INNS NEWS

Kayode Tokede
TheManaging Director,Champion BreweriesPlc,Dr. Inalegwu Adoga, yesterday reaffirmed the company’s plansto addressitsfree-float deficiencyon the Nigerian Exchange Limited (NGX)by issuing new shares to theinvesting public.
The key player in Nigeria’s brewing industry, according to a report has 3.58 per cent free float as against the minimum of 20 per cent of the issued and fully paid up shares for companies on the mainboard.
Speaking to the capital market community during its “Facts Behind the Figures” in Lagos,Adogastated that theinitiative is expected to bolster thecompany’s infrastructure and enhance its production capacity, enabling it to meet the growing demand for its products.
“However, to address free float deficiency, we have engaged with the NGX and through their kind consideration and support, we have been able to come up with a compliance plan which has a targeted timeline of Q1 2025 and within this period, we shall be engaging in share divestment to retail market by way of public offer.
“It will help us address the free float deficiency requirement, help us raise fresh capital for the business and help us fulfil our capacity to meet existing plans.” He added.
He noted that the company’s focus remains on delivering and returning value to shareholders through achieving increased profitability, driving operational efficiency and growth of its market share.
Heremarked on thecompany’s commitment to continuous improvement, saying, “Ournine months of2024 performance reflects our ability to adapt and grow in a challenging environment. We are confident that our investments in operational efficiency, renewable energy, and market expansion will position us for even greater success in the coming years.”
During the session, Champion Breweries reported a strong revenue growth of 68per cent, reachingN14.02 billion innine months2024, compared tonine ofmonths 2023.
Despite the macroeconomic challenges, including the impact of foreign exchange (FX) losses that resulted in a pre-tax profit ofN178 million, the Company remains resilient, having fully settled its foreign liabilities innine months of2024 to mitigate FX volatility moving forward.
TheChairman of the Board of Champion Breweries, Mr. Imo-Abasi Jacob,expressed confidence in the Company’s strategic direction, stating, “Champion Breweries has demonstrated resilience and commitment to its shareholders and stakeholders, despite the turbulent economic conditions.
“Our focus on operational efficiency, cost reduction, and market expansion reflects our determination to deliver sustainable value and growth. We are confident that with our renewed leadership and strategic initiatives, Champion will continue to thrive as a significant player in Nigeria’s beverage industry,”he said.
The event also highlighted thecompany’s new strategic direction under the core ownership of EnjoyCorp Limited, whose Managing Director, David Butler, also serves as a Director on Champion’s Board.
EnjoyCorp’s industry expertise and operational insights have driven transformative initiatives within Champion, with a focus on cost management, market expansion, and customer-centric innovations.
Butleradded thatChampionBreweries over the years has proven to be resilient and proven it can stand the test of time.
“Like all good businesses, it’s time for reinvestment, change and time for some aggression to go into a market that’s been dominated by some larger players for a very long period of time.,”Butleradded.
In his welcome address, Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka, said the Consumer goods companies have a significant presence on the Exchange with 21 listed companies including five in the beverage industry.
“Between 2020 and 2024, this sector generated N887 billion in trade value, accounting for 13 per cent of the N7 trillion traded across all sectors. NGX continues to support the beverage sector by providing a robust platform for capital raising, liquidity through equity listings, bonds and other asset classes, enabling companies to secure the capital necessary for growth.
“In 2024 alone, about, two of the listed companies embarked on raising substantial capital on the Exchange, totalling N1.18 trillion, which underscores our commitment of facilitating strategic expansion.
“Over the last year, the brewery sector paid N29.3 billion in dividends and N39 billion in taxes. These have contributed to government revenue, supporting essential public services, infrastructure development and driving broader economic growth.
“In the face of ongoing economic headwinds, we recognize and commend the efforts of Champion Breweries board and management, in enhancing operations, promoting business, continuity and restoring investors’ confidence.
Their dedication to these goals reflects resilience, adaptability that are essential in today’s market environment.”

On October 16, the 2024 Shaanxi Provincial Vocational Skills Competition officially kicked off in Xi’an. This event is organized by the Shaanxi Provincial Government, with support from the Department of Human Resources and Social Security of Shaanxi Province and the Xi’an Municipal Government.

The theme of this year’s competition is “Skills Achieve Dreams, Skills Prosper Shaanxi and Serve the Country.” The event adopts a unique format that combines competitions with exhibitions, focusing on the industrial development needs of Shaanxi Province. It covers six key sectors, including Manufacturing and Engineering Technology and Information and Communication Technology. A total of 20 competition categories have been selected based on principles of general applicability, broad representation, and industry leadership. These categories highlight advanced and representative skills within the industry, such as intelligent technology for new energy vehicles, mobile robotics, data security administration, as well as health and social care services.

Representatives from 12 teams, including participants from 11 cities and districts in Shaanxi Province and the Ali region of Tibet, competed, totaling over 400 contestants. Throughout the competition, additional activities such as a skills talent exhibition, performance displays showcasing unique techniques, and a symposium on cultivating high-skilled talents will be held, showcasing the latest achievements in vocational skills development in Shaanxi.

An official from the Shaanxi Provincial Department of Human Resources noted that the purpose of hosting this competition is to create a new platform for showcasing exceptional skills and facilitating skill exchanges among participants. The competition aims to broaden the pathways for talent selection, enhance the quality and efficacy of skill training, and serve as an opportunity to innovate the vocational training system. The department also intends to improve skill evaluation mechanisms, advance the reform of vocational schools, and inspire workers—especially the youth—to strive for excellence, learn from role models, and acquire hands-on skills to actively engage in the modern era of skilled craftsmanship. The goal is to become skilled artisans and contribute significantly to the high-quality development and modernization of Shaanxi.

Additionally, on the same afternoon, a “Skills Support for Tibet” agreement was signed between the Shaanxi Human Resources Department and the Administrative Office of the Ali region at the Xi’an Aerotropolis Convention and Exhibition Center. This agreement aims to address the actual demand for skilled talent in the Ali region, providing comprehensive support that includes the establishment of public training bases, skill training and evaluation support, partnerships between vocational schools, and the exchange of experiences in vocational skills competitions.

The 2024 Shaanxi Provincial Vocational Skills Competition lasts for three days, making it the highest-level, largest, and most influential provincial vocational skills event in the area.

Brazilian President Lula da Silva has unfortunately sustained an injury, resulting in a laceration to the back of his head that required stitches. As a result, he will not be attending the BRICS summit in Kazan, Russia, from October 22 to 24, where he was expected to meet with over 20 leaders from emerging economies. Doctors have advised him to avoid long flights, leading him to announce on October 20 that he will participate via video conference instead.

According to reports from the Sirio Libanes hospital in Brasília, the 78-year-old president suffered the injury on October 19 after falling at home. The injury involved a tear in the occipital region of his brain, along with minor bleeding. Dr. Roberto Kalil, Lula’s physician, revealed in an interview with GloboNews TV that the president’s fall caused a “significant” wound that required stitches and resulted in slight bleeding in the temporal lobe area.

The Brazilian government confirmed via social media that Foreign Minister Mauro Vieira will lead the delegation to the summit in place of President Lula.

The BRICS summit, initiated 15 years ago by Brazil, Russia, India, and China, has since expanded to include South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. This summit marks the largest gathering that President Putin will host in Russia since the outbreak of the Ukraine war, as he seeks to challenge Western dominance. Notable attendees are expected to include Chinese President Xi Jinping, Turkish President Recep Tayyip Erdoğan, and Indian Prime Minister Narendra Modi.

Donald Trump has refused to say if he would commit to a peaceful transfer of power should he lose the 5 November election, in an interview with Bloomberg News editor-in-chief John Micklethwait. He claimed there had been a peaceful transfer of power after the 2020 election, despite his supporters’ violent attack on the Capitol on 6 January. Trump also refused to say if he had talked to the Russian president, Vladimir Putin, since leaving office

US election live

Trump bizarrely claims Democrats want to ban cows and windows in buildings
Source: APTue 15 Oct 2024 17.22 EDTLast modified on Tue 15 Oct 2024 17.31 EDTShare

During a press conference held by the State Council Information Office on October 17, China’s Minister of Housing and Urban-Rural Development, Ni Hong, announced that by the end of the year, the credit limit for projects on the “white list” will be increased to 4 trillion yuan.

Since the beginning of this year, China has established a coordinated mechanism for real estate financing in cities, allowing compliant real estate projects to be included on the “white list” for financial support. Deputy Director of the National Financial Regulatory Administration, Xiao Yuanqi, added that conditions are now in place to include all commercial housing development loan projects on the “white list.” Going forward, any real estate projects that meet the “white list” criteria should be managed according to this system, ensuring that all eligible projects are included.

Xiao emphasized that commercial banks are expected to fully lend to projects on the “white list.” He highlighted the need to optimize the disbursement of loan funds to ensure that payments are made as early as possible. Currently, banks distribute loan funds to real estate project companies in batches based on construction progress, directly paying suppliers and contractors along the supply chain.

Looking ahead, Xiao indicated that, with proper coordination between banks and real estate project companies, banks could disburse all loans upfront to a regulated project fund account. Subsequent payments would then be made from this account based on actual expenditure requests, thereby expediting the funding timeline.

As of October 16, Xiao revealed that loans approved for “white list” real estate projects have already reached 2.23 trillion yuan. By the end of 2024, the amount of approved loans for these projects is expected to double, exceeding 4 trillion yuan. Relevant departments will continue to refine and enhance the financing mechanisms for “white list” real estate projects.

On October 17, 29 international students from nearly 20 countries, including Vietnam, Russia, Australia, Kazakhstan, and Morocco, took part in a walking event titled “Searching for the Poetic Jiangnan” in the picturesque Suzhou district of Li Li.

Walking along the cobblestone paths, holding oil-paper umbrellas, and dressed in traditional Hanfu, these students immersed themselves in the culture and charm of Jiangnan, reciting classical poetry and capturing the beauty of the region through their lenses. Lines such as “She who is fair, is on the other side of the water,” and “In the shade of ancient trees, a short boat is moored,” echoed through the historic water town as they sought to find deeper meaning within the poetic landscape.

“The culture of Jiangnan stands out distinctly within China’s rich tapestry of regional cultures,” noted the organizers. Throughout history, countless poets and scholars have penned timeless verses inspired by the area’s sublime scenery. Japanese student Ryuji Yamashita found a connection with the line “A lone red apricot blooms beyond the wall” as he stood in front of a closed café. “Being here is like stepping back in time; it’s such a romantic experience,” he shared.

Laotian student Han Yunduo captured the essence of “How deep the courtyard is” in one of the town’s gardens. As she wandered through the ancient streets with her peers, she recited poetry and reflected on the verses. “Even though we come from different countries and cultures, poetry allows us to appreciate the beauty of Jiangnan together,” she said, expressing her joy in interpreting not just the words but the emotions of the poets.

Then there’s Kyrgyz student Xunmeng, whose Chinese name means “seeking dreams.” She shared that her journey to China is driven by her ambition to become a translator. “I enjoy learning Chinese; each character holds unique significance, revealing the depth of China’s rich history and culture,” Xunmeng commented. This experience deepened her understanding of Jiangnan culture beyond the classroom. “Having studied poetry, experiencing Jiangnan’s bridges and flowing waters made me ponder why poets chose their specific words,” she remarked.

Meanwhile, Turkish student Mate donned Hanfu and recited poetry by Ouyang Xiu, earning compliments from classmates on his charismatic presence. “This must be what they mean by ‘A person fluent in literature has an inherent grace!'” Mate quipped. He came to China to study advanced technologies and remarked, “If you want to understand today’s China and its future, you must first appreciate its past.”

Kenyan student Philip enjoyed the warmth and friendliness of the local people while exploring the water town. “Many Chinese tourists greeted us, and some even wanted to take pictures together. I’ve made so many new friends, and I’ve expanded my social circle, which feels rewarding,” he shared. Despite having studied Chinese for only a short time, his spoken language skills were impressively fluent.

Peruvian student Yemmu continuously works to improve his Chinese through books, films, and music. “Learning Chinese is quite a challenge, but I’m committed to it,” he mentioned. He found Jiangnan’s water town reminiscent of Venice, leaving a lasting impression. “I plan to share the photos I took with my friends and family so they can also experience the beauty of Jiangnan,” he concluded.

During an interview, analysts expressed concerns about the turbulent state of Chinese stocks, indicating that profit-taking could persist in the market. China’s Finance Minister, Lan Fo’an, announced on October 12 that the government plans to issue more bonds to stimulate the housing market, support banks, and assist local governments. However, he did not provide the level of detail that investors had hoped for, leaving many eager for more clarity on forthcoming stimulus measures.

Investors had high expectations for a robust expansionary spending plan from Lan, but what was revealed fell short. He reassured that “our counter-cyclical adjustment measures will exceed what I have mentioned,” adding that discussions about further measures are underway. He acknowledged that the central government has significant room to expand its fiscal deficit and debt levels.

Lan mentioned that the government intends to issue bonds to allow local governments to purchase idle land from developers, as well as unsold housing units. Special purpose bonds will also be issued to bolster major banks’ capital, enabling them to lend more effectively, along with increased support for students and low-income families. He highlighted that relieving local governments’ debt burdens is one of the key focuses of the new spending initiatives, particularly since many localities rely heavily on real estate and related industries for fiscal revenue.

Economists at Moody’s noted that central government support for local entities could enhance spending and spur economic growth. However, without specific figures on fiscal stimulus measures, investors might wait until the scale of financial support is clear before making their moves. Senior officials have held a series of press conferences, indicating a “fundamental shift” in the Beijing authorities’ economic perspective. They acknowledged that although this process takes time, a change in confidence might already be emerging.

Experts estimate that China could require around 10 trillion yuan in spending over the next two years to restore economic prosperity, with a significant portion needed to support households and boost domestic demand.

While Lan has committed to providing more support for the housing market and hinted at expanding debt issuance to invigorate the economy, the lack of specific funding amounts and new consumer incentives has disappointed traders.

Investor sentiment is increasingly worried that Chinese stocks may face disappointing sell pressure. A Bloomberg survey conducted ahead of the press conference indicated that respondents expected authorities to potentially increase fiscal spending by up to 2 trillion yuan, encompassing subsidies, consumption vouchers, and financial support for families with children.

Investors were hoping for substantial fiscal stimulus measures to support a bullish trend in the stock market, but patience is wearing thin. Last week, the CSI 300 index fell by 3.3%, the largest weekly decline since July, although it remains up by 21% since the authorities announced stimulatory monetary policies on September 23. With increasing market volatility, the risk of a downturn in the bullish trend of Chinese stocks has amplified, possibly leading to greater selling pressure.

A director at Magellan Investments stated that “further fiscal stimulus measures are still under discussion,” indicating that the market might face additional profit-taking pressures in the meantime.

On Sunday, China released its Consumer Price Index (CPI) for September, showing a 0.4% year-over-year increase, which was below market expectations. The Producer Price Index (PPI), on the other hand, fell by 2.8%—a drop larger than economists’ forecasts—and marks the largest monthly decrease in six months, continuing a streak of declines for the 24th consecutive month. This weak inflation raises concerns for investors and underscores the necessity for the government to implement further policies to support the economy.

The recent surge in Chinese stocks has prompted firms like Goldman Sachs and BlackRock to consider upgrading their ratings on Chinese equities. However, Invesco and Morgan Stanley warn that the market has risen too quickly and too much.

Investors are gearing up for significant stimulus policy announcements in the coming weeks, especially from the National People’s Congress (NPC), to gauge new measures. The Ministry of Finance cannot announce specific bond issuance amounts until the NPC makes a final decision, with upcoming meetings anticipated in the next few weeks. Last October, the NPC approved new bond issuances and an increase in the deficit ratio.

Should Chinese authorities broaden their debt issuance, it may exert pressure on the bonds market and motivate a shift toward higher-risk investments. However, while an increase in bond supply could drain liquidity from the market, it also poses a dual threat to the stock market.

Today, October 17, marks the third day of the first phase of the Canton Fair. One of the major highlights of this year’s event is the dedicated area for energy storage products within the renewable energy pavilion, which now also features displays of hydrogen energy and other alternative energy products.

Reporter Wu Meimiao: Right now, I’m at the renewable energy hall, number 14.3, where 110 renewable energy companies are showcasing their products. There are many buyers from both domestic and international markets here, eager to learn more about photovoltaic products, lithium batteries, and other renewable energy items.

Enhanced Energy Storage Products with Broader Applications
This is a solar-powered water pump control system, generating electricity through solar panels and precisely controlling the water flow by adjusting the output frequency. In arid desert regions where water transport is challenging, solar energy can enable efficient irrigation and water supply. As a result, these products have gained popularity among clients from the Middle East, South Asia, and Central Africa.

Many exhibits at this Canton Fair have been updated and upgraded based on extensive research, better aligning with buyer needs. For instance, the capacities of energy storage inverters have increased dramatically, producing more electricity. Products that were once used in urban apartments can now be adapted for larger rural areas, backyards, and villas abroad. Additionally, applications are expanding from home-based green energy systems to hotels, shopping malls, and factories. Exhibits are also competing on factors like material flexibility, energy efficiency, and cost-effectiveness.

Emergency Charging Solutions for Electric Vehicles
Just like smartphones have power banks, electric vehicles now have portable charging solutions too. For example, this exhibit features a power bank equipped with omnidirectional wheels. The accompanying display showcases its practical applications: when an electric vehicle runs out of power and there’s no charging station nearby, this device can provide emergency power. It supports a high output of 5000W, providing approximately 30 kilometers of range after just one hour of charging. It can be charged using solar panels or standard household electricity, reaching full charge in about 70 minutes.

Currently, some emergency services in China are already utilizing these types of devices, and they have attracted inquiries and attention from over a hundred domestic and international buyers in recent days.

Hydrogen Energy Products Entering the Market
This bicycle looks like an ordinary bike, but it’s actually a hydrogen-powered bicycle. Its low-pressure, portable hydrogen tank assists with climbing and riding, allowing it to reach speeds of up to 20 kilometers per hour. Some shared bicycles in certain cities in China have already adopted this technology. Furthermore, the development of hydrogen fuel vehicles is underway, with several exhibitors at the fair showcasing cutting-edge hydrogen fuel cell engines.

These emerging industries and advanced products from Chinese manufacturers are garnering significant interest, inquiries, and purchase orders from buyers worldwide.

Domestic Electric Tricycles Gaining International Attention
Since the opening of this year’s Canton Fair, numerous buyers have visited the renewable energy sections, with electric tricycles particularly capturing the interest of international purchasers. As the global focus on green transportation intensifies, China’s electric tricycle industry is experiencing new opportunities.

In the electric vehicle and smart transportation exhibit section, electric tricycles attract many foreign buyers due to their convenience and eco-friendly characteristics.

Italian Buyer Marco Logrillo: Countries like Italy are currently looking for new transportation options, something more cost-effective. With a lack of taxis, electric tricycles can solve transportation issues at a lower price, and they are very easy to operate.

In response to the international market’s urgent demand for electric vehicles and tricycles, many exhibitors have brought new products to the fair.

As an important platform for foreign trade companies to “go global,” the Canton Fair has become the preferred venue for introducing new products. Here, these companies have secured numerous cooperative orders from international buyers.

Exhibitor Xing Hongyan: Our products for electric mobility are not just aimed at individual customers; we have established many partnerships already.

After cracking down on password sharing, expanding into ads and investing billions in live TV, group declares success
Callum Jones in New YorkThu 17 Oct 2024 16.45 EDTLast modified on Thu 17 Oct 2024 17.42 EDTShareNetflix expects to double its profits this quarter after the world’s largest streaming service added more than 5 million new subscribers this summer.
After cracking down on password sharing, introducing adverts to its service and investing billions in live TV, the group declared it had “delivered” on plans to shore up its business.
Hits including The Perfect Couple and Emily in Paris drew viewers to the platform in the last quarter. Netflix hopes a new season of Squid Game will bolster its audiences as the year draws to a close.
The company’s base of paying subscribers grew by 5.1 million to a record 282.7 million in the three months before 30 September. Revenue at Netflix rose 15% to $9.83bn, as net income increased 41% to $2.36bn.
Subscription growth did slow significantly, however, renewing questions about the trajectory of its vast base. Netflix added 9.3 million and 8.1 million customers in previous quarters this year.
As it attempts to shift investors’ attention away from the size and growth of its audience, the company forecast net income of $1.85bn during the current quarter – up from $938m in the same period last year.
British-made Netflix shows most popular on platform so far in 2024Read moreShares in Netflix rose 4.5% during out-of-hours trading.
“We’ve delivered on our plan to reaccelerate our business,” it said in a letter to shareholders. “As we look ahead to 2025, we’re focused on improving every aspect of our service and continuing to deliver healthy revenue and profit growth.”
Netflix, based in Los Gatos, California, pioneered the streaming revolution. Hollywood’s established giants, from Disney to Warner Bros, are still scrambling to catch up – and turn a profit on their own rival digital services.
A boom in subscribers early in the pandemic, with much of the world stuck at home, stuttered in 2022 as restrictions were lifted and viewers ventured beyond their sofas. But shares in Netflix have since rallied sharply as the company reassured Wall Street it was taking action to regain momentum.
It has also invested heavily in live broadcasting, striking a decade-long deal with World Wrestling Entertainment (WWE) and acquiring the rights for two NFL games on Christmas Day.
The platform is preparing to stream a fight between the YouTube star Jake Paul and boxer Mike Tyson next month. Last week, the company also announced plans for a live weekly talkshow, hosted by the comedian John Mulaney, to launch on its service next year.
Aside from maintaining the growth of its audience, Netflix is trying to ensure that existing customers stick around. The group assured investors that engagement was “healthy” on its platform, with “around two hours a day per paid membership on average”.

On October 9, the well-known Chinese Sichuan cuisine brand “Sichuan Marketplace” (Pepper Tavern) opened its first location in the United States with a grand ceremony in San Gabriel. The event was a vibrant celebration featuring lion dances, drum performances, singing, Sichuan opera face-changing, and a lively crowd. Among the notable attendees were San Gabriel Mayor John Wu, Arcadia City Councilmember Eileen Wang, former Los Angeles County Supervisor Michael D. Antonovich and his wife Hu Huiling, as well as various prominent figures from the Chinese-American community, including the chairman and supervisors of the Chinese American Federation.

During the festivities, restaurant owner Sherman Liu and founder Qi Chunhua were honored with congratulatory certificates from Mayor Wu. The San Gabriel location is not just a restaurant; it serves as a cultural bridge, showcasing the rich traditions of Sichuan cuisine in a modern context. The decor artfully blends modern urban elements with traditional Sichuan features, creating an inviting atmosphere that includes neon lights, classic Chinese lanterns, and a unique outdoor setting with palm trees typical of Los Angeles.

The restaurant’s signature dishes include spicy frog and fish, Chongqing spicy chicken, Leshan “sitting leg” beef, and Zigong explosive crispy dishes, all embodying authentic Sichuan flavors. Founder Qi Chunhua expressed his desire for each dish to not only provide a delightful taste but also convey a story about Sichuan’s local culture and traditions. Customers have responded enthusiastically, often expressing their lasting impressions of the distinctive flavors.

Qi Chunhua emphasized that the goal is to help Sichuan cuisine thrive in the U.S. while promoting cultural exchange through food. He believes that the unique flavors and cultural depth of Sichuan cuisine can attract diners from around the globe, including markets in Asia, Europe, and North America.

The Sichuan Marketplace employs a rigorous standardization management system, ensuring that ingredients are carefully sourced and that every dish is prepared uniformly to maintain consistent taste and quality. By integrating innovation with standardization, the restaurant is poised for rapid expansion. It also leverages digital and smart technologies to enhance the dining experience, using smart ordering systems and big data analysis to boost operational efficiency and offer personalized service.

Looking ahead, Sichuan Marketplace plans to open additional locations in cities like San Francisco, New York, Boston, Houston, and Chicago, aiming to establish a robust chain presence throughout North America.

Owner Sherman Liu warmly invites both old friends and new patrons to experience the bold, spicy flavors of Sichuan Marketplace, promising unexpected delights.

For those interested, Sichuan Marketplace can be contacted at 626-872-1179, located at 137 W. Valley Blvd, San Gabriel, CA 91776, next to the Hilton Plaza.