DYAG News and Views - 26th January 2024
We bring you the daily roundup of the hottest news from Nigeria and around the world.
Business/Tech News
Terraform Labs, Cryptocurrency Company Behind Token Crash, Declares Bankruptcy
Terraform Labs, responsible for the collapse of TerraUSD and Luna tokens, has officially filed for bankruptcy in the United States. Co-founder Do Kwon, currently detained in Montenegro on fraud charges, faces potential extradition to the US and South Korea. The bankruptcy move is seen as an attempt to navigate legal challenges while ensuring obligations to employees are met. Terraform Labs plans to sustain operations under Chapter 11, listing assets between $100 million and $500 million.
Mafab Communications Joins Nigeria's Telecom Market
The Nigerian Communications Commission (NCC) announces the forthcoming entry of Mafab Communications into the telecom market, following the company's 5G license win in a competitive auction against established operators. Mafab plans to build its infrastructure from scratch, having secured the Universal Access Service License (UASL) in July 2022, allowing it to provide various telecommunications services. However, regulatory hurdles and significant financial investments are anticipated as Mafab seeks to compete in a market already facing revenue pressures. The telecom industry welcomes the potential for increased competition, offering consumers more choices and fostering innovation.
Netflix Witnesses Significant Subscriber Boost Following Crackdown on Password Sharing
Netflix sees a notable surge in subscriber numbers at the close of 2023, attributed to the company's stringent measures against password sharing and the introduction of more affordable plans featuring advertisements. The streaming giant now boasts a global subscriber base exceeding 260 million, showcasing remarkable growth compared to the previous year. Co-CEO Greg Peters anticipates continued expansion, emphasizing the impact of the crackdown on password sharing in driving future success. The new low-priced plan, including ads, now constitutes 40% of new subscriptions in countries where it is offered.
Twitch Unveils Major Revenue Sharing Overhaul to Benefit Content Creators
Popular streaming platform Twitch announces a comprehensive overhaul of its revenue-sharing model, intending to better support content creators. Under the Twitch Plus program, streamers with over 100 paid subscribers will now receive 60% of the money pledged by fans, aiming to significantly benefit a larger pool of creators. The move comes amidst recent challenges faced by Twitch, including layoffs and financial struggles, despite the profitability of its parent company, Amazon. Twitch's strategic shift aims to compete with rival platforms and retain content creators through improved revenue-sharing terms.
US Secretary of State Blinken Launches Collaborative Initiatives in Nigeria
US Secretary of State Anthony Blinken reveals plans for joint efforts between the United States and Nigeria to address environmental issues, including plastic pollution and energy generation. The announcement includes the launch of the Nigerian Marine and Blue Economy hackathon, involving government, private sector, and students in devising solutions to environmental challenges. Blinken, at the inauguration of the American Corner in Lagos, emphasizes the pivotal role of the US-Nigeria partnership, highlighting the significant presence of Americans in Nigeria and the deepening relationship between the two nations.
Tottenham Owner Joe Lewis Pleads Guilty to Insider Trading in US
British billionaire and majority owner of Tottenham Hotspur, Joe Lewis, has pleaded guilty to insider trading charges in the US. The 86-year-old admitted to passing confidential information to associates, allowing them to make millions in profit. Despite expressing embarrassment and apologizing in a New York court, Lewis plans to plead not guilty to remaining charges spanning from 2013 to 2021. Currently free on a $300 million bond, Lewis faces travel restrictions as legal proceedings continue.
Global Capital Raising Hits $565.2 Billion in 2023, Marking a $40 Billion Dip from Previous Year
Global capital raising in 2023 totaled $565.2 billion, reflecting a $40 billion decline from the previous year, according to data from Stocklytics.com. The dip, constituting a 7% decrease compared to 2022, indicates a broader trend of weakening capital markets since 2022. The downturn is attributed to factors such as high inflation, rising interest rates, and a pessimistic economic outlook, contributing to investor hesitation. Traditional venture capital services experienced a notable decline, dropping from $618.2 billion in 2021 to less than $500 billion in 2023, while digital capital raising, including crowdfunding and marketplace lending, demonstrated modest growth during this period.
Sport and Entertainment
Tunisia Coach Jalel Kadri Resigns After Disappointing AFCON Exit
Tunisia's coach, Jalel Kadri, steps down following the team's early exit from the Africa Cup of Nations. The decision comes after a goalless draw with South Africa confirmed their departure from the tournament. Kadri cites the failure to reach the semi-finals, as per the contract's objective, as the reason for his resignation. Tunisia leaves the AFCON without a single win, a stark contrast to their victory over France 13 months ago.
Nigeria vs. Cameroon: Rivalry Renews in Anticipation of AFCON Clash
The football rivalry between Nigeria and Cameroon takes center stage in the Africa Cup of Nations. With a historical upper hand, Nigeria has won 12 out of 23 encounters, while Cameroon emerged victorious four times. Both teams exhibit varied recent forms, setting the stage for a highly anticipated clash. The AFCON, postponed to 2024, maintains its significance, attracting attention and reflecting the passion and commitment of African football.
Morocco Coach Regragui Receives Two-Match Ban Following Post-Match Altercation
Morocco coach Walid Regragui faces a two-match ban from the Confederation of African Football after a post-match altercation with DR Congo captain Chancel Mbemba. The Royal Moroccan Football Federation expresses intent to appeal the ban, deeming it incomprehensible. Regragui's suspension took effect during Morocco's final group game against Zambia in the Africa Cup of Nations. The incident unfolded as players and staff from both teams engaged in a brawl after the 1-1 draw with DR Congo.
Burna Boy Joins Star-Studded Lineup for 2024 Grammy Awards Performance
Grammy-winning artist Burna Boy, also known as Damini Ogulu, has been announced as one of the performers for the upcoming 2024 Grammy Awards. The Recording Academy revealed the addition of Burna Boy to the lineup, along with Luke Combs and Travis Scott. The event, scheduled for Sunday, February 4, 2024, at the Crypto.com Arena in Los Angeles, will feature previously unveiled performers such as Olivia Rodrigo, Billie Eilish, and Dua Lipa. Burna Boy has earned nominations in three categories, including Best Melodic Rap Performance, Best Global Music Performance, and Best African Music Performance.
Harry and Meghan Attend Bob Marley Film Premiere in Jamaica Amidst Republic Talks
The Duke and Duchess of Sussex, Harry and Meghan, graced the red carpet at the premiere of a Bob Marley biopic in Jamaica. Photos show the royal couple with Jamaican Prime Minister Andrew Holness, who is accelerating plans to turn the nation into a republic. Holness had previously expressed Jamaica's intention to become an independent republic, severing ties with the British monarchy. The Sussexes' appearance coincides with discussions about Jamaica potentially holding a referendum to achieve republic status as early as 2024.
Opportunities
Calling all African filmmakers! Submit your short films to Qshorts
Calling all African filmmakers! Submit your short films to Qshorts, a free-to-view YouTube channel by Quramo Productions. Gain global exposure, with the top three films showcased at our annual QFest Creative Festival. Engage in our community, fostering growth and representation. Check the Terms and Conditions, partner with us, and join the movement to celebrate African cinema. Deadline: September 16, 2024. Submit your stories now!
Calling Nigerian Artists, Researchers, Technologists, and Teams!
Apply for the groundbreaking STARTS4AFRICA Artist Residency dedicated to innovating at the crossroads of Science, Technology, and Arts. Benefit from a budget of up to €35,000, access to top-notch facilities, mentoring programs, and the chance to showcase your work at prestigious festivals. Act now - deadline for applications is approaching. Elevate your artistic journey and contribute to transformative innovation! Deadline: February 18, 2024. Apply Now.
Talents for Startups By Digital Africa
Embark on a tech career journey with our program, boasting 300 successful alumni! Offering courses in 20 African countries, find the perfect fit for your aspirations. Check eligibility (18-35 years old, residing in partner country, ready for 2-9 months of intensive training, seeking tech job), and apply today to shape your future in tech!
2024 Google Summer of Code (GSoC)
Unlock the opportunity to contribute to open source software development by joining the 2024 Google Summer of Code (GSoC). This global, online program invites new contributors to work on a 12+ week programming project with open source organizations, guided by experienced mentors. Embrace the chance to be part of a community that fosters long-term contributions to open source. Act now – applications close on February 6, 2024. Shape your summer with meaningful coding experiences!
The AKO Caine Prize for African Writing
Calling African writers and publishers! The AKO Caine Prize for African Writing is now open for submissions, offering a £10,000 cash prize to the winner and £500 to each of the four shortlisted writers. Published stories between April 1, 2019, and March 25, 2024, are eligible, and entries must be submitted by publishers. Writers over 18 years old are encouraged to participate, with a deadline set for March 31, 2024. Publishers, submit your compelling stories now for a chance to showcase African literary talent on the global stage!