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Singapore Accounts For A Whopping 15% of Nvidia’s Revenue For Third Quarter Result of 2023

By
Ojukwu Emmanuel
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0

A recent report has revealed that Singapore accounted for a whopping 15% ($ 2.7 billion) of Nvidia’s revenue for the third quarter (Q3) of 2023, which ended October.

Revenue from the island country in SouthEast Asia, in the third quarter, soared by 404%, from the $562 million in revenue recorded in the same period a year ago. This reportedly outpaced Nvidia’s overall revenue growth of 205.5% from a year ago.

Singapore trailed behind the United States (34.77%), Taiwan (23.91%), and China (22.24%) in Nvidia’s third-quarter sales rankings.

Analyst at Maybank Securities, Jarick Seet, stated that Singapore accounted for a significant part of Nvidia’s third quarter result because the country has quite a lot of data centers and cloud service providers.

Also speaking on this, former Executive at Global Investa Capital (GIC), Sang Shin, via a LinkedIn post said that the ongoing establishment of data centers in Singapore was what saw it account for a significant portion of Nvidia’s revenue.

He wrote,

“Woah! A whopping 15% of Nvidia’s global revenues came from SG, what’s a tiny city-state doing w/all those chips? Building data centers, of course! But why in a hot environment with no land to spare? Because the nation is stable and secure, there is a lot of talent, the digital infrastructure is solid, and the government policies are conducive to digital and data services. That’s why.

“This Nvidia financial statement is proof to me that Singapore is correctly pivoting away from what worked so well for it the past 50 years into a new digital world that will work well for it in the next 50 years”.

Citi analysts in a report written in November 2023, disclosed that in Singapore, a certain consumer Internet company purchased data center solutions in Q3, further noting that the country is also a growing area of specialized CSPs standing up data centers in the region.

Singapore is placed strategically in the heart of South East Asia, which has been a key driver of its data center boom and allows the country to act as a digital bridge between the East and West. This central location ensures data centers in Singapore can serve a wide range of countries efficiently, making it an ideal hub for businesses aiming to expand their services in the region.

As of January 2022, there were more than 70 operational data centers in Singapore. Tech giant company, Google, already has three data centers in Singapore.

The island country in Southeast Asia emerged third globally and first in the Asia Pacific in terms of data center marker rankings. Analysts predict that the demand for Data centers in Singapore will remain high with the rapid growth of digital apps, e-commerce, internet of things, artificial intelligence, cryptotrading, blockchain activities, online gaming, etc.

At a regional level, data centers across Asia Pacific are growing in scale, and new markets are being evaluated for expansion as operators anticipate increased demand from continued digitization and wider adoption of artificial intelligence.

Notably, COVID-19 is reported to have accelerated the demand for data centers as businesses need to leverage Al and modern automation technology to support their business needs as well as to keep their staff and users safe.

This includes migrating to the cloud, virtualizing resources and processes, and more, as hybrid work arrangements, will be set to stay in the coming years, and possibly become the norm moving forward.

Nigeria’s Best Companies Have Not Been Started; Build Them!

By
Ndubuisi Ekekwe
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2

The best companies in Nigeria have not been established. If anyone tells you that all the opportunities are gone, respectfully ignore him or her. If Nigeria is operating at its optimal productivity level, its GDP should be $3 trillion (well above the current $500 billion). If you do the math, it means Nigeria needs 6X multiples to attain equilibrium. About 90% of the companies in Nigeria today are not wired for that type of leverageable growth. Yes, even if they try, the anchored elements upon which they are built cannot enable them to experience that redesign.

Only new species of companies will provide that growth under new tenets, driven by new business models, energized by new policies. Hope you get the point why our insurance sector has less than 2% penetration, electricity companies deliver darkness to more customers than light, potable clean water nonexistent, using 65% of workers to produce hunger, [add your list].

People, the best companies for Nigeria have not been founded. Yes, they have not. It is safe to blame customers. But I take you back to the 1990s when new generation banks came, and brought many citizens to believe in banking services. We need that type of redesign in insurance, water services, electricity, education, healthcare, and more. The companies that would make such to happen are scarce today!

I wrote yesterday how South Africa spends an extra $100 billion on its budget despite having less than 30% of people compared to Nigeria. Named Ndubuisi which is about life and the promises of the future, I remind ALL that we can make that Future amazing!

Adrenaline’s Effect on Past Memories and the Global Visual Economy

By
Mutiu Iyanda
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0

The world’s media consumption is becoming more and more digital. With more devices supporting digital media and faster internet connections, consumers have more options when it comes to accessing the media content they want. In the last few years, there has been a significant increase in the consumption of online visual content.

The dynamic shift in people’s consumption of digital content is driving the rapid rise of the visual economy, even though it has not yet been formally conceptualized. People are clamouring for photos in this regard since the number of companies producing cameras for mobile phones and other gadgets is growing rapidly. According to a number of reports, the global visual economy—which includes applications that involve the editorial and commercial use of visual material—is expanding rapidly. This includes visual content such as photos, videos, infographics, and others. According to one of the reports, the industry’s visual content segment is predicted to grow at a Compound Growth Rate of 15.6% by 2027.

The global players in the creation of visual content and its commercial use are still Shutterstock, Inc., Getty Images, Inmagine Group (123RF), Adobe Inc (Fotolia), StoryBlocks (Great Hill Partners), Cimpress PLC, The Associated Press, Dissolve Inc., Pond5 Inc., Alamy Ltd, Column Five Media, Inc., EasyWebContent, Inc., Canva Pty Ltd, and Animoto Inc. However, our analyst observes that the rise of Mr. Adrenaline, a Cameroonian art and film director, appears to be adding Africa to the list of global players.

Mr Adrenaline Effect

Adrenaline, according to our checks, ply his trade in the South West Region of Cameroon. Specifically, Mr Adrenaline lives and provides services to his clients in Buea. Information has it that he is one of the best video directors and he was instrumental to the development of quality moving pictures in the Cameroon entertainment industry.

Meanwhile, our investigation shows that Mr. Adrenaline is utilizing digital technology and social media channels to the fullest in order to reach a global audience and clientele. Mr. Adrenaline consistently shares visual content on Facebook, X, TikTok, YouTube, SoundCloud, and other platforms that appeals to both Africans and non-Africans, drawing on both real and imagined experiences from the past.

According to our analyst, he continues to get a lot of likes, shares, followers, and comments on social media every day, so it appears to be working for him. For instance, our investigation as of November 30, 2023, shows that he has more than 50,000 likes and over 300,000 followers on Facebook. The well-known director from Cameroon has over 21,000 followers and over 90,000 likes on TikTok. He has more than 2,000 YouTube subscribers, and he has 20 SoundCloud fans. In addition to monitoring him on social media, Google Trends shows a notable search activity from January 2023 regarding public interest in him and his works.

Mr. Adrenaline is just one of many gifted people who have faced various obstacles in their lives and careers. A Cameroonian blogger named Victor Kange stated in 2018 in response to what seemed to be his lackluster performance: “Adrenaline is a talented music video director but is actually losing his spot in the market. Many might not see it clearly yet, but it is gradually happening.” In one of his posts, Victor Kange made the claim, which sparked a lot of discussion among his readers.

“He is a good director, and if he is going out of the market, he definitely works on his skills for better motion video graphics that will attract artists back. Quality is the key, I say,” Gwei Yonka, one of the readers of Kange’s article, said.

The quality of the photographs he has been generating in the previous few months, which continue to win him accolades and social capital on the digital platforms stated earlier, suggests that his detractors appear to be working in his favor, according to our analyst. Many Africans are being entertained with a variety of historical recollections from villages to towns, and from family to business settings related with Africa’s customs, values, and conventions, which appears to be a result of his use of an Afrocentric emphasis method.

Our analyst notes that some of his works reaffirm the fundamentals of childhood communal living in Africa. Our analyst points out that Mr. Adrenaline is, in fact, utilising cutting-edge technologies to help Africans, particularly those residing in cities and deprived of the chance to experience the essence of Africa’s communal, village-like family life, materialise their memories of the continent. You can be inspired to create bedroom canvas wall art photos prints with the tech we have used here.

USA is Aggressively Working To Gain The Crypto Market Control As Philippines Goes To Block Binance

By
Paul Ugbede Godwin
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0

The United States of America is pursuing a strategy of aggression and domination in the cryptocurrency market, similar to how it established its hegemony over the global fiat currency system. In this blog post, I will analyze the motives, methods and consequences of this strategy, and how it affects the rest of the world.

The US has a long history of using its economic and military power to influence and control other countries, especially those that are rich in natural resources or strategic locations. The US dollar, as the world’s reserve currency, has been a key tool for this purpose, allowing the US to impose sanctions, manipulate exchange rates, and finance its wars and interventions. The US dollar also gives the US an unfair advantage in international trade and investment, as it can print money without facing inflation or devaluation.

However, the emergence of cryptocurrencies poses a serious threat to the US dollar’s dominance and the US’s global influence. Cryptocurrencies are decentralized, peer-to-peer, and borderless forms of money that are not controlled by any central authority or government. They offer users more privacy, security, and freedom than fiat currencies, and they have the potential to disrupt and transform the existing financial system. Cryptocurrencies also enable new forms of economic activity and innovation that are beyond the reach of traditional institutions and regulations.

The US sees cryptocurrencies as a challenge to its power and interests, and it is determined to prevent them from becoming widely adopted and accepted. The US is using various tactics to achieve this goal, such as:

  • Creating regulatory barriers and uncertainties for cryptocurrency businesses and users, such as imposing taxes, licensing requirements, anti-money laundering rules, and legal actions.

  • Launching cyberattacks and sabotage operations against cryptocurrency networks, exchanges, and wallets, such as hacking, denial-of-service attacks, phishing, and ransomware.

  • Spreading propaganda and misinformation about cryptocurrencies, such as portraying them as tools for criminals, terrorists, and rogue states, or as scams, bubbles, and Ponzi schemes.

  • Developing and promoting its own digital currency or stablecoin, such as the digital dollar or Facebook’s Libra (now Diem), that would be backed by the US government or corporations, and that would compete with or replace other cryptocurrencies.

  • Coercing or bribing other countries to adopt or support its digital currency or stablecoin, or to ban or restrict other cryptocurrencies.

The US’s aggressive strategy is not only harmful to the cryptocurrency community and industry, but also to the global economy and society. It undermines the innovation, competition, and diversity that cryptocurrencies offer. It violates the sovereignty, autonomy, and rights of other countries and people. It increases the risk of conflict, instability, and inequality in the world. It also exposes the US’s hypocrisy, arrogance, and weakness.

The US should realize that cryptocurrencies are not its enemies, but its allies. Cryptocurrencies can help the US to modernize its financial system, to foster economic growth and development, to enhance its security and resilience, and to promote its values and ideals. Cryptocurrencies can also help the US to cooperate and collaborate with other countries and actors in addressing the common challenges and opportunities that humanity faces in the 21st century.

The US should abandon its strategy of aggression and domination in the cryptocurrency market and adopt a strategy of engagement and cooperation instead. The US should respect and support the diversity and sovereignty of cryptocurrencies. The US should participate and contribute to the development and governance of cryptocurrencies. The US should embrace and benefit from the innovation and transformation that cryptocurrencies bring. The US should not try to control the cryptocurrency market; it should try to join it.

Philippines to block access to Binance Operations

The Securities and Exchange Commission (SEC) of the Philippines has announced that it will block access to Binance, one of the world’s largest cryptocurrency exchanges, in the country. The decision comes after the SEC issued a warning to Binance in July 2023, accusing it of operating without a license and offering unregistered securities to Filipino investors.

According to the SEC, Binance has violated the Securities Regulation Code and the Revised Corporation Code by soliciting and accepting investments from Filipinos through its website and mobile app. The SEC also claimed that Binance has engaged in fraudulent and deceptive practices, such as offering unrealistic returns, misrepresenting the risks involved, and failing to disclose the identity and qualifications of its operators.

The SEC said that it will coordinate with the Department of Information and Communications Technology (DICT) and the National Telecommunications Commission (NTC) to implement the blocking order. It also warned the public to stop dealing with Binance and other unlicensed entities, as they may face legal sanctions and financial losses.

Binance has not yet issued a formal response to the SEC’s announcement. However, in a previous statement, Binance said that it does not operate in the Philippines and does not solicit or accept funds from Filipino users. Binance also said that it complies with local laws and regulations in every jurisdiction where it operates.

There are many reasons why people invest in crypto, such as:

Diversification: Crypto can offer a way to diversify your portfolio and hedge against inflation and currency devaluation. Innovation: Crypto can enable you to participate in the development of cutting-edge technologies and solutions that have the potential to transform various industries and sectors.

Profitability: Crypto can offer high returns on investment, especially if you buy low and sell high or hold for the long term. Empowerment: Crypto can give you more control over your money and financial freedom, as you can transact directly with anyone, anywhere, anytime, without intermediaries or fees.

There are two main ways to buy and sell crypto in the Philippines: through exchanges or peer-to-peer (P2P) platforms.

Exchanges are online platforms that allow you to buy and sell crypto using fiat currency (such as Philippine peso) or other crypto. Some of the most popular exchanges in the Philippines include Binance, Coins.ph, PDAX, BitPinas, and Abra. To use an exchange, you need to register an account, verify your identity, deposit funds, and place orders.

P2P platforms are online platforms that allow you to buy and sell crypto directly from other users, without intermediaries. Some of the most popular P2P platforms in the Philippines include Local Bitcoins, Paxful, Remitano, and Binance P2P. To use a P2P platform, you need to register an account, find a seller or buyer, agree on a price and payment method, and complete the transaction.

Some examples of platforms in Philippines

Binance: Binance is one of the largest and most popular exchanges in the world. It offers a wide range of crypto products and services, such as spot trading, futures trading, margin trading, staking, lending, etc. It also has a P2P platform that supports multiple payment methods. Binance has low fees, high liquidity, and a user-friendly interface. It also has a mobile app and a web-based wallet called Trust Wallet.

Coins.ph: Coins.ph is one of the first and most popular exchanges in the Philippines. It allows you to buy and sell crypto using Philippine peso or other fiat currencies. It also offers other services such as bills payment, remittance, mobile load, etc. Coins.ph has low fees,

The SEC’s move against Binance is part of its efforts to regulate the cryptocurrency industry in the Philippines, which has seen a surge in popularity and activity in recent years. The SEC has issued several advisories and guidelines on how to deal with digital assets, such as requiring registration, disclosure, and reporting of transactions. The SEC has also partnered with the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, to oversee the licensing and supervision of cryptocurrency exchanges in the country.

When AML/ CFT Compliance Obligations Arise For Legal Practitioners In Nigeria Under The New Rules Of Professional Conduct (RPC)

By
Emmanuel Ifeanyi Ogbuka
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0

Legal Practice :- When Anti-Money Laundering (AML) & Combating The Financing Of Terrorism (CFT) Compliance Obligations Arise For Legal Practitioners Under The New Rules Of Professional Conduct (RPC) For Legal Practitioners In Nigeria 

The New Rules Of Professional Conduct (RPC) for legal practitioners in Nigeria, due to take effect from the 1st of January,2024, was released with a new set of ethical considerations, particularly in the areas of Anti-Money Laundering & Combating The Financing Of Terrorism (AML/ CFT) compliance obligations that will be deemed to have become pending in certain situations and which now brings lawyers ever closer to the classification of Designated Non-Financial Businesses/Professionals (DNFBPs) which falls under the new Money-Laundering(Prohibition) Act of Nigeria.

This article will be looking at the topics of :-

– Objectives of the new RPC in AML/CFT considerations as they affect legal practitioners.

– When the obligations of lawyers in this regard will arise.

What are the objectives of the new RPC regarding AML/CFT Compliance Requirements imposed on legal practitioners?

– To promote adherence to the rule of law.

– To promote the duty of confidentiality and the client/lawyer privilege toward their clients and provide yardsticks for the overall ethics and best practices of the profession to ensure that legal services are not being misused by criminals or for legal practitioners to be unwittingly involved in money laundering and terrorism financing.

– Internally self-regulate members of the legal profession and where applicable, recommend lawyers in breach to appropriate disciplinary authorities in accordance with relevant provisions of the Legal Practitioners Act.

What is the application scope of the new RPC?

– The RPC shall apply to all lawyers whose names appear on the roll and as described in Section 2 of the Legal Practitioners Act.

When do the AML/CFT Compliance obligations of legal practitioners arise as prescribed in the new RPC?

– The reporting and compliance obligation of a lawyer shall arise when –

  1. a) Acting as a formation agent of legal persons.

b). Acting as , or arranging for another person (proxy) to act as a director or secretary of a company, a partner of a partnership, or similar position in relation to other legal persons.

c). Providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement.

d). Acting or arranging for another person to act as trustees of an express trust or performing the equivalent function for another form of legal arrangement.

When will AML/CFT Compliance obligations be deemed not applicable to lawyers under the RPC?

– This obligation shall not apply to a legal practitioner who only provides notary services or merely certifies the execution or authority of a power of attorney or another instrument(not primarily prepared by the legal practitioner) which may facilitate :

a). Buying & selling of real property or business entities.

b). Managing money belonging to clients, securities and other assets.

c). Opening of management of bank, savings or securities accounts.

d). Organization of contributions necessary for the creation, operation or management of companies.

e). Creation, operation or management of trusts, companies, foundation or similar structures.

What are the record keeping obligations imposed on lawyers concerning general practice operations and regarding AML/CFT compliance?

– A lawyer shall maintain for a minimum of 5 years, an up-to-date record of necessary information of his clients that will aid the identification of such client & to keep or process such information in accordance with relevant data protection and client/professional privilege laws and rules applicable in Nigeria.

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