Category: Finance

Nigeria announces talks with Twitter, as Ecowas court bars government refrain on users

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Nigerian President Muhammadu Buhari has assembled a reconciliation team to lead negotiations with Twitter, more than two weeks after the American social media company’s operation was indefinitely suspended in the West African nation.

The move came about after Twitter wrote to the President “seeking to engage with the Federal Government over the suspension,” according to a statement on Tuesday.

The announcement also coincided with a ruling by West African regional bloc ECOWAS barring the Nigerian government from arresting and prosecuting Nigerians and corporate bodies for circumventing the Twitter ban.

Nigerian authorities had ordered federal prosecutors to commence legal action against violators of the ban after many Nigerians continued to send tweets using a virtual private network (VPN).

Twitter’s suspension and the planned government crackdown on users of the social media platform were swiftly challenged at a local court by a human rights body, SERAP.

SERAP and a group of journalists and non-governmental organizations also approached the ECOWAS Community Court of Justice in Nigeria’s capital Abuja, describing Twitter’s suspension as well as threats to prosecute Twitter users as “arbitrary” and “unjustified.”

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The team comprises of some of Buhari’s top ministers, including Minister of Information Lai Mohammed who accused Twitter of “double standards,” when he first announced the suspension.

In a ruling Tuesday, Justice Keikura Bangura of the ECOWAS Court ordered “the government of the Federal Republic of Nigeria and its agents to refrain from imposing sanction on any media house or harassing, intimidating, arresting and prosecuting the Applicants, concerned Nigerians for the use of Twitter and other social media platforms,” pending conclusion of the suit filed before the court by the applicants, according to a statement by the ECOWAS.

Justice Bangura, however, declined to direct Nigerian authorities to lift the Twitter ban, the statement added.

SERAP’s lawyer, Femi Falana, has described the ruling as “a timely relief for millions of Nigerians using Twitter who have been threatened with prosecution…”

Twitter’s suspension in Nigeria came two days after the microblogging company deleted a tweet by President Buhari that was widely perceived as offensive.

The Nigerian government has accused the social media firm of allowing its platform to be used “for activities that are capable of undermining Nigeria’s corporate existence.”

Warren Buffett resigns as Bill & Melinda Gates Foundation trustee

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Billionaire Warren Buffett on Wednesday announced that he has resigned as a trustee at the Bill & Melinda Gates Foundation. Buffett also donated $4.1 billion worth of Berkshire Hathaway shares to charity, reaching the halfway mark for donating all of his Berkshire shares as vowed. Bill and Melinda Gates had announced their divorce this May after 27 years of marriage.

“My goals are 100% in sync with those of the foundation,” said Buffett in a statement on Wednesday.“In June of 2006, I owned 474,998 “A” shares. Now, I own 238,624 shares, worth about $100 billion,” he said.“Please understand that these remarks are no swan song,” he added. “I still relish being on the field and carrying the ball.”“

My goals are 100% in sync with those of the foundation,” said Buffett in a statement on Wednesday.“In June of 2006, I owned 474,998 “A” shares. Now, I own 238,624 shares, worth about $100 billion,” he said.“Please understand that these remarks are no swan song,” he added. “I still relish being on the field and carrying the ball.”“

Today is a milestone for me,” said Buffett, Berkshire’s chairperson and CEO, “In 2006, I pledged to distribute all of my Berkshire Hathaway shares — more than 99% of my net worth — to philanthropy. With today’s $4.1 billion distribution, I’m halfway there.”Buffett announced that he will donate $4.1 billion worth of Berkshire Hathaway shares to five foundations.

Buffett said,

“The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”

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He said;

“My wealth remains almost entirely deployed in tax-paying businesses that I own through my Berkshire stockholdings, and Berkshire regularly reinvests earnings to further grow its output, employment, and earnings. The income I receive from other assets allows me to live as I wish.”

Over the past 15 years, Buffett has contributed over $27 billion of his own money to the Bill & Melinda Gates Foundation. Buffett has no involvement in the endowment’s investment decisions. Buffett and Bill Gates have been friends for a long time. Gates has also served on Berkshire’s board. Last year, he had announced that he would be stepping down from the post.

European Union investigates Google’s digital ad tech sector

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European Union regulators have launched a fresh antitrust investigation of Google, this time over whether the U.S. tech giant is stifling competition in digital advertising technology.

The European Commission said Tuesday that it has opened a formal investigation into whether Google violated the bloc’s competition rules by favoring its own online display advertising technology services at the expense of rival publishers, advertisers and advertising technology services.

The investigation underscores European concerns about Google’s dominance in the online advertising industry and whether it’s exploiting its data advantage to cement its position in the display ad market, which the EU estimates is worth 20 billion euros ($24 billion) annually.

Online display ads are the banners and text that show up on websites such as newspaper home pages and are personalized based on an internet user’s browsing history. Search ads, in contrast, appear alongside search engine results and are based on keywords that users are looking for.

competition by restricting access by third parties to user data for ad purposes on websites and apps.

Google said competition in online ads has made them more affordable and relevant, cut fees and and expanded options for publishers and advertisers.

“Thousands of European businesses use our advertising products to reach new customers and fund their websites every single day,” Google said in a prepared statement. “They choose them because they’re competitive and effective. We will continue to engage constructively with the European Commission to answer their questions and demonstrate the benefits of our products to European businesses and consumers.”

The investigation signals a renewed effort by Margrethe Vestager, the EU commission’s competition chief and executive vice president for digital, to rein in Google’s market power. She has already slapped Google with a total of 8.2 billion euros (now $9.7 billion) worth of fines in three separate antitrust cases. There was criticism, however, that the investigations took too long and the fines were not much of a deterrent because the company could easily afford them.

“Online advertising services are at the heart of how Google and publishers monetize their online services,” Vestager said. Google collects data to be used for targeted advertising while it also sells advertising space and acts as a middleman between online advertisers and publishers, she said.
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“We are concerned that Google has made it harder for rival online advertising services to compete in the so-called ad tech stack,” Vestager said.

The EU Commission said it was investigating the ways Google uses technology to broker display ad sales between online advertisers and publishers.

For one, officials are examining requirements to use Google’s in-house ad purchasing platforms to buy display ads on YouTube while rival services are potentially restricted in the way they can serve ads on the video sharing site. They’re also scrutinizing whether Google’s various ad platforms favor each other.

Another area the commission is looking at are restrictions Google puts on advertisers, publishers and competing ad brokers to access data about the identity and behavior of users that Google’s own ad services have access to. Such data can be used to tailor online ads to individual web users.

Also under the microscope are Google’s plans to phase out third-party browser “cookies” on Chrome and ad identifier tags on Android devices for users opting out of personalized advertising, as part of the company’s plan to beef up privacy measures. The commission is looking into how these plans will affect digital ad markets.

EU regulators have the power to impose penalties worth up to 10% of a company’s annual revenue. But it’s a small price to pay for wealthy tech companies like Google, which posted a $17.9 billion profit in its latest quarter, and the commission is turning to other methods beyond headline-grabbing fines.

Vestager has started using “interim measures” as a speedy way to halt anticompetitive behavior while investigations are carried out. She also has a lead role in updating the EU’s digital rulebook with measures aimed at reining in the tech giants and preventing them from cornering digital markets in the first place.

Indian Government Considers Regulating Crypto

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The Indian government has yet to introduce a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of the government re-evaluating the recommendations within the bill.

The New Indian Express reported Friday that top sources tracking the crypto industry told it that “the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify bitcoin as an asset class in India soon.” The publication further conveyed:

Market regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the cryptocurrency sector after bitcoin’s classification as an asset class.

The media previously reported that the Indian government will set up a panel of experts to come up with new recommendations to oversee the cryptocurrency industry in India. Sources informed the publication that an expert panel at the Ministry of Finance is working on formulating the country’s cryptocurrency policy. The publication further conveyed:

A cryptocurrency regulation bill is likely to be tabled in the Parliament during the Monsoon session.

The Monsoon session usually starts in July. However, last year, it did not start until September due to the coronavirus crisis. This year, the government expects the session to begin on its normal schedule.

Last week, India’s central bank, the Reserve Bank of India (RBI), issued a notice to banks regarding its April 2018 circular that banned financial institutions from providing services to crypto businesses and traders. The bank said that the circular is no longer valid per the supreme court ruling in March last year, emphasizing that banks cannot quote it when making decisions on cryptocurrency.

The central bank, however, reiterated that its position on bitcoin and other cryptocurrencies has not changed and it still has “major concerns,” RBI Governor Shakthikanta Das said, adding that they have been communicated to the finance ministry

Bezos Reclaims “World’s Richest” Title

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Jeff Bezos Reclaims The Richest Person Title After 2-Weeks At Being The Second Richest.

Two weeks after losing the title of the richest person in the world to LVMH chief Bernard Arnault, Amazon’s Jeff Bezos reclaimed the No. 1 spot on Thursday according to Forbes.

Amazon shares closed more than 2% higher, boosting Bezos’ net worth by $3.5 billion, while shares in Arnault’s luxury conglomerate LVMH slumped by nearly 1%, slashing $1.4 billion from his fortune.

Bezos’ net worth now stands at $193.5 billion, Forbes estimates, compared to Arnault’s $192.9 billion. It’s been a rollercoaster few weeks for the two titans, who have been trading the top spot back and forth.

On May 24 and 25, Arnault briefly passed Bezos before the markets opened in New York and Amazon shares rose, giving the Amazon founder the upper hand.

Then, on May 27, Arnault took the lead and held it for two weeks. Earlier this year, Bezos was locked in a two-week fight for the top spot with a different mogul: Tesla and SpaceX boss Elon Musk.

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Most of Bezos’ net worth is tied up in his Amazon shares he owns about 10% of the e-commerce giant in addition to an estimated $19 billion worth of cash and investments, $500 million in real estate, plus aerospace company Blue Origin and the Washington Post.

On Monday, Bezos announced that he would be on board Blue Origin’s first crewed space flight on July 20, accompanied by his younger brother Mark and a third seat reserved for the winner of an online auction scheduled to end on June 22.

As the richest person on Earth and soon one of the few billionaires to ever be in space Bezos has seen enormous gains in his personal wealth over the past two years.

Since the depths of the Covid induced market crash in March 2020, Bezos has gotten $80.5 billion richer. Arnault has gained a staggering $116.9 billion over that time period, while Musk has added $128.7 billion to his fortune.

Bezos briefly reached a record net worth of $200 billion twice in the past year, first in August 2020 and then again in late April.

G7 Disrupt Locals

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The G7 summit has “stolen” a week of the holiday season, according to some local business owners.

World leaders have come to Cornwall for the talks, along with their staff, journalists and protesters.

Despite the influx of people to St Ives and Falmouth, some businesses have said the impact has meant a loss in trade.

While others still hope “it will bring good things to Cornwall” and put the area “on the map going forward”.

The summit is taking place in Carbis Bay, near St Ives, with international media based 27 miles (43km) away in Falmouth.

Mark Martin, from the Cutty Sark pub opposite the International Media Centre in Falmouth, said the summit had “stolen a week of the holiday season”.

He said it was “hard to take” after what hospitality businesses had been through in the pandemic.

“They told us it would be minimal disruption – this was not the truth.”

Two doors along at the Five Degrees West pub, manager Jon Newton said: “This is the worst week of business since 12 April when we were allowed to open outdoors.

“It should have benefits for Cornwall and the town is looking the prettiest it has in a long time.

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“For Falmouth and St Ives this is a summer we need to recoup as much as we can – perhaps this is the wrong time to have it here.”

Owner Vicky Hancock said: “It’s nice to see Cornwall being talked about, and to see it in the news, but there has been an impact on our business.”

Similarly shops in St Ives, about 1.3 miles from Carbis Bay where the conference is being held, said their sales were down as a result of the train station being shut and bus routes being diverted.

However shop owner Matt Williams said despite a 75% drop in sales, he hoped the summit would put St Ives “on the map going forward”.

The 51-year-old, who owns Sands shop, said: “There’s obviously been a drop in sales because the visitors have been disrupted in what they’re doing, but I’m all in favour of the G7 as it goes and if it means things are difficult for a few days, it is what it is.”

Fellow business owner Colin Noall said: “There’s a lot of negativity towards the G7 but there’s also a lot of positivity towards it.”

Business has reduced “considerably” but “it will bring good things to Cornwall”, said the owner of Noall’s Emporium.

Some shops in the area have also closed early or temporarily as a result of the summit.

Jason Sims, the manager of J’s Sweets, said the shop had suffered about a 25% loss in sales compared to last month, but hoped “the long term effect will be good”.

“We can only hope the return is a positive boom for the economy and I hope our Prime Minister follows through on the things he’s promised for Cornwall.”

 

El Salvador officially approves Bitcoin as legal tender

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A majority of 62 out of 84 lawmakers approved the bill, which President Bukele proposed last week.

The cryptocurrency market grew to more than $2.5tn in mid-May 2020, according to the CoinMarketCap page [File:Reuters] The cryptocurrency market grew to more than $2.5tn in mid-May 2020, according to the CoinMarketCap page
9 Jun 2021

El Salvador has approved a proposal from President Nayib Bukele for a law to classify Bitcoin as legal tender, making the Central American nation the first in the world to do so.

Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad send remittances back home while saying the US dollar will also continue as legal tender.

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“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote.

He added that the use of Bitcoin, whose use will be optional, would not bring risks to users. Its use as legal tender will go into law in 90 days.

“The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,” Bukele said.

A majority of lawmakers voted in favour of the initiative late on Tuesday to create a law that will formally embrace the cryptocurrency, despite concern about the potential effect on El Salvador’s programme with the International Monetary Fund.

“The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote in the assembly.

 

British Fashion Brand Timbuktu Comes Under Fire For Trademarking “Yoruba

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Timbuktu Global trademarked the word “Yoruba” in 2015

A British fashion brand has come under criticism on social media for trademarking “Yoruba,” the name of an ethnic group in West Africa

Timbuktu, an outdoor clothing brand based in northern England, filed to trademark the word “Yoruba” in 2015, records from the UK’s Intellectual Property Office show.

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Although the registration sparked anger on Sunday when Gbemisola Isimi, the founder of CultureTree, an African cultural center in London, wrote that she had attempted to trademark “Yoruba Stars” and claimed she faced a opposition from Timbuktu due to its similarity to the phrase the company had registered.

In the United Kingdom, a proposed trademark can be challenged if it conflicts or bears similarity to one that was previously approved.

The Yoruba people are an ethnic group that inhabits western Africa, mainly the countries of Nigeria, Benin, and Togo. The Yoruba constitute around 35 million people in Africa. The vast majority of the Yoruba population is from Nigeria, where the Yoruba make up 15.5% of the country’s population, making them one of the largest ethnic groups in Africa.

‘Witnesses’ | Faith-based Film Enjoys a Massive Debut of Over $155K

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Witnesses is a film recounting the early days of the Church of Jesus Christ of Latter-Day Saints and the translation of the Book of Mormon. The movie is directed and edited by Mark Goodman and distributed by Purdie Distribution. Daniel and Deborah Peterson of the Interpreter Foundation serve as executive producers.

With more theaters reopening and film-goers slowly returning, life is being resuscitated into the specialty box office. This week we see a faith-based movie premiere banking serious dinero.

President of Purdie Distribution Brandon Purdie said “Witnesses is the most significant and ambitious film dealing with the early history of the Church and the translation of the Book of Mormon to ever be released on the big screen.”

At the very least, their efforts will have been written on money. Witnesses opened on around 90 screen to a weekend gross of $155K. That’s a per screen average of $1,722, a very solid showing given the last big faith-based movie to splash in the limited release space, The Girl Who Believes In Miracles (albeit during a different phase of the pandemic), averaged around $850 per screen in its debut.
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Continuing its specialty box office dominance from last week, Bố Già (Dad, I’m Sorry) still brought out viewers in its second week. The Vietnamese-language comedy-drama banked $200K on 38 screens (up from just 19 for its debut), bringing its per screen average to $5,263. Though it’s a dramatic 50%+ drop from its premiere’s weekend gross, the 3388 Films-distributed film is still performing respectably well for a small-market movie. If the Vietnamese blockbuster keeps this up, the film should easily cross the $1M mark in the coming weeks.

Do not sleep on this. Faith-based movies are taking over the industry, it’s an amazing industry to invest in and brands are already buying into the idea for partnerships.

ARKFLIX Launches Free Movie App

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International Faith-based Entertainment Streaming company, ARKFLIX @thearkflix which recently announced the Launching of its Christian-based Movie & Entertainment viewing platform across Africa, now offers FREE viewing for all on their new and rebranded ARKFLIX app now available for download on playstore for Androids phone users and on iOS Apple.

ARKFLIX is a faith based online streaming platform that allows consumers to view and stream high-definition movies, documentaries, TV shows via their computer, tablets, smart phones and smart TV’s.

The new and upgraded ARKFLIX app provides quality entertainment space for all ages & class without worry of harmful content.

Streaming on Arkflix

The ARKFLIX app is designed to offer a vast collection of different genres for subscribers to select from. The app collection is designed appropriately for everyone, particularly those who are interested in watching faith-based and inspirational movies, TV shows, kids educational content and documentaries.
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Speaking on the new app launch, ARKFLIX Africa Communications Team said:

“Africa is the next frontier in regard to digitalisation. Our extensive footprint, increasing customer base and significant experience in the region makes Africa a natural choice of focus for us”

ARKFLIX is also working to promote local content across Africa on its platform, citing the multi-billion dollar revenue-generating capacity of the famous Nollywood industry in West Africa & other entertainment industries in Africa.

To subscribe, go to www.arkflix.com

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