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Bitcoin, Ethereum Surges As Russia Considers Accepting Bitcoin As Payment For Its Oil And Gas

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Following the invasion of Russia on Ukraine, the country has been faced with strict sanctions being pelted at them by Western countries. These sanctions have kept Russia’s economy in shambles as the country now finds itself increasingly isolated from global trade. Despite being one of the largest exporters of gas, accounting for about 45% of the European Union’s imports, the country has been facing difficulty in finding buyers for its oil.

According to information gotten, due to the difficulty Russia is facing with selling its oil, the country is now considering accepting Bitcoin as a means of payment for its oil and gas exports. According to Russia’s chair of the Duma committee on energy, Pavel Zavalny, he disclosed that when it comes to their allies such as China or Turkey, Russia is willing to be more flexible with payment options as alternative ways to pay for Russia’s energy exports and also accept Bitcoin as a means of payment. After Russia made the statement of accepting Bitcoin as a means of payment, there was a rise in Bitcoin of about 4%, which saw the price move up to $44,000.

Not only did Bitcoin rise, but the price of other cryptocurrencies also spiked around that time. The president of Russia Vladimir Putin disclosed earlier that he would require “unfriendly” countries to pay for oil and gas in rubles. Although his demand was frowned at by European leaders, especially those who are still purchasing the Russian oil and gas stating that such a requirement would breach existing contracts, which typically specify the currency should be in Euros or Dollars.

When sanctions were being pelted out at Russia by the Western countries, for their forceful invasion of Ukraine, I pondered if Russia could survive all of it. I also imagined if they could thrive as a pariah state, knowing full well that most European countries have cut ties with them. Well, I guess they are gradually feeling the heat, which is why they are seeking alternative payment options to the purchase of their oil and gas. Each of these sanctions bears a weight of devastating impact on its economy. Recall that President Joe Biden and the European Union earlier announced the expulsion of Russian banks from the society for worldwide interbank financial telecommunication.

The expulsion ensured that Russian banks were disconnected from the International Financial system as well as harmed their ability to operate globally. Russia’s switch to payment through Bitcoin would be a strategic move deployed by them to bypass sanctions since cryptocurrency doesn’t flow through the International banking system. Although this alternative route might look like they have found a solution, albeit it is complicated due to how volatile cryptocurrency can be.

With its value swinging by 50 percent or more over the past year, it could be favorable to Kremlin, yet it may further undermine Russia’s economy. This period seems to be an unfavorable one for Russia because despite considering accepting Bitcoin as a means of payment, one of its strong allies and trade partners China, has for long banned the use of cryptocurrency in their country. Another challenge that potential buyers of Russia’s oil and gas might likely face after purchasing the oil, would be how to get it out from Russia. One of the constraints would be getting a ship to carry the barrels of oil from Russia as not many shipowners will be willing to take the risk to avoid their ship from getting impounded.

Tekedia Capital Q1 2022 Investment Cycle

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Update: This is to update that the video sessions of all Tekedia Capital Demo Day pitches are now available in the Board. Login here and watch the presentations.


Greetings. We are very happy to update that the deal flow is live in Tekedia Capital Q1 2022 board. We made a special video for each startup and also attached their respective pitch decks. The Demo Day Zoom link is also included. The startups will come and pitch live to members as indicated. To join this dealflow, join our Syndicate here

Join our syndicate, and co-build the foundations of the next African economy. Tekedia Capital charges $1,000 annual fee to include an investor in Tekedia Capital deal flows for 12 months or 4 investment cycles.

Here are the key dates and deadlines for Q1 2022 investment cycle:

  • Publication of the startups: March 16
  • Demo Day: Demo Day is scheduled for March 26 at 4pm-6.30pm WAT (Zoom link will be provided later)
  • Tell us how much and startup you’re investing: April 6
  • Fund Transfer: Between April 8 and April 20. Transfer could be in US Dollars or local currency; bank details will be provided.
  • Master Agreement Signing: upon payment

 

Do not make the path to success to become The Success

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He was paralyzed for 38 years. He expected healing at a pool in Bethesda. Typically, an angel would arrive at the pool, stir the water, and the first to get in would be made whole. That has been the method for years; nothing else matters for many.

Then one day, a Messiah came. He asked the man, “Do you want to get well?” “Sir,” the man replied, “I have no one to help me into the pool when the water is stirred. While I am trying to get in, someone else goes down ahead of me.”

Notice his answer: he had no one to get him into the water. Simply, he had no connection to Aso Rock, White House or the U.S. Embassy for visa. Apparently, his healing must come via the same way – stirring water and jumping in, and the process must wait until the next angel arrives. Too bad, he did not know the grand commander of angels was before him.

We have the same problem. Someone asks you “Do you need a job?” Then you quickly remind him that “Sir, I made a 2.2 …, read “Typing”, etc”. It is natural; I desired to be a Naval officer because my kinsman, Rear Admiral Ndubuisi Kanu (RIP), was a great one. But one day, he came to the community school and told us “you must be educated and pass exams with great grades”. We got the message; the only path was not military.

People, do not make the path to success to become The Success. There are many routes. Not many would be as lucky as the man who despite his way-off answer received healing from Christ. Communicate better on the big picture.

Happy Sunday.

EU Reaches A Landmark Agreement On A New Legislation That Will Scuttle Big Tech’s Dominance

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Big tech companies operating in Europe will have a new challenge in the markets as a new set of rules designed to alter the operation of internet companies as we know it, is getting ready to be unveiled.

The European Union has been working on a digital legislation that will check the excesses of the big players in the online industry, holding the “gatekeepers” such as Google, Meta and Amazon, accountable like never before. The AP reports below that the bloc is a step closer to finalizing the landmark digital rules.

EU officials agreed late Thursday on wording for the bloc’s Digital Markets Act, part of a long-awaited overhaul of its digital rulebook. The act, which still needs other approvals, seeks to prevent tech giants from dominating digital markets, with the threat of whopping fines or even the possibility of a company breakup.

For instance, they face tighter restrictions on using people’s data for targeted online ads — a primary source of revenue for Google and Facebook — while different messaging services or social media platforms would be required to work together.

The new rules underscore how Europe has become a global pacesetter in efforts to curb the power of tech companies through an onslaught of antitrust investigations, stringent regulations on data privacy and proposed rules for areas like artificial intelligence.

“What we have been deciding about yesterday will start a new era in tech regulation,” the European Union’s lead lawmaker Andreas Schwab said at a press conference Friday.

The same day, however, the European Union reached a preliminary agreement with the U.S. that paved the way for Europeans’ personal data to be stored in the U.S.

In its crackdown on tech giants, the EU also has another set of rules, the Digital Services Act, that aim to ensure online safety for users through stricter requirements to flag and remove harmful or illegal content or services like hate speech and counterfeit goods. Both are expected to take effect by October, EU competition chief Margrethe Vestager said.

The European Consumer Organisation, or BEUC, welcomed the agreement on the Digital Markets Act, saying it would help consumers by creating fairer and more competitive digital markets. Digital rights group EDRi said it will “narrow the power imbalance between people and online platforms.”

Tech companies were less enthusiastic.

Apple said it was concerned that parts of the Digital Markets Act “will create unnecessary privacy and security vulnerabilities for our users while others will prohibit us from charging for intellectual property in which we invest a great deal.”

Google said it will study the text and work with regulators to implement it.

“While we support many of the DMA’s ambitions around consumer choice and interoperability, we remain concerned that some of the rules could reduce innovation and the choice available to Europeans,” the company said.

Amazon said it is reviewing what the rules mean for its customers. Meta, which also owns Instagram and WhatsApp, didn’t reply to a request for comment.

The Digital Markets Act includes a number of eye-catching, groundbreaking measures that could shake up the way big tech companies operate.

They wouldn’t be allowed to rank their own products or services higher than those of others in search results. That means Amazon, for example, wouldn’t be allowed to list its own brand of goods ahead of rival offerings from independent merchants.

Essential software or apps such as web browsers can’t be installed by default along with the operating system, in the same way Google’s Chrome comes bundled with Android phones. There’s also a measure aimed at loosening Apple’s stranglehold on iPhone apps through its App Store.

A user’s personal data also couldn’t be combined for targeted ads unless “explicit consent” is given. That would prevent Google from collecting information on YouTube viewing, online searches, travel history from Maps and Gmail conversations to build a profile to serve up personalized ads, unless users agree to each one.Messaging services and social media platforms must work with each other to avoid the domination of a few companies that have already established big networks of users. That opens up the possibility, for example, of Telegram or Signal users being able to exchange messages with WhatsApp users.

Online services would have to ensure that users can opt out just as easily as they can sign up.

That’s “aimed at services where it’s super easy to sign up — boom, you’re a customer — but unsubscribe is hidden under three levels of menus,” such as Amazon Prime, said Jan Penfrat, senior policy adviser at EDRi. “They push it on to you with big, colorful buttons, but getting out of it is really difficult.”

Criteria for defining a gatekeeper under the rules have been tweaked to include companies that earn at least 7.5 billion euros ($8.3 billion) in annual revenue in Europe in the past three years, have a market value of 75 billion euros, provide services in at least three EU countries, and have 45 million users and 10,000 business users each year in the bloc.

Violations could be punished with whopping fines: up to 10% of a company’s annual income. Repeat offenders could be fined up to 20% of worldwide revenue, which could amount to billions of dollars for wealthy Silicon Valley companies.

Negotiators from the European Parliament and European Council, which represents the 27 EU member countries, reached the deal after months of talks. It now needs to be endorsed by the Council and the European Parliament.

Rise Of Mental Health Among Entrepreneurs – The Way Forward

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According to research, 72% of entrepreneurs suffer from mental health issues, which is incredibly high. Forbes calls depression an epidemic among entrepreneurs and creatives. Aside from the flexibility and glamorous nature of entrepreneurship which often entices people, the emotional side is often overlooked. Statistics show that entrepreneurs report significantly higher mental health issues than everyday working professionals. 

The most challenging part of entrepreneurship is usually at the beginning. The startup journey can be emotionally tasking. Starting a business can bring about financial instability, feeling of isolation, and strain on relationships. While researching on this topic, I stumbled on a piece that states that “creativity leads to big emotions, passion can lead to obsession, competitiveness and risk-taking can lead to deep feelings of failure”. Due to the high competition of businesses, entrepreneurs are constantly brainstorming on ways to employ strict and strategic measures to remain in business, and also stay ahead of their competitors.

By doing these things, they often neglect their well-being, in a bid to grow their ventures. Most of them also suffer from insomnia because they are always strategizing, which makes it difficult for them to sleep. One common trait that is common among entrepreneurs which often leads to their breakdown, is the ability to act like everything is okay, even at the edge of failure. They put up with this facade that all is well and refuse to seek help so that they do not have to appear weak. According to Carl Rodgers, a renowned psychologist, he states that human beings are disturbed when their expectations are not met, and most entrepreneurs always have expectations about their business.

Even when in the workplace, entrepreneurs always like to give the impression to their employees that they are made of steel and can overcome whatever challenges that may pose to the business. A lot of entrepreneurs are usually egocentric and uncomfortable with relying on others or acknowledging that they have limitations. Particularly in the early stages, most entrepreneurs get to work alone which can incredibly be socially isolating, which is a precursor to depression.

The Way Forward

Surround With The Right People: One of the best things an entrepreneur can do is to surround himself or herself with the right kind of people. Surrounding with the right kind of people is a vital key to career growth. Entrepreneurs should surround themselves with people who have the same burning desire as they do. I.e People who can go to any length to ensure the success of the business. They need people who can constantly encourage them to keep them on track and keep their hope alive.

Address Mental Health Concerns Immediately:  When entrepreneurs don’t manage mental health concerns quickly, they can turn into adverse outcomes. If mental health symptoms are left unattended after a prolonged period, it can lead to more severe mental health concerns. Mental health awareness begins by gaining an understanding of the factors that could exacerbate your stress level.

Leverage Of Team: It’s okay for entrepreneurs to admit their limitations. An entrepreneur should know that he or she cannot go on the journey alone. An entrepreneur should always ensure to leverage the knowledge and experience of their team members, by sending them to do jobs that require a larger amount of their skill or expertise. They should also be involved in decision-making, as well as have them mentor younger less experienced employees. Entrepreneurs should be willing to rely on their team where necessary to move their business forward. Always doing things alone, in a bid to show superiority can lead to breakdown and frustration.

Learn To Accept Failure: Entrepreneurs must learn to accept failure. They should understand that in the journey, they will encounter many obstacles. When failure comes they shouldn’t be too hard on themselves and see themselves as failures, rather they should strategize on ways to move on from failure and put things right.

Delegation: Another quick way to overheat and face an even higher level of stress is when entrepreneurs try to do everything by themselves. Even if the startup isn’t in a place to take on full-time employees quite yet, there are endless resources available to help a business outsource certain tasks. This is important because burnout can happen very quickly when a business is forming, and that process tends to speed itself up if the founder is trying to do everything on their own. Another option to avoid wearing down is going into business with a partner. Typically, each person would be an expert in a certain area of the company which would not only take things off one’s plate but also is beneficial in driving the business forward.

Conclusion 

Entrepreneurs must understand that the entrepreneurship journey is a very sensitive one, and if not properly handled, it can lead to depression and frustration. They need to put in place measures that will make the journey less difficult for them.  Of course, there will be obstacles, but with the right measures taken, they will overcome and achieve their organizational set goals.