Business
Japan Display Plans $4 Billion IPO
TOKYO — Japan Display Inc., the world’s biggest maker of displays for smartphones and a key Apple Inc. AAPL -0.33% supplier, is aiming to raise up to $4 billion in what would be Asia’s biggest initial public offering so far this year.
The move, if successful, would represent a rare turnaround for Japan’s manufacturing industry, which has been battered by the rise of Chinese and South Korean rivals.
The company has thrived by taking advantage of its manufacturing scale and focusing its resources on small and medium-size displays, despite earlier criticism that Tokyo was throwing good money after bad when it helped set up the firm in 2012.
Japan Display was formed from the loss-making liquid crystal display units of Hitachi Ltd. 6501.TO -1.77% , Toshiba Corp. 6502.TO -0.24% and Sony Corp. 6758.TO -1.50% , with a Japanese government-backed fund pouring $2 billion into the combined entity.
In addition to making displays for Apple’s iPhone 5s and iPhone 5C, Japan Display’s client list includes other top U.S. and Asian smartphone makers, according to people in the industry.
The display maker on Friday gave the first concrete numbers on its lucrative business supplying Apple, saying that the U.S. company accounts for nearly a third of its revenue.
Apple representatives in Tokyo couldn’t immediately be reached for comment.
Japan Display grabbed a top share of 17% in the global market for small and medium-size LCD panels by value of goods shipped last year, according to estimates by research firm NPD DisplaySearch.
Japan Display said Friday it would offer up to 158 million new shares in the IPO. That could raise ¥170 billion or about $1.7 billion. The company intends to use the money to boost its production capacity and to develop new technologies. In addition, the current shareholders will unload part of their stakes, bringing the total IPO value to an estimated $4 billion.
While Japanese companies have lost out to Asian rivals in producing the panels that go into big televisions, Japan Display and Osaka-based Sharp Corp. 6753.TO -1.91% have maintained their technological edge in making high-resolution smaller displays.
The Japanese companies have proved skillful in improving the energy efficiency of their screens—allowing Apple to boast of longer battery life—and in helping smartphone makers make their devices thinner. Japan Display integrated touch sensors into its liquid crystal display, eliminating the need for a separate touch-screen layer.
The technological lead for Japanese makers has increased especially after Apple’s iPhone 5 came out, said Hiroshi Hayase, a Tokyo-based analyst for NPD DisplaySearch.
Still, analysts say rivals such as Samsung Electronics Co. 005930.SE +0.23% and Taiwan’s AU Optronics Corp. 2409.TW +0.43% are quickly catching up, and display prices are coming down.
“The commoditization of smartphones is already starting. It’s uncertain whether Japanese companies can make the kind of investment needed to maintain their edge in technology as prices go down,” Mr. Hayase said.
People involved in the deal said they expected solid demand for Japan Display shares, in part because investors are reassured that the company is backed by government money. Innovation Network Corp. of Japan, a government-backed investment fund, currently holds about 70% of Japan Display, while Sony, Toshiba and Hitachi hold a little less than 10% each.
For the nine months through December, the company booked revenue of ¥483 billion, or just under $5 billion, of which 32% was from Apple orders. That was slightly higher than the revenue it brought in during the entire year ended March 2013. Japan Display said it made a small profit in the year ended March 2013, but didn’t give profit figures for the current fiscal year.
The IPO would be Japan’s largest since the $8.5 billion offering in 2012 for shares of Japan Airlines Co., which relisted in Tokyo after a bankruptcy filing. The final offering price for Japan Display is set to be announced March 10.
Japanese shares have slumped 12% this year following a stellar rise in 2013 on the back of investor hopes for Prime Minister Shinzo Abe’s policies to galvanize the economy. Still, bankers say the country’s broader environment for financing remains strong.
On Friday, Hitachi Ltd. said it would relist a battery and projector subsidiary, Hitachi Maxell Ltd., in an IPO worth about $750 million. The electronics conglomerate had made Hitachi Maxell a wholly owned subsidiary in 2010 after the unit suffered steady losses. But as Hitachi Maxell’s earnings recovered, the parent decided to relist its shares.
– WALLSTREET JOURNAL
Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Company Limited (NNPC Ltd) and CNL, has expressed commitment to providing a seamless and inclusive experience for all applicants participating in the selection tests for its available job opportunities.
According to the General Manager, Policy, Government and Public Affairs, at CNL, Olusoga Oduselu, the company strategically achieves this by leveraging reputable organizations and technology.
Biztellers reports that the CNL retained Dragnet Solutions Limited (DSL), a provider of online assessment services with relevant expertise, to administer aptitude tests to candidates for its available job opportunities.
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Olusoga explained that the online assessments allow candidates to participate from various locations to save time and promote inclusivity for candidates who are constrained to participate in physical assessments.
He maintained that this strategy “provides equal opportunities for all candidates, including those with disabilities.”
According to Oduselu, the CNL was aware of some complaints of challenges by some candidates during their scheduled test period. To address these challenges, CNL engaged with DSL and deployed repeat tests for those who complained of technical hitches during the tests and those who could not participate in their scheduled tests.
“All isolated cases of system glitches have been addressed by our consultant, and the transparent, all-inclusive recruitment process continues. The applicants and our various stakeholders have commended this act of goodwill,” he stated.
The CNL’s recruitment process, including assessment, is transparent and fair and provides equal opportunity for all qualified candidates to compete for available job opportunities.
He added that the CNL assures its stakeholders that its recruitment process uses appropriate technology and complies with applicable laws and regulatory requirements.
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.
A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.
The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).
In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.
According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”
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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.
“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”
It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”
In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.
“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.
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