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Rolls-Royce sells 5,152 cars in 2019, hits best-ever sales in 116-year history  

Rolls-Royce Motor Cars recorded unprecedented level of sales, with a global performance unequalled in the company’s 116-year history.

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Rolls-Royce sells 5,152 cars in 2019, records best-ever sales in 116-year history  

Rolls-Royce Motor Cars has announced that it recorded unprecedented level of sales in 2019, with a global performance unequalled in the company’s 116-year history.

According to Torsten Müller-Ötvös, Chief Executive Officer, Rolls-Royce Motor Cars, a total of 5,152 cars were delivered last year to customers in over 50 countries, an increase of 25% on the previous high set in 2018.

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With these historic results, Rolls-Royce continues to make a meaningful contribution to the overall performance of its shareholder, BMW Group.

Rolls-Royce sells 5,152 cars in 2019, records best-ever sales in 116-year history  

Torsten Müller-Ötvös, Rolls-Royce Motor Cars 2

 “This performance is an altogether different magnitude to any previous year’s sales success. While we celebrate these remarkable results, we are conscious of our key promise to our customers, to keep our brand rare and exclusive. 

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“We are pleased and proud to have delivered a growth of 25% in 2019. Worldwide demand last year for our Cullinan SUV has driven this success and is expected to stabilise in 2020. It is a ringing testament to the quality and integrity of our products, the faith and passion of our customers and, above all, the skill. The dedication and determination of our exceptional team at the Home of Rolls-Royce at Goodwood and around the world is part of our success,” Müller-Ötvös said.

Meanwhile, the car company disclosed that it recorded growth in sales across all regions during the year, which was driven by strong customer demand for all Rolls Royce models.

However, North America retained top status with one-third of the car maker’s global sales followed by China and Europe.

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[READ MORE: Paga records over $2 billion worth of transactions in 2019)

Rolls-Royce Motor Cars, through a global network of 135 dealerships sold in more than 50 countries, and as part of its long-term commitment to sustainable growth, the company announced two new dealerships Rolls-Royce Motor Cars Brisbane and Rolls-Royce Motor Cars Shanghai Pudong.

Rolls-Royce Motor Cars is expected to launch later in the year a flagship dealership in London, which would double the size of the previous location.

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Patricia
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  1. Ajao oluseyi stephen

    January 13, 2020 at 9:03 pm

    Update me about the latest business new around the global

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Business

Manufacturing sector in Nigeria and the reality of a “new normal”

The rise in unemployment caused by the pandemic might affect enthusiasm towards the event.

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Manufacturing sector in Nigeria and the reality of a "new normal"

Across the globe, there is a pervading awareness that things will never be the same in the post-pandemic era. Already, some business ventures that were once considered the ‘crème’ of the global economy have taken serious hits in unimaginable measures, and some of the little ones which were regarded as below the rung, are fast rising to match up.

With the new social rules in place, some businesses have come to the sad realisation that they may have to remain closed for much longer than they expected. Even for those businesses that have been allowed to reopen their operations as the world enters a phased and gradual reopening, obvious adjustments still have to be made – including limited physical contact, among others.

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In a recent interview, the President of the Manufacturers Association of Nigeria (MAN), Engineer Mansur Ahmed, noted that these new developments have added significant complications to the manufacturing processes and operations.

READ MORE: Manufacturing: Activity levels pick up albeit readings still below water

For one, the 8-week nation-wide lockdown kept most manufacturing companies shut, or at best operating at significantly lower capacity for the best part of Q2. The result of this was reflected in the sector’s indices, both in terms of output and employment.

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Resuming operations after the lockdown, the manufacturers have had to deal with the challenges of a completely changed system of operation–one which we now commonly recognise as the “new normal.”

A major change in operation can be seen in the sourcing for raw materials. Besides having to deal with the immediate impact of the border closure on operations, there is now the uncertainty of foreign exchange and its impact on the costs of importation (or smuggling of materials when borders are closed).

Nairametrics wrote about a recent CNBC interview where Partner and Head of Consumer & Industrial Markets at KPMG Nigeria, Obi Goodluck, stated that most Nigerian manufacturers had been compelled to source raw materials locally or risk being shut down completely.

READ MORE: COVID-19: The ‘New Normal’ for Nigerian aviation industry

Goodluck explained that prior to the pandemic, most of the Nigerian manufacturing companies imported a significant percentage of their materials from China, but the pandemic had disrupted that supply chain thus compelling them to look for alternatives.

“Specifically from the Nigerian point of view, we will no longer reply on importation of raw materials. As it were, this pandemic started from China and over 80% of Nigeria’s raw material imports come from China and the Asian countries. With the lockdown even in China, that became an issue. As such, companies had to come up with alternative and innovative means of raw material sourcing. Those who already imported raw materials prior to the lockdown relied on their stock until they ran out…”

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These alternatives are not just intended to serve as an immediate alternative but can forestall the possibility of such in the future.

Manufacturing companies have also had to rethink the way they transport goods to their customers, in view of the non-pharmaceutical safety rules put in place. One of the regulations in place presently is ensuring minimal physical contact in the processes.

By implications, companies have to rework the way they move their products to the consumers and this has largely impacted on the logistics costs. It also means that deliveries and logistics is ‘the next big thing’ in the Nigerian market.

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READ MORE: Innoson reacts to FG order to relocate manufacturing plant to Lagos, Kaduna in order not to lose license 

Having to deal with all these changes at a time when thousands have lost their jobs and primary sources of income is even more of a difficult situation. People generally have less purchasing power now than they did before the pandemic, and so weighing of priorities and opportunity costs will always come to play.

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Worse still, they would be paying even more now for the same items, given the extra factors at play in the production process. For instance 1kg sachet of Dangote granulated sugar which sold for N250 before the lockdown, now sells between N800 and N900 per unit, while the 250g sachet which sold for N100 before the lockdown now sells between N250 to N300.

Right now, the manufacturing sector is in that small space between the rock and a hard place, and manufacturers are going to have to make some difficult decisions going forward.

One suggestion that comes highly recommended among experts in the industry is backward integration. At the CBN roundtable discussion in April this year, Nigeria’s richest man, Aliko Dangote had also suggested in his keynote address that backward integration was about the surest way to hasten the long-awaited diversification of the economy.

READ ALSO: CAC: Certificate of incorporation will now be delivered via email or courier

There were concerns about how fast the industry could integrate with the agricultural sector so that more of the local produce went into the industries, but the manufacturers were optimistic that this could be worked out in time to enable them enjoy waivers and benefits in the African Continental Free Trade Agreement (AfCFTA).

It was agreed that the backward integration would require some support moves from the government in creating the right financing and regulatory environment for industries, so that they could integrate more local input in their processes and products and strengthen the supply chain.

READ ALSO: Analysis: Nestlé strong but exposed.

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The MAN president had already assured that the CBN promised that investment in the sector would go towards supporting manufacturers to go into backward integration. If the financial sector could also review its regulations to capture current realities and the needs of the manufacturing sector, more could be achieved in less time.

The Economic Sustainability Plan of the federal government also captures quite a lot to show that the manufacturing industry has a place in the government’s plan, but a seamless implementation remains to be seen. The struggle to ensure that Nigeria produces what Nigerians consume is still on.

In light of new realities, the Unified Exchange Rate proposed by the Central Bank of Nigeria (CBN) could also help to create some stability in the FX. Once the exchange rate is more certain and stable, businesses and investors can make definite plans on imports and exports.

Instead of the current situation where the manufacturing sector contributes less than 10% of the GDP, Nigeria is definitely capable of having a manufacturing sector that contributes as much as 25% or more to her GDP, and this should be the target.

Patricia
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Business

China will not accept any Microsoft-TikTok deal

Trump had raised security concerns about TikTok’s entry into the United States.

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China will not accept any Microsoft-TikTok deal, Microsoft acquires CyberX to beef cybersecurity 

China has vowed to fight against the US’ desperate attempt to force Chinese technology firm, ByteDance, (TikTok parent’s company) into selling the company’s US operations to Microsoft.

An editorial piece on China Daily Newspaper, which is state-owned, was straight to the point when it declared that the “US administration’s smash and grab of TikTok will not be taken lying down.” The piece then went ahead to describe America’s moves against TikTok as a “theft” and said the government would respond in due course.

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READ MORE: Microsoft acquires CyberX to beef cybersecurity 

“After vowing to ban the popular short-video sharing app TikTok in the United States on Friday, the White House is reportedly weighing the advantages of allowing Microsoft to purchase its US operations. Such shilly-shallying is a tactic the US administration employed during the trade deal negotiations with China,” the editorial explained.

Why the Chinese are angry: Some hours ago, President Donald Trump gave the world’s most valuable software maker (Microsoft), tactical approval to go ahead with the acquisition of TikTok. Consequently, China, through its state-backed paper, disclosed that it had “plenty of ways to respond if Trump’s administration carries out its planned smash and grab.”

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READ ALSO: Microsoft shares fall, despite impressive Q2 2020

The Backstory: Recall that Nairametrics reported that the world’s biggest software maker, Microsoft, was in talks with ByteDance, the Chinese owners of TikTok, over a possible acquisition of its US operation.

The offer by Microsoft seems to be an escalation of President Trump’s recent attacks on TikTok and other Chinese tech startups. President Trump, in June, had raised security concerns about TikTok’s entry into the world’s largest economy.

Patricia
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Edo, Rivers, Ondo, Katsina, 17 others attract zero investment in 4 months

Lagos topped the list of states that attracted investments during the period under consideration.

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Ekiti, Jigawa, Abia, 10 others record no investment in 2019

About 21 states in Nigeria attracted zero investments in the last 4 months according to data from the Central Bank of Nigeria.

According to data, the following states, Rivers, Ondo, Edo, Sokoto, Oyo, Abia, and Anambra recorded zero capital importation in the last 4 months. Others are Adamawa, Bauchi, Benue, Borno, Cross River, Delta, Ebonyi, Enugu, Imo, Kastina, Kogi, Kwara, Osun, Oyo, Yobe, and Nassarawa states.

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This information is contained in the Capital importation report obtained from the Central Bank of Nigeria, CBN. The report also detailed the total amount of fresh investments attracted to the Nigerian economy during the period.

[READ MORE: States’ IGR hits N691 billion as Osun, others recorded biggest growth]

Note that most of the states that failed to attract investments during the period under review also failed to attract any investments in 2019. This means that it is either the necessary steps were not taken by the governments, or foreign investors could not find attraction in the states or the environments were simply not conducive for investment.

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Lagos outshines FCT, Niger, 5 other states

As expected, Lagos topped the list of states that attracted investments during the period under consideration. Lagos attracted the highest amount of $5.39 billion during the period. The investment inflow into the state represents over 87% of the $6.17 billion.

Lagos is followed by the Federal Capital Territory which attracted a total investment inflow of $754.01 million.

Niger State attracted a total investment inflow of $11.60 million. Sokoto State also attracted $2.50 million, while Kaduna State attracted the sum of $1.98 million and Ogun attracted $1.70 million.

Kano and Akwa Ibom states recorded investment inflow of about $700,000 and about $237,000 respectively among others.

The limited investment inflows into some of these states clearly indicate that the states are not really attractive to the investors, even before the pandemic. The Managing Partner, FA Consult, Peter Adebayo, explained that the nation’s economy is not attractive enough to pull investments to states that lack the desired viability.

“Most of the investors are scared of insurgencies in the country, though such is limited to some parts of the nation, except for the well-connected investors that are given special attention,” he said.

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Back story: Last March, Nairametrics reported that Ekiti, Kogi, Sokoto, Bayelsa, Ebonyi, Gombe, Jigawa, Abia, and five other state governments failed to attract investments in 2019.

Patricia
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