BUSINESS : Fitch Affirms and Withdraws Grupo Famsa's Ratings

 

Fitch Ratings - Mexico City - 23 Dec 2020: Fitch Ratings has affirmed Grupo Famsa S.A.B. de C.V.'s Long-Term Local and Foreign Issuer Default Ratings (IDRs) at 'D' and Famsa's outstanding senior notes issuance at 'C'/'RR5'.

 In addition, Fitch has affirmed Famsa's Long-Term National Scale Rating at 'D(mex)' and the National Short-Term Rating at 'D(mex)'. Simultaneously, Fitch has withdrawn all Famsa's ratings.

Fitch has withdrawn Famsa's ratings for commercial reasons. Accordingly, the agency will no longer provide ratings or analytical coverage for Famsa.

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions,

 measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario 

(defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. 

The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from

 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings,

Famsa has an Environmental, Social and Corporate Governance (ESG) Relevance Score of '5' for Management Strategy due to the number of operational restructures that have occurred due to challenges the company has faced in implementing its strategy.

Famsa has an ESG Relevance Score of '5' for Financial Transparency due to a record of material differences from audited financial statements and the company's reported figures.

Famsa has an ESG Relevance Score of '4' for Governance Structure due to board effectiveness and ownership concentration, which has an unfavorable effect on the credit profile and is relevant to the rating in conjunction with other factors.

Famsa has an ESG Relevance Score of '4' for Group Structure as that the company presents a below-average transparency of related-party transactions. This has a negative effect on the credit profile and is relevant to the rating in conjunction with other factors.

Except for the matters discussed above, the highest level of ESG Credit Relevance, if present, is a Score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on our ESG Relevance Scores visit www.fitchratings.com/esg.

Following the withdrawal of the ratings for Grupo Famsa, Fitch will no longer be providing the associated ESG Relevance Scores.

BUSINESS : CBN to investigate scarcity of cash in ATMs in Lagos

 

The Central Bank of Nigeria (CBN) has promised to investigate the scarcity of funds witnessed by customers in most Automated Teller Machines (ATMs) in Lagos State.

According to a report from News Agency of Nigeria (NAN), this disclosure was made on Wednesday, by the CBN‘s Acting Director, Corporate Communications, Mr Osita Nwanisobi, who said that ATMs were introduced so as to ease the sufferings of the people.

This action by the apex bank is coming on the heels of complaints by customers that the proliferation of agent banking is responsible for ATMs not having money to dispense any more, as well as an alleged conspiracy between Nigerian banks and the CBN.

Nwanisobi has described the allegation of a conspiracy between the apex bank and commercial banks as preposterous insinuations.

The introduction of agent banking in the financial sector is to make financial services available to bank customers in all parts of the country, as well as boost the financial inclusion drive by the CBN.According to CBN, agent banking is the provision of financial services to customers by a third party (agent) on behalf of a licensed deposit-taking financial institution and/or mobile money operator.

Under an agency agreement between the financial institution, which may be a commercial bank, mobile money company, or primary mortgage institution, the agent conducts banking transactions on behalf of the bank or financial institution.

Technology : Google top search trends 2020, Coronavirus and the US elections top the list

 

With the coronavirus trending all year long, one could be forgiven for thinking nothing else happened in 2020 that wasn’t pandemic-related. 

However, as the Annual Year In Search 2020 report shows, many other things were entered into Google’s search engine. Users had questions and were interested in people,

 topics, places, artistes, and recipes, among other things.

Expectedly, the ‘coronavirus’ and the US elections were among the top searches. But the report also highlights searches for some topical issues – 

‘insomnia’, ‘how to become a teacher’, and ‘how to become a nurse’ – that recorded all-time highs.

The year also saw some popular searches displaced by others. Meanwhile, certain search choices have replaced others; 

searches for the ‘mask emoji’ exceeded those for the hug emoji, while ‘how to learn coding’ topped the trending list of things people considered learning.

Here is what defined the year in Nigeria under the ‘Questions’ category:

1. Who is the new president of the USA?
2. When is school resuming?
3. How to make hand sanitiser?
4. Who is George Floyd?
5. How to make a facemask?
6. Who is Joe Biden?
7. Who is Laycon?
8. How to make a cake?
9. Who is Aisha Yesufu?
10. How to make bread?

‘Who is the new president of the USA?’ probably topped the ‘Questions’ category in Nigeria because Donald Trump refused to concede defeat to Joe Biden, who topped the most-searched ‘People’ list in a similar trend.

With many countries locked down for most of the year, Nigeria inclusive, educational facilities were closed down.

However, though parents resorted to home-schooling and online classes during the lockdown, expectations are high regarding schools reopening.

Google search analysis shows a spike in searches for resumption date in September when the academic session usually begins. This came on the back of the Nigerian Federal Government announcing the first phase of easing the lockdown.

Having ‘how to make a facemask’ and ‘how to make hand sanitiser’ on the list isn’t strange either as these commodities’ prices skyrocketed, necessitating DIY options.

Other search results on this list rightly featured people from trends in the year like the #BlackLivesMatter (George Floyd), #EndSARS movement (Aisha Yesufu) and #BBNaija Lockdown Edition (Laycon).

Google included a category listing the top ten search results for people that passed on during the year. On January 26, the world was shocked by the deaths of Kobe Bryant and his 13-year-old daughter in a helicopter crash.

Nigerian reggae legend, Majek Fashek, also died mid-year at the age of 57 due to cancer.

The nation lost two famous politicians to COVID-19 — one-time Oyo State governor, Abiola Ajimobi; and former Chief of Staff to the president of Nigeria, Abba Kyari.

Other mentions include the sudden death of 39-year-old philanthropist, Ibidun Ighodalo; American rapper, King Von; ex-president of Ghana, Jerry Rawlings; and American actress, Naya Rivera.

Top searches

1. Coronavirus
2. US Election
3. Joe Biden
4. Google Classroom
5. ASUU
6. Zoom Live
7. Rema
8. Naira Marley
9. Rahama Sadau
10. Hushpuppi

The top searches reflect a predicted change in Internet culture: video conferencing.

Like 2019, ASUU made the list. Nigerian university lecturers have been on strike since February and are yet to reach a consensus with the government on when it will be called off.

Top people

1. Joe Biden
2. Rema
3. Naira Marley
4. Rahama Sadau
5. Hushpuppi
6. Laycon
7. Kamala Harris
8. Omah Lay
9. Maryam Sanda
10. Kai Havertz

Top Movies and TV shows

1. Money Heist
2. Big Brother Naija
3. Miracle in Cell No. 7
4. Ultimate Love
5. Mulan
6. The Old Guard
7. 365 Days
8. Citation
9. Danger Force
10. Extraction

Only one Nollywood movie — Citation — made the list having ranked sixth-most watched on Netflix soon after its release in November.

As has been the case for most years it aired, Big Brother Naija is on the list, but it dropped to number two after losing its top position from 2019 to Money Heist — Netflix’s Spanish drama series.

Top songs

1. Fem – Davido
2. Duduke – Simi
3. Bad – Xxxtentacion
4. Betty Butter – Mayorkun feat. Davido
5. Ginger me – Rema
6. Woman – Rema
7. Wonderful – Burna Boy
8. Abule – Patoranking
9. Tesumole – Naira Marley
10. Holy Ground – Davido feat. Nicki Minaj

With Olamide missing, other familiar mentions like Burna Boy, Davido, and Naira Marley retained their slots, while Rema made a debut.

For other categories and other data, visit Google’s Year in Search page.

In August, seven months after, Chadwick Boseman — Black Panther star — lost his battle with colon cancer.

SPORT : EPL , Dimitar Berbatov predicts winner of Arsenal vs Chelsea

 

A former Manchester United and Tottenham Hotspur striker, Dimitar Berbatov, has backed Arsenal to beat Chelsea on Boxing Day when both teams clash in the Premier League at Emirates Stadium.

Berbatov believes Arsenal can secure a shock victory over their London rivals Chelsea on Saturday evening at home, adding that the Gunners manager, Mikel Arteta, is still the right man to take the North London club forward.

Arsenal head to the game after losing 4-1 against Manchester City in the Carabao Cup quarter-final on Wednesday night, while Chelsea defeated West Ham 3-0 in the Premier League on Monday.

“Arsenal are in real trouble, but I still think Mikel Arteta can turn things around at the Emirates,” Berbatov told Betfair.

“Last week, I said Arteta deserved more time, but since then they suffered two more defeats – admittedly in difficult matches away to Everton in the Premier League and in last night’s Carabao Cup quarter-final against Manchester City.

“The Gunners are showing some fight on the pitch, but they are still not playing anywhere near the level demanded of them.

“Arteta is a young coach, and you could say he was lucky to get the opportunity to manage Arsenal.

“I support those kinds of appointments because I know how difficult it is for young coaches to get their chance to show what they can do.
“Arteta came to Arsenal at a difficult moment for the club, and he needs more time to turn it around.

“His old boss Pep Guardiola has said Arteta shouldn’t be fired and I’m not going to argue with Pep.”

“Arsenal needs to pick themselves up quickly for their big Boxing Day clash against Chelsea,” Berbatov added.

“I can see a surprise result here, with the Gunners winning. Their fortunes have to change at some point and a London derby, against the team they beat in last season’s FA Cup final, could give them the motivation to raise their game.”

SPORT : Pochettino’s new club revealed as former Tottenham manager gets 3-year deal

 

Former Tottenham Hotspur manager, Mauricio Pochettino, will become the new coach of Paris Saint-Germain.

Pochettino will sign a three-year contract that will see him remain at PSG until 2023.

The Argentine would replace Thomas Tuchel, who was sacked by PSG.

This was made known by respected sports journalist and transfer expert, Nicolo Schira.

Schira disclosed this in a tweet via his official Twitter account on Thursday.

“Done deal! Mauricio #Pochettino will be the new coach of #PSG. He will sign a contract until 2023. #transfers,” Schira tweeted.

 had earlier reported that PSG sacked Tuchel following the club’s 4-0 win over Racing Strasbourg on Wednesday.

SPORT : Leicester City vs Man United, Gary Neville names two irreplaceable players at Old Trafford

 

Manchester United legend, Gary Neville, has identified Bruno Fernandes and Harry Maguire as the two “irreplaceable players” at Old Trafford.

Neville said this ahead of Man United’s away Premier League clash with Leicester City at the King Power Stadium on Saturday.

Speaking on the Gary Neville Sky Sports podcast, Neville said: “They [Fernandes and Maguire] are the two players who I think are irreplaceable.

“Fernandes is irreplaceable. They are a way off without him. He’s a vital piece of the jigsaw.

“Maguire, I think, you would know if he was missing. My gut feeling is that they would miss him enormously.

“I know some people say he’s not the best defender in the league, that he’s not done brilliantly since he came for £80m, but he’s a big presence in the heart of the defence.

“He’s good on the ball, he’s composed, and he’s good in the air. He doesn’t make a lot of mistakes, sometimes he gets caught, but he’s a good centre back, a really good centre back and a big presence in that team.

“Him and Fernandes, I’m not sure they can [rest them] at this moment in time because Ole hasn’t got the luxury to lose a game, unfortunately.”

Fernandes joined Man United in 2020 from Sporting CP, while Maguire joined the Red Devils in 2019 from Leicester.

SPORT : Thomas Tuchel sacked as PSG manager

 

Paris Saint-Germain has sacked Thomas Tuchel as their manager.

The dismissal comes only four months after he led the French champions to the Champions League final, where they lost 1-0 to Bayern Munich.

Tuchel, 47, leaves the Parc des Princes after two-and-a-half years in charge.

The German won six trophies with the Ligue 1 outfit, including back-to-back league titles.

But Wednesday night’s 4-0 win over Strasbourg was the end of the road, despite PSG being third in the French league, just one point off top spot.

Before the game, Tuchel had given an interview in his homeland, in which he was quoted as saying he had, at times, felt more like “a sports politician or sports minister than a coach” during his tenure.

Former Tottenham Hotspur coach, Mauricio Pochettino, is now the top favourite for the role.