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Google News Initiative Opens Projects’ Application For Innovation Challenge Across Middle East, Turkey, Africa

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Google News Initiative, GNI has called for applications for its 2022 Innovation Challenge edition for the Middle East, Turkey and Africa.

GNI made the call on its official website whereby applicants would register through.

Investors King reports that the GNI Innovation Challenge is a global programme that empowers news organizations from around the world to demonstrate new thinking in digital journalism.

Innovative projects are to be submitted by applicants and incorporated news organisations based in eligible countries of the Middle East, Turkey and Africa. 

Meanwhile, interested unincorporated organisations must be registered in the aforementioned regions or, if unregistered, have their principal place of business there.

Investors King gathered that the application window which opened on 22 February 22, 2022 will close on Tuesday, April 5, 2022 at 23:59 GMT. 

Google News Initiative noted that only online applications in English or French languages will be considered.

Further application requirements for the GNI innovation challenge include: provision of descriptions, budget information by applicants and a slidedeck via GNI online application form. 

“All ideas are welcome but we require all projects to have clear indicators showing the potential impact of the project from a user perspective and/or from a business perspective. Selected projects will also need to be delivered within one year.

“We encourage innovative projects focused on, but not limited to these areas: Ways to increase reader engagement and/or reader revenue; Developing and diversifying business models; New methods of distribution; Combating misinformation; Increasing trust in journalism; Reaching new audiences; Improving the efficiency of workflows and Exploring new technologies.

“We encourage applicants to clearly underline the potential opportunities of the project by providing clear indicators (eg: audience metrics, subscriptions growth or financial expected impact etc),” the application guidelines read.

However, innovation, impact on the news ecosystem, feasibility, diversity and inspiration were listed as the five main criterias to be used for the evaluation of the submitted projects.

Details on the project funding states that, “Google will fund up to $150,000 for the selected projects. Out of the total project budget, Google will finance up to 70% while the remaining at least 30% must be provided by the applicant. The self-funded portion may include operational costs. 

“Eligible expenses include personnel costs, engineering costs and the purchase or licensing of any equipment, tools, hardware, software and other assets or materials needed for the project. Marketing expenses should not exceed 20% of the total amount of Google funding requested. Editorial expenses are not part of the eligible costs and will not be covered. Funding may not be spent on general and overhead costs.”

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Apple’s Market Value Plummets Amid Regulatory Scrutiny on Both Sides of Atlantic

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Apple Inc. finds itself at the center of regulatory storms on both sides of the Atlantic, leading to a significant dip in its market value.

The tech giant is facing intense scrutiny from regulators with allegations of antitrust violations looming large.

In the United States, the Department of Justice, along with 16 state attorneys general, has filed a lawsuit against Apple, accusing the company of breaching antitrust laws.

This legal action has sent shockwaves through the investment community, resulting in a 4.1% drop in Apple’s shares on Thursday alone.

This decline wiped out approximately $113 billion in market value, increasing its year-to-date losses to 11%.

Once hailed as the world’s most valuable firm, Apple’s shares have underperformed major indices like the Nasdaq 100 and the S&P 500 in 2024.

Across the pond, European regulators are also eyeing Apple’s practices closely. The company faces potential probes into its compliance with the region’s Digital Markets Act.

This legislation empowers authorities to levy hefty fines, up to 10% of a company’s total annual worldwide revenue, for violations.

With investigations looming, Apple’s future in the European market appears uncertain.

Despite Apple’s staunch defense against the allegations, investors remain jittery about the implications of regulatory actions.

The company’s legal battles have underscored broader concerns about its dominance in the digital marketplace and the impact on competition.

As the regulatory saga unfolds, Apple must navigate turbulent waters, balancing legal challenges with its commitment to innovation and market leadership.

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NNPC Gears Up for Public Listing, Embraces Full Commercialization

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The Nigerian National Petroleum Company Limited (NNPC) is poised for a transformation as it sets its sights on a public listing.

The announcement came from Mele Kyari, the Group Chief Executive Officer of NNPC, during his address at the ongoing 2024 CERAWEEK in Houston, United States.

Kyari affirmed NNPC’s commitment to aligning with the provisions of the Petroleum Industry Act (PIA), which mandates the company to become a quoted entity.

This move, he emphasized, is a pivotal step towards realizing the objectives outlined in the PIA, ensuring transparency, efficiency, and profitability in the Nigerian oil and gas sector.

In his remarks, Kyari highlighted the transformative journey NNPC has undergone, transitioning from a government-owned corporation to a commercially-oriented and profit-driven entity.

He emphasized that the company has evolved into a full limited liability company, capable of generating dividends for its shareholders while adhering to tax and royalty obligations.

Furthermore, Kyari underscored the strategic importance of NNPC to Nigeria’s resource management and economic development, emphasizing its pivotal role in the country’s energy sector.

The planned public listing of NNPC shares is anticipated to democratize ownership and enhance transparency within the company’s operations.

Kyari noted that the process is in line with the legal framework established by the PIA and is expected to commence within the stipulated timeline.

NNPC’s bold move towards commercialization signifies a paradigm shift in Nigeria’s oil and gas industry, promising increased accountability, efficiency, and value creation for stakeholders.

As the company embraces this new era, it aims to consolidate its position as a key player in the global energy landscape while driving sustainable growth and development domestically.

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