Finance
Warner Music Gets Upgrade From S&P on Strength of Streaming
Because of these and other factors, S&P lowered its risk assessment for WMG from fair to satisfactory and raised its credit rating from BB to BB+. BB is speculative grade, a notch below investment grade, meaning the company is “less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions.” WMG’s share price rose 4.4% to $36.85 on Tuesday, valuing the company at $21.4 billion. Some of Tuesday’s gain can be attributed to the markets’ rebound from Monday’s pessimism about the surge in COVID-19 infections: the Nasdaq and Dow each rose 1.6%. After WMG’s May 2020 IPO, its share price peaked at $39.61 on Feb. 2, 2021. Even as music rights acquisitions remain a hot market with increased competition and companies paying higher mul...
Cryptocurrency and Cybercrime: 3 Insights You Need to Know
Image sourced from Shutterstock. Criminals have kept pace with changing technologies by no longer wanting their crimes to generate hard cash – bitcoin has become the currency of choice. That’s particularly true for cybercrime, where ransomware is booming as criminals infiltrate organisations’ IT systems and threaten to publish or destroy crucial data unless a ransom is paid in Bitcoin. Here are 3 insights you need to know about the links between cybercrime and cryptocurrency: 1. Cryptocurrency is Fuelling Cybercrime Ransomware payments have become so huge that attacks are mounting daily. A recent high-profile case was an attack on the US Colonial Pipeline, causing the system that carries 2.5 million barrels of oil a day to be shut off. It’s become such a lucrative business that some syndic...
Bill Ackman on Pivoting UMG Bid: ‘There’s No Business I Have More Confidence In’
In an interview with Billboard, Ackman emphasized that Pershing Square — the hedge fund with $13.7 billion under management, not the SPAC it founded — will step in and acquire a stake in UMG. “Our largest investment is going to be Universal Music Group, so that should tell you something,” he says. “There’s no business I have more confidence in the long-term trajectory of than this company — or the music industry in general. Piracy almost killed this business and streaming has made it better than it was with CDs and records in the ’90s.” Ackman likes that companies such as Apple, Google and Amazon shoulder the load of building the streaming services and acquiring customers, leaving record labels to develop, promote and license their music. “You have the most well capitaliz...
How Payment Solutions are Revolutionising WhatsApp
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Tencent Music Shares Fell 9.2% This Week, Down 63.2% Since March All-Time High
Tencent Music sits in a web of relationships and ownership stakes with the world’s largest music companies. It has a joint venture with Universal Music Group and an agreement to form a joint record label with Warner Music Group. It also has licensing deals with UMG, WMG, Sony Music and independent label rights group Merlin. What’s more, Tencent Holdings, which owns a majority of Tencent Music, is part of a consortium of investors that owns 20% of Universal Music Group and about 2% of WMG. There is no indication Chinese authorities view Tencent Holdings’ ownership stakes as problematic. Tencent Music owns three of China’s top music streaming apps — QQ, Kuguo and Kuwo — and accounted for 7...
MiVoice App Offers Free Digital Banking Services to Help Those Affected by #SAUnrest
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How Banking Can be Future-Proofed Through the Power of Data, APIs and Automation
The global pandemic has ushered in a new paradigm for the Retail Banking sector, one which demands quicker transformation to a customer-centric service that is digitised, personal and convenient. A recent Financial Industries panel discussion held by Kearney, a global consultancy, shed light on how the power of data, Application Programming Interfaces (APIs) and automation could be leveraged to satisfy these expectations and invigorate the sector. Agility is Key Hentus Honiball, Partner at Kearney, maintains that large, traditional banks with complex, cumbersome operating models and legacy technology architecture are now being threatened by agile new fintech entrants. In contrast with the siloed, product-centric approach of traditional players, responsive new players are looking to build c...
Visa Launches its First Card Payment Service in Somalia
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Huawei Partners with Mondia Pay – Expanding Digital Payments in Algeria and Tunisia
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UK police seize $249.5 million worth of cryptocurrency
The British police on Tuesday said they have seized £180 million ($249.5 million) of an undisclosed cryptocurrency, as part of a money laundering investigation launched against organised crime groups that moved into cryptocurrencies in order to clean their money. The latest seizure happened in less than three weeks after the London police made a £114 million haul on June 24 as part of its money laundering investigation. By this, a cryptocurrency payload totalling £294 million ($408 million) has been reportedly seized so far under the money laundering investigation. “While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money,” Reuters quoted Graham McNulty, a metropolitan P...
Obudu contract debt: Appeal court reserves judgment against Cross River
The Abuja division of the Court of Appeal has reserved judgment in the appeal filed by a private firm, Zedici Capital Ltd, against the Cross River State Government over a N3.8 billion contract debt. The appellant, Zedici Capital Ltd, is the firm that remodelled the Obudu Mountain Resort in Cross River State, now a subject of litigation. The three-member panel of the Court of Appeal, headed by Justice Peter Ige, reserved the date after counsel to the parties had adopted their legal submissions for and against the appeal, that is challenging the judgment of a High Court of the Federal Capital Territory (FCT), which had in 2019, refused to affirm the arbitral award to Zedici Ltd over its investment of N3.8 billion in the resort. Justice Ige announced that a date for the judgment would be comm...
NLC urges National Assembly to transform NNPC to public liability company
The Nigeria Labour Congress has cautioned the National Assembly to handle with utmost care what it described as the very sensitive issue of the unbundling of the Nigeria National Petroleum Corporation. It urged the lawmakers to transform the NNPC to a public liability company as part of the reforms of the oil and gas sector captured in the Petroleum Industry Bill. The NLC President, Ayuba Wabba, said this on Tuesday, in a statement lauding the passage of the PIB titled, ‘Congress commends the national assembly for passing the petroleum industry bill – demands that the NNPC be transformed into a public liability company.’ It stated, “We know that the process of making the PIB a law has not been completely consummated as the passed bill would still need to be harmonized by a conference of th...
