El Salvador’s President Nayib Bukele Reveals Country’s Bitcoin Investment is Currently in Profit

By

-

December 4, 2023

President of El Salvador Nayib Bukele has recently revealed that the country’s investment in Bitcoin is currently in profit. This is coming after the crypto asset hit a new all-time high of $41,000 this year.

Bukele further disclosed that with the current Bitcoin market price, if the country is to sell its Bitcoin investments, it would not only recover 100% of its investment but also make a profit of $ 3,620 277.13 USD. He however noted that there is no intention to resell, as it has never been the objective.

Speaking on this, he wrote on X,

“El Salvador’s Bitcoin investments are in the black! After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on Bitcoin’s market price at the time.

“With the current Bitcoin market price, if we were to sell our Bitcoin we would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD (as of this moment). Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy”.

The El Saldvador president also took a swipe at Naysayers whom according to him mocked him when the country’s Bitcoin investments were all in losses. He noted that the responsible thing for them to do, with the counrty’s recent profits, is to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit.

He wrote,

“Nonetheless, it is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses.

“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one. We’ll see… Stay tuned!”.

Several users on X, have lauded his move to make Bitcoin as a legal tender in El Salvador, stating that he has turned the country around and made the country the beacon that would eventually lead others countries to adopt Bitcoin.

Recall that on September 7th 2021, Bitcoin officially became legal tender in El Salvador, after the Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.

In October 2022, the use of bitcoin in El Salvador appeared to be on a low, after the currency lost about 60% of its value, since the experiment started amidst the country facing plummeting economic growth and a high deficit.

El Salvador’s debt-to-GDP ratio, a key metric used to compare what a country owes with what it generates was reported to hit nearly 87% in the same year, stoking fears that the nation isn’t equipped to settle its loan obligations.

Also, data from Bloomberg Economics revealed that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default.

Even as it retires some of its Outstanding debts, the country’s domestic and multilateral loan obligations was said to have posed a real threat, because the world’s biggest lenders were not wiling to give cash to a country betting its future on one of the most volatile assets on the planet (Bitcoin).

With El Salvador’s Bitcoin investment currently paying off, there are speculations that several countries might be considering making significant investments in Bitcoin, as the cryptocurrency has been predicted to continue on a bullish trend.

The Footballer and the Lessons on Success in Careers [video]

By

Ndubuisi Ekekwe

-

December 4, 2023

1

Note the #4 player. He missed a tackle (which is unfortunate) but he did not allow that to be the end of the story, as he ran all the way, outperforming all his teammates to tackle the ball carrier at the other end of the field, to prevent a touchdown (a goal in American football). The most successful people among us are NOT the most talented, but those with tenacity, perseverance and a winning attitude. The footballer demonstrated those as you watch the video.

That guy in your class does not study but he makes B+. If you try that, you make C. But because you study and study, you make A+. And if you use that process and attitude, you can outperform your intrinsic capabilities over time. And with that success will come.

Remember, the reason most companies would like to hire A+ students for jobs is not that A+ students are always smarter; rather, companies reason (statistically) that by the students making A+, they have demonstrated attributes which if they sustain at work, they will thrive. And those attributes include time management, not settling for A-, etc when a little more hard work can deliver A+.

In school, I was a certified bookworm because it never hurt to be over prepared! Yes, the process to a grade is more important than the grade itself! I would be better if I make C after putting in the best efforts than making B without the right attitude. Why? While a grade is not universal, processes to success are largely universal.

Note the #4 player. He missed a tackle (which is unfortunate) but he did not allow that to be the end of the story, as he ran all the way, outperforming all his teammates to tackle the ball carrier at the other end of the field, to prevent a touchdown (a goal in American… pic.twitter.com/YeCoVBmrV4

— Ndubuisi Ekekwe (@ndekekwe) December 4, 2023

The A+ Student And The Process of Success

Comment on Feed

Comment 1: Prof is simply alluding to the fact that making A+ grades while in school demonstrates attributes such as discipline, diligence, and hard work, hence the reason those A+ individuals get the nod or an edge over their peers with lesser grades.

Spotify Lays Off About 1,500 Employees to Reduce Costs in A Third Round of Job Cuts This Year

By

Ojukwu Emmanuel

-

December 4, 2023

0

Popular digital music streaming service Spotify, has laid off about 1,500 of its employees (17% of its headcount), in a third round of job cuts in less than a year, amidst rising capital costs.

In a letter to employees, Spotify CEO Daniel Ek said the company hired more workers in 2020 and 2021, noting that the downsizing of the workforce is crucial for the company to face the challenges ahead.

He also cited the slow economic growth and rising capital costs among reasons for the job cuts, stating that the firm took advantage of the lower-cost capital in 2020 and 2021 to invest significantly in the business.

In his words,

“By most metrics, we are more productive but less efficient. We need to be both. We debated making smaller reductions throughout 2024 and 2025. Yet considering the gap between our financial goal state and our current operational costs, I decided that a substantial action to rightsize our cots was the best option to accomplish our objectives”.

Spotify will start informing affected employees on Monday about its latest decision. Employees will get about five months of severance pay, vacation pay, and healthcare coverage for the severance period. Also, the company will offer immigration support to employees whose immigration status is connected with their employment.

Spotify’s recent layoff is occurring for the third time this year after it has let go several amounts of its workers. In January, the company announced the layoff of 6% of its workforce, roughly 600 employees.

Later in June, it announced the layoff of 200 workers from its podcast division. Spotify has generally prioritized growth over quarterly profits throughout its history, but reports disclose that investors have been increasingly pushing for profitability over the past year.

During an investor day event last year, Spotify CEO Daniel Ek said that he intends for Spotify to be profitable by 2024. Although the company posted a quarterly profit in its last earnings release, it reported losses of €462 million (around $502 million) in the first nine months of this year.

While Spotify has enjoyed robust growth over the past year, the company has become less efficient and has moved away from the resourcefulness that defined its early days.

In recent years, Spotify has invested more than a billion dollars to build up its podcast business and signed up celebrities such as Kim Kardashian, Prince Harry and his wife. As of September 2023, the music streaming service, had over 590 million monthly active users, including 226 million paying subscribers.

Spotify is available mostly in Europe, as well as Africa, America, Asia, and Oceania, with a total availability in 184 markets. Its users and subscribers are based largely in the US and Europe, jointly accounting for around 53% of users and 67% of revenue. The company hopes to reach a billion users by 2030.

Spotify on Monday announced its third round of layoffs this year. The Stockholm-based music streaming business said it would cut about 1,500 people, or 17% of its staff, across the company. Spotify has invested further into podcasts and audiobooks but has yet to reap the rewards of its expansion. “Economic growth has slowed dramatically and capital has become more expensive,” said CEO Daniel Ek. While the platform is the largest of its kind, it “has long struggled to be profitable because of the terms of licensing deals it has with record labels and music publishers,” according to The New York Times. Spotify also said Monday that those leaving would receive about five months of severance pay. Some Spotify employees affected by the layoffs are posting on LinkedIn, while other members below are offering help or advice. (LinkedIn News)

Spotify set to cut staff by around 17%

Spotify, the world’s leading music streaming service, announced today that it will reduce its global workforce by approximately 17%, affecting around 1,200 employees. The company said that the decision was made as part of a strategic restructuring plan to improve its profitability and competitiveness in the rapidly changing digital music market.

Spotify CEO Daniel Ek said in a statement that the layoffs were “a difficult but necessary step” to ensure the long-term sustainability and growth of the company. He added that Spotify would provide “generous severance packages” and “outplacement support” to the affected employees and thanked them for their contributions and dedication.

Spotify said that the restructuring plan would focus on streamlining its operations, optimizing its product portfolio, and investing in new technologies and markets. The company also said that it would continue to hire in strategic areas such as podcasting, content creation, and data science.

Spotify’s shares fell by 4.5% to €175.6 in early trading on Tuesday, following the news of the layoffs.

As part of a restructuring plan to improve its profitability and competitiveness. The company said the layoffs will affect mainly its marketing, sales and content teams, and will result in a one-time charge of €30 million in the fourth quarter of 2023. The news sent Spotify’s shares down by 4.5% to €175.6 on Tuesday morning, as investors reacted to the unexpected move and its implications for the company’s growth prospects.

Spotify, the world’s leading music streaming service, announced today that it will reduce its global workforce by approximately 17%, affecting around 1,200 employees across various departments and regions. The company said that the decision was made as part of a strategic restructuring plan to streamline its operations and focus on its core business and growth opportunities.

Spotify CEO Daniel Ek said in a statement: “We are grateful for the contributions of our talented and dedicated team members who have helped us build Spotify into the amazing platform that it is today. However, we also have to make some tough choices to ensure that we remain competitive and agile in a fast-changing and dynamic industry. This is why we have decided to implement a workforce reduction that will affect some of our colleagues around the world.”

Ek added that the company will provide severance packages and outplacement support to the affected employees, as well as career coaching and counseling services. He also said that the company will continue to invest in its product development, content acquisition, marketing and customer service, as well as in new markets and regions.

The restructuring plan is part of Spotify’s strategy to improve its profitability and competitiveness in the fast-growing music streaming industry. The company faces fierce competition from rivals such as Apple Music, Amazon Music and YouTube Music, as well as from emerging players such as TikTok and Clubhouse. Spotify also has to deal with high royalty payments to music labels and artists, which account for about 70% of its revenue.

By reducing its headcount and overhead costs, Spotify hopes to increase its operating margin and free cash flow, which will enable it to invest more in innovation and growth. The company also aims to diversify its revenue streams by offering more services and features to its users, such as podcasts, video, live audio and e-commerce.

Spotify has also been struggling to turn a profit, despite having over 365 million monthly active users and 165 million premium subscribers as of June 2021. The company reported a net loss of €20 million ($23 million) in the second quarter of 2023, compared to a net income of €1 million ($1.2 million) in the same period last year.

Spotify said that the workforce reduction will not affect its financial guidance for the third quarter and full year of 2021, which it will announce on October 28. The company expects to generate revenue of €2.31 billion to €2.51 billion ($2.7 billion to $2.9 billion) in the third quarter, and €9.11 billion to €9.51 billion ($10.6 billion to $11 billion) for the full year.

The Doctrine of Double Jeopardy

By

Stanley Alieke

-

December 4, 2023

0

Section 36(9&10) of the constitution of the Federal Republic of Nigeria, 1999 (as amended) stipulates thus;

“(9)No person who shows that he has been tried by any court of competent jurisdiction or tribunal for a criminal offense and either convicted or acquitted shall again be tried for that offense or for a criminal offense having the same ingredients as that offense save upon the order of a superior court.

(10) No person who shows that he has been pardoned for a criminal offense shall again be tried for that offense”.

There is this funny but crazy thing that Nigerian law enforcement agencies do, especially the Economic and Financial Crimes Commission (EFCC) and the State Security Services (SSS) whereby whenever they want to stress someone or whenever they want to punish someone thoroughly after the person has been prosecuted for a particular offense and the person was discharged, they may decide to file the same charge in a different court or duplicate the charges in a different. That is what is known as double jeopardy.

Double jeopardy is a famous legal principle In criminal jurisprudence. In its ordinary usage, double jeopardy connotes the unlawful procedure of subjecting a person to a trial on two separate occasions for the same offense. In law also, it’s close to the act of being prosecuted or tried twice for substantially the same offense.

Double jeopardy as a legal doctrine tends to protect individuals from being tried twice for the same offense after an acquittal or conviction. It prevents the government from subjecting individuals to multiple prosecutions for the same conduct. Therefore, it is a procedural defense available in criminal litigation for an accused and it prevents an accused person from being tried again on the same charges following an acquittal or conviction and in rare cases prosecutorial and/or judge misconduct in the same jurisdiction.

In the case of The Nigerian Army V Brig. Gen. Maude Aminun-kano (2010) LLJR-SC the court was of the opinion that punishing a person twice for the same offense will be a double jeopardy which has been prohibited by section 36(9 & 10) of the constitution of the federal republic of Nigeria.

The doctrine of double jeopardy which is a rule that tend to protect an individual from being tried twice all punished for the same offense has the conditions which must exist before an accused can successfully plead or raise this defense and these conditions include;

The accused person must have been earlier tried by a competent court of law;
The facts of the earlier case and the new one must be the same; and
The earlier trial must have resulted in the discharge, acquittal or some other form of punishment of the accused person.

Once these ingredients are found to be available an accused person must be quickly be discharged as the trial of him again for the second time will cause a great injustice to the accused.

Avoid Marriage Until You Have Money

By

Stanley Alieke

-

December 4, 2023

0

Today was another Saturday, Saturdays are days that have been earmarked as a marriage day in Nigeria and I can bet that there were hundreds (if not thousands) of couples that got wedded today.

Marriage is a beautiful institution; backed by God, backed by nature and almost all religions and cults support the idea of a man and woman legally joined to become husband and wife, but It is my personal opinion which is from an informed standpoint that, as a man in your twenties and even early thirties unless you are financially stable you should never think of marriage yet, you should instead look for money first, marriage can always wait.

Remember it like yesterday when I was in my early twenties, my parents were always reminding me that they got married while they were my age, I do remind them also that what was obtainable at that time when they got married is no longer the case now; things are more brutal now in every ramifications.

It is a big risk for a man who can barely feed himself to jump into marriage with the hope that maybe he will get blessed and his living conditions will improve once he gets married. I always hear the myth that once you marry doors will open for you, that even if you were poor and struggling, you’d become rich once you marry, the religious folks always back up this assertion with the Bible verse that says, “he that finds a wife finds a good thing and obtains favour from the Lord (Prov 18:22) but it is really a big gamble and big risk to take. Don’t get me wrong, I have seen it happen, I have seen people who are close to me who were once struggling blow up immediately after they got married although I cannot tell if the instant success was tied to the new marriage, I would love to believe so but it is a big gamble.

How dare you even think of getting married when you are still struggling hoping that God will bless you once you get married. Statistically speaking, after sex/infidelity, the next leading reason why there are troubles in many homes is poverty and lack of finances. When a man cannot take care of the financial responsibilities, love will wane from the wife and resentment enters. I can tell you for free that it is money that sustains love and it is money that sustains marriage, especially in Africa, forget whatever you are told, once there is no money in a home, there will be issues. As a man, once you are broke, your wife will resent you, your children will disrespect you, your in-laws will never regard you, and even your own family will treat you with utter disregard. This is why you should never dare think of marriage until you are self-sufficient and financially stable. As a man you have the advantage that even at the age of 40 or even 50 you can always get a wife in as much as you have the money. So why not wait, look for the money first and they get married later.

I’m tired of some of my married acquaintances asking me for handouts or complaining about how they are struggling to feed themselves and take care of their families but they are still making babies almost every year, giving birth to children with no hope of sustaining them. The one that pricks me the most are some of the folks I know that sometimes ask for loan or contribution for their wedding parties. If you cannot afford it, you do not need an elaborate wedding, cut your coat according to your size and don’t plunge yourself into debt just because you want to impress some bunch of strangers.

The moral lesson you should take away from this is; as a man do not think of marriage until you are financially stable, don’t bow to family or societal pressure, take your time and look for money first, when you have the money you can always settle down then, if you take a leap of faith and go into marriage poor thinking that you will survive it, you will likely suffer and your wife and children will resent you.

El Salvador’s President Nayib Bukele Reveals Country’s Bitcoin Investment is Currently in Profit

Like this: