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Galaxy Backbone, NigComSat Sign MoU on Internet Provision

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  • Galaxy Backbone, NigComSat Sign MoU on Internet Provision

Two companies owned by the Federal Government, Galaxy Backbone Limited and the Nigerian Communications Satellite Limited, on Tuesday signed a Memorandum of Understanding for the provision of Internet service to government Ministries, Departments and Agencies.

With the MoU, Galaxy Backbone, which has invested in metropolitan fibre infrastructure, is expected to serve the MDAs within the reach of the infrastructure, while the others will be served by NigComSat, which has a communications satellite in the orbit.

Under the MoU, the Galaxy Backbone is also expected to secure its satellite bandwidth requirements from NigComSat. It can obtain bandwidth from other satellite operators outside NigComSat for redundancy purposes only.

There have been accusations that the MDAs, including Galaxy Backbone, are bypassing NigComSat to buy satellite bandwidth from other operators outside the county. This practice has been blamed for significant capital flight from the country.

The Managing Director/Chief Executive Officer, Galaxy Backbone, Yusuf Kazaure, explained that the partnership between the two companies was in keeping with the government’s commitment to leverage ICT for job creation, improved security, economic diversification and social inclusion.

He said the partnership would as well support the National e-Government master plan as a tool to improve governance and efficiency in the delivery of quality public services.

Kazaure said, “With the increasing impact of disruptive technologies, the provision of modern, efficient and adequate ICT infrastructure, facilities and services to public institutions in the country will accelerate the Ministry of Communications’ pole vaulting strategy of turning Nigeria into a 21st century economy and society.

“The transformative role of ICT for improved delivery of public services provides the basis for the continuing investments in infrastructural assets that Galaxy has been making over the years in order to empower the MDAs towards meeting their mandates and making life easier for the citizens whom they serve.”

He explained that under the terms of the partnership, Galaxy Backbone would be responsible for all terrestrial and last mile connectivity services to the MDAs.

Whilst still responsible for its hub operations, Galaxy would also purchase all its required satellite space segment bandwidth from NigComSat on agreed payment terms, he added.

The Managing Director, NigComSat, Abimbola Alale, said the company’s goal was to provide excellent and secure connectivity solutions to all its customers, while conserving capital flight and improving local content development in the ICT sector.

According to her, with its satellite, NigComSat-1R, the company provides a regional beam over the African continent with strong footprints

The MoU, which spans five years in the first instance, is a cost-cutting tool for the Federal Government.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Elon Musk Promises to Reward Best Carbon Technology $100 Million

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Elon Musk Promises to Reward Best Carbon Technology $100 Million

The Chief Executive Officer (CEO) of Tesla Inc. has announced that he will donate $100 million in reward for the best carbon capture technology.

The richest man in the world disclosed this in a tweet on Thursday.

“Am donating $100M towards a prize for best carbon capture technology,” Musk tweeted. “Details next week.”

Elon R Musk gained +$375 million in the last 24 hours to take his total gain in net worth this year to $32 billion and $202 billion total net worth.

Musk, who worth just about $27 billion in January 2020, has risen through the rank to top the world’s richest billionaire index.

The $100 million would be Musk’s largest known donation to date and represents around 0.05 percent of his net worth.

In 2012, Musk signed “The Giving Pledge” to join the list of billionaires that promise to donate half of their fortune to charity in their lifetime or in their wills.

Musk worth just $2 billion when he signed the pledge.

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YouTube Suspends Trump Channel

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YouTube Suspends Trump Channel

Google-owned YouTube on Tuesday temporarily suspended President Donald Trump’s channel and removed a video for violating its policy against inciting violence, joining other social media platforms in banning his accounts after last week’s Capitol riot.

Trump’s access to the social media platforms he has used as a megaphone during his presidency has been largely cut off since a violent mob of his supporters stormed the Capitol in Washington DC last week.

Operators say the embittered leader could use his accounts to foment more unrest in the run-up to President-elect Joe Biden’s inauguration.

“In light of concerns about the ongoing potential for violence, we removed new content uploaded to Donald J. Trump’s channel for violating our policies,” YouTube said in a statement.

The channel is now “temporarily prevented from uploading new content for a ‘minimum’ of 7 days,” the statement read.

The video-sharing platform also said it will be “indefinitely disabling comments” on Trump’s channel because of safety concerns.

Facebook last week suspended Trump’s Facebook and Instagram accounts following the violent invasion of the US Capitol, which temporarily disrupted the certification of Biden’s election victory.

In announcing the suspension last week, Facebook chief Mark Zuckerberg said Trump used the platform to incite violent and was concerned he would continue to do so.

Twitter went a step further by deleting Trump’s account, depriving him of his favorite platform. It was already marking his tweets disputing the election outcome with warnings.

The company also deleted more than 70,000 accounts linked to the bizarre QAnon conspiracy theory, which claims, without any evidence, that Trump is waging a secret war against a global cabal of satanist liberals.

Trump also was hit with suspensions by services like Snapchat and Twitch.

The president’s YouTube account has amassed 2.77 million subscribers.

The home page of the Trump channel featured a month-old video of Trump casting doubt on the voting process in November’s presidential election, and had logged some 5.8 million views.

On Tuesday, an activist group called on YouTube to join other platforms in dumping Trump’s accounts, threatening an advertising boycott campaign.

(AFP)

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Analysts Predict 1,137% Earnings Per Share Growth for Shopify’s Full Year 2020

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Analysts Predict 1,137% Earnings Per Share Growth for Shopify’s Full Year 2020

While the pandemic has devastated countless businesses, it has provided a major boon for eCommerce platform Shopify.

Shopify’s stock rallied by 169.9% in 2020 compared to the industry’s 26.6% growth. As of mid-December 2020, according to the research data analyzed and published by Finnish site Sijoitusrahastot, it had a 90 RS rating, which means that it had outperformed 90% of stocks during the year.

Based on the Zacks Consensus Estimate, its Q4 earnings per share (EPS) are set to jump by 188.37% to $1.24 while its sales will grow by 78% to $899.2 million. For the full year 2020, analysts project a massive 1,137% jump for the Shopify EPS.

Shopify Merchants Sell Over $5.1 Billion on Black Friday, Cyber Monday

Since Shopify went public in 2015, its stock has risen over 40-fold to more than $1,200 at the end of December 2020. Between 2016 and 2019, it skyrocketed by over 1,400%.

The eCommerce platform’s earnings for Q1 to Q3 2020 grew at an average of 552%. That was well above the 101% three-year average. In Q3 2020, its revenue nearly doubled from $390.6 million to $767.4 million.

Earnings in Q3 2020 rose from a net loss of 29 cents to $1.13 per share. Gross Merchandise Volume (GMV) soared by 109% reaching $30.9 billion, compared to 46% in Q1 2020 and 119% in Q2 2020. For the first nine months of 2020, there was a revenue increase of 82%.

For the first time, Shopify’s GMV surpassed that of eBay in Q2 2020, doing it again in Q3 2020. It claims to have a 6% share of the US market, higher than eBay’s but lower than Amazon’s 37%.

During the Black Friday Cyber Monday weekend, merchants on the Shopify platform sold goods worth $5.1 billion. Compared to 2019, this marked a 76% uptick and set a new record. Comparatively, independent businesses on Amazon sold goods worth $4.8 billion. The number of buyers on Shopify increased by 50% year-over-year (YoY) to 44 million during that weekend.

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