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GM goes after Tesla and the big EV battle begins

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GM goes after Tesla and the big EV battle begins. That also means that the era of gasoline-powered cars is coming to an end.

General Motors is betting big on electric vehicles, expecting to double its annual revenue by 2030 to $280 billion, per The New York Times. The Detroit-based automaker aims to transition to all-electric cars and trucks by 2035, which presents “a tremendous growth opportunity,” according to GM’s chief executive Mary Barra. The move away from gasoline-powered vehicles, as well the addition of new services, including a ride-hailing program that uses autonomous cars, will bring the company to its revenue target, Barra said. As part of its shift in strategy, the auto giant also “pledged to unseat Tesla as the nation’s EV market-share leader,” AP reports.

Meanwhile, Tesla has opened a new playbook: sell its cars in Africa.

Tesla has deployed its first two Supercharger stations in Morocco, marking its first entry in the African market. Supercharger stations are generally the first step toward Tesla entering a new market. Over the years, CEO Elon Musk has often talked about Tesla launching in his native Africa, especially his home country of South Africa, but it has yet to happen. It doesn’t mean that there are no Tesla vehicles in Africa. There are plenty of them, but they have been privately imported by individuals who have to jump through hoops to make it happen.

With that playbook of investing in emerging economies, GM may be chasing a moving target.

The Trump’s Lawsuit And Social Media’s Most Important Feature

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Former US President Donald Trump has filed a lawsuit seeking to force Twitter to reinstate him. He is arguing that the ban violates the First Amendment and his state’s new social media law. The latter goes nowhere, technically, since Twitter does not answer to Florida state. On the First Amendment one, I punt.

My main focus is this: Mr. Trump is learning that the most important feature in a social media platform is the USERS. Yes, you can clone Twitter, Facebook or practically anything but without the users, you have no product. So, despite all the efforts of many conservatives to build alternative platforms, none of these platforms has indeed appealed to the ex-president because none has the core feature: many users. Even the ex-president built one but later abandoned it!

This tells us one thing: if you are building digital platforms, there is one feature that matters: having many people in that ecosystem. Every other thing is marginal. I have called that the inversibility construct and it is very fundamental to success. Find the users and get them in because that is really what matters.

Trump is seeking a preliminary injunction of Twitter’s ban, according to the complaint filed in the Southern District of Florida late Friday. The former president argues that Twitter, “coerced by members of the United States Congress,” is censoring him, describing the social media platform as “a major avenue of public discourse.” Trump seeks to be temporarily reinstated on Twitter while he continues his efforts toward permanent reinstatement.

Twitter “exercises a degree of power and control over political discourse in this country that is immeasurable, historically unprecedented, and profoundly dangerous to open democratic debate,” the complaint states. The former president used his @RealDonaldTrump account to announce policy and personnel decisions (often to the surprise of the agencies and people involved), criticize political enemies, and spread misinformation about election results.

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It’s not just having users but also a diverse one, because that’s what makes any engagement robust and entertaining, you cannot continually preach to the converted. In other words, Trump’s main concern here may not necessarily be about the size of user base, but the composition, because he wants his messages to also get to those who don’t like him, that’s why none of those homogeneous platforms his base could put up would serve.

As to how startups in the media space should go after large user base, well, the bandwagon effect preceeded emergence of social media platforms, network effects occasioned by unbounded nature of the web space just took it to whole new level.

People are likely to shop in supermarkets where so many people are entering, despite the delays it could cause, same goes for restaurants. A bank with fewer customers could serve you better, because you are not going to queue up once inside, but people are wary about such banks, because it could also mean that their closure is imminent…

Why do people seek admissions in school that are overpopulated? It’s the symptom, so it’s not really particular to social media or marketplace platforms; if you want to be heard by all people, you have to be where they are.

Ndubuisi Ekekwe’s Keynote At First Bank Fintech Summit 5.0 [Video]

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One of the finest moments in Nigeria’s entrepreneurial ecosystem happened in the decade of 1990s when new species of banks were created. What happened then was “intra-bank” integration where the banks essentially linked their branches into a mammoth network, making it possible that once you open an account in one branch of a bank in Nigeria, you can bank from all the bank’s branches.

As we moved from voice telephony to the mobile internet age, we upgraded that “intra-bank” to “inter-bank”, through NIBBS, offering a unified quasi-banking ordinance. With Open Banking, this evolution goes beyond banks to now include insurance, mortgage, etc to drive the new age of application utility era which I expect to be massive. 

From the 7th century Tang dynasty of the invention of paper money to the Great Debate of Pythagoras and to the modern concept of co-opetition, one thing has been constant: industries advance when they find ways to cooperate even as they compete against one another. 

Open Banking is a vista to advance the financial services sector, and accelerate innovation and improve service delivery for citizens, unbounded and unconstrained by disparate ecosystems. Financial APIs will change economies, but they can only be super-potent if powered within a unified regime which open banking offers. Across all domains, “open” offers abundance, and open banking has a promise to redesign industrial architectures and unleash a new dawn for the wealth in nations.

Dissecting The Social Media Technicalities And Intricacies

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It’s not anymore news that the electronic media sector has graciously welcomed another section in its day-to-day operations known as the social media otherwise referred to as the “new media”.

In recent times, social media have seemingly dominated the information world. It is conspicuously distinct from other existing media networks – including the print and broadcasting – in various ways.

It operates in a dialogic transmission mode – many sources to many receivers – in contrast to print and electronic media that operate under a monologic transmission mode, one source to many receivers. It can simultaneously connect as many sources and receivers as possible.

There are numerous positive roles of social media networking in nation building. Though it’s a relatively new advancement in technology, it has made the world seem like just a minute clan owing to its ability to simultaneously connect millions of people from different localities across the globe as well as spread news within a shortest time frame.

Hence, it makes information go viral that it could be assessed from any locality. It enables one to reconnect with his or her old time friend or schoolmate. In addition, it helps people to stay connected to each other at all times.

Social networking is a great way to meet entirely new individuals and entities. One can easily discover persons or groups that are into his social/business interests. Online dating is currently more common than the traditional pattern of dating, and it’s worthy of note that many happily married couples today met online.

On the other hand, social media is at the moment the fastest and easiest way to promote goods and services; and it gives such products a different dazzling look, thereby encouraging the audience to patronize them.

Entertainers these days don’t need to be on television or radio before they can be heard. They can globally market their brands online with ease. The most fascinating part of it remains that the brand in question would be known by countless countries within a twinkle of an eye.

Social media equally helps to catch and convict criminals. People are usually ignorant of the consequences of what they post online. Oftentimes they post, albeit ignorantly, pictures or videos of themselves doing illicit things. In the same vein, they also place bragging posts regarding various ‘minor’ crimes they have committed.

The law enforcement agencies invariably visit these sites towards fishing out the bad eggs as well as to trace a suspected culprit. The sites also assist the agencies while prosecuting any suspect in their custody.

However, it’s imperative to note that there are equally negative impacts of social media on mankind and the society at large. There are several falsehoods on various social media platforms; such information or propaganda can stir up panic and severe misinformation in the affected area.

For instance, in the 2019 general elections conducted in Nigeria, the social media were deeply involved in misinforming the people as regards collation cum announcement of election results, which remains the statutory obligation of the electoral umpire, thereby overheating the polity.

Although they help to start new relationships, they have on the contrary succeeded in ruining or terminating various other existing relationships. The ability to easily share people’s privacy, such as nude pictures and videos, on social sites has constituted several nuisances in people’s real life. It suffices to say that it puts trust to a limit.

Cyber bullying is not left out. Having access to people’s lives at all times is not encouraging, because such avenues help many online fraudsters to lure their potential victims into their net, hence taking advantage of their vulnerability.

Sometime in Nigeria in 2012, one Miss Cynthia Osokogu was reportedly cajoled to a hotel room via social media. At the said venue, she was brutally gang raped and thereafter murdered by the fraudsters. Similar ugly and untold stories had been heard countless times in various localities across the globe. In the same vein, people are duped through social networking under the guise of ‘buying and selling’. The fact that you are not seeing who you are conversing with is enough reason to worry.

Prospective employers use social media to scrutinize, and consequently discriminate against their intending employees. They would delve into the profile of the jobseeker and by doing so, would acquire all the needed private information about him or her. Employers always use this mechanism to their advantage and in most cases, to the detriment of the applicant.

One of the greatest plights attached to social media remains that people are fast becoming addicted to it. This kind of craze causes a lot of distractions for people in their respective fields of endeavour. Many people invariably sleep on the platform on a daily basis.

More so, social media is not always reliable as regards availability. This may be due to temporary failure from the network providers. Sometimes, it could be a worldwide phenomenon emanating from the central server, as it was witnessed a few days ago when there was an outage of some of the platforms including Facebook, WhatsApp and Instagram. Any of these experiences may occur when the platform is mostly needed, hence the need for the teeming users to always have an alternative means of communication within their reach.

On the other hand, most people while conveying messages on social media prefer using symbols, smileys, abbreviations or what have you, to writing words in full. This syndrome, which is an aberration, has gone a long way in causing a great decline in the people’s grammatical ability.

Hacking is another worrisome factor that can’t be overlooked while discussing social media. Internet hackers can intercept your account under a certain guise or by gaining access to your password. Considering that most users of social media aren’t professionals indicates that people are liable to constantly fall victim.

It would be ideal to regulate the day-to-day usage of social media with a view to sustaining decency and legality. All stakeholders to include families, communities, schools and religious bodies are required in implementing the proposed regulation.

The leadership of the above key institutions can institute a law binding the users of social media within their respective jurisdictions. The parents/guardians, for instance, can determine when and where cell phones should be used by their wards. Self-control will also help to avert several misfortunes that could befall the users of the platform.

Above all, individuals, groups and corporate organizations are advised to maintain a complicated password on their various accounts and endeavour to change it regularly, to avoid hacking.

Social media is undoubtedly a viable and remarkable platform for all forms of communication and information dissemination, hence its existence needs to be upheld. However, the intrigues, intricacies, technicalities as well as technologies of the platform call for holistic caution and wisdom while deploying its use.

Though the merits of social media cannot be overemphasized, it’s worth noting that their wrong usage can result in colossal loss. 

Bitcoin Has Left China and Doubters Behind, Pushing Towards $60k

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Bitcoin has left China and doubters behind, pushing toward its all-time high of above $64,000 as institutional investment rises.

The cryptocurrency rose as high as $55,499 on Wednesday, a 13% up this week alone and 87% for the year. Other cryptocurrencies also jumped the train. Ether rose 2.8% to $3,575.73, maintaining the rally that started last week.

The rally has been attributed to events taking place in Washington, D.C. that have, to great extent, boosted the confidence of institutional investors to bet on cryptocurrencies.

“Regulatory uncertainty is what’s still keeping investors out of the market and every time we get a step closer to regulatory clarity, you see this kind of reaction,” Bitwise Asset Management chief investment officer Matt Hougan said. “It’s the primary driver of next great bull market in crypto.”

Volatility and regulatory concerns have held investors back from putting their money in cryptocurrency recently. In the past months, the cryptocurrency market has witnessed a wrecking plunge, triggering massive selloffs that plummeted the market’s capitalization by more than a half. But things are taking a new turn.

CNBC quoted the result of financial advisors surveyed by Bitwise, which noted that the number one thing preventing them from making allocations to crypto is regulatory uncertainty. Hougan said the majority result has been the same three years in a row.

But on Tuesday, Securities and Exchange Commission Chairman Gary Gensler said in a hearing of the House Financial Services Committee that he has no plans to ban cryptocurrency, and that a ban would be up to Congress.

That was in response to Congressman Budd’s question: “Chairman, do you support what China has done, and is the SEC planning on implementing similar bans”?

“It’s a matter of how do we get this field within the investor and consumer protection that we have, and also working with bank regulators and others,” Gensler answered, stressing the need to ensure that the Treasury Department has crypto within anti-money laundering (AML) and tax compliance.

Federal Reserve Chairman Jerome Powell has made similar comments. He said on Friday he has no plans to ban cryptocurrencies. While these statements have created uncertainties for investors, they cleared the concern that the US may tow the path of China.

“You had every major regulatory agency in the U.S. this summer declaring that they needed to create a new regulatory regime around crypto,” Hougan added. “That created a great deal of uncertainty in investors minds, they were hesitant to allocate not knowing what the range of possibilities would be. The reason we’re rallying this week is that most extreme left tail of following the path of China was wiped from the market by both Jerome Powell and Gary Gensler.”

Institutional interest has also been fingered as another reason for the recent rally. Genesis head of market insights Noelle Acheson said Wednesday’s price action is different from previous ones this year and that all signs point to it being institutionally driven.

“Institutional investors move as a herd, they are momentum chasers,” she said. “When they see this kind of momentum, they start to think, what am I going to miss? Is my performance going to be weaker than those of my competitors? Maybe I should pile into that.”

She explained that Bitcoin has maintained its rank in the top five performing digital assets over the past 24 hours. That’s something Acheson had never ever seen before, as top performers are usually smaller altcoins and DeFi assets. Bitcoin is the institutional onramp to crypto, and when it’s one of the top performers, it’s a sign the institutions are coming, Acheson said.

She added that with a sharp price jump, there tend to be several short positions that get liquidated, but that wasn’t the case Wednesday.

“At one stage that price jumped 3.5% in a five-minute window, and without the liquidations, that says that that is big spot buying,” Acheson said.

While there may have been many pointers for the rally, investors are glad that the cryptocurrency market has broken off the Chinese shackles. There is growing optimism that Bitcoin will meet the $100,000 projection before the year ends.