DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 4214

Vice Media Files For Bankruptcy Amid Challenging Economy And Weak Advertising Market

By
Ojukwu Emmanuel
-
0

American-Canadian leading digital media and broadcasting company Vice Media has filed for bankruptcy to facilitate its sale, amid a challenging economy and weak advertising market.

The company disclosed that it has agreed to the terms of an asset purchase agreement with a consortium of its lenders which includes Fortress Investment Group, Soros Fund Management, and Monroe Capital. The consortium had submitted a credit bid of about $225 million to substantially all of the company’s assets, in addition to the assumption of significant liabilities upon closing. The sale is expected to go through the next two to three months unless the company receives a better offer. 

Vice in its Chapter 11 filing, disclosed estimated assets of between $500 million and $1 billion and also estimated that it had more than 5,000 creditors. Despite its recent filing, the company’s lenders have approved $20 million of funding to keep operations going through the process.

Speaking on Vice bankruptcy filing, co-chief executive at the company Bruce Dixon disclosed that the accelerated court-supervised sale process will strengthen and position the company for long-term growth.

“We will have new ownership, a simplified capital structure, and the ability to operate without the legacy liabilities that have been burdening our business. We look forward to charting a healthy and successful next chapter at VICE”, he added.

In the past few years, Vice had struggled to consistently record profit and even missed its revenue projection for 2022 by $100 million. The media giant which had once attracted major funding from top media companies such as Disney, Fox, and several others, started facing difficulty after the closure of fellow free digital media groups BuzzFeed News, as ad revenues dried up and both struggled to attract new investments, taking on debt to stay afloat.

The company, which was once valued at $5.7 billion and known for sites such as Vice and Motherboard, had been carrying out restructuring and cutting jobs across its global news business in recent months, amid a sluggish economy and weak advertising market.

In January 2023, the media giant began exploring the possibility of selling the company, which also saw the company’s Vice media CEO Nancy Dubuc, on February 24, 2023, step down from her position as the company faced problems with turning an annual profit and finding a buyer.

Notably, the media giant search for a potential buyer last year, signaled the company’s downfall, while its layoffs also caught attention from the world. Meanwhile, Vice filing for bankruptcy is not in any way expected to interrupt any of its daily operations which includes its flagship website, pulse film division, and agency suite, amongst others.

It is worth noting that Vice was among a generation of fast-rising digital media companies that once threatened to supplant legacy media companies with the recipe for attracting millennial audiences. It was cited as the largest independent youth media company in the world, with 35 offices, which saw it specialize in publishing a magazine that covers information on various subjects, such as sex, drugs, music, fashion, photos, travel, sports, technology, food, and several others.

Sparklo (SPRK) gains higher momentum as Zcash (ZEC) and Mina (MINA) worry investors

By
TI Partners
-
0

With the collapse of many centralized banks and the overall higher level of distrust people and investors have in centralized institutions to handle their capital, many of them have begun diversifying their holdings through the usage of cryptocurrencies and precious metals.

Zcash (ZEC) and Mina (MINA) recently saw a decrease in their overall value and this has sparked interest by investors to make their way into presale-stage projects. One of the most popular projects currently at stage two of its presale is Sparklo and today we will be exploring why it gained so much appeal.

>>>> BUY SPARKLO TOKENS <<<

Sparklo (SPRK) gains massive presale momentum

The Sparklo platform will allow investors the opportunity to get into alternative assets. From silver, gold and platinum bars, investors and traders will gain the opportunity to essentially make investments within the precious metals through the usage of non-fungible tokens (NFTs). These NFTs will get minted and then fractionalized. Investors can then have the opportunity of buying an entire NFT or a fraction of it. This means that anyone can make their way toward the asset class.

The SPRK token is currently at stage two of its presale. At this stage, its value is at just $0.022 with a 30% bonus for early investors. The liquidity will be locked for a total of 100 years with the intention of preventing a rug pull and ensuring a higher level of trust among investors.

The platform has already been audited by the InterFi network and the team underwent KYC. Analysts predict that the value of SPRK can climb by 1,500% in the upcoming months and as such, this project provides a solid opportunity for investors and traders who get involved during its early stages.

Zcash (ZEC) sees decrease in value of 17%

ZecHub announced the latest Zcash (ZEC) ecosystem news in the newest edition of ZecWeekly, some of the most notable aspects of the Zcash (ZEC) ecosystem included the Decred x Zcash (ZEC) community discussion, the Zcash (ZEC) and Aax bridge approval. And the DevFund 2024 community poll.

On May 12, 2023, Zcash (ZEC) traded at $32.25. In the last 30 days, the cryptocurrency decreased by 17% and in the last week, it decreased by 12.6%.

Mina (MINA) dips by 24.5% and enters the red zone

Mina (MINA) made a huge announcement that zkIgnite, Cohort 2, begins on June 14, 2023. The Mina (MINA) project as a whole has seen a lot of growth in its ecosystem, but the same cannot be said about its value.

As of May 12, 2023, the Mina (MINA) cryptocurrency traded at $0.547286. Within the last month, Mina (MINA) saw a decrease in its value by 24.5% and in the last week, this decrease was by 12.4%.

Find out more about the presale:

Buy Presale: https://invest.sparklo.finance

Website: https://sparklo.finance

Twitter: https://twitter.com/sparklo_finance

Telegram: https://t.me/sparklofinance

The Politics and Moral Economics of Seun Kuti’s Police Assault

By
Mutiu Iyanda
-
0

Seun Kuti slapping a police officer was covered extensively in Nigerian mainstream media, which led to a lot of discussion both online and offline. Like what the mainstream media did when Portable, also known as Habeeb Olawunmi, attacked a police officer.  The Kuti case has continued to elicit conflicting responses from the public in recent days, particularly from netizens on social media, reinvigorating the conversation about police brutality and the abuse of authority by law enforcement officials.

Despite this, our analysis of several tweets suggests that many users view the actions of Seun Kuti and Portable as unacceptable and indicative of a larger problem within Nigerian society. Several users mentioned the concept of “government liability,” which appears to refer to the idea that the government is responsible for the behaviour of its citizens, including musicians and other public figures.

Some users also expressed frustration with the Nigerian Police Force (NPF) and their handling of these incidents, suggesting that the police are not held accountable for their actions in the same way that citizens are. Others criticized Seun Kuti and Portable for their supposed lack of respect for the law and authority figures.

From a political and moral economy perspective, the tweets suggest a sense of frustration with the status quo in Nigeria, particularly with regards to corruption and impunity. The concept of “government liability” highlights a perceived lack of accountability among Nigerian leaders, as well as a belief that ordinary citizens are held to a higher standard than those in positions of power.

Additionally, some users view the actions of Seun Kuti and Portable as symptomatic of a broader culture of impunity and disrespect for the law, particularly among those with wealth and influence. This could be seen as reflecting a larger issue of inequality and a sense that those in power are not held accountable for their actions.

The Key Political and Moral Economy

Power dynamics and abuse of power: Many of the tweets highlight the power relationships that exist between citizens and the police as well as within citizens. While some users contend that Seun Kuti violated his obligations as a public figure by hitting a police officer, others contend that the police have also abused their authority and should be held accountable.

Justice and accountability: The need for justice and accountability in cases of police brutality and assault is a major theme in many of the tweets. While some users contend that Seun Kuti and Portable should both be held responsible for their actions, others criticise the Nigerian police for not holding its officers responsible for comparable transgressions.

Political representation and citizenship: Some tweets touch on issues of political representation and citizenship, with users questioning the legitimacy of the federal government and arguing that citizens have a right to resist oppression and abuse of power.

Substance abuse and mental health: Some tweets make assumptions about the role of drug abuse while highlighting the need for resources and support for mental health in Nigeria.

According to our analyst, Nigerian netizens’ responses to the two incidents reveal a complex web of attitudes and beliefs about Portable and Seun Kuti’s deeds as well as about the country’s political and social contexts, which have been linked to a number of problems over the years.

Binance Exits Canada – And Why Many Cannot Just Give Up on Bitcoin

By
Ndubuisi Ekekwe
-
1

Across most indicators,  the United States cryptocurrency sector may not exist at scale in years. I mean, I just think the organized governments are converging on this thing. While the coins are showing resilience, looking at where BTC is trading, the high voltage assault seems unprecedented. With Binance out of Canada, the question is which country is next: “One of the largest crypto exchanges in the world, Binance, has exited Canada amid tough regulatory rules. The company cited increasing regulatory tensions as the primary reason behind its exit. Binance via a tweet disclosed that the new guidance concerning stablecoins and investor limits provided to crypto exchanges has made the Canadian market untenable.”

Yet, provided the US does not enter into a severe recession, nothing will happen. But if it does, crypto would be part of the collateral damage.  

I am concerned because the Russian sanction experiments have shown that sanctions do affect both the sanctioned and the person delivering the sanctions. The gravity of global inflation was partly exacerbated by those sanctions.  If China does try to take over Taiwan by force (pray against it), the world economy will experience severe recession and stock markets will be ravaged. How do you sanction China? Or what happens when China sanctions you?

Those permutations are the reasons people are looking for alternative ways to store wealth because geopolitics is distorting national currencies at scale. This is partly why some people believe in Bitcoin! If the US sanctions China, the US dollar will get a hit, just as if China sanctions the US. Forget what will happen to the yuan: massive depreciation! 

So, where is the value-storing refuge? Hodlers will say BTC and its cousins, and are not giving up, to hold them. Yes, the tension in geopolitics, created by governments,  is  one of the reasons many are believing! A huge #irony!

For many true crypto believers, digital currencies were never simply financial instruments — they were a way of life. Writing in Bloomberg, Christopher Beam looks at how blockchain devotees have reacted to the long crypto winter, which has shattered the value of many coins. Only a few crypto fans have had their fervor chilled. Many believe a bounce back is just around the corner, others see a conspiracy to drag down a world-changing technology, while some just miss the sense of community they experienced in buzzing crypto chatrooms that now sit empty. (LinkedIn News)

Comment on Feed

Comment 1: Undoubtedly, geopolitical tensions threaten financial stability through a financial channel, however, they are exactly what they sound like and these tensions can stem from several factors such as power, trade, military activity, climate change or a significant event like Brexit.

On the one hand, many investors see Bitcoin as the best store of value because it has best aspects of both gold and digital currencies: its widely accepted, liquid, scarce, divisible and portable. The only thing that it is lacking is durability over time and on the other hand, a store of value in cryptocurrency must however be exchangeable with something else (like gold or dollars). In other words, a store of value should be worth the same or more over time.

Comment 2: I’m always leery of cryptocurrency exchanges: too many have gone belly-up. When was the last time you heard of a stock exchange fail?

I have been an opponent of Bitcoin but the more I think about it it is unique and may actually be a reasonable method to defend against currency debasement (inflation).

Bitcoin is limited in volume. The maximum supply of Bitcoin is set at 21 million coins, and this limit is hardcoded into the Bitcoin protocol. This means that once 21 million bitcoins have been mined, no more bitcoins can be created.

As of May 2023, the total number of bitcoins in circulation is around 19 million, and the rate at which new bitcoins are created is gradually decreasing over time. This is because the Bitcoin protocol uses a process called “halving” to reduce the amount of new bitcoins that are created as time goes on. Roughly every four years, the reward for mining new bitcoins is cut in half, which slows down the rate at which new bitcoins are added to the total supply.

The final halving event is expected to occur in the year 2140, at which point the maximum supply of 21 million bitcoins will have been reached, and no new bitcoins will be created. After that point potentially becoming very valuable.

But not all cryptocurrencies are created equal, and none like Bitcoin. That is the underlying problem with “cryptocurrencies” not “Bitcoin”.

My Response: “I’m always leery of cryptocurrency exchanges: too many have gone belly-up.” – I have argued in the past that Bitcoin and all coins are centralized because at the end, exchanges bring all together, and if the government cannot reach the decentralized coins, it can via exchanges handle everything, Real investments in BTC and others happen via legal exchanges. Interestingly, those exchanges need bank accounts which means they will need to be registered to operate. As that happens, governments will put them in line.

Binance Exits Canada Following Tough Crypto Regulatory Rules

By
Ojukwu Emmanuel
-
0

One of the largest crypto exchanges in the world, Binance, has exited Canada amid tough regulatory rules.

The company cited increasing regulatory tensions as the primary reason behind its exit. Binance via a tweet disclosed that the new guidance concerning stablecoins and investor limits provided to crypto exchanges has made the Canadian market untenable.

The tweet reads,

“Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace. We would like to thank those regulators who worked with us collaboratively to address the needs of Canadian users. Albeit a small market, it held sentimental value for us as the home country of our founder.

“We had high hopes for the rest of the Canadian blockchain industry. Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canadian market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.

“Our remaining Canadian users are receiving an email with comprehensive information on how this will impact their accounts going forward. While we do not agree with the new guidance, we hope to continue to engage with Canadian regulators aimed at a thoughtful, comprehensive regulatory framework. We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets.”

It is worth noting that throughout the previous year, Binance faced heightened regulatory scrutiny from authorities in North America, which spurred the crypto exchange to scale back its operations in the region.

Binance joins the list of crypto companies such as Paxos and dYdX that have exited the Canadian market amid tough crypto regulatory rules. Following the shutdown of Binance operations in Canada, the company expressed confidence in its eventual return to the North American country, considering that it is the home of CEO Changpeng Zhao. The company further added that it is still maintaining discussions with Canadian authorities to establish a well-considered and comprehensive regulatory framework collaboratively.

Meanwhile, analysts disclose that Binance’s exit from Canada may have a negative impact on the country’s crypto ecosystem, which can lead to market fragmentation and discourage other exchanges from expanding in the country.

Recall that in February this year, the Canadian Securities Administrators (CSA) issued new guidance that banned crypto asset trading platforms from allowing customers to purchase or deposit stablecoins without prior approval from the CSA. To obtain approval, crypto trading platforms would need to successfully pass the CSA’s thorough due diligence checks.

1...4,2134,2144,215...8,082Page 4,214 of 8,082

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy