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South Africa Encourages Nigerian Businesses to Expand to the Country

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In an effort to improve trade relations between Nigeria and South Africa, the South African High Commissioner to Nigeria Thamsanqa Dennis Mseleku has implored more Nigerian businesses (especially financial institutions) to expand their businesses to South Africa.

The South African representative revealed that the South African consulate was currently working on issuing Nigerian business owners (or operators) visas valid for ten years, in order to further bolster business relationship between both countries.

This was mentioned by Mseleku yesterday on ‘The Morning Show’, a programme which is monitored closely by Arise news, on which he also noted that the bilateral agreements being signed by both countries would be fully executed in the coming years.

According to Mseleku, Nigerian businesses are operating in South Africa, with the issue being raised back in 2019 when President Buhari was present in South Africa specifically talking about Access Bank and Air Peace. Mseleku stated that Access Bank has since opened up a branch in South Africa, and Air Peace is now making flights to and from South Africa.

Mseleku then said,”So, the issue is that we must encourage more businesses that want to go to South Africa from Nigeria to do so particularly in the financial sector.”

This prospective deal between both countries is promising, because the encouragement of Nigerian businesses to come into South Africa may eventually lead to more South African businesses coming into Nigeria to operate. The moves will undoubtedly boost the economies of both countries.

It may also encourage other African countries to engage in trades and have bilateral or multilateral agreements with other African countries, boosting economies across the entire continent.

Mseleku also noted that some South African countries were pulling out of Nigeria, which he cited as one of the reasons for the visit of the South African President.

He also addressed the inaccessibility of visa to business personnel, saying that the country is agreeing and would go on implementing longer term visas for them. He then mentioned the 10 years visa which the country is considering.

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Brands

Amazon Launches First ‘Real Life’ Clothing Store For Men And Women

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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.

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Merger and Acquisition

Sullivan, Ellis Were Top M&A Legal Advisers by Value and Volume in financial Services Sector in 2021

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merger and acquisition

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.

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Business

Netflix Commits $1 Million Towards Scholarships in Africa

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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
  • AFDA
  • 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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