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Banks’ Fraud Jumps 539% to N15.15b in 2018

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  • Banks’ Fraud Jumps 539% to N15.15b in 2018

The Nigeria Deposit Insurance Corporation (NDIC) has said the total amount lost to frauds and forgeries by Deposit Money Banks (DMBs) in 2018 stood at N15.15 billion.

The amount was 539 percent higher than N2.37 billion recorded in 2017 and N2.4 billion filed in 2016.

DMBs reported 37,817 fraud cases in 2018 against 26,182 recorded in 2017. The amount involved was put at N38.93 billion, up from N12.01 billion recorded in 2017.

“The actual amount lost to fraud incidences in 2018 stood at ₦15.15 billion as against ₦2.37 billion and ₦2.40 billion in 2017 and 2016, respectively,” the NDIC stated in its annual report for 2018.

“The rising fraud incidences could be attributed to the increase in the sophistication of fraud related techniques such as hacking, cybercrime as well as increase in I.T related products and usage, fraudulent withdrawals and unauthorised credit.”

According to the NDIC, internet fraud accounted for 59.7 percent of the total fraud perpetrated in 2018 and 42.83 percent of the actual loss suffered. Similarly, web-based fraud cases grew from 7,869 in 2017 to 12,343 in 2018.

However, the number of ATM/Card-related fraud cases dropped from 16,397 in 2017 to 10,063 in 2018. This, NDIC attributed to the increase in security features of the catd as well as security awareness on the part of customers.

The number of banks’ staff involved in frauds and forgeries rose from 320 in 2017 to 899 in 2018.

Temporary staff accounted for 43.83 percent or 394 of the total number of staff involved in frauds. Suggesting that poor salary structure of ‘contract’ staff might have been responsible for the surge in their participation in frauds.

Also, Officers & Executive Assistants’ cadre were involved, accounting for 22.91 percent or 206 fraud cases while supervisors and Managers accounted for 119 or 13.24 percent of the total fraud cases.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Over 50% of Americans Prefer YouTube as Source of Sports Highlights

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Americans Prefer YouTube as Source Sports Highlights

Data presented by Safe Betting indicates 53% of Americans prefer YouTube as the source of watching sports highlights. The data is as of September 2020.

TikTok Ranks Ahead of Twitter

Other preferred social media channels for watching sports highlights include Facebook which ranked second at 45%. Instagram is third with 30% preference.

Snapchat ranked fourth with 16% of Americans preferring it to watch highlights. Surprisingly, TikTok is fifth with 16%. Twitter ranked sixth at 14% while Reddit enjoys a 5% preference.

Most of the social media platforms usually have users with varied needs, a key point for creators to consider. According to the research report:

“The data shows the need of building robust sport content highlights for social media platforms. The highlights should carry users’ needs for each social media platform. Content creators appear to be winning the battle considering that a new platform like TikTok is already rising as preferred sources of sports highlights.”

The research also overviewed the most popular websites on the global Majestic Million ranking, by referring subnets as of October 2020. Facebook.com holds the top spot at 497,554 followed by Google.com at 492,522 while YouTube.com is third with 449,048 referring subnets.

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Lenovo Sales in Q3 2020 Surge by 8.3%, HP Sales Up by only 0.7%

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Lenovo Sold 18.3 million PC to Top Other Brands in Q3 2020

Lenovo was the top PC brand in Q3 with a total of 18.3 million unit shipments. According to the research data analyzed and published by StockApps, compared to Q3 2019 when its unit shipments totaled 16.9 million, there was an increase of 8.3%.

Based on a study by IDC, Lenovo’s stellar performance coincided with an overall increase of 14.6% in global PC shipments. Gartner’s estimate of growth in global shipments is more conservative, at 3.6%, but does not include Chromebook sales.

HP Leads US Market with 30.8% Market Share; Lenovo in Third Spot

Lenovo’s market share increased from 24.5% to 25.7% between Q3 2019 and Q3 2020. On the other hand, HP’s market share contracted from 22.3% to 21.6% in the same duration.

In terms of global shipments, HP took second place with 15.4 million shipments, up from 15.3 million in Q3 2019, a 0.7% increase year-over-year (YoY). Part of the reason for HP’s drop was a 30% YoY decline in desktop shipments. Together, HP and Lenovo accounted for 47.3% of the PC market share.

On the other hand, in the US market, HP was the top brand with 5.1 million unit shipments and a 30.8% market share during Q3 2020. Lenovo came in third, behind Dell, with 2.5 million unit shipments and a 15.3% market share.

Acer showed the highest growth during Q3 2020, with an increase of 29.5% YoY in global shipments. Dell was the poorest performer of the top brands, with a 4.6% decline YoY. According to IDC, total unit shipments during the quarter were 81.3 million, while according to Gartner, the total was 71.4 million. Chromebook shipments, which made the difference between the two reports, grew by 90% YoY.

Lastly, according to a report by Statista, the global PC industry shrunk for seven consecutive years between 2012 and 2018. It went from 365 million unit shipments in 2011 to 259 million in 2018. The seven-year slump came to an end in 2019 when worldwide shipments grew by 0.6% according to Gartner and 2.7% according to IDC.

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Combined Market Cap of Five Largest MedTech Companies Surged by $40bn YoY

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Five Largest MedTech Companies Gained Combined $40bn Year-on-Year

The coronavirus outbreak put immense pressure on the healthcare industry, forcing pharmaceutical institutions to roll out clinical trials for a COVID-19 vaccine at breakneck speed. However, many other companies also played a huge role in identifying symptoms and keeping the virus under control, which sparked significant innovations in the medical technology market.

According to data presented by AksjeBloggen, the combined market capitalization of Johnson & Johnson, Abbott Laboratories, Medtronic, Siemens AG, and Cardinal Health Inc., as the five biggest MedTech companies globally surged by $40bn year-over-year, reaching $394.3bn in October.

Abbott Laboratories Market Cap Jumped by 31%, the Biggest Increase in 2020

The World Health Organization defines medical technology, or MedTech, as the use of knowledge and technology in devices, medicines, and procedures to advance human health. One aspect of that which has been drawing more and more attention lately is remote healthcare services or telemedicine, as the growing number of people seek medical advice from the safety of their homes.

In September 2019, the combined market capitalization of the five major Medtech companies amounted to $354.2bn, revealed the Yahoo Finance data. By the end of the year, their combined value of shares rose to $398.7bn.

However, the first quarter of 2020 witnessed a significant drop, with the figure plunging to $359.1bn after the stock market crash in March. The following months brought a recovery, with the combined market capitalization of the five companies rising to $385.4bn in June.

The increasing trend continued in the fourth quarter, with the figure increasing by $8.9bn between June and October.

As the leading MedTech company globally, Johnson & Johnson witnessed an almost $40bn increase in the market capitalization year-over-year, growing from $340.3bn in September 2019 to around $380bn last week.

However, statistics indicate that Abbott Laboratories, the second-largest MedTech firm, witnessed the most significant market cap growth in 2020. In December 2019, the combined value of shares of the Chicago-based healthcare company specialized in nutrition, pharmaceuticals, diagnostic treatments, and medical devices amounted to $153bn. After falling to 139.5bn in March, this figure recovered to $161.8bn in June and continued rising.

In August, the company announced the US Food and Drug Administration (FDA) had issued Emergency Use Authorization for its BinaxNOW COVID-19 portable and affordable antigen test that can deliver results within 15 minutes. Since March, the company has got US authorizations for five other coronavirus tests, including the ID Now that can provide results within minutes.

The Yahoo Finance data show Abbott Laboratories market cap jumped to $194.1bn last week, a 31% increase year-over-year.

Siemens AG Market Cap Rose by 20% Year-over-Year

As one of the leading manufacturers and developers of medical devices in the industry, Siemens AG has also witnessed substantial market cap growth in 2020. Their products mostly center around diagnostic equipment and medical imaging systems, the largest contributor of more than €86.8 billion in revenue in the 2019 fiscal year. Statistics show the combined value of the German company’s shares rose by 20% year-over-year, rising from $87.4bn in September 2019 to $104.4bn last week.

The market capitalization of Medtronic plc, the Irish firm that has been at the top of the industry for nearly three decades, rose by 3.5% YoY. In December 2019, the market cap of the medical device company peaked at $151.3bn. After a sharp fall to $120.8bn in March, this figure recovered to $150.4bn last week.

The Yahoo Finance data indicate that Cardinal Health, Inc., an American multinational health care services company providing supplies to more than 75% of the US hospitals, witnessed the smallest increase in the combined value of shares. Statistics show its market cap rose by $350 million after the stock market crash in March, landing at $14.3bn last week, a 3.7% increase year-over-year.

 

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