- China-Nigeria Trade Volume Hits $8.6b
The total trade between Nigeria and the world’s second-largest economy, China, rose to $8.6 billion in the first half of the year, stated Mr. Chu Maoming.
Chu Maoming, the Chinese Consul General, disclosed this during a speech at the 70th anniversary of the founding of the People’s Republic of China in Lagos.
It should be recalled that the National Bureau of Statistics (NBS) reported that Nigerians spent N1.99 trillion on Chinese imports in the first half of the year. Representing an increase of 88 percent when compared with N1.06 trillion recorded in the same period of 2018.
Maoming said: “Because of our joint efforts, the practical cooperation in all fields between our two countries has bore rich fruit. The bilateral trade reached $8.6bn from January to June 2019 with 20.7 per cent year-on-year growth.
“China now is still Nigeria’s largest source of imports and second-largest trading partner.
“A large number of cooperative projects are vigorously promoted by both sides, such as the Zungeru Hydropower Plant, Mambilla Power Project, Lekki Deep Seaport, Lagos-Calabar coastal railway line, etc.”
The consulate general said with more Nigerian students now studying in China through the Chinese government scholarship, China has now set up two Confucius Institutes in Nigeria.
“I’ve seen many government officials, business leaders, academics, legal practitioners and innumerable warm-hearted people from Nigeria spare no efforts to help the Chinese people when they need assistance,” he said.
He said the good relationship between Nigeria and China has set a new example for other African nations.
China remains Nigeria’s largest importing nation as almost N2 trillion was imported in the first half of 2019 alone, while India is Nigeria’s biggest exporting nation.
Nigeria’s total trade volume in the first half rose by 24.2 percent to N8.6 trillion.
Amazon Launches First ‘Real Life’ Clothing Store For Men And Women
American multinational technology company, Amazon is launching its first apparel store, ‘Amazon Style’.
Investors King gathered that the clothing store, located in a Southern California mall, later this year will feature women’s and men’s apparel, shoes, and accessories from a mix of well-known and emerging brands, with prices catering to a wide range of shoppers.
According to Amazon, shoppers will get personalized recommendations pushed to their phones as they browse the new Amazon Style store. The company also noted that the clothing store will feature a mix of well-known and emerging brands, adding that every individual’s budget would be met.
The store which will be about 30,000 square feet would be digitalized as shoppers will rely heavily on their smartphones in order to browse the store.
Managing Director of Amazon Style, Simoina Vasen told CNBC that when shoppers walk into the store, they’ll see “display items,” featuring just one size and color of a particular product; the remaining inventory for each product will kept in the back of the store.
He added that after logging into the Amazon app on a smartphone, they’ll scan a QR code on the item to view additional sizes, colors, product ratings and other information, such as personalized recommendations for similar items.
“This allows us to offer more selection without requiring customers to sift through racks to find that right color, size and fit,” he said.
After scanning the QR code on an item, shoppers can click a button in the Amazon app to add the item to a fitting room or send it to a pickup counter.
According to Vasen, shoppers will be able to access their in-store purchase history in the Amazon app.
A recently released research by Wells Fargo analysts shows that Amazon has surpassed Walmart as the No. 1 apparel retailer in the U.S.. This is largely due to the e-commerce boom recorded as a result of the COVID-19 pandemic.
Wells Fargo estimates that Amazon’s apparel and footwear sales in the U.S. grew by roughly 15% in 2020 to more than $41 billion, which is 20% to 25% above rival Walmart.
This represents an 11 to 12 percent share of all clothing sold in the U.S. and 34 to 35 percent share of all clothing sold online.
Sullivan, Ellis Were Top M&A Legal Advisers by Value and Volume in financial Services Sector in 2021
Sullivan & Cromwell and Kirkland & Ellis were top M&A legal advisers by value and volume in financial services sector for 2021, finds GlobalData.
Sullivan & Cromwell and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the financial services sector for 2021 by value and volume, respectively, according to GlobalData. The leading data and analytics company notes that Sullivan & Cromwell advised on 42 deals worth $105.1 billion, which was the highest value among all advisers tracked. Meanwhile, Kirkland & Ellis led by volume, having advised on 76 deals worth $20.1 billion. A total 3,854 M&A deals were announced in the sector during 2021.
According to GlobalData’s report, ‘Global and Financial Services M&A Report Legal Adviser League Tables 2021‘, deal value for the sector increased by 21.1% from $430.6 billion during 2020 to $521.3 billion during 2021.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the only advisor that managed to advise on more than 70 deals during 2021. However, it lagged behind in terms of value and did not find a place among the top 10 by value due to involvement in low-value transactions.
“The average deal size of transactions advised by Kirkland & Ellis was just $264.2 million, while it was $2.5 billion for Sullivan & Cromwell. Apart from leading by value, Sullivan & Cromwell also occupied the fourth position by volume.”
Wachtell Lipton Rosen & Katz occupied the second position in terms of value, with 26 deals worth $79.1 billion; followed by Skadden, Arps, Slate, Meagher & Flom, with 54 deals worth $55.9 billion; Simpson Thacher & Bartlett, with 37 deals worth $51.6 billion; and Cravath Swaine & Moore, with nine deals worth $47.6 billion.
Alston & Bird occupied the second position in terms of volume, with 55 deals worth $7.9 billion; followed by Skadden, Arps, Slate, Meagher & Flom, and Sullivan & Cromwell. Willkie Farr & Gallagher occupied the fifth position by volume, with 42 deals worth $13.8 billion.
Netflix Commits $1 Million Towards Scholarships in Africa
Netflix, the world’s leading entertainment streaming service, has announced a commitment of US$1 million towards the newly-established Netflix Creative Equity Scholarship Fund (CESF) for film and TV students in Sub-Saharan Africa. The scholarship fund forms part of Netflix’s global Netflix Creative Equity Fund launched in 2021 to be allocated to various initiatives over the next 5 years with the goal of developing a strong, diverse pipeline of creatives around the world.
The scholarship fund will cover the costs for tuition, accommodation, study materials and living expenses at institutions where beneficiaries have gained admission to pursue a course of study in the TV & film disciplines in the 2022 academic year.
The Netflix CESF is targeted for rollout across the region in the academic year commencing in 2022, starting with an open call for applications in the Southern African Development Community (SADC) region, in partnership with social investment fund management and advisory firm Tshikululu Social Investments (https://bit.ly/3qLORX2) as implementing partner/fund administrator in Southern Africa. Fund administration partners for East Africa and the West and Central Africa regions will be announced in due course.
“Netflix is excited by the potential of the next generation of storytellers and we’re committed to investing in the future of African storytelling in the long-term,” says Ben Amadasun, Netflix Director of Content in Africa. “We believe there are great stories to be told from Africa and we want to play our part by supporting students who are passionate about the film and TV industry so they too, can ultimately contribute to the creative ecosystem by bringing more unique voices and diverse perspectives to African storytelling that our global audiences find appealing.”
How it works:
The Netflix CESF is designed to provide financial assistance, through full scholarships, at partner higher educational institutions (HEI) in South Africa to support the formal qualification and training of aspiring creatives from a SADC region country that wish to study in South Africa, and are able to obtain the necessary permissions to do so. The following countries will be eligible: Angola, Botswana, Comoros, Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Tanzania, Zambia and Zimbabwe.
In the SADC region, the fund will be available to students who have obtained admission to study in various film & TV-focused disciplines, for the 2022 academic year, at the following partner institutions:
- AACA Film and Acting School
- Boston Media House
- Cape Peninsula University of Technology (CPUT)
- City Varsity
- Durban University of Technology (DUT)
- Tshwane University of Technology (TUT)
- University of Cape Town (UCT)
- University of Johannesburg (UJ)
- University of KwaZulu-Natal (UKZN)
- University of Pretoria (UP)
- University of the Witwatersrand (Wits)
Students interested in applying for scholarships for the 2022 academic year will be able to find additional information, application criteria, a list of partner higher education institutions (HEI) and will be able to apply online on our fund manager and advisory partner, Tshikululu’s website. Applications are now open until 04 February 2022 at 23h59 CAT.
The Netflix CESF will also benefit students from other parts of Africa – particularly East Africa as well as West and Central Africa. Fund administration partners for East Africa and the West and Central Africa regions will be announced, along with the calls for applications, in due course.
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