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SpaceX Rocket Lands on Floating Drone Ship

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Elon Musk

It was a scene straight from a science fiction movie. A white, pencil-shaped rocket angling down through a hazy-blue sky, then gracefully touching down, amid billowing smoke. All on an automated drone-ship in choppy Atlantic seas. In that moment, Elon Musk reached a new milestone in his bid to dominate commercial space and, one day, send humans to Mars.

What a week for Musk. Days after the triumphant unveiling of Tesla’s latest electric car, SpaceX won over the Internet as countless thousands tuned in to watch the Falcon 9 rocket launch and, roughly eight minutes later, its spectacular first-ever landing at sea. At the company’s mission control center in Hawthorne, California, a throng of employees exploded in cheers. President Barack Obama and Apollo astronaut Buzz Aldrin, who walked on the Moon nearly half-a-century ago, were among the first to send shout-outs from around the world.

With his characteristic bravado, Musk soon chimed in: “Tickets to orbital hotels, the moon and Mars will be a lot less than people think,” he wrote on Twitter.

 If that sounds over the top, few could deny the symbolic importance of the moment that heralded a new era of affordable, reusable rockets even as it brought back the enthusiasm and drama of the Moon shots and early space shuttle days from a generation ago.

Brash Upstart

“This is the dramatic visual of the new space age,” said Marco Caceres, senior analyst at consultant Teal Group in Fairfax, Virginia. “NASA has been trying to recreate the excitement of the Apollo era. Elon Musk just did it.”

Long considered a brash upstart nipping at the heels of staid aerospace giants, Space Exploration Technologies Corp. is coming of age 14 years after it was founded by Musk with the lofty– and many have said unrealistic– goal of revolutionizing spacecraft and colonizing Mars. Trips to the Red Planet aside, SpaceX is now within striking distance of becoming dominant in the payload business. It’s planning to fly 18 missions this year, triple the number in 2015.

That’s a highly ambitious goal in an industry known for delays and mishaps. And Friday’s launch– a supply run to the International Space Station — was only the third so far this year. Yet if SpaceX hits its target, it will fling more rockets into space than any of its competitors from the U.S., France, Russia and China and achieve a launch cadence not seen since the end of the Cold War.

Drone Landing

The rocket booster that landed on the drone ship Friday will be brought to port and tested on land; if everything checks out, it could fly again as early as June. By the second half of this year, Musk expects SpaceX to launch–and recover–rockets every two to three weeks.

“We’ll be successful, ironically, when it becomes boring,” said Musk at a news conference with NASA Friday. “When it’s like, ‘Oh yeah, another landing, OK, no news there.”’

That will be a bad day for competitors like Europe’s Arianespace, which flies the Ariane 5, and United Launch Alliance, a joint venture of Boeing Co. and Lockheed Martin Corp. They are scrambling to match SpaceX’s lower costs and fast-paced Silicon Valley vibe. Reusable rockets, once scoffed at by the established players as a pipe-dream, are now on the top of everyone’s agenda.

Launch Costs

The cost of a Falcon 9 launch is $61.2 million, according to the company’s website. Established launch companies won’t be able to match SpaceX’s launch costs for years. The price tag for launching a ULA Atlas V rocket, which is not reusable, was $184 million two years ago. ULA has succeeded in getting that price down so far by a third, but it won’t fall below $100 million until 2019 at the earliest.

The National Aeronautics and Space Administration, which ended its 30-year space shuttle program in 2011, now partners with private industry to fly both cargo and crew. SpaceX’s Dragon capsule, loaded with 7,000 pounds of cargo, supplies and an inflatable extension module, reached the space station orbiting over Algeria on Sunday morning, New York time. Dragon is scheduled to return to Earth and splashdown in the Pacific Ocean May 11.

Government agencies like NASA are just one of three markets for launch providers like SpaceX. Satellite companies depend on rockets to get their communications equipment into orbit. And the $70 billion national defense market, which includes highly sensitive missions for the military, is another. SpaceX has bid on a contract to launch GPS satellites for the U.S. Air Force.

Tight Loop

SpaceX also has an advantage by playing outside the old aerospace procurement system which relies on multiple contractors and subcontractors. Legacy aerospace companies have long supply chains with embedded testing, documentation and procurement procedures that inflate costs. SpaceX builds not only the Falcon 9 rocket but the rocket’s Merlin engines in-house. The tight loop between design, manufacturing, and prototype testing is a Silicon Valley approach, said consulting firm Alix Partners in a recent report.

“The fact that SpaceX makes its engines itself is a really big deal,” said David Wireman, an aerospace analyst with Alix Partners. “The engines are a big chunk of the cost of any rocket. SpaceX has broken the supply chain.”

At industry conferences largely populated by middle-aged men in gray suits, you can spot the SpaceX employees, in part, by the logos on their jackets and by their youthful look. SpaceX has roughly 5,000 employees; their average engineer is 32.

SES of Luxembourg first flew with SpaceX in 2013 and has contracted for another four launches through 2017. Like other satellite customers, SES was drawn to SpaceX’s vision, lower cost and fast-paced culture.

“The fundamental difference that SpaceX has is that they are on a mission, and the mission is to go to Mars,” said Martin Halliwell, SES’s chief technical officer, in an interview. “That is absolutely unique within the industry. It’s a true passion felt by Elon and every single person in the company.”

Bloomberg

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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Telecommunications

Nigeria’s Mobile Subscriptions Drop by 5.4 Million in Q1 2024, NIN Enforcement Blamed

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Active mobile subscriptions dropped by 5.4 million in the first quarter of 2024, according to data from the Nigerian Communications Commission (NCC).

The total active mobile subscriptions stood at 219 million, a 2.4% decrease from the previous quarter’s 224.4 million.

This decline has been directly attributed to the stringent enforcement of the National Identity Number (NIN)-Subscriber Identity Module (SIM) linkage policy by the NCC.

Since its inception, the policy has aimed to bolster national security measures and enhance accountability within the telecom sector by mandating the linkage of mobile phone numbers to individuals’ unique NINs.

The regulatory directive, which came into effect in December 2023, required telecom operators to deactivate SIMs not linked to their owners’ NINs by February 28, 2024. The process unfolded in three phases with subsequent deadlines set for March 29 and April 15.

However, due to various challenges and requests for extensions, the final phase was postponed to July 31.

During this period, over 40 million lines, encompassing both active and multiple lines registered to a single subscriber, were reportedly barred by telecom operators.

The majority of these lines were found to be inactive, suggesting a considerable impact on non-compliant subscribers.

The National Identity Management Commission (NIMC) disclosed that as of April 2024, a total of 105 million Nigerians had enrolled for the NIN, indicating a widespread response to the government’s initiative to bolster identity verification processes.

In April 2022, the telecom sector experienced a similar wave of disruption as operators commenced the initial phase of enforcing the SIM-NIN rule.

During that period, over 72.77 million active telecom lines were barred, signaling a pivotal moment in regulatory compliance efforts.

MTN Nigeria, the country’s largest telecom operator, revealed in its first-quarter 2024 financial report that it had deactivated 8.6 million lines due to non-compliance with the NIN mandate.

However, the company emphasized its efforts to minimize the net impact of barred subscribers through effective customer management strategies.

Karl Toriola, CEO of MTN Nigeria, underscored the resilience of the company’s customer value initiatives in mitigating subscriber churn and driving gross connections amid regulatory challenges.

Despite the substantial drop in active subscriptions, MTN Nigeria closed the quarter with a total of 77.7 million subscribers, showcasing the effectiveness of its retention strategies.

As Nigeria navigates the evolving telecom landscape amidst regulatory reforms, stakeholders anticipate further measures to enhance compliance and fortify the integrity of the country’s telecommunications ecosystem.

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Fintech

Fintechs Instructed to Report Cryptocurrency Transactions to Authorities in Nigeria

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Fintech companies across the country have been instructed to report all crypto trades to relevant authorities.

This directive comes amidst the recent freezing of 105 accounts across nine fintech firms suspected of various illegal activities, including unauthorized forex dealings, money laundering, and terrorism financing.

The Economic and Financial Crimes Commission (EFCC) obtained an interim court order on April 24, 2024, to freeze these accounts for 90 days as part of ongoing investigations.

Sources close to the matter suggest a connection between these freezes and heightened scrutiny of cryptocurrency transactions.

Following these regulatory actions, several prominent fintech players, including OPay, Moniepoint, PalmPay, and Kuda Bank, have been directed to suspend the opening of new accounts temporarily pending evaluations of their Know Your Customer (KYC) processes by the Central Bank of Nigeria (CBN).

The frozen accounts are part of a broader investigation by the EFCC into 1,146 bank accounts suspected of manipulating the foreign exchange market through cryptocurrency platforms.

The EFCC believes that some account owners exploited cryptocurrency platforms to manipulate the FX market.

In response to these developments, fintech firms have started implementing stringent measures against cryptocurrency transactions.

Moniepoint, for instance, notified its customers that it would close accounts engaged in crypto or virtual asset transactions and share their details with relevant authorities.

Similar warnings were issued by other fintech players like Paga and OPay, emphasizing their stance against crypto-related activities.

During a recent industry event, Tosin Eniolorunda, founder and CEO of Moniepoint, urged participants in crypto Peer-to-Peer (P2P) markets to cease their activities due to regulatory prohibitions.

He highlighted the risks associated with engaging in such activities, citing potential legal repercussions.

Eniolorunda linked the recent regulatory actions to the prevalence of fraud in fintech apps and emphasized the renewed focus on KYC and Anti-Money Laundering (AML) measures.

He alleged that some P2P crypto activities contributed to the manipulation of the Nigerian currency, the naira, prompting regulatory intervention.

This latest directive underscores Nigeria’s broader crackdown on cryptocurrency platforms, particularly Binance, which began earlier in 2024.

The government has expressed concerns about the role of crypto platforms in currency speculation and their impact on the devaluation of the naira.

This regulatory tightening reflects the government’s efforts to maintain financial stability and curb illicit financial activities in the country.

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Technology

Multichoice Nigeria Rolls Out Tariff Increase Despite Tribunal’s Interim Order

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Multichoice Nigeria, a prominent Pay TV provider, has proceeded with the implementation of tariff adjustments for its DStv and GOtv subscribers, despite an interim order issued by a competition and consumer protection tribunal (CCPT) in Abuja.

On April 24, Multichoice announced plans to increase prices for its cable services, scheduled to take effect from May 1.

However, the CCPT ruled that the company should refrain from raising rates as initially scheduled, following an ex-parte motion presented by the applicant’s counsel.

Despite the tribunal’s interim order, checks conducted by Nairametrics revealed that Multichoice Nigeria has forged ahead with the tariff increase, with the new prices being displayed and enforced on its official website.

For DStv Premium subscribers, the price has surged from N29,500 to N37,000, while Compact Plus subscribers now face an increase from N19,800 to N25,000.

Similarly, Compact, Confam, and Yanga subscribers witness price hikes, ranging from 20% to 25% compared to previous rates.

GOtv subscribers also experience a similar fate, with tariff adjustments reflecting significant increases across various subscription packages.

Despite legal injunctions, Multichoice Nigeria’s decision to proceed with the price hike signals a bold move in a highly contested legal battle.

The Acting Chairman of the Federal Competition & Consumer Protection Commission (FCCPC), Adamu Abdullahi, disclosed that Multichoice had provided a detailed explanation for the price adjustments in a four-page letter to the commission.

The company cited factors such as foreign exchange fluctuations, high electricity tariffs, and operational costs as drivers behind the rate revisions.

Abdullahi explained that the FCCPC would scrutinize Multichoice’s justifications for the price hike, collaborating with regulatory bodies like the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) to ensure compliance with market regulations.

The decision to proceed with the tariff increase has sparked concerns among consumer rights advocates, who question Multichoice’s adherence to legal directives.

Despite the company’s rationale for the price adjustment, critics argue that subscribers should not bear the brunt of economic challenges beyond their control.

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