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Toyota Joins Flying Car Project

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Flying car

Toyota Motor Corporation has announced that it will finance a flying car project that is expected to take off by 2018 but adds that the sky drive car will be unveiled this year.

A flying car is a type of personal air vehicle that provides door-to-door transportation by both road and air, according to wikipedia.org.

Before now, the biggest story in the auto industry was the production of autonomous or self-driving vehicle. But the project has been enmeshed in controversy even before it could properly get off the ground.

Until the latest development, there had also been talks about flying cars, which experts viewed as future rides, with prototypes exhibited by sponsors but none had reached the production stage.

According to multiple online sources, including independent.co.uk, Toyota plans to give engineers £274,000 to develop the jet-propelled vehicle that will travel up to 10 metres from the ground.

It says some of Toyota’s young employees have been voluntarily working on the project led by a start-up group called ‘Cartivator’.

The report recalled that the project began in 2012 and the project members had hitherto donated free time to the goal of developing a ‘flying car’ or drone capable of carrying a person (the ‘Sky drive’ prototype has three wheels and four rotors).

A news agency, Nikkei, says Toyota has agreed, in principle, to provide some 40 million yen to Cartivator, which has so far relied on online crowd-funding and other means for financing.

It adds that the group plans to develop a prototype for a manned test flight by the end of 2018 and hopes to commercialise the flying car in 2020, when Tokyo hosts the Olympics.

Drone technology, it says, is being used to power the three-wheeled prototypes, which measure just nine-and-a-half feet by four feet, with projected top speed of 62mph.

Another report by Autoblog.com also confirms that so far crowd-funding has paid for the development of the Sky drive car, which uses drone technology and has three wheels and four rotors.

It adds that the Sky drive cars have been masterminded by a crowd-funded group, Cartivator, based in Japan.

A group of Toyota engineers had been working for them voluntarily, according to the Nikkei Asian Review.

They hope early models could be used to light the Olympic flame at the 2020 summer games in Tokyo, with a manned test flight planned for the end of 2018, it says.

The report also says other firms in the United States, China, Germany, and the Netherlands have been attempting to develop flying cars.

“Lilium, a Munich-based group backed by Skype co-founder Niklas Zennström, completed successful test flights of a flying five-seater taxi in April,” it says, adding, that the company says its jet has a range of 190 miles and a top speed of 186mph.

Multiple flying cars will be unveiled this year, says a report by electronicproduct.com. Already, it notes that Slovakia-based AeroMobil has started taking pre-orders for its 500-unit flying car.

“Kitty Hawk, the flying car company financed by Google founder Larry Page, unveiled the first video of its prototype aircraft set to sell later this year. The government of Dubai wants to offer rides in flying taxis from EHang beginning this July,” the report says.

It also states, “AeroMobil’s flying car is ahead of full anticipated production. Users can drive it up to 160 km/h (99 mph) on the road and pull into an airport to convert it into a plane in less than three minutes with the touch of a button. You will need a pilot’s licence if you intend to fly the vehicle.

“During the conversion process, the wings fold out, the front wheels tuck into the chassis, and a pitch pusher folds out of the back. A custom 2.0-litre turbo engine switches 300 horsepower between the front wheels and the pusher prop via a modified transmission.”

It quotes the FAA regulations as stating that the flyer is an ultra-light aircraft, which is why no pilot’s licence is required, and it is intended for recreational flying in uncongested areas.

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.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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