Gerber introduces Soothe ‘n’ Chew teething sticks – a first-of-its-kind natural product for teething

Esan Bolaji
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0
Gerber introduces Soothe ‘n’ Chew teething sticks – a first-of-its-kind natural product for teething

Gerber, today, launched Soothe ‘n’ Chew, a first-of-its-kind grain-based teething product. Soothe ‘n’ Chew is specifically designed by feeding experts for infants and toddlers beginning at 6 months to serve as baby’s first snack for teething comfort.

It provides long-lasting comfort by naturally massaging little ones’ gums with real food as they chew – no plastic or medicine.

Gerber introduces Soothe 'n' Chew teething sticks – a first-of-its-kind natural product for teething

The firm, long-lasting texture has a yummy taste from real bananas that slowly softens and satisfies little one’s urge to chew. Its ridged surface and small size are the optimal shape and length for a baby’s fist, and its air bubble texture massages and soothes gums.

“Gerber’s continuous priority is to innovate to meet families’ evolving needs,” said Gerber President and CEO Bill Partyka. “As parents turn to more natural alternatives for their little ones, we saw an opportunity to bring together our expertise in food and nutrition, infant development and natural product development to create something totally new for little ones.”

Throughout the Soothe ‘n’ Chew development process, Gerber partnered with paediatric feeding specialists to design a unique long-lasting edible teether for baby.

Fan Art Challenge: Puma x Comic Con Africa: Your Winning Design on a Limited Edition Hoodie

George Martins
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Fan Art Challenge: Puma x Comic Con Africa: Your Winning Design on a Limited Edition Hoodie

Puma and Comic Con Africa have announced a competition that will give aspiring artists and designers the chance to have their artwork produced on a limited edition Puma hoodie. It will be a small run of exclusive hoodies available at Comic Con Africa’s Online Con.

The competition is open to all artists and aspiring artists. Designs need to be a creative interpretation of fan art incorporating a facet of Comic Con Africa of your choice.

That could be your experience at the Con, a different take on the logo, your favourite fandom, or any small element of Comic Con Africa or pop culture that inspires you to get designing – as long as the design includes the words “Comic Con Africa”.

The winning design will be printed as a limited edition Puma hoodie that will be sold at Comic Con Africa’s Online Con.

The winner will be interviewed on their creative process and work on a panel with Puma, broadcast live on one of the Con’s free-to-access platforms.

They will also receive their own hoodie and major bragging rights, plus every fan at the Online Con will be able to see their winning design.

From the entries a shortlist will be selected, from which a representative from Puma South Africa and Comic Con Africa will judge and fans will have the opportunity to give their favourite a thumbs up on Comic Con Africa’s social media.

“We are so excited about the art challenge with Puma, a brand that believes in the community just as much as we do at Comic Con Africa.

This gives our fans and the Comic Con Africa community a chance to show their skills and to promote the amazing talent we have in Africa. We are excited to see what rising stars we have out there!” say Carla Massmann, Portfolio Director of Comic Con Africa.

Go to https://www.comicconafrica.co.za/en/visit/puma-x-cca.html to read the full set of rules and get designing.

Comic Con Africa has gone online this year. Broadcast from Africa to the world, content will be available on free platforms like YouTube Live, Facebook Live and Instagram, along with a special platform for exhibitors to have stands and interact with fans.

Incredible comic guests like Mark Brooks of Marvel and Sideshow Collectibles and Kevin Eastman, co-creator of the Teenage Mutant Ninja Turtles, have been announced to date, along with film and entertainment celebs like Jason David Frank known as Tommy the Green Power Ranger and Bret “The Hitman” Hart of WWE fame.

Fan Art Challenge: Puma x Comic Con Africa: Your Winning Design on a Limited Edition Hoodie

Nigeria’s Gross External Reserves: An Historical Perspective

George Martins
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0
Nigeria’s Gross External Reserves: An Historical Perspective

The major objectives of external reserves management in Nigeria are ensuring the preservation of capital, providing adequate liquidity to meet unforeseen needs and ensure that the reserves are readily available to finance day-to-day official transactions, as well as earning returns within the set tolerable risk limits.

Our data is based on the CBN statistics and we start from April 3rd 2006 when the gross external reserves was $36.2 billion and rose to $43.90 billion as at December 19 (the highest for the year 2006).

This represents a 21.27% increase in external reserves during the 8 months period. We note that during this period, real GDP growth was 6.73% as the real GDP grew from N37.47 trillion in 2005 to N39.99 trillion in 2006. Inflation during this period was also within 1-digit as it averaged 8.38% in 2006.

On a MoM basis, Nigeria recorded negative inflation rate in June (-0.2%), October (-2.5%), November (-0.7%) and December (-0.8%). This shows the growth was stable as inflation was at the desired level and there was relatively increased domestic production of goods and services. It was also during this period that Nigeria successfully met the condition of debt relief from the Paris Club, which had its debt settled with the group.

By 2007, the gross external reserves grew from $41.90 billion as at January 4, to $52.47 billion as at December 13, representing a growth rate of 25.27% during the period of the addition of $10.57 billion to the gross external reserve during the period. Average inflation rate in 2007 was 5.42% which is the lowest inflation rate Nigeria recorded during the years under review.

The inflation rate declined by 140bps from 8% in January 2007 to 6.6% YoY in December 2007. The inflation rate on MoM basis was also low and we highlight that there was deflation in January, October and November MoM in 2007. The country also enjoyed increased real GDP growth during this period at 7.32%.

In 2008, Nigeria recorded the highest gross external reserves during the years under review with external reserve hitting the highest point of $64.73 billion on August 11th, 2008. This was a period of the boom as the equities market also rallied while hitting an all-time high of 64,834.33 points in March 2008 (before dropping to 20,436.40 points in April 2009 as the global financial crisis hit the market).

By December 30th, 2008, external reserve already dropped to $52.60 billion which represents -18.74% decline from its all-time high of $64.73 billion in August 2008. Average import cover during the year was 16.7 months.

We are also able to note that headline inflation grew faster as it averaged 11.52% while real GDP growth grew at a slower rate of 7.2%. The financial crisis majorly had an effect on Nigeria’s financial and trade sectors as it manifested majorly from liquidity and credit crunch as well as a significant reduction in confidence in the banking system.

Hence, the impressive performance of the non-oil sector during the period supported Nigeria’s growth throughout the crisis.

Nigeria’s Gross External Reserves: An Historical Perspective

In 2009 and 2010, gross external reserve ended the year at $42.38 billion and $32.34 billion respectively. This shows that gross external reserve declined significantly by 19.43% in 2009 when compared to the December 30th, 2008 value of $52.60 billion.

It also shows that the reserve declined by -23.69% in 2010 when compared to the 2009 ending value of $42.38 billion. These were the periods the financial crisis hits the peak on the economy as the average inflation rate also grew fast to 12.59% in 2009 and 13.77% in 2010.

The average official exchange rate also grew during the period as it was N150.30/$ in 2010 compared to N148.88/$ in 2009 and N118.57/$ in 2008. In essence, the average official exchange rate depreciated by 25.57% in 2009 and by 0.95% in 2010. We note that the average official exchange rate appreciated in 2007 (2.19%) and 2008 (5.77%).

By 2011, the external reserve grew marginally by 0.93% to $32.64 billion as at December 2011 from $32.34 billion recorded in December 2010. Highest gross external reserve in 2011 was recorded on 4th March as the reserve hit a high of $36.49 billion.

By the end of 2012, gross external reserve grew to $43.83 billion as inflation rate averaged 12.24% during the period while the economy grew at a slower pace of 4.21% in real terms. Oil price averaged $105.87/barrel in 2013, compared to an average of $109.45/barrel.

This reflected in the external reserve which closed the year at $43.61 billion compared to $44.34 billion at the start of the year, representing a marginal decline of -1.65%. The economy, however, grew at a faster rate of 5.49% compared to 4.21% recorded in 2012 and the average exchange rate appreciated by 0.12% to N157.31/$.

For 2014 and 2015, the price of oil averaged $96.29/barrel and $49.49/barrel respectively. External reserve fell to $34.21 billion in December 2014 compared to $42.85 billion in December 2013, stemming from a relative reduction in the price of crude oil as well as oil vandalism activities in the Niger-Delta region.

It was at this point that the recession bell rang. By 2015, the price of oil declined significantly by -48.60% to an average of $49.49/barrel while the gross external reserve also declined accordingly by -17.41% to $28.28 billion in December 2015 compared to $34.21 billion recorded in December 2014.

Average inflation rate grew faster (9%) in 2015 compared to 8.05% in 2014 while the real GDP growth rate in 2015 slowed to 2.79% compared to 6.22% recorded in 2014.

The Nigerian economy entered into economic recession in 2016 (first since 1991) as the real GDP growth for the year printed at -1.58% stemming majorly from the slump in the price of crude oil, while the average inflation rate was 15.62% and average official exchange rated printed at N253.49/$ during the period.

Nigeria’s Gross External Reserves: An Historical Perspective

External reserve hit the lowest level of $23.897 billion on October 19th, 2016. At the end of the year, the external reserve closed at $26.99 billion which was the lowest since

During this period, the CBN restricted foreign exchange on the importation of 41 items including toothpick. By April 2017, the CBN introduced the SMIS window to deepen the foreign exchange market and accommodate all FX obligations for importers and investors. Hence, the beginning of multiple exchange rate windows- CBN official, SMIS and I&E window.

At the end of 2017, the country was back to positive growth rate as real GDP grew marginally by 0.82%. The average inflation rate, however, was higher (16.55%) when compared to the average rate in 2017 (15.62%). The exchange rate also depreciated by 20.63% to N305.79/$ while the gross external reserve printed at $38.77 billion by 29th December 2017 at an average import cover of 12 months.

Modest growth rate continued to 2018 when the Nigerian economy recorded a real GDP growth rate of 1.91% in FY’18. During the same period, the average inflation rate slowed down to 12.15% while the average official exchange rate slightly depreciated by 0.09% to N306.08/$ from the average official rate of N305.79/$ in 2017.

The gross external reserves grew from $38.91 billion on 2nd January 2018, to $43.12 as at December 2018 with the average import cover for the year printing at 13.8 months, on the back of increased oil production and oil prices relative to the 2016 levels.

In 2019, the Nigerian economy grew by 2.27% in real terms, consolidating the fragile growth rates since the country was out of recession in 2017. Average headline inflation rate also grew at a slower rate, printing at 11.39% while the average official exchange rate depreciated marginally by 27bps to N306.92/$ compared to N306.08/$ in 2018. The external reserves which were at $43.08 billion at the beginning of the year, ending the year lower at $38.62 billion.

This showed that the external reserves shed $4.46 billion in 2019. Banking on optimism in external sector activities coupled with the US-China trade deal, as well as high oil prices, the economy was set for continued growth increases in 2020 until the COVID-19 pandemic hit the world which led to oil prices falling.

This was aggravated by the oil price war between Russia and Saudi Arabia which sent oil prices to 18 years low, which had a negative impact on the external reserves of the country which fell to $33.44 billion as at 29th April.

By 13th July, the gross external reserves accreted by $2.69 billion (from the April 29 level) to $36.13 billion on the back on the inflow from the IMF while the CBN keeps having little activities in the forex window.

Our model shows that both inflation rate and exchange rates have a negative relationship with the growth rate and these two variables are significant variables that are influenced by the level of external reserves, which is in turned influenced by the fluctuation in the international oil price.

We project inflation rate to average 12.84% in 2020, while the oil price is expected to average $42/barrel in 2020 and the official exchange rate to end the year at N381/$. As such, we expect the real GDP for the year to print at -3.92% in FY’20.

PFI Capital Research

Diageo celebrates achievement of 2020 sustainability targets

George Martins
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Diageo celebrates achievement of 2020 sustainability targets

Diageo: Today we are celebrating the conclusion of our highly ambitious 2020 Sustainability and Responsibility Goals. We’re proud that our goals, originally set in 2008 and refreshed in 2015, were among the most ambitious and stretching in the industry.

We selected our 2020 targets to align with the UN’s Sustainable Development Goals and to cover our three main focus areas: reducing environmental impact, building thriving communities and promoting positive drinking.

Key highlights that we have delivered include:

  • Cutting greenhouse gas (GHG) emissions from direct operations by 509,000 metric tonnes, delivering on its commitment to reduce absolute emissions by 50%
  • Reducing emissions by over a third (33.7%) across its total value chain, going beyond its original 30% target
  • Replenishing 100% of the water used in our final product in water-stressed areas
  • Ensuring that over 99.5% of our packaging is recyclable and achieving 45% recycled content in our packaging.
  • Achieving zero waste to landfill in all operational sites and offices.
  • Supporting more than 250,000 people through its projects focused on clean water, sanitation, and hygiene (WASH) in 2020
  • Empowering 435,000 women to date through its community programmes
  • Championing diversity such that 39% of leadership positions are now held by women, going beyond our original target of 35%

Despite our significant progress, however, we have not quite achieved all our ambitious goals.

“As we close our 2020 targets, we are incredibly proud of the progress we have made and grateful to our employees and selected partners who have helped us deliver transformational progress.

Through our programmes, we have made a positive impact on millions of people, in communities all around the world. We have been agile and moved quickly to adapt to the global changes around us.

We are excited about the decade of action ahead and will continue to lead the way, driven by the knowledge that our future success is intertwined with the success of the living planet around us.”

Over the last decade pursuing our sustainability and responsibility goals, we have adapted our programmes to improve their impact and has seen the benefit of an increased holistic and aligned approach within the business and with our vital third-party partners.

No business can deliver meaningful targets alone and it will be crucial that this focus and partnership approach is maintained as the world continues to combat both climate change and the effects of the COVID-19 pandemic.

In the coming months, we will be announcing a new set of targets to help further support in the delivery of the UN Sustainable Development Goals over the critical decade to 2030.

Diageo celebrates achievement of 2020 sustainability targets
Photo by Brian Jones on Unsplash

CAMA: Highlight Of Positive Changes To The Companies And Allied Matters Act ( Cama ) Via The Passage Of The Cam Bill 2020

George Martins
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CAMA: Highlight Of Positive Changes To The Companies And Allied Matters Act ( Cama ) Via The Passage Of The Cam Bill 2020

President Muhammadu Buhari signed into law the Companies and Allied Matters Act (CAMA) on August 7, 2020. The new CAMA is Nigeria’s most significant business legislation in three decades and it introduces new provisions that promote ease of doing business and reduces regulatory hurdles.

1. Provision of single-member/shareholder companies – S.18(2) of the new CAMA now makes it possible to establish a private company with only one (1) member or shareholder.

2. Introduction of Statement of Compliance – S.40 (1) of the new Act introduces the Statement of Compliance which can be signed by an applicant or his agent, confirming therein that the requirements of the law as to registration have been complied with.

This serves as an alternative to the requirement to submit a Declaration of Compliance, which must be signed by a lawyer or attested to before a notary public. A Statement of Compliance need not be signed by a lawyer.

3. Replacement of Authorized Share Capital with Minimum Share Capital – The concept of “authorised share capital” has now been replaced in S.27 of the Act with the concept of “minimum share capital”. With minimum share capital, promoter(s) of a business need not pay for shares that are not needed at a specific time.

4. Procurement of a Common Seal is no longer a mandatory requirement – The procurement of a Common Seal is no longer a mandatory requirement according to
S.98 of the new CAMA:

Every company is required under the previous Act to have a common seal, the use of which is to be regulated by the Articles of Association. This amendment is in line with international best practices as most jurisdictions around the world have expunged the requirement from their respective laws.

5. Provision for electronic filing, electronic share transfer and e-meetings for private companies – The new CAMA makes provision for electronic filing, electronic share transfer and e-meetings for private companies.

S.861 of the new CAMA provides that certified true copies of electronically filed documents are admissible in evidence, with equal validity with the original documents. S.176(1) also provides that instruments of transfer of shares shall include electronic instruments of transfer.

6. Provision for virtual Annual General Meetings – The new CAMA also provides for remote or virtual general meetings, provided that such meetings are conducted in accordance with the Articles of Association of the company.

This will facilitate participation at such meetings from any location within and outside the shores of the country, at minimal costs. This is especially relevant today given the disruptions caused by the Covid-19 pandemic to company operations around the world.

7. Exemption from appointing Auditors – Small companies or any company having a single shareholder are no longer mandated to appoint auditors at the annual general meeting to audit the financial records of the company. S. 402 of the new CAMA provides for the exemption in relation to the audit of accounts in respect of a financial year.

8. Exemption from the appointment of the company secretary – The appointment of a Company Secretary is now optional for private companies. According to S. 330 (1) of the new CAMA, the appointment of a company secretary is only mandatory for public companies.

9. Creation of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs) – The new CAMA introduces the concept of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs). This combines the organisational flexibility and tax status of a partnership with the limited liability of members of a company.

10. Reduction of Filing Fees for Registration of Charges – Under S. 223 (12) of the new Act, the total fees payable to the CAC for filing has been reduced to 0.35% of the value of the charge. This is expected to lead to up to 65% reduction in the associated cost payable under the regime.

11. The merger of Incorporated Trustees – S. 849 of the new Act provides for a merger between two or more associations with similar aims and objects under such terms and conditions as may be prescribed by the CAC.

12. Disclosure of persons with significant control in companies – S.119 of the new Act introduces new transparency provision with an obligation for entities to disclose capacity in which shares are held, either as beneficial owner or as a nominee of an interested person.

13. Restriction on Multiple Directorship in Public Companies – S.307(1) of the Act prohibits a person from being a director in more than five (5) public companies at a time.

14. Business Rescue provisions for Insolvent Companies – The new Act introduces a framework for rescuing a company in distress and to keep it alive as against allowing it such entity to become insolvent. Provisions were made with respect to Company Voluntary Arrangements (S.434 to S.442), Administration (S.443 to S.549) and Netting (S.718 to S.721).

15. Enhancement of Minority Shareholder Protection and Engagement – S. 265 (6)
restricts firms from appointing a director to hold the office of the Chairman and Chief
Executive Officer of a private company.

CAMA: Highlight Of Positive Changes To The Companies And Allied Matters Act ( Cama ) Via The Passage Of The Cam Bill 2020

IFF earnings and sales decline in Q2; Increases Quarterly Dividend

Esan Bolaji
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0
IFF earnings and sales decline in Q2; Increases Quarterly Dividend

International Flavors & Fragrances Inc. (IFF) reported financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Consolidated Financial Results

  • IFF reported net sales for the second quarter totalled $1.20 billion, a decrease of 7% from $1.29 billion in 2019. Currency neutral sales decreased 4% driven by pressure in Fine Fragrance and Food Service, across select emerging markets and particularly with small- and mid-sized customers as a result of the COVID-19 pandemic. Fine Fragrance and Food Service collectively declined 38% on a currency-neutral basis or 40% on a reported basis. The rest of the portfolio excluding Fine Fragrance and Food Service grew 2% on a currency-neutral basis and declined 1% on a reported basis.
  • Reported operating profit for the second quarter was $119.4 million, a decrease of 40% from $199.9 million in 2019. Adjusted operating profit excluding amortization decreased 19% on a currency-neutral basis as acquisition-related synergies and productivity were more than offset by lower sales volume, weaker mix and unfavourable price to raw material cost.
  • IFF’s reported earnings per share (EPS) for the second quarter was $0.74 per diluted share versus $1.20 per diluted share reported in 2019. Adjusted EPS excluding amortization was $1.36 per diluted share in 2020 versus $1.61 in the year-ago period. On a currency-neutral basis, adjusted EPS excluding amortization decreased 19% as a more favourable effective tax rate and higher other income were more than offset by adjusted operating profit performance.

IFF earnings and sales decline in Q2; Increases Quarterly Dividend

Management Commentary

“Throughout the COVID-19 pandemic, we have continued to serve the needs of our customers and our communities around the world,” said Andreas Fibig, IFF Chairman and CEO. “Our unwavering dedication and commitment through this challenging set of circumstances are indicative of the passion and perseverance of our employees and the resiliency of our business.

“The second quarter coincided with peak COVID-19 regulatory actions to date around the world – presenting both opportunities and challenges for our business. We are fortunate that a large portion of our business is in end-markets such as packaged food, beverage, hygiene and disinfection products, all of which have performed well. As we communicated in early June, the categories most exposed to COVID-19 restrictions – Fine Fragrance and Food Service – did experience significant pressure.

“As restrictions and closures eased and mobility improved, we have seen an improvement in July, as sales were up low single-digits – a marked improvement and an inflexion point from the second quarter. We do, however, remain cautiously optimistic in our outlook, while recognizing that the environment is volatile, and much uncertainty remains about the duration and impact of the pandemic.

IFF Executive Vice President and CFO, Rustom Jilla commented,

“Even given our diverse and resilient product portfolio, COVID-19 resulted in a sales decline in the second quarter. This, along with higher pandemic related costs, more than offset the benefit of tight expense control. Nevertheless, even during this unprecedented global crisis, the strength of our business was apparent in our robust cash flow, which allowed us to continue to reduce net debt while also returning capital to our shareholders. Reflecting our confidence, we are pleased to announce we are raising our quarterly dividend. This marks eleven years of consecutive dividend increases and underscores our confidence in our business, long-term strategy and proven strong cash flow generation capability.”

Scent Segment

  • On a reported basis, sales decreased 6% to $450.4 million or declined 4% on a currency-neutral basis. Consumer Fragrance growth remained strong with growth across nearly all sub-categories. Fine Fragrance declined 40% on a currency-neutral basis or 43% on a reported basis due to the temporary disruptions of consumer access to retail markets related to COVID-19. Fragrance Ingredients was down due to the internal prioritization of ingredients to support Fragrance Compounds in light of COVID-19.
  • Scent segment profit decreased 25% on a reported basis and 25% on a currency-neutral basis due primarily to lower sales volume, weaker mix and unfavourable price to raw material cost.

Taste Segment

  • On a reported basis, sales decreased 8% to $748.3 million or declined 5% on a currency-neutral sales. Away-from-home channels such as Food Service experienced significant pressure, declining 36% on a currency-neutral basis and 38% on a reported basis. From a geographic perspective, North America showed resiliency, but the emerging markets, especially India and several Latin American countries, were impacted by COVID-19 and regulatory restrictions put in place to protect communities.
  • Taste segment profit decreased 18% on a reported basis and 15% on a currency-neutral basis as acquisition-related synergies were more than offset by lower sales volume and unfavourable price to raw material cost.

Quarterly Dividend

On August 10, 2020, the Board of Directors authorized a 3%, or $0.02 increase, in the quarterly dividend to $0.77 per share of the Company’s common stock. The quarterly dividend is payable on October 5, 2020, to shareholders of record as of September 24, 2020. Including this authorization, IFF has increased its quarterly dividend payment for the eleventh consecutive year.

2020 Full Year Financial Guidance

As the COVID-19 pandemic continues to evolve, there is uncertainty around its ultimate impact. Therefore, the Company’s full-year financial results cannot be reasonably estimated at this time.

Next Robotics Legend: The Search for the Next Robotics Legend is on!!!

George Martins
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Next Robotics Legend: The Search for the Next Robotics Legend is on!!!

The Next Robotics Legend is an initiative designed by Edu360, Union Bank’s education platform, in collaboration with Awarri, a pan-African technology company, to infuse Robotics and Artificial Intelligence (AI) into the education of the Nigerian child.

This stems from the realisation that the solutions to some of our most complicated problems as a nation lie in the education of our children today.

This first-of-its-kind robotics training and competition for students aged 11 to 16 will focus on identifying and nurturing young potential inventors and creators who will receive the necessary training to solve some of the challenges facing the Nigerian society with the aid of robotics and AI.

To enter, take a 30-second video of your child telling us what they like about robots. Upload on www.edu360.ng and fill the accompanying consent form. 25 of the most creative and passionate entries will be selected to participate in robotics training.

Next Robotics Legend 

At the end of the free training programme, participants will be required to identify a need in their community, and apply the skills learnt to proffer a solution.

The student with the best solution will be admitted for a mentorship program with Awarri, the advanced AI and robotics company owned by Silas Adekunle – top international robotics engineer renowned for creating the world’s first intelligent gaming robot.

Schools are not left out! To ensure the sustenance of the initiative, Edu360 will partner with four secondary schools by providing robotics toolkits and training for their teachers to enable them to include robotics in their curriculum.

Next Robotics Legend: The Search for the Next Robotics Legend is on!!!

Entries will be received from August 7th to 21st, 2020.  Visit www.edu360.ngfor more information.

Next Robotics Legend 

#NextRoboticsLegend

Terms and conditions apply.

Local Demand Returns Into The Bond Market As Yields Continue To Compress

George Martins
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0
Local Demand Returns Into The Bond Market As Yields Continue To Compress

The FGN bond market kicked off a new week on a very drab note but picking slightly towards the end of the session. Much of today’s activities focused on the auction bonds and some benchmark bonds; 2034s and 2049s papers in particular.

Few trades settled around 9.85% for the 2034s while the 2049s saw high and lows of 9.95% and 9.88%, trading within this range.

Local Demand Returns Into The Bond Market As Yields Continue To Compress

The 2050s remained largely bided with very few offers available to match for the trade. The earlier hours of the day started with its quote opening wide at 10.10%/9.80% but squeezed slightly towards the end of the trading session as the few transactions sealed settled around 9.90%. By and large, yield compressed by an average of c.14bps across the yields curve.

For tomorrow, we expect activities to continue to pick especially at the tail of the curve as more local investors continue to show interest in long-dated bonds.

Local Demand Returns Into The Bond Market As Yields Continue To Compress

At the OMO bills space, trade volumes continue to dwindle with the few trades seen largely client-driven. We noted a bit of interest in the longer-dated bills May, June, and July papers as the May/June bill started off the day around 4.40% levels but dropped by 15bps to close the day at 4.25% on the offer. The July bills were offered better with most of its trading settling around 4.85%.

The NTB space, also traded on a very light note large driven by retail-orders who cherry-picked on few May bills offered better than its pairs

For tomorrow, market activities are expected to continue to trade on this sluggish note while interest may remain for longer-dated OMO bills.

Local Demand Returns Into The Bond Market As Yields Continue To Compress

Money Markets

Interbank rates continued to drop, plunging by an average c.15% to open the week. System liquidity opened at c.N182.07BN positive, and with no significant funding pressures on the day, interbank rates closed the day in the single-digit corridor for OBB and OVN rates at 5.25% and 6.13% respectively.

With no significant funding pressures, we expect the market to trade around this level in interbank session tomorrow.

Local Demand Returns Into The Bond Market As Yields Continue To Compress

FX Market

Transaction volumes remained very weak in the IEFX window, with very low volumes passing through the market albeit the Naira appreciates by N0.50k.

Most banks remained bided for the most part of the trading session between N383.00/$ and N387.00/$ while all other markets segments remained stable compared to Friday’s closing.

Local Demand Returns Into The Bond Market As Yields Continue To Compress

Eurobonds

The NGERIA Sovereigns opened the new week on a weaker note with less aggressive bids shown across the curve following the rebound in oil prices last week.

The 2025s and 2049s papers were the greatest losers across the sovereign curve as locals showed no interest in papers offered better, compared to the market, at the belly and tail of the curve. Consequently, we saw yields expand on an average of c.2bps across the curve.

The NGERIA Corps also had a quiet session albeit large movement in yield for the SEPPLN 22s which compressed by c.45bps compared to Friday’s closing.

Local Demand Returns Into The Bond Market As Yields Continue To Compress

Zedcrest Capital

Amaten Poised to Become Global Leader in Digital Gift Cards Following A Striking $100 Million in Sales

Media Outreach
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0

Leading Japan with 60% market share, Amaten to become the next Amazon in the gift card industry, estimated to reach $2.7 Trillion in value by 2027

 

TOKYO, JAPAN – Media
OutReach – 11 August
2020 – Japan’s largest digital gift card marketplace
“Amaten” has announced plans to globalize its brand across the world, after
record sale that reached $100 million USD. The company has reinvented the
digital gift card solutions to create “win-win” situation for both consumers
and shops, shooting to a resounding growth in recent years. Today, Amaten has
set up its first overseas operations in Dubai, UAE.

 

Since 2019, the gift card market generated profits worth
$617 billion, this number is projected to reach a revised size of $2.7 Trillion
by 2027 as demand for going cashless is accelerating during the Covid-19 era.
It is a market that is rarely talked about yet, its current technology is
completely obsolete into today’s digital world.

 

Retailers increasingly refer to adoption of digital gift
cards, yet they struggle with technical errors that make their cards easily
compromised to be used multiple times, causing financial losses, in addition to
more common issues, where gift cards have limited purchasing options and tight
expiry dates.

 

This is where Amaten comes to the rescue, the massive
success the fintech company has brought in Japan comes from the revolutionary
makeovers that it created in digital gift card industry.

 

At first glance, Amaten is engineering their digital gift
cards with blockchain integration. It is taking the gift card and putting on a
smart contract making it truly digital thus, illuminating all the structural
short coming of the current technology. This provides a great advantage for
merchants and consumers from security standpoint, as they’ll be able to trace
gift cards ensuring that it’s not compromised, as Blockchain will ensure
highest level of data encryption.

 

This advanced integration makes Amaten the most secure gift
card issuer on the internet, thus tackling the “Gift Card Error” issue that is
commonly seen among other suppliers. A long-awaited paradigm
shift in this fintech industry.

 

Apart from accepting gift card purchases using cash, Amaten
was among the first marketplaces worldwide to accept Bitcoin. Conversely, users
can redeem unwanted gift cards to cash, hence tackling the issue of unused
cards that counts $1 Billion in losses globally every year.

 

The Amaten platform currently list the top 25 global
merchants gift cards, the likes of Amazon, Apple, Rakuten and Google within the
Japanese market.

 

Soon, Amaten will allow any merchant to issue gift cards, thus
encouraging buyers to purchase them for potential shopping in the foreseeable
future, thus keeping businesses under financial support during slow economic
activity.

 

The inspiration for Amaten’s innovation comes from one of
Japan’s IT industry leaders, Mr. Tom Kanazawa, who played a major role to
backing and funding IT ventures in Japan since 1998, he is currently the
Chairman of Amaten.

 

Commenting on the opportunities that Amaten has for
investors, Mr. Tom Kanazawa said “Amaten has the potential of becoming a
monopolistic enterprise and change the gift card for good, because we are
solving the last mile problem between cash and the legacy gift card,  Until recently, it was deemed impossible for
the industry to reinvent itself, but as for Amaten, using our blockchain
solution built on Aelf, we tackled those structural issues and will ensure a
seamless experience for our users and merchants, finally building a true
fintech digital product and expanding the industry and its market ‘size even
further. This is a true use case for blockchain technology that can be applied
right away!”

Mr. Kanazawa added, “We also have seen quite some interest
for white label solutions that can be provided to hotel chains for example or
enterprise incentive programs to create a truly digital and seamless ecosystem.

 

We invite everyone interested in AMA to join our
telegram channel, or to visit our website amaten.io, me and the team
will be happy to cater to your questions and we’ll be here to help!”.

Boutir Launches “Your online store solution from a mobile phone” New TV Ad Campaign

Media Outreach
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0

HONG KONG, CHINA – Media OutReach – 11 August 2020 – Boutir, a social mobile commerce solution and
multi-channel commerce platform provider, has produced a new TV commercial
series titled the Three Boutir Genies, which showcases through sci-fi animation
how Boutir’s easy-to-use mobile interface can effectively address merchants’
pain points associated with setting up an online shop.

 

The new TV commercial series was
premiered on Viu TV on 27 July. It features three fictional genie figures in
the e-commerce realm, the Web Bouncer, the Multitasker, and Payment Handler,
each representing a set of common pain points of online merchants, such as not
knowing how to design and launch the online store, manage the administrative,
logistics and advertising, and process the large amount of payments. However,
Boutir’s simplified and easy-to-use mobile interface allows merchants to set up
an online store effortlessly. The TV commercial campaign comes with the tag
line “your online store solution from a mobile phone”, accentuating on the many
features of Boutir’s one-stop mobile solution for integrated store management
with the choice of multiple payment methods and the ease with which merchants
can launch their online stores.

 

Boutir is anchored on four core
values: Simple, Mobile, Social and Data. Earlier this year, Boutir became a
Facebook Preferred Partner for Commerce and a Google Partner for AdWords in
Hong Kong, and it was the first vendor in the region with a mobile app
launching an online store. In June, Boutir’s In-App Ad Buying Feature Program
will further help merchants automatically install the Facebook Pixel tracking
code through its interface API under the program, thereby establishing product
catalogue, real-time links to Facebook store and dynamic ads to promote their
products. Merchants can place Facebook and Google conversion ads directly and
use the accumulated post-ad data — beyond the current target, retarget and
lookalike features. This enables SMEs to engage potential customers with better
targeted marketing campaigns and gain revenue directly.

 

Watch now

 

About Boutir Limited

Established in 2015, Boutir Limited
is a social mobile commerce solutions provider and multi-channel commerce
platform for individuals and corporate retailers to set up online stores and
run a retail business through mobile apps. Headquartered in Hong Kong, Boutir
currently works with 100K+ merchants, 2M products and 1.7M monthly active
consumers, and has expanded into Southeast Asia.

Website: https://www.boutir.com/

FB: https://www.facebook.com/boutir.hk

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