Connect with us

Technology

Samsung Announced Ex-Convict Lee Jae Young as New Chairman

Samsung has announced the appointment of Lee Jae Young as the new chairman of the multinational company.

Published

on

samsung-galaxy-note-7

Telecommunication giant, Samsung has announced the appointment of Lee Jae Young as the new chairman of the multinational company. Lee Jae Young will be replacing his father Lee Kun Hee who died in 2020.

Investors King learnt that Lee who was once convicted of bribing former South Korean president Park Geun-Hye received a presidential pardon in August after serving 18 months in jail. 

The presidential pardon restored Lee’s right to work at Samsung and officially allowed him to participate in the company’s management and engage in the decision-making process of the world’s largest phone maker. 

Before his recent appointment, Lee has been the Vice Chairman of Samsung Electronics since 2012. This makes him a great fit for the chairmanship position after the death of his father. 

According to the Board of the Company, the current uncertainty in the Global business environment and the urgent need for stronger accountability and business vitality are some of the reasons which necessitated Lee’s appointment. 

While commenting on the way forward, Lee stated in an internal forum that “Our survival depends on future technologies”. He also added a terse statement “We can turn this crisis into opportunity,” signifying the current market challenges. 

Virtually all big tech companies have reported slow demand for their products. Apple Incorporated recently announced it will slow down the production of iPhone 14 due to weak demand.

Apart from increasing sales, the new chairman will be faced with the task of navigating Samsung through some prevailing challenges which include a trade war between the United States and China. 

The United States Department of Commerce had announced new rules aimed at blocking China from gaining access to advanced chip items such as semiconductors. The Department of Commerce claimed China is using those items to produce advanced military systems which include weapons of mass destruction. 

Meanwhile, Samsung’s operating surplus for Q3, 2022 is down by 31.39 percent year-over-year. Memory chip, which is one of the company’s major businesses, is down due to slow demand from consumer companies.

A closer perusal of the company’s filing also shows that operating surplus for three months of Q3 (July to September 2022) is down by more than 50 percent when compared with the same period in the previous year. 

Continue Reading
Comments

Fintech

Leatherback Set for International Growth as EFCC Drops all Fraud and Misconduct Allegations

Published

on

Nigeria’s Economic and Financial Crimes Commission (EFCC) has dropped all allegations of fraud and misconduct against Leatherback, a leading financial services technology company, and the company’s CEO, Toyeeb Ibrahim Ibitade.

In November 2023, EFCC announced that it had been made aware of the possibility of fraudulent activities on the Leatherback platform, leading to an investigation into the company’s operations to establish the facts. Cooperating fully with EFCC and working transparently with the organisation’s officials to provide a forensic view of its operations, Leatherback was able to unequivocally prove its innocence, leading the EFCC to drop all allegations and take down all previous communications on its website and social media platforms (Facebook, Instagram, and Twitter) around the matter.

Leatherback supported the EFCC investigation by making over 5,000 printed documents available to officials to enable as much clarity as possible. Leatherback also filed Suspicious Activity Reports (SARs) in the UK and Nigeria.

According to Toyeeb Ibrahim Ibitade, CEO of Leatherback, “I am relieved to see the end of this arduous episode, but I am even more delighted to see that myself and Leatherback, as an organisation, have been completely cleared of all wrongdoing. With this episode firmly behind us, we are poised to accelerate our mission to provide a single access point that empowers individuals and businesses to be truly global, delivering best-in-class financial, payment, and commerce solutions that remove barriers to global growth and mobility for all citizens of the world.”

Headquartered in London, Leatherback is regulated in the United Kingdom, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka, enabling the platform to serve customers across a wide range of markets effectively. Tens of thousands of individuals and businesses already use the platform to support business and lifestyle opportunities every day. Leatherback is also FCA Authorised, PCI DSS Compliant, and ISO Certified.

About Leatherback

Leatherback offers financial services to businesses and individuals in multiple countries with no restrictions. Users can access up to 15 currencies from 21 countries, including NGN, GBP, INR, EUR, USD, and many other currencies. Users can also send and collect money locally and internationally, with invoicing, analytics, and permissions features available for businesses.

For more information, please visit: http://www.leatherback.co

Continue Reading

Fintech

Carbon Acquires Vella Finance to Enhance SME Offerings

Published

on

Carbon - Investors King

Digital financial services provider Carbon has completed the acquisition of Vella Finance, a Nigerian fintech company specializing in serving small and medium-sized enterprises (SMEs).

The acquisition, announced through an official statement on Wednesday, signifies Carbon’s strategic move to bolster its SME offerings.

Although the financial details of the transaction were not disclosed, Carbon’s acquisition of Vella Finance, founded two years ago under its parent company, One Credit Limited, underscores its commitment to expanding its footprint in the fintech space.

Vella Finance’s expertise in AI-powered SME banking solutions particularly caught the attention of Carbon.

Through this acquisition, Carbon aims to leverage Vella Finance’s innovative technology to provide actionable insights from financial transactions to its SME customers.

Tolu Adedayo, co-founder and COO of Vella Finance, expressed enthusiasm about the integration, noting that several team members from Vella Finance have joined Carbon following the acquisition.

Adedayo further revealed that Vella Finance’s 8,000 SME customers would be transitioned to Carbon Business in the near future.

Chijioke Dozie, co-founder of Carbon, emphasized the alignment of values and vision between Carbon and Vella Finance, highlighting the potential for synergies and growth in the SME banking segment.

The acquisition marks a significant milestone for both companies as they aim to revolutionize financial services for SMEs in Nigeria.

Continue Reading

E-commerce

Alibaba Eyes Gulf Expansion, Seeks Partnerships in Saudi and UAE Markets

Published

on

Alibaba CEO Jack Ma gestures as he is introduced to participate in a panel discussion at the APEC CEO Summit in Manila

Alibaba Group Holding Ltd., the prominent Chinese e-commerce giant, is actively pursuing expansion into the Gulf region, notably in Saudi Arabia and the United Arab Emirates (UAE).

Alibaba’s president, Michael Evans, revealed the company’s strategy during a panel discussion at Dubai’s World Government Summit, highlighting a commitment to local partnerships as a key aspect of their approach.

Evans underscored Alibaba’s recent endeavors in Saudi Arabia, indicating a concerted effort to deepen its presence in the region’s burgeoning e-commerce landscape.

The move signifies Alibaba’s strategic pivot towards collaborative ventures following a period of strategic realignment prompted by government scrutiny and leadership changes.

The Gulf’s growing ties with China, driven by mutual economic interests and investment diversification initiatives, present an opportune moment for Alibaba’s expansion efforts.

However, geopolitical complexities, including heightened US scrutiny of China-linked entities, add a layer of challenge to Alibaba’s Gulf aspirations.

As Alibaba seeks to reclaim its leadership position in the global tech industry, the pursuit of partnerships in Saudi Arabia and the UAE underscores the company’s adaptive approach to international expansion.

The success of these ventures could potentially reshape the Gulf’s e-commerce landscape and deepen economic ties between the region and China.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending