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Home Blog Page 3865

The AI-brewer and -blender at Coca-Cola

By
Ndubuisi Ekekwe
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0

This is fascinating – the AI-brewer at Coca-Cola: “Coca-Cola closely guards its original formula, but it’s making no secret of what’s behind its latest release: artificial intelligence. The new limited-edition beverage, dubbed Coca-Cola Y3000, says “Co-Created with AI” right on the can. The company used AI to both combine flavors people associate with the future and to come up with a mood board that inspired the package design. The flavor is part of the Coca-Cola Creations line designed to appeal to younger consumers. Other major brands, including Beck’s and Mars, have similarly used AI to develop new flavors.”

  • Coca-Cola has launched Coca-Cola Y3000, a beverage the company said is the first flavor co-created with human and artificial intelligence. 
  • Coca-Cola Y3000 is the latest limited-edition flavor to launch under its Coca-Cola Creations platform and the third one to debut this year. Y3000 Zero Sugar and a full-sugar version are being launched in select markets around the world, with both options being sold in the United States.  
  • Coca-Cola started the Creations platform in 2022 to highlight the company’s signature beverage while drawing in younger consumers. So far, it has launched seven flavors.

This is the new age and it is going to be amazing. Yes, the accelerated society era is here.

Portfolio Business Review on Saturday, Mecho Raises $2.4M

By
Ndubuisi Ekekwe
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0

Greetings! This is a friendly reminder that H2 2023 Business Review is scheduled as follows:

Date: Saturday, Sept 16, 2023

Time: 4-6pm WAT

Zoom link: please login and get it here.

As we meet on Saturday, we report that Mecho Autotech, one of our portfolio firms, raised $2.4m today. You can read the news on TechCrunch here. 

New Investment Cycle will begin on Oct 2, 2023. On that date, the startups for this cycle will be published here. We will update the community once they are live.

Regards,

Tekedia Capital Team

Central Bank of Nigeria (CBN) Warns IMTOs About Selling Forex Above Prescribed (NAFEX) Rates

By
Samuel Nwite
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0

The Central Bank of Nigeria (CBN) has issued a strong warning to all International Money Transfer Operators (IMTOs) operating within the country, cautioning them against selling foreign exchange above the prescribed exchange rate.

The warning dated September 13, 2023, and referenced TED/FEM/PUB/PC/001/009 is aimed at curbing forex arbitrage, which the apex bank has said contributes to the naira’s poor performance in the FX market.

The CBN’s approved rates for forex are the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rates plus or minus 2.5%, which closed at N773.04/$1 on Wednesday.

The CBN noted that some IMTOs have been flouting the rules, contained in its earlier circular dated August 9, 2023, and referenced TED/FEM/PUB/PC/001/006. The circular contained guidelines and conditions for IMTOs, such as crucial aspects related to payment methods, pricing, and exchange rate quotations that must be strictly followed when providing international money transfer services.

Earlier, the apex bank had accused IMTOs of jeopardizing the Investor & Exporter window by diverting diaspora remittances to the parallel market. The fresh warning means that the financial institutions are selling forex at parallel market rates.

In its cautionary circular, the CBN reiterated its regulations concerning rate quotations, stressing that International Money Transfer Operators (IMTOs) are required to provide exchange rates within a permissible range of -2.5% to +2.5% of the prior day’s closing rate in the Nigerian Foreign Exchange Market for their transactions.

This implies that IMTOs are prohibited from selling foreign exchange at rates exceeding 2.5% above the previous day’s NAFEX (Nigerian Autonomous Foreign Exchange) rates. For example, if the Wednesday NAFEX rate is N773.04, IMTOs should set their exchange rate for selling dollars at approximately N792.73 or lower. This measure is designed to prevent undue fluctuations and maintain stability in the foreign exchange market.

The central bank said following routine checks, it was observed that some IMTOs were operating and acting in breach of the above-referenced circular. These actions included arbitrary rate quotes outside of permissible range and other sharp practices, in violation of extant regulations.

“Such deviations from the rules compromise the stability of Nigeria’s financial markets and have the potential to introduce unfair practices that may disadvantage consumers,” it added.

To stop the arbitrage and deter all IMTOs from flouting the rules, the CBN rolled out a series of sanctions that will be meted out to IMTOs caught violating the regulation. The penalties include:

  • Being compelled to sell their forex proceeds directly to the Central Bank of Nigeria.
  • Suspension from engaging in international money transfer operations.
  • The potential loss of their operating license.

“Going forward, any IMTO in breach of this specific regulation would face sanctions, including but not limited to being compelled to sell their proceeds to the Central Bank of Nigeria, suspension from operations and loss of operating license,” the apex bank said.

What Caused The Death Of Mohbad?

By
Stanley Alieke
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328

It is no longer a rumor that in the Nigerian music scene, there is more to it than meets the eye. So many people have accused the Nigerian music scene of being a cabal where you have to “belong” before you can excel or “blow” and remain relevant. Some of the groups parading as record labels are just criminal gangs using record labels as cover for their criminal activities like internet fraud, drug trafficking etc and if you dare try to exit or speak up they will make your life miserable. They will harass you, assault you, beat you up and blacklist you in the industry so that nobody ever sees your limelight again. 

From the media outburst, all hands have been pointing towards Naira Marley, the deceased former record label boss and Sam Larry, someone we may choose to call “a consultant” in the Marlian music group. There was a series of videos of Sam Larry with his boys attacking Mohbad, and the most recent one was a video of Sam Larry with some other group of thugs accosting Mohbad with Machetes at the venue where Mohbad was shooting the video of his song with Zlatan Ibile. 

We have seen other videos too of Naira Marley assaulting and beating up Mohbad.

The late victim did report several times to the police, he in some of the petitions had pleaded with the Nigerian police force to save his life, in fact, the most recent report was the petition he filed to the Lagos state police command in June this reporting the assault of Sam Larry against him and storming the scene of his video shoot with boys assaulted him and his crew and damaged his shooting equipment worth millions of naira.

As expected, the police did not do anything or even invite Sam Larry or Naira Marley for questioning till the guy died from what he was running from, instead, Naira Marley was rewarded by being made an ambassador of the National Drug Law Enforcement Agency (NDLEA).

While no one can specifically point towards anything to have been the direct cause of the death of Mohbad, every insider or those close to him has been testifying to the fact that it was the series of ordeals he had in the hands of Naira Marley and Sam Larry that led to his untimely demise. I personally have spoken to some of his close friends and they all said the same thing.

The police need to swing into action and investigate the events leading to the death of this promising young lad and also do well to uncover the dark side of the Nigerian music industry. 

US SEC is reviewing Grayscale, Spot Bitcoin ETF Applications

By
Paul Ugbede Godwin
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0

The Securities and Exchange Commission (SEC) is currently reviewing several applications for bitcoin exchange-traded funds (ETFs), including those from Grayscale Investments and spot bitcoin ETFs, according to SEC Chair Gary Gensler. In a recent interview with Bloomberg, Gensler said that the SEC is looking at different types of bitcoin ETFs, such as those that hold bitcoin futures contracts or physical bitcoins and evaluating their compliance with the federal securities laws.

An ETF, or exchange-traded fund, is a type of investment fund that tracks the performance of an underlying asset or index. For example, a gold ETF tracks the price of gold, while a S&P 500 ETF tracks the performance of the S&P 500 index. ETFs are traded on stock exchanges, just like stocks, and offer investors a convenient way to diversify their portfolios and access different markets.

Gensler also indicated that he is more open to approving bitcoin futures ETFs than spot bitcoin ETFs, as the former are regulated by the Commodity Futures Trading Commission (CFTC) and have more investor protection measures. He said that the SEC has been in communication with the CFTC and other regulators on this issue. However, he did not give a timeline for when the SEC might approve any bitcoin ETFs.

Grayscale Investments, the largest digital asset manager in the world, has been seeking to convert its flagship product, the Grayscale Bitcoin Trust (GBTC), into a bitcoin ETF since 2016. GBTC is currently traded on the over the counter (OTC) market and has a significant premium or discount to its net asset value (NAV). By becoming an ETF, GBTC would trade on a national securities exchange and track the price of bitcoin more closely.

Spot bitcoin ETFs, on the other hand, are those that directly hold physical bitcoins in custody and reflect their market price. Several firms, such as VanEck, Valkyrie, and WisdomTree, have filed applications for spot bitcoin ETFs with the SEC, but none have been approved yet. Spot bitcoin ETFs are seen as more attractive by some investors, as they offer more exposure to the underlying asset and avoid the risks and costs associated with futures contracts.

The SEC has been reluctant to approve any bitcoin ETFs in the past, citing concerns about market manipulation, fraud, custody, liquidity, and investor protection. However, some observers believe that the SEC may be more receptive to bitcoin ETFs under Gensler’s leadership, as he has a background in financial technology and cryptocurrency regulation. Gensler taught a course on blockchain and digital currencies at MIT and served as the chairman of the CFTC during the Obama administration.

Bitcoin ETFs are widely considered to be a catalyst for the mainstream adoption of cryptocurrencies, as they would provide an easier and more regulated way for institutional and retail investors to access the market. Bitcoin ETFs are already available in some countries, such as Canada, Brazil, and Germany, and have attracted significant inflows of capital. The U.S., however, remains the largest and most influential market for cryptocurrencies, and many investors are eagerly awaiting the SEC’s decision on bitcoin ETFs.

One of the main benefits of a Bitcoin ETF is that it can bring more liquidity and transparency to the crypto market. A Bitcoin ETF would attract more institutional and retail investors, who may otherwise be reluctant or unable to invest in Bitcoin directly. This would increase the demand and trading volume for Bitcoin, which could boost its price and stability. Moreover, a Bitcoin ETF would be subject to the same regulations and oversight as other ETFs, which could enhance the credibility and legitimacy of Bitcoin as an asset class.

Another benefit of a Bitcoin ETF is that it can offer more tax efficiency and flexibility for investors. Unlike buying and selling Bitcoin directly, which may trigger capital gains taxes, investing in a Bitcoin ETF may allow investors to defer taxes until they sell their shares. Additionally, a Bitcoin ETF may offer more options for investors to hedge their positions, trade on margin, or short sell.

However, a Bitcoin ETF also faces some challenges and limitations. One of the main challenges is regulatory approval. So far, no Bitcoin ETF has been approved by the U.S. Securities and Exchange Commission (SEC), which has raised concerns about the market manipulation, fraud, custody, and valuation of Bitcoin. The SEC has also stated that it needs to see more progress in the areas of market surveillance, investor protection, and compliance before it can approve a Bitcoin ETF.

Another challenge is technical feasibility. A Bitcoin ETF would need to track the price of Bitcoin accurately and efficiently, which may not be easily given the volatility and fragmentation of the crypto market. A Bitcoin ETF would also need to secure and store its Bitcoin holdings safely, which may pose operational and security risks.

Bitcoin ETF is a type of investment fund that tracks the price of Bitcoin and offers investors a convenient way to access the crypto market. A Bitcoin ETF has many potential benefits, such as increasing liquidity, transparency, credibility, tax efficiency, and flexibility for the crypto market and its investors. However, a Bitcoin ETF also faces some challenges and limitations, such as regulatory approval and technical feasibility. A Bitcoin ETF is widely considered to be a catalyst for the mainstream adoption of cryptocurrencies, but it is not yet a reality.

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