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Huawei Takes Dominance in China with a 42% Market Share

Inversk Review

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Local Market data shows that Huawei Technologies grasped a record of 42% of China’s smartphone market in the third quarter as local consumers rallied behind it after the United States sanctions. This is according to a report released by from research firm Canalys released on Wednesday.

The figures from Canalys also suggest that Huawei grew its smartphone sales in China by 66% year-on-year (YoY) for Q3 2019, compared to the 31% growth it reportedly enjoyed for the previous quarter.

Coming second place for the July-September period of 2019 was Vivo with 17.9%, followed by fellow BBK brand Oppo with 17.4%. Xiaomi and Apple completed the Top 5, while other brands saw 31% decline in sales on an yearly basis.

Nicole Peng, the Vice President of mobility at Canalys says that the July-September quarter marked the iPhone’s weakest sales in China in five years.

The giant tech in China was banned by the United Stes in May from conducting its businesses with American companies, which significantly injured its ability to source key parts.

Huawei was then granted an amnesty until November but the blacklisting pushed up patriotic purchases of its smartphones in China, thus aiding it more than offsets a shipments slump in the world market.

Nicole Peng also says that the dominant position of Huawei gives the creator a lot of control in negotiating with the supply chain and increase its presence among retailers

Huawei’s advantage is expected to grow because of the expected roll-out of the super-fast 5G network in China in the in coming months.

“Huawei is in a strong position to consolidate its dominance further amid 5G network rollout, given its tight operator relationships in 5G network deployment, and control over key components such as local network compatible 5G chipsets.This puts significant pressure on Oppo, Vivo and Xiaomi, which find it very hard to make any breakthrough.” Peng reported.

The market share of Oppo, Vivo, Xiaomi and Apple dropped largely from 64%, a year earlier,to 50%.

Apple is the only non-Chinese brand in the top 5 and this is due to the launch of the iPhone 11 lineup that was done at the end of the quarter year. the latest Apple phone is said to satisfy the Chinese desire for camera improvements. They were also able to get the iPhone at an attractive price thanks to a more flexible channel margin structure for local distribution.

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Banks

Co-Op Bank Profit Grows to Ksh 10.9B in Nine Months

Georgina Korir

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Cooperative Bank Group has reported a Ksh.10.9 billion profit for the third quarter in 2019 representing a 5.8 percent jump in earnings by the lender to the close of September.

The lender which is the third largest by assets in the region, said the growth was driven by its “soaring eagle” transformative agenda that has retooled and equipped the business with added competitive advantage.

The increased issuance of digital loans which serve to raise income derived from fees and commissions have played a major role in the growth in earnings by the bank. Digital loan issuance on MCo-op Cash is rising ahead of the bank’s traditional loan book to Ksh.27.6 billion as the lender’s non-funded income has surged forward by 33 percent to Ksh.14.1 billion

The group’s total operating income grew by 9% from KSh 32.3 billion to KSh 35.2 billion while its total assets grew 9% to KSh 440.8 billion compared to Ksh 404.2 billion in the same period last year.

Nevertheless, Co-op retained its likeness for the Treasury, a departure from observed exits by peers, to increase its investments in the portfolio by a further 13 percent to Ksh.94.6 billion from Ksh.83.2 billion last year.

In spite of the prolific growth of both net loans and advances to customers and deposits, Co-op’s net interest earnings slightly tumbled. While the lender has grown its neighborhood-based banking agents to 16,000, 90 percent of the bank’s customer transactions already sit outside branches.

As gross non-performing loans (NPLs) rose to Ksh.30 billion from Ksh.29 billion, the lender’s operating expenses picked up by a notable 11 percent on the back of higher loan loss provisions

The bank expects to keep by the diversification tune to strengthen its dominance on its core market segment encompassing retail banking and the cooperative movement.

Co-op Group Managing Director Gideon Muriuki reported that “the group continues to leverage on the benefits of the transformation agenda which has re-tooled and equipped the business with added competitive edge as reflected in the sustained growth in market share across all market segments.”

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Companies

Mumias Sugar Company Sacks All Employees Following the Receivership by KCB

Georgina Korir

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Just a month after the Mumias sugar company was placed under receivership by the Kenya Commercial Bank; all the employees working at the company have been sacked.

The company was placed under receivership by KCB owing to the numerous debts which the it owed the bank dating back to 1972. The company had borrowed Ksh10 million as loan from KCB and it took more between 1972 and 2014 which amounted to more than Ksh3 billion all together.

“Consequent to the company being placed in receivership, all employees’ contracts stand terminated from the date of receivership i.e. 20th September, 2019.” This, the company said in a letter dated November 5, 2019. The Mumias Sugar Company however said that all affected employees would be lawfully compensated.

“Any payment to the affected employees shall be dealt with in accordance with the provision of the law,” the letter read in part. New staff will be hired so as to keep the company operational and most of the priority will be given to the now former employees who have just been fired.

“Accordingly, the Receiver shall engage the services of any employee on a temporary basis on mutually agreeable terms until the time when the operations resume. Priority will however be given to the past employees while recruiting the staff on temporary basis until the time when the company’s operations are revived,” ended the letter.

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Apps

Optiven Group Launches Kenya’s Inaugural Real Estate App at an Event in Nairobi

Inversk Review

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Kenya’s leading land developer, Optiven group, on Friday morning launched the inaugural Real Estate mobile app in Kenya. The event which was held at the Hotel Fairmont The Norfolk in Nairobi’s CBD gathered hundreds of land owners and real estate enthusiasts including Optiven group clients. The launch was led by the company’s Chief, Mr. George Wachiuri.

The app, which has already been availed at play store will allow prospective land owners to access all their investments solutions from the company at the comfort of their hands.

User with android phones can download the app available on play store through this link while their IOS counterparts and those using personal computers can visit plots.optiven.co.ke.

The mobile app will allow one to view properties on offer (satellite photos, maps, topography and even track the development your projects in real-time from any part of the world), make project selection and proceed to check out.  No brokers, no paperwork, no hassle.

As a multiple award-winning property development pacesetter in East Africa, Optiven Group has over 20 years’ experience in the real estate market.

Alongside its head office in the capital, the company also has offices in South Africa as well as satellite branches in the US and Europe.

The company offers flexible payments for everyone. Where clients are allowed to pay property in installments in up to 24 months through cash, bank financing, Wave, MPESA, PoaPay.

Now through the mobile app, Optiven is allowing everyone to partner with them (as an affiliate) and earn a commission between $200 – $500. Registration of affiliate partners is done through this link.

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