Your Morning Snippets – July 27, 2021
On this day in 1949, the world’s first jet-propelled airliner, the British De Havilland Comet, makes its maiden test-flight in England. The jet engine would ultimately revolutionize the airline industry, shrinking air travel time in half by enabling planes to climb faster and fly higher.
Happening in the Markets
Crude Oil: $71.98
Naira/US Dollar: N410.15/$ (NAFEX) | N504/$ (Parallel)
Happening in the Homeland
Nigeria’s revenue-to-GDP ratio lowest, private sector choking – World Bank [Punch]
Nigeria’s revenue-to-Gross Domestic Product ratio, which fell to between five and six per cent last year, is the lowest in the world, the World Bank said on Monday. Read more.
Big Five Banks’ Loans to Customers Hit N50trn in Five Years [ThisDay]
The five tier-1 banks in Nigeria gave out a total of N49.999 trillion as loans and advances to their customers between January 2016 and December 2020, data compiled by THISDAY have shown. Read more.
AMCON Takes Over NICON Insurance, Nigeria Re [Leadership]
The Asset Management Corporation of Nigeria (AMCON) has taken over the major investor’s interests in NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re). Read more.
Happening In Foreign Lands
BioNTech aims to develop mRNA-based malaria vaccine [Reuters]
BioNTech wants to build on its success in COVID-19 by developing the first vaccine for malaria based on mRNA technology and aims to start clinical testing by the end on 2022, in an attempt to eradicate the mosquito-borne illness. Read more.
Tesla reports more than $1 billion in net income during Q2, up tenfold from a year ago [CNBC]
Tesla reported second-quarter earnings after the bell Monday, and it’s a beat on both the top and bottom lines. Shares rose about 2% after-hours. Here are the results. Read more
Amazon denies report of accepting bitcoin as payment [Reuters]
Amazon.com Inc (AMZN.O) on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year. Read more.
Global growth to stay strong but virus the top risk, say economists [Reuters]
Global economic growth prospects are holding strong for this year and next, despite a significant majority of economists in Reuters polls warning new variants of the coronavirus pose the biggest risk to that outlook. Read more.
Okonjo-Iweala Decries Low Rate of COVID-19 Vaccination in Nigeria
EV maker Lucid rises in Nasdaq debut after merger with Klein-backed SPAC
Facebook sets up new team to work on the ‘metaverse’
Covid is not stopping students from going overseas to study, report shows
Learn the Lingo
What is The Metaverse?
The term refers to a convergence of physical, augmented, and virtual reality in a shared online space. It was coined by Neal Stephenson’s in his 1992 sci-fi novel ‘Snow Crash’. The word “metaverse” is made up of the prefix “meta” (meaning beyond) and the stem “verse” (a backformation from “universe”). The metaverse gained momentum as the world became increasingly digitized during the pandemic.
Request an Invitation to the #ThriveTribe
We are currently inviting a select group of about 50 people to join the pilot launch of our financial education community, which we’ve dubbed the #ThriveTribe.
The #ThriveTribe is designed to be financial education hub with a weekly line up of learning events that will provide you with everything you need to know to become the Chief Financial Officer of your life. One of the best parts of being part of the #ThriveTribe is the discounts you would get from partner financial services firms.
If you are interested in joining our paid community, kindly request an invitation https://bit.ly/ThriveTribeInvitation
And we will share the joining details.