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Facebook may be forced to sell Instagram, WhatsApp: READ WHY!

Femi Adeoya
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2
Facebook may be forced to sell Instagram, WhatsApp: READ WHY!

Facebook may be forced to sell Instagram, WhatsApp: READ WHY!

(Reuters) -Facebook Inc could be forced to sell its prized assets WhatsApp and Instagram after the U.S. Federal Trade Commission and nearly every U.S. state filed lawsuits against the social media company, saying it used a “buy or bury” strategy to snap up rivals and keep smaller competitors at bay.

With the filing of the twin lawsuits on Wednesday, Facebook becomes the second big tech company to face a major legal challenge this year after the U.S. Justice Department sued Alphabet Inc’s Google in October, accusing the $1 trillion company of using its market power to fend off rivals.

The lawsuits highlight the growing bipartisan consensus to hold Big Tech accountable for its business practices and mark a rare moment of agreement between the Trump administration and Democrats, some of whom have advocated breaking up both Google and Facebook. The complaints on Wednesday accuse Facebook of buying up rivals, focusing specifically on its previous acquisitions of photo-sharing app Instagram for $1 billion in 2012 and messaging app WhatsApp for $19 billion in 2014.

Federal and state regulators said the acquisitions should be unwound – a move that is likely to set off a long legal challenge as the deals were approved years earlier by the FTC.

“For nearly a decade, Facebook has used its dominance and monopoly power to crush smaller rivals, snuff out competition, all at the expense of everyday users,” said New York Attorney General Letitia James on behalf of the coalition of 46 states, Washington, D.C. and Guam. Alabama, Georgia, South Carolina and South Dakota did not participate in the lawsuit.

James said the company acquired rivals before they could threaten the company’s dominance.

Facebook’s general counsel Jennifer Newstead called the lawsuits “revisionist history” and said antitrust laws do not exist to punish “successful companies.” She said WhatsApp and Instagram have succeeded after Facebook invested billions of dollars in growing the apps.




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READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

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Naira strengthens, exchanges 478/$ in parallel market

Skytrend Consulting LTD
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1
Naira strengthens, exchanges 478/$ in parallel market

Naira strengthens, exchanges 478/$ in parallel market

The foreign exchange market closed on Wednesday December 9th, 2020 with Nigeria’s currency strengthened, exchanging N478 to the United States dollar.

The currency which had fallen to N483/$ on Tuesday firmed by 1.03 percent after banks commenced payment of Diaspora remittances in dollars to beneficiaries as directed by the Central Bank of Nigeria (CBN).

On November 30, the CBN said beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall have such inflows in foreign currency (US Dollar) through the designated bank of their choice.

The apex bank in a statement on the same day, signed by Ozoemena Nnaji, director of trade & exchange of CBN, said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their domiciliary account.

In compliance with the directive, banks issued notice to their customers saying they could walk into their branches to receive international money transfers in dollars.

Naira steadied at N480 to the dollar for the fifth time on Wednesday at the Bureau De Change (BDC) segment of the market.

Over 5,000 BDCs funded their accounts on Wednesday in anticipation for dollar disbursement by the CBN on Thursday.

At the Investors and Exporters (I&E) forex window, Naira appreciated by 0.08 percent as the dollar was quoted at N394.67 as against the last close of N395.00. Analysts at FSDH research said most participants maintained bids between N382.00 and N408.18 per dollar.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Economy in crisis: Nigeria to register 250,000 MSMEs for free

Femi Adeoya
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0
Economy in crisis: Nigeria to register 250,000 MSMEs for free

Economy in crisis: Nigeria to register 250,000 MSMEs for free

The Nigerian government says it would register 250,000 Micro, Small and Medium Scale Enterprises (MSMEs) for free as part of measures to tackle unemployment and empower youths in the country.

Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo, made this disclosure on Monday in Abuja at the Grand Finale of the 2020 Ugwumba Enterprise Challenge for young leaders’ business start-ups, organised by the Ugwumba Centre for Leadership Development in Africa.

Adebayo adds that youths remain a very significant part of any economy and Nigeria has a large youthful population, which are made up of creative, innovative, agile, and hardworking individuals with potential to become global leaders.

He said, “However, data from the Nigerian Bureau of Statistics show that youths make up 64 per cent of the total unemployed Nigerians. Partly as a result of this, many Nigerian youths, being ever-resilient, have directed their creative energy, ideas and innovations into establishing MSMEs.

“These now constitute about 96 per cent of the total number of enterprises, 50 per cent of National Gross Domestic Product and 70 per cent of the nation’s workforce.

“Right now, under the Economic Sustainability Plan, the government is funding registration for 250,000 MSMEs, which would be registered at zero cost. We are also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites across the country.”




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

CBN new policy fails to stabilize Naira, plunges to N480/$

Femi Adeoya
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0
CBN new policy fails to stabilize Naira, plunges to N480/$

CBN new policy fails to stabilize Naira, plunges to N480/$

Despite the Central Bank of Nigeria (CBN) relaxing its policy on foreign remittances and domiciliary accounts, the Naira plunged further to N480 compared to the United States Dollar on Monday December 7, 2020.

The currency which had closed at N475/$ on Friday, had earlier gained N20 and traded at N470/4 in the parallel market on Wednesday.following the CBN new policy on diaspora remittances.

The Apex bank said last week Monday that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now have such inflows in foreign currency (US Dollar) through the designated bank of their choice.

The Naira has been suffering intense depreciation and steady decline against the dollar at the black market in recent times due to dollar scarcity and speculative purchases.

Operators blame illegal activities by forex speculators for the sharp depreciation. Some traders also attribute the naira decline in value to increased demand due to speculation.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Economy in crisis: Nigeria begins payment of N30,000 grant to okada, taxi, bus drivers, others

Femi Adeoya
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4
Economy in crisis: Nigeria begins payment of N30,000 grant to okada, taxi, bus drivers, others

Economy in crisis: Nigeria begins payment of N30,000 grant to okada, taxi, bus drivers, others

The Nigerian Government has unveiled the transport support track under its MSME Survival Fund schemes which involve payment of N30,000 grant for artisans and transporters such as taxi drivers, motorcycle riders and operators of ride-hailing cabs such as Bolt and Uber.

The Spokesman for the Vice-President, Mr. Laolu Akande, said in a statement on Sunday that the new initiative is a component of the Survival Fund which is under the Federal Government’s Economic Sustainability Plan put in place to support small businesses and cushion the economic effects of the COVID-19 pandemic.

He said Nigerians should apply for grants through their registered associations such as the Nigerian Union of Road Transport Workers, Keke Riders’ Association, Okada Riders’ Associations and Unions, among others.

“The MSME Survival Fund, a component under the Nigerian Economic Sustainability Plan is designed to support vulnerable Micro Small and Medium Enterprises in meeting their payroll obligations and safeguard jobs in the MSMEs sector. The scheme is estimated to save not less than 1.3 million jobs across the country and specifically impact on over 35,000 individuals per state,” the statement read.

He explained that the Transport Track Fund would operate like the Artisans’ Support Track which was launched on October 1.

While verified Artisans have started receiving the N30,000 one-time grants, Nigerians operating in the transport business – including Rideshare drivers (Uber, Bolt, etc.), Taxi drivers, Bus drivers, Keke Napep riders, Okada riders, cart pushers etc., now have the opportunity to benefit from the scheme.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

NSE index plummets further by 0.25%

Skytrend Consulting LTD
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7
NSE index plummets further by 0.25%

NSE index plummets further by 0.25%

The All-Share Index (ASI) of the equity sector of the Nigerian Stock Exchange (NSE) plummeted further on Friday December 4, 2020 by 0.25%.

This, according to analysts may be due to negative market sentiments.

At the closed of transactions, ASI shed 87.88 absolute points, representing a decline of 0.25 per cent, to close at 34,968.94 points while the market capitalisation value also declined by N46 billion to close at N18.277 trillion.

The downtrend was driven by price depreciation in medium and large capitalised stocks – Guaranty Trust Bank, Flour Mills of Nigeria, Cadbury Nigeria, United Bank for Africa (UBA) and Zenith Bank.

Market sentiment, as measured by market breadth, was negative as 25 stocks declined relative to 13 gainers

The total volume of trades decreased by 21.5% to 289.394 million units, valued at N7.348 billion and exchanged in 4,878 deals.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Oil prices climb towards $50, highest in 9 months

Femi Adeoya
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1
Oil prices climb towards $50, highest in 9 months

Oil prices climb towards $50, highest in 9 months

Oil prices climbed their highest in 9 months, Friday evening, a day after the Organization of the Petroleum Exporting Countries plus (OPEC+) sealed a compromise deal over its oil production policy early next year.

The cartel agreed to ease their production output cuts next year more gradually than previously planned which is aimed at giving a fragile market more time to absorb the extra supply.

Brent crude, the international benchmark, spiked 1.13 percent to almost $50 per barrel, peaking at $49.25 a barrel – the highest since March 5, 2020, when it traded at N49.99, while WTI crude was up by 1.03 percent at $46.06.

This is good news for Nigeria as crude oil accounts for half of the government’s income and about 90 percent of Nigeria’s foreign exchange earnings.

The nation’s economy has continued to battle foreign exchange scarcity following plummeting crude oil prices in the international market caused by the COVID-19 pandemic.

Organization of the Petroleum Exporting Countries plus (OPEC+), a group of non-OPEC countries which export crude oil, yesterday agreed to ease oil-output cuts next year after almost a week of fraught negotiations that exposed a new rift at the heart of the cartel.

The group agreed to add 500,000 barrels a day of production to the market in January, and ministers will then hold monthly consultations to decide on the next steps.

That’s a much shorter time frame than OPEC+ usually operates under, and before this week the expectation had been that the group would hold off putting more oil onto the fragile market for another three months.

Although the OPEC+ group failed the deliver the most widely expected outcome—a three-month extension of the current level of cuts, the fact that the alliance managed to exit this week’s meeting whole and with some sort of a decision reassured the market that neither the alliance nor the cartel would be breaking, at least for the next month or so.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Naira falls again, hovering around N475/$ despite CBN new policy

Femi Adeoya
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3
Naira falls again, hovering around N475/$ despite CBN new policy

Naira falls again, hovering around N475/$ despite CBN new policy

The Nigeria’s Naira is hovering between N475 to N480 compared to the United States Dollar on Friday December 4, 2020, after losing N5 in value in 48 hours, following the initial gain.

The currency, which had closed at a four-year low of N510 on Monday, had firmed up and gained N20 on Tuesday December 1, 2020, exchanging for N490/$ after the CBN relaxed the policy on foreign remittances and domiciliary accounts.

On Wednesday, the naira gained a further N20 and traded at N470/4 in the parallel market.

The Central Bank of Nigeria (CBN) said on Monday that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now have such inflows in foreign currency (US Dollar) through the designated bank of their choice.

The apex bank in a statement signed by O.S. Nnaji, director of trade & exchange of CBN, said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their domiciliary account.

The CBN statement reads, “these changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria”.

The Naira has been suffering intense depreciation and steady decline against the dollar at the black market in recent times due to dollar scarcity and speculative purchases.

Operators blame illegal activities by forex speculators for the sharp depreciation. Some traders also attribute the naira decline in value to increased demand due to speculation.

SKYTREND CONSULTING recalls that the forex market has been under intense pressure since March 2020 following a sharp drop in oil pricess as a result of the Covid 19 pandemic.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Economy in crisis: Arik Air fires 300 workers

Femi Adeoya
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5
Economy in crisis: Arik Air fires 300 workers

Economy in crisis: Arik Air fires 300 workers

The management of Arik Air has fired 300 members of staff with immediate effect.

This was announced in a statement by the airline on Friday.

It blamed the sacking on the impact of COVID-19 pandemic.

The press statement was titled, “Arik Air management declares 300 staff redundant”.

The company explained that a redundancy package would be provided for the affected workers with the help of the aviation unions.

See Statement from Arik Air:

“Arising from the devastating impact of the COVID-19 pandemic, leading to the constrained ability of the airline to complete heavy maintenance activities and return its planes to operations, stunted revenues against increasing operational costs, the management of Arik Air (In Receivership) has declared 300 staff members redundant to its current level of operations.

“The leadership of the impacted unions has been contacted to negotiate a redundancy package for the affected staff.”




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Nigeria targets transport operators in its survival fund for small businesses

Femi Adeoya
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1
Nigeria targets transport operators in its survival fund for small businesses

Nigeria targets transport operators in its survival fund for small businesses

The Federal Government has said its Micro, Small and Medium Enterprise survival fund for the transport sector will benefit 4,500 transport businesses in each state across the federation.

The Managing Director, Bank of Industry, Kayode Pitan, said this at the launch of the transport sector track of the scheme in Lagos on Monday.

He said the transport fund was available to transporters driving buses, taxis, tricycles, motorcycles or in any other kind of transport business.

“This fund is for people whose transport businesses have been affected by the pandemic and the Federal Government would be disbursing N30,000 grant to 330,000 self employed people in the country,” he said.

He said the Federal Government had plans to support over 330,000 self-employed people that had been affected by the pandemic with this scheme.

“We will be working with the unions and we are also using this medium to encourage their members to apply for the fund as it would be on first come, first serve basis,” he said.

He said to qualify for the fund, transporters must be Nigerians with a verifiable Bank Verification Number; must be registered with a transport association, and self-employed in the transport business.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

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