Your Morning Snippets – August 06, 2021
On this day in 1945, the United States becomes the first and only nation to use atomic weaponry during wartime when it drops an atomic bomb on the Japanese city of Hiroshima.
Happening in the Markets
Crude Oil: $72.28
Naira/US Dollar: N410.67/$ (NAFEX) | N508/$ (Parallel)
Happening in the Homeland
Sanwo-Olu urges insurance companies to provide special policies for NMSMEs [ThisNigeria]
Gov. Sanwo-Olu on Thursday in Lagos charged insurance companies to provide affordable, accessible, and specially designed policies for the Nano, Micro, Small, and Medium Enterprises (NMSMEs). Sanwo-Olu gave the advice at a one-day sensitization workshop on insurance organized by the National Insurance Commission ( NAICOM) for NMSMEs. Read more
Insecurity, liquidity constraints threaten economic recovery – LCCI, PwC [Punch]
The Lagos Chamber of Commerce and Industry and PwC Nigeria have said that rising insecurity, liquidity issues emanating from dwindling foreign investments and remittance inflows threaten Nigeria’s economic growth projections as stated by International Finance Corporations. Read more
NLC demands electricity tariff reduction agreement implementation by December [Punch]
The Nigeria Labour Congress has said the Federal Government must implement by December the agreement to reduce electricity tariffs by N15 per kilowatt-hour. Read more
Flutterwave to drive US expansion as it appoints Silicon Valley veteran as head of US growth [Techpoint]
African payments startup, Flutterwave, has announced the appointment of Jimmy Ku as the Head of US Growth. With plans to offer payment services to US-based clients, local businesses, and companies, Ku’s appointment strengthens Flutterwave’s vision for the US market. Read more
Happening In Foreign Lands
Business Groups Call on Biden to Restart Trade Talks With China [WSJ]
Nearly three dozen of the nation’s most influential business groups—representing retailers, chip makers, farmers and others—are calling on the Biden administration to restart negotiations with China and cut tariffs on imports, saying they are a drag on the U.S. economy. Read more
Indonesian blockbuster IPO to set tone for Southeast Asia tech sector [Reuters]
The first listing of a multibillion-dollar Southeast Asian tech company in Indonesia on Friday will set the benchmark for IPO hopefuls in a region where global investors are chasing fast growing e-commerce markets. Read more
China’s Xiaomi overtook Samsung and Apple in June smartphones sales [CNBC]
Xiaomi’s sales grew 26% on-month, giving the company a 17.1% share of the total number of smartphones sold globally in June, Counterpoint Research said. For the quarter that ended in June, Xiaomi was the second-largest smartphone maker by shipment — trailing Samsung. Read more
Amazon delays office return until 2022 as Covid spreads [BBC]
Amazon has told its US corporate staff not to return to the office until next year as Covid continues to spread. The online shopping giant previously asked staff to work from home until 7 September, but will now extend this until 3 January 2022. It comes as new Covid infections surge across America, with with daily cases at an average not seen in months. Read more
Tokyo Olympics Medals Are Made Of Recycled Metal Extracted From 6.21 Million Cell Phones
China’s Corporate Crackdown Is Just Getting Started. Signs Point to More Tumult Ahead.
Amazon, Google and other tech companies join government effort to fight ransomware
TCN suspends eligible customer policy
CNN Fires Three Staffers Who Came to Work Unvaccinated Against Covid-19
DPR to track 33,000 filling stations over smuggling
Learn the Lingo
What is Bootstrapping?
Bootstrapping is the process of building a business from scratch without attracting investment or with minimal external capital. It is a way to finance small businesses by purchasing and using resources at the owner’s expense, without sharing equity or borrowing huge sums of money from banks. [CFI]
We are a financial education company focused on helping young professionals acquire the knowledge, develop the attitude, build the confidence and gain access to the opportunities they need to exercise the money management decisions that would help them navigate the path towards abundance.