“JERF has provided $39.5m in funding to publishers in 115 countries in the past few months,” says Ludovic Blecher, Head of Google News Initiative Innovation. “The money is being applied in diverse and creative ways from ensuring basic reporting needs, giving emergency stipends to allow reporters to cover the crisis, to driving audience engagement and generating subscriptions.
Additionally, a significant number also said they are prioritising a need for cultural change, including a focus on diversity, equity and inclusion as well as organisational and business management changes.”
Within the first two weeks’ of launch, JERF had received applications from 12,000 publishers across the globe, with newsroom sizes ranging from an average of 20 in the Asia Pacific to 8 in North America.
“The massive response gave us the opportunity to understand what “local” means in different parts of the globe and how dynamics ranging from newsroom size to ownership structure can differ depending on the region and the kinds of communities served,” Blecher says.
According to an optional reader revenue survey GNI conducted, “Advertising continues to be the sole source of revenue for most recipients with 50% claiming to be totally advertising dependent.
The survey also showed that less than 30% operate some form of a paywall while less than 18% rely on community contributions or memberships to support their journalism.
However, the situation is changing with 60% of the recipients planning to diversify their revenue streams through developing subscription, membership or contribution models.”
“The pandemic has affected everyone and local news organisations have been at the forefront in helping their communities navigate COVID. At the Google News Initiative, we are trying to play our part with this funding and otherinitiatives as we all work towards the common goal of a sustainable, innovative and diverse news ecosystem globally,” Blecher concludes.
The full list of Nigerian publishers is:
Aledah.com
City Mirror News
Daily Nigerian
News Wire NGR
Lagos Post Media
Newsfeed Nigeria
Premium Times
Sundiata Post
Sunrise Newspaper
Tell Magazine
The Daily Times
The Daily Report
The Eagle Online
The Median
TNG
The Punch (including Saturday Punch, Sunday Punch and Punch Online)
Google’s mission is to organize the world’s information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world.
Africa’s highly-anticipated online series, The Men’s Club, hit the screens for its Season 3 on Wednesday.
The 13-episode smash series is powered by the United Bank for Africa’s Lifestyle and Entertainment channel, REDTV, producers of hit shows such as Our Best Friend’s Wedding, Inspector K, Assistant Madams, Red Hot Topics, Hotel Boutique and many more.
The blockbuster series, TMC, which has enjoyed a huge following since its first release in 2018, has taken viewers on a roller-coaster ride with Africa’s most eligible young men – Ayoola Ayoola, Efa Iwara, Daniel Etim and Baaj Adegbule, on their adventure filled with love, friendship, fear, betrayal and Romance.
The show also stars top female acts: Sharon Ooja, Mimi Chaka, Folu Storms and features some of Nollywood’s finest legends like Sola Sobowale and Shaffy Bello.
The new season, which was premiered on REDTV’s Youtube channel on Wednesday, was an instant hit as thousands of people from all over the world watched the 90-minute premiere event.
The Executive Producer of REDTV, Bola Atta, who spoke shortly before TMC3 came on screen, noted that although there had been a slight delay in the production of the hit series third season due to the lockdown occasioned by the COVID-19 pandemic, there were efforts taken to ensure that this delay was not prolonged.
Atta said: “TMC is one of our major hit series brought from the REDTV stables and powered by the United Bank for Africa.
“We worked really hard to ensure we were bringing the best this season despite all the delays.
“The TMC fans have been so loyal and we needed to give them what they wanted.
“The COVID-19 lockdown meant that we had to halt production right in the middle and this caused quite a bit of stress for us.
“However, the minute the lockdown eased up, we put the very best measures in place for safety and security for cast and crew, limited the numbers and went back into production.”
Atta emphasised UBA’s continued support for the creative industry to ensure that more youth are gainfully employed and presented with opportunities that showcase their talent, boosting economies across Africa.
She said: “REDTV was birthed by the United Bank for Africa to support the creative industry in Nigeria and across the African continent and for over four years now, we have been creating employment and honing creative talent through entertainment.
“The potential revenue that can be generated in this industry is often under-estimated and it is only in recent times that more people have had the courage to leave traditional professions and embrace the creatives.”
Also speaking about TMC3, CEO Urban Vision and Director of The Men’s Club, Tola Odunsi, expressed delight at the reception, which the series has received over the years.
Odunsi also praised UBA and REDTV for the continuous support towards ensuring that viewers are always provided with the best quality entertainment.
He said: “We are extremely pleased to partner with UBA and REDTV to create top-quality content and jobs.
“Working with UBA and REDTV has been amazing and with their support, more jobs continue to be created in the entertainment sector.
“On TMC 3 production we were able to hire a lot of people in different capacities and that ultimately equates to impacting many families, many lives. All thanks to UBA’s support.”
REDTV is a fast-paced lifestyle channel that puts Africa on the global stage.
Proudly powered by UBA, the network is here to entertain and inform with rich content that features the very best of African entertainment, fashion, news, design, music, sport, movies and travel and so much more.
REDTV collaborates with the most talented visionaries and creative minds daring to believe in New Africa.
Watch the new season of The Men’s Club on YouTube: @itsredtv.
Audi established the premium compact class segment with the A3 in 1996. The new generation of the success model is now being introduced on the market – sporty, digitalized and fully connected. Beneath the progressive design of the body of the new A3 Sportback and the new A3 Sedan lie many innovations from the full-size class, for example, the infotainment, suspension, and driver-assist systems.
Distinctive: design and lighting
The new A3 models feature compact proportions and a sporty design. The wide Singleframe and large air inlets at the front end accentuate their dynamic character. The shoulder of the body extends in a smooth line from the headlights to the rear lights. The area below is curved inward. This is a new element of Audi’s design that puts a stronger emphasis on the wheel arches.
The digital daytime running lights of the Matrix LED headlights are further innovation. They consist of a pixel array made up of LED segments in a three by five arrangement that creates special light signatures and makes the new A3 immediately recognizable.
The sporty and sophisticated design is continued in the interior with the new shifter, aluminium or carbon inlays, striking door openers, and an instrument panel with a black-panel look. Seat upholstery made of recycled PET bottles, on which stylish contrasting stitching sets accents, are being used for the first time.
Optimized: the space concept
The new A3 models offer more space and functionality combined with compact external dimensions. Measuring 4.34 meters (14.2 ft) in length and 1.82 meters (6.0 ft) in width (without mirrors), the A3 Sportback has grown by just over three centimetres (1.2 in) compared with its predecessor.
The height of 1.43 meters (4.7 ft) – without the roof antenna – and the wheelbase of 2.64 meters (8.7 ft) remained unchanged. Depending on the position of the rear bench seat, the luggage compartment holds between 380 (13.4 cu ft) and 1,200 litres (42.4 cu ft), and the loading floor can be inserted at different heights. Upon request, there is a tailgate for the Sportback and the Sedan that can also be opened with a foot movement. With the A3 Sportback, it is optionally available with an electric drive that closes the tailgate once more.
The new Audi A3 Sedan is just over 15 centimetres (5.9 in) longer than the A3 Sportback. All other dimensions are identical. At 425 litres (15.0 cu ft), the luggage capacity is the same as in the predecessor model. The rear end and the large diffuser help the Sedan to achieve an excellent drag coefficient of 0.25.
Digitalized: controls and displays
The cockpit of the new A3 is wholly focused on the driver. It uses familiar elements from the brand’s full-size class models and is equipped with a 10.1-inch touch display as standard, which is integrated into the centre of the instrument panel. It recognizes letters entered by hand, provides acoustic feedback, and can be controlled using natural language.
The instrument cluster, which the driver operates via the multifunction steering wheel, is also digital as standard. The optional Audi virtual cockpit provides additional functions such as the large display of the navigation map. The plus version measures 12.3 inches and enables three different views, including graphics with a sporty look. A head-up display is offered as an option.
Intensified: the infotainment
The MMI operating concept is powered by the new third-generation modular infotainment platform. Its computing power is ten times higher than that of its predecessor. It performs all tasks relating to connectivity, including telephony and the Audi connect services with LTE Advanced speed, and also has an integrated Wi-Fi hotspot.
Individual settings can be stored in up to six user profiles – from climate control and the seat, position to frequently selected navigation destinations and frequently used media. The DAB+ digital radio is included as standard and the online or hybrid radio is available as an option. Route guidance is particularly easy and flexible.
For example, the navigation offers predictions on the development of the traffic situation, high-resolution satellite images from Google Earth, and detailed 3D models of many major European cities. The online traffic information plus with lane-precise traffic flow display and the Amazon Alexa voice assistant will follow in the near future.
The connect services also include car-to-X services. In selected cities, they help with finding free parking spaces on the roadside or allow the driver to surf the green wave by communicating with traffic lights.
The new Audi A3 is connected to the user’s smartphone via the myAudi app, Apple CarPlay or Android Auto, as well as via the Audi phone box. The latter connects the device to the car antenna and charges it inductively. The Audi connect key allows the user to lock and unlock the car and to start the engine via an Android smartphone.
Static photo, Colour: Manhattan grey
Refined: the engines
In Europe, there are six engine/transmission variants to choose from for the new Audi A3 – four TFSI and two TDI. The 1.0 TFSI, a three-cylinder gasoline engine with 81 kW (110 hp)2 of power and a six-speed manual transmission, serves as the entry-level engine.
Static photo, Colour: Manhattan gray
The larger gasoline engine, a 1.5 TFSI with 110 kW (150 hp)3, follows the same formula. It, too, is connected to a six-speed manual transmission. Or it works in conjunction with the extremely fast-shifting seven-speed S Tronic and the mild-hybrid system4. In addition, the 1.5 TFSI features cylinder on demand (COD) technology. At low and medium loads, it temporarily deactivates the second and third cylinders, thus helping to reduce fuel consumption.
The 2.0 TDI is also available in two versions. As the entry-level engine, it develops 85 kW (116 hp)5. In the top version, the diesel engine delivers 110 kW (150 hp)6.
Static photo, Colour: Manhattan gray
The engine versions at the start of production will be combined with front-wheel drive. Power will be transmitted by a six-speed manual transmission or – with the MHEV engine variant and the powerful TDI – the quick-shifting seven-speed S Tronic, the selector lever of which is now designed as a compact shifter.
The driver can push and pull this to control the basic functions of the automatic transmission. Shortly after market launch, Audi will be gradually expanding the offering to include further electrified drive systems and versions with Quattro drive.
Static photo, Colour: Manhattan gray
Refined: the suspension
The suspension of the new A3 models – with a four-link rear axle for engines from 110 kW (150 hp)7 – is sporty and balanced, combining pleasant ride comfort with good dynamics. In combination with the optional Audi drive select dynamic handling system, the suspension is available with adaptive damper control, which simultaneously lowers the body by 10 millimetres (0.4 in).
Each damper permanently adapts to the road condition, the driving situation, and the settings in Audi drive select, creating a widespread between highly comfortable roll motion and agile handling. With the sport suspension – standard in conjunction with the S line exterior, otherwise an option – the focus is clearly on dynamics. Due to the tauter tuning of the suspension and dampers and the fact that the vehicle is lowered by 15 millimetres (0.6 in), the new A3 conveys an even more direct contact with the road surface.
Well versed: the driver assist systems
Equipped with Audi pre sense front, the collision avoidance assists, and the lane departure warning, the new A3 models help prevent accidents with other road users and offer a high level of safety as standard. Further assist systems, such as the lane change and exit warnings as well as the cross-traffic and park assist systems, are available as an option.
The adaptive cruise assist, which customers know from many of the full-size models, assists with longitudinal and lateral guidance. It maintains the speed and distance to the vehicle in front and assists with lane guidance by means of gentle interventions in the electromechanical steering. This increases the level of ride comfort during long journeys in particular.
Scheduled: market launch and prices
Presales of the new A3 Sportback started in March 2020 in many European countries. The 1.0 TFSI (81 kW/110 hp)8 is listed at €26,800 in Germany, while prices for the 1.5 TFSI with 110 kW (150 hp)9 start at €28,900. The new A3 Sedan has also been available to order since the end of April and will be delivered to customers from the summer. The A3 Sportback costs an extra €900.
For both models, the market launch will be accompanied by a special-edition model: the edition one with exclusive features. From the outside, it can be recognized by special attachments, darkened Matrix LED headlights and 18-inch wheels. The interior S line with newly developed sports seats including integrated head restraints, aluminium inlays and stainless steel pedals rounds out the dynamic look.
Many of our parents belonged to a generation where people became what they studied at school. If you studied Psychology, you would most likely become a psychologist; If you studied Accounting, then, you would become an accountant.
People’s career paths were quite predictable at that time. But, do we have the luxury of predictable careers in our time?
The nature of work is changing and the competition in the labour market is getting stiffer over time. Hence, more candidates are seeking to offer some competitive advantages over their contemporaries. An advanced degree or certification does not necessarily offer the desired differentiation for candidates as it used to be.
This is a good time for us to talk about how our educational system is preparing us for the work of the future. We 2 groups of people: those who are happy to work in fields related to what they studied in school, and those who are currently working in roles unrelated to what they studied in school. In other words, the latter group is charting their career paths.
Please share your story in the comments section.
What did you study and what are you currently doing?
Written by:Anifat Ibrahim, Research Associate | Project Management Professional (PMP).
It was an edgy trade session yesterday as market participants were very jittery with their quotes as all eyes remained fixed on the DMO’s monthly bond auction. Yields continued to drop across the benchmark curve as the market priced in expectations for lower stop rates due to perceived heavy demand at the auction.
The 2049s and 2050s papers moved the most intraday, with offers dropping as much as 45bps on the average even crossing below the 10.00% mark. By and large, yields compressed by c.17bps to end the session.
At the primary auction, heavy demand for bonds enabled the DMO to significantly drop stop rates by an average of 190bps across the offered tenors, the second single highest jump seen this year. With an average bid-to-cover ratio of 3.62X, the DMO comfortably issued a total of N177Bn across the 4 offered tenors, including the new 2045s paper.
The auction results point to a very active session today, as we expect the demand unmet at the auction to enhance secondary market activity. We expect the yield curve to continue its downward trajectory as the market adjusts to the auction results.
The T-Bills market continued to trade on a muted note, as demand for OMO bills dwindled as expectations for an OMO auction by the CBN increases due to continued system liquidity.
The OMO yield curve has somewhat flattened recently, as pockets of demand popped up on a few short-dated (October papers) and long-dated maturities (May & June papers) which traded at the mid 5.00% levels. The benchmark OMO yield curve moved down by c.58bps on the average at the close of the day.
At the NTB space, we continue to see the dwindled activity as demand improves for the FGN Promissory Notepaper ahead of NTBs, as local investors continue to hunt for better yielding short-term interest rates. Rates on the benchmark NTB curve dropped by c.88bps on the average.
We expected trading activity in T-bills to remain muted as the expectation for an OMO auction issuance continues to linger. While the offshore players maintain their observatory stance of the market, we expect offers to improve mostly across the long-dated papers.
System liquidity remained liquid opening the day approximately N443.28bn positive. Consequently, OBB and OVN slid slightly, dropping by 25bps on the average on both the OBB and OVN rates closing the day at 1.90% and 2.50% respectively.
While expectations for an OMO auction issuance remain high due to the improved system liquidity position, we don’t expect any big jump in Money Market rates in the interim.
The Naira had a sleepy day, with rates remaining unchanged at all the market segments D/D. Pressure on the Naira continues to pile up at both the official and parallel markets as participants await direction from the CBN concerning supply.
We expect the gradual depreciation of the Naira at the parallel market to persist in the interim, pending any significant supply boost from the Apex bank.
Eurobonds
The rally in the NGERIA Sovereign tickers lost some steam in yesterday’s session, as the markets opened on a flattish note with offers improving at the long-end of the sovereign curve. By midday, the general positive sentiments in SSA papers saw another jolt of demand in the NGERIA papers. The SSA papers had another generally positive session, with gains seen on the GHANA (+0.125), KENYA (+0.375), and NGERIA (+0.125) papers with the ANGOL (+1.00) papers leading the pack as the market waited for the IMF decision on a bailout for Angola. Yields on the ANGOL closed lower at 12.05%.
The NGERIA Corps tickers saw a fair amount of positive interest, with the bank papers better bid with ACCESS 21s (+132bps) leading the gainers’ rally with some pullbacks seen on the UBANL (-40bps) and SEPPLN 2023s (-18bps).
Daimler AG (ticker symbol: DAI) today reported its results for the second quarter, which ended June 30, 2020. The key figures were strongly influenced by the corona pandemic and the resulting decline in demand for cars, vans, trucks and buses. The Group’s total unit sales decreased by 34% to 541,800 passenger cars and commercial vehicles (Q2 2019: 821,700).
Revenue slipped significantly by 29% to €30.2 billion (Q2 2019: €42.7 billion). EBIT was minus €1,682 million (Q2 2019: minus €1,558 million). Adjusted EBIT, reflecting the underlying business, was minus €708 million (Q2 2019: plus €2,447 million). Net loss was €1,906 million (Q2 2019: net loss of €1,242 million). Industrial free cash flow was positive in the quarter, and industrial net liquidity remained on a solid level versus the first quarter of 2020.
Ola Källenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG:“Due to the unprecedented COVID-19 pandemic, we had to endure a challenging quarter. But our net industrial liquidity is a testament to effective cost control and cash management, which we must continue to enforce.
We are now seeing the first signs of a sales recovery – especially at Mercedes-Benz passenger cars, where we are experiencing strong demand for our top-end models and our electrified vehicles. Going forward, we are firmly determined to continue to improve the cost base of our company. At the same time, we are committed to our key strategic objectives: to lead in electrification and digitalization.”
Following a positive start to the year, the COVID-19 pandemic and the related countermeasures brought economic activity worldwide to a temporary standstill. Daimler countered the drop in demand by quickly suspending production in March, April and May, and by introducing short-time work. To safeguard the company’s financial strength, expenditure was reduced and investments were focused on the most critical future projects.
Working capital was managed carefully with a focus on inventory reduction. These measures were successful: At the end of the second quarter, the net liquidity of the industrial business was €9.5 billion (end of Q1 2020: €9.3 billion). The free cash flow of the industrial business was €685 million (Q2 2019: minus €1,302 million). The adjusted free cash flow of the industrial business, which was still influenced by high upfront investments in future products, was €778 million (Q2 2019: minus €1,208 million).
While the worldwide effects of the pandemic led to a significant decrease in earnings at Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and Daimler Mobility, implemented cost-cutting measures countered the negative effects.
Sales of the Mercedes-Benz Cars & Vans division decreased by 30% to 480,800 vehicles in the second quarter (Q2 2019: 686,800). Adjusted EBIT, reflecting the underlying business, was minus €284 million (Q2 2019: plus €1,148 million) and adjusted return on sales was minus 1.5% (Q2 2019: plus 4.5%).
A favourable model mix, driven particularly by the success of the newest products, contributed positively to profitability. Restructuring expenses for capacity adjustments in the global production network, e.g. in Hambach, Tuscaloosa and Aguascalientes (€687 million), and the initiated personnel cost reduction program (€101 million), had a negative impact. Both initiatives will reduce fixed costs in the medium and long term.
The Daimler Trucks & Buses division showed a decrease in unit sales of 55% to 61,000 vehicles in the second quarter (Q2 2019: 134,900). Adjusted EBIT amounted to minus €747 million (Q2 2019: plus €834 million) and adjusted return on sales was minus 12.0% (Q2 2019: plus 7.2%).
Declining volumes had a strong impact on earnings while restructuring activities, which will improve long-term competitiveness, helped reduce fixed costs significantly. Encouragingly, order intake is now developing positively in nearly all core regions.
At Daimler Mobility, new business decreased by 24% to €14.0 billion in the second quarter (Q2 2019: €18.4 billion). Adjusted EBIT amounted to €313 million (Q2 2019: €483 million) and adjusted return on equity was 8.6% (Q2 2019: 14.0%).
Due to the economic slowdown in connection with the COVID-19 pandemic, higher credit loss expenses had a negative impact on EBIT. Furthermore, EBIT was reduced by expenses (€105 million) in connection with the adjustment of the YOUR NOW Group.
The Chief Medical Director of the Lagos State University Teaching Hospital (LASUTH), Professor Adetokunbo O. Fabamwo recently gave a presentation on the topic, ‘COVID-19; Myths, Realities and the Way Forward’, at a webinar organized by the Alumni Association of the National Institute (Lagos chapter).
Moderated by Major General Shina Ogunbiyi, the webinar saw various medical professionals airing their views on COVID-19 and its attendant issues. The Major noted that the essence of the session was to encourage effective knowledge and behaviour in mitigating the spread of COVID-19.
Professor Fabamwo starting with the realities of COVID-19. He gave a detailed statistical analysis on the global and local rate of the spread of the virus. He highlighted the realities of the symptoms, manifestation, severity and management.
He also mentioned how the Ministry of Health, Nigeria Center for Disease Control (NCDC), Presidential Task Force (PTF) and other National Health bodies are setting agenda and strategies on making early detections, managing symptoms and curbing the spread of the virus.
He noted during his talk that, the various arms that make up the nation should become responsible for themselves and contribute their quota in ensuring they curb the spread of the virus in their own capacity. He went on to debunked several myths regarding the realities that truly prevails.
The CMD conclusively harped on the need for continuous research funding, enforcement of restrictions by Government, international collaborations, information sharing as the way forward for global progress.
Other panellists present include Dr Zainab Muhammed Idris, a Consultant, Infectious Disease and Member, IEC Kaduna, talked about the fears of women and myths following the COVID-19 pandemic period alongside the effects it has on women.
Linking the pandemic with the spate of rape allegations making the news, she addressed the issue and noted that sexual violence victims that have survived the experience may never forget the incident and this can lead to lifetime insecurities and stigma.
Also Dr. Olusegun Akinniranye, Consultant, Intensive Care Medicine and Anesthetist, Lagoon Hospital, Ikeja, also talked about realities and the way prices of essentials have gone up during the lockdown.
He noted that the populace, in general, has taken advantage of the upscale of demand due to the pandemic. He cited the high price of ventilators as a vivid example. Opposed to this trend, he opined that “we are first of all humans and we should not take advantage of the pandemic period by inflating prices which can affect people who need these basic things.”
The Chairman AAN, Lagos Chapter, Barrister Rotimi Edu in his presentation, focused on the way forward as he preached on the guidelines the government has laid down.
He noted that people in rural communities are not all complying to the guidelines based on the ignorance of some and lack of education or information on the part of others. Based on these, Barr. Edu concluded that there should be widespread sensitization through media platforms, influencers, community leaders and opinion formers.
The former Inspector General of Police, (IGP) Mohammed Abubakar (rtd) mni, AANI President, rounded off the session by giving a closing remark as he noted that continuous education and sensitization regarding this topic cannot be overemphasized.
The main talking point about Sino-African relations in the COVID-19 experience has been the extent to which China will take part in the G20 initiative to defer sovereign debt repayments.
This came up in a webinar on ‘China-Africa Policy in the Age of COVID: A New Normal?’ but more revealing was the discussion on the direction of Chinese investment. The event was organized by a prominent London-based business platform for the continent.
The consensus was that aggregate Chinese investment in Africa will decline in the straitened circumstances globally and take a new direction. The mega-infrastructure projects such as the Addis-Djibouti railway belong to the past.
Tejinder Singh noted a move in financing away from the sovereign obligor structure over the past 18 months (and so pre-COVID). African governments had become increasingly reluctant to issue guarantees.
Without such cover, projects must be bankable and stand on their own feet. Chinese investors/builders, whether public or private sector, are looking for more infrastructure financing in local currency to match any receivables.
They are also looking at the possibility of public-private partnerships (PPP) for roads and airports, which have a chequered record in Africa and elsewhere. Attendees felt that all parties had come to expect too much from Sinosure (China export and credit insurance corporation).
Fred Wen, Vice President of the South African China Economic and Trade Association, saw a much larger role for Chinese venture capital. The industry body for Africa has estimated that the Chinese share of venture capital exposure to the continent is just 2 per cent. On a sectoral basis, the consensus was that Chinese investment in manufacturing will rise in the years ahead.
A study by McKinsey last year put annual industrial production in Africa at US$500bn and estimated the share of the Chinese private sector at 12 per cent. Singh indicated that just 40 per cent of these companies made use of local supply chains. Twyford Ceramics works with such chains.
This Chinese company was founded in Kenya, set up operations in other East African markets and has this year opened a plant in Senegal. Its products are a core input for housing projects. Africa is short of housing and China has made a name for itself in the affordable segment with a large project completed in Angola.
Attendees were asked how African governments would position themselves in the conflict between the Chinese telecoms firm Huawei and Western states. Wen urged the protagonists to calm down and Adebola Omololu, director for corporate development at KaiOS Technologies in China, felt that Africa would stay outside the dispute.
This will be difficult in our view since both sides to the dispute will be applying pressure. Huawei and China, in general, have created a niche for themselves in Africa by offering affordable products to a young population. The protagonists will just have to co-exist.
Finally, we learnt from Omololu about African investment in China. The stock could be as high as US$25bn according to sources in Beijing. The most successful play has been the purchase by Naspers of South Africa of interest in Tencent, a Chinese social media and gaming operation.
African governments have together sunk US$700m into the Shanghai headquarters of the Asian Infrastructure Investment Bank. About 800 African companies have invested in China, and we should not forget the renminbi holdings in the reserves of the Nigerian and other central banks.
Gregory Kronsten
Head Macroeconomic and Fixed Income Research, FBNQuest
Lexus is giving luxury crossover drivers a new way to style their ride with the special edition 2021 Lexus NX F SPORT Black Line. Complete with exclusive Black Line features inside and out, guests can have the best of both worlds with eco-conscious benefits without compromising on performance, value or styling.
For 2021, Lexus is pulling out all the stops for the Black Line Special Edition series. From colour-keyed over fenders on some to unique interior stitching, each of the five 2021 Black Line special edition models will feature a unique combination of exclusive styling and value for guests looking for something unique to their taste.
Based on the feedback from dealers and guests, the Lexus Black Line series offers some of the most requested updates and add-ons in a complete package.
The 2021 NX 300h F SPORT Black Line special edition model can be found in one of three exterior colours, including the all-new Grecian Water, a perfect match for the blue hybrid badging on the front and back of the vehicle.
Guests can also choose from Ultra White and Obsidian, typically only available with upgraded pricing, to go with the 18” dark sputter finish wheels and colour-keyed over fenders, extending the paint colour closer to the wheel wells.
Inside, the blue theme continues with exclusive blue stitching on the soft touchpoints throughout the vehicle, including the black NuLuxe trim contoured seats, door panels, armrest and centre console. Following the eye down, blue stitching continues on the exclusive NX F SPORT Black Line floor and cargo mats.
2021 NX Black Line guests will also be able to utilize the added technology features, such as optional Park Assist and Power Rear Door with Kick Sensor.
These are in addition to standard Lexus Safety System+ 2.0 for the NX family, including low-light pedestrian detection and bicyclist detection technology.
For the 2021 Lexus Black Line Special Edition series, Zero Halliburton has customized a two-piece set of two travel cases exclusively for Lexus.
The Edge Lightweight Collection for Lexus builds on the excellence Zero Halliburton is known for with several distinctive features, including a chrome logo badge laser etched with Zero Halliburton for Lexus, sumptuous interior lining featuring a Lexus grille motif and a Lexus embossed leather logo badge.
The custom Lexus Black Line Zero Halliburton luggage set includes an Edge Lightweight 22” Continental Carry-on and a 26” Medium Travel Case, both in black. Travel cases will be sent to guests at the address of their choice.
The new 2021 Lexus NX 300h F SPORT Black Line special edition is now available. With only 1,000 units to be produced in the next three months, the suggested MSRP is $46,810.
In our F Y-2020 outlook report, we highlighted 6 upside risks to consumer prices in 2020 and expected an increase in inflation. Those factors were: implementation of the new minimum wage; VAT rate hike; food price increases amid the closure of land borders; transition to a more cost-reflective electricity tariff; CBN’s expansionary monetary policy stance; and finally, the possibility of a naira adjustment.
True to our projection and expectation, headline inflation maintained an upward trend to 1 2.5 6% in Jun-2020, vs 1 1.9 8% in Dec-2019. Also, the Food and Core inflation sub-index climbed to 1 5.1 8% y/y and 1 0.1 3% y/y in Jun-2020, respectively. Notably, all the factors mentioned above materialised, except increased electricity tariffs. However, the COVID-1 9 outbreak and restriction of economic activities had a mixed impact, as it fuelled a spike in food prices while having a more negligible impact on the core sub-index.
Furthermore, lower regulated PMS prices in H1-2020 helped lessen pressure on the core index. In all, we expect the headline inflation rate to remain biased to the upside in H2-2020. Notably, as economic activities begin to pick up in Q3-2020, the impact of a higher VAT rate will remain.
Also, as CBN fully resumes F X intervention sales and international trading activities re-open, we might see upward pressure on the core index.
Meanwhile, we note that the CBN’s targeted liquidity injections might not create inflationary pressures, as they are expected to be matched with productive use. The food inflation rate is expected to continue to track higher as land borders remain closed. Overall, we expect the headline inflation rate to settle at 1 3.3% y/y by Dec-2020 (Pre-COVID-1 9 expectation – 1 1.9% y/y).
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