DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 5187

Dorsey Joins Musk to Criticize Twitter Board As Argument for Twitter Acquisition Heats On

0

Elon Musk has taken a swipe at the Twitter board after his push to purchase the microblogging app was undermined by the ‘poison pill’ that the board adopted on Friday.

Musk went on to criticize the board on Twitter during the weekend for turning down his offer. He accused them of holding the company back from growth, saying they’re irresponsible for turning down his bid.

Last week, the Tesla CEO made a $43 billion takeover bid for Twitter. Musk said he invested in Twitter because he believes in its potential to be the platform for free speech around the globe. But now realize “the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

Earlier, before making the bid for a hostile takeover, Musk had bought a 9.2% stake in Twitter, making him the largest shareholder. But that was quickly countered by one of Twitter’s biggest shareholders, Vanguard Holdings, who upped its shares to 10.3 percent, toppling Musk.

Musk had asked that Twitter shareholders, not only the board, be allowed to vote on his bid. He believes his offer, which is roughly $6 billion above Twitter’s current $37 billion market capitalization, is “best and final.”

Weighing in on the matter, Twitter co-founder and former CEO Jack Dorsey, joined Musk in criticizing the board. Dorsey said in a series of tweets where he responded to questions that as a public company, Twitter has always been “for sale.”

When asked why he owns close to nothing as Twitter founder, Dorsey said the board took most of his shares when he was booted out as the CEO in 2008, labeling the board as “consistently the dysfunction of the company”. He also agreed with venture capitalist Gary Tan, who said that a badly run board “can literally make a billion dollars in value disappear.”

Musk had implied that the board had no economic interest in Twitter to protect as they own little to nothing of the company’s shares. “With Jack departing, the Twitter board collectively owns almost no shares!” Musk wrote. “Objectively, their economic interests are simply not aligned with shareholders.”

Out of 12 members of the Twitter board, only Dorsey owns more than 1% at 2.253%, and he will be leaving the board next month.

The unexpected criticism from Dorsey is not clearly going to pave the way for Musk as some shareholders had criticized the bid, saying it doesn’t measure up to Twitter’s value. Musk said he will not make another offer, giving the board a seeming win as investors are unlikely to back his bid that some have already said it’s not enough.

However, there is another hurdle to Musk’s push to acquire Twitter. Investors have been skeptical that he would be able to cobble together the funds needed to buy Twitter, according to a report by New York Times. Analysts have estimated Mr. Musk would need $15 billion to $20 billion in debt to fund his efforts.

This is because Musk’s wealth is largely tied up in stock.

But there is a potential participation in the bid. The Times reported, citing sources, that private equity firm Apollo Global Management is considering participating in the bid by offering debt financing to potential buyers, including the Tesla chief executive Elon Musk.

The Times also reported on other potential buyers. At least one other private equity firm, Thoma Bravo, has expressed interest in acquiring Twitter. However, it is not clear if Musk is willing to team up with others to push his bid. What is clear is that Musk’s bid to acquire Twitter, though stagnant for now, is still possible.

Nigeria is experiencing its lowest point since the end of the Biafra war

1

“I have a statement to the world. It may be my last statement, because we have only a few days, or even hours, left. We appeal to world leaders to apply the extraction procedure to the military of the Mariupol garrison…We are completely surrounded. There are about 500 wounded military, it is very difficult to provide them with medical care. They literally rot,” Maj. Serhii Volyna, commander of Ukraine’s 36th Separate Marine Brigade to CNN.

People, what is going on in Ukraine? I am finding this unbounded heroism thing irritating because it may be doing more harm than good to Ukraine. I mean, why can’t the Ukrainian soldiers in Mariupol surrender under this hopeless situation?

I do not understand the logic anymore. I hope the United Nations is looking at this because if indeed Ukrainian soldiers in Mariupol are prevented from surrendering by their national leaders in Kyiv, and end up eliminated by Russians, President Zelendesky may have questions to answer in future.

Sure – you may ask me why worry about Ukraine when Kaduna and Orlu continue to bleed. Nigeria is experiencing its lowest point since the end of the Biafra war. I mean, death is so common that many newspapers do not waste space reporting on them!

Comment on LinkedIn Feed

Comment: The year may be 2022 but humanity remains the same. Many civilizations have committed mass suicide before surrendering to an enemy. I’m sure you know this. Questioning the motives of both the oppressors and the oppressed is futile. Lest us make different choices in the same circumstances. My prayers go to both. The oppressors to be lenient and the oppressed to be wise.

My Response: “The oppressors to be lenient and the oppressed to be wise.” – I think I am helping the oppressed on the path of wisdom here. It is not everything written in history is right. It is like that sound by the Fugees with lyrics “killing me softly”. Yes, the person is “dying”, but softly, but the destination is the same! I do not buy that suicide is bravery in the 21st century. These men can be used for POW swaps but they have to be alive.

Apple Store Workers Move to Unionize

0

The season of unionism seems to have kicked off for workers in the Big Tech, inspired by the success of Amazon workers. The workers, who resisted the e-commerce giant’s attempt to stop them from unionizing, appear to have set the balling rolling. Now Apple workers are following suit.

The Washington Post reports that workers at Apple’s flagship Grand Central Terminal retail location in Manhattan have begun to formally collect signatures to form a union, according to a newly updated website launched by the organizers, setting the stage for a showdown between the iPhone maker and the employees who sell them.

According to the report, the organizers, who have dubbed themselves “Fruit Stand Workers United,” say they voted Feb. 21 to affiliate with Workers United, a national labor union that has supported the successful unionization efforts of Starbucks employees around the country, according to the site. People involved in the organizing effort told The Washington Post that they have endured months of efforts by Apple to convince employees that unionizing is a bad idea, accusing the company of “union busting” tactics. Now, they are handing out signature cards to would-be union members.

If the organizers of Fruit Stand Workers United are successful in gathering enough votes to form a union, the Grand Central location would become the first of Apple’s retail stores to do so. That would add the Cupertino, Calif., company to a growing list of corporate behemoths, including Amazon, Starbucks and Activision-Blizzard, facing a wave of unionization efforts in a labor landscape that has fundamentally shifted in the wake of the global pandemic. At least three other Apple retail locations are in the process of forming a union, according to employees who spoke on the condition of anonymity to keep their jobs.

“Grand Central is an extraordinary store with unique working conditions that make a union necessary to ensure our team has the best possible standards of living in what have proven to be extraordinary times with the ongoing covid-19 pandemic and once-in-a-generation consumer price inflation,” the website says.

Apple declined to say whether they would support or fight the union effort, but said in a statement that “we are fortunate to have incredible retail team members and we deeply value everything they bring to Apple. We are pleased to offer very strong compensation and benefits for full time and part time employees, including health care, tuition reimbursement, new parental leave, paid family leave, annual stock grants and many other benefits.”

Inside the report, the Post said Apple employees it interviewed had said the move has been mainly as a result of salary disparity that does not reciprocate smartphone’s makers high-rise revenue, among other concerns.

Apple has more than 500 retail locations around the world and more than 270 in the United States, according to its website. It employs more than 65,000 retail workers. Sales through Apple’s retail stores and website made up 36 percent of the company’s $366 billion in total revenue in the fiscal year that ended in October, according to Securities and Exchange Commission filings.

Apple has seen astonishing revenue growth in recent years, bringing in $378 billion in the last calendar year, compared with $240 billion in 2017. Its strong cash position has allowed the company to spend tens of billions a year in stock buybacks and dividends for investors, buoying its share price.

Apple retail employees interviewed by The Post have said that despite the company’s success, their pay has not kept up with inflation, and some complain of difficult working conditions, including the inability to hold managers accountable for alleged unfair or abusive practices. Apple retail employees can earn from $17 to more than $30 per hour, depending on their market and position, and receive between $1,000 and around $2,000 in stock, they said. Employees say Apple’s hourly rates are usually in line with other retail jobs in the regions where they’re employed. But Apple, valued at $2.7 trillion, is no ordinary company. An Apple spokeswoman said the minimum hourly rate at Apple retail stores is $20.

Apple retail employees say they have been instrumental to the company’s success, helping to drive sales using their knowledge and passion for the products . Even when they were kept home during the pandemic, retail workers continued to contribute, nimbly fulfilling new duties such as offering technical support to customers from home, and they say they haven’t been compensated for the extra time and stress of quickly adapting. Despite raises early in the year at the company’s retail locations, and new benefits including more vacation time and family leave, some Apple employees still feel shortchanged.

Apple has said it is “deeply committed to creating and maintaining a positive and inclusive workplace. We take all concerns seriously and we thoroughly investigate whenever a concern is raised and, out of respect for the privacy of any individuals involved, we do not discuss specific employee matters.”

The news comes on the heels of an upset victory by Amazon warehouse workers on Staten Island — just across the bay from Apple’s Grand Central Terminal location — where a majority voted to unionize despite fierce efforts by the e-commerce giant to convince them otherwise. And Starbucks employees at 16 locations, including one in downtown Manhattan, have successfully unionized. More than 100 stores have announced efforts to follow. Employees at REI’s SoHo location in Manhattan voted 88-14 in March to unionize, the first of REI’s 170 stores to do so. Quality assurance workers for Activision Blizzard’s Raven Software are in the hard-fought process of forming a union, part of a growing trend in video games.

On Dec. 24, Apple retail employees staged a walkout and launched a website, Apple Together, to help retail employees.

The employees at Apple’s stores have mostly been working in secret, hoping to informally gauge interest before making a public push to gather official signatures. Workers believe the company will find a reason to fire them if management learns of their effort to unionize.

Fruit Stand Workers United’s website says employees have been communicating on an encrypted messaging service, albeit anonymously to protect them from possible retribution.

The union organizers in Apple retail locations have allies in the corporate offices, according to employees. Apple’s high tech workers have also been pushing for better working conditions.

Last year, software engineers and other “corporate” workers formed #Appletoo, a movement aimed at improving working conditions at the company, particularly for traditionally underrepresented groups, including workers with disabilities.

Apple fired Janneke Parrish, who helped organize #AppleToo. Parrish said she was being investigated for leaking information from an all-hands company meeting, a charge she denies.

And Cher Scarlett, a software engineer who encouraged employees to share their salaries in a survey to expose possible wage disparities hurting underrepresented groups, alleged that she was pushed out in retaliation for her efforts.

Developing Tourist Attractions In Nigeria

2

There is no disputing the fact that Nigeria is a country that is blessed with a beautiful landscape. It has a patch of distinctive regions and its diverse landscape makes it ideal for a broad range of plants and animals. After I read about the horrible experience of a Nigerian lady in Tanzania, who went there for a vacation, it spurred me to give a deep thought about tourism in Nigeria, which further triggered me to write this piece.

Tourism is indeed an attractive development sector in many countries, however, despite its enormous potential in Nigeria, the industry has been neglected for many years. According to statistics in 2019 before the covid-19 pandemic, the tourism sector contributed $8.9 trillion to GDP, which meant 10.3% of global GDP came from tourism, including 7% of the world’s total exports.

Coming down to Africa, in Tanzania, the tourism sector is after the manufacturing sector in contributing to the country’s national income. In the year 2020 tourism receipts in the country totaled approximately 1.4 billion U.S dollars, while it reached 2.5 billion U.S dollars in 2019. Indeed the country of Tanzania has earned and is continuously earning so much revenue from its tourism sector.

A lot of Europeans and Africans have found the country a cool spot for vacations, honeymoons, birthdays, etc. But then, I began to ask myself what Tanzania has that is lacking in Nigeria as regards tourists attraction centers. I have seen countless pictures of the beautiful beaches in Tanzania and I can confidently say that Nigeria also has a lot of similar beaches which is often one of the desired spots in Tanzania.

Lagos alone has over 30 beautiful beaches with a serene environment where one can go to relax and as well have fun. I once visited a beautiful beach in Lagos, Landmark beach precisely, and frankly speaking, it had so many similarities with the ones I saw in Zanzibar, Tanzania. Beautiful landscape, neat, fun spots, serene and beautiful environment, making it a perfect weekend getaway site in Lagos.

One thing I got to discover is that Nigeria has an abundance of beautiful locations that can be developed to make it a suitable place for tourist attractions. Unfortunately, the government has failed to utilize these resources that are already present in the country waiting to be developed. Part of the neglect can be attributed to Nigeria’s heavy reliance on petrol since the oil boom of the 1970s.

Nigeria is a tourist haven with enormous economic potential. The country is endowed with a plethora of historical sites, monuments, and richly diverse cultural heritages. The benefits to Nigeria’s tourism industry would be enormous if they can be intentional about developing its tourist attractions.

There are so many things that tourism can greatly impact the country. It is a significant source of employment, as jobs will be created across several sectors and sub-sectors which include; food services, transportation, travel services, hospitality, recreation, entertainment, etc. Money spent by foreigners could also be an important source of foreign exchange.

There will be less reliance on the oil sector, as diversification into tourism will greatly improve the economy of the country. Tourism is also a catalyst for development and rapid urbanization, with a great impact on environmental conservation.

The government should understand that this country has the resources and beautiful landscape to become a top tourist destination in the world. Therefore, they should play an active role in developing tourist destination centers throughout the country and watch how much revenue it will generate for the country.

If eventually, the government decides to develop the tourism sector in the country, they should ensure to jettison the lackluster maintenance culture. It is not just enough to develop these places, there should be constant maintenance in such locations and also improve security in the country to make it safe for tourists.

Afe Babalola And His View On Nigeria’s Constitution, 2023 Elections

0

The Founder of Afe Babalola University, Nigeria and a legal luminary, Mr. Afe Babalola had opined that the 2023 elections would produce “recycled leaders” if held under the Nigerian 1999 Constitution.

Speaking at a media briefing on Monday, 18th April 2022 in Ado-Ekiti, the capital of Ekiti State, the Senior Advocate of Nigeria (SAN) frowned that politics had become a “lucrative” enterprise in the country.

According to him, instead of holding elections in 2023 when President Muhammadu Buhari’s term ends, an interim government should be formed to steer Nigeria in a new direction.

He said the 2023 elections should be suspended, and an interim government inaugurated to serve for six months, and develop “a new-look peoples’ constitution which should provide for part-time legislators and non-executive president”.

He went further to highlight that the interim government ought to be selected from previous presidents and vice-presidents, ministers and governors, as well as delegates of prominent professional associations.

“The same constitution has made politics become not only very attractive but the only lucrative business in Nigeria today. What this means is that any election that holds under the present scenario will end up producing transactional and recycled leaders, with no ability to turn things around.

“The new constitution should also provide that there shall be no salary, but sitting allowances only for lawmakers. It should provide a true federal system of government, instead of the expensive presidential system of government. I suggest a parliamentary system of government with a unicameral legislature.

“The new constitution should also provide a body at the local, state and federal levels to screen all aspirants on the sources of their wealth and means of livelihood.”

Mr. Babalola, in his own capacity as a Nigerian stakeholder, may have spoken well towards ushering in a better Nigeria, nevertheless, there’s need for well-meaning and rational Nigerians to critically re-examine the myriad of suggestions presented by the legal practitioner and entrepreneur.

First, anyone of the view that the present Nigerian Constitution is weird and outdated, is not doing the country any good, or perhaps might be yet to truly understand the essence of the overall content of the aforementioned legal document.

It’s noteworthy that virtually all the suggestions tendered by Mr. Babalola had in various occasions and fora been submitted by different Nigerians. It suffices to assert that the same issues have been over-flogged by seemingly concerned citizens of the country.

Nigeria currently has a good and wholesome Constitution. What the country needs, however, is an amendment of a few sections of the said document, not a total overhaul. It’s worth noting that the Constitution of developed countries like the United States’ of America (USA) is just not unlike a pamphlet, but that of Nigeria is a book.

The actual plight of Nigeria’s Constitution lies in its implementation. The legal document currently suffers lack of implementation. Any constitution or law requires amendment as time progresses and when need be, hence that of Nigeria wouldn’t be exceptional. But that doesn’t mean we need to replace the entire document.

Among the suggestions tendered by Mr. Babalola, I’m of the view that the best and apt one is the idea of eradicating the ongoing bicameral system of legislature, but not to make it a part-time activity.

Legislature unequivocally ought to be a full-time assignment. The problem with ours is that the relevant authorities have decided to allow the Nigerian legislators to behave as it pleases them. This is the reason I earlier opined that the actual predicament bedeviling the Nigeria’s Constitution is inadequate implementation.

Overtime, in this part of the world, we watch those who make the laws end up breaking them, as if there is no law enforcement agencies instituted within the shores of the country. For crying out loud, until we ensure that individuals aren’t more powerful than the constituted institutions, Nigeria will continue to get it wrongly.

In summary, setting up an interim government as opined by Mr. Babalola isn’t the remedy to the present Nigeria’s socio-political and economic plight, rather ensuring that the existing Constitution and extant laws are workable as well as making apt amendments where and when necessary.