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Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

Thursday, January 7, 2021

South Africa born man became richest person in the world

Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet.

A 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.

The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race.

The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from Wall Street and retail investors alike.

Bezos would still hold a wide lead over Musk had it not been for his divorce, which saw him cede about a quarter of his Amazon stake to his ex-wife, MacKenzie Scott, and his philanthropy. He donated shares worth about $680 million in November.


Tuesday, January 5, 2021

Vitafoam’s full year profit rises by 72%, proposes N876 million dividend

Vitafoam Nigeria Plc said its after-tax profit for the year ended 30 September 2020 grew by 72% to N4.108 billion as improved revenue and lower cost of sales boosted gains.

The mattress maker disclosed in its financial statements for the review period obtained from the website of the Nigerian Stock Exchange (NSE) on Monday that turnover climbed by 5.21% to N23.445 billion, up from the N22.283 billion reported in the corresponding period of 2019.

Profit before tax advanced from N3.496 billion to N5.647 billion, representing a 61.5% increase.

Profit after tax was up by 72.1% from N2.387 billion to N4.108 billion.

Vitafoam’s improved earnings drew strength from the diversification of operations and streams of income following the establishment of new plants across West Africa.

“Vitafoam Group’s expansion drive to Sierra Leone has begun to yield positive outcome by way of market penetration and acceptance of our products. The factory in Sierra Leone is already turning out products of high quality standards with good margin,” the company said in its financial statement.

Read also: Vitafoam’s half-year profit up by 129% despite slump in revenue

“This subsidiary has commenced export of high-quality products to Guinea as part of market expansion whilst strengthening collaboration with the government of Sierra Leone and other humanitarian agencies towards mass production and distribution of quality mattresses in Sierra Leone.”

A cut in the cost of sales by 8.1% to N12.430 billion and finance cost by 11.4% to N930 million also helped profit.

Shareholders’ fund appreciated by 51.4%, moving from N5.970 billion to N9.040 billion.

Earnings per share for the period lifted from N1.82 to N3.05, signalling a growth of 67.6%.

Meanwhile, the board of directors of Vitafoam has recommended a dividend of N876 million translating to N0.70 per share for the period. The proposal is subject to shareholders’ approval at the next annual general meeting.

Shares in Vitafoam closed on the NSE on Friday at N7.80 per unit.

Tuesday, December 22, 2020

Billion-Dollar Wealth Manager Skybridge Capital Plans to Launch a Bitcoin Fund

In mid-November, a filing registered with the U.S. Securities and Exchange Commission (SEC) had shown that the investment firm Skybridge Capital may invest in crypto assets like bitcoin. Over a month later, Skybridge Capital filed another registration form with the U.S. SEC (Form D) as it plans to launch a bitcoin fund. The wealth management firm run by Anthony Scaramucci, Skybridge Capital, is launching a bitcoin fund called the Skybridge Bitcoin Fund L.P. The news of the Skybridge’s fund stems from a Form D Securities and Exchange Commission filing. The New York-based company manages over $9.2 billion assets under management (AUM) and the filing shows it wants to manage a bitcoin (BTC) fund for accredited investors. According to the filing submitted on December 21, 2020, it will be for accredited investors who can purchase $50k or more. It’s a pooled investment and hedge fund, and as for the issuance-size Skybridge has declined to disclose. Further, the Skybridge Bitcoin Fund will follow Rule 506(c) that allows the solicitation and general advertisement of the offering to accredited investors. Skybridge Capital was founded in 2005 by Anthony Scaramucci, Brett S. Messing, Raymond Nolte, and Troy Gaveski. The news of the Skybridge Bitcoin Fund filing on Monday follows the company explaining that the firm’s G II Fund “may hold long and short positions in digital assets.” Of course, after the Form D filing was revealed for the Skybridge Bitcoin Fund, bitcoin proponents discussed the entry on social media and forums. “Boom! Skybridge Capital is doubling down on Bitcoin,” tweeted Kevin Rooke. “They just registered the Skybridge Bitcoin Fund with the SEC, one month after allowing two of their other funds to invest in bitcoin.” The founder of Skybridge Anthony Scaramucci was also a former White House director of communications. Scaramucci has said in an interview that “a fan” of cryptocurrencies and believes that “digital assets have a future.” The Skybridge founder also did an interview with Anthony ‘Pomp’ Pompliano and discussed bitcoin and the current structural issues in America. “There’s something here,” Scaramucci told Pompliano. “There’s value to the notion that I can exchange value with you, confidentially — and I can exchange it through a mechanism that looks very secure.” “Blockchain is going to get tighter, and more reformed, and more secure,” Scaramucci added. “People are going to have more confidence in it, and I don’t think it can be stopped.” What do you think about Skybridge Capital registering to launch a bitcoin fund? Let us know what you think about this subject in the comments section below.

Why Bitcoin Is Falling, And What It Means

Cryptocurrencies are the new “golden child” in some investing circles. Bitcoin is the new hot commodity so to speak. But is it new revolution, or just a new signal of market speculation? The answer may be both. Let’s explore this. In the aggregate, the market seems to have made some temporary conclusions about Bitcoin. To be clear, this is an evolution. As Bitcoin and crypto as financial instruments take on a life of their own, I see a recent pattern. Bitcoin is behaving as a proxy for taking investment risk. In other words, its price is being driven not by fundamental value, but by folks on the hunt for a near-term profit. How else do you explain the gyrations of the past few years? After all, this is alleged to be akin to a currency. The only currencies whose values hop around like Bitcoin are from emerging nations in the 1970s. That is, where the only consistent thing was instability. Bitcoin was at one point rationalized as the new gold. In other words, it was where investors fled when they wanted something physical and solid, when they lost faith in traditional, government-backed currencies. Below is a chart of 3 investments: The Nasdaq 100 Index, an ETF (symbol GBTC) based on the movement of the price of Bitcoin, and a gold ETF. But Bitcoin and gold have been travelling in opposite directions more than they have been in sync. This is different from in the past. And it adds to the case that Bitcoin is its own animal, one driven more by speculation than fundamental or even “flight to safety” factors. Lately, Bitcoin is acting much more like a leveraged stock ETF than a currency, or a successor to the global banking and “fiat currency” system that some claim it will be. But that doesn’t mean it isn’t a useful consideration for some portfolios. Ycharts.com If you have the risk tolerance (and that’s up to you, not anyone else), Bitcoin’s pros and cons are clear. The pros are evident from some of the temporary price gains. The cons are that it moves like you might expect a new-era, heavily-hyped but potentially valuable asset type to move - with high volatility, and based on factors that are difficult to put our fingers on. I think that for now, Bitcoin and other cryptocurrencies are destined to remain as-is: they are proxies for the market’s desire and willingness to take on big risk to pursue big return, especially over short-term periods of time. In that respect, it is something that can be considered as part of whatever set of high-volatility, tactical assets you consider within your research process. Just do not be fooled: Bitcoin is not a panacea. It’s a trading vehicle, at least for now. And its recent hints of at least a temporary price top, after a strong rally, is likely an indicator of market risk-taking pulling back as well.

Sensex ends at new all-time high after gaining 154 pts

Equity benchmark Sensex climbed 154 points to end at a fresh all-time high on Monday, tracking gains in ICICI Bank, L&T and Kotak Bank amid persistent foreign fund inflows and a largely positive trend in global markets. After touching its record intra-day peak of 46,373.34 during the day, the 30-share BSE index ended 154.45 points or 0.34 per cent higher at 46,253.46. Similarly, the broader NSE Nifty rose 44.30 points or 0.33 per cent to close at a record 13,558.15. It hit a lifetime high of 13,597.50 during the session. ONGC was the top gainer in the Sensex pack, rallying around 5 per cent, followed by L&T, NTPC, ICICI Bank, Sun Pharma, HCL Tech, Titan and Kotak Bank. On the other hand, M&M, Bajaj Auto, Tech Mahindra and Bajaj Finserv were among the laggards. Domestic equities remained firm and witnessed fresh record highs mainly supported by continued rebound in PSU banks, said Binod Modi, Head-Strategy at Reliance Securities. Barring auto, most of the sectoral indices traded in positive range, he said, adding that volatility index shot up sharply, indicating unease about current valuations of the market. "PSU stocks remained in flavour as valuations comfort, favourable dividend yields and emerging clarity over efficient capital employment continued to attract investors," he stated. Further, positive data flows along with persistent foreign fund flows have been quite supportive for the markets. Foreign portfolio investors (FPIs) remained net buyers in the capital markets as they purchased shares worth Rs 4,195.43 crore on Friday, according to provisional exchange data. Elsewhere in Asia, bourses in Shanghai and Tokyo ended on a positive note, while Hong Kong and Seoul were in the red. Stock exchanges in Europe were trading with gains in early deals. Meanwhile, global oil benchmark Brent crude futures rose 1 per cent to USD 50.47 per barrel.

Tuesday, November 24, 2020

Bitcoin jumps, shy of all-time high of $20,000

Bitcoin jumps, shy of all-time high of $20,000 The world’s most popular cryptocurrency has gained about 160 percent this year. Bitcoin hit $19,000 on Tuesday for the first time in nearly three years and was just shy of touching an all-time high of just less than $20,000. The world’s most popular cryptocurrency has gained about 160 percent this year, fuelled by a demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance. Bitcoin has gained more than 37 percent in November alone. Analysts have said Bitcoin can rise during periods of uncertainty; the cryptocurrency has at times strongly gained during the coronavirus pandemic and amid the US election.

Wednesday, June 3, 2020

10 valuable currencies in Africa

African currency was originally formed from basic items, materials, animals and even people available in the locality to create a medium of exchange.

This started to change from the 17th century as European colonial powers introduced their own monetary system into the countries they invaded.

Since the advent of legal tender in the form of paper or polymer notes and ditching the old trade by barter system, currencies have continued to remain a fundamental factor in analyzing the strength of the economies of nations across the globe. Here is the current list of top 10 highest currencies in Africa,


1. Libyan Dinar (1 USD – 0.77 LYD)

Libyan dinar is known for its vast deposit of crude oil, which accounts for 95% of the nation’s total export earnings and 60% of its GDP. Libya sits at the top with the most stable currency in Africa. The country was made quite famous by its late leader Muammar Gaddafi. Although ravaged by war, its standard of living is not as bad as the oil sector. Compared to Nigeria, the continent’s largest economy, One Libyan Dinar goes for about a staggering N225.


2. Tunisian Dinar (1USD – 2.3 TND)

The Tunisian comes second after the Libyan Dinar. This North African nation has a diversified economy based on phosphate, oil, car parts manufacturing, tourism, and agro-food products.  The country is an island with a 99% of inhabitants being Muslims. The average living standard here is relatively on the prime side with a high minimum wage. The economy is rock stable, thriving and with a small populace. More interestingly is its unemployment rate is stooping so low at 14%.


3. Ghanaian Cedes (1USD – 4.75 CEDI)

Ghana has a stable diversified economy rich in hydrocarbon, tourism, solid minerals, and automobiles among and many more. Its economy rose to prominence in the days of the gold boom and the cocoa era. The booming economy has steadied its currency and made it a promising nation in the globally. Ghana was ranked the fastest developing country in the world.


4. Sudanese Pound (1 USD – 6.41 SDG)

The Sudanese pound is one of the highest currency in Africa.  Sudan has gone through a series of wars and divisions but manages to maintain a stable currency exchange rate. Sudan’s economy is yet still afloat despite the split that saw South Sudan gaining their independence. Sudan is seen in at the top due to its consistency in the foreign exchange market over time. To a Nigerian a Sudanese pounds is equal to N47.63.


5. Moroccan Diharm (1 USD – 16.2 Mad)

The conservative Islamic caliphate still in North Africa has the 5th largest economy in the continent and also the 5th highest currency in Africa it. It runs a liberal and a capitalist economy gaining major control over the economy. Some of its industries include mining, tourism, automobiles, construction, and textiles. A flourishing economy that has made its GDP stand at an impressive $148.1 billion. 1 Mad equates to about N33.


6. Botswana Pula (1 USD – 10.7 Pula)

Botswana is a landlocked state in Southern Africa with a well-defined landscape defined by the Kalahari Desert. It holds a record for retaining one of the world’s longest economic boom streak. The economic growth rate of Botswana is fast-paced and fairly consistent. Its economy depends on agriculture, copper, diamonds, textiles, and livestock. This South African nation is a major key player in the economy of its sub-region and it houses the South African development community corporate headquarters.


7. Zambian Kwacha (1 USD – 10.0 ZMK)   

Zambia prides itself as the largest producer of copper in the continent before its neighbors, the Democratic Republic of Congo eyed the title with green eyes and used it. It is a landlocked of rugged terrain and diverse wildlife. Zambian’s economy has always been anchored on copper which is it’s a major source of export earnings. Although the country has been characterized by economic woes and fluctuations in it’s a price of commodities, it still finds itself on the top 10 list.


8. South African Rand (1 USD – 13.4 Rand)

It is the currency used in South Africa. It is the most developed democratic state in the African continent. South Africa has the second largest economy in Africa, trailing behind Nigeria. It has a very vibrant and competitive economy and is the only African member of the G-20 economic group. Its economy is diversified, comprising of mining (41% gold in the world and 90% platinum), automobiles assembly, textiles, agriculture, gold, fertilizer.


9. Eritrean Nafka (1 USD – 15.0 ERN)

Eritrean is an island nation in Africa, a remote country in the horn of Africa is quite small in economy, land area and population, its currency is Nafka. After parting ways with Ethiopia, it still shares the same currency with the old nation. Eritrea has a stable currency from a not too lively economy.


10. Egyptian Pounds (1 USD – 17.8 EGP)

Egypt is a famous Arab nation that as existence since the biblical times. Well known for its civilization and home to the ancient pyramids. The nation is Africa’s third largest economy and one of the most developed in the continent. Its capital Cairo is the second largest city in Africa. 

FG give guidelines as schools resumes on monday

The Federal Government, on Thursday, banned overcrowding and large gatherings such as assemblies and visiting days, as schools reopen on Mon...