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ECOWAS Wants Sanctioned Countries to Return

By
Ndubuisi Ekekwe
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0

ECOWAS makes u-turn, lifting some sanctions on the military boys and their countries: ‘Speaking in his opening remarks at the start of the summit, ECOWAS chairman and Nigerian President Bola Tinubu said the bloc “must re-examine our current approach to the quest for constitutional order in four of our Member States”, referring to the three suspended countries, as well as Guinea, which is also military-led. Tinubu urged Niger, Mali and Burkina Faso to “reconsider the decision” and said they should “not perceive our organisation as the enemy”’.

ECOWAS sanctioned them, and they went ahead to cut ECOWAS out, and now ECOWAS wants them to return. Yet, this is not a victory for these military guys. But I think what ECOWAS has done is balanced: do not make lives harder for the citizens.

In my last update, I posited that the United Nations is fading on its capacity to influence the world towards global peace, as most nations disregard whatever it does or says. Good People, my postulation is coming on the news that Mali, Niger and Burkina Faso have exited  ECOWAS membership.  This is a very troubling pattern where few really care about supranational institutions like the UN and ECOWAS.

Then imagine if ECOWAS which cannot sustain a mere sanction had gone to war on this matter. Happy to have shouted: “This is a pivotal moment for ECOWAS and everyone of us must speak out. From Ghana to Nigeria, Ivory Coast to Guinea, tell your leaders that we do not want a military solution to the crisis in Niger Republic. It must NEVER again be recorded that Africans are attacking themselves” .

By concentrating on Bitcoin and Ethereum, Reddit has associated itself with widely recognized digital assets

By
Paul Ugbede Godwin
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0

Reddit, the popular social media platform known for its message boards and online communities, has made a significant move by revealing its investments in Bitcoin and Ethereum. The company utilized some of its excess cash reserves to acquire these leading cryptocurrencies.

While the exact amount invested remains undisclosed, this strategic move aligns with Reddit’s broader ambitions to integrate blockchain technology into its operations and diversify its revenue streams.

By concentrating on Bitcoin and Ethereum, Reddit has associated itself with widely recognized digital assets. The company’s investment policy focuses on risk mitigation by investing in cryptocurrencies that are not likely to be classified as securities. This cautious yet strategic approach demonstrates Reddit’s prudent decision-making.

The SEC filing did not specify the number of Bitcoins and Ethereum in Reddit’s treasury or the duration of its investment. However, it emphasized the company’s strategy of conserving crypto investments and supporting established companies.

This approach eliminates some of the risks associated with digital currency, allowing Reddit to leverage the growth and adoption of blockchain technology.

The revelation of Reddit’s investment in Bitcoin and Ethereum details the company’s strategy with surplus cash for investment purposes. By concentrating on these two prominent cryptocurrencies, Reddit has associated itself with widely recognized digital assets.

Given the instability of virtual currencies, this choice shows a prudent and tactical approach. The company’s investment policy, approved by its board of directors, aims to reduce risk by investing in cryptocurrencies that regulators are unlikely to classify as securities.

While the IPO prospectus did not specify the exact number of Bitcoins and Ethereum held in Reddit’s treasury or the duration of its investment, it emphasized the company’s strategy of conserving crypto investments and supporting established companies. This approach mitigates risks associated with digital currency, positioning Reddit to leverage the growth and adoption of blockchain technology.

In addition to holding crypto reserves for treasury purposes, Reddit’s filing reveals more about its general intentions to harness blockchain techniques throughout its platform. The company has been actively investigating decentralized applications (dApps) and exploring blockchain’s role in changing how content is produced, distributed, and owned.

This ongoing effort aims to diversify revenue sources and improve Reddit’s digital infrastructure, with cryptocurrencies playing a key role.

Reddit, with its recent filing for an initial public offering (IPO) with the Securities and Exchange Commission (SEC). Within the comprehensive details of its IPO prospectus, the company disclosed its strategic investment in cryptocurrencies, specifically Bitcoin and Ethereum.

Gyeonggi Province successfully recovered $4.6M from Crypto Tax Evaders in South Korea

The Tax Justice Department of Gyeonggi Province, the most densely populated province in South Korea, achieved a significant milestone last year by collecting 6.2 billion won (approximately $4.6 million) of non-declared taxes. This achievement was made possible through the implementation of an advanced digital tracking system aimed at identifying crypto accounts held by tax evaders.

This pioneering system, used for the first time in South Korea, allowed authorities to track crypto accounts associated with tax delinquents. Here’s how it worked:

Local Registration Numbers: The process began by using the local registration numbers of violators (referred to as “delinquents” in South Korea). These numbers were held by local governments and provided a crucial link to identifying the mobile numbers of the violators.

Mobile Number Tracing: Once the mobile numbers were obtained, they were used to track linked accounts on crypto exchanges. This streamlined the process significantly, reducing what used to be a six-month-long endeavor to just 15 days. Identifying Tax Evaders: The system helped identify 5,910 individuals who owed more than $2,262 each in taxes related to their crypto holdings.

Despite facing challenges related to delayed tax policies on crypto earnings, Gyeonggi Province remained committed to its mission. The $4.6 million collected so far represents funds owed by only 2,390 people from last year.

Noh Seung-ho, head of the Provincial Tax Justice Department, emphasized their resolve: “We will continue to take strong collection action against unscrupulous delinquents who say they do not have money to pay taxes and trade virtual assets.”

The Gyeonggi Tax Department utilized the resident registration data of “delinquents” to trace their mobile phone numbers and detect their accounts on virtual asset exchanges. The principal innovation lies in this digital tracking system, which streamlines the process significantly compared to the previous method.

Previously, tax services had to request information from crypto exchanges on a case-by-case basis, leading to lengthy communication and document exchange processes that could take up to six months. However, with the new digital management system developed by the province, this process has been reduced to approximately 15 days.

Using this system, the provincial tax department successfully identified crypto accounts belonging to 5,910 individuals, each owing more than 3 million won (approximately $2,200 in local taxes). In total, they collected 6.2 billion won from 2,390 offenders.

Gyeonggi Province plans to strengthen cooperation with virtual asset exchanges and review administrative measures for platforms that refuse to cooperate. Noh Seung-ho, head of the Provincial Tax Justice Department, emphasized their commitment: “We will continue to take strong collection action against unscrupulous delinquents, such as those who claim they have no money to pay taxes while actively trading virtual assets.”

South Korea’s most populated province, Gyeonggi, has achieved a significant milestone in its efforts to recover taxes from crypto evaders. Through the implementation of a groundbreaking digital tracking system, the province successfully traced and collected $4.6 million from tax evaders who had previously gone undetected.

Next Crypto To Explode: BlockDAG Coin, VeChain Crypto, And Cogwise Show Huge Promise

By
TI Partners
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0

As the Bitcoin network approaches its fourth halving event, the crypto market is on an uptick, with many tokens seeing substantial surges in value and transaction volume. Notably, VeChain crypto has recently observed a remarkable surge in its transaction volume, sparking optimism among analysts regarding VET’s future price trajectory.

Against this optimistic backdrop, presales emerge as a prime avenue for investors to reap triple-digit gains. Cogwise (COGW) and BlockDAG (BDAG) emerge as standouts, pioneering revolutionary visions and introducing groundbreaking technologies.

Analysts Are Bullish On VeChain

VeChain experienced a substantial surge recently, with over two million daily transactions recorded on one of its smart contracts on February 13. With its colossal transaction volume and market capitalisation ranking it among the top 40 cryptocurrencies, VeChain (VET) demonstrates strong potential for widespread adoption.

Furthermore, analysts are issuing optimistic predictions for VeChain’s future. For example, Ali Martinez expects VET to surpass its all-time high of $0.2782 within a year.

Cogwise Pioneers: An AI-Powered Crypto Revolution

Cogwise (COGW) merges AI and blockchain technology to deliver solutions catering to investors, traders, and dApp developers. With Cogwise, investors can gain AI-driven insights to help them make better-informed investment choices, while traders can level up their earnings through Cogwise’s suite of trading features. For developers, Cogwise offers solutions for smart contract execution and dApp development.

Cogwise presale is currently in stage 5. COGW tokens are priced at $0.04, and the listing price is $0.065.

BlockDAG: Pushing Blockchain Evolution One Block At A Time

BlockDAG (BDAG), a new PoW project inspired by Kaspa, has emerged as the next crypto to explode in 2024. Initially priced at $0.001 in its first presale batch and now trading at $0.0015 in the second, BlockDAG has already provided its early backers with a solid 50% ROI.

BlockDAG’s vision is to open the doors for all to reap gains from crypto mining, regardless of technical expertise. BlockDAG mining rigs boast exceptional efficiency, making it possible to mine up to 2,000 BDAG coins daily (equivalent to $100 per day at launch). Besides mining hardware, BlockDAG presents a cloud-mining option and mining app, making it possible to mine BDAG without expensive mining equipment.

With a launch price of $0.05 per token and the current price of $0.0015, investors who buy now can expect to reap a jaw-dropping 3233% ROI post-launch.

In response to the overwhelming early investor interest, BlockDAG has announced a $2 million mega giveaway shared by 50 lucky community members. To participate in the giveaway, follow BlockDAG’s social media channels, submit your wallet address, increase your chances by completing all quests, and bring friends for extra entries!

Takeaway

Tokens like VeChain seeing notable growth in value and transaction volume. Analysts are optimistic about VeChain’s potential for widespread adoption, painting a promising picture for its future. Additionally, emerging tokens like Cogwise and BlockDAG are catching investors’ eyes.

Meanwhile, BlockDAG, inspired by Kaspa, democratises crypto mining, offering an impressive 3233% ROI post-launch projection. These developments signal abundant opportunities for savvy investors in the cryptocurrency market.

 

Join the presale now before it ends and enjoy the maximised returns on your investments.

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Apple Records Massive Revenue Growth in India, as Sales of iPhone Surpasses Individual EU Countries

By
Ojukwu Emmanuel
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0

In the vibrant landscape of Apple’s global iPhone sales, the Indian market emerges as a standout performer, boasting sales figures that surpassed those of individual European Union countries, showcasing the significant impact and potential of India’s consumer base.

According to a report by Morgan Stanley, the company’s revenue in India surged 42% year-on-year in 2023 to $8.7 billion. iPhone shipments grew 39% year-on-year, to 9.2 million units, making it iPhone’s fifth-largest smartphone market.

Analysts from Morgan Stanley wrote,

“This means that in CY23, India represented 4% of iPhone shipments and revenue, up from 3% in CY22 and 1% 5 years ago. This compares to China iPhone shipments, which represented 20% of iPhone shipments and revenue in CY23 (down 1-2 points Y/Y, respectively).

“Ultimately, this means that India as a standalone market is still not big enough to offset the declines we are seeing in the Chinese market today, but if India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027.”

Driving India’s iPhone growth is increasing consumer demand for premium devices with more storage capacity rather than the latest models. The average iPhone sold in India last year had around 260GB of memory, a 26% increase over 2022, Morgan Stanley said.

India became Apple’s fifth-largest iPhone market in the second quarter of 2023,  for the first time, overtaking France and Germany. India contributed close to 4% of all iPhone sales in the second quarter, growing 50% year-on-year.

The top five iPhone models shipped in the country were the iPhone 13, iPhone 14, iPhone 14 Plus, iPhone 14 Pro, and iPhone 15 and they made up 86% of total sales.

Apple’s significant revenue growth in India is coming after the Cupertino giant in 2023, opened two Apple stores, a significant milestone for the company, roughly 25 years after entering the South Asian market. The tech giant has been touting India as its next big growth driver amid declining sales of its flagship device. Its suppliers have also been ramping up manufacturing operations in the region amid weakening demand and regulatory pressure in China.

Last year, Morgan Stanley predicted that India will likely be a major driver of Apple’s five-year revenue and installed base growth, citing Apple’s investment in manufacturing in India and the country’s economic boom.

The establishment of Apple’s first retail stores and the company’s increased efforts to assemble iPhones and other products in India underscore the importance of the South Asian market, as the company’s big bet on India is already beginning to pay off.

Analysts forecast that India in the next five years can account for 15 percent of Apple’s major revenue growth. This suggests that India will be just as important to Apple’s growth algorithm over the next 5+ years as China was in the last 5 years.

UK Economic Downturn Poses Threat to Nigeria’s Remittance Inflow And Export

By
Ojukwu Emmanuel
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0
United States Ten and Twenty Dollar notes next to Ten and Twenty UK Pound Notes

The economic downturn currently experienced in the United Kingdom has posed a significant challenge to Nigeria’s economy in terms of both remittance inflow and exports to the UK.

This is coming after reports disclosed that the UK economy shrunk by 0.3% in the last three months of 2023, placing it in a technical recession.

Britain capped off a year of economic strain in which interest rates were pushed to their highest level in a decade and a half to stamp out high inflation.

As a result of this, it has slowed the remittances from Nigerians living in the UK, potentially impacting the livelihood of many families reliant on these funds.

With the UK being Nigeria’s second-largest source of remittance after the United States, analysts say this situation could worsen the forex crisis in Nigeria, as it is one of the major sources of FX, and the UK being one of the country’s top trading partners in terms of exports.

Speaking on the impact, manager at Afrinvest Limited Temitope Omosuyi said,

“The impact is multifaceted. With a recession in the UK coupled with a somewhat elevated

unemployment rate and disinflation, remittances inflows into Nigeria might suffer some setbacks.

He further stated that Nigeria’s key exports to the UK might also be negatively affected as aggregate spending takes a hit.

“But on the positive side, imports into Nigeria from the UK could become relatively cheaper in terms of GBP (British pound). However, the magnitude of the depreciation in naira might make this unnoticeable,” Omosuyi added.

BusinessDay analysis of the latest quarterly report from the Central Bank of Nigeria (CBN) shows that remittances inflow into the country through official channels fell to $4.58 billion in the third quarter of last year from $4.95 billion in the previous quarter.

It also dropped by 4.6 percent from $4.8 billion in Q3 of 2022. The World Bank in its latest Migration and Development report projected that remittances flow to the country grew by an estimated three percent in 2023 from $20.1 billion last year.

“The slowed growth in remittances observed in 2023 relative to 2022 is explained by the slow

pace of growth in high-income economies where many Sub-Saharan African migrants earn their income,” the report said.

It is worth noting that Remittances have been more stable than Foreign Direct Investments in Nigeria, which has demonstrated considerable volatility over the past two decades. Remittances to the region significantly exceeded FDI flows in 2023.

Remittances to Nigeria accounted for 38 percent of remittance flows to the region, which grew by about 2 percent, while two other major recipients, Ghana and Kenya, posted estimated gains of 5.6 percent and 3.8 percent, respectively.

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