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Facebook Faces Financial Crisis as U.S. Govt. Imposes $5bn Fine

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  • Facebook Faces Financial Crisis as U.S. Govt. Imposes $5bn Fine

Facebook founder Mark Zuckerberg might be in serious financial difficulty if the U.S. government make good its threat to impose a fine of about five billion dollars against Facebook over privacy violations.

According to a report, Federal Trade Commission (FTC) has voted approving for the fine to be imposed.

The fine comes after an FTC investigation into allegations that the social media platform inappropriately shared the information of 87 million users with Cambridge Analytica.

Cambridge Analytica, a British political consulting firm, is now closed.

The Wall Street Journal reported that the vote was 3-2 along party lines, with Republicans in support and Democrats in opposition to the fine.

In most cases the Justice Department’s civil division will review settlements by the FTC but it is not clear how long this will take but it could be as early as next week.

As well as the fine, the settlement could include rules on how Facebook treats the privacy of its users.

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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Travel

Kenya Airways Set to Boost Presence in Nigeria with Plans for Abuja Hub

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Kenya Airways, the East African aviation giant, is gearing up to significantly expand its footprint in Nigeria by establishing a new operational hub in Abuja, as part of its broader strategy to enhance connectivity across the African continent.

In an exclusive interview with journalists at the airline’s office in Lagos, Julius Thiarus, the Customers Commercial Manager of Kenya Airways, revealed the company’s ambitious plans.

Thiarus emphasized the importance of Nigeria as a key market for Africa and highlighted Kenya Airways’ commitment to establishing its presence in major cities across the continent.

“We want to be in every significant city in Africa. We want to fulfil that mandate by coming into Abuja, which is part of our strategy aligning with what we see as growth in travel,” Thiarus stated, underlining the airline’s strategic vision.

Kenya Airways aims to capitalize on the burgeoning market size and economic significance of Nigeria by bolstering its operations in Abuja. Thiarus highlighted the importance of cargo transportation for the airline, emphasizing the need to reduce reliance on external sources for essential supplies to Africa.

To this end, Kenya Airways recently added two cargo freighters to its fleet, doubling its capacity to meet the growing demand for cargo services across the continent.

Addressing the issue of low passenger traffic from Nigeria to Kenya, Thiarus outlined plans to increase the airline’s daily frequencies to Lagos from one flight per day to two flights.

He also revealed that Kenya Airways is strongly considering establishing a new route to Abuja, with plans to commence operations next year.

“We are looking at Abuja and probably sometime next year to establish that flight to Kenya and beyond Africa,” Thiarus remarked, highlighting the airline’s commitment to enhancing connectivity between Nigeria and other African countries.

Despite Nigeria’s vast population and potential as a tourism market, Thiarus acknowledged that the current number of Nigerian visitors to Kenya is relatively low.

He stressed the importance of collaborative efforts between airlines, tourism boards, and government agencies to promote travel and tourism between Nigeria and Kenya.

“Nigeria is important for Africa, and Africa will never prosper if Nigeria is not prosperous,” Thiarus emphasized, underscoring the significance of Nigeria’s economic growth for the overall development of the continent.

Kenya Airways’ ambitious plans to establish a hub in Abuja signal a new chapter in the airline’s expansion strategy, aiming to strengthen its presence in Nigeria and enhance connectivity across Africa.

As the aviation industry continues to evolve, Kenya Airways remains poised to play a pivotal role in shaping the future of air travel on the African continent.

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Federal Government Shortlists 5,000 for Oil and Gas Sector Overseas Scholarships

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The Federal Government has shortlisted 5,000 candidates for its prestigious overseas scholarships.

The announcement was made through the Petroleum Technology Development Fund (PTDF) in Abuja.

Bolanle Agboola, the Head of the Overseas Scholarship Scheme at PTDF, disclosed that the selection process for the 2024 scholarships had reached its final stage.

She revealed that the shortlisted candidates had participated in rigorous examinations across the six geopolitical zones of Nigeria.

“The purpose of this initiative is to empower Nigerians with high-tech skills required in the oil and gas industry,” Agboola stated. “The selection process was conducted simultaneously in various universities across the country.”

Highlighting the importance of the scholarships, Agboola emphasized the need for Nigeria to indigenize its oil and gas sector.

“Our target is to select the best candidates for the overseas scholarships,” she said. “This initiative aligns with the government’s goal of building local capacity in the oil and gas industry.”

When asked about the number of participants to be selected, Agboola explained that each state of the federation would receive an equal allocation of successful candidates based on the budget for the year.

However, she refrained from disclosing the exact budget allocated for the scholarship scheme.

Agboola defended the decision to send scholars abroad, citing the high-tech nature of the oil and gas industry and the need for hands-on experience with cutting-edge equipment and technology.

She also mentioned PTDF’s in-country scholarship program, where participants are trained in Nigeria.

The overseas scholarships will be offered in various universities in the United Kingdom, France, Germany, and Malaysia, providing Nigerian scholars with access to world-class education and training in the oil and gas sector.

With this initiative, the Federal Government aims to equip Nigerian professionals with the expertise needed to drive innovation and development in the nation’s vital oil and gas industry, ensuring its sustainability and competitiveness on the global stage.

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Travel

Safety Concerns: UK CAA Reports Air Peace to Nigerian Aviation Authority

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The United Kingdom Civil Aviation Authority (UK CAA) has raised concerns over alleged safety violations by Nigerian carrier Air Peace.

This revelation comes merely three months after Air Peace commenced its Lagos-London route.

According to reports, the UK CAA forwarded two mandatory occurrence reports to Nigeria’s Civil Aviation Authority (NCAA), highlighting alleged breaches of aviation safety regulations by Air Peace.

These reports, titled ‘United Kingdom SAFA Ramp Inspection Report’ and ‘NATS Management System Safety Report,’ highlighted specific operational irregularities observed by UK aviation inspectors.

The crux of the issue revolves around the operational approval of Electronic Flight Bag (EFB) functions and it is critical for ensuring the safe operation of aircraft.

The UK CAA purportedly flagged the absence of a mounting device for EFB, charging points, or backup battery, raising concerns about navigational practices onboard Air Peace flights.

In response to the UK CAA’s communication, the NCAA swiftly initiated correspondence with Air Peace, seeking clarification on the reported safety lapses.

The letter, signed by the NCAA General Manager of Operations, Capt. O.O. Lawani, underscored the urgency of addressing the alleged infractions to uphold aviation safety standards.

Air Peace, which recently expanded its operations to London Gatwick from the Murtala Muhammed International Airport in Lagos, operates under the Bilateral Air Services Agreement between Nigeria and the UK.

The airline’s foray into international routes had been hailed as a significant milestone in Nigeria’s aviation industry, promising enhanced connectivity and convenience for travelers.

However, the safety concerns raised by the UK CAA cast a shadow over Air Peace’s international operations, prompting calls for swift remedial action and heightened regulatory oversight.

As stakeholders await Air Peace’s response to the allegations, questions loom over the potential impact on the airline’s reputation and operational integrity.

Efforts to reach Air Peace’s spokesperson, Stanley Olisa, for comment were unsuccessful at the time of reporting.

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