CPA Australia: Hong Kong Businesses to Lead the Way in Fintech Usage in the Coming 12 Months

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HONG KONG, CHINA
– Media OutReach – 6
August 2020 – Hong Kong businesses have embraced FinTech and are reaping the benefits,
experiencing improved business efficiency, cost savings and an enhanced
customer experience, according to a regional survey of business FinTech usage
by CPA Australia.

The survey
found that 84 per cent of Hong Kong respondents
expect their business to use at least one FinTech product or service in the
next 12 months, up from 67 per cent in the past 12 months.

Mr. Anthony
Lau, President of CPA Australia’s Greater China Division in 2020 says, “In
difficult business conditions, it is very positive to see such large numbers of
Hong Kong businesses using FinTech and even greater numbers expecting to use it
in the next 12 months. Such technology is seen to improve efficiency and the
customer experience; essential elements to business growth.”

Mobile payments/digital
wallets proved the most popular FinTech product or service for businesses in
Hong Kong, with 40 per cent of businesses surveyed reporting increased usage of
this technology, followed by virtual banks (18 per cent) and
robo-advisory/chatbots (also 18 per cent). In the coming 12 months, 59 per cent
of Hong Kong businesses expect to use that technology, followed by virtual
banks (26 per cent) and wealth management technology (16 per cent).

The survey
also found that 63 per cent of Hong Kong businesses that were more profitable
in 2019 either maintained or increased their usage of
mobile payments or digital wallets in the past 12 months.

“I’m not
surprised that mobile payment technology is the FinTech with the highest
business adoption amongst the four surveyed markets. From my observation, the
COVID-19 pandemic has accelerated the shift towards contactless commerce and
new payment technologies are a critical to that.”

On the expected impact that FinTech will have on the Greater Bay Area,
respondents were most likely to nominate that such technology will create
more business opportunities for the financial services and technology sectors,
and improve capital flows.

The survey results
also showed that Mainland businesses were more likely to use mobile payments
technology, robo-advisory/chatbots and wealth management technology.

Mr.
Marcellus Wong FCPA, Chairperson of the Greater Bay Area Committee of CPA
Australia said “The GBA presents great opportunities for Hong Kong
businesses to partner with Mainland companies to intensify their collaboration
and adoption of these FinTech products and services, as well as further
innovate, enhancing Hong Kong’s position as an international FinTech hub.”

Lau,
however, struck a note of caution: “FinTech is not without its challenges.
FinTechs need to address business concerns over cybersecurity and data privacy
if they are to achieve higher rates of adoption in the business community.”

 

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 Hong Kong, Mainland China, Malaysia, and Singapore, with 154 respondents
from Hong Kong.

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.

Etiqa pledges to support healthcare personnel in Singapore with free COVID-19 benefit including personal accident cover

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SINGAPORE – Media OutReach – 6 August 2020 – Local insurer Etiqa
announced its support for healthcare personnel in Singapore amid Phase Two of
the city state’s reopening. All staff working in the local healthcare sector
are eligible for a complimentary 3-month Special
COVID-19 Benefit of up to S$52,000 in case of diagnosis of COVID-19 and
Personal Accident cover.

 

With more activities resumed in Phase Two,
Singapore faces the risk of a second COVID-19 wave. This support initiative is
launched timely to acknowledge the continued efforts of healthcare personnel,
and reaffirms Etiqa’s commitment to stand united in the nation’s fight against
coronavirus.

 

“Healthcare staff and support workers face a
higher risk as they stay at the forefront to help others at the height of the
coronavirus pandemic. With this Special
COVID-19 Benefit with Personal Accident cover, we hope to reduce any
anxiety or mental stress that our healthcare personnel or their families may
feel as our nation continues in our fight against the coronavirus,” said Yip
Kim Chee, interim CEO of Etiqa Insurance Singapore.

 

Mr Yip added, “This is Etiqa’s way of showing
gratitude and support to our healthcare personnel in a tangible way.”

 

Besides the Financial Assistance Benefit, the
complimentary Personal Accident cover offers S$50,000 in case of accidental
death and permanent disability, and a cash payout of S$100 per day of
hospitalisation, up to 10 days in Singapore.

 

Interested
healthcare personnel can easily apply for the Special COVID-19 Benefit with Personal Accident cover at Etiqa’s
website or via the Lions of Healthcare initiative.  For more information, please visit https://bit.ly/3ftmx2R

 

Terms apply.
Protected up to specified limits by SDIC.

About Etiqa Insurance Pte. Ltd. (Etiqa Singapore)

A Singapore
Insurance Company with Asian and International Expertise


Protecting customers since 1961, Etiqa is a licensed
life and general insurance company registered in the Republic of Singapore. We
are regulated by the Monetary Authority of Singapore (MAS) and governed by the
Insurance Act.

With a comprehensive suite
of protection, savings, retirement and legacy planning solutions, we are committed to helping our customers plan for a better
future. Rated ‘A’ by Fitch in April 2020 for our financial strength and stable
outlook, we humanise insurance by placing people over policies.

Etiqa is owned by Maybank Ageas Holdings Berhad, a
joint venture company that combines local market knowledge with international
insurance expertise. The company is 69% owned by Maybank, the fourth largest
banking group in Southeast Asia, and 31% by Ageas, an international insurance
group with footprints across 16 countries and a heritage that spans over 190
years. 

COVID-19 Likely a Geopolitical Game Changer in Asia: Aon 2020 Risk Maps

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HONG KONG, CHINA – Media OutReach – August 6, 2020 – Aon plc (NYSE: AON), a leading global
professional services firm providing a broad range of risk, retirement and health
solutions, has published its 2020
Risk Maps report, which finds that the novel coronavirus (COVID-19) pandemic
will likely transform the geopolitical landscape. Extraordinary public health
measures and a precipitous drop in global trade will continue to exert
significant pressure on economies and governments and will reshape
long-standing geopolitical norms.  

 

Aon developed the 2020 Risk
Maps in partnership with The
Risk Advisory Group and Continuum
Economics, which examine political risk, terrorism and political violence
globally. Aon’s Risk Maps are designed to help firms better
understand and navigate evolving exposures created by these uniquely
challenging risks.

 

In today’s complex geopolitical
and economic environment, the maps enable clients to identify and track the
different sources and degrees of risk, assisting businesses in planning and
protecting assets, contracts and loans that could be adversely affected. This
year’s report includes a special analysis of the impact of the COVID-19
pandemic on these themes and the risks they present.

 

The socioeconomic implications
of the COVID-19 pandemic are likely to be profound. Countries that rely heavily
on tourism or retail, or where there is a higher human toll from the pandemic,
will face greater potential for civil unrest and government-focused protest — a
risk that was already elevated prior to the pandemic. Aon’s report finds three
in five developed economies face the potential of strikes, riots and
civil unrest in 2020 — and it seems the COVID-19 pandemic will
deepen those concerns.

 

Rapidly Evolving Risks in Asia

 

In Hong Kong, political unrest
has caused widespread physical damage to property and business. Most big
companies typically have comprehensive coverage that includes cover for strikes,
riots, and other civil commotion (SRCC). But many of these policies have
specific language that excludes loss or damage due to political unrest, which
is commonly referred to as the terrorism exclusion clause. With the new Hong Kong security law potentially broadening
the activities that  could be considered
as acts of terrorism, the scope of the terrorism exclusion clause may now
extend considerably. The SRCC, therefore, has the potential to become the
number one peril faced by businesses in Hong Kong, causing more of a risk than
the more standard threats such as fire, flood or typhoon.

 

Julian Taylor, head of Crisis
Management, Asia, Aon said, “To address these rapidly evolving risks, we are
seeing businesses turn to the terrorism and political violence insurance market
for tailored solutions. These standalone policies can cover not only the property
damage elements of the risk but also business interruption, and not only financial
loss arising from direct physical loss or damage but also as a result of
contingent risks, such as denial of access or loss of attraction. Boards, CFOs
and risk managers need to work closely with brokers and insurers to move
forward with confidence and certainty in this volatile market.”

 

Steve
Taylor, head of Credit Solutions, Asia, Aon said, “Political volatility is increasing, driven by a number of themes,
including the socioeconomic and political reactions to the COVID-19 pandemic.
We expect political risk insurance to play an increasingly important role for
investors, lenders and corporations, underpinning strategy and financing as
well as mitigating currency risk, expropriation, political violence and
sovereign non-payment risk.”

 

Additional key findings from the report include:

 

Civil Unrest, Terrorism and Political Violence

  • Economic stagnation and frustration over a range of
    political, social and environmental trends are the primary drivers of
    heightened unrest in traditionally stable economies.
  • Environmentalism is becoming an increasingly
    prominent cause of civil unrest.
  • Extreme right-wing attacks are increasing and
    multinational businesses, particularly within the technology, banking and media
    sectors, are targets.

 

Political Risks

  • Governments are increasingly resorting to measures
    that regulate market transactions. Emerging market governments have responded
    to rising populism by erecting barriers to trade and investment.
  • Emerging market investors face significant
    headwinds linked to government expropriation, which is undermining contract
    certainty and eroding investor confidence.
  • Political interference in emerging markets is now
    taking increasingly indirect forms, such as tax pressure, export restrictions,
    more stringent regulatory requirements, contract reviews and a general increase
    in government involvement in specific sectors of the economy.

 

Economic Risks

  • The speed of individual emerging market (EM)
    recoveries following the COVID-19 pandemic will likely depend on a state’s
    ability to control the health crisis itself, the economic conditions before the
    COVID-19 pandemic and how much fiscal and monetary policy stimulus is
    administered.
  • Significant monetary and fiscal policies are needed
    to limit the pandemic’s fallout on EM economies, though they will not fully
    offset it. Aggressive policy easing will unlikely be enough to avert a fall in
    global growth by 1.3% in 2020.
  • Global trade, labour and capital flows are severely
    challenged, as economic nationalism has become a widespread response to
    COVID-19.

 

More information about Aon’s 2020 Risk Maps is available here.

About Aon

Aon plc (NYSE:
AON) is a leading global professional services firm providing a broad range of
risk, retirement and health solutions. Our 50,000 colleagues in 120 countries
empower results for clients by using proprietary data and analytics to deliver
insights that reduce volatility and improve performance.

Follow
Aon on Twitter and LinkedIn. Stay up to date by
visiting the Aon
Newsroom and hear from our expert advisors
in The One Brief. Sign
up for News Alerts here

About The Risk Advisory Group

The Aon
Terrorism and Political Violence map represents detailed empirical- and
intelligence-based assessments on
terrorism threats and political violence risks.The map has been produced in
conjunction with The Risk Advisory Group since 2007. The Risk Advisory Group is
a leading, independent global risk management consultancy that helps businesses
grow whilst protecting their people, their assets and their brands. By providing
facts, intelligence and analysis, The Risk Advisory Group helps its clients
negotiate complex and uncertain environments to choose the right opportunities,
in the right markets, with the right partners. For more information, please
visit www.riskadvisory.com. 

About Continuum Economics

Continuum
Economics (formerly Roubini Global Economics) is the international
market-leading service for independent economic research powered by 4Cast and
Roubini Global Economics. With its growing user base of 10,000 clients and a
reputation for incisive analysis on every aspect of the market, it provides
research that spans short-term market signals and long-term strategic themes.
This approach uncovers opportunities and risks before they come to the
attention of markets, helping our clients make more informed decisions.

 

Continuum
Economics works with clients in a series of different ways, from macro strategy
subscription products to bespoke work, multi-client conference calls, direct
access to analysts and the licensing of its systematic country risk analysis
tool. For further information on Continuum Economics, please visit

continuumeconomics.com.

Trend Micro Research Reveals Serious Vulnerabilities in Critical Industry 4.0-IT Interfaces

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Protocol gateways prove critical for smart industrial environments

 

HONG KONG,
CHINA – Media OutReach – August 6, 2020 – Trend Micro
Incorporated (TYO: 4704; TSE: 4704), the
global leader in cloud security, today released research revealing a new class of security
vulnerabilities in protocol gateway devices that could expose Industry 4.0
environments to critical attacks.

Also known as protocol translators, protocol
gateways allow machinery, sensors, actuators and computers that operate in
industrial facilities to talk to each other and to IT systems that are
increasingly connected to such environments.

“Protocol gateways rarely get individual
attention, but their importance to Industry 4.0 environments is significant and
can be singled out by attackers as a critical weak link in the
chain,” said Bill Malik, vice president of infrastructure strategy
for Trend Micro. “By responsibly disclosing nine zero-day vulnerabilities
with the affected vendors, Trend Micro is leading the way with industry-first
research that will help to make global OT environments more secure.”

Trend Micro Research analyzed five popular
protocol gateways focused around translation of Modbus, one of the most widely
used OT protocols globally.

As detailed in the new report,
vulnerabilities and weaknesses found in these devices include:

  • Authentication
    vulnerabilities allowing unauthorized access
  • Weak
    encryption implementations allowing decryption of configuration databases
  • Weak
    implementation of authentication mechanisms resulting in disclosure of
    sensitive information
  • Denial of
    Service conditions
  • Flaws in the
    translation function that could be used to issue stealth commands to sabotage
    operations

Attacks leveraging such weaknesses could
allow malicious hackers to view and steal production configurations and
sabotage key industrial processes by manipulating process controls,
camouflaging malicious commands with legitimate packets, and denying process
control access.

The report makes several key recommendations
for vendors, installers and end users of industrial protocol gateways:

  • Consider the
    design of products carefully before selection. Ensure they have adequate packet
    filtering capabilities, so that devices aren’t prone to translation errors or
    denial of service
  • Do not rely
    on a single point of control for the security of the network. Combine ICS
    firewalls with traffic monitoring for improved security
  • Spend time on
    configuring and protecting the gateway — use strong credentials, disable
    unnecessary services and enable encryption where supported
  • Apply
    security management to protocol gateways as any other critical OT asset, i.e.
    regular assessments for vulnerabilities/misconfiguration, and regular patching

The results of this research was presented at
Black Hat USA on August 5. To read the full report, please
visit: https://www.trendmicro.com/vinfo/hk/security/news/internet-of-things/lost-in-translation-when-industrial-protocol-translation-goes-wrong 

About Trend Micro

Trend Micro Incorporated, a global leader in cybersecurity
solutions, helps to make the world safe for exchanging digital information. Our
innovative solutions for consumers, businesses, and governments provide layered
security for data centers, cloud environments, networks, and endpoints. All our
products work together to seamlessly share threat intelligence and provide a
connected threat defense with centralized visibility and control, enabling
better, faster protection. With more than 6,000 employees in over 50 countries
and the world’s most advanced global threat intelligence, Trend Micro secures
your connected world. For more information, visit www.trendmicro.com.hk.

Custodian Investment Plc appoints appoints Mrs. Mimi Ade-Odiachi as an Independent Director

George Martins
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Custodian Investment Plc appoints appoints Mrs. Mimi Ade-Odiachi as an Independent Director

Following the approval of the retirement of Dr Toni Ogunbor (upon turning 70 years) from the Board of Directors of Custodian Investment Plc at the Board meeting held on July 29, 2020, the Board also approved the appointment of Mrs Mimi Ade-Odiachi as an Independent Director on the Company’s Board of Directors.

Mrs Mimi Ade-Odiachi is a seasoned professional and entrepreneur with over three decades of experience in Non-Bank Financial Services (Insurance), Hospitality Management and Landscape Architecture. She holds a Bachelor’s Degree in Insurance from the University of Lagos. She is also a Chartered Insurer.

She is an Executive Director at Whispering Palms Hotels & Resort. She is also the Founder and Chief Executive Officer of Omar Gardens Floral Company. She is currently serving as the Chairman of Custodian Social Responsibility Foundation.

Orange very resilient despite the effects of the Covid-19 pandemic

George Martins
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Orange very resilient despite the effects of the Covid-19 pandemic

Revenues and EBITDAaL declined in the 2nd quarter of 2020, negatively impacted by the effects of the health crisis. In the 1st half overall, revenues continued to grow, with a very moderate decline in EBITDAaL.

Good commercial performance, deferred investments and cost control enable Orange to reiterate its objective of 2020 organic cash flow of more than 2.3 billion euros.

Orange - BRANDSPUR

  • In the 2nd quarter of 2020, revenues declined 0.4%1, negatively impacted by the decline in roaming and equipment sales directly linked to the health

France and Africa & Middle East rose 2.7% and 1.3% respectively year on year, almost completely offsetting the combined decline in other segments: Spain (-6.8%), Europe (- 3.6%), Enterprise (-3.3%).

  • In the 2nd quarter, EBITDAaL showed a limited decline of 1.8% year on year, negatively impacted by the cost of health measures, the decrease in roaming and a slight increase in provisions for bad debts. In the first half, EBITDAaL declined just 8%.
  • At June 30, 2020, consolidated net income stood at 1,016 million euros (compared with 1,137 million euros at June 30, 2019, on a historical basis).
  • In the 1st half, the Group’s eCAPEX declined 9.9% due to the significant increase in co-financing in France and asset disposals, in particular the disposal of non-strategic towers in Spain. This decrease is also explained by a slowdown of investment in mobile and traditional services which offset growth in FTTH investments, particularly in France, which was lower than expected following the health
  • Organic cash flow from telecoms activities was 255 million euros, a 163 million euro increase year on year on a historical basis, due to the decline in eCAPEX and despite the measures taken to support the most vulnerable suppliers and service providers in France.
  • In the first half, Orange recorded a significant uptick in co-financing which had a favourable effect on turnover, EBITDAaL and eCAPEX. These co-financing initiatives illustrate our ability to monetize our FTTH investments made in recent years.

These resilient results stem from the Group’s strategy focused on greater connectivity and new growth areas, enabling us to increase our customer bases.

  • Convergent offers totalled 10.8 million customers at June 30, 2020, up 2.1% year on year, allowing Orange to strengthen its position as the leading convergent operator in
  • In fiber, despite the lockdown, Orange posted a record 2nd quarter in France with 238,000 net customer additions and strong growth in Poland with 44,000 net additions. At June 30, Orange had 8.1 million fiber
  • In Africa & Middle East, 4G deployment continues reaching 27.9 million customers in the 2ndquarter, growth of 40.4% year on year. Orange Money had 19.6 million active customers in the 2nd quarter, up 9%.
  • As of June 30, 2020, Orange Bank had a total of 1 million customers, following the integration of Orange Courtage and the expansion of its offer in Spain. In becoming an insurance broker, the bank took a further step in its cross-selling policy with Orange

In line with the “Engage 2025” plan, Orange signed a long-term electricity purchasing agreement with Boralex, a pioneer in renewable energy and the leading independent producer of onshore wind energy in France.

This contract for 67 GWh per year covers nearly 3% of Orange’s electricity consumption in France.

Orange - BRANDSPUR

Outlook

For the financial year 2020, Orange confirms that it does not foresee any significant deviation with respect to its financial objectives:

  • Given current information and currently anticipated trajectories, the Group now expects a slight decline in 2020 EBITDAaL of about 1% including all the effects linked to the Covid-19 pandemic. It should be noted that, excluding the Covid-19 impact, EBITDAaL would have been “flat positive” as
  • Given delays in investments to date, eCAPEX will be lower, offsetting the decline in EBITDAaL.
  • Therefore, the Group’s EBITDAaL less eCAPEX will be stable in
  • The Group’s commitment to exceed 2.3 billion euros in organic cash flow from telecoms activities remains unchanged.
  • The objective for a net debt to EBITDAaL ratio for telecoms activities of around 2x in the medium term is maintained.

For the 2021-2023 period, Orange confirms its financial objectives as announced during the investor day on December 4, 2019.

Orange will pay an interim dividend of 0.30 euros in cash on December 9, 2020. The decision on the final amount of the 2020 dividend will be announced between the results publication dates for the 3rd and 4th quarters of 2020.

A distribution of 0.70 euros per share remains the Group’s objective, including for the 2020 fiscal year, the final decision will be taken at a later date, depending on the situation.

Commenting on the publication of the 1st half 2020 results, Stéphane Richard, Chairman and CEO of the Orange Group, said: “Orange has shown a remarkable level of resistance in the first half of the year, despite the effects of the Covid-19 pandemic, with a 0.3% increase in revenues and a contained decrease in EBITDAaL of 0.8%. These results bear witness to our business’ resilience and its capacity for collective mobilisation in the face of this crisis.

In France, in spite of the restrictions due to the pandemic, our commercial dynamic is good, in particular in fibre: indeed we delivered a second-quarter record of 238,000 net additions. Our customers’ appetite for fibre confirms the validity of our investment strategy and we are continuing our deployment with a view to building as many connection points in 2020 as we did in 2019 notwithstanding the unprecedented health context.

In Spain, where the situation remains challenging given the market’s slide towards low cost, we have adapted our positioning and enlarged the range of our offers: a strategy that is now showing its first results.

In Africa and in the Middle East, revenues grew 3.8% in the first half and EBITDAaL rose by more than 7%: an excellent performance driven by mobile data (with a 40% increase in 4G customers year on year), by broadband and by Orange Money, that will be further strengthened by last week’s launch of Orange Bank Africa.

Even though Orange has proven to be more vital than ever to its business customers over these past months, the health crisis has impacted our results in B2B. I would, however, point to the very good performance of Orange Cyberdefense and Orange Cloud for Business where revenues grew by 11% and 8% in the first half.

This crisis has revealed the strategic nature of telecoms networks for our economies and even society as a whole. While impacted, we are comforted in the strategic choices we made with Engage 2025, the roll-out of which we will be accelerating, whether this is through mastering our carbon footprint, the deployment and optimisation of our infrastructures or the development of our growth territories.

I’d like to conclude by extending my warm thanks to all of Orange’s teams who have been fully mobilised throughout the crisis to serve our customers.”

Indomie Launches App on Google Playstore

George Martins
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Indomie Launches App on Google Playstore

Indomie Fan Club, one of the largest children fan club in Nigeria created by Dufil Prima Foods Plc, makers of Indomie Instant Noodles has launched a new child-centred educational app called IFC Bright Minds app for its teeming members on Google Playstore.

Bright Minds app offers a curated collection of kid-friendly subjects and games exclusively for Indomie Fan Club (IFC) members.

It offers substantial educational value to kids, especially those of primary school age.

Mrs Faith Joshua, the national coordinator of the club, said children’s education does not have to stop as a result of the restriction of movement occasioned by the COVID-19 pandemic.

The app is available on iPhone, iPad, and Android, noting that it will keep fan club members’ minds actively engaged outside the classroom. She also made known that the app works offline.

“When you launch Bright Minds, you can filter the app selections by recommended ages, classes and subjects such as mathematics, vocational aptitude, art, social studies, general science,” she said.

RMB Recognised as IFC’s Best Regional Confirming Bank in Africa

George Martins
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RMB Recognised as IFC’s Best Regional Confirming Bank in Africa

Rand Merchant Bank (RMB) − a trade partner bank of the International Finance Corporation (IFC) in Africa − has just received the award for Best Regional Confirming Bank in Africa. The award recognises RMB’s involvement in the IFC Global Trade Finance Program (GTFP), which covers 235 financial institutions in 73 countries around the world.

Trade plays an important role in emerging markets. The GTFP has been designed to extend and complement the capacity of banks to deliver trade financing, by providing risk mitigation in new markets, or locations where trade lines may be constrained.

Under GTFP, IFC has issued guarantees covering over 66,000 transactions to date for more than $66 billion. This assists thousands of underlying businesses in emerging markets that cannot access the global trading system.

The role of fostering trade for emerging economies assumes added significance in an uncertain global economic climate when some global banks begin to reduce their support for trade finance due to de-risking.

Takunda Pongweni, RMB Sector Head Financial Institutions, Trade & Working Capital said, “It’s important for African banks to create African solutions that are relevant to the markets they operate in.

By leveraging institutions such as the IFC, we are able to provide extensive support to our African clients, including in countries where we don’t have a physical presence.”

In its role as confirming bank for the IFC GTFP in Africa, RMB has facilitated trade and commodity transactions in this region to the value of $450 million.

Investing responsibly, and enriching emerging economies is a priority for RMB in Africa. The deals facilitated by RMB have a trickle-down effect on local economies and communities. By nature, many transactions relate to infrastructural development or agri-related deals.

RMB has assisted businesses in the DRC with the importation of capital goods, that help with the development of infrastructure, medicine and food. In Sierra Leone, it has facilitated the import of medical equipment during a time when there was heightened concern over Ebola.

This mirrors the intentions of the GTFP, which has supported $37 billion trade in low income and fragile countries to date. If private sector trade transactions fall into IFC’s acceptance criteria, IFC supports those investments that promise to have a positive impact.

For example, longer tenors may be available for equipment imports that have clearly defined climate change benefits as part of Climate Smart Trade initiatives, or that support sustainable global value chains with Sustainable Shipment LCs.

The award is a testament to RMB’s commitment to the region, and evidence of how African banks and global institutions can partner in innovative ways. RMB will continue to actively grow their presence in the region.

PR measurement agency releases Q2 2020 Media Audit report

George Martins
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PR measurement agency releases Q2 2020 Media Audit report

ThisDay Newspaper was the most sought after publication for banks, as BusinessDay Newspaper was the most sought after publication for insurance companies in terms of placement of adverts in the media.

This was clearly analyzed by P+ Measurement Services, Nigeria’s foremost PR Measurement and Evaluation agency.

The report, based on the research data for advert and editorial analysis had an error margin of 5% at 95% confidence level and in Q1 and Q2 2020, a total of 3,360 publications were monitored.

PR measurement agency releases Q2 2020 Media Audit report - BRANDSPUR

A Senior Media Analyst at P+ Measurement Services said: “the need to show the impact of messages by the banking and insurance industry was the driving force behind this audit report and we will continue to lead the path in delivering media data-driven analysis in key sectors of the economy”.

He further stated that the sampled data and platforms used were 21 commercial banks in Nigeria and leading insurance companies’ media data; 44 newspapers including magazines; online media publications consisting of blogs, forums, financial sites, insurance sites, online news-sites and brand sites.

PR measurement agency releases Q2 2020 Media Audit report - BRANDSPUR

In the banking industry, Q2 2020 had the following financial institutions topping the chart for print media advert spend: Access Bank (N147m), Zenith Bank (N144m), Fidelity Bank (N92m), First Bank of Nigeria (N85m) and United Bank for Africa, UBA (N74m).

Furthermore, Q1 2020 had Access Bank (N163m), Zenith Bank (N161m), Fidelity Bank (N93m), United Bank for Africa, UBA (N91m) and First Bank of Nigeria (N81m) topping the chart amongst 21 commercial banks.

Conversely in the insurance industry, Leadway Assurance topped with the highest advert spend of N11m and N8m in Q1 and Q2 2020 respectively as AXA Mansard Insurance (Q1 – N6m, Q2 – N289,400) and Consolidated Hallmark Insurance (Q1 – N4m, Q2 – N2m) ranked closely, followed by Wapic Insurance (N3m) and Custodian Investment (N2m) which deployed advert only in Q2 2020.

Advert placement was sourced out more by the banking industry, with ThisDay Newspaper amassing N354,345,000 in Q2 2020 and N399,825,000 in Q1 2020. In the insurance industry, BusinessDay Newspaper amassed N4,754,000 in Q2 2020 and N10,845,700 in Q1 2020.

Taking second place in the banking industry is BusinessDay Newspaper with N60,425,096 and N101,675,413 in Q2 and Q1 respectively and in the insurance industry, Daily Trust Newspaper made advert placements worth N2,606,859 and N810,600 in Q2 and Q1 respectively.

PR measurement agency releases Q2 2020 Media Audit report - BRANDSPUR

Third place was attained by Leadership Newspaper and The Punch Newspaper for banking and insurance industry respectively each with N54,565,357 in Q2, N70,600,511 in Q1 and N2,583,752 in Q2 and N3,609,757 respectively.

Findings from the report show that the media engagement on Corporate Social Responsibility was led by Stanbic IBTC, Access Bank, Ecobank, First City Monument Bank and Fidelity Bank and the insurance companies that ranked most in the said engagement include WAPIC Insurance, Leadway Assurance, AIICO Insurance, AXA Mansard Insurance and Allianz Nigeria.

The report also analyses the Partnership media engagement as Stanbic IBTC, First Bank of Nigeria, Ecobank, Access Bank and Heritage Bank led the banking industry while AXA Mansard Insurance, Leadway Assurance and AIICO Insurance led the insurance industry.

The media intelligence report shows the prominence of Chief Executive Officers of banks and insurance companies as Adesola Adeduntan of First Bank of Nigeria, Herbert Wigwe of Access Bank and Ebenezer Onyeagwu of Zenith Bank led the Bank CEOs and Babatunde Fajemirokun of AIICO Insurance, Tunde Hassan-Odukale of Leadway Assurance and Adeyinka Adekoya of WAPIC Insurance led the insurance CEOs in Q2 2020.

An analysis showed that Collins Nweze of The Nation was the most prolific reporter for the banking industry while Nike Popoola of The Punch top the chart for insurance.

10 things you should know about industrial farming

George Martins
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10 things you should know about industrial farming

There was a time when industrial agriculture seemed to be a panacea for a fast-growing world.  Synthetic fertilizers, chemical pesticides and high-yield cereal hybrids promised to reduce hunger, accommodate growing populations and stimulate economic prosperity.

Between 1960 and 2015, agricultural production more than tripled, resulting in an abundance of low-cost fare and averting global food shortages.

But not everything went as anticipated. Decades of industrial farming have taken a heavy toll on the environment and raised some serious concerns about the future of food production. “Efficient farming is not just a matter of production,” says James Lomax, a United Nations Environment Programme (UNEP) Programme Manager. “It is also about environmental sustainability, public health and economic inclusivity.”

The low retail cost of industrialized food can obscure its very high environmental price tag.

Here are 10 things to know about industrial farming.

1. It is not quite the bargain it seems.

According to some estimates, industrialized farming–which produces greenhouse gas emission, pollutes air and water, and destroys wildlife–costs the environment the equivalent of about US$3 trillion every year.

Externalized costs, such as the funds required to purify contaminated drinking water or to treat diseases related to poor nutrition, are also unaccounted for by the industry, meaning that communities and taxpayers may be picking up the tab without even realizing it.

2. It can facilitate the spread of viruses from animals to humans.

While their genetic diversity provides animals with natural disease resistance, intensive livestock farming can produce genetic similarities within flocks and herds. This makes them more susceptible to pathogens and, when they are kept in close proximity, viruses can then spread easily among them.

Intensive livestock farming can effectively serve as a bridge for pathogens, allowing them to be passed from wild animals to farm animals and then to humans.

3. It has been linked to zoonotic diseases.

Clearing forests and killing wildlife to make space for agriculture and moving farms nearer to urban centres can also destroy the natural buffers that protect humans from viruses circulating among wildlife.

According to a recent UNEP assessment, increasing demand for animal protein, unsustainable agricultural intensification and climate change are among the human factors affecting the emergence of zoonotic diseases.

4. It fosters antimicrobial resistance.

In addition to preventing and treating disease, antimicrobials are commonly used to accelerate livestock growth. Over time, microorganisms develop resistance, making antimicrobials less effective as a medicine.

In fact, about 700,000 people die of resistant infections every year. By 2050, those diseases may cause more deaths than cancer. According to the World Health Organization, antimicrobial resistance “threatens the achievements of modern medicine” and may precipitate “a post-antibiotic era, in which common infections and minor injuries can kill.”

5. Its use of pesticides may have adverse health effects.

Large volumes of chemical fertilizers and pesticides are used to increase agricultural yields and humans may be exposed to these potentially-toxic pesticides through the food they consume, resulting in adverse health effects.

Some pesticides have been proven to act as endocrine disruptors, potentially affecting reproductive functions, increasing the incidence of breast cancer, causing abnormal growth patterns and developmental delays in children, and altering immune function.

6. It contaminates water and soil and affects human health.

Agriculture plays a major role in pollution, releasing large volumes of manure, chemicals, antibiotics, and growth hormones into water sources.

This poses risks to both aquatic ecosystems and human health. In fact, agriculture’s most common chemical contaminant, nitrate, can cause “blue baby syndrome”, which can lead to death in infants.

7. It has caused epidemics of obesity and chronic disease. 

Industrial agriculture produces mainly commodity crops, which are then used in a wide variety of inexpensive, calorie-dense and widely available foods. Consequently, 60 per cent of all dietary energy is derived from just three cereal crops–rice, maize and wheat.

Although it has effectively lowered the proportion of people suffering from hunger, this calorie-based approach fails to meet nutritional recommendations, such as those for the consumption of fruits, vegetables and pulses.

The popularity of processed, packaged and prepared foods has increased in almost all communities. Obesity is also on the rise globally and many suffer from preventable diseases often related to diets, like heart disease, stroke, diabetes and some cancers.

8. It is an inefficient use of land.

In spite of an insufficient global supply of pulses, fruits and vegetables, livestock farming is ever more ubiquitous, perpetuating a self-sustaining cycle of supply and demand.

Between 1970 and 2011, livestock increased from 7.3 billion to 24.2 billion units, worldwide, with about 60 per cent of all agricultural land used for grazing. Agriculture has become less about producing food and more about generating animal feed, biofuels and industrial ingredients for processed food products.

Meanwhile, while there may be fewer people in the world who are undernourished, there are many more people who are now malnourished.

9. It entrenches inequality.

Although small farms make up 72 per cent of all farms, they occupy just 8 per cent of all agricultural land. In contrast, large farms–which account for only 1 per cent of the world’s farms–occupy 65 per cent of agricultural land.

This gives large farms disproportionate control, and there is little incentive to develop technologies that could benefit resource-poor small-hold farmers, including those in developing countries.

At the other end of the food supply chain, food that is affordable to the poor may be energy-dense but is invariably nutrient-poor.

Micronutrient deficiencies may impair cognitive development, lower resistance to disease, increase risks during childbirth and, ultimately, affect economic productivity. The poor are effectively disadvantaged both as producers and consumers.

10. It is fundamentally at odds with environmental health.

In the early 20th century, the Haber-Bosch process–which would transform modern agriculture–used very high temperatures and pressure to extract nitrogen from the air, combine it with hydrogen, and produce ammonia, which is now the basis of the chemical fertilizer industry.

That effectively rendered nature’s own fertilization process (sun, healthy micro-biotic soils, crop rotation) obsolete. Today, ammonia production consumes 1-2 per cent of the world’s total energy supply accounts for about 1.5 per cent of total global carbon dioxide emissions.

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