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India’s Mukesh Ambani Joins the Centibillionaire’s Club with $100.6 Billion Net Worth

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Mukesh Ambani, Asia’s richest person, has become the newest member of the centi-billionaires club, joining ranks with Jeff Bezos and Elon Musk in the elite league of billionaires whose fortune has crossed the $100 billion threshold.

Ambani, the Chairman of Reliance Industries Ltd. is India’s leading entrepreneur with investments in many sectors. According to Bloomberg, his conglomerate’s stock hit a new height on Friday, propelling his entry into the 11-men club. He’s now worth $100.6 billion, according to the Bloomberg Billionaires Index, after his wealth increased by $23.8 billion this year.

Bloomberg highlighted Ambani’s fortune, starting from about 15 years ago, how he transformed his late father’s business empire into one of the most lucrative conglomerates in the world.

Since inheriting the oil-refining and petrochemicals businesses of his late father’s empire in 2005, Ambani, 64, has been seeking to transform the energy giant into a retail, technology and e-commerce titan. His telecommunications unit, which started services in 2016, is now the dominant carrier in the Indian market. His retail and technology ventures raised about $27 billion last year, selling stakes to investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.

Ambani unveiled an ambitious push into green energy in June, with a planned investment of about $10 billion over three years. And last month, the mogul said his company would “aggressively” pursue production of cheaper green hydrogen. The plan aligns with Prime Minister Narendra Modi’s ambitions of turning India into a global manufacturing hub for the cleaner fuel to combat climate change and slash energy imports by the world’s third-biggest oil consumer.

While Ambani’s announcement has been viewed by some as an acknowledgment that his group needs to look beyond oil to cement its future, fossil fuel still plays a central role at Reliance, accounting for almost 60% of its $73 billion in annual revenue. The oil-to-chemicals business is now a separate unit, and talks are underway to get Saudi Arabian Oil Co. as an investor.

“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” said Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai. “Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”

The story of Reliance dates back to the late 1960s when Dhirubhai Ambani, who started out as a gas-station attendant in Yemen, began building his polyester business into a vast empire. When he died of a stroke in 2002 without leaving a will, a succession feud erupted between his two sons, Mukesh and Anil, 62, which was eventually settled by the siblings’ mother, Kokilaben, in 2005.

Under the truce agreement, Mukesh got control of the flagship oil refining and petrochemicals businesses, while his younger brother got newer areas such as power generation, financial services and telecommunications services. Anil — once a billionaire — told a London court last year that his net worth was “zero.”

India’s billionaires are some of the largest gainers on the world’s rich list, as Asia’s best-performing major stock market this year gets a boost from a surge in initial public offerings.

Gautam Adani, founder of coal-power and renewable energy conglomerate Adani Group, has added $39.5 billion to his fortune this year, while the country’s third-richest person, technology tycoon Azim Premji, saw his wealth grow by $12.8 billion.

With Modi’s push to make India a $1 trillion vibrant digital economy, Ambani’s Reliance has captured mouth-watering investment deals from tech giants such as Google, Facebook, Qualcomm and Amazon. Reliance’s recent spectrum trading agreement with Bharti Airtel, which the company sees as a vehicle to advance its digital investments, winning underserved India with free and affordable telecom services, is seen as major boost that will further increase Ambani’s wealth.

Nigeria Is Open For Business – Visa On Arrival Boosted

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The economic minister invited me to his country, sending me all the necessary documents. I went to the Angolan embassy in New York for a visa. It was to be put in a US passport. But instead of even collecting the application, they told me to wait. Yes, they wanted to call the President’s Office in Luanda, the nation’s capital. When they finished, they came to me and told me: while the minister sent this letter, the President’s office has not signed off – and because of that, we cannot issue you a visa. I called the minister’s office and the consultant handling everything. In the end, I left without the visa. 

As I was there, many Americans were having the same issues: invitation letters from companies were meaningless because the President’s Office had not ratified. That was the time of the former leader of Angola: Dos Santos. Angola was the farthest country in Africa from Africa, I learnt. (They later got the approval but I felt if that was the mindset, the project I was going for has no chance.)

Where am I going? There is something amazing coming up in Nigeria: “The Nigerian government is adjusting its visa policy to attract foreign direct investment. The Nigeria Immigration Service (NIS) said that its decision to introduce the Visa on Arrival (VOA) facility was to attract foreign investments to the nation….Among many complaints against the ease of doing business in Nigeria, is the difficulty in securing visas for foreign investors.”

Congratulations to the Government. This is a good initiative.

Nigeria Introduces Visa on Arrival to Attract Foreign Investments

Nigeria Introduces Visa on Arrival to Attract Foreign Investments

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The Nigerian government is adjusting its visa policy to attract foreign direct investment. The Nigeria Immigration Service (NIS) said that its decision to introduce the Visa on Arrival (VOA) facility was to attract foreign investments to the nation.

This was made known to the News Agency of Nigeria (NAN) by Mr. Abdullahi Dalhatu, the Controller of immigration in charge of the Murtala Muhammed International Airport (MMIA), on Friday.

Among many complaints against the ease of doing business in Nigeria, is the difficulty in securing visas for foreign investors.

Mr. Dalhatu explained that the visa on arrival policy was meant to facilitate easy travels, especially urgent business trips as well as promote international trading activities. He said the newly introduced facility covers African and non – African citizens, who are not members of the Economic Community of West African states (ECOWAS).

“VOA is a class of short visit visa issued at the point of entry and the facility is readily available to the frequently travelled high net worth investor”, he said.

To remove some of the visa bottlenecks, the facility will provide easy access to potential visitors, who may not readily obtain normal visas at the existing Nigerian Missions in their own countries or those on urgent business engagements and travels, he said.

However, the controller said such travelers must apply for the VOA online, through the official website of the NIS. He explains that the facility was not a passport on arrival, as earlier misconstrued by some Nigerians.

Dalhatu said that the application would be processed online and all the criteria have to be met before a pre- approval was granted to an applicant within 48 hours.

“It is the pre-approval slip that the visitor would use to board a flight using his travel passport” he added.

Africans, who are not ECOWAS members, have the privilege of applying for the facility on arrival before or after, he said, adding that non-African citizens, outside ECOWAS must similarly apply online and get pre–approval before they embark on any journey to the country.

“The service has created a ‘Special Desk’ in our office with a view to attend to such visitors on arrival.

“The personnel in charge of the desk are a group of qualified experts from the service who are readily available to attend to such cases”, Dalhatu added

While the move has been applauded, especially as it would facilitate easy integration that will power the success of African Continental Free Trade Area (AfCFTA), experts believe that Nigeria needs more than an easy visa facility to attract foreign investment.

Areas of major concern are security and infrastructure. The growing spate of killings, kidnapping and lack of basic infrastructure such as electricity and roads, is believed to be the real reasons investors are turning blind eye to Nigeria. Experts say that as long as the situation remains unchanged, FDI inflow into Nigeria will continue to move on snail pace.

Nigerians’ Endless Wait For Pencil Production

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It wouldn’t be mistaken for anyone who knows Nigeria too well to boldly assert that the country is being taken aback by her leaders as regards science and technology as well as allied matters.

As a tech expert, I’ve personally been bedevilled by the lingering soured and pathetic physiognomy of Nigeria’s science industry or tech sector. The situation has unendingly been so pitiable that any discerning mind is required to ascertain where exactly Nigerians as a people have gone wrong.

Little wonder, on assumption of duty in 2015, the current Nigeria’s Minister of Science and Technology, Dr. Ogbonnaya Onu was apparently piqued by the lamentable situation, hence consequently pledged that the country would soon start manufacturing some technologically-oriented goods locally.

In view of the quest, in the first quarter of 2016, Dr. Onu who is a graduate of Chemical Engineering disclosed that Nigeria would start producing its own pencil in the year 2018. Based on his perception, local production of such a product was long overdue.

The said boss expressed hope that the plan, if duly implemented, would have a “meaningful impact” on the economy because the wide aim of the ministry was to “commercialize developed ideas and research findings to principal levels”.

He further boasted that Nigerians would be amazed at the multiplier effects, which according to him, would include the creation of at least 400,000 jobs. This avowal, which seemed candid, was indeed an ‘immune’ booster for the concerned and well-meaning Nigerians.

When asked the reason his ministry had chosen to begin with such a ‘minor’ device, Dr. Onu proudly responded “Yes, I have heard questions on why pencils? We chose pencils to symbolize the problems that we have and our commitment to local production”.

The science minister went ahead to stress that his ministry had already urged the Projects Development Agency (PRODA) to ensure Nigeria starts producing the device in question “in two years time” by embarking on the required holistic research.

One may then begin to wonder why at this point, five years down the line, nothing has absolutely been heard about the proposed pencil production. The teeming Nigerians have since then put their ears down to receive the awaited ‘good news’.

It’s appalling that after sixty-six months of tendering such frantic promise, the ministry in question is presently mute over the purported quest. Could it be that the required raw-materials were nowhere to be found across the federation, or the needed manpower has been missing?

Lest I forget, it’s imperative for us to take into cognizance the materials needed towards setting up the pencil production industry. To manufacture a pencil, items such as wood, graphite, paint, possibly rubber and aluminium in some cases, are required. Aside from rubber that’s mainly found in the Southern part of Nigeria, wood, graphite and aluminium could be obtained from virtually all the parts of the country.

It’s noteworthy that Nigeria abounds with these items. What else needs to be done than to harness them? The government ought to create the enabling environment and ensure that the necessary taxes surrounding the awaited industry are reduced to the barest minimum toward encouraging the prospective investors?

The government might have the plan to establish and manage such an anticipated industry by itself. But the day-to-day management of such firms doesn’t necessarily need to be carried out by the government. What it rather needs to do is to create the rudimentary platform on which the prospective private investors would thrive.

It’s apparent that the prime bane of Nigeria’s democratic system is lack of political will. Sometimes, a certain government might be made up of sound and exemplary brains but once the political will is missing, it would certainly appear as if there’s no available knowledge and experience to perform or put the thoughts into plans, let alone actions.

But if the needed political will is available, even in the absence of sound brains within the system, the government will definitely extend the hand of fellowship to the cognoscenti. In a nutshell, if one has a lofty idea or goal but there’s no will or zeal to drive it, such a conceived plan would arguably die on arrival.

It’s very saddening that a government would promise to carry out a particular initiative but in the long run, would pretend as if nothing was actually said in the first place. Funnily enough, in some cases, the government may even deny that it ever tendered such a pledge when confronted by the citizenry.

When most Nigerians were bitter that among all the products in the world, it was a ‘mere’ pencil that Dr. Onu’s ministry decided to give an attention, my joy knew no bounds because as a tech professional, I was aware such a step would go a long way in conscientizing and awakening the country’s science and technology sector. But at the moment, it seems every hope is lost.

Brain drain has caused untold harm to Nigeria’s economy. It’s worthy of note that such an endless phenomenon usually takes place as a result of the government’s inability to utilize the available patents cum talents domiciled in the country.

In his speech, Dr. Onu also disclosed that the Federal Institute of Industrial Research (FIIR) had developed “more than 250 research studies up to the point of commercialization”. Furthermore, he stated “and in incubation, we have an agency in charge that has done up to 1000 products”.

This revelation indicates that we invariably find it very difficult to strive beyond ‘research studies’ and ‘incubation’ stage. It’s even mind-boggling that the research work itself isn’t aptly funded by the concerned authorities.

It’s, therefore, high time Dr. Onu and his team implemented the pencil production policy before they unleash the wrath of technology upon themselves. They ought to make the country’s progenitors proud of their existence.

Nigeria needs to start walking the talk in respect of tech-driven issues if she’s truly ready to climb the digital mountain. 

Twitch is in Trouble After a Massive Breach

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Earlier this week, hackers got a hold of a huge cache of source code repositories, creator payouts and other internal data from Twitch, and published them online following a data breach.

The hack compromised accounts of many users, with the hacker sharing their personal information online. On Tuesday, a leaker shared a post claiming to take Twitch’s source code, proprietary SDKs, of software development kits that developers use to integrate Twitch into their apps and services.

Twitch confirmed the breach in a tweet on Wednesday. “We can confirm a breach has taken place. Our teams are working with urgency to understand the extent of this. We will update the community as soon as additional information is available,” the tweet read.

To confirm their fears, Twitch users began seeing their personal information online. The data contains payouts for each Twitch user, some of which reach into the six-figures and more.

“I looked at a line from June 2019 and literally 100% match to the information showing on my analytics on my dashboard,” said one user.

The leak, which now exposes a vast number of streamers of the game giant, may represent a security risk, since it practically allows practically anyone to search for security vulnerabilities in the code. But it does not end there.

The leaker says the released cache is “part one,” which means there will be more data leaks. Now, hackers are exploiting the loophole, (frontend logic of the platform) to entertain themselves.

On Friday, hackers were able to deface the platform for a few hours, replacing many background game images with photos of Amazon founder, Jeff Bezos. Amazon bought Twitch for about $1 billion in 2014.

Users who jumped on the Amazon-owned service were greeted by closeup images of Jeff Bezos when searching. So games like GTA V, Dota 2, Apex Legends, Minecraft, Smite, Overwatch, Dead by Daylight, Final Fantasy XIV, and several others, were replaced by closeup images of Bezos.

The escalation of the hacks has left Twitch in unprecedented trouble, with the Amazon-owned company struggling to get a hold on it.

Though Twitch has been investigating the matter, it has only confirmed that a “malicious third party” had exploited an error in a server configuration change to perform the hack, and that sensitive information like credit card information wasn’t exposed. However, per Verge, several former employees said the situation is a lot more complicated than the company is willing to admit.

The breach has been attributed to the lax security architecture of the company. In September, Twitch streamers protested the company’s lack of action against “hate raids,” where bots are used to flood other streamers with hate and harassment.

One source claimed that the company had ignored all security warnings because it was scrambling to launch new features and grow the platform as quickly as possible. Right now, Twitch remains vulnerable, with information and code about its inner workings in the hands of a fun-catching third party, the exploitation is likely going to escalate soon as with every leak. This may just be the beginning.