framework for QR Code Payments in Nigeria Brandspurng

These codes can be used to present, capture and transmit payments information across payments infrastructure. The technology further enables the mobile channel to facilitate payments and presents another veritable avenue for promoting electronic payments for micro and small enterprises.

Scope and Objectives

This framework provides regulatory guidance for the operation of QR Code payment services in Nigeria. It aims to ensure the adoption of appropriate QR code standards for safe and efficient payments services in Nigeria. The framework therefore stipulates:

  1. Acceptable QR Code Standards for implementing QR Payments in Nigeria;
  2. Interoperability of QR Payments in Nigeria;

iii. Roles and Responsibilities of Participants in QR Payments in Nigeria;

  1. Risk management principles for QR code Payments in Nigeria

3.0 QR Code Specifications for Payments in Nigeria

Implementation of QR Code for payments in Nigeria shall be within the following specifications:

3.1 QR Code Payments in Nigeria shall be based on the EMV® QR Code Specification for Payment Systems;

3.2 The Bank may also approve the implementation of any other QR Code Standard, provided it meets the prescribed security requirements within the framework, demonstrates interoperability with other existing implementation in the industry and/or cost benefits to end-users (merchants and customers);

3.3 QR Code Payments implementation in Nigeria shall support account, wallet, card and token-based QR Code Operations;

3.4 Implementation of QR Code for payments in Nigeria shall be based on the Merchant-presented mode (where merchants present the QR Code for buyers to accept in order to conclude payment transactions) specification;

QR Code Payment Users to Reach 2.2 Billion Globally by 2025, as Services Expand Beyond China & India

4.0 Participants in QR Code Payment in Nigeria

Participants in QR Code Payment in Nigeria include;

  1. Merchants
  2. Customers

iii. Issuers (Banks, MMOs and Other Financial Institutions)

  1. Acquirers (Banks, MMOs and Other Financial Institutions)
  2. Payments Service Providers 

5.0 Responsibilities of Participants in QR Code Payments in Nigeria

  1. Merchants shall
  2. Use and display only approved QR Codes in Nigeria;
  3. Comply with service agreements executed with the acquirer;
  4. Cooperate with the order to investigate any reported fraudulent transaction;
  5. Report suspicious use of QR Codes for payments to the acquirer;
  6. Confirm with the rules and regulation of the acquirer;
  7. Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and non-bank financial institutions, and other applicable regulation as may be issued by the Bank.
  1. Customers shall;

  2. Use QR Code payments applications availed by the issuer and for the intended purpose without modifications, at merchant locations/websites/applications;
  3. The consumer shall adhere to all minimum security guidelines as stipulated by the issuer;
  4. Report inappropriate/unauthorised QR Code Payment transaction on their accounts/wallets.

iii. Issuers (Banks, MMOs and Other Financial Institutions) shall:

  1. Provide QR Code Payment application to customers upon request and activation by the customer;
  2. Execute service agreement with their customers;
  3. Comply with Card Scheme Rules (where applicable);
  4. Determine and agree on appropriate transaction limits with customers for QR Code Payments based on their customers’ risk profile assessment;
  5. Ensure appropriate configurations on QR Code Payment application that use QR codes for payments in conformity and compliance with requirements of QR Code regulations;
  6. Deploy necessary updates and patches on its QR Code Payment application and ensure the customer is unable to initiate a transaction through the older version of the application where the customer fails to apply the update within 14 days of the availability of the update or patch;
  7. Without prejudice to(f) above, issuers may induce an automatic update of the customer’s application where applicable;
  8. Provide adequate training, support and security guidelines to customers on the use of QR code for payments;
  9. Ensure security of QR Code payment application for QR Code payments;
  10. Resolve customers dispute in accordance with the CBN Consumer Protection Regulation.
  11. Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and nonbank financial institutions, and other applicable regulation as may be issued by the Bank.
  1. Acquirers shall

  2. Execute service agreement with merchants;
  3. Determine and agree on appropriate transaction limits with merchants for accepting QR Code Payments based on its risk profile assessment of the merchant;
  4. Ensure appropriate configurations and use of QR codes at Merchant location/website/applications in conformity and compliance with requirements of QR Scheme(s) and QR Code regulations;
  5. Ensure that appropriate security protocols are applied.
  6. Provide adequate training, support and security guidelines to merchants on the use of QR code for payments;
  7. Ensure that hardware, software, protocols used for QR Code for payments are in conformity with the requirements of operations of QR Code payments regulations;
  8. Give merchants value for QR Code transaction within T+1 or as may be agreed with the merchant;
  9. Be guided by the extant CBN Guidelines on Electronic Payments Channels in Nigeria, Guide to charges by banks, other financial and nonbank financial institutions, and other applicable regulation as may be issued by the Bank.
  1. Other Payments Service Providers (Switches & PSSPs) shall;

  2. Support processing and settlement for all issuers and acquirers;
  3. Facilitate interoperability of QR Code Payments for all issuers and acquirers;
  4. Ensure full compliance with this Framework and other extant guidelines on electronic payments and transaction processing.

6.0 Interoperability

All issuers, acquirers, switches, processors and other participants in QR payments in Nigeria shall ensure full interoperability of QR Code Schemes in Nigeria.

7.0 Risk management and compliance

The following risk management principles shall guide the operations of QR Code Payments in Nigeria:

  1. Issuers and acquirers shall clearly define risk management policy and guidelines for the operation of the QR Code Scheme. The risk management guidelines shall include the detailed stipulation of the responsibilities of all participants for managing risk;
  2. QR Codes shall, at a minimum, be encrypted (AES) and/or signed;
  3. QR Codes Payments applications, updates and patches shall be duly certified by the Payment Terminal Service Aggregator (PTSA);
  4. Issuers and Acquirers shall agree to a minimum due to diligence guidance for merchant onboarding without prejudice to the KYC/AML requirements of the Bank;
  5. Issuers and Acquirers shall ensure that only PTSA certified QR Code shall be utilised;
  6. Issuers and Acquirers shall ensure behavioural monitoring and fraud management systems are implemented to prevent, detect and mitigate fraud and money laundering;
  7. Issuers shall have the overall responsibilities for managing fraud risk and shall coordinate all participants towards managing fraud in its scheme;
  8. Issuers shall provide quarterly risk management assessment report to the Director, Payments System Management Department. The risk management assessment report shall include among other fraud report, vulnerabilities assessment and risk-mitigating measures introduced. 

8.0 Dispute Resolution

All consumer complaints shall be resolved in accordance with the CBN Consumer Protection Regulation.

9.0 Infringements and Sanctions

All parties shall comply with the provisions of this framework and other relevant guidelines issued by the CBN. The Bank shall apply appropriate sanctions to any party that fails to comply accordingly

NSE to Review 2020 Market Activities and Provide 2021 Outlook​

The Nigerian Stock Exchange (NSE) will hold it’s annual 2020 Market Recap and 2021 Outlook on Tuesday, 19 January 2021. 

In light of the current protocols around the COVID-19 pandemic, the event will hold virtually and is open to members of the stockbroking community, analysts, regulators, media, and other stakeholders in the capital market. Interested participants can register via the link: http://bit.ly/nse-2021-outlook. 
NSE upgrades its whistleblowing platform

At the event, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema OON, supported by members of the Executive Committee will give a presentation covering:

  • Global capital market review, particularly the impact of the COVID-19 pandemic
  • A review of the performance of The Exchange. This will cover product performance (Equities, Fixed Income and Exchange Traded Products); The NSE’s strategic performance across business development (listings, index launch, strategic projects, etc.); market initiatives (business partnerships, innovation, advocacy, and more); and Corporate Citizenship development (ESG related efforts).
The event will also feature a special presentation from Managing Director, Chief Economist, Africa and the Middle East, Global Research, Standard Chartered Bank, Ms Razia Khan, on the prognosis for 2021 – local and international market postulations, capital market projections, and more.
It would be recalled that in previous years, this event has provided an opportunity for participants to interact with the Management of The Exchange. There will, therefore, be a Questions & Answers session to shed more light on what capital market stakeholders can look forward to in 2021.

DMO Calls the Market’s Bluff, Redeeming Over 65% Of the Amount Offered on the 364days Bills

The bearishness in the FGN bond space continued today, as a flurry of sellers cut across the benchmark curve. The 2027s, 2029s, and 2049s were the major losers in today’s market, as yields jumped by over 80bps compared to the previous day’s offered levels.

Few trades printed on the 2029s bond around 7.80% levels at the early hours of trading, although by mid-day, market attention shifted to the curve’s tail as offers became more attractive for some market participants.

Although a chunk of market bids stood above 9% levels for the 2049s paper, we saw few trades print around 8.95% towards the close of trading. On the other hand, the 2050s bond was initially offered at 8.30% and then climbed by an additional 30bps, but still failed to trigger any trades as bids stood far at 9.05% levels.

Subsequently, yields expanded by an additional c.5bps on the average across the benchmark bond curve compared to yesterday’s closing.

We expect market bearishness to persist tomorrow, with few opportunistic bulls who would take advantage of the market levels and cherry-pick on selected bonds of their choice.

Treasury Bills

The treasury bills market opened trading with a quick rush for short-dated bills, especially the 09th March bills which traded around 0.17% levels.  This was however short-lived as the market returned to a snooze, with loads of offers seen for Jun. 2020 to Jan. 2021 bills. The bid/ask spread on the longest-dated OMO bill initially opened 60bps apart, tightening slightly to close the day at 3.15%/2.20%.

At the Primary Market Auction (PMA), the DMO rolled over a total of c. N107.22bn across three tenors, approximately 46.14% of the amount offered. Although they redistributed their allotment on the three tenors, over 65% was repaid on the 1yr paper as they resisted the urge to issue bills at high levels.

Stop rates closed higher by an average of c.418bps across the three tenors, with a bid-to-cover ratio of 2.92X for a 1-year tenor, which attracted most market bids.

We expect improved demand for NTBs papers in tomorrow’s trading session, as local investors look to fill-in lost bids from today’s PMA.

Money Markets

Interbank rates dropped by an average of 150bps compared to yesterday’s levels, as the market opened at over N440BN positive. Subsequently, OBB and OVN rates closed the day at 1.50% and 2.00%, respectively.

We expect a further drop in rates tomorrow since we don’t foresee any significant outflow in the interbank market that would put additional pressure on funding regular market activities.

FX Market

Transaction volume decreased by 52% D/D as a total of over $17m passed through the I &E FX window, the lowest volume seen in the past couple of months as the supply of FX continue to dwindle in the market. Despite this, its rates appreciated dropping slightly by 0.15%, while most banks are still actively bided within the range of N383/1$ and N410/1$.

However, all other market segments remained unchanged, with the cash and transfer market closing at N473/$1 and N484/$1, respectively.

Eurobonds

The NIGERIA Sovereign tickers retraced further as more actions from profit-taking continue to weaken yield across the curve.  We noted better offers across the sovereign curve, most especially in the mid-and long-dated maturities, which was met with less aggressive bids, consequently causing yields to expand by an average of c.15bps across the sovereign curve.

Like the sovereign papers, most of the tracked papers for the NIGERIA Corps weakened, especially for the SEPLLN 2023s papers, which expanded by +c.40bps D/D.

Check out some amazing shots from Oluronbi the Musical (Photos)

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For people who have even as much as a passing interest in Nigerian theatre, the name “Bolanle Austen-Peters” will ring a bell. She is known for her sublime and critically acclaimed stage performances and movies including Saro the Musical, Fela and the Kalakuta Queens, Bling Lagosians, among others.

Check out some amazing shots from Oluronbi the Musical Brandspurng1
L-R: Music Director, the Oluronbi Musical, Kehinde Oretimehin; Director and Producer, the Oluronbi Musical, Bolanle Austen-Peters, Chief Customer Relations Officer, MTN Nigeria, Ugonwa Nwonye and the King in Oluronbi Musical Ropo Ewenla at the theatrical performance of the Oluronbi Musical at Terra Kulture in Lagos | www.brandspurng.com

Late last year, Bolanle Austen Peters Production, sponsored by MTN, brought the Oluronbi Musical to stage at Terra Kulture. Oluronbi, an ancient Yoruba folktale follows the life of a woman who promises to dedicate her first child as offering to the spirits who cured her barrenness.

Check out some amazing shots from Oluronbi the Musical Brandspurng1
L-R: Music Director, the OluronbiMusical, Kehinde Oretimehin; Chief Customer Relations Officer, MTN Nigeria, Ugonwa Nwonye; Director and Producer, the Oluronbi Musical, Bolanle Austen-Peters and a cast member, the Oluronbi Musical, Mawuyan Ogun at the theatrical performance of the Oluronbi Musical at Terra Kulture | www.brandspurng.com

From the impeccable music direction of Kehinde Oretimehin to the brilliant dance and acting from a talented cast, a masterpiece was created. If you missed it, not to worry, we have some pictures for you to enjoy.

Here are some amazing moments from the shows:

Check out some amazing shots from Oluronbi the Musical Brandspurng1 Check out some amazing shots from Oluronbi the Musical Brandspurng1 Check out some amazing shots from Oluronbi the Musical Brandspurng1 Check out some amazing shots from Oluronbi the Musical Brandspurng1