NSE Lifts Suspension Placed On Trading In The Shares Of Continental Reinsurance Plc

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NSE Lifts Suspension Placed On Trading In The Shares Of Continental Reinsurance Plc

The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on trading in the shares of Continental Reinsurance Plc.

The NSE referred to its Market Bulletin dated 28 November 2019 in a statement, which notified the public of the suspension of Continental Reinsurance for non-compliance with the rules for the filing of accounts and treatment of default filing and the rulebook of the exchange (issuers’ rules).

The statement read in part, We refer to our Market Bulletin of 18 July 2019, with Reference Number: NSE/RD/LRD/MB39/19/07/17, notifying Dealing Members of lifting of the suspension initially placed on trading in shares of Continental Reinsurance Plc (CRe or the Company) to allow the Company reconvene another Court-Ordered Meeting to consider the Scheme of Arrangement as directed by the Securities and Exchange Commission (SEC).

Dealing Members are hereby notified that trading in the shares of CRe has been suspended effective today, Thursday, 28 November 2019.

The suspension is to prevent further trading in the shares of the Company beyond the Effective Date (the date the Certified True Copy (CTC) of the Court Sanction will be registered with the Corporate Affairs Commission) of the Scheme of Arrangement by which CRe African Investments Limited (CRe Investments) will acquire all the shares of CRe Nigeria.

C&I Leasing Plc Gets SEC’s Approval for N3.2bn Rights Issue

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C&I Leasing Plc Gets SEC’s Approval for N3.2bn Rights Issue

C&I Leasing Plc (the Company) is pleased to notify its esteemed Shareholders, Stakeholders, The Nigerian Stock Exchange (“The Exchange”) and the general public, that the Company has obtained an approval from the Securities Exchange Commission (“SEC” or the “Commission”) to open subscription on the Rights Issue of Five Hundred and Thirty-Nine Million, Three Thousand, Three Hundred and ThirtyThree (539,003,333) ordinary shares of Fifty Kobo (N0.50) each at Six Naira (N6.00) per share, on the basis of four (4) new ordinary shares for every three (3) ordinary shares held. The Qualification Date for the Rights Issue was Wednesday, 4 September 2019.”

Following the approval, the offer opens today on Monday, 18th of November 2019 and closes on Friday 27th of December 2019.

The Rights eCircular is being distributed to shareholders while application forms are also available on the website of the company’s Registrars, Centurion Registrars for ease of access (http://centurionregistrars.com/).

Esteemed shareholders are advised to contact their stockbrokers and other financial advisers for more details on the offer.

The company had ended 2018 financial year with a profit after tax (PAT) of N438 million and paid a dividend of N104.3 million.

Camey & Rocks Acquires 43.35% Stake in Resort Savings and Loans Plc

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Camey & Rocks Acquires 43.35% Stake in Resort Savings and Loans Plc

The board of Resort Savings and Loans Plc has secured a fresh capital injection of up to N4.3 billion from an investor, who now controls about 43.35 per cent equity stake in the company.

Not too long ago, the investor, Camey and Rock Business Consulting Limited, offered to purchase all the unissued 8,670,267,596 ordinary shares of the bank and this proposal was approved.

According to the CEO of Camey and Rock, Mr Peter Adejoh, the decision to invest in the financial institution was to “change the face of the Resort Savings and Loans and efficiently reposition it for the benefit of customers, stakeholders and the Nigerian mortgage and financial services space.”

He said to reduce the housing deficit in the country, the bank would come up with affordable houses that would make it easy for low-income earners to own their houses.

Mr Adejoh informed newsmen in Abuja that, “With this, we expect to deliver impressive returns to our shareholders and satisfy the expectations of customers and other stakeholders in the nearest future.”

Adejoh, disclosed that Resort Savings and Loans Plc was poised to address the key challenges in the Nigerian housing sector, including funding and pricing.

“When you look at the minimum wage today, it is a herculean task that will take a civil servant a very long time to put such money together to buy a house.

“However, with the optimisation of the mortgage industry, the CBN, over the years, and in recent times, has reviewed the minimum capitalisation for mortgage banks.

“They have broken them into categories of state, regional and national. The reason for doing that is to build capacity so they will be able to fund mortgages.

“The board and management of the bank believe that this strategic investment will change the face of the Resort Savings and Loans and efficiently reposition it for the benefit of customers, stakeholders and the Nigerian mortgage and financial services space.

“With this, we expect to deliver impressive returns to our shareholders and satisfy the expectations of customers and other stakeholders in the nearest future,” he said.

Monetary Policy Decisions: Four SSA countries at the center-stage

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Monetary Policy Decisions: Four SSA countries at the center-stage

Monetary policy decisions took the centre-stage this week, as four SSA countries (Ghana, Kenya, Nigeria and Mauritius) held their last Monetary Policy Committee (MPC) meeting for the year. Notably, after considering events in the global and domestic space, only the Kenyan MPC delivered a rate cut – it’s first since Jul-18.

Specifically, the Ghanaian MPC left its key policy rate unchanged at 16.0% (the fifth consecutive hold since Jan-19 surprise cut) amid strong economic growth, plummeting inflation and positive external position. Also, the Mauritian and Nigerian MPC left their benchmark rates unchanged at 3.35% and 13.50% respectively, despite slowing economic growth. In Kenya, the MPC cut interest rate from 9.0% to 8.5%, noting the need to drive growth to optimal levels amid expectations for inflation to remain well-anchored within the target range. Also, the committee remarked that ongoing tightening of fiscal policy necessitated the need for a more accommodative monetary policy to support economic activity.

In terms of forward-looking guidance, the MPC in Ghana, Nigeria and Mauritius struck a neutral tone, adopting a wait and see approach. However, the Kenyan central bank Governor signalled scope for a more accommodative monetary policy stance over the coming quarters.

United Capital Plc Research (UCR)

More than US$500 billion a year needed to ensure basic levels of social protection worldwide

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More than US$500 billion a year needed to ensure basic levels of social protection worldwide

A new ILO report highlights critical financing gaps in social protection and provides policy recommendations on how these gaps could be closed.

GENEVA (ILO News) – More than US$500 billion a year needs to be invested if countries are to meet a basic set of social protection measures – known as a social protection floor – by 2030, says a new ILO report.

© Stuart Price / UN Photo

According to the report, Measuring financing gaps in social protection for achieving SDG target 1.3: Global estimates and strategies for developing countries, spending on coverage needs to increase dramatically to achieve universal coverage of a basic set of social protection measures.

This would include:

  • Cash transfers to children
  • Maternity benefits for mothers with newborns
  • Disability benefits
  • Old age social pensions

Based on research carried out in 134 countries, the findings show that at current levels social protection covers only 8.5 per cent of children and 15.3 per cent of older persons in low-income countries. By contrast, in upper-middle-income countries, 35 per cent of children and 90 per cent of older persons are covered.

“We firmly believe that universal social protection can be a target that can be achieved through massive investments, including through international development aid to low income countries,” said Valérie Schmitt, Deputy Director of ILO’s Social Protection Department.

Social protection plays a central role in efforts to reach by 2030 the targets set out in the UN Sustainable Development Goals  (SDGs), including those for poverty, gender equality, decent work and economic growth, among others.

Many middle- or upper-middle-income countries have the domestic capacity to generate the resources to finance a universal social protection floor, say the report’s authors. However, substantial amounts of overseas development aid will be needed to close the financing gap in the 28 low-income countries covered in the research, to achieve universal coverage by 2030.

According to the report the low-income countries would need to spend 5.6 per cent (US$27 billion per year) of their Gross Domestic Product (GDP) to close the financing gap. The lower middle-income countries would need to earmark 1.9 per cent of GDP (US$ 136 billion per year), whereas the upper-middle income countries would need to spend 1.4 per cent of their GDP (US$ 365 billion per year).

Policy options to create the necessary financing presented in the report include, among others, increasing tax revenue, extending social security coverage and contributions, increasing official development assistance (ODA) with priority given to low-income countries, and eliminating illicit financing flows.

“Promoting the extension of contributory social insurance coverage to workers in the informal economy, in countries where social insurance is still underdeveloped, would create additional revenues of 1.2 per cent of the GDP of these countries,” said Fabio Duran-Valverde, Head of the Public Finance, Actuarial and Statistics Unit.

MTN Nigeria Becomes First in West Africa to Conduct Trial of 5G Technology

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MTN Nigeria Becomes First in West Africa to Conduct Trial of 5G Technology

The management of MTN Nigeria Communications PLC is pleased to announce that it has successfully conducted a trial of 5G technology and applications. MTN Nigeria is the first Mobile Network Operator in West Africa to do so. This is the result of a strong collaboration between the Ministry of Communications Technology and Digital Economy, the Nigerian Communications Commission (NCC), MTN Nigeria and its partners.

5G offers tremendous benefits in terms of speed, latency (fewer delays), efficiency and security. This trial offers a unique opportunity for MTN Nigeria to explore 5G use-cases and applications in Nigeria, and we are excited about its potential for our country.

Check out pictures from the 5G Technology trial here – https://brandspurng.com/2019/11/26/nigeria-becomes-first-in-west-africa-to-trial-5g-technology-powered-by-mtn/

In addition to the bandwidth increase for seamless video streaming or them next social application playground, 5G technology supports real-time, ultra-reliable communication between massive numbers of devices. It creates vast possibilities in innovation and transformation, and will immensely improve the quality of living, as users gain a better experience of services and Technology in general – From Financial services, healthcare, education, and even public service delivery to more leisurely purposes, such as video streaming services, gaming and even self-driving cars.

Commenting during the demo, Ferdi Moolman, the Chief Executive Officer, MTN Nigeria said “Pushing boundaries to easier when your aspirations are supported by likeminded people. We are able to achieve this Feat because of The support and guidance of The Ministry of Communications and Digital Economy and the Nigerian Communications Commission who provided the trial spectrum used for this. We are grateful for our partners, customers and everyone who made it possible. Today’s success underlines the fact that we are good together. MTN Nigeria is proudly putting Nigeria on the 5G technology map, as we continue to invest in technology solutions to meet the wide needs of our customers.”

Following the successful demonstration in Abuja, the 5G-demo will be run in Calabar, Lagos and four other cities across the country utilizing trial spectrum allocated to MTN Nigeria by the NCC.

EU-ABC Meets President Jokowi for the First Time

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EU-ABC Meets President Jokowi for the First Time

Forward-looking discussion on deepening EU-Indonesia Ties

JAKARTA, INDONESIA – 29 November 2019 – The EU-ABC, together with EuroCham Indonesia, was honoured to meet President Joko Widodo at the start of his second term as President of Indonesia. This meeting was part of the Council’s annual business mission trip to Indonesia, bringing more than 30 European Companies for meetings with the Indonesian Government and local business.

EU-ABC delegation with President Jokowi and key economic ministers at Istana Merdeka

President Jokowi set out his priorities for his second term encouraging European businesses to play a greater role in the inclusive economic development of the country, particularly in areas linked to sustainability, human capital development and the Fourth Industrial Revolution.

Speaking after the meeting the EU-ABC Chairman, Donald Kanak, said: “It was a very productive and forthright discussion. EU-ABC made clear the strong commitment and optimism of European companies to expand trade and investment in Indonesia and play a constructive role in support of the President’s objectives of human capital development, infrastructure and economic transformation, in sectors from manufacturing to logistics, energy to insurance and banking. Along with ASEAN businesses, our companies want to help create a more prosperous, inclusive and sustainable future.”

Corine Tap, Chairwoman of EuroCham Indonesia said “We very much welcome this valuable opportunity to meet Indonesia’s President and key ministers. EuroCham Indonesia stands ready to be a partner to the President and to his team as Indonesia embarks on a roadmap for economic transformation. Advancing EU-Indonesia relations, including the speedy conclusion of the EU Indonesia CEPA negotiations which will boost EU-Indonesia trade and promote more European investments in the country.”

At the meeting, the President also encouraged European business to continue their engagement with Indonesia and to resolve the ongoing issues regarding Palm Oil to which Chris Humphrey, Executive Director of the EU-ABC commented “We continue to encourage both the European Commission and the countries in ASEAN to have a constructive dialogue on this issue through the newly formed intergovernmental working in order to resolve misconceptions on both sides. The EU has not banned palm oil. The EU needs to recognise the significant advances the region has made on sustainability in palm oil production.”

Meeting with the President was part of the EU-ABC business mission trip to Indonesia, where the delegation had fruitful discussions with President Jokowi’s new cabinet. The Council’s meetings on this mission include (1) Ministry of Agriculture; (2) Ministry of Communication and Informatics; (3) Ministry of Tourism and Creative Economy; (4) BAPPENAS; (5) BKPM; (6) Ministry of Research and Technology; (7) Ministry of Finance; (8) Bank Indonesia; (9) Ministry of Health; (10) Ministry of Trade; (11) Coordinating Ministry for Economic Affairs; (12) Ministry of Industry; (13) Ministry of Trade; (14) DG Customs and Excise; (15) Ministry of Transportation; and, (16) OJK

TCL Electronics’ (1070.HK) Sales Volume Strongly Increases in Brazil and Ranks No.1 in Australia in Q3

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TCL Electronics’ (1070.HK) Sales Volume Strongly Increases in Brazil and Ranks No.1 in Australia in Q3

SHENZHEN,
CHINA – EQS Newswire – 29 November 2019 – At 8.5 million square
kilometers and with about 210 million people, Brazil
is the world’s fifth-largest country by area and the fifth most populous. The major barrier for most global
players in the Brazilian market is lacking a right local business partner.

 

Many
companies failed to enter into the Brazilian market, while TCL Electronics
(1070.HK) gained a firm foothold and achieved brilliant results. Currently, TCL TV
has entered all the main distribution channels of the market, including Via Varejo, Magazine
Luiza, and etc., which covers more than half of the market. In addition, the
Company has also cooperated
with
important local online distribution channels such as B2W.
TCL Electronics’ TV products are mainly
positioned as mid-to-high end and the ranking rose
from No.6 in 2016 to No. 5 in the first three quarters of this year in terms of
sales volume. Sales volume of TCL TV in Brazil increased by 31.8% year-on-year in the first half of 2019 and
47% in the first three quarters of 2019.

 

The
achievement in the
Brazilian market is closely related to TCL Electronics’ two strategies.

 

Before
2016, TCL was an original
equipment manufacturer (OEM) in the Brazilian market. Then TCL Electronics
quickly seized market opportunities in Brazil and South America. In July 2016,
TCL Electronics announced a strategic
cooperation with SEMP, a leading Brazilian home appliance brand. They jointly
invested USD60 million and established SEMP TCL, a joint venture company. SEMP
TCL started operating on August 1 in the same year. At that time, TCL, as a TV
leader, ranked top three in terms of global LCD TV sales volume, and SEMP was
one of the largest home appliance companies in Brazil, their cooperation is a
strong alliance. SEMP has more than 8,000 sales outlets and about 400
after-sales service outlets in Brazil. Therefore, it was a good move for TCL to
penetrate into the Brazilian market.

 

TCL
Electronics then quickly increased its market share via sports marketing around
football in South America, such as CONMEBOL Copa America 2019, a five-year
sponsorship contract with the Brazilian national team, appointing Neymar as
Global Brand Ambassador, and Rodrygo, who just joined Real Madrid CF. Moreover,
TCL added two top surfers and Club Atletico Rosario Central in Argentina in its
sponsorship list this
year.

 

With
TCL’s advanced technology and outstanding marketing strategies, as well as
SEMP’s mature sales channels, the joint venture company has built a business
role model of international brands with localized operation in just three
years’ time. In July 2019, TCL launched the first 8K TV in Brazil. What’s more,
ISTOÉ DINHEIRO, a Brazilian famous business magazine, recently has announced
the winners of the 16th “Best China Investment Management Award”, and
SEMP TCL was selected as one of the top three companies in the field of “Electrical
Appliances, Telecommunications Machinery and Components”.

 

In
addition to the sports marketing in Brazil, TCL Electronics also employs sports
marketing in Australia to build strong brand awareness. TCL has sponsored the
Melbourne Cup Carnival for 15 consecutive years. From the first year as TCL
entered Australia, TCL has become the official partner of Melbourne Cup.
Meanwhile, TCL also sponsored Melbourne Victory Football Club, champion of
Australian Hyundai A-League for four consecutive years.

 

Australia
is the sixth-largest country, which ranks after Brazil by area. Although it
only has population of 25 million, according to IMF statistics, Australia’s GDP
per capita in 2018 was as high as USD56,352, ranking No.10 in the world. It has
high demands for large-screen TVs and high-end products, like 65-inch and
75-inch TVs, which shows that Australia is a market with immense growth
potential.

 

TCL
Electronics entered Australian market since 2005, and now the Company has
entered various important distribution channels, such as JB HI-FI, The Good Guy,
Harvey Norman, and etc. In the third quarter of 2019, TCL brand TVs hit a new high and ranked No.1
with a market share of 19% in terms of sales volume, referring to third-party
data. The success was mainly due to deep market penetration, strong branding,
continuous improvement in the competitiveness of TV products, comprehensive
sales system and supply chain management, tight partnerships with local
distribution channels as well as an experienced local team.

 

Even
in the southern hemisphere, TCL Electronics is able to adapt to the culture
differences by adopting the most
suitable localized marketing strategies. The Company’s market share increased
rapidly and hit new record high through sports marketing and entering important
distribution channels in local markets, which will further enhance brand
awareness and influence.

PSB Academy bags six higher education category awards for demonstrating success in addressing student learning needs

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PSB Academy bags six higher education category awards for demonstrating success in addressing student learning needs

PSB Academy was named Winner for disciplines in Accounting, Audit & Taxation, Computer Science / IT, Engineering, Languages / Literature, Science, Tourism & Hospitality at the JobsCentral Learning Training Education and Development (TED) Awards 2019.

 

SINGAPORE – Media OutReach – 29 November 2019 – PSB
Academy (PSBA), one of Singapore’s leading private education institutions (PEI),
announced today its achievement of six industry award wins at the JobsCentral
Learning TED Awards this year. The
awards recognise the institution’s achievements at the higher education level,
namely, their Diploma,
Degree,
Masters
/ PhD and Professional
Certification courses.

PSB Academy was named ‘Winner in Higher Education’ for disciplines in Accounting, Audit & Taxation, Computer Science / IT, Engineering, Languages / Literature, Science, Tourism & Hospitality at the JobsCentral Learning Training Education and Development (TED) Awards 2019.

 

The TED Awards seek
to assess education providers on their abilities in addressing learning needs
and solving learning challenges by demonstrating success in conceptualizing and
delivering category specific learning initiatives.

 

2019:
A year of industry firsts

These award wins
dovetail with PSBA’s efforts to deliver on its mandate to unite industry with
academia to produce progressive curriculum that will adequately equip students
for today’s workforce.

 

In less than two
years since the institute’s partnership with the EC-Council was penned, their
School of Engineering and Technology was awarded the EC-Council Circle of
Academia Excellence for their delivery of the Diploma
in Network Defence and Forensic Countermeasures.
A new partnership with ACE, a leading non-profit exercise professional and
health coach certification organisation, means trainers can now earn the
certification as part of the Diploma
of Sport and Exercise Sciences
at PSBA’s School of Life and Physical Sciences.

 

In addition, the
launch of a Diploma
in Global Supply Chain Management
with the Chartered Institute of Logistics & Transport, marked the first
time that the logistics charter extended its certification expertise to the
diploma students of a PEI. The Academy was also the first PEI to partner with a
distinguished New Zealand university, Massey University, to offer a course
in data analytics with an SAS
certification, to train up a new generation of data-savvy leaders.

 

PSBA has also
continued its work to provide greater access to pathways for higher education. With
foundation and language proficiency courses, as well as professional
certifications to help lay the groundwork for students and workers to advance
and upgrade their qualifications. The Academy’s School
of Foundation Studies made the charts in
the international arena for the first time as a finalist in the PIEoneer Awards
2019 “Language Educator of the Year” category, with the launch of more
programmes to provide N/O level and international students bridging courses to
higher education.

 

2020:
A clear runway for a growing Future Academy

Building on the
success of this year’s pioneering initiatives, next year, the Academy plans to
broaden its offerings with more cross-disciplinary courses that aim to nurture
well-rounded, versatile individuals that have the freedom of pursuing diverse
interests while increasing their potential for professional mobility.

 

“Our partnerships
with universities, professional accreditation bodies and institutions, as well
as brands, continue to be our key to fortifying our programmes with the
relevance required in today’s businesses,” said Dr Sam Choon Yin, Dean, PSB
Academy. “These knowledge partners share our vision in building a Future
Academy that continues to evolve with the times. Our roles as educators have
departed from the traditional work of imparting the technical skills and
information required to help professionals thrive in their fields and beyond.
We now share a dedication in imbuing the values of lifelong learning in our
students, so that learning and self-development becomes an intrinsic part of
their personal and professional lives. The awards we have won today are just a
small testament of our willingness to adapt and improve as an institution.”

TCL Electronics Focuses and Shapes the Ultra-Large Screen TV Market

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TCL Electronics Focuses and Shapes the Ultra-Large Screen TV Market

SHENZHEN, CHINA – EQS Newswire – 29 November 2019 – TCL Electronics (01070.HK) held a new products exhibition with the theme of “Welcome to Large-screen Era”, showcased 14 types of ultra-large TV products covering 4K and 8K resolution with the sizes between 75-inch and 100-inch. The launch of these ultra-large TVs fully demonstrated the Company’s future direction and the ambition to be No.1 across the globe.

TCL Electronics mainly focused on ultra-large TVs, with the sizes from 75-inch to 100-inch in the exhibition. The unveiled TCL 75-inch C10 dual-screen QLED TV is the first TV with dual-screen and quantum dot technology in the global market. Quantum dot technology is a pioneer display technology, featuring wide colour gamut coverage, pure and long-lasting colours, which is able to truly present colours of the nature. Moreover, the brand new dual-screen design also brings different Smart user experiences to consumers.

TCL 85-inch X9 8K QLED TV provides the most completed integrated 8K solution. Its every part is manufactured with 8K technology, from screen to image engine, computing ability, distribution channel and chip, which presents real HD resolutions. The product is expected to be the first consumer affordable 8K TV product in the PRC market as it is only priced at RMB 19,999.

Last but not least, TCL 100-inch X6C is positioned as a huge-screen private theater that delivers smooth and super-clear visual experience, with a selling price at RMB 79,999.

In addition, the Company announced to film the first 8K documentary with Myles Connolly, producer of BBC documentary, “Earth: One Amazing Day”, in the event.

What makes TCL Electronics becoming one of the market leaders is mainly due to it carries out a series of layout integration, thus, it obtains leading advantages in the TV industry and it also integrates both the upstream and downstream industry chains. In the upstream, there is a highly efficient synergy between TCL Electronics and TCL CSOT on researches and applications of new high-end technologies including 4K/8K，QLED，Mini LED-backlit, which unleashes competitive edges on product qualities and cost controls for TCLE’s ultra-large TVs. In the downstream, the Company has already launched a variety of ultra-large screen products to propel the industry into “Large-screen Era”.

The Company putting an emphasis on ultra-large TV manufacturing also demonstrates its right development path. According to a joint report, which is the summary of Chinese Colour TV market in Q3 2019, conducted by All View Cloud and China Video Industry Association, the market share of 65-inch and above Large-screen Colour TVs in terms of sales volume continued to grow; both of the market shares of online and offline channels increased by 5.2% and 7.3%, respectively. However, in terms of 50-inch and below Mid-small screen TVs, the market shares of online and offline channels dropped by 5.5% and 7.1%, respectively. The data clearly reflects that the demand for large-screen TVs is in uptrend, thus it becomes the momentum of the TV industry, while the Mid-small screen TV is a shrunken market.

Referring to the interim results 2019, TCL Electronics’ market share in terms of TV sales volume remained at No. 2 in the global TV market. Its total TV sales volume of 65-inch and above surged by 116.5% year-on-year, while the PRC market and the overseas markets soared by 114.6% and 204.1%, respectively. It showed that the Company’s development direction fully matched with market trends. Thanked to leading large-screen and display technologies, improving 8K industrial chain, well-established overseas production capacity layout, and adhering to high-end and premium products strategy, TCL Electronics has successfully avoided the price war in the low-end TV market. With correct development strategy, TCL Electronics not only will continue to improve its business performance, but also lays a solid foundation gain the largest market shares of global TV shipments in the future.

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