Business

Unilever extends losses for second-straight year in 2020

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Unilever Nigeria Plc, has reported a loss of N1.59 billion in 2020, 62.3 percent lower than the 2019 loss of N4.22 billion.

The last profit recorded in the company books was N10.6 billion in 2018. This is according to figures obtained from its unaudited account on the website of the Nigeria stock exchange.

The improved performance in 2020, as against 2019, was largely driven by a decline in borrowing, sales growth, and reduced cost of sales.

A breakdown of the figures show, the company aggressively reduced its borrowing by 72 percent to N223.2 million from N824.1 million in 2020.

Also, it grew its sales to N61.5 billion, up by 1.3 percent from N60.7 billion in 2019.

Cost of sales dropped 115 percent to N47.7 billion in 2020 compared to N3.5 billion in 2019.

During the lockdown, buying and selling activities were disrupted along the value chain as factories worked below capacity, while some stores or outlets were shut down.

Other reduction was a loss before tax which fell by 77.4 percent from to N1.956 billion.

The company recorded no finance cost as against the last three months of 2019 when it recorded a borrowing cost of N381 million.

However, earnings per share were 62.2 per cent lower at -N0.28 compared to the -N0.74 posted in the corresponding period of 2019.

Business

Nigeria attracted $2.6bn investment in 2020 – UN

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Nigeria was the top Foreign Direct Investment (FDI) destination in Sub-Saharan Africa for 2020 ahead of South Africa and Ethiopia, the United Nations Trade Association (UNTA) said on Monday.

In its World Investment Report for 2020, UNTA said Africa’s largest economy attracted $2.6 billion investment last year, a 21.21 percent decline from $3.3 billion recorded in 2019.

South Africa and Ethiopia received $2.5 billion each.

However, Egypt remained the top recipient of FDI in Africa with about $5.5 billion in 2020.

The report describes Nigeria as among the most promising poles of growth in Africa and attracts numerous investors in hydrocarbon, energy, building, and other sectors.

It said: “Poorly developed transport and energy infrastructure (lack of electricity), which result in high operating costs is one of the weak points for investment in Nigeria if this can be addressed, Nigeria has the potential of attracting more.”

The report added that investors in the country are from the United States China, the United Kingdom, the Netherlands, and France.

“FDI flows to Africa declined by 18 percent to an estimated $38 billion, from $46 billion in 2019. Greenfield project announcements, an indication of future FDI trends, fell 63 percent to $28 billion, from $77 billion in 2019. The pandemic’s negative impact on FDI was amplified by low prices of and low demand for commodities,” it added.

Business

Nigeria second most expensive country to rent an apartment in Africa —Survey

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Securing an apartment for rent in Nigeria is more expensive than any other country in Africa except for Seychelles, according to data by global data service provider Numbeo.

The ranking released over the weekend, surveyed 23 African countries and showed that renting an apartment in Nigeria is five percent more expensive than last year, increasing to 28.91 index points in 2021 from 23.59 index points in 2020.

Number rankings are based on the average price of rent with New York City in the United State of America acting as the “100” baseline on the scale.

Over the years, Nigerians especially those trying to settle in major cities, renting an apartment have formed the major core in the cost of living.

Another increase was also seen in the food index. Nigeria rose to 14th and 19th as the most expensive country in Africa to buy groceries and pay for a restaurant meal compared to the 11th position and 17th respectively in 2020.

Numbeo’s index also includes local purchasing power, which shows relative purchasing power in buying goods and services in a given country for the average net salary in that country.

Nigeria ranks second in Africa and fourth in the world, suggesting salaries of Nigerians buy less than in other countries.

Despite the increase in rent, food, and low purchasing power, Nigeria still ranks as 5th most affordable country in Africa and 125th globally.

The headline cost-of-living index includes the costs of consumer goods, including groceries, restaurants and transportation.

Global rank shows Nigeria dropped from 115th place in 2020 to 125th in 2021 in the Cost of Living Index only ahead of Tunisia, Algeria, Zambia and Libya.

Nigeria’s cost-of-living index for 2021 is 29.74 index point compared to 31.00 index point in 2020.

Business

BUSINESS ROUNDUP: Naira falls against dollar; CBN threatens defaulters of diaspora remittance regulations

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Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

  • CBN threatens to shut accounts of diaspora remittance regulations defaulters
  • Nigeria’s active telephone subscribers hit 208m
  • Discos get N14.35bn loan from CBN for 263,860 Meters
  • Naira falls against dollars on Wednesday

Summary:

The Central Bank of Nigeria (CBN) threatened to shut the accounts of operators who continue to violate diaspora remittance regulations as well as withdraw their operating licences.

In a circular signed by the Director, Trade & Exchange Department of the CBN, Dr. O. S. Nnaji, on Friday, the apex bank said it would no longer tolerate the clear “contravention of its directive that all remittances be paid to beneficiaries in dollars.

The Nigerian Communications Commission (NCC) has confirmed that the number of active telephone subscribers has hit the 208 million mark across the country.

At a press briefing the Commission held in Abuja on Thursday to usher in the new Permanent Secretary of the Federal Ministry of Communications and Digital Economy, Festus Daudu, the NCC Executive Vice Chairman, Umar Danbatta said third generation (3G) and fourth generation (4G) base transceiver stations deployment in Nigeria had also increased from 30,000 to 53,460. 

The Federal Government said on Thursday it had approved and disbursed the sum of N14.35 billion to the Distribution Companies of Nigeria (DisCos) to procure at least 263,860 meters for electricity customers.

The disbursement was under the National Mass Metering Programme (NMMP), initiated by the federal government to put an end to estimated billing of electricity consumers by DisCos.

This was disclosed on Thursday, via the official twitter handle of the presidency @NGRPresident. 

Naira put up a poor performance against the dollar at the Investors and Exporters (I&E) window on Wednesday as trading closed at N394.17k per dollar.

This represents a 0.21 percent drop or 82 kobo loss when compared to the N393.35k per dollar that it exchanged for on Tuesday, according to data from FMDQ Securities Exchange Plc.

Although, at the black market, Naira remained steady in value to the dollars at N475/$ after two days trading. 

On NSE ROUNDUP: Stocks investors lose N81.59bn in one week

Stock investors in Nigeria lost about N81.59billion in the third trading week following increased activities of profit takers.

At the end of today’s trading, the market depreciated by -0.24% to close at 41,001.99 basis points as against -0.12% depreciation recorded previously.

The All Share Index dropped by -0.42% to close the week on the negative while the market capitalisation came down to N21.448trillion as against the week’s high N21.530 trillion. 

MEANWHILE, on the tech scene, latest development around Sim Shagaya’s edutech product, uLesson, led amongst stories for the week, especially as it concerns Nigerian tech ecosystem.

Nigerian auto-tech company Autochek joined the league of Nigerian startups with footprints in Ghana. Also during the week, we recorded the launch of a new product, Avocat, built, by Rimotli Technologies, to facilitate legal services online.

 

Business

CBN threatens to shut accounts of operators who flout Diaspora remittance regulations

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The Central Bank of Nigeria (CBN) has threatened to shut the accounts of operators who continue to violate diaspora remittance regulations as well as withdraw their operating licences.

In a circular signed by the Director, Trade & Exchange Department of the CBN, Dr. O. S. Nnaji, on Friday, the apex bank said it would no longer tolerate the clear “contravention of its directive that all remittances be paid to beneficiaries in dollars.”

The circular which was sent to all authorised dealers and International Money Transfer Operators (IMTOs) titled ‘Modalities for payout of diaspora remittances,’ insisted that the directives were in furtherance to its earlier circular titled ‘Receipt of diaspora remittances: Additional operational guidelines’.

“These measures are intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria,” the circular reads.

“Strict sanctions, including withdrawal of operating licences, shall be imposed on any individual and/ or institutions found to be aiding, abetting or directly contravening these guidelines.”

The CBN also said it would not hesitate to close the accounts of unlicensed operators and bar them from accessing banking services in Nigeria.

“The CBN shall not hesitate to authorise the closure of their accounts in Nigerian banks, including being barred from accessing banking services in Nigeria.”

CBN also stated that only licensed IMTOs were permitted to carry on the business of facilitating diaspora remittances into Nigeria, adding that all diaspora remittances must be received by beneficiaries in foreign currency only, either in cash and/ or transfers to domiciliary accounts of recipients.

“IMTOs are not permitted, under any circumstance, to disburse diaspora remittances in Nigeria (either in cash or by electronic transfer), be it through naira remittance settlement accounts (which it had earlier directed to be closed), third party accounts or via any other payment platforms within and/or around the Nigerian financial system.”

Business

Three Nigerians make Forbes list of top ten African billionaires

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Aliko Dangote for the tenth straight time is Africa’s richest person, with a net worth pegged at $12.1 billion according to Forbes 2021 African billionaires’ ranking.

Dangote was joined by Mike Adenuga of Globacom, and Abdulsamad Rabiu of BUA Group as the 5th and 6th richest persons in Africa respectively.

Forbes in its report released on Friday, stated that Dangote, despite the pandemic, made $2 billion in 2020 thanks to a 30 per cent increase in the share price of his Dangote Cement.

Also, the report revealed that the biggest gainer this year is Rabiu who added $5.5 billion, an extraordinary 77 per cent in fortune last year.

The billionaires’ list by country is however led by South Africa and Egypt each having five billionaires in the top 10, followed by Nigeria with three and Morocco with two.

According to forbes, the second richest person in Africa is Nassef Sawiris of Egypt, whose largest asset was a nearly six per cent stake in sportswear maker Adidas.

At number three was Nicky Oppenheimer of South Africa, who inherited a stake in diamond firm DeBeers and ran the company until 2012, when he sold his family’s 40 per cent stake in DeBeers to mining giant AngloAmerican for $5.1bn

It added that while some got richer by the billions, two from the 2020 list of Africa’s richest dropped below the $1bn mark.

In fact, the only two women billionaires from Africa had both fallen off the list.

Forbes calculated that the fortune of Folorunsho Alakija of Nigeria, who owns an oil exploration company, dropped below $1bn due to lower oil prices.

It said Isabel dos Santos, who since 2013 had been the richest woman in Africa, was knocked from her perch by a series of court decisions freezing her assets in both Angola and Portugal.

“In all 18 billionaires from Africa hailed from seven different countries. Altogether they were worth $73.8bn, slightly more than the $73.4bn aggregate worth of the 20 billionaires on last year’s list of Africa’s richest people.”

Business

Elon Musk pledges USD100m to best carbon capture inventor

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Tesla and SpaceX chief, Elon Musk, has announced intention to donate $100 million as reward to anyone with the best carbon capture technology.

Elon Musk, who recently overtook Amazon founder Jeff Bezos to become the world’s richest person, made the announcement via his Twitter handle @elonmusk, promising to share more details in the coming week.

He tweeted: “Am donating $100M towards a prize for best carbon capture technology.”

Scientists explain that Carbon capture “is the process of trapping waste carbon dioxide either directly from the air, or just before it gets emitted from factories and power plants.”

With the new pledge from Elon Musk, the world looks away from natural Carbon capture mechanism such as “tree planting” to more sophisticated methods that the multimillion dollar challenge might birth forth.

This USD100 million reward development comes as part of world leaders’ measures and investment to reduce the increasing global carbon dioxide emissions which have soared over the last 100 years, and led to unprecedented global warming and climate change.

Business

NSE: Investors lose N25.41bn as market returns negative

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Nigeria’s stock market returned negative on Thursday, January 21, as the All Share Index depreciated by -0.12% to close at 41,099.15 basis points as against +0.23% appreciation recorded previously.

Investors traded 7,404 deals, exchanging 1,121,363,848 units valued at N6.397 billion. Market capitalisation decreased by N25 billion, from N21.524 trillion to N21.499 trillion.

MRS Plc stocks led the losers table after dipping from N13.75 to N12.4, losing N1.35 or 9.82 percent.

It was followed by Cadbury Nigeria Plc which moved from a high of N10.8 to N9.75, shedding N1.05 or 9.72 percent.

Likewise, Flour Mills decreased from N32.5 to N31.6, losing 90kobo or 2.77 percent. Dangote Cement Plc was also down from N234.5 to N234, shedding 50 kobo or 0.21percent, followed by Guinness Nigeria Plc which dropped from a high of N18.95 to N18.5, losing 45kobo or 2.37 percent.

Transcorp, GTBank, Sovereign Trust Insurance, Mutual Benefit, and Universal Insurance were the most traded stocks on the Exchange.

MULTIVERSE led the list of active stocks that recorded an impressive volume spike at the end of the day’s session.

Business

Discos get N14.35bn loan from CBN for 263,860 Meters

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The Federal Government said on Thursday it had approved and disbursed the sum of N14.35 billion to the Distribution Companies of Nigeria (DisCos) to procure at least 263,860 meters for electricity customers.

The disbursement was under the National Mass Metering Programme (NMMP), initiated by the federal government to put an end to estimated billing of electricity consumers by DisCos.

This was disclosed on Thursday, via the official twitter handle of the presidency @NGRPresident.

“UPDATE: The Central Bank of Nigeria @cenbank has now disbursed a total of 14.35 billion Naira to the Distribution Companies of Nigeria (DisCos) to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP),” the presidency said.

Part of the statement further reads, “The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.”

The CBN facility is a loan that would be paid by DisCos on the basis of the previously agreed amortisation schedule.

Business, World News

Luminous Launches NRGT Tubular Batteries, Offers 24 Months Warranty.

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Simba Group, distributors of Luminous power back-up solutions including inverters, batteries and solar powered systems has unveiled the new innovative NRGT Tubular batteries for inverters. The company has also set a new benchmark in the inverter battery industry in Nigeria with 24 Months warranty offer.

Speaking during the unveiling of the product, held at the company’s corporate office in Lagos, the Business Head – Simba Power Products, Mr. Ravi Srivastava said, “We at Simba are excited to launch the new 2021 range of our Luminous NRGT tall tubular batteries. Luminous has consistently driven innovation and technological advances in the inverter battery industry in Nigeria, including the transition to tubular batteries which has transformed the market in the last few years.”

Srivastava disclosed that Luminous has set new heights for performance and life with the NRGT Tubular battery, which has been recognized internationally as the leading battery of its kind.

According to the Head of Marketing-Simba Group, Mr. Karthik Govindarajan, the Luminous NRGT battery uses proprietary manufacturing processes to deliver superior performance, and uses special composite ceramics to minimize water loss, increase safety, and deliver longer life.

“We are passionate about consistently delivering innovative products and services across the country. Hence we have launched this truly innovative Tall Tubular battery whose superior technology and engineering allows us to offer an industry-leading 24 months’ warranty and drive further value to our customers” he said.

Business

Naira falls against dollars on Wednesday

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Naira put up a poor performance against the dollar at the Investors and Exporters (I&E) window on Wednesday as trading closed at N394.17k per dollar.

This represents a 0.21 percent drop or 82 kobo loss when compared to the N393.35k per dollar that it exchanged for on Tuesday, according to data from FMDQ Securities Exchange Plc.

Although, at the black market, Naira remained steady in value to the dollars at N475/$ after two days trading.

According to analyst, the depreciation of dollars in the official market was attributed to strong demand for dollar by the end-users to meet their obligations.

Similarly, data from FMDQ Securities Exchange Plc shows that forex turnover rose to $89.50 million on Wednesday from $26.83 million recorded on Tuesday.

This suggests an increase in dollar inflow from Foreign Portfolio Investors (FPIs).

The chairman of the Presidential Economic Advisory Council on the market, Doyin Salami, wants Nigeria to develop a forex policy that allows the economy to grow.

For the past 10 months, the foreign exchange market has been under pressure following a sharp drop in oil prices occasioned by the COVID-19 pandemic.

The Central Bank of Nigeria had in the last weeks moved to clear the huge backlog of foreign exchange demand.

Business

Stock Market returns green as investors gain N50.26bn

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The Nigerian stock market closed Wednesday on a positive note as the All-Share Index appreciated by +0.23% to close at 41,051.63 basis points as against -0.07% depreciation recorded previously.

At the close of the market, Investors booked their first gain of N50.26bn after consecutive two days negative trading.

6,296.00 deals exchanged hands in a trading volume of 649 million valued at N4.61 trillion to close the market cap at N21.52 trillion

Stocks like Lafarge Africa, Ardova, BOC Gas, Northern Nigeria Flour Mills and CAP Plc witnessed increased bargains, which put their prices on a higher trajectory.

Market breadth closed positive as DEAPCAP led 55 gainers as against 14 losers topped by MANSARD at the end of today’s session – an improved performance.

Market turnover closes positive as volume moved up by +23.74% as against the -28.91% downtick recorded in the previous session.

Mbenefit, Transcorp and Sterling bank were the most active to boost market turnover. WAPCO and Guaranty topped the market value list.

Business

Nigerian govt promises support for MSMEs

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Federal Government on Tuesday promised continued support for Micro, Small and Medium Enterprises (MSMEs) in order to create more job opportunities for the nation’s teeming youths.

The Director-General of Small and Medium Enterprises Development Agency (SMEDAN), Alhaji Dikko Radda, made the pledge during an MSME’s Support Organisation Dialogue in Kano.

He said the dialogue was aimed at bringing key stakeholders in the Nigerian MSME Ecosystem to discuss possible measures at moving the sector forward despite the COVID–19 pandemic.

Radda, who was represented at the forum by the Director of Partnership and Coordination in the agency, Dr. Friday Okpara, said the MSME was considered a key factor in economic transformation globally, and called for greater emphasis in the sector to achieve the set objectives.

Business

Portland Paints announces merger plan with CAP Plc

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Portland Paints and Products Nigeria Plc on Tuesday announced plans to transfer all its rights liabilities and business undertakings, including real property and intellectual property to Chemical Allied Products (CAP) Plc.

This followed the approval of the proposed merger plan between CAP Plc and Portland Paints Plc by the Federal High Court, Lagos.

In a statement sent to Nigeria Stocks Exchange on Tuesday, Portland paints said upon approval by the shareholders at the court-ordered meeting on February 18, the subjoined resolutions of the merger agreement would be effected.

In the arrangement, all employees and undertakings rights, powers, and duties of a personal character, which could not generally be assigned or performed vicariously will be transferred to CAP Plc.

The statement read: “The entire share capital of the company shall be cancelled, and the company shall be dissolved without being wound up.”

Portland Paints also revealed plan to transfer all monies in its accounts in banks and with other debtors within and outside Nigeria to CAP Plc.

Business

Nigerian stock market starts the week in red, investors lose N39.54bn

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The Nigerian bourse opened the week on a negative note as the benchmark- All Share Index (ASI) dropped by -0.23percent to close at 41,082.38 index points.

Investors lost N39.54billion to close market capitalization at N24.4 trillion as year-to-date returns currently stand at +2.02 percent.

Market activity measured by aggregate volume stood at N738.5 million at the end of trading valued at N4.1 trillion in 7,396.00 deals.

Market breadth closed positive as AIICO led 35 gainers as against 21 losers topped by JAPAULOIL at the end of today’s session – an unimproved performance when compared with the previous outlook.

Market turnover closes positive as volume moved up by +10.79% as against -17.64% downtick recorded in the previous session.

AFRINSURE leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

JAPAULOIL, UNIVINSURE and TRANSCORP were the most active while GUARANTY and ZENITHBANK topped market value list.

Business

Abia, Kwara, paid highest price for petrol in December – NBS

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The National Bureau of Statistics (NBS) said on Saturday residents of Abia, Kebbi and Kwara States paid the highest price for Premium Motor Spirit (PMS) also known as petrol in December last year.

The NBS, which disclosed this in its “PMS Price Watch for December 2020,” said residents of Abia paid N176.19 for petrol while those in Kwara and Kebbi paid N172.43 and N169.92 respectively.

States with the lowest prices of petrol were Bauchi (N162.57), Katsina (N160.25) and Kaduna (N155).

According to the bureau, the average price paid by consumers for petrol increased by 14 percent year-on-year and decreased month-on-month by -0.94 percent to N165.70 in December from N167.27 in November.

Similarly, the average price paid by consumers for Automotive Gas Oil (AGO) otherwise known as diesel increased by 0.28 percent month-on-month and decreased by -2.37 percent year-on-year to N224.37 in December, from to N223.74 in November.

States with the highest average price of diesel were Taraba where residents paid N266, Adamawa N262.50 and Zamfara N257.50.

While Osun (N201.09), Gombe (N197. 50) and Kwara (N195) are the states with the lowest average price of diesel.

Business, World News

Nigerian Aviation endorses Green Africa Airways

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A proposed low-cost airline, Green Africa, is set to commence operations soon as it is on the verge of acquiring its Air Operator’s Certificate (AOC).

The AOC issued by the Nigerian Civil Aviation Authority (NCAA) authorizes an airline to commence flight operations.

It was learnt that the Green Africa Airways is on the final leg of the process of acquiring the AOC preparatory to launching into the domestic space.

Green Africa owned by Babawande Afolabi, has a leadership team which includes two well-experienced leaders in the global aviation industry; Neil Mills – President and Chief Operating Officer and Kiran Koteshwar – Chief Financial Officer.

The airline in a statement said it would soon be unveiling its crew uniform tagged “The Runway” which will be made public in due course.

Daily Trust reports that the airline in 2018 took the industry by storm with its order of 100 Boeing 737 Max but as at that time, it was yet to commence the process of acquiring the AOC which encompasses five rigorous stages.

But gradually, the airline is said to be fulfilling the requirements which would enable it join the league of nine scheduled domestic airlines.

Findings by Daily Trust indicate that no fewer than 25 AOC applicants are at various stages of processing with the NCAA while Green Africa has virtually completed the process.

In December 2020, the airline sent its pilots on a type-rating training. The pilots are Folu Oladipo (Chief Pilot), Victor Yem, John Ayerume, Stephen Okereke, Ladi Ogun, and Israel Eloho.

While Green Africa is yet to provide detailed information about its launch and routes networks, the public continues to speculate ahead of its launch which the company says is on track for this year.

The company continues to scale up the manpower required for the start of operations and some of the newly recruited cabin crew members (Adefolabi Ogunnaike, Rosemary Uagbor, Afolabi Modupe, Juliana Aku, Aderounmu Yetunde, Okere Ijeoma, Chieke Immaculate, and Abimbola Segun) were also recently sent for type-rating training.

According to a source at the Nigerian Civil Aviation Authority (NCAA) who is well aware of the plans of the new carrier, he mentioned that “the airline is serious, they mean business and could start soon, as they are close to acquiring the Air Operator’s Certificate (AOC)”.

Green Africa, ahead of the scheduled commencement of operations, has given out 24 (Twenty-Four) free tickets during the December 2020 promotion tagged “Tis the season to gIFT” which was featured on its social media pages.

In October 2020, Green Africa formed a strategic partnership with First City Monument Bank (FCMB), which yielded $31 million in a combination of standby letter of credit and rolling working capital.

Green Africa is anchored by a group of senior industry leaders led by Tom Horton, former Chairman & CEO of American Airlines, Wale Adeosun, Founder & CEO of Kuramo Capital, William Shaw, CEO of InterJet, Virasb Vahidi, former CCO of American Airlines and Gbenga Oyebode, Founder & Chairman of Aluko & Oyebode.

Business, World News

Elon Musk is now the richest person in the world, passing Jeff Bezos.

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Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion.Musk’s wealth surge over the past year marks the fastest rise to the top of the rich list in history — and marks a dramatic financial turnaround for the famed entrepreneur.

Elon Musk, CEO of Tesla, stands on the construction site of the Tesla Gigafactory in Grünheide near Berlin, September 3, 2020.

Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.

Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion. Musk’s wealth surge over the past year marks the fastest rise to

Musk started 2020 worth about $27 billion, and was barely in the top 50 richest people.

Tesla’s rocketing share price — which has increased more than nine-fold over the past year — along with his generous pay package have added more than $150 billion to his net worth.

Meanwhile, Amazon’s share price has remained more subdued due to the potential for increased regulation from Washington.

Elon Musk passed Warren Buffett in July to become the seventh richest person. In November, Musk raced past Bill Gates to become the second richest person. Musk has gained more wealth over the past 12 months than Bill Gates’ entire net worth of $132 billion.

Tesla’s shares were recently trading at about $790, up more than 4% in trading Thursday. The company’s market value has grown to $737.6 billion.

Business, Entertainment, Lifestyle

Tacha signs new deal.

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Tacha signs new deal.

This ex bbn housemate for season 4 , who was disqualified, Tacha has achieved so much , this includes her new deal with a skin care company.

Tacha is obviously winning and making so much progress in the industry, as a successful brand influencer and entrepreneur.

Tacha

Likewise , her fans , “titans” are really supportive and have shown her so much love.
She made the announcement of her new deal via her Instagram account as seen below;

https://www.instagram.com/p/CJto24Bj5gb/?igshid=1ongil2ehy33j

Business, Entertainment

JAY-Z Allegedly in Talks to Sell TIDAL to Square.

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JAY-Z may be making another power move. The Roc Nation mogul has reportedly been in talks to sell his music streaming service TIDAL to Jack Dorsey’s digital-payment company, Square Inc.

According to Bloomberg, JAY-Z has privately met with Dorsey multiple times during the pandemic. The potential deal is part of a push for Square to diversify. However, the negotiations may not result in an actual transaction.

JAY-Z acquired TIDAL from Swedish company Aspiro in March 2015 for a reported $56 million, but the streaming service has struggled to keep up with competitors, including Spotify and Apple Music. TIDAL hasn’t reported subscriber figures since 2016 when it had 3 million paying customers. TIDAL has benefited in the past from its exclusive album releases including Beyoncé’s LEMONADE, Kanye West’s The Life of Pablo, and Rihanna’s ANTI.

JAY-Z

This is not the first talk of a TIDAL acquisition. Back in 2016, there were reports that Apple and Samsung had interest in acquiring the streamer, but both companies denied the rumors.

Dorsey, who is also CEO of Twitter, has maintained a close friendship with JAY-Z and Beyoncé. They were photographed in the Hamptons in August and then again in November in Hawaii with Sean Penn.

In April, Dorsey’s #startsmall partneredwith Beyoncé’s BeyGOOD foundation to provide $6 million in funding to organizations providing mental wellness services during the coronavirus crisis.

Along with JAY-Z, TIDAL’s co-owners include high-profile artists like Beyoncé, Rihanna, Alicia Keys, and Madonna. The service is available in 53 countries and offers more than 60 million songs and 250,000 videos.

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