LASG to introduce Tourism Sector Guidebook

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LASG to introduce Tourism Sector Guidebook

Lagos State Commissioner for Tourism, Mrs. Shulamite Olufunke Adebolu has disclosed that the Ministry has initiated the process of publishing a book that will chronicle all tourism destinations, including festivals usually celebrated across the State, as part of efforts to attract tourists.

Adebolu, who disclosed this during her appearance on the “Morning Show” on Arise TV, remarked that the government is exploring ways to increase the viability of tourism beyond the festive period.

According to her, “Lagos, being the home and headquarters of tourism and entertainment industry in the country, should not only come alive during the festive period, especially December, in view of the high number of activities held during the month. There are other tourist attractions that are yet to be explored by both local and international tourists”.

She said the Tourism Guide will outline leisure centres, cinemas and relaxation spots that will provide fun and entertainment for tourists desirous of exploring the rich culture of the State any time of the year.

“My mandate as the Commissioner for Tourism in Lagos State is to create a long-lasting impression. I want everyone visiting Lagos State for the first time to always have the feeling of making a return visit. There shouldn’t be too much concentration of entertainment events in December because a whole lot happens within the State’s entertainment sector that should not be limited to a particular period”, Adebolu stated.

The Commissioner expressed the need to promote indigenous festivals such as the Eyo festival by having specific dates for celebrating the event, among others, annually.

In her words, “We need to have a specific date for all our festivals including tourism activities like the annual Boat Regatta such that people can always look forward to these celebrations and adjust their schedules or plan their holidays to fall within the period”.

While acknowledging that the State is currently underutilising its waterways for tourism activities, Adebolu revealed that plans are already afoot to come up with tourism activities on waterways to sustain domestic tourism and also attract foreigners.

She hinted that the State Government will host the Global Citizens Festival later in the year, envisaging that the event will have a lot of positive economic impact and serve as a boost for the local entertainment industry.

Lagos State unveils it’s First Green and Eco-friendly Housing Estate (Photos)

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Lagos State unveils it’s First Green and Eco-friendly Housing Estate (Photos)

The Lagos state government has unveiled plans to commission its first green and eco-friendly estate before the close of the first quarter of this year.

This was revealed by the Honourable Commissioner for Housing in the State, Hon Moruf Akinderu-Fatai during a site inspection of the Peridot Parkland estate today.

The first phase of the estate which comprises 252 two-bedroom bungalows is sited at Idale along Topo Badagry road in Badagry area of the State.

According to the Commissioner, the housing scheme was built by the Ministry of Housing through a joint venture arrangement with Echostone Nigeria and designed to utilise less energy for cooling and heating thereby ensuring the sustainability of the environment.

He disclosed that apart from the benefits accruing to the environment through optimisation of energy consumption, the project also showcases an innovative technology which speeds up housing delivery, utilises lesser energy and generates minimal waste from site activities.

The estate which comes with a garden and 2 trees each for every house according to Akinderu-Fatai, has reached 90 percent completion stage within less than a year of commencement and will soon be delivered to members of the public.

Akinderu-Fatai pointed out that the collaboration with Echostone has shown clearly that Lagos state government will speedily meet up with its target in housing delivery thereby increasing the housing stock in the state.

He revealed that the innovative technology and eco-friendly designs used at Idale will soon be deployed towards the construction of multilevel structures in the urban part of the state to speedily reduce the challenges of housing deficit in those areas.

Expressing his satisfaction with the quality of houses built at Idale by Echostone Development, the Permanent Secretary Ministry of Housing Mr Wasiu Akewusola said that more housing schemes to be initiated by the State will benefit from the technology introduced by the organisation.

This, he said, was as a result of the fact the scheme is the only one that was speedily completed out of the joint ventures of the ministry.

Akewusola said the partner employed an innovative technology that is both fast, safe and energy-saving. “We are pacesetters and beyond the provision of houses, Lagos State intends to continue to set the benchmark in quality and affordability in housing in the nation”

Earlier during the site inspection of the project, the Director of Echostone Development, Nigeria, Mr Sammy Adigun said the energy savings level of the building is 29% from reduced window to wall ratio and energy-saving bulbs for internal and external spaces. He further said that water savings from the houses are 35% from low flow showerheads, faucets and dual flush.

“In addition, 43 % less embodied energy is saved in materials usage such as concrete slabs, aluminium sheets on timber rafters for roof and situ- reinforced walls for both internal and external walls,” he disclosed.

“Other eco-friendly attributes include reflective roofing, roofing overhang, positioning of the window to optimise natural light and ventilation so as to reduce the use of electric fan and light,” he said.

Adigun also revealed that walls and structures of the homes were built using concrete for greater thermal and sound insulation.

The Joint Venture Scheme between Lagos state and Echostone Development will add over 2000 units of green and eco-friendly homes to the housing stock in the state when other related schemes proposed at Ayobo and Imota are completed.

Ericsson ConsumerLab: Ten Hot Consumer Trends 2030 – The Internet of Senses

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Ericsson ConsumerLab: Ten Hot Consumer Trends 2030 – The Internet of Senses

  • Early technology adopter consumers expect an Internet of Senses by 2030, enabling a new service economy based on digital sensory experiences

  • With the human brain as the user interface, consumers expect devices to respond to thoughts, creating a new interaction paradigm

  • Most consumers believe that the Internet of Senses’ services will make society more environmentally sustainable

Consumers expect an array of beneficial services from connected technology interacting with our senses of sight, sound, taste, smell and touch to be a common reality by 2030.  The consumer predictions about the Internet of Senses are among the expectations highlighted in the ninth edition of the Ericsson (NASDAQ: ERIC) ConsumerLab Hot Consumer Trends report.

The Internet of Senses will be enabled by technologies such as Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), 5G and automation. Consumers predict that by 2030 screen-based experiences will increasingly compete with multisensory ones that will be almost inseparable from reality.

Based on comprehensive research, the ConsumerLab Hot Consumer Trends 2030 report represents the expectations and predictions of 46 million early technology adopters.

Main drivers for the Internet of Senses include immersive entertainment and online shopping, the climate crisis and the corresponding need to minimize climate impact.

Dr. Pernilla Jonsson, Head of Ericsson Consumer & IndustryLab and co-author of the report, says: “We’re talking about a shift from current smartphone-based internet connectivity to immersive experiences resulting from our senses being connected. This report explores what that could mean for consumers, with Augmented Reality glasses as the entrance point.  We did not expect the extent to which consumers already envisage vast changes to our daily lives driven by sensory connectivity through Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), 5G and automation.”

Dr. Michael Björn, Head of Research Agenda, Ericsson Consumer & IndustryLab, and co-author of the report, says: “We often imagine the future as a linear development from today. But we already need to consider what opportunities and challenges a world where all human senses are digitalized will bring.

“For example, it could play a significant role in climate action and carbon footprint reduction. Many activities can be digitalized to reduce their climate impact. You could go to work, go on vacation, and travel the world, all from your home.

“Consumers expect concerns about individual privacy on the Internet of Senses to be addressed by the industry. For example, the possible public concern that our senses could be manipulated to purchase items or services. People will expect the necessary protections and guarantees to be put in place.”

The 10 Hot Consumer Trends for 2030 – Internet of Senses are:

  1. Your brain is the user interface
    Fifty-nine percent of consumers believe that we will be able to see map routes on Virtual Reality glasses by simply thinking of a destination.
  2. Sounds like me
    Using a microphone, 67 percent believe they will be able to take on anyone’s voice realistically to fool even family members.
  3. Any flavour you want
    Forty-five percent predict a device for your mouth that digitally enhances anything you eat so that any food can taste like your favorite treat.
  4. Digital aroma
    Around 6 in 10 expect to be able to digitally visit forests or the countryside, including experiencing all the natural smells of those places.
  5. Total touch
    More than 6 in 10 expect smartphones with screens that convey the shape and texture of the digital icons and buttons they are pressing.
  6. Merged reality
    Virtual Reality game worlds are predicted by 7 in 10 to be indistinguishable from physical reality by 2030.
  7. Verified as real
    “Fake News” could be finished: half of the respondents say news reporting services that feature extensive fact checks will be popular by 2030.
  8. Post-privacy consumers
    Half of the respondents are “post-privacy consumers”: they expect privacy issues to be fully resolved so they can safely reap the benefits of a data-driven world.
  9. Connected sustainability
    Internet of senses-based services will make society more environmentally sustainable, according to 6 in 10.
  10. Sensational services
    Forty-five percent of consumers anticipate digital malls allowing them to use all five senses when shopping.

The report insights are based on Ericsson ConsumerLab’s global research activities spanning more than 24 years. It primarily draws on data from an online survey conducted during October 2019 of advanced internet users in 15 cities around the world. They are Bangkok, Delhi, Jakarta, Johannesburg, London, Mexico City, Moscow, New York, San Francisco, São Paulo, Shanghai, Singapore, Stockholm, Sydney and Tokyo.

Vision 2020: Making Money Farming Without Owning A Farm

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Vision 2020: Making Money Farming Without Owning A Farm

We all want a good investment – and why not? Everyone wants to make good money, and especially for Nigerians, we want it to be as stress-free as possible. Investing, generally, is one way to create an excellent passive income system for yourself. To better know what you are doing, it requires you doing your homework. Nowadays, investment opportunities are all over the internet, and assets are now owned digitally, bringing investment closer to everyone. Perhaps, the youths being the biggest gainers as they have the largest population of internet users.

About digital assets, these are assets with no physical presence. Things like websites, visual designs, architectural plans, patents, trade secrets, photos, digital paintings, music, video, cryptocurrencies, and now even farms.

The good thing about digital assets is that they offer great returns on one’s starting capital. These assets do not require as much luck as other types of making money, and one of such which this piece is about being digital farms.

Investing in farming can appear to be an honest strategic move. After all, whether the general economy is in a recession or booming, there is always a high demand for food. This is the reason most persons regard agribusiness as recession-proof. Additionally, the earth’s population is on the rise, which means farming will keep playing an increasingly vital role in the sustenance of humans.

That said, getting to buy a farm is not always a possible plan for an ordinary investor. Getting land for farming requires huge finances. Even the time and expenditure involved in running a farm has to be of considerable importance. Fortunately, investors can now pull funds together and from different parts of the world, even without knowing each other, all within the confines of their rooms using a medium known as the world wide web.

No doubt, agriculture is the new “crude oil” and those who invest in it know this. The 21st century’s approach to farming, i.e. using the digital space to get investors, has helped in fusing agriculture and technology to increase food supply and has subsequently generated income for investors. This is something everyone interested in building wealth for themselves, while still having time to concentrate on other important aspects of their lives, would all be excited to sign up for.

There are many reasons to invest in agriculture, from it being a low-risk investment that is financially sound, safe, and secure and keeps pace with inflation, to the fact that it increases in value over the long-term. Agriculture is a hard asset and could stay as a major portfolio or a diversified one.

Those in the agribusiness make profits from several ways, be in yields, land appreciation, forced equity, principal pay down, and other unmentioned incomes. But these are really the concerns of the actual farmers, not the “digital farmer” whose concern is to invest into a farm and get back his capital with the return on investment.

The digital farmer can make money through cash flow from crops and animals that are harvested. Most of these are annual, but in some cases, there can be multiple harvests in a year. These yields are secured via long-term contracts by the tenant farmers and placed on sale for investors to buy. Most of these farms are insured, which protects the farmer and investors in the event of a catastrophe. This means that even if crops and/or animals are destroyed or their revenue declines due to a downturn in commodity prices, the farmers will still receive funds with which they can pay their lease and settle investors, thereby putting them on a safe level.

It is important to note that agriculture rarely provides immediate returns, but over the long-term, it pays off greatly. Unlike digital investments like Forex, cryptocurrencies and others, there is much less volatility in agro investments, meaning subscribing or buying a space on an online farming platform (which is adding agriculture to your investment portfolio) can provide continual stability with the potential for a quarterly to an annual income.

Some of the farms worth mentioning are:

  1. Menorah Farms

Menorah Farms pride itself as a pocket farm – a handy farm which is accessible to you at any time of the day and from anywhere you find yourself. That is, your farm is with you all the time. A quick glance through their site/app shows that they offer high interest on investments to as high as 37%, making them the best bet for Nigerians who are always on the lookout for the biggest returns. With over 5,000 farmers and 700 subscribers, they can be trusted to live by what they put out. They farm in crops and animals. Unfortunately, the Menorah Farms app is only available on the Google Playstore. They also have a plan for undergraduates and corpers that allows them to invest with as little as ₦5,000 as can be found on Taaooma‘s Instagram page. While speaking with a correspondent, it was revealed that all slots have been sold but another farm will be made available within the month.

  1. Farmkart

As the name implies, this is an online store of farms where interested investors buy farms with specified amounts for a limited time, after which they are paid profits alongside the initial capital they used in purchasing farms. From their website, it appears they only deal in animal husbandry, mainly fish and poultry – the former offering interests up to 30% after 12 months while the latter is 14% after 6 months. Just last month, TechCabal had tweeted that the company produced 430,000 fishes and 840,000 eggs and made a net profit of $91,000 (about ₦32,896,500) since its inception in 2016. They do not have a mobile application, but everything can be done on the website. There are currently no farms to be bought on their platform until March this year as hinted by a correspondent, but you can subscribe to their email newsletter to stay up-to-date.

  1. FarmCrowdy

FarmCrowdy is a multiple award-winning digital farm and the platform with the most farms, spreading across animals to crops. With a wide variety of farms that produce maize, cassava, tomato, fish, rice, soya beans, poultry, cattle, ginger, yam, moringa and cumin. Despite this huge variety, they offer the least return, promising 6-25% on investments with a minimum of ₦50,000 to over ₦200,000, spanning 3-12 months. With their mobile applications, iOS and Android users can be updated about their investments 24/7. They are the most popular digital farm with over 4,000 farm sponsors and 80,000+ farm sponsorships. FarmCrowdy is fully insured by Leadway Assurance. All farms on the website have been taken, and all efforts to speak with a customer care agent proved futile.

  1. Gric Coin

Springing from the background that the agricultural sector is the single largest employer in the world, Gric Coin leveraged on blockchain – the new edge of technology and incorporated it into agriculture to better agricultural practices, increase food supply and put an end to food fraud. The Gric Coin agricultural project lets shareholders use its token for subscription on live farm projects while they earn returns on their investment.

*There is another – Great Soar – though only seeking for first-time investors at the moment to invest in agriculture, they are offering a high return on investment of 40%, payable bi-annually and annually, depending on the type of farm. For every stream of investment, a guarantee for performance is consummated through a Notarized Memorandum of Agreement and Insurance bond that will cover capital fund and returns. You can reach out to the Director, Olukunle Okusanya and request for more information.

Just like many investments, they come with risks, and agriculture is no exception. You can rest assured that the aforementioned farms have been verified and your investments are safe with them. With these options, investors looking to take a position within the farming sector but with little or no funds to purchase and maintain a conventional farm can still own one virtually. [To those reading this but have no funds at the moment to buy an “online plot of land,” there is still some time. Maybe you could start by creating a savings plan on Fundall where they help you autosave for important goals like investing digitally in agriculture.] Having said that, a conventional farm demands way too much, but a digital farm gives you peace of mind while you continue to make profits for yourself. This is the beauty of investing digitally in agriculture.

AUTHOR PROFILE:

Kator Tarkaa is a digital marketer and a budding investment writer. He enjoys writing about businesses and finances. He loves marketing products and services via social media.

Twitter: @KYAQY | Instagram: @KYAQY | LinkedIn: @KYAQY | Phone: +2347038147969

Lightnet Raises $31.2 Million in New “Series A” Financing

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Lightnet Raises $31.2 Million in New “Series A” Financing

Set to build Asia’s next-gen blockchain financial mobility network

 

BANGKOK,
THAILAND – Media OutReach – 10 January 2020 – Lightnet, the Bangkok-based fintech company
has received A round funding of US$31.2 million in fresh capital. With this
round completed, Lightnet is Asia’s first blockchain company to receive
financial backing from six large conglomerates, providing access to millions of
Asian users searching for improved financial mobility. 

From left to right: Carlos Liu,Vice President, Uni-President Asset Holdings; Rae Deng, Managing Partner,Du Capital; Kenjiro Nishii, Team Leader,Seven Bank; Hee Baek Kwon, Chief Executive Officier, Hanwha Investment and Securities; Chatchaval Jiaravanon, Founder and Chairman,Lightnet; Tridbodi Arunanondchai, Founder and Vice Chairman,Lightnet; Mike Kennedy, Chief Executive Officier, Interstellar; Kian-Wee Seah; Chief Executive Officier and Managing Director, UOB Venture Management; John Ng Pangilinan, Managing Partner,Signum Capital; Chao Deng, Chief Executive Officier, HashKey Capital; Ng Yu Zhi,Managing Director, Hopeshine Ventures.

Lightnet
was co-founded by Chatchaval Jiaravanon — a family member of the Charoen
Pokphand Group in Thailand — and serial tech entrepreneur and former investment
banker Tridbodi Arunanondchai. 

The financing round was led by UOB
Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital,
Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and
Securities. The proceeds from the latest fundraising will go towards
strengthening Lightnet’s investment in the underlying blockchain technology on
the Stellar Network, and to build a next-generation financial mobility network.

“We
launched Lightnet to offer low-cost and instantaneous financial inclusivity and
mobility to the four billion lives across Asia Pacific — all powered by
Stellar’s fast, scalable, and sustainable blockchain technology,” said
Chatchaval Jiaravanon, Lightnet’s chairman.

Lightnet
aims to disrupt a trillion U.S. dollar global remittance market, starting with
the millions of unbanked migrant workers who rely on outdated, costly and
fragmented services in major Southeast Asian markets. These services, valued at
$150 billion, are ripe for the advent of Lightnet’s smart contracts and
distributed ledgers, now well-positioned to replace the decades-old,
inefficient SWIFT system and unreliable underground banking.

“It’s
vital that we build an ecosystem to provide Lightnet access to our partners’
vast user base and facilitate deeper penetration into local markets. We project
that within three years, Lightnet will facilitate over $50 billion worth of
annual transactions through our industry- leading partner network,” says
Tridbodi Arunanondchai, Lightnet’s vice-chairman.

The
lead investors, UOB Venture Management and Hanwha Investment and Securities,
represent two of the largest financial conglomerates in Singapore and Korea,
respectively. In addition, Seven Bank (TKO: 8410), a group company of Seven
& I Holdings Co. Ltd, owns all the 7-Eleven stores in Japan and
approximately 69,200 convenience stores globally. Uni-President Asset Holdings
is the investment arm of Uni-President Enterprises Corp., which also owns over
9,000 7-Eleven and Starbucks across Taiwan, China and the Philippines. Hashkey
Capital is the investment arm of China’s automotive and financial conglomerate,
WanXiang Group.  

   

“Lightnet is offering three innovative
solutions, BridgeNet, LiquidNet and SmartNet. The main platform has been
completed, and the first transaction is slated for Q1 2020. In addition to the
potential 500,000 cash agents across our ecosystem, Lightnet will integrate
with several renowned payment and remittance partners such as MoneyGram, Seven
Bank, Yeahka, Ksher across Japan, South Korea, and several other South East
Asia nations to ensure successful activation of our ecosystem,” said Lightnet
Chief Executive Officer, Suvicha Sudchai.

By
harnessing the combined strength of blockchain technology, local market
insight, Pan-Asia partnership and its proprietary ecosystem, Lightnet
accelerates the mass adoption of blockchain technology, delivering accessible
and efficient financial services for the many.

About Lightnet

Lightnet
is a Thailand-based fintech company that was established to promote financial
mobility and inclusivity for the unbanked and underbanked Asians with
blockchain technology. By connecting existing financial systems with its vast
network of non-bank agents and fiat-transaction network, the startup aims to
improve the efficiency, convenience and affordability of legacy remittance and
payment systems.

Co-founded
by a family member of the Charoen Pokphand Group, a leading conglomerate in
Asia, and Interstellar, utilizing the leading Stellar blockchain network aimed
at developing the future of financial services, Lightnet seeks to be a global
leader in next-gen financial services.

https://lightnet.io  

[UPDATE] AXA Insurance Launches First-in-Market Plan For Cancer Survivors

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[UPDATE] AXA Insurance Launches First-in-Market Plan For Cancer Survivors
  • AXA Cancer ReCover provides comprehensive coverage to cancer survivors who may be denied coverage, or face significantly higher premiums when they apply for a new protection plan
  • In line with the launch, AXA also unveils a short film to raise awareness of the importance of critical illness insurance

SINGAPORE – Media OutReach – 10 January 2020 – AXA Insurance has launched the first protection plan in Singapore specially designed for cancer survivors. With improvements in screening and treatment, survival rates for people with cancer have increased over the years in Singapore. However, many are left without insurance protection against possible relapse or diagnosis of a new cancer after recovering from cancer. Cancer survivors are often declined coverage, or face significantly higher premiums when they apply for a new protection plan.

 

AXA Cancer ReCover is designed to protect cancer survivors by covering recurrent or new primary cancers. The plan provides comprehensive coverage, including a lump sum payout of 100% sum assured in the event of diagnosis of advanced stage cancer, and a payout of 15% sum assured in the case of early or intermediate stage cancer.

 

Sean Goh, Managing Director, Life, AXA Insurance Singapore said, “Many cancer survivors are left without any insurance coverage after their first diagnosis and do not have the security of a financial safety net if cancer strikes again. We want to take away this uncertainty by protecting them financially should they be faced with cancer again, so they can focus on treatment and recovery. This is part of our commitment to support our customers across their entire health journey and to empower them to live better lives.”

 

For parents who have concerns about hereditary cancer, the plan also offers a child cover benefit, with free coverage of 15% of the sum assured, should the child be diagnosed with an advanced stage cancer.

AXA Cancer ReCover comes with the following additional benefits:

  • Premium waiver so that you can focus on recovery: 24 months of future premiums will be waived upon an early or intermediate stage cancer claim, allowing customers to focus on their recovery.
  • Flexible options to suit your financial needs: Option to choose from a wide range of policy and premium payment terms of 5, 10, 15, 20 and 25 years that best suits the customer’s needs and preferences.
  • Death and terminal illness benefit: Receive 15% of the sum assured if the customer passes on or is diagnosed with terminal illness.

As part of its long-term commitment to support critical illness awareness and prevention, AXA will be donating $10 to Singapore Cancer Society (SCS) for every AXA Cancer ReCover policy sold. This is an extension of its on-going donation of $10 to SCS for every critical illness policy sold.

 

AXA launches short film to draw attention to the importance of critical illness insurance

 

In line with the launch of AXA Cancer ReCover, AXA has also unveiled a short film titled “The Family Portrait” to raise awareness and a sense of urgency and action around critical illness protection. It revolves around a multi-generational Singaporean family struggling to make important decisions for their future when an elderly member of the family is suspected to have a critical illness. The family’s situation is viewed through the lens of the youngest member of the family, a recent graduate, who witnesses the financial impact of the diagnosis on both her and her parents.

 

The film aims to drive conversations about the importance of planning early by showing some of the difficult situations people may get into if they are not financially prepared for a critical illness, and to also remind Singaporeans that these can be avoided so they can focus on what really matters: theirs or their family member’s recovery.

“As life expectancy of Singaporeans extends, the reality of critical illness occurring in one’s lifetime is very real. With this film, we hope to instil the importance of critical illness protection among Singaporeans, and encourage people to take action today to plan ahead so that they have the means to make choices if the unforeseen strikes,” said Goh.

 

According to a study by the Life Insurance Association Singapore (LIA), working adults in Singapore have insurance coverage that would on average meet only 20 per cent of their financial needs if critical illness occurs, leaving a worrying large gap of 80 per cent. “To help address the critical illness protection gap in Singapore, we have been focusing our efforts on public awareness and education, as well as offering solutions that are relevant to the needs of our customers,” Goh added.

 

In addition, a recent AXA survey found that young adults in Singapore tend to prioritise other types of insurance over critical illness plans. Among young adults (18-29 years old) who own personal insurance plans, only 11 per cent think critical illness insurance is the most important type of plan to purchase for young adults. Further, only 42 per cent of those surveyed have critical illness insurance plans, which is lower compared to most other types of plans such as savings, personal accident, whole life and hospitalisation.

 

For more information on AXA Cancer ReCover, please visit axa.com.sg/life-insurance/axacancerrecover.

 

To view the short film, please visit https://youtu.be/1lTvOq2CpEg.

ABOUT AXA INSURANCE

AXA  Insurance  is  part  of  the  AXA  group,  a  worldwide  leader  in insurance and asset management with 171,000  employees serving 105 million clients in 61 countries. Present in Singapore since 1969,  AXA  Insurance  has  been  serving  the  general  and   lifeinsurance needs of individuals and companies in Singapore through a wide range of innovative products. As one of the top global insurers in Singapore, AXA Insurance protects more than a third of a million customers  in  Singapore.  As  a company whose business  is  about protecting people, AXA Insurance is committed to building a stronger and safer society by empowering customers to live better lives.

 

For more information, please visit www.axa.com.sg.

Consumer Confidence Rose Ahead of The Holiday Shopping In Africa

KASI INSIGHT
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Consumer Confidence Rose Ahead of The Holiday Shopping In Africa

KASI consumer confidence (KASI CCI) rose in November leading up the holiday season; the index improved 6 points to +9. While the sub-index of current economic conditions remain stable at -15, there was an 8 points improvement of the index of consumer expectations that reached +18. Tanzania’s consumer sentiment experienced the most significant movement improving 55 points from -17 to +40. Consumer sentiment in Ghana continues to be muted with the lowest CCI at -30.

KASI Consumer Confidence Score (KASI CCI) is a composite index compiled from a seven-question survey that runs monthly via our consumer polls in the countries covered. The data output is based on a fresh, randomly selected representative sample of city dwellers aged 18-64. Released the first week of every month, KASI CCI provides a focused view on consumer perceptions in seven African urban centres (Ghana, Nigeria, Kenya, South Africa, Cameroon, Ivory Coast, Tanzania) where most spending in the continent is concentrated.

Weak job prospects continue to dampen confidence in current economic conditions

Consumer confidence in current economic conditions remained stable and negative at -15 driven by the job prospects sub-index that decreased from -32 to -39 signalling continuous pressure with the job markets in Africa. Across markets, Cameroon continues to have a better job prospect level at -11 while Nigeria shows the worst job prospect score at -66.

Improved household income drives up optimism in future economic conditions

Consumers’ economic expectations edged up 8 points to +18 in November. Globally, consumers are expecting their household income to improve over the next 6 months and economic conditions to improve in their country and city. Across markets, consumer confidence in future economic conditions is higher in Tanzania (+44) and lower in Ghana (-31).

What does it mean for retailers and holiday shopping?

Across markets, consumers are planning to shop for the holiday in December or later, it means that you should expect a last-minute rush to get the gifts and purchases.

“As African shoppers delay the start of their shopping season, the holiday gift hunt is far from over which means there is still time to utilize these insights to fine-tune your promotional strategies, capture more sales and make this your merriest holiday,” said Patience Muyambo, Director of Research at KASI.

For each question, the final metric will be a ‘balance measure’ of the percentage of positive responses minus the percentage of negative responses. The overall metric will be an average across all the questions. November 2019 data were collected from 11/21 to 12/06, 2019.

GTBank Dethrones Zenith Bank as Best Retail Banking Firm

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GTBank Dethrones Zenith Bank as Best Retail Banking Firm

Top audit company, KPMG Nigeria, in its 2019 Nigeria Banking Industry Customer Experience Survey released in Lagos some days ago, ranked GTBank as the best retail banking institution in Nigeria.

The bank scored 74.2 percent, dethroning Zenith Bank, which held the top spot previously. Zenith Bank came second with 73.4 percent. The report stated that the top two performers had remained on the top spots for the fourth consecutive year.

The biggest mover was Sterling Bank, which came in third. The lender was one of the biggest movers in the banking industry since 2017, scoring 72.1 percent, same point with Access Bank. First Bank and UBA, also part of the biggest movers this year, occupied the 5th and 7th positions respectively.

The company, in the report, noted that the outcome was the results of a survey that was completed across the second and third quarters of 2019 and collected via face-to-face and online survey methodology.

According to the survey, which covered 25,466 retail customers, 3,045 SMEs and 369 commercial/corporate organisations, “After the 2017 peak, we have now seen two years of decline in overall customer experience (CX) performance in the retail segment with nearly half of the rated banks falling below the industry average.”

Other parts of the report showed that in the SME segment in the period under review, there were lower levels of overall satisfaction for SMEs but Fidelity Bank and Ecobank made the greatest improvements.
It was disclosed that in the corporate segment, which also recorded a lower level of performance, Citibank and GTBank maintained top spots, while Standard Chartered and Access Bank made the best improvement to occupy the top five positions at 3rd and 5th places respectively.

Apple AirPods and Totally Wireless Bluetooth Headset Sales Soaring

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Apple AirPods and Totally Wireless Bluetooth Headset Sales Soaring

Rapidly Falling Prices Drive Unprecedented Growth for Totally Wireless Bluetooth Headsets

Strategy Analytics in a newly published report from the Device Technologies (EDT) team, forecasts Apple AirPods sales of nearly 60 million in 2019. As a category, Totally Wireless (TWS) Bluetooth headset sales grew by 200% in 2019. The report, Global Bluetooth Headset Sales and Revenue Forecasts 2001 to 2024 shows that Apple will capture a dominant share in the TWS segment that it created with the introduction of the first AirPods.

“Apple’s AirPods are the dominant Bluetooth headset in terms of sales volumes and revenues in the TWS segment,” comments Ken Hyers, Director at Strategy Analytics. “Even as other vendors enter the TWS segment, Apple will remain the dominant vendor in the category through the middle of the next decade.”

Totally Wireless (TWS) headsets are Bluetooth stereo headsets that do not have a wire connecting the two earpieces. Apple’s AirPods are the best-selling example of TWS Bluetooth headsets, a category created by Apple with the first AirPods introduced in 2016.

“Apple held a commanding lead in the TWS segment this year,” comments Ville-Petteri Ukonaho, Associate Director at Strategy Analytics. “Apple took over 50% share in the TWS category in 2019, while its next two closest competitors, Samsung and Xiaomi, each held less than 10%.

“Apple’s lead isn’t surprising since it created the category,” continued Mr. Ukonaho, “but it’s unlikely that any single vendor will replace Apple at the top in terms of volume or revenue in TWS Bluetooth headphones in the foreseeable future.”

“The market for TWS Bluetooth headphones is wide open,” says Ken Hyers. “Prices for TWS chipsets are in freefall. In the last six months prices for them have halved, opening the door for tens, if not hundreds, of new vendors offering inexpensive TWS Bluetooth headphones. With falling prices has come a surge in sales volumes of lower-end versions of TWS Bluetooth headphones. Consumers unable to afford premium TWS Bluetooth headsets from Apple, Bose, Samsung and others now have plenty of less expensive ones to choose from.”

Revenues of TWS headsets grew over 200% and Apple took 71% of those in 2019. Wholesale revenues will grow past US$100 Billion by 2024. “TWS is fast becoming a new revenue stream for many smartphone vendors,” says Mr. Ukonaho and continues, “Apple will see its non-iPhone revenues soaring with the help of Beats and AirPods in 2019 and in the future.”

“Apple is the undisputed leader in the Truly Wireless Bluetooth Headphone segment,” continues Ville-Petteri Ukonaho, “and while it will remain the leader in the category, there is ample opportunity for others to carve out their own portions of the segment.”

The report Global Bluetooth Headset Sales and Revenue Forecasts 2001 to 2024 is available to Strategy Analytics clients of our Emerging Device Technologies research service.

BUA Cement lists 33.86bn shares on NSE, becomes third largest listed company

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BUA Cement lists 33.86bn shares on NSE, becomes third largest listed company

West Africa’s second-largest Cement company, BUA Cement, today listed on the Nigerian Stock Exchange with a market capitalization of 1.2trillion Naira (USD3.3billion) bringing to a conclusion, the merger between the BUA-owned cement entities, Cement Company of Northern Nigeria and Obu Cement company.

L – R: Finn Arnoldsen, Group Chief Operating Officer (BUA Cement); Chimaobi Madukwe, Group Chief Operating Officer (BUA Group); Oscar Onyema, President, Nigeria Stock Exchange (NSE); Yusuf Binji, Managing Director, BUA Cement; Kabiru Rabiu, Group Executive Director, BUA Group; Ahmed Aliyu, Company Secretary, BUA Cement, O’tega Ogra, Group Head, Corporate Communications, BUA Group and Gbolahan Oluwasegun, Senior Manager, Corporate Finance, BUA Group at the 1.3trilliion Naira listing of BUA Cement on the NSE on Thursday.

This listing brings BUA Cement’s total capacity across all its cement assets to 8million MTPA with an additional 3million metric tonnes plant coming on stream in H2, 2020.

BUA Cement, with its listing, has displaced Airtel Africa Plc by becoming the third-largest company on the NSE.

“Further to our Market Bulletin of 24 December 2019, with reference number: NSE/RD/LRD/MB74/19/12/24, wherein the market was notified of the suspension placed on the trading in the shares of CCNN following the Court’s Sanction of the Scheme of Merger (Scheme) between CCNN and OBUCement (now BUA Cement Plc), please be informed that the Scheme has been concluded.

Consequently, the entire 13,143,500,966 ordinary shares of CCNN was delisted from the Daily Official List of The Nigerian Stock Exchange (The Exchange) today, Thursday, 9 January 2020, while the entire 33,864,354,060ordinary shares of 50 kobo each of BUA Cement Plc (Formerly OBU Cement) were listed today, Thursday, 9 January 2020.

Please note that following The Exchange’s receipt of regulatory evidence of the change of name of OBUCement to BUA Cement Plc, the Company was listed as “BUA Cement Plc”. The trading Symbol is BUACEMENT.”

Dangote Cement Plc is the largest company listed on the NSE with a market capitalisation of N2.98tn and shares price of N175 as of Thursday while MTN Nigeria Communications Plc occupies the second position with a market capitalisation of N2.36tn and share price of N116.

Airtel Africa now becomes the fourth largest company on the NSE with a market capitalisation of N1.12tn and share price of N298.

After the listing of BUA Cement, the share price increased by 9.86 per cent to close at N38.45.

A total of 12.92 million BUA Cement shares worth N496.76m were traded in 39 deals.

The Chief Executive Officer, NSE, Mr Oscar Onyema, at the listing ceremony, said it was exciting for the Exchange to record such a major listing at the beginning of the year.

He noted that it was another opportunity for investors to have access to a company with a good track record.

According to him, the company has plans to move to the premium board of the NSE in a very short period of time.

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