Nigerian state programs

The rise and fall of Bitcoin

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
THE great Sir Isaac Newton may have revolutionised our knowledge of the world but he still had his blind spots. He was sucked into the great mania of his day, the South Sea Bubble (pictured) and lost a lot of money. "I can calculate the motion of heavenly bodies but not the madness of people" he ruefully reflected. In retrospect, he should have pondered the popular saying that was used to define his law of gravity: "What goes up, must come down".Investors in Bitcoin are learning this old truth. The price of the cryptocurrency peaked last month at somewhere over $19,000 (there is a very wide spread, a problem in itself) but, at the time of writing (around 11am GMT), some exchanges now show a price below $10,000. Perhaps the best way of understanding bitcoin is through a model of how bubbles

The days of the A380 look numbered

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
ASK frequent flyers which is their favourite aircraft and most come up with the same answer: the A380 superjumbo made by Airbus, a giant European planemaker. Able to carry 525 passengers in a typical three-class layout, on two full-length decks, the aircraft still feels spacious, with wide aisles and plenty of headroom. Frequent flyers also admire the freshness of the cabin air, the lighting systems that are designed to reduce jet lag and the quietness of the cabin. “You can hardly hear it take off,” one fan recently told Gulliver. “And I can actually go to sleep on the plane unlike any other I’ve been on before.”But less than a decade after it carried its first paying passengers, the age of the superjumbo looks like coming to an end. When Airbus announced its plans to build the plane in 2

Seven-Up Minority shareholders agree to firm’s sale

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Minority shareholders of Seven-Up Bottling Company Plc on Thursday 11th January 2018 voted to sell their shares to the majority shareholder, Affelka S.A. for ₦21.4bn ($66.5 million). At a Court-Ordered Meeting in Lagos, shareholders approved the scheme of arrangement for the buyout. With the transfer of 26.8% minority shares to Affelka, the firm’s ownership of Seven-Up increases to 100%. The Scheme of Arrangement requires Affelka to pay minority shareholders of Seven-Up ₦125 Per Share for the remaining 171,542,574 million shares, a 22.6% premium to the last traded share price of the company on 9th January 2018, and a 27.6% premium to the price on 10th August 2017 which was the last business day prior to the date the initial proposal was received from Affelka. Chairman, Seven-Up Bottling Co

Affelka ups bid for Seven-Up

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Seven-Up Bottling Company Plc announced on Wednesday that Affelka S.A. (“Affelka”), the majority shareholder of the firm has raised its offer price to acquire the remaining shares of minority shareholders it does not already own at a cost of ₦21.4bn ($66.5 million) In a note sent to the Nigerian Stock Exchange (NSE), the soft drinks company said that Affelka has revised its offer upwards to ₦125 per share, from ₦112.70 (One hundred and twelve naira and seventy kobo) for the 171,542,574 million shares held by minority shareholders. The statement further said that the new proposed Scheme Consideration represents a 22.6% premium to the last traded share price of the company on 9th January 2018, and a 27.6% premium to the price on 10th August 2017 which was the last business day prior to the d

Bitcoin is no longer the only game in crypto-currency town

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
IT STARTED as a joke. Dogecoin was launched in 2013 as a bitcoin parody, using as its mascot a Japanese shiba inu dog, a popular internet meme. The crypto-currency was never really used, except for tipping online, and one of its founders has called it quits. But recently its price has soared: on January 7th the dollar value of all Dogecoins in circulation reached $2bn, a sign of how crazy crypto-currency markets have become. It is also a reminder that, for all the focus on bitcoin, it is no longer the only game in town. Its market capitalisation now amounts to only about one-third of the crypto-market (see chart).A new crypto-currency is born almost daily, often through an “initial coin offering” (ICO), a form of online crowdfunding. CoinMarketCap, a website, lists about 1,400 digital coin

As gyms hit peak season, the market does the splits

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
EVERY year, like clockwork, swathes of humanity go through the same routine. On December 26th and January 1st, as the fog of cheese, chocolate oranges and champagne lifts, remorse creeps in. Online searches for “get fit” and “lose weight” surge (see chart). Health clubs of all shapes and sizes stand ready to respond. “Intent typically takes seven to 14 days to turn into reality,” notes Humphrey Cobbold, chief executive of Pure Gym, Britain’s largest gym chain. So this week will be one of the busiest for the gym industry globally.There will be other ripple effects, too. According to recent data from...Continue readingPowered by WPeMatico

Turkish Airlines bounces back to growth

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
A LITTLE over a year ago, Gulliver gave a downbeat assessment of the prospects for Turkey's aviation sector. Having enjoyed a decade of uninterrupted growth of more than 10% a year, Turkish Airlines, the country’s flag-carrier, was grounding aircraft and closing routes amid growing unrest at home and violence across its border with Syria. Concerns about regional security were also making life difficult in the United Arab Emirates (UAE) and Qatar, two other countries that have built aviation empires by connecting far-flung parts of the globe through their hub airports. Yet whereas the Gulf carriers remain in the doldrums, Turkish is gaining altitude again.There had been just cause for concern about Turkey at the end of 2016. The year unleashed a failed military coup, a resultant purge of di

Bitcoin is no long the only game in crypto-currency town

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
IT STARTED as a joke. Dogecoin was launched in 2013 as a bitcoin parody, using as its mascot a Japanese shiba inu dog, a popular internet meme. The crypto-currency was never really used, except for tipping online, and one of its founders has called it quits. But recently its price has soared: on January 7th the dollar value of all Dogecoins in circulation reached $2bn, a sign of how crazy crypto-currency markets have become. It is also a reminder that, for all the focus on bitcoin, it is no longer the only game in town. Its market capitalisation now amounts to only about one-third of the crypto-market (see chart).A new crypto-currency is born almost daily, often through an “initial coin offering” (ICO), a form of online crowdfunding. CoinMarketCap, a website, lists about 1,400 digital coin

Having rescued recorded music, Spotify may upend the industry again

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
IN JUST a few short years Spotify has evolved from bête noir of some of the world’s most prominent recording artists to perhaps their greatest benefactor. The Swedish company transformed the way people listen to music, and got them used to paying for it again after digital piracy had crippled sales. Global revenues from music streaming, which Spotify dominates with 70m subscribers, more than tripled in three years, to an estimated $10.8bn last year, for the first time surpassing digital and physical sales of songs and albums.But if it is earning billions for others, Spotify is losing money for itself—with an operating loss of nearly $400m in 2016—because it pays out at least 70% of its revenues to the industry, mostly in royalties. As it prepares for a “direct” listing on the New York Stoc

Taiwanese bosses are the Chinese-speaking world’s oldest

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
DESPITE her father’s pleas, Cherry Liu refused to work for the family business, a small electronic-components company founded in 1979 on the outskirts of Taipei. A 34-year-old diamond dealer based in Sydney, Ms Liu says she is simply not passionate about gadgets such as circuit-breakers. Nor are her siblings. Her 64-year-old father cannot find a successor, but he will not even consider recruiting someone outside the family, she says. He fears that a newcomer might leave and take the family’s precious list of customers and suppliers with him.  Taiwan’s economic boom was fuelled by people like Ms Liu’s father, entrepreneurs who started from nothing to build successful family-run companies, many of which are now huge. These firms still dominate Taiwan’s export-reliant economy, which specialis