TheNewsGuru

Tag: Investors

  • Investors urge Apple to address youth addiction to iPhones

    Two large investors have urged the smartphone maker to take steps to address what they say is a growing problem of young people getting addicted to Apple’s iPhones.

    Apple Inc shareholders Jana Partners and the California State Teachers’ Retirement System, one of the nation’s largest public pension plans, delivered a letter to Apple on Saturday asking the company to consider developing software that would allow parents to limit children’s phone use, the Wall Street Journal reported earlier on Sunday.

    Jana, a leading activist shareholder, and CalSTRS, also asked Apple to study the impact of excessive phone use on mental health, according to the publication.

    CalSTRS and Apple did not immediately respond to requests for comment.

    Jana and CalSTRS together control about $2 billion worth of Apple shares, the Journal reports.

    The social rights issue is a new turn for Jana, which is known for pushing companies it invests in to make financial changes.

    However, the issue of phone addiction among young people has become a growing concern in the United States as parents report their children cannot give up their phones.

    CalSTRS and Jana worry that Apple’s reputation and stock could be hurt if it does not address those concerns, according to the Journal.

    Half of teenagers in the U.S. feel like they are addicted to their mobile phones and report feeling pressure to immediately respond to phone messages, according to a 2016 survey of children and their parents by Common Sense Media.

    The phone addiction issue got a high-profile boost from the former Disney child star Selena Gomez, 24, who said she canceled a 2016 world tour to go to therapy for depression and low self-esteem, feelings she linked to her addiction to social media and the mobile photo-sharing app Instagram.

     

  • Nigeria @57: TStv Africa debuts as FG grants operator, investors 3-year tax relief

    The Federal Government has granted a 3-year tax relief to the newly inaugurated Pay TV operator in the country, TStv Africa, as well as tax free dividends to all investors in the company.

    The Minister of Information and Culture, Alhaji Lai Mohammed, announced this on Sunday night in Abuja at a dinner to mark the official unveiling of the new company.

    TheNewsGuru.com reports TStv Africa is a wholly owned Nigerian Pay TV operator with refined offerings of novel Unclassified Pay Per View subscription and complimentary internet services.

    Mohammed, who performed the official unveiling of the new company and its products, said the tax reliefs were in line with the Pioneer Status recently granted to the Creative Industry by the federal government.

    The minister congratulated the Chief Executive Officer (CEO) of the company, Dr Bright Echefu, and his team for liberalising and breaking the monopoly of Pay TV in the country.

    “The important thing about what Echefu has done today is that he has redefined the pay per view television industry and from today that industry will never remain the same again.

    “What he has done is to democratise the media and entertainment industry and make it possible for even a peasant farmer to have access to the best entertainment and news in the world.

    “It is a great opportunity for me to be the one to unveil TStv because just like a Nigerian made history by crashing the cost of telephony in Nigeria, I am glad that another Nigerian is now coming forward to crash the cost of Pay TV,” he said.

    The minister commended the courage of the investor for coming from the Diaspora to invest in his country and for believing in the government’s seriousness about diversifying the economy.

    He said the company had also demonstrated that government alone could not do all things but needed the participation and synergy of the private sector.

    “I want to assure that this administration will continue to assist you and other investors in creating the enabling environment for businesses to grow,” he said.

    The minister said that the government was aware of the huge contributions of the creative industry to the nation’s economy and would continue to support the sector.

    However, he identified contents and the lack of objective audience measurement as major challenges that had retarded the growth of TV and advertising industries in the country.

    “With the liberalisation of the industry, content has become very key because content determines which channels are being watched and which are not.

    “Another major challenge is how to get an accurate measurement of which channel is being watched and which is not.

    “Kenya and South Africa are about one third of our population but they do much better in TV and radio advertisement than us because of their robust audience measurement,” he said.

    The minister announced that the National Broadcasting Commission and his ministry would organise a workshop on Nov. 28 to address the challenge of audience measurement.

    Earlier, Echefu said that TStv Africa, which had gone through a lot of challenges, was birth to liberalise PayTV in the country, make it affordable to every Nigerian with added values.

    He said for the first time, Nigerians could now enjoy Pay Per View because with TStv, “subscription runs as you watch and it has the facility to pause your subscription when you travel”.

    Echefu said that TStv for a start has 70 premium channels model with the cheapest pay-TV in Africa with maximum subscription fee of N3,000 only.

    He said as a fully Nigerian brand with consideration for the masses, TStv is not classified and it has a model that accommodate subscription as low as N200 as N500 for a period of time.

    The CEO said TStv came with PVR (Personal Video Recorder) Decoder which allowed viewers greater control over their viewing experience with functions like pause, rewind, forward, save and record of programmes of interest.

    Echefu said that once you subscribe to TStv, you will also get complimentary internet service, enabled Wi-Fi, as well as video calls and video conferencing services.

    “It has an array of amazing TV channels with premium entertainment, educative programmes that cut across all genres.

    “The genres included news, music, general entertainment, documentary, movies, religious, sports, health, kids, fashion and lifestyle that better define the uniqueness of Nigeria’s diverse culture and traditional values,” he said.

    The CEO said TStv which was modelled for Nigerians had come to stay, assuring that it would not fail and they would deliver on their promises.

    Guests at the ceremony were entertained with live performances by musicians and comedians.

    Among the dignitaries at the event were Gov. Akinwumi Ambode of Lagos represented by the Permanent Secretary, Lagos State Ministry of Information and Strategy, Mr Fola Adeyemi, and the Permanent Secretary, Federal Ministry of Information and Culture, MS Grace Gekpe.

    Others were the Director-General of National Orientation Agency, Dr Garba Abari; former Minister of Aviation, Femi Fani-Kayode; Nollywood actors including Emeka Ike, Adigwe Okafor, Zack Amata, Dr Opa Williams and Afeez Oyetoro aka Saka.

     

  • Investors abandoning their businesses over fear of being kidnapped – Dangote

    Investors abandoning their businesses over fear of being kidnapped – Dangote

    President of Dangote Group, Alhaji Aliko Dangote, has advised the government to tackle insecurity challenges in the country, particularly kidnapping, stressing that investors are now abandoning their businesses over fear of being kidnapped.

    Dangote made this revelationn at the ongoing Agric Expo and Conference, organised by Nigeria Agribusiness Group in collaboration with other private and public sector agencies.

    He was represented by Executive Director, Public Sector, Dangote Group, Mosul Ahmed, who spoke on ‘Challenges Facing Agribusiness Investors in Nigeria.’ He lamented the spate of kidnapping on the Kaduna-Abuja Expressway, which he said has made investors, who own commercial farms to practically abandon them for fear of being attacked or kidnapped.

    It will be recalled that kidnapping has been on the increase across the country, particularly the Kaduna-Abuja Expressway, forcing the Inspector General of Police, Mr Ibrahim Idris to deploy a large number of policemen on that axis.

    He said: “The security situation in the country is discouraging agribusiness investors. Most of the people that own large farms on the Kaduna-Abuja Road have abandoned their farms due to the menace of kidnapping.”

    He also lamented bottlenecks in access to land by agribusiness investors, which he traced to the Land Use Act, and cautioned that if the Act was not revisited, it will impede the expected and desired diversification of the economy.

    He therefore, advised that government at all levels should begin to work together, where necessary, on proactive approach, particularly on securing land for commercialised agriculture. He also accused governments at all levels of lack of cooperation and protection of investors in the agricultural sector, noting that there is no synergy on inter-governmental relationship for better performance and productivity by the sector.

    “Agriculture cannot thrive in this country, except there is cooperation between all the agencies of government. Inter-governmental cooperation is lacking in terms of galvanising the kind of support that investors need in the sector,” he stated.

     

  • Nigeria, profitable haven for investors – Osinbajo

    The Acting President, Prof. Yemi Osinbajo, has assured investors that Nigeria is one of the most profitable places in the ECOWAS sub-region for business and investment.

    Osinbajo said this while meeting the Foreign Minister of Indonesia, Mrs Retno Marsudi, at the Presidential Villa, Abuja.

    The meeting took place on Monday evening, according to a statement by the Senior Special Assistant on Media and Publicity to the acting president, Mr Laolu Akande, on Tuesday.

    According to Osinbajo, with its large population and size, “Nigeria has a prerequisite market for profitable returns on any investment and business.”

    Citing the success of Indomie noodles, one of the products by an Indonesian company in the Nigerian market, Osinbajo said “there is much room to increase the volume of trade between both countries”.

    “Nigeria is one of profitable places for business and investments because there is always market for them and government is creating a good and friendly environment for investment to thrive,” he stated.

    He urged Indonesia should take advantage of the on-going economic diversification process, especially in the agriculture sector, adding that Nigeria could be exporting agro-allied products to Indonesia.

    “About 10 days ago we signed Executive Orders for Ease of Doing Business; we have a 48-hour visa regime and all that; there is a friendly business environment,” the acting president assured.

    Earlier, the Foreign Minister of Indonesia said she came to the country with 200 business people and had visited Lagos as her country was ready to begin business relationship with Nigeria.

    Mrs Marsudi also solicited the establishment of Palm Oil Producing Council between Nigeria and Indonesia.

    She stressed that countries producing palm oil should work together to benefit maximally from the market.

  • Nokia continues decline, reports another loss

    Finland’s telecoms giant Nokia reported Thursday that it remained deep in the red at the start of the year, with sales in its main business, networks, on the decline.

    The company posted a loss of 488 million euros ($532 million) in the first quarter, an improvement from the 609 million euros a year earlier, prompting chief executive Rajeev Suri to say he believed in an “improving business momentum, even if some challenges remain”.

    Investors agreed with that assessment, sending Nokia’s share price more than three percent higher on the Helsinki stock exchange to 5.12 euros shortly after the opening.

    While the company’s overall sales declined by two percent to 5.38 billion euros, sales in its core networks business fell by six percent, to 4.9 billion euros.

    “We saw encouraging signs of stabilisation in mobile networks,” Suri told reporters in a conference call.

    The company is eyeing business opportunities offered by the “path to 5G roadmap”, Suri said, referring to the worldwide roll-out of the lightening-fast 5G mobile internet service that operators expect to begin by 2020.

    Once the world’s number one handset maker, Nokia transformed itself into a network equipment company and bought its hugely unprofitable French-American rival Alcatel-Lucent a year ago, sending the whole group’s results plunging into the red in 2016.

    The firm recorded a net loss of 766 million euros last year, which Suri said in a statement was a “year of transition.”

    But in fact the company has been going through a process of radical transformation for several years now.

    In 2013, it bought 50 percent of its network activities from Germany’s Siemens, and the following year it pulled out of mobile phones.

    It sold its mapping unit Here in 2015 and completed the deal late last year to buy Alcatel-Lucent, which had only recorded one year of annual profit since its inception in 2006.

    Nokia was the world’s top mobile phone maker between 1998 and 2011 but was overtaken by South Korean rival Samsung after failing to respond to the rapid rise of smartphones.

     

     

    AFP

  • Forex intervention: CBN sells $25m to investors, exporters

    T‎he Central Bank of Nigeria (CBN) on Tuesday commenced interventions in the new Investors and Exporters’ FX Window with the sale of 25million dollars to customers.

    The apex ‎bank’s spokesman, Mr Isaac Okorafor, in a statement in Abuja, said the window was established to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

    According to him, transactions under the new window include invisible transactions such as loan repayments, loan interest payments, Dividends, Income Remittances, Capital Repatriation and Management Service Fees.

    “Also eligible, are payment of Consultancy fees, Software subscription fees, Technology Transfer Agreements, Personal Home Remittances and other miscellaneous payments as detailed under Memorandum 15 of the CBN Foreign Exchange Manual.” ‎

    He said, however, it excludes international airlines ticket sales’ remittances.‎

    On the role of the apex bank in the new FX Window, Okorafor said the CBN would be a market participant at the window to promote liquidity and professional market conduct.

    Okorafor added that the ‎CBN had auctioned 150 million dollars to authorised dealers through the interbank wholesale window, however, only 96.37 million was taken.‎

    ‎Market reports in Abuja on Tuesday, revealed that the Naira sustained its value in the forex market, selling at N379 to the United States dollar.

     

  • Forex crisis: CBN creates additional window for investors, exporters

    Forex crisis: CBN creates additional window for investors, exporters

    The Central Bank of Nigeria (CBN) on Friday, as part of efforts to further boost liquidity in the forex market established a new Forex widow for investors and exporters.

    This was revealed in a circular signed by the ‎Bank’s Director in charge of Financial Markets, Dr Alvan Ikoku.

    Ikoku explained that the apex bank decided to open another window to cater for investors and exporters in order to facilitate timely execution and settlement of eligible transactions.

    Ikoku listed eligible transactions under the new window to include invisible transactions such as loan repayments, loan interest payments, Dividends, Income Remittances, Capital Repatriation, Management Service Fees and Consultancy fees.

    Also on the eligible list are Software subscription fees, Technology Transfer Agreements, Personal Home Remittances and other eligible transactions including ‘miscellaneous Payments’ as detailed under Memorandum 15 of the CBN Foreign Exchange Manual.

    Ikoku said the invisible transactions under this window excluded international airlines ticket sales’ remittances.

    He said that the window covered Bills for Collection and any other trade-related payment obligations, which are at the instance of the customer.

    Ikoku further clarified that the permitted invisible transactions and Bills for Collection were eligible to purchase foreign currency sourced from the CBN Forex window limited to Secondary Market Intervention Sales (SMIS) Wholesale, that is Spot and Forwards sales.

    “International airlines ticket sales’ remittances shall only be eligible to access the CBN FX window (SMIS-Retail and Wholesale)spot and forwards.

    “The supply of foreign currency to the window shall be through portfolio investors, exporters, authorised dealers and other parties with foreign currency to exchange to Naira.

    “The CBN shall also be a market participant at the window to promote liquidity and professional market conduct,” he said. ‎

    The CBN said participants at the new window would trade via telephone until appreciable progress is made with the FX trading systems on-boarding process, which is the FMDQ OTC Securities Exchange (FMDQ) Thomson Reuters FX Trading & Auction Systems.

    Ikoku advised authorised dealers to promote market transparency by encouraging their corporate clients to ensure the activities of the window are operated on the forex trading systems.‎

    As part of the operational requirements of the window, Ikoku said the exchange rates of the transactions in the window shall be as agreed between authorised dealers and their counterparties.

    He also said that the CBN reserved the right to intervene as a buyer or seller, as it deems fit, in the window, adding that information on transactions between authorised dealers would be reported to the CBN on a daily basis.

    TheNewsGuru.com recalls that the CBN had injected over 380 million dollars into several segment of the foreign exchange market this week alone with hope of improving FX liquidity in the market and firm up the value of the Naira.

  • FG approves N70m grant to 56 inventors

    FG approves N70m grant to 56 inventors

    The Federal Government on Tuesday said it has approved a seventy million naira (N70m) grant to 56 inventors across the country as a way of encouraging and facilitating the growth of their inventions.

    This was revealed in Abuja by the Minister of Science and Technology, Dr. Ogbonaya Onu.

    The minister said the grant was to empower the beneficiaries to improve, mass produce, commercialise their products as well as register and patent their products.

    “ Today, cheques will be given to 56 inventors as grant to local inventors to enable them improve and mass produce their inventions for use in Nigeria as well as for export to the international market.

    “Nigeria future depends on effective utilization of Science, Technology and Innovation (STI) as tools for the economic development of our dear country.

    “I therefore challenge you to continue to work hard so as to improve on your creativity, inventiveness and innovation in using this grant, he said.

    According to him, the level of funding will improve when the National Research and Innovation Council (NIRIC) is fully established and the National Research Innovation Fund (NIRIF) becomes operational.

    Onu thanked the 2016 Presidential Standing Committee on Innovations and Innovations (PSCII), grants for the critical selections of the 56 beneficiaries out of 400 interested inventors.

    Mr Ezekiel Izuogu, one of the inventors, who got the highest grant (N10 million), thanked the government for the grant given to indigenous inventors and innovators to improve their research work in the nation.

    He added that such assistant would go a long way to sustain national development and create employment in the country.

     

    NAN

  • Surging Bitcoin breaks through $1,000 barrier

    Surging Bitcoin breaks through $1,000 barrier

    ImageFile: Surging Bitcoin breaks through $1,000 barrier1The value of Bitcoin surged above $1,000 on Monday as the digital unit continues a dizzying rise that made it the best-performing currency of 2016.

    Its value has more than doubled in the last year and it was trading at around $1,024 in afternoon European trading on Monday, after breaking through the $1,000 mark on Sunday.

    It is now within reach of its historic high of more than $1,200 reached in 2013.

    Some analysts believe the rise in Bitcoin is due to some investors treating it as a safe-haven, like gold, at a time of global uncertainty.

    Others believe buying is being driven by speculative demand, with investors anticipating future rises and creating an unsustainable bubble.

    Bitcoin was launched in 2009 as a bit of encrypted software written by someone using the Japanese-sounding name Satoshi Nakamoto.

    Earlier this year secretive Australian entrepreneur Craig Wright said that he was the creator, but some have raised doubts over his claim.

    Supply of Bitcoin is limited and it trades in cyberspace. As well as being an investment for some, it is also used for illicit transactions beyond the reach of law enforcement for drugs or arms on the internet.

    Its value has fluctuated wildly since its creation, with news of a major Bitcoin theft by hackers in August sending its price plummeting by more than 20 percent.

    Unlike traditional currencies such as the dollar or the euro, which require the sponsorship of a central bank, Bitcoin is decentralised.

    Encrypted digital coins are created by supercomputers and then traded online or exchanged for goods and services by a network of users.