Connect with us

Technology

Toshiba CEO in $1.2 Billion Scandal

Published

on

Toshiba

Toshiba Corp. said it will have to correct earnings by 152 billion yen ($1.2 billion) from more than six years in Japan’s biggest accounting scandal since the $1.7 billion Olympus irregularities in 2011. Toshiba executives have been accused of setting unrealistic profit targets which led to flawed accounting, said a third-party investigation report released on Monday. According to the investigation, the irregularities were skillfully hidden from outside observers.

Toshiba president and CEO, Hisao Tanaka and his predecessor, Norio Sasaki were said to have systematically delayed booking losses in order to conceal losses.

Naoki Fujiwara, a Tokyo-based fund manager at Shinkin Asset Management Co. said the top management involved in this scandal should be dealt with and management structure renewed accordingly if they want things to return to normal and stakeholders to continue to trust them.

Sasaki with two other top executives just announced their resignation in an extraordinary board meeting going on in Japan.

IBM Second Quarter Earnings (2Q)

IBM second quarter (2Q) missed the target, as sales of $20.8 billion missed forecasts of $20.9 billion. Earnings per share (EPS) came in at $3.84, topped $3.78 estimates. The company shares which have rallied 6 percent this month to $1732.22 were down 5 percent after the report was made public. The report marked a 13th consecutive quarter in which the company has failed to meet the expected target.

IBM chief financial officer, Martin Schroeter said revenue would have been almost flat without currency impacts, this second-quarter revenue would have been down 1 percent without the impact of currencies.

“Higher level of workforce rebalancing” resulting in more jobs cut globally and over $200 million charge taken, is also an increase compared with the rebalancing in the second quarter of last year, said Schroeter.

Apple Inc.

Apple shares rose 13 percent ahead of its 3 quarter earnings report, the company is expected to announce its earnings later today.

Greece pays $.74 billion

Greek made good on its promise, pays $.74B to creditors, though over 35 analysts surveyed by Bloomberg said the crisis has not been averted but may be back on the table next year. The financial markets are to remain closed through Wednesday according to Haratsis, a stockbroker in Greece. Greece creditors set the August 6 deadline to round off bailout discussion.

The majority of the analysts surveyed said Greece should be safe for the rest of the year while half of them said 86 billion euros ($93 billion) might not be enough after all.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Telecommunications

Lagos Residents Frustrated by Rapid Data Drain, Call for NCC Action

Published

on

Telecommunications - Investors King

Lagos residents are expressing increasing frustration over what they describe as the rapid depletion of their data bundles.

Many subscribers are now calling on the Nigerian Communications Commission (NCC) to address their concerns as they suspect changes in billing practices by telecommunication providers.

Numerous subscribers have reported that their data does not last as long as it used to. A Lagos-based teacher, Mrs. Nafidah Zaynab, shared her experience, stating that a N2,000 data bundle, which previously lasted almost a month, now depletes within just a few days.

This sentiment is echoed by many, including Idowu Anabili, a trader who has reduced his data usage due to rising costs.

Abdullahi Yunus, who runs a café, noted a significant increase in his data expenses, spending between N70,000 and N100,000 monthly, up from N30,000. He attributes this spike to faster data consumption.

Telecom operators deny any wrongdoing, attributing the faster data consumption to increased usage by subscribers.

An anonymous official from MTN explained that the variety of activities performed on smartphones has increased, leading to faster data usage.

Airtel Nigeria’s spokesperson, Mr. Femi Adeniran, suggested that background apps and high-definition streaming contribute to the issue.

Despite complaints, operators assert they have not officially increased data prices. They emphasize that automatic app updates and other technical factors may be responsible for the perceived quick depletion.

Experts suggest that the challenging economic climate may be pressuring telecom companies to subtly reduce data value.

The industry has reported a 43% rise in operational costs, although no formal tariff hikes have been announced.

The NCC has clarified that it has not authorized any increase in data tariffs. The commission highlights technical factors like automatic video play and app updates as potential causes for quick data depletion.

In a bid to assist consumers, the NCC has advised turning on data saver modes and managing app updates to conserve data.

To combat the issue, Mobile Network Operators (MNOs) have initiated a campaign to educate consumers on optimizing their data usage.

They recommend practices such as disabling automatic updates and closing unused apps.

Continue Reading

Social Media

Meta Shuts Down 63,000 Nigerian Accounts in Sextortion Crackdown

Published

on

Facebook Meta

In a significant move to combat online crime, Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has removed 63,000 accounts in Nigeria linked to sextortion scams.

This sweeping action is part of Meta’s ongoing effort to address the growing threat of digital extortion on its platforms.

Unmasking the Scammers

The crackdown, which took place at the end of May, targeted accounts engaged in blackmail schemes.

These scammers posed as young women to coerce individuals into sharing intimate photos, which were then used to extort money from the victims.

The removal follows a Bloomberg Businessweek exposé highlighting the rise of such crimes, particularly affecting teenagers in the United States.

The Global Impact

The U.S. Federal Bureau of Investigation (FBI) has identified sextortion as one of the fastest-growing crimes targeting minors.

The schemes often lead to severe consequences, including the tragic suicides of more than two dozen teens.

In one high-profile case, the death of 17-year-old Jordan DeMay in Michigan led to the arrest of suspects traced back to Lagos, Nigeria.

The Role of the Yahoo Boys

Many of the dismantled accounts were linked to the “Yahoo Boys,” a notorious group known for orchestrating various online scams.

These individuals have been using social media to recruit and train new scammers, sharing blackmail scripts and fake account guides.

Meta’s Response

Meta’s spokesperson emphasized the company’s commitment to user safety, stating, “Financial sextortion is a horrific crime that can have devastating consequences.”

The company is continually improving its defenses and has reported offenders targeting minors to the National Center for Missing & Exploited Children.

To enhance protection, Meta has implemented stricter messaging settings for teen accounts and safety notices regarding sextortion.

They are also employing technology to blur potentially harmful images shared with minors.

Ongoing Efforts

Meta’s actions highlight the complex and evolving nature of online crime. The company has pledged to remain vigilant, adapting its strategies to counter new threats as they emerge.

“This is an adversarial space where criminals evolve to evade our defenses,” Meta noted.

Looking Forward

As digital platforms continue to grapple with issues of privacy and security, Meta’s recent actions demonstrate a proactive stance in safeguarding users.

By dismantling these networks, the company aims to reduce the prevalence of sextortion and foster a safer online environment for all.

The crackdown serves as a reminder of the need for continued vigilance and collaboration between tech companies and law enforcement to protect individuals from the harmful effects of digital exploitation.

Continue Reading

Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

Published

on

Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending