Nigeria: Inflation rate expected to nudge further high to 12.82% – Analyst

Esan Bolaji
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Nigeria: Inflation rate expected to nudge further high to 12.82% – Analyst

In the week ahead, the Nigerian National Bureau of Statistics (NBS) is expected to publish the data on Nigeria’s inflation rate for July 2020. Ahead of the official release of the Consumer Price Index (CPI) data by the NBS, we have taken our time to analyse the possible drivers of the key macroeconomic indicator – the Headline Inflation rate, with the intention of projecting what the inflation rate for the month will print at.

Year-On-Year Analysis

Based on our analysis, we expect the Headline inflation rate – the measure of the average change in the general price level of goods and services (food and non-food items) in the economy to settle at 12.82%y/y from 12.56%y/y in June 2020, driven jointly by pressure on both the Core inflation (i.e. non-food sub-component) and Food price sub-component of the Headline inflation index

We expect the Core inflation sub-component which measure the average change in the general price level of non-farm items and services to be mainly pressured by the systemic devaluation of the Naira/USD official exchange rate (by the CBN) in the month to ₦381/$1, compared to ₦361/$1 in the prior month.

As such, we project that the Core inflation rate will print at 10.28%y/y, compared to 10.13%y/y in the preceding month, as importers push the burden of naira devaluation to the final consumer in the form of the high cost.

Besides, we expect the exchange rate pressure on the Core inflation subcomponent (in July) to be reinforced by the high cost of domestic means of transportation brought about by the further easing of the economic lockdown directive of the federal government, which aided improved economic activities during the month.

For the Food inflation rate sub-component, we expect the index to print at 15.52%y/y, compared to 15.18%y/y in the preceding month. The 34bps increase in Food inflation we believe will be largely driven by the noticeable spike of fare on cargo logistics (mostly, land) and human transportation (both intra and interstate movement) in the month, as economic activities gained some momentum due to further easing of movement restriction and the usual Sallah festive pressure.

On the Month-on-Month basis (m/m), we expect the headline inflation rate to climb by 4bps to 1.25%m/m, driven jointly a 5bps increase in the Core inflation rate to 0.91%m/m and an 8bps increase in Food price inflation to 1.56%m/m.

GTI Research

UK added to list of heavyweights in COVID-19 birthed recession

Esan Bolaji
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UK added to list of heavyweights in COVID-19 birthed recession

Official data released this week by the United Kingdom (UK) Office for National Statistics (ONS) shows that the UK economy has been added to the long list of global heavyweights that have been dragged into an economic recession as a result of the disruption of economic, social, and political activities by the COVID-19 pandemic since the beginning of the year.

An economic recession defines a situation in which the Gross Domestic Product (GDP), the measure of the prosperity of an economy contracted for two or more successive quarters.

UK added to list of heavyweights in COVID-19 birthed recession

According to the data released, the UK economy in Q2’2020 contracted by an unprecedented 20.4%, in succession to an earlier contraction of 2.2% in Q1’2020.

This development also makes the UK economy the sixth (6th) G7 country (with Canada yet to release official data) to have moved into a recession as a result of the global lockdown during the peak of the first wave of the Coronavirus pandemic between March and May 2020.

UK added to list of heavyweights in COVID-19 birthed recession

The unprecedented contraction of the UK economy reflects the sharp decline in output across the three main sectors of the economy – Services, Production, and Construction, all of which contracted by 19.9%, 16.9%, and 35% respectively in Q2’2020.

Besides, Private consumption expenditure, the largest component of the UK GDP led other expenditure indices of the GDP that contracted, as it shed 23.1% in the reviewed quarter (Q2).

Going forward, we expect the UK economy to witness modest recovery by Q3’2020, amid the gradual re-opening of the economy spurred by fiscal and monetary stimulus, and the reduction in the infection rate of the pandemic in the UK.
Hence, we project a GDP expansion of between 6% and 10% for the UK in Q3.

GTI RESEARCH

Major global markets closed the week Green

Esan Bolaji
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Major global markets closed the week Green

This week, ten out of the thirteen stocks indices under our coverage closed positively, as global investors gradually renew interest in equity assets amid the threat of the COVID-19 pandemic on human lives and economic prosperity.

In advanced markets, the three major stock performance indices in the U.S., the Dow Jones Industrial Average (DJIA), the S&P 500, and the NYSE Composite all gained 1.62%, 0.55%, and 1.30% w/w respectively, while in Europe, the German DAX, the UK FTSE, and France CAC 40 all gained 1.74%, 1.04%, and 1.64% w/w respectively.

Major global markets closed the week Green

Japan NIKKEI 225 also gained 4.30% w/w to emerge the best performing index from the Asian market.

In Emerging Markets, China’s Shanghai Composite Index, Hong-Kong HANG SENG, and South Africa’s FTSE also gained 0.18%, 2.66%, and 0.45% w/w respectively.

Conversely, India’s S&P BSE, Brazil BOVESPA, and Argentina’s MERVEL shed 0.43%, 1.09%, and 5.62% w/w respectively.

GTI RESEARCH

LASG Meets E-hailing Taxi Operators, approves 20% Reduction in Operation Fee

George Martins
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LASG Meets E-hailing Taxi Operators, approves 20% Reduction in Operation Fee

New Guidelines to Commence on August 27

The issue surrounding new guidelines for the regulation of E-hailing Taxi Operations has now been put to rest following a meeting between the Lagos State Government and the representatives of the E-hailing Operators in the State on Friday.

The meeting, which was held at the Lagos House, Marina and chaired by Governor Babajide Sanwo-Olu, was in response to the allegation by the operators that the State Government was planning to clamp down on e-hailing transport operations with the new operational guidelines, alleging that the aim was to ban all e-hailing business similar to what was done to commercial motorcycles and tricycles.

Briefing the newsmen on the outcome of the meeting, Commissioner for Transportation, Dr Frederic Oladeinde, disclosed that the State Government and the operators have agreed to reduce the e-hailing operation fees by 20 percent.

He added that the meeting also unanimously adopted the new regulations, after the parties involved jointly reviewed and fine-tuned some of the contentious items in the framework, stressing that the new regulations were not initiated by the Government to extort the operators and drivers in the business but meant to regularise the ride-hailing operations in line with security measures.

According to him, “The meeting agreed that enforcement of the new regulations will now take off ‪from August 27, 2020, instead of ‪August 20, 2020, initially announced by the Government. By implication, the operators now have an additional seven-day extension to comply with the Government’s regulations”.

Oladeinde said the State Government and the operators had reached an agreement on the controversial service tax, which is to be known as Road Improvement Fund, adding that the e-hailing operators would be paying N20 as Road Improvement Fund which will be levied on each trip the drivers make in a day.

The Commissioner said Governor Sanwo-Olu also offered duty incentives to the operators, reducing their statutory operational licensing fee and renewal fee by 20 percent, implying that each e-hailing firm will now pay N8 million per 1,000 cars new licensing and renewal, instead of N10 million initially announced.

While noting that the parties also agreed on procurement of comprehensive insurance by the e-hailing companies to cover their drivers and passengers, Oladeinde revealed that the State Government had granted all drivers on the e-hailing platforms an extension of 90 days to perfect all documents and licenses required for operation, including drivers licence and Lagos State Residents Registration Agency (LASRRA) cards.

He further disclosed that the Government would create a special office for the drivers to fast-track necessary registration and documentation before the deadline while the operators have acceded to the Government’s position on thorough background check on the drivers for security and improved service delivery.

The Commissioner averred that all parties agreed to checkmate the illegal bypassing of e-hailing mobile apps by unscrupulous drivers, who take passengers offline to collect cash, warning those involved to desist from the fraudulent act as the Government’s enforcement team would arrest defaulters.

Speaking on the controversial issue of data, Oladeinde said: “We are not asking the e-hailing companies to release detailed data. All we are asking from them is the data for trip movement so that we can calculate the right charge and levy due to the Government. This data is to be supplied weekly”.

While noting that there was no burden of additional levy on passengers patronising the e-hailing services, he urged the e-hailing companies to work with stakeholders in the business for a better relationship.

Also speaking after the meeting, the Honourable Commissioner for Information and Strategy, Mr Gbenga Omotoso, said there had been no strain in the relationship between the e-hailing operators and the State Government, pointing out that the new regulations were not to impose a tax burden on the business.

He said: “There is no iota of truth in the speculation that the Lagos Government is introducing a new tax regime. The introduction of the new regulations is about the security and smooth running of the business. It is all about ease of doing business in the State”.

The National President of Professional E-hailing Drivers and Private Owners Association (PEDPA), Comrade Idris Sonuga, praised Governor Sanwo-Olu for listening to the demands of the operators, saying the new regulations would enable the drivers to go about their businesses without harassment by law enforcement agencies.

According to him, “The meeting was successful. Governor Sanwo-Olu has done justice to all the grey areas. I use this opportunity to thank the Governor because he means well for the e-hailing community. I urge drivers to comply with the regulations and the deadlines given by the Government”.

LASG Meets E-hailing Taxi Operators, approves 20% Reduction in Operation Fee

The Chief Executive Officer of BMP Car, Mr Ezekiel Ojo, who spoke on behalf of the e-hailing companies, confirmed that all the operators were in agreement with the outcome of the meeting.

Other representatives of e-hailing firms that attended the meeting included Abisola Odukoya of Bolt Nigeria and Tola Odeyemi of Uber Nigeria.

Court Jails Four Fraudsters In Lagos

George Martins
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Court Jails Four Fraudsters In Lagos

The Lagos Zonal office of the Economic and Financial Crimes Commission, EFCC, has secured the conviction of four Internet fraudsters, Kunle Omoniyi;  Bassey Odo, Paul Adebisi and Temitope Samson, who were arrested in different parts of the state recently.

The convicts were all charged with offences bordering on possession of documents containing false pretences and involvement in other forms of Advance Fee Fraud.

While Omoniyi, Odo and Adebisi were convicted and sentenced by Justice Mojisola Dada of the Lagos State High Court, Ikeja, Samson was convicted and sentenced by Justice Oluwatoyin Taiwo of the Special Offences Court, Ikeja, Lagos.

The EFCC had, on August 10, 2020, arraigned Omoniyi on a three-count charge, following intelligence received about his criminal activities, to which he pleaded guilty.

Delivering her judgment, Justice Dada sentenced him to 18 months in prison commencing from the date of conviction, with an option of N250,000 fine.

The Judge also ordered that two small gold chains, one big gold chain with two pendants and iPhone 11 Pro Max mobile phone recovered from him should be forfeited to the Federal Government.

Odo’s travail began after the Nigerian Postal Service, NIPOST, petitioned the EFCC on January 20, 2020, accusing him of compromising its official email account, emsnigcsu@yahoo.com by creating a pseudo account, emsrugcs6@gmail.com, which was used to defraud unsuspecting citizens.

He was subsequently arraigned before Justice Dada on August 11, 2020, on amended three counts, to which he pleaded “guilty”.

Consequently, Dada convicted him and sentenced him to one-year imprisonment from the date of his conviction, with an option of N250,000 fine.

The Court further ordered him to pay the sum of N8, 350 to the complainant, Okott John, in restitution and also forfeit the iPhone X mobile phone recovered from him to the Federal Government.

In the same vein, Justice Dada convicted Adebisi on August 11, 2020, on five counts and sentenced him to two years imprisonment commencing from the date of his conviction, with an option of N500, 000 fine.

He was also ordered to forfeit to the Federal Government one dark black iPhone X, one App laptop, and one Macbook laptop, which was recovered from him.

Justice Taiwo convicted Samson on the two-counts charge filed against him, and sentenced him to six months imprisonment on August 10, 2020, with an option of N250,000 fine.

The Judge also ordered the forfeiture of the iPhone X mobile phone recovered from him to the Federal Government.

Samson had been arrested at 1004 Estate, Victoria Island, Lagos, following intelligence about his involvement in internet fraud.

Nestlé continues to expand its portfolio of plant-based dairy alternatives

George Martins
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Nestlé continues to expand its portfolio of plant-based dairy alternatives

Nestlé is developing a wide range of plant-based dairy alternatives that are nutritious, great-tasting and have a favourable environmental footprint. The plant-based and lactose-free products are suitable for consumers with lactose intolerance or those following a dairy-free or vegan diet.

Nestlé currently offers a variety of products made from rice, oat, soy, coconut and almonds. Examples include non-dairy Häagen Dazs ice cream, Natural bliss coffee creamers in the US, Nesfit rice- and oat-based drinks in Brazil, a new vegan-friendly Milo in Australia and plant-based Nescafé cappuccinos and lattes in Europe and Oceania.

Nestlé will also launch Starbucks non-dairy creamers in the US in August, a vegan Carnation condensed milk alternative in the UK in September, as well as a range of non-dairy cheese to complement its existing plant-based burgers.

The development of plant-based dairy alternatives takes place at a number of Nestlé‘s R&D centres including in Konolfingen, Switzerland. Using a combination of proprietary technologies such as plant-protein extraction, fermentation and thermal treatment, dairy and protein experts create dairy alternatives with a creamy mouthfeel, superior nutritional profile and pleasant flavour.

Plant-based products made from pea protein is a key focus area for Nestlé. Ninho Forti+, an oat- and pea-based beverage in a ready-to-drink carton with a paper straw were the first to launch in Brazil end of 2019.

In January 2020, Nesquik GoodNes was launched nationwide in the United States. It is an oat- and pea-based beverage with the distinct Nesquik chocolate flavour and 40% less sugar compared to similar products in the category.

The company recently launched its first fully pea-based beverage under its Nesfit brand in Brazil. “Peas are one of the most environmentally friendly sources of plant-based protein, but when used alone, it can be challenging to turn them into a great-tasting beverage,”

says Swen Rabe, Head of Nestlé’s R&D Center in Konolfingen. “By using our proprietary technologies, as well as our expertise in creating shelf-stable dairy products, we were able to develop a delicious pea-based beverage with a reduced sugar content when compared to similar products in the market.”

Nestlé continues to expand its portfolio of plant-based dairy alternatives

Made from yellow peas, a 200 ml glass of Nesfit Sabor Natural contains as much protein (7g) and calcium as cow’s milk and is fortified with vitamins A and D.

Globally, Nestlé has around 300 R&D scientists, engineers and product developers located in eight R&D Centers that are dedicated to the research and development of plant-based products.

This represents almost 10% of all R&D employees. To complement its internal capabilities, the company also strategically collaborates with researchers, suppliers, start-ups and various other innovation partners.

Toyota Mobility Foundation Unveils Sixteen Semi-Finalists for City Architecture for Tomorrow Challenge

Media Outreach
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  • Over 90 teams of innovators from more than 20 countries submitted innovative data-driven solutions to improve mobility and city planning in Kuala Lumpur
  • Selected semi-finalists include teams from Australia, Brazil, Germany, India, Malaysia, Netherlands, Singapore, United Kingdom, United States and will receive up to $5,000 grant each to develop Proofs of Concept of their solutions 

KUALA LUMPUR, MALAYSIA – Media OutReach – 14 August 2020 – Sixteen cutting-edge solution ideas were unveiled as semi-finalists for the City Architecture for Tomorrow Challenge (CATCH). The Toyota Mobility foundation (TMF) launched CATCH in February 2020 with a global call for dynamic, intelligent and data-driven solutions to address mobility and city planning challenges in Kuala Lumpur.

 

During the application period which ended 30th June 2020, more than 90 global teams submitted their innovative, deep tech ideas to reimagine city planning through the effective usage of data. After careful consideration, TMF has identified the following sixteen teams as semi-finalists, best suited to CATCH’s problem statement and the five assessment criteria of creativity, desirability, feasibility, sustainability and technicality. These teams will be asked to further develop their ideas into proofs of concept (POC) and at this stage will each receive a grant of up to $5,000 for financial support. Furthermore, they will have access to datasets from public and private agency partners to CATCH which will help them identify daily mobility challenges in Kuala Lumpur.

 

Pras Ganesh, Program Director of TMF commented: “We are thrilled to announce 16 world-class ideas that represent the data-driven future of sustainable and efficient city planning and mobility. We look forward to working with these semi-finalists to advance their ideas towards realistic and beneficial proofs of concept.”

 

The sixteen semi-finalists are as follows:

Company Name

Country

Solution Description

ARS T&TT

India / The Netherlands

Traffic data warehousing solution using machine learning technology enabling inclusive transport network management for all

Asia Mobiliti

Malaysia

On-demand microtransit & mobility analytics for first-mile/last-mile connectivity

GeoSpock

UK

Unique analytics database technology enabling smart city data fusion to power advanced multimodal transport optimization

Hayden AI Technologies

USA

Artificial Intelligence powered mobile data collection platform for enhancing safety and efficiency in Smarter Cities

iLocator

Germany

Infrastructure data acquisition from 3rd party data and sensors for machine learning and AI-based analytics

KERB

Malaysia

Peer-to-peer (P2P) parking marketplace and B2B “contactless” + “mobile-first” parking management platform

Liftango

Australia

Demand-responsive scheduling and routing optimization for urban and regional transit

Milênio Bus

Brazil

Real time ridership analytics for efficient public transport operations

Mytraffic

Malaysia

Smart city platform with traffic signal optimization utilizing live video stream

Numina

USA

Multimodal traffic flow measurement and analytics, using privacy-first computer vision

Parkit

Malaysia

Peer-to-peer (P2P) parking sharing platform

Rapid Flow Technologies, Inc.

USA

AI-based traffic signal optimization with two-way communication with vehicles and pedestrians

RUNWITHIT Synthetics

Canada

Live, geospatial, AI-based synthetic data modelling for mobility, electrification and human movement

Sensagrate

USA

AI-based real-time computer vision and analytics for traffic optimization and safety

Spot Parking

Australia

Digital mapping technology for curbside rules and parking finder algorithm for improved urban mobility

UNL

Singapore

A smart addressing platform for navigation and location-based services

Conceptualizing Data-Driven Innovations to Reality

TMF will continue to work together with strategic partners including Kuala Lumpur City Hall (DBKL), the Malaysia Digital Economy Corporation (MDEC) and its data partners to support the semi-finalists to enhance their ideas until the selection of finalists in October, through financial grant support, mobility data, and mentorship provided by experts and judges supporting this program.

 

Through CATCH, TMF hopes to unlock human-centric, data-driven innovations to further ‘Mobility for All’ for residents of Kuala Lumpur.

 

To find out more visit www.tmf-catch.org/

 

About Toyota Mobility Foundation

The Toyota Mobility Foundation was established in August 2014 to support the development of a more mobile society. The Foundation aims to support strong and equitable mobility systems. It utilizes Toyota’s expertise in technology, safety, and the environment, working in partnership with universities, government, non-profit organizations, research institutions and other organizations to address mobility issues around the world. Solutions till date have aimed at resolving urban transportation problems, expanding the utilization of multi-modal mobility, and developing solutions for future generations.

Aruba: Network as a Service Adoption to Accelerate by 38% within the Next Two Years as Businesses Adapt to Covid-19

Media Outreach
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  • 74% of
    organizations reported moderate to significant impact to their employees due to
    the pandemic
  • In
    response to COVID-19, 38% of IT leaders plan to increase their investment in
    cloud-based networking, and 35% in AI-based networking, as they seek more agile,
    automated infrastructures for hybrid work environments

HONG KONG, CHINA – Media
Outreach – 14 August 2020 –
Businesses will
experience profound changes as employees’ transition to hybrid work environments
following COVID-19, in turn changing the way IT teams procure and consume networking
solutions. In response to the pandemic, IT leaders are now investing more in
cloud-based and AI-powered networking technologies as business recovery plans
take shape. That’s according to a global survey of 2,400 IT decision-makers (ITDMs)
commissioned by Aruba, a Hewlett Packard Enterprise company.

As
IT leaders respond to the challenges associated with enabling a highly
distributed workforce and the emergence of the hybrid workplace — with people
needing to move seamlessly between working on campus, at home and on the road —
they are looking to evolve their network infrastructure and shift away from
CapEx investments towards solutions consumed ‘as a service’. The average proportion
of IT services consumed via subscription will accelerate by 38% in the next two
years, from 34% of the total today to 46% in 2022, and the share of
organizations that consume a majority (over 50%) of their IT solutions ‘as a
service’ will increase by approximately 72% in that time.

“With
the emergence of the hybrid workplace, IT leaders are being asked to deliver a delicate
balance between flexibility, security and affordability at the edge,” said Partha
Narasimhan, CTO and HPE Senior Fellow for Aruba, a Hewlett Packard Enterprise
company. “Every part of the workplace needs to evolve: the campus must be
embedded with technology to support social distancing and contactless
experiences, and the home office must offer enterprise-level connectivity,
security and support. It’s increasingly clear that, to support these new needs
in a financially challenging environment, IT decision-makers are attracted to
the reduced risk and cost advantages offered by a subscription model.”

The
report, which surveyed ITDMs in over 20 countries and eight key industries,
looked at how they have responded to IT and business demands in the wake of COVID-19,
what investment decisions are being made as a result, and the consumption
models now being considered. A number of key findings stood out:

IMPACT
OF COVID-19 HAS SIGNIFICANT IMPLICATIONS

ITDMs
report that the impact of COVID-19 has been significant both on their employees
and short-term network investments:

  • 22%
    describing the impact on their employees as ‘significant’ (widespread furlough
    or layoffs), while 52% considered it ‘moderate’ (temporary reductions in some
    functions), and 19% ‘low’ (very few jobs impacted).
  • ITDMs
    in India (57%) and Brazil (34%) were most likely to cite a significant impact
    on their employees, while those in Hong Kong (12%) and Mexico (10%) reported the
    least, highlighting a massive swing in experiences between regions.
  • 77%
    said that investments in networking projects had been postponed or delayed since
    the onset of COVID-19, and 28% indicated that projects had been cancelled
    altogether.
  • Project
    cancellations were highest in Sweden (59%) and lowest in Italy (11%), showing there
    are also significant disparities between countries within the same region,
    while 37% of ITDMs in education and 35% in hotels and hospitality globally said
    they have had to cancel network investments.


THE
FUTURE IS BRIGHT: INVESTING FOR EMERGING NEEDS

By
contrast, future plans are aggressive, with the vast majority of ITDMs planning
to maintain or increase their networking investments in light of COVID-19, as
they work to support the new needs of employees and customers.

  • An
    astounding 38% globally will increase their investment in cloud-based
    networking, with 45% maintaining the same level and 15% scaling back. The APAC
    region was the global leader with 45% stating increased investment in
    cloud-based networking, rising to 59% among ITDMs in India. With cloud
    solutions allowing for remote network management at large scale, these
    capabilities are particularly enticing for IT teams when being on-premises is
    not possible or challenging.
  • ITDMs
    are also seeking improved tools for network monitoring and insight, with 34%
    globally planning to increase their investment in analytics and assurance, 48% indicating
    that they will maintain their level of investment and 15% reducing it. This
    allows IT organizations to troubleshoot and fine-tune the network more
    efficiently, as demands on it are augmented by a distributed workforce. 
  • There
    is also an emphasis on innovative technologies that simplify the lives of IT
    teams by automating repetitive tasks. We found 35% of ITDMs globally are
    planning to increase their investment in AI-based networking technologies, with
    the APAC region leading the charge at 44% (including 60% of ITDMs in India and
    54% in Hong Kong).

ADOPTION
OF NEW CONSUMPTION MODELS IS ACCELERATING

As
ITDMs shape their investment plans, they are looking at alternative modes of
consumption to achieve the best balance of value and flexibility.

  • 55%
    globally say they will explore new subscription models for hardware and/or
    software, 53% managed services for turnkey hardware/software and 30% financial
    leasing — all as a result of the impact of COVID-19. This reflects the
    increased need for more financially flexible models in a challenging
    environment.
  • Networking
    subscription models are more popular in APAC (61%) than in the Americas (52%)
    or EMEA (50%), and at a country level the highest demands are in Turkey (73%),
    India (70%) and China (65%).
  • The
    industries most likely to be considering the subscription model are
    hotels/hospitality (66%), technology and telecom (58%) and education (57%). The
    impact of COVID-19 on IT behavior has made the desire for flexibility and predictability
    in spending, while reducing risk from initial capital costs, greater than
    before.
  • In
    stark contrast, just 8% globally plan to continue with only CapEx investments,
    though the proportion is higher in the Netherlands (20%), US (17%), Spain (16%)
    and France (15%). Across industries, 15% in retail, distribution and transport
    will continue to focus solely on CapEx investments, versus just 5% in IT, tech,
    education and telecoms, and 2% in hotels and hospitality.

“With
the needs of customers and employees having changed so comprehensively in
recent months, it’s no surprise to see IT leaders seeking more flexible
solutions,” says Narasimhan. “They are having to adapt fast and ensure that
more complex, distributed networks can securely support the experiences users
demand. The need for agility and flexibility in network management is now
greater than ever.”

While
the pandemic has clearly negatively impacted ongoing projects, this research
suggests it will also catalyze medium-term investment into advancing networking
technologies, and a shift to more flexible models of consumption that limit
up-front capital demands. Trends that were already taking hold will now
accelerate, including the move to the Edge and the adoption of cloud-based and
AI-driven intelligent networks.

To
find more about Aruba’s flexible IT solutions go to: https://www.arubanetworks.com/solutions/technology-solutions/

Additional
Resources

Infographic: https://www.arubanetworks.com/assets/infographic/Edge-Survey-Hybrid-Workplace_Infographic.pdf 

 

Aruba Hybrid Workplace page: https://www.arubanetworks.com/solutions/hybrid-workplace/

About Aruba, a Hewlett Packard Enterprise company

Aruba, a Hewlett Packard Enterprise company, is a leading
provider of next-generation networking solutions for enterprises of all sizes
worldwide. The company delivers IT solutions that empower organizations to
serve the latest generation of mobile-savvy users who rely on cloud-based
business apps for every aspect of their work and personal lives.

To learn more, visit Aruba at http://www.arubanetworks.com. For
real-time news updates follow Aruba on Twitter and Facebook, and for the latest
technical discussions on mobility and Aruba products visit Airheads Social at http://community.arubanetworks.com/
 

About Vanson Bourne

Vanson Bourne
is an independent specialist in market research for the technology sector.
Their reputation for robust and credible research-based analysis is founded
upon rigorous research principles and their ability to seek the opinions of
senior decision makers across technical and business functions, in all business
sectors and all major markets. For more information, visit www.vansonbourne.com

How Bridge Elite Education Centre in Hong Kong adapted to the Global Pandemic quickly to ensure students continuity of education and enrichment

Media Outreach
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0

HONG KONG, CHINA – Media OutReach – 14 August 2020
– With a high number of COVID-19 confirmed cases in Hong Kong recently, a
series of anti-epidemic measures are introduced by the government to strengthen
the protection of public health.  Under
the measures from The Education Bureau, schools and tutorial centres are asked
to close for multiple times, and in early August they even announced that most
of the next academic school year would be conducted online. The goal is to
reduce physical interaction between students and teachers, and to minimise
COVID-19 spreading.

Bridge
Elite is a private tutorial centre in Hong Kong, many of their students are
applying to  attend or are currently
attending prestigious institutions such as University of Cambridge, Brown
University, The University of Hong Kong and many more. They prioritise the
safety and health of their students over the benefits of face to face lessons,
it is also because of this Bridge Elite is able to adapt quickly to the
situation at hand.

Immediately after the introduction of new
measures, Bridge Elite was able to get in-touch with students to reschedule,
but also received requests for dropout. The centre has had many meetings on how
they would be able to continue to deliver quality enrichment and education.
Bridge Elite’s Principal, Willis Tao said ” The continuity of education is
important and a pandemic happening should not be at the expense of a student’s
education”. Their tutors are keen to find an effective way to cope with the
pandemic and continue to educate students, corresponding to their centre’s
motto, “Learning Never Stops”.

Due to The Education Bureau’s new plans for
the academic year 2020/2021, many local schools need to prepare to bring
teaching to students remotely. In fact, many educational institutions across
countries have already stated that they would be carrying out hybrid courses in
the coming school year, where classes would be carried out in the combination
of the traditional classroom manner and through online activities. In fact
hybrid courses are becoming a norm across multiple international schools and
boarding schools. Some education experts anticipate that this pandemic may end
up changing the way of teaching completely, as Dr. Curtis Newbold of
Westminster College writes “hybrid education may be the breath of the future”.

Bridge Elite is currently offering online
tutoring to their students, and their transition began back in April. Their
lessons would all be conducted online using the online video communication
software, Zoom, and students and teachers will continue to interact during
lessons using the white board AwwApp. They further encouraged students to
continue to attend lessons remotely by ensuring their students have the
necessary tools to take part in the transition smoothly.

About Bridge Elite

Bridge Elite was founded in 2018 by a group of
passionate tutors wanting to help and support students’ academics. The team is
extremely experienced and processes a depth of knowledge about a range of
subjects. The centre places emphasis on the teacher’s teaching qualities and
the student’s learning objectives helping students who are driven to succeed
and supporting them on their journey to achieve their desired results. If you
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CPA Australia: Chinese Businesses Lead FinTech Usage in Regional Survey

Media Outreach
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0

BEIJING, CHINA – Media
OutReach – 14
August 2020 – Driven by the Government’s FinTech
development plan and innovation strategy, China is leading the way in business
FinTech usage across the region, according to a survey of business FinTech usage by CPA
Australia, one of the
world’s largest accounting bodies.

The
survey found that 80 per cent of respondents from China reported that their businesses
had used at least one FinTech product or service in the past twelve months,
which is the highest result of the surveyed markets. Further, Chinese businesses
were the most likely to maintain or increase their usage of mobile
payments/digital wallets, robo-advisory/chatbots, wealth management technology
and FinTech lending in the past twelve months.

Tony Chan, Deputy President of CPA Australia
South China Committee says that the fast-growing business FinTech usage
in China is boosted by the development of emerging technologies and changing
consumer behaviour. 

“Supported by a number of favourable Government policies, including
financial and tax incentives, such as the 175 per cent super deduction for eligible R&D expenditure
and greater funding for AI development by local governments, Chinese businesses
are more inclined to utilise FinTech compared with businesses from the other surveyed markets.”

“Another factor that has led to a boost in
business FinTech usage in China is changing consumer behaviour. Chinese
millennials, who are digital natives, are a major force in the consumer market,
and this has further spurred Chinese businesses to adopt FinTech.”

The survey findings also indicate there is a clear link between the use of FinTech
and business growth. It found that
74 per cent of Chinese businesses that were more profitable in 2019 either
maintained or increased their usage of mobile payments or digital wallets in
the past 12 months, and 54 per cent of Chinese businesses that were more profitable in 2019 either
maintained or increased their usage of robo-advisory/chatbots.

“FinTech will be an engine for business growth
and we believe
China’s leadership in FinTech usage amongst businesses will continue.” Mr Chan comments.

84 per cent of surveyed respondents from China
believe their businesses will use at least one FinTech product or service in the next 12 months, according to the
survey.

However, the impact of the rapid growth of
FinTech usage in Chinese businesses has also created challenges. According to
the survey, respondents from China were most likely to select cybersecurity
concerns (41 per cent) and shortage of FinTech talent (37 per cent) as the key
barriers to business FinTech adoption.

“Amongst the surveyed markets, we note that
businesses in China were most likely to choose a shortage of FinTech talent as
one of their key challenges to FinTech adoption, which is a consequence of
growing business usage of FinTech in China.

“To meet this challenge, we would welcome
more cross-disciplinary FinTech degree programs and we suggest that businesses,
research institutions and universities in China collaborate in developing new
talent development plans to cultivate, recruit and retain FinTech talent,” Mr Chan
says.

For more information on CPA
Australia’s Business FinTech Usage Survey:

CPA Australia’s Business FinTech Usage Survey –  Preliminary, Mainland China results

CPA
Australia’s Business FinTech Usage Survey — Infographic

About the survey

The
survey was conducted by CPA Australia from 23 June to 14 July 2020. A total of
573 responses were received from accounting and finance professionals in
Mainland China, Hong Kong, Singapore and Malaysia, with 158 respondents from Mainland China.


About CPA Australia

CPA Australia is one of the
world’s largest accounting bodies with more than 166,000 members working in 100
countries and regions around the world, and with more than 25,000 members
working in senior leadership positions. It has established a strong membership
base of more than 19,000 in the Greater China region.

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