The Manufacturing Purchasing Managers’ Index (PMI), for the month of October, witnessed a contraction for the 6th consecutive month, as it stood at 49.4 index points.
This was disclosed by the Central Bank of Nigeria (CBN), in its October PMI report released today.
According to the information contained in the report, despite the fact that the Manufacturing Purchasing Managers’ Index (PMI) for the month of October contracted, the Manufacturing PMI index recorded a month-on-month increase owing to improved New orders, faster manufacturing supplier delivery time, and slight changes in production and employment levels.
What you should know
The report stated that, out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order:
- Electrical equipment
- Transportation equipment
- Printing & related support activities
- Chemical & pharmaceutical products
- Textile, apparel, leather & footwear
While the remaining 8 subsectors reported contraction (below 50% threshold) in the review month in the following order:
- Primary metal
- Petroleum & coal products,
- Paper products
- Fabricated metal products
- Furniture & related products
- Nonmetallic mineral products
- Plastics & rubber products
- Food, beverage & tobacco products
PMI for the non-manufacturing sector stood at 46.8 points in October 2020, indicating contraction in Nonmanufacturing PMI for the seventh consecutive month. Of the 17 sub-sectors surveyed, 3 subsectors reported growth, while 11 subsectors declined.
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Fidelity Bank notifies stakeholders on 2020 financial statement audit
Fidelity Bank has notified investors, the general public, and stakeholders of the commencement of its 2020 Annual Financial Statement audit.
In compliance with its corporate governance practice, Fidelity Bank Nigeria Plc has notified investors, the general public, and other relevant stakeholders of the commencement of its 2020 Annual Financial Statement audit.
This was announced through a notification signed by the bank’s Secretary, Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange market, as seen by Nairametrics.
What they are saying: A part of the recently released press statement reads thus: “This is to inform the Nigerian Stock Exchange (The Exchange) and the general public that the audit of Fidelity Bank Plc’s (the Bank) 2020 Annual Financial statements has commenced in line with the Bank’s corporate governance practice.”
What you should know: In lieu of the already outlined facts, the bank further posited that the trading window of its shares would be closed to all insiders from December 1, 2020, until 24 hours after the release of the bank’s audited statements for the year ended December 31, 2020.
What to expect: The bank, through its press release, revealed that upon the completion of the audit, the financial statements would be forwarded to the Central Bank of Nigeria for approval, and subsequently published in accordance with the Nigerian Stock Exchange Rule Book and other relevant laws.
Hence, the bank expects to publish its Audited Financial Statements for the year ended December 31, 2020, on or before March 31, 2021.
It’s highly speculative to deny the coronavirus started in China – WHO
The WHO has stated that it can not categorically say that the coronavirus disease did not emanate from China, where reports first emerged.
The World Health Organization (WHO) has stated that it would be highly speculative for the UN health agency to say that the coronavirus disease did not emanate from China, where it was first identified in a food market in December 2019.
According to a report from Reuters, this statement was made by WHO’s Executive Director, Mike Ryan, at a virtual briefing in Geneva, on Friday, November 27, 2020, after he was asked if the coronavirus disease could have emerged outside China.
China, which has tried to dispel the idea that the virus first originated in the country, is pushing a narrative through state media that the virus existed abroad before it was discovered in the central city of Wuhan, citing the presence of coronavirus on imported frozen food packaging and scientific papers.
It claimed that it had been circulating in Europe last year before it was later discovered in China.
Mike Ryan, at the briefing, said, “I think it’s highly speculative for us to say that the disease did not emerge in China. It is clear from a public health perspective that you start your investigations where the human cases first emerged. Evidence might then lead to other places.”
He still emphasized that the WHO intended to send researchers to the Wuhan food market to probe the virus’s origins further.
What you should know
In the wake of the outbreak of the coronavirus pandemic, the World Health Organization had constituted a team of experts to travel to China and work with their Chinese counterparts to identify the source of the virus.
The US government has been very critical of WHO as regards its handling of the health crisis, accusing them of being complicit and colluding with China in the mismanagement of the coronavirus pandemic.