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Leave Downstream, Go Upstream and Capture More Value in Markets

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Companies win by accumulating capabilities. From Google to Flutterwave to Dangote Group, when companies accumulate capabilities, they operate in domains that generate higher value (usually upstream) compared with where most typical firms operate (usually downstream). Dangote Group can deploy massive assets and technical know-how in cement production, making it harder for new entrants and rivals.

Google uses its datasets to win on search. By holding the first-scaler advantage on search, it enjoys the virtuoso circle of network effects which keep compounding, making Google better.

And Flutterwave delivers an unmatched scale within the African fintech space, making it a layer upon which many companies run on. Indeed, its greatest capability is that it has unified the US, China, Europe and Latin America on API-based payment, from the lens of Africa.

Like in the oil industry where they speak the language of upstream and downstream, here is the message: leave downstream positions in your sector, go upstream and capture more value in markets. Sure, only the few can make that upward transition,  but the few which do, do unlock great opportunities that make them category-kings. #DreamIt

Apple Plans to Open First Physical Stores in India as it Seeks to Boost Sales

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Giant tech company Apple is set to open its first physical stores in India next week, as it seeks to boost retail sales of its products and its manufacturing activity locally.

The tech giant will open a store in Mumbai, the commercial capital of India, and one of the predominant port cities in the country, on the 18th of April and in the Indian capital Delhi on the 20th of April. Reports disclosed that Apple executives have been visiting India quite often, while noting that an unspecified but key iPhone enclosure quality executive has reportedly been relocated to India from China.

Apple’s plan to open stores in India underscores the company’s CEO Tim Cook’s bullish view on the country, which is the world’s fifth largest economy. The tech giant has just a 5% market share in India’s smartphone market, but Cook has long seen India as a potential area for growth.

Cook during a February earnings call this year, had disclosed that he is very bullish on India, after observing the record iPhone revenues in the country, while noting that the number of regional iPhone users increased to double digits. In his words, “We’re bringing retail there and bringing the online store there and putting a significant amount of energy there. I’m very bullish on India. Apple is putting a significant amount of energy in India.”

Last year, Apple began assembling its flagship iPhone 14 in India, which was the first time Apple produced its latest model in India so close to its launch. The company is aiming to make 25% of all its iPhones in India. Apple intends to ship directly from India with the launch of the iPhone 15 series. This denotes the gradual growth of Apple’s supply chain.

Although Apple has only gotten a small number of orders for India made iPhone 15, reviews of the quality have been largely positive. Apple’s manufacturing push to the Asian country is coming as it seeks to reduce its reliance on China, where it currently makes the majority of its iPhones while diversifying its supply chain.

The tech giant currently produces more than 90 percent of iPhones in China, through factories owned by Taiwan-based Foxconn. However, frequent Covid lockdowns and worker protests at Foxconn’s major factories in China in 2022 led the company to reconsider its supply chain approach and accelerate its shift away from China.

According to a Bloomberg report, Apple made more than 6.5 million iPhones in India in 2022. Following 2023’s anticipated 10 million, unspecified sources reportedly involved in the process, estimate that 2024 will see 15 million iPhones.

Meanwhile, a JPMorgan analyst disclosed via a note that Apple could make 25% of all iPhones globally in India by 2025. The analysts expect Apple to move 25% of other product lines outside of China, which includes the Macbook, Apple Watch, Airpods, and iPad.

In Defense of Electoral Petitions, INEC Nigeria Said Electoral Act Does Not Mandate Compulsory Electronic Transmission of Results

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The Independent National Electoral Commission (INEC) has denied breaking any law in the conduct of 2023 elections, dismissing allegations that it failed to follow electoral guidelines.

It is the first time the electoral umpire is responding to the series of legal cases emanating from the outcome of the presidential election.

Days ago, the All Action Peoples Party (APP) joined the Peoples Democratic Party (PDP) and the Labour Party (LP), to challenge the process and the outcome of the election, which they alleged to have breached the Electoral Act 2022. The parties have all filed the cases before the Presidential Election Petitions Court (PEPC) in Abuja.

INEC lawyer, Abubakar Mahmoud, in a statement said the conduct of the election was free and fair and that the process followed electoral guidelines.

“The election was free, fair, credible and in compliance with the constitution and the Electoral Act, 2022 and other relevant laws and guidelines,” he said.

The electoral body also urged the tribunal to “dismiss or strike out the petition” filed by the LP for being “grossly incompetent, abusive, vague, nebulous, generic, general, non-specific, ambiguous, equivocal, hypothetical and academic.”

The applicants’ argument has been based on INEC’s failure to transmit the results from polling units to its iRev portal in real time.

But in its defense seen in a court document, the electoral commission dismissed the argument as a basis to declare the conduct of the election illegal. It said paragraphs 50 to 55 of the regulations and guidelines for the conduct of the 2023 presidential election allow the commission to use alternate means for collation.

“There was no collation system of the 3rd respondent (INEC) to which polling unit results were required to be transmitted by the presiding officers…the prescribed mode of collation was manual collation of the various forms EC8A, EC8B, EC8C, EC8D and EC8E in the presidential election,” INEC said.

The commission also dismissed the allegation that results were doctored by its officials to favor a particular political party’s candidate or that there was over-voting.

In their petition, the applicants had pointed out that while it was not possible for presidential election’s results to be uploaded, electoral officials were able to upload to Senatorial and House of Reps results, indicating that the system was compromised.

But according to its defense filing, INEC stated that its online result viewing portal became erratic at the point of collation and members of its Information and Communications Technology (ICT) team were called in to rectify the problem, because the presidential results were not immediately uploaded.

“It was observed that while the result sheets were being successfully uploaded through the e-transmission system to the iRev portal in respect of the Senatorial and House of Representatives elections to their respective modules, the e-transmission was not processing and uploading the result sheets to the iRev portal in respect of the presidential election. The system was encountering glitches and was extremely slow.

“The 3rd respondent’s (INEC) technical team took every step to restore the application to functionality…five application/patches updates were created and deployed immediately with the aim of fixing the error,” it said.

The electoral umpire said it will use testimony from its ICT department and two INEC official witnesses as evidence at the tribunal.

Other parties who filed petitions challenging the presidential election include the Action Alliance (AA) and the Allied Peoples Movement (APM). The tribunal is yet to fix a date for the hearing.

Silicon Valley Bank Chief Risk Officer Resigns Months After Joining The Bank

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Recent reports reveal that Silicon Valley Bank’s (SVB) new Chief Security Officer CRO Kim Olson has resigned months after joining the bank.

Sources familiar with the news disclosed that Kim who joined SVB in January 2023 alongside the chief audit executive and one other executive are leaving the bank.

The departure comes just two weeks after about $72 billion in assets from the failed Bank was bought by First Citizens Bank. The recent departure is on top of a string of executive exits, including former CEO Greg Becker and CFO Daniel Beck who left the collapsed bank when it was taken over by regulators.

Kim Olson was appointed as Silicon Valley Bank Chief Risk Officer (CRO) in January this year, after taking over from Laura Izurieta who stepped down from her role as CRO of SVB financial group in April 2022. Laura Izurieta walked away with over $7.1 million last year after she oversaw a bond-buying spree that left it vulnerable to a frenzied bank run that led to the collapse. She however managed to exit the bank unscathed before it collapsed.

In a Securities and Exchange Commission (SEC) filing, Silicon Valley Bank stated that it approached Izurieta about terminating her job early last year after she sold $4,176,354 of her stock in the company on December 6, 2021. SVB is yet to comment on Olson’s departure, as employees at the newly combined institution do not yet know who the new Chief Risk Officer will be. There are claims that a potential successor is First Citizens’ CRO Lorie Rupp who has been in the role since 2017.

It is interesting to note that before Kim was appointed as CRO, Silicon Valley Bank was without a Chief Risk officer for eight months, a role required by federal regulations, which got people perplexed at how the bank managed risks in the interim period between the departure of one CRO and appointment of another, while it faced a difficult transition in the Venture Capital market the industry the bank services closely.

Analysts at Wall Street Journal (WSJ) stated that any strong Chief Risk Officer should have prevented Silicon Valley Bank from collapsing. It is however interesting to note that talent moves are sure to continue as a natural part of SVB’s transition to new ownership after HSBC Holdings plc’s U.S. unit hired dozens of Silicon Valley Bank bankers led by David Sabow, who most recently led the technology and healthcare banking segment for the California-based bank that collapsed last month.

HSBC USA said in a statement that the hiring will help the bank establish a dedicated banking practice focused on serving companies in technology and healthcare, as well as investors who support them. HSBC has initially assembled a team of more than 40 bankers in the San Francisco Bay Area, Boston, and New York City as part of this initiative.

Price Prediciton: NEAR Protocol (NEAR), Uwerx (WERX), Or Cosmos (ATOM) – Which Will Climb The Charts Soon?

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Nearly all coins were affected by a severe bear market which turned the crypto sector upside down. Some coins were sent to the moon, while others were in the red zone and some disappeared into a black hole. If you are looking for a crypto to add to your investment portfolio in 2023, this market can make that task difficult. Today we hope to alleviate some of those challenges as we dive deep into what the future holds for NEAR Protocol (NEAR), Uwerx, and Cosmos Hub (ATOM).

Will NEAR Protocol (NEAR) Maintain Its Gains?

NEAR Protocol (NEAR) is a scalable blockchain that seeks to help the widespread acceptance of decentralized applications. People can use the NEAR Protocol (NEAR) token to pay for storage on the network and cover operational costs.

The NEAR Protocol (NEAR) team recently published its plans for future improvements to the platform. These improvements will include zero-balance accounts and meta-transactions. After this announcement, the NEAR Protocol (NEAR) token saw a jump of 18%. But, analysts predict that this rally may be short-lived as its price has dropped by 4% in the past 24 hours. At this point, investing in NEAR Protocol (NEAR) is not a wise idea as the surrounding sentiment is bearish.

Uwerx (WERX) To Combine Freelance With Blockchain

Uwerx aims to improve the growing freelance industry by creating the first-ever blockchain-built freelance platform. But what does that mean for freelancers and service purchasers?

First, by eliminating the mediator, Uwerx will bridge the gap between freelancers and businesses. Additionally, Uwerx can offer improved transaction records and extra security due to blockchain capabilities. And most importantly, neither party would have to bear additional service costs. The fees that Uwerx requires are 1% in comparison to the 20% that Fiverr charges. Even with Upwork’s recent decision to reduce fees to 10%, Uwerx still manages to leverage itself as the best possible alternative to the aforementioned platforms. It is interesting to note, that despite the reduction in fees, Upwork is introducing a new fee for each new contract that is created.

The presale is very young, but it has been receiving unprecedented levels of investor interest and confidence. Given everything it brings to the table, many investors buy in early, hoping to yield gains. One WERX coin costs only $0.005, but forecasts show that a $2.80 price will be reached by August 2023.

Certainty is high amongst analysts as liquidity will be locked upon launch and for 25 years after presale ends. We see this happening as Uwerx positions itself as one of the best investment options this year, so buy in now and take part in this InterFi Network and Solidproof approved (potentially blue-chip) coin!

Cosmos Hub (ATOM) Could See Some Positives

Cosmos Hub (ATOM) network is a Proof-of-Stake system of blockchains that may communicate amongst themselves. In addition to being utilized as electronic currency for money transfers, the Cosmos (ATOM) coin is employed to protect the platform and encourage network usage.

Cosmos Hub (ATOM) coin is trading at $9.94, perhaps testing the waters of $15. It could achieve a $12.80 level if it manages to break through. We must remember that Cosmos Hub (ATOM) is currently down nearly 30% in the last three months and that its peak of $42 may take some time to reach. The sentiment around Cosmos Hub (ATOM) is bullish, but if a price rally is to occur, analysts are predicting it won’t be noteworthy.

Instead, analysts would encourage potential investors to invest in Uwerx, a project with high potential for gains and poses tangible real world benefits. See the links below for more information:

 

Website: www.uwerx.network

Presale: invest.uwerx.network

Telegram: https://t.me/uwerx_network

Twitter: https://twitter.com/uwerx_network