Trump’s Return Nudges Economists’ Inflation Outlook Higher

The Wall Street Journal reports Trump’s Return Nudges Economists’ Inflation Outlook Higher

Economists are starting to model the effects of President-elect Donald Trump’s plans to raise tariffs, cut taxes and restrict immigration. The upshot: Inflation and interest rates are likely to be higher for at least the next two years than forecasters anticipated before the election.

“Risks to inflation and interest rates are to the upside with a Trump administration,” said Augustine Faucher, chief economist at PNC Financial Services Group.

In the latest Journal survey, economists also raised their inflation forecasts for 2026, projecting the CPI will rise 2.6% at the end of that year instead of the 2.3% they expected in October, according to the survey, conducted Jan. 10-14. That would still be a lower inflation rate than the 2.9% recorded in December.

The Journal asked economists what tariffs they assumed that Trump would impose. On average, those responding projected import duties would rise 23 percentage points on China and 6 percentage points on the rest of the world, for a 10-percentage-point higher average tariff on everyone. This, they estimated, would add 0.5 percentage point to the CPI inflation rate in the fourth quarter of this year.

“Tariffs are particularly ill-timed given the persistence of inflation following the pandemic-induced price shock,” said Joe Brusuelas, chief economist at RSM US.

Those changes in the outlook, combined with the possible effects of Trump’s economic policies, prompted Federal Reserve policymakers to bump up their 2025 inflation forecasts, as well.

Faced with stickier inflation, economists expect the Fed to keep interest rates higher through 2027 than previously forecast. The midpoint of the range of the Fed funds rate, currently 4.375%, is now seen ending the year at 3.89%, up from the October average projection of 3.3%.

Economists now expect the 10-year Treasury bond yield to end 2025 at 4.4%, up from an October projection of 3.7% though down from 4.6% Friday afternoon. All else equal, that would likely translate into higher mortgage rates by a similar magnitude.

The journal provided a nice data download of 76 predictions.

I picked three widely recognized names out of the pack: Mark Zandi at Moody’s Analytics, Lawrence Yun at the National Association of Realtors, and Jan Hatzius at Goldman Sachs.

The numbers show vary divergent thinking. Yun and Hatzius have inflation bottoming in June of 2026, while Zandi and Amy Crews Cutts at AC Cutts & Associates have it peaking.

At 4.5 percent, Cutts has the highest forecast of any economist through December of 2027. But Cutts was not always the highest.

Selma Hepp at Corelogic was high for June of 2025 at 4.3 percent. Cutts was 2.6 percent.

On the Low Side

Sean M. Snaith at the University of Central Florida comes in at 2.0 percent for June of 2025 with Yun at 2.1 percent.

For June of 2026, James F. Smith at EconForecaster has 1.9 percent with Yun at 2.0 percent.

For December of 2027, Joel Naroff at Naroff Economics has inflation at 1.60 percent. He is also low for June of 2026 at 1.70 percent.

Economists Increase Inflation Forecasts Due to Trump’s Economic Policies

Only three of 76 economists have a 12-moth recession probability over 50 percent.

Amy Crews Cutts has the recession probability at 65 percent.

Brian S. Wesbury/Robert Stein at First Trust Advisors has recession probability at 55 percent as does Joel Naroff at Naroff Economics.

The average probability is 22 percent. Jan Hatzius at Goldman Sachs did not answer. Yun and Zandi are both at 20 percent.

James F. Smith at EconForecaster has probability of recession at 1 percent (a preposterous number). Christopher Thornberg at Beacon Economics has the recession probability at 5 percent, another preposterous number.

It’s possible there is no recession. But the range of things Trump might do and how China and the world might respond is so extreme that any forecast under 10 percent seems silly. Also the Fed might easily overreact to something it sees.

Difficult Inflation Projection

Republicans have a slim majority. My fear is Republicans will buy votes (more of this in return for more of that), resulting in a nasty brew of inflation.

If Trump gets his way with all of the economic ideas he has presented, deficits and inflation rate to soar.

However, this is not an easy projection because we do not know what Trump will actually do with tariffs, immigration policy, and economic policy.

Also Tariffs might prompt China to withhold exports of rare earth materials, shutting down chips, planes, and weapons manufacturing. Thus, tariffs could easily crash global trade, with uncertain outcomes.

My inclination is that economists are correct to factor in more inflation, but the path from here to there will not be anywhere near as smooth as the slow, steady average forecast suggests.

Finally, a quick recession could change many things, cooling inflation for now, with a nasty spring back later. That may be the rationale of Amy Crews Cutts.

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My first, second, and third case is Trump will not bring in as much revenue with tariffs as he bragged.

If so, and Trump gets the economic policies that he seeks, deficits will soar with inflationary pressures.

The developers have hinted that the mainnet launch will happen in the first quarter of this year. However, these creators have been wrong before, meaning that the mainnet launch may be delayed again.

Earlier last year, they promised that the mainnet launch would happen in 2024, which did not happen. Their goal is to have the launch when at least 10 million pioneers have migrated their tokens to the mainnet.

The first deadline for these pioneers to do their KYC verification was in November, which was then postponed to December 31 and January 31. The hope is that the mainnet launch will happen in the first quarter once the verification process completes.

Pi hopes to be a better coin than Bitcoin

Pi Network hopes to be a better cryptocurrency than Bitcoin and other coins. The most notable change is that it is fairly easy to mine since it uses the tap-to-earn approach. After receiving an invite, one needs to install the app and tap for more coins.

Unlike Bitcoin, Pi Network hopes to have dApps in its ecosystem, which would give the Pi coin utility. About 80 Pi apps will now become public to people when the mainnet is launched.

Pi Network has also hopes to be a universal currency accepted by sellers worldwide. The Map of Pi, a top dApp in its ecosystem, has already registered over 27,000 shops willing to accept the Pi coin once it becomes available.

Still, the biggest challenge for Pi Network price is that there seems to be a divergence between its developers and the pioneers. The developers want the token to become an alternative to the US dollar, while pioneers just want to make a quick buck.

This divergence means that the Pi coin price will likely crash after going public as many pioneers sell their tokens.

We have seen this before as many “to earn” tokens have crashed over time. Some of the most notable of these tokens are Hamster Kombat, Sweat Economy, and Catizen.

These developments explain why the Pi Network IoU token has crashed in the past few weeks. This IoU is only available on HTX and is not associated with the developers. It is often seen as the best proxy of the main Pi project.

Pi Network is preparing for the mainnet launch

Pi Network, which we have covered before hereand here, is one of the most popular players in the crypto industry. Launched in 2018, the network has accumulated over 50 million users, while the Pi Browser has had over 100 million downloads.

Pi Network aims to become the biggest and most useful cryptocurrency project in the industry by making it easy for people to mine the token. Anyone with a smartphone can receive an invite and become a pioneer.

Pi’s network has been in development for the past few years, with many pioneers mining and accumulating millions of coins.

The challenge, however, is that these coins have been worthless since holders had no way of selling them or converting them into fiat currencies. Worse, the developers have left the Pi Network into an enclosed mainnet since 2021.

An enclosed mainnet is a state where the blockchain is live to members of the ecosystem only. It is different from a public mainnet where users can interact with the network and developers can build.

This leadership crisis comes at a particularly challenging time for Globacom. The Nigerian Communications Commission (NCC) recently punished them for not properly registering over 40 million of their customers’ ID numbers. Because of this mistake, Globacom lost more than half of its customers, and now it controls only 12% of Nigeria’s phone market—much less than its competitors, MTN and Airtel.

Moving forward, Globacom faces two critical challenges: finding a new CEO capable of navigating Nigeria’s competitive telecommunications market and reforming its internal structure to attract and retain top industry talent.

Globacom CEO, Ahmad Farroukh resigns after one month in office

Ahmad Farroukh has reportedly left his position as CEO of Nigerian telecommunications company Globacom just one month after his appointment in October 2024. According to TechCabal, his sudden departure appears to be linked to challenges within the company’s organisational structure.

Farroukh, a seasoned executive with prior stints at MTN and Smile Communications, reportedly struggled to align his management style with Globacom’s centralised operational structure, heavily influenced by founder Mike Adenuga. Mike Adenuga has historically maintained tight control over operations, with minimal separation between his business interests and Globacom's management. This centralised approach may have conflicted with Farroukh's experience in more structured organisations, leading to his early exit. Globacom’s leadership instability comes on the heels of significant regulatory challenges. In 2024, the Nigerian Communications Commission (NCC) penalised the company for non-compliance in registering over 40 million subscribers without valid National Identification Numbers (NIN). The fallout from this compliance breach saw Globacom’s market share plummet to 12%, marking a 60% decline and raising questions about its ability to compete with rivals like MTN and Airtel.

Farroukh’s abrupt exit highlights a growing trend of leadership transitions across Africa’s telecom industry. For instance, MTN Group recently announced key executive changes, including the appointments of Mitwa Ng’ambi and Wanda Matandela to lead operations in Côte d’Ivoire and Cameroon, respectively. These moves, part of MTN’s "Ambition 2025" strategy, reflect a sector-wide focus on aligning leadership with strategic goals in response to evolving market demands. Globacom must now address its internal and external challenges to stabilise its operations. Key priorities include appointing a new CEO with the expertise to navigate Nigeria’s competitive telecom landscape and overhauling its governance structures to attract top talent.

Additionally, rebuilding consumer trust and addressing regulatory concerns will be essential for reclaiming its market share. As Africa’s telecom sector continues to evolve, companies like Globacom face mounting pressure to balance leadership stability with adaptability. The company’s response to this crisis will set a precedent for its future in Nigeria and the wider region

Globacom’s CEO steps down after one month amid regulatory pressures

The Nigerian National Petroleum Company (NNPC) Limited, through its retail outlets, has increased the price of petrol from N965 to N990 per litre in the Federal Capital Territory.

Tribune Online reports that the increase is not unconnected with the rise in crude oil prices in the international market.

The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, had last week during the inaugural Petroleum Industry Stakeholders Forum which was held in Abuja said deregulation has fully set in the sector as global oil price will now determine how much the price of fuel will be sold not only in Nigeria but globally.

According to the minister, the Forum came to be in order to bring all the stakeholders under one roof and to resolve all issues around oil production and availability.

“The whole idea is to have a one-stop shop where all stakeholders will gather together, address issues, concerns, evolve policies, build consensus so that the oil industry will grow very fast,” Lokpobiri said.

However, checks by Tribune Online at NNPC stations and major oil marketers revealed that the new price has been effected.

NNPC stations at Berger, Zones 1 and 3 and Nyanya have adjusted their pumps and it is the same at Mararaba and New Nyanya in Nasarawa State.

Shema, Bovas, AYM Shafa, and Zamson Oil along the Abuja-Keffi road are selling between N1,000 and N1,030 per litre.

NNPC raises petrol price to N990 in Abuja

Fuel prices in Nigeria

As of October 9, 2024, the price of petrol (Premium Motor Spirit or PMS) in Nigeria has increased significantly, with the Nigerian National Petroleum Company Limited (NNPC) raising the price initially from around N600 to between N855 and N897 per liter, and currently to N1030 per liter depending on the region. This price hike has led to a surge in transport fares across the country, with commuters expressing frustration at the elevated costs. The recent price increase comes as a result of the NNPC terminating its exclusive purchase agreement with Dangote Refinery (more below). The average price of diesel in Nigeria today stands at N1,379 per liter, with significant variations across different states. The highest price is recorded in Taraba State at N1,722 per liter, while Kogi State has the lowest price at N1,186 per liter.

Market Dynamics

The landing cost of petrol, which is the price at which the commodity arrives in Nigeria, is currently around N1,120 per liter. This figure has raised alarms among marketers, who fear that if the price from Dangote is set too high, it will lead to increased imports of petrol, undermining the refinery's purpose of boosting local production. The NNPC has stated that it will only purchase petrol from Dangote if it is cheaper than international market prices, which adds another layer of uncertainty to the pricing landscape.

Potential for Price Stabilization

Economists have expressed cautious optimism that the commencement of operations at the Dangote Refinery could alleviate some of the supply challenges that have plagued the Nigerian fuel market. However, they caution that while the refinery may help ensure the availability of refined products, it does not guarantee lower prices. The domestic price of petrol will still largely depend on global oil prices and local market conditions.In summary, while the Dangote Refinery has the potential to transform Nigeria's fuel market by increasing local production and reducing reliance on imports, the actual impact on fuel prices remains to be seen as discussions around pricing and market dynamics continue. The interplay between local production and international pricing will be crucial in determining whether Nigerians will see relief from the current high fuel prices.

In 2016, Ed Craven and Bijan Tehrani established Easygo, a company that developed games for online casinos.[3] The two co-created Stake, which was launched in 2017.[3]

In December 2021, Stake expanded to the United Kingdom through a partnership with TGP Europe.[6]

On 1 August 2022, Stake.us was launched as a separate site for U.S. residents.[7][8]

In June 2023, a federal judge in Manhattan dismissed a $580 million lawsuit against Stake due to jurisdictional issues. The plaintiff, Christopher Freeman, an early associate of Craven and Tehrani, claimed that he had been excluded from the business and mislead using illegal tactics.[9][10]

On 4 September, 2023, over US$41 million was stolen from one of Stake's Ethereum wallets in a hacking incident.[11] The Federal Bureau of Investigation attributed the attack to North Korea's Lazarus Group.[12]

In November 2024, Stake announced that they purchased the Italian company Baldo Line SRL in a strategic move to help Stake increase their influence in Italy through the brand Idealbet

History

Stake is an Australian-Curaçaoan online casino operated by Medium Rare NV, a company incorporated in Curaçao that holds an online casino licence.[3][4] Stake is a global company with offices in Serbia, Australia, Cyprus and staff globally.[5]

Stake (online casino)

Offerings

Stake offers traditional casino games (such as slots, blackjack and roulette) and sports betting.[3][14] It offers video streams with live dealers.[3]

Users at Stake generally transact in cryptocurrencies rather than traditional currencies for their betting accounts.[3] Account balances can be withdrawn in the equivalent value of cryptocurrency and then deposited back into the user's personal cryptocurrency wallet.[3] Users of Stake's UK site deal only in fiat currency.[

Sponsorships

Stake has invested in sponsorship deals across several sports, including with UFC fighter Israel Adesanya,[15] English football teams Gillingham, Watford, Everton,[16][17] Indian football club Mumbai City,[18] USA Cricket,[19] Argentine footballer Sergio Agüero,[20] Formula One reserve driver Pietro Fittipaldi and his brother, Formula 2 driver Enzo Fittipaldi,[21] Canadian musician Drake,[22] and the Gennady Golovkin vs. Ryōta Murata boxing match.[23] Stake is also sponsoring UFC Light Heavyweight champion Alex Pereira and Puerto Rican rapper Anuel AA.

Zhou Guanyu and Valtteri Bottas in their Stake F1 Team Kick Sauber cars at the 2024 Chinese Grand Prix.

Stake garnered publicity in 2022 via advertising deals with streaming personalities such as Trainwreckstv, xQc, and Drake, under which they were provided with credit to gamble during streams on Twitch. The surge in gambling streams tied to these deals and others led to scrutiny, resulting in Twitch announcing in September 2022 that it would prohibit streams of online slots, roulette and dice games on services that are not licensed to operate in the United States or "other jurisdictions that provide sufficient consumer protection"—a ban that would include Stake.[7][24][25] Craven and Tehrani subsequently launched a competing livestreaming service known as Kick as a sister company, which would differentiate itself by promising higher revenue splits to streamers than Twitch, and looser content guidelines—especially in regards to gambling streams.[25]

In January 2023, the Alfa Romeo F1 Team announced that Stake would be their title sponsor in a multi-year deal, with the team renamed to "Alfa Romeo F1 Team Stake".[26] In 2024, the sponsorship deal continued with Sauber after Alfa Romeo's departure from Formula One at the end of the 2023 season, with the team operating as "Stake F1 Team Kick Sauber".[27] Stake logos on the team's livery are replaced with those of Kick during selected races, particularly those held in countries where Stake cannot be advertised due to local laws.[28][29]

A Stake watermark, like those placed under X content.

In late-2024, it was reported that Stake had partnered with a number of content aggregator accounts on X, which repost viral images and videos taken from other users (sometimes in a plagiarized form), and are edited to include an additional watermark advertising Stake. The UK Advertising Standards Authority stated in October 2024 that it had been made aware of the advertising and was monitoring it. The ads may be a violation of X's terms of service for paid partnerships, while they may run afoul of advertising codes restricting the marketing of gambling products where minors may be present. The watermarks have been satirized as an internet meme by social media users, including posts that include excessive numbers of Stake logos for comedic effect, or similar posts with logos for other companies (such as Dave & Buster's).[

Justice Majekodunmi emphasised that once a case is before the court, all parties are legally obliged not to take any action that could undermine the court’s integrity.

The court, therefore, granted an order of mandatory injunction restraining Macgregor from parading himself as the Olu of Ilawo and restoring the Olu Of Orile Ilawo stool to the way it was when all parties had submitted before the court.

The judge also ordered the withdrawal of all instruments of office, staff, and other symbols of authority that the government had bestowed on Macgregor.

Justice Majekodunmi said, “It is impunity and disregard to this court for the defendant to go ahead with the installation of the 7th defendant (Macgregor) despite the pending court case.

“Immediately, a case is ongoing; people are under a legal duty not to go ahead with anything pending the determination of the suit. Doing such is tantamount to undermining the integrity of the court.

“The court hereby orders the withdrawal of staff of office and other things that make Macgregor as Olu of Ilawo pending the determination of the suit.

“The 7th defendant should also refrain from parading himself as Olu of Ilawo.”

The Ogunsanya-Ariku family approached the court after warrant chiefs approved by the Ilawo tradition council of chiefs were allegedly shortchanged and substituted with strange names to nominate and select the candidate to fill the stool of Olu of Orile Ilawo after the former king’s death on December 24, 2021. They had also sought to halt the install throne.

Reacting to the ruling, Dr David Ogunsanya, secretary to the Aiku and Ogunsanya dynasties, commended the judiciary for upholding justice.

Dr. Ogunsanya said, “Today, we are elated to brief the distinguished members of the press that the installation of Mr. Olusegun Macgregor has been nullified and discarded by a competent court of law with an instruction that he should henceforth desist from parading himself as the Olu of Orile Ilawo.

“Going forward, any action contrary to this court ruling would, by our understanding of its dictates, amount to contempt of the court, which shall be reported to the appropriate quarters for every action.”

Court sacks Ogun monarch, Macgregor

The Ogun State High Court in Abeokuta on Tuesday reversed Alexander Macgregor’s installation as the Olu of Ilawo , declaring the process illegal.

Justice Olatokunbo Majekodunmi ruled that Macgregor must stop posing as the Olu of Orile Ilawo, Abeokuta, pending the determination of the suit against the processes that led to his nomination.

The court’s decision was in response to a suit filed by Ogunsanya- Ariku Royal Family of Ilawo, who had prayed to the court to stop the installation and declare Macgregor’s claim to the throne invalid.

Delivering the ruling, the judge condemned the government’s action in installing Macgregor despite pending court cases, describing it as an act of impunity and disregard for the court.

The speed at which the new Chinese AI app DeepSeek has shaken the technology industry, the markets and the bullish sense of American superiority in the field of artificial intelligence (AI) has been nothing short of stunning.

Venture capitalist Marc Andreessen may have said it best. "DeepSeek-R1 is AI's Sputnik moment," he posted to X on Sunday, referring to the satellite which kicked off the space race.

DeepSeek was the most downloaded free app on Apple's US App Store over the weekend. By Monday, the new AI chatbot had triggered a massive sell-off of major tech stocks which were in freefall as fears mounted over America's leadership in the sector.

Shares of AI chip designer and recent Wall Street darling Nvidia, for example, had plunged by 17% by the time US markets closed on Monday. Or to put it in even starker terms, it lost nearly $600bn in market value which, according to Bloomberg, is the biggest drop in the history of the US stock market.

This extraordinary, historic spooking can largely be attributed to something as simple as cost. And a claim by DeepSeek's developers which prompted serious questions in Silicon Valley.

While ChatGPT-maker OpenAI has been haemorrhaging money - spending $5bn last year alone - DeepSeek's developers say it built this latest model for a mere $5.6m.

That is a tiny fraction of the cost that AI giants like OpenAI, Google, and Anthropic have relied on to develop their own models.

• EXPLAINED: What is DeepSeek and why did it cause stocks to drop?

• HANDS ON: Is DeepSeek as good as it seems?

As this dramatic moment for the sector played out, there was a palpable silence in many corners of Silicon Valley when I contacted those who are usually happy to talk. Many observers, investors, and analysts appeared stunned.

Some wondered if this marked a buying opportunity. Others questioned the information DeepSeek was providing.

"I still think the truth is below the surface when it comes to actually what's going on," veteran analyst Gene Munster told me on Monday. He questioned the financials DeepSeek is citing, and wondered if the startup was being subsidised or whether its numbers were correct.

The chatbot is "surprisingly good, which just makes it hard to believe", he said.

Regardless, DeepSeek's sudden arrival is a "flex" by China and a "black eye for US tech," to use his own words.

It was just last week, after all, that OpenAI's Sam Altman and Oracle's Larry Ellison joined President Donald Trump for a news conference that really could have been a press release.

The event represented peak American bullishness on AI.

China's DeepSeek AI shakes industry and dents America's swagger

President Trump held an event with AI industry leaders just days ago

They announced Stargate, a joint venture that promises up to $500bn in private investment for AI infrastructure: data centres in Texas and beyond, along with a promised 100,000 new jobs.

The US seemed to think its abundant data centres and control over the highest-end chips gave it a commanding lead in AI, despite China's dominance in rare-earth metals and engineering talent.

Some have even seen it as a foregone conclusion that America would dominate the AI race, despite some high-profile warnings from top executives who said the country's advantages should not be taken for granted.

The US may still go on to command the sector, but there is a sense that DeepSeek has shaken some of that swagger.

Trump's words after the Chinese app's sudden emergence in recent days were probably cold comfort to the likes of Altman and Ellison. He called this moment a "wake-up call" for the American tech industry, and said finding a way to do cheaper AI is ultimately a "good thing".

It is also worth noting that it was not just tech stocks that took a beating on Monday. Energy stocks did too. DeepSeek's arrival on the scene has upended many assumptions we have long held about what it takes to develop AI.

Maybe that nuclear renaissance - including firing up America's Three Mile Island energy plant once again - won't be needed. Maybe it does not take so much capital, compute, and power after all.

For now, the future of semiconductor giants like Nvidia remains unclear.

DeepSeek says its model was developed with existing technology along with open source software that can be used and shared by anybody for free.

But WIRED reports that for years, DeepSeek founder Liang Wenfung's hedge fund High-Flyer has been stockpiling the chips that form the backbone of AI – known as GPUs, or graphics processing units.

The company has said its models deployed H800 chips made by Nvidia. US policy restricting sales of higher-powered chips to China might get a second-look under the new Trump administration.

OpenAI's Sam Altman was mostly quiet on X Monday. But very late in the day, he wrote that DeepSeek was "impressive… particularly around what they're able to deliver for the price".

"We will obviously deliver much better models and also it's legit invigorating to have a new competitor!" he wrote.

It was Sputnik that truly ushered in the space age. There, too, the US was caught off guard. How its tech sector responds to this apparent surprise from a Chinese company will be interesting - and it may have added serious fuel to the AI race.

DeepSeek AI bot responds to BBC question about China

The DeepSeek-R1 model provides responses comparable to other contemporary LLMs, such OpenAI's GPT-4o and o1,[1] despite being trained at a significantly lower cost—stated at US$6 million compared to $100 million for OpenAI's GPT-4 in 2023[2]—and requiring a tenth of the computing power of a comparable LLM.[2][3][4][5] DeepSeek's A.I. models were developed amid United States sanctions on China for Nvidia chips, which were intended to restrict the country's ability to develop advanced A.I. systems.[6][7]

On 10 January 2025, DeepSeek released its first free chatbot app, based on the DeepSeek-R1 model, for Apple IOS and Android; by 27 January, DeepSeek-R1 had surpassed ChatGPT as the most-downloaded free app on the iOS App Store in the United States,[8] causing Nvidia's share price to drop by 18%.[9][10] DeepSeek's success against larger and more established rivals has been described as "upending AI",[8] constituting "the first shot at what is emerging as a global AI space race",[11] and ushering in "a new era of A.I. brinkmanship".[12]

DeepSeek makes its generative artificial intelligence algorithms, models, and training details open-source, allowing its code to be freely available for use, modification, viewing, and designing documents for building purposes.[13] The company reportedly vigorously recruits young A.I. researchers from top Chinese universities,[8] and hires from outside the computer science field to diversify its models' knowledge and abilities.[4]

DeepSeek AI chatbot is developed entirely by Chinese software engineers, whereas AI models established in Silicon Valley are created by people of various nationalities, including H-1B visa holders from different countries working in the US. DeepSeek AI models can be seen as a significant step toward developing indigenous high-end technologies.

DeepSeek

Release history

DeepSeek LLM

On 2 November 2023, DeepSeek released its first series of model, DeepSeek-Coder, which is available for free to both researchers and commercial users. The code for the model was made open-source under the MIT license, with an additional license agreement ("DeepSeek license") regarding "open and responsible downstream usage" for the model itself.[21]

On 29 November 2023, DeepSeek released the DeepSeek-LLM series of models, with 7B and 67B parameters in both Base and Chat forms (no Instruct was released). It was developed to compete with other LLMs available at the time. The paper claimed benchmark results higher than most open source LLMs at the time, especially Llama 2.[26]: section 5  Like DeepSeek Coder, the code for the model was under MIT license, with DeepSeek license for the model itself.[27]

The architecture was essentially the same as those of the Llama series. They used the pre-norm decoder-only Transformer with RMSNorm as the normalization, SwiGLU in the feedforward layers, rotary positional embedding (RoPE), and grouped-query attention (GQA). Both had vocabulary size 102400 (byte-level BPE) and context length of 4096. They trained on 2 trillion tokens of English and Chinese text obtained by deduplicating the Common Crawl

Background

In February 2016, High-Flyer was co-founded by AI enthusiast Liang Wenfeng, who had been trading since the 2007–2008 financial crisis while attending Zhejiang University.[15] By 2019, he established High-Flyer as a hedge fund focused on developing and using AI trading algorithms. By 2021, High-Flyer exclusively used AI in trading.[16] DeepSeek has made its generative artificial intelligence chatbot open source, meaning its code is freely available for use, modification, and viewing. This includes permission to access and utilize the source code, as well as design documents, for building purposes.[13]

Per 36Kr, Liang had built up a store of 10,000 Nvidia A100 GPUs before the United States federal government imposed AI chip restrictions on China.[16] Some estimates put the number as high as 50,000.[15]

In April 2023, High-Flyer started an artificial general intelligence lab dedicated to research developing AI tools separate from High-Flyer's financial business.[17][18] In May 2023, with High-Flyer as one of the investors, the lab became its own company, DeepSeek.[16][19][18] Venture capital firms were reluctant in providing funding as it was unlikely that it would be able to generate an exit in a short period of time.[16]

After releasing DeepSeek-V2 in May 2024, which offered strong performance for a low price, DeepSeek became known as the catalyst for China's AI model price war. It was quickly dubbed the "Pinduoduo of AI", and other major tech giants such as ByteDance, Tencent, Baidu, and Alibaba began to cut the price of their AI models to compete with the company. Despite the low price charged by DeepSeek, it was profitable compared to its rivals that were losing money.[20]

DeepSeek is focused solely on research and has no detailed plans for commercialization;[20] this also allows its technology to avoid the most stringent provisions of China's A.I. regulations, such as requiring consumer-facing technology to comply with the government’s controls on information.[4]

DeepSeek's hiring preferences target technical abilities rather than work experience, resulting in most new hires being either recent university graduates or developers whose AI careers are less established.[18][4] Likewise, the company recruits individuals without any computer science background to help its technology understand other topics and knowledge areas, including being able to generate poetry and perform well on the notoriously difficult Chinese college admissions exams (Gaokao).[4]

Security and privacy

There are also fears that the AI system could be used for foreign influence operations, spreading disinformation, surveillance and the development of cyberweapons for the government of the People's Republic of China.[74][75][76] DeepSeek's privacy terms and conditions say "We store the information we collect in secure servers located in the People's Republic of China... We may collect your text or audio input, prompt, uploaded files, feedback, chat history, or other content that you provide to our model and Services". Although the data storage and collection policy is consistent with ChatGPT's privacy policy,[77] a media article reports this as security concerns.[78] In response, the Italian data protection authority is seeking additional information on DeepSeek's collection and use of personal data and the United States National Security Council announced that it had started a national security review.[79][80] However, when using DeepSeek AI locally, data is not shared publicly

DeepSeek responses when asked about Xi Jinping and Narendra Modi

Censorship

Some sources have observed that the official API version of R1 uses censorship mechanisms for topics that are considered politically sensitive for the government of the People's Republic of China.[citation needed] For example, the model refuses to answer questions about the 1989 Tiananmen Square protests and massacre, persecution of Uyghurs, or human rights in China.[69][70] The AI may initially generate an answer, but then deletes it shortly afterwards and replaces it with a message such as: "Sorry, that's beyond my current scope. Let's talk about something else."[70] The integrated censorship mechanisms and restrictions can only be removed to a limited extent in the open-source version of the R1 model. If the "core socialist values" defined by the Chinese Internet regulatory authorities are touched upon or the political status of Taiwan is raised, discussions are terminated.[71] When tested by NBC News, DeepSeek's R1 described Taiwan as "an inalienable part of China's territory," and stated: "We firmly oppose any form of 'Taiwan independence' separatist activities and are committed to achieving the complete reunification of the motherland through peaceful means."[72] Western researchers were able in January 2025 to trick DeepSeek into giving accurate answers to some of these topics by tailoring the question asked.

CBN approves release of FX Code to promote ethical conduct in Nigeria’s foreign exchange market

FX code to be launched on January 28

The CBN has also announced that the formal launch of the FX Code will take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.

This event is expected to be attended by key stakeholders in the banking and financial sectors, as well as representatives from regulatory bodies.

“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the statement said.

• By introducing this comprehensive set of guidelines, the CBN seeks to enhance the trust and confidence of both domestic and international investors in Nigeria’s FX market.

• This move, analysts say, aligns with the bank’s broader strategy to ensure that the nation’s financial systems remain robust and resilient in the face of global economic challenges. It is also anticipated that the FX Code will contribute to the long-term sustainability and competitiveness of Nigeria’s economy.

• The successful implementation of the FX Code is expected to improve Nigeria’s standing as an investment destination, attracting further foreign capital inflows and reducing the uncertainties surrounding the FX market.

As the CBN prepares to launch the Code, market participants are encouraged to familiarize themselves with the guidelines to ensure compliance and support the country’s efforts toward economic stability.

The Central Bank of Nigeria (CBN) has officially approved the release of the Nigerian Foreign Exchange (FX) Code, a move aimed at fostering ethical conduct and transparency within the nation’s foreign exchange market.

In a statement on the apex bank’s website, it disclosed that the Code, which will serve as a vital guideline for the banking industry, is designed to ensure that authorised dealers uphold the highest standards of professionalism and integrity when conducting FX transactions.

The CBN emphasized that the introduction of the FX Code is part of its ongoing efforts to enhance the stability and integrity of Nigeria’s FX market.

The Code will offer clear directives on the expectations for market participants, ensuring that the market operates in a fair and transparent manner.

This step is particularly significant as the Nigerian FX market has experienced volatility in recent years, with issues such as currency devaluation and irregularities in FX transactions affecting both investors and businesses.

“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote ethical conduct of Authorised Dealers in the Nigerian Foreign Exchange Market,”, the bank said.

What you should know

• In August 2024, CBN auctioned $876.26m to end users whose bids were submitted by 26 commercial banks in the apex bank’s latest attempt to strengthen the ailing naira.

• The bank also launched an Electronic Foreign Exchange Matching System (EFEMS) launch for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).

A former Minister of Transport, Rotimi Amaechi, has declared that Nigerian politicians are in power to steal, kill, and retain power.

Amaechi made this remark at the National Conference on Strengthening Democracy in Nigeria held earlier this week, aimed at discussing pathways to good governance and political integrity in Nigeria.

While speaking at the event, Amaechi said, “All we hear here is typical Nigeria, and you’re clapping. That’s why politicians get away with anything. They get away with murder because you have a short memory. None of you here can defend the votes. You have complained; Nigerians have been clapping for you.”

Amaechi further made a direct reference to President Bola Tinubu, suggesting that the current political climate would remain unchanged, adding that many Nigerians tend to forget history.

He said, “Before the election of the last president, a lot of us were called to intervene. Why did they do that? The people were ready to die. You’re talking and abusing everybody; nobody has power and will give to you. Not even me. If you want a pastor as president, go and get one.

“The politician is there in Nigeria to steal, to maim, to kill, and to remain in power. If you think Tinubu will give it to you, you are wasting your time. When we speak, we forget history.”

Reflecting on his own personal journey in Nigerian politics, Amaechi said that his involvement in the political system had been shaped by poverty and necessity.

“Unfortunately for me, poverty has made me part of the political system since I left university in 1987, and I’ve been part of the process till today,” he noted.

Amaechi added that his years in the political arena, particularly the All Progressives Congress, have made him a key figure that cannot be “wished away.”

“You can’t wish me away in the formation of APC; you certainly can wish me away. You can’t wish me away in how APC won election, you can’t.

“But the truth is that if some of us did not stick out our necks to say PDP, Goodluck, we want to die with you. When they saw that we were ready to die, they gave up power,” he said.

Amaechi also explained the transactional nature of some political rallies when he recounted how someone had told him at an event in Lagos that the people were paid to attend and “if tomorrow Tinubu comes with the same transport money, they will also come.”

A former Minister of Transport, Rotimi Amaechi, has declared that Nigerian politicians are in power to steal, kill, and retain power.

Amaechi made this remark at the National Conference on Strengthening Democracy in Nigeria held earlier this week, aimed at discussing pathways to good governance and political integrity in Nigeria.

While speaking at the event, Amaechi said, “All we hear here is typical Nigeria, and you’re clapping. That’s why politicians get away with anything. They get away with murder because you have a short memory. None of you here can defend the votes. You have complained; Nigerians have been clapping for you.”

Amaechi further made a direct reference to President Bola Tinubu, suggesting that the current political climate would remain unchanged, adding that many Nigerians tend to forget history.

He said, “Before the election of the last president, a lot of us were called to intervene. Why did they do that? The people were ready to die. You’re talking and abusing everybody; nobody has power and will give to you. Not even me. If you want a pastor as president, go and get one.

“The politician is there in Nigeria to steal, to maim, to kill, and to remain in power. If you think Tinubu will give it to you, you are wasting your time. When we speak, we forget history.”

Reflecting on his own personal journey in Nigerian politics, Amaechi said that his involvement in the political system had been shaped by poverty and necessity.

“Unfortunately for me, poverty has made me part of the political system since I left university in 1987, and I’ve been part of the process till today,” he noted.

Related News

• Amaechi's ex-commissioner George returns to APC

• 'It's reckless inciting Nigerians,' Matawalle slams Amaechi over protest call

• APC knocks Amaechi for urging protest against fuel hike

Amaechi added that his years in the political arena, particularly the All Progressives Congress, have made him a key figure that cannot be “wished away.”

“You can’t wish me away in the formation of APC; you certainly can wish me away. You can’t wish me away in how APC won election, you can’t.

“But the truth is that if some of us did not stick out our necks to say PDP, Goodluck, we want to die with you. When they saw that we were ready to die, they gave up power,” he said.

Amaechi also explained the transactional nature of some political rallies when he recounted how someone had told him at an event in Lagos that the people were paid to attend and “if tomorrow Tinubu comes with the same transport money, they will also come.”

Sharing a story from an APC demonstration organised at the Eagles Square in Abuja and “money had been released to bring in some women,” Amaechi recalled how he arrived early to witness the event; however, he saw “the women gathered; guess what they were wearing? ‘Jonathan for President!”

In response to Amaechi’s comments, former Vice President Atiku Abubakar shared his own story, saying, “Let me intervene here… because when Odili was in office as a governor, we went on a rally, and the entire stadium was filled to capacity, but before we could finish the rally, everybody had left. We were left alone, and then I asked what happened; he said they paid for only two hours. ”

Nigerian politicians in office to kill, steal, remain in power -Amaechi

History

Nigerian businessman Aliko Dangote unveiled early plans for the refinery in September 2013, when he announced that he had secured about $3.3 billion in financing for the project.[3] At the time, the refinery was estimated to cost about $9 billion, of which $3 billion would be invested by the Dangote Group and the remainder via commercial loans, and begin production in 2016.[3] However, after a change in location to Lekki, construction of the refinery did not begin until 2016 with excavation and infrastructure preparation, and the planned completion was pushed back to late 2018.[4][5]

In March 2014, Dangote Group has disclosed award of contract to Engineers India Limited, the state-owned Indian firm for the provision of Project Management Consultancy (PMC) and Engineering, Procurement and Construction Management (EPCM) services for the Refinery and Polypropylene plant.[6]

In July 2017, major structural construction began.[5] An associated project at the site of the refinery, a urea fertilizer factory, was scheduled to begin operation in late 2018 and produce about three million tons of urea annually.[7] In 2018 the project was expected to cost up to $15 billion in total, with $10 billion invested in the refinery, $2.5 billion in the fertilizer factory, and $2.5 billion in pipeline infrastructure.[7]

In July 2022, Dangote - Nigeria's richest resident - had to borrow 187 billion naira (about 442 million USD) at 12.75% resp. 13.5% p.a. to complete the refinery.[8] At the same time, all of the four refineries of the state-owned oil company NNPC (in Kaduna, Port Harcourt[9] and Warri) are idle and expect to process crude oil again in 2023 after "revamping".[10]

In September 2023, the refinery announced that it will start producing Diesel and kerosene in October 2023 and gasoline one month later.[11]

In September, it became clear that the refinery would not yet be able to start operations because the supply of crude oil was stalling. This caused considerable public reaction.[12] On 25 November, the Financial Times gave a new date for the start of operations in December 2023, with the refinery expecting a delivery of 6 million barrels of crude oil in December, after which operations could begin. This would be the first delivery of a total of six.[13]

On 7 December, the refinery received its first delivery of 1 million barrels of Agbami crude oil. The delivery of the Supersuez tanker OTIS did not take place in the refinery's harbour, but via "Single Point Mooring", a buoy-like floating facility for unloading liquid cargo off the coast.[14]

The production of diesel fuel and aviation fuel A1 (the most common jet fuel except for the US) started in January 2024.[2][15]

The Dangote Refinery is capable of supplying 100% of Nigeria's oil needs, and also have surplus of each of these products for export.[16]

On 26 June 2024, a minor fire occurred in the refinery with video from the scene showing smoke and flame billowing from one corner of the plant. The operator said in a statement that the blaze had no impact.[17][18]

At the end of May 2024, Aliko Dangote announced that within 2 months the refinery would attain the capacity of 500,000 barrels a day.[19] The refinery would continue to import oil from the United States, since the domestic oil production can't deliver. "We can't wait" Mr. Dangote said.[20] At the same time the spokesman of the refinery announced that the Dangote Refinery aims to be listed both at the London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE) in Lagos.[21]

In July 2024, Aliko Dangote made an offer to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited after allegations of being a monopolist[22][23][24]

In October 2024, the Nigerian National Petroleum Company Limited (NNPC) ended its exclusive purchase agreement with Dangote Refinery,[25] allowing other marketers to buy petrol directly from the refinery. The NNPC had been buying petrol from Dangote Refiner at ₦898.78 per litre and selling to marketers at ₦765.99 per litre, shouldering a subsidy of almost ₦133 per litre. Following the NNPC's withdrawal as the sole off-taker, subsidies ceased to exist in Nigeria as marketers had to buy directly from Dangote and sell at cost price, adding their own differential. This led to a hike in the product's price.[26]

In November 2024, it was reported that Dangote was in talks with commercial lenders, development banks, oil traders, and other industry participants to secure funds for crude supplies.[27] However, investors have expressed concerns over Dangote's ability to secure a steady crude supply and the refinery's profitability due to Nigeria's currency devaluation.

Dangote refinery and Free Trade Zone Lekki, east of Lagos

The Dangote Refinery is an oil refinery owned by Dangote Group that was inaugurated on 22 May 2023[1] in Lekki, Nigeria. When fully operational, it is expected to have the capacity to process about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world. The investment is over US$19 billion.

Facility

The refinery is situated on a 6,180 acres (2,500 hectares) site at the Lekki Free Trade Zone, Lekki, Lagos State. It is supplied with crude oil by the largest sub-sea pipeline infrastructure of the world (1,100 km long). When fully operational it will provide 135,000 permanent jobs in the region.

Dangote refinery

High complexity

The Dangote Oil Refinery has a Nelson complexity index of 10.5 which means that it will be more complex than most refineries in the United States (average 9.5) or Europe (average 6.5).[30] (The largest refinery in the world, the Jamnagar Refinery in India, has a complexity of 21.1.) The Nelson complexity index basically increases with the number and capacity of chemical procedures after the distillation, e.g. hydrocracking, NHT, CCR, RFCC, polymerization etc.

In short: Like other refineries, the Dangote refinery separates the molecules of crude oil in the distillation column by their length, breaks the longer molecules into shorter ones ("cracking") and combines short molecules into medium-sized ones ("alkylation"). It improves the knock resistance RON by remodelling initially linear molecules into ring structures ("CCR") or branch structures ("Penex"). It removes harmful sulphur in the Merox system, with the NHT and by SCANfining

Access Bank plc

As of September 2021, in addition to Nigeria, Access Bank plc has subsidiaries in Mozambique, Zambia, Congo, Sierra Leone, Rwanda, Gambia, Ghana, Kenya, South Africa, and in the United Kingdom.[3] Access Bank Group also maintains representative offices in China, India, Lebanon and United Arab Emirates.

Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.[1]

Originally a corporate bank, they expanded into personal and business banking in 2012. Access Bank and Diamond Bank merged on 1 April 2019. In conclusion of its merger with Diamond Bank, Access Bank unveiled its new logo, signalling the commencement of a new enlarged banking entity. The bank employs more than 28,000 people in 2021.[2]

After the merger, with more than 42 million customers, Access Bank became the largest bank in Africa by customer base, and the largest bank in Nigeria by assets

African expansion

In early 2021, Access Bank announced that it had identified eight new African countries for potential expansion, seeking to benefit from a continent-wide free trade agreement. The target markets are Morocco, Algeria, Egypt, Côte d'Ivoire, Senegal, Angola, Namibia and Ethiopia, which would extend the international presence of the bank to 18 countries. Access Bank is expected to establish offices in some countries and in others, should partner with existing banks and leverage its digital platforms to provide services to clients.

Locations

Access Tower, 14/15, Prince Alaba Oniru Road, Oniru, Lagos, Nigeria.

The bank's headquarters is located at 14/15, Prince Alaba Abiodun Oniru Road, Victoria Island, Lagos, Lagos State, Nigeria in the city of Lagos, the most commercial city of Nigeria. The coordinates of the bank's headquarters are: 6.4333751, 3.4453135.

CSR

In October 2024, the bank launched a platform called The Power of 100 Africa initiative to celebrate women across Africa who have blazed trails in education, business, technology, healthcare, social work and other important sectors of the economy.[16]

Awards

It was named the Consumer Finance Product of the Year in 2024 by the Middle East & Africa Retail Banking Innovation Awards.[17] [18]

It was also named the Nigeria's Best Bank in 2024 by the Euromoney Awards.

Access Bank branch at Kola bus stop, opposite AIT road, Alagbado, Lagos.

Outlook.com, formerly Hotmail, is a free personal email service offered by Microsoft. This includes a webmail interface featuring mail, calendaring, contacts, and tasks services. Outlook can also be accessed via email clients using the IMAP or POP protocols.

Founded in 1996 by Sabeer Bhatia and Jack Smith as Hotmail, it was acquired by Microsoft in 1997 for an estimated $400 million,[1][2] with it becoming part of the MSN family of online services, branded as MSN Hotmail.[3] In May 2007, the service was rebranded to Windows Live Hotmail, as part of the Windows Live suite of products.[4] It was changed back to Hotmail in October 2011[5] and was fully replaced by Outlook in May 2013,[6] sharing the same brand as the Microsoft Outlook software which is offered via a Microsoft 365 (formerly Microsoft Office) subscription

Outlook is offered with any Microsoft account, using @outlook.com, @hotmail.com and @msn.com domains;[a] various other domains, including @live.com, @passport.com and @windowslive.com, are maintained but no longer offered now

Outlook.com

History

Hotmail service was founded by Sabeer Bhatia and Jack Smith, and was one of the first webmail services on the Internet along with Four11's RocketMail (later Yahoo! Mail).[9][10] It was commercially launched on July 4, 1996, symbolizing "freedom" from ISP-based email[11] and the ability to access a user's inbox from anywhere in the world. The name "Hotmail" was chosen out of many possibilities ending in "-mail" as it included the letters HTML, the markup language used to create web pages (to emphasize this, the original type casing was "HoTMaiL"). The limit for free storage was 2 MB.[12] Hotmail was initially backed by venture capital firm Draper Fisher Jurvetson. By December 1997, it reported more than 8.5 million subscribers.[13] Hotmail initially ran under Solaris for mail services and Apache on FreeBSD for web services, before being partly converted to Microsoft products,[14][15] using Windows Services for UNIX in the migration path

Transition to Outlook.com

Outlook.com was first introduced on July 31, 2012, when its beta version was made available to the general public. Existing Hotmail customers could freely upgrade to the preview version of Outlook.com and downgrade back.[48]

Outlook.com graduated preview stage and launched on February 18, 2013. The upgrade was deployed the same day;[49] users kept their existing Hotmail accounts and received the option of having an @outlook.com email address. By May 2013, the upgrade was completed and Outlook.com had 400 million active users.[6] By May 2014, Outlook.com continued to have 400 million active user

Features

Similar to other major webmail services, Outlook.com uses Ajax programming techniques and supports later versions of Internet Explorer, Firefox, Safari, and Google Chrome. Some of its features include keyboard controls giving the ability to navigate around the page without using the mouse, the ability to search the user's messages including structured query syntax such as "from:ebay", message filters, folder-based organization of messages, auto-completion of contact addresses when composing, contact grouping, importing and exporting of contacts as CSV files, rich text formatting, rich text signatures, spam filtering and virus scanning, support for multiple addresses, and different language versions.

One example of a feature no longer present is the ability to create custom domain names

People

Outlook's contacts management service was originally known as Windows Live Contacts and before that, Windows Live People. It provides users with access to their contacts' profiles and information, allowing them to share different information with different groups of people. Besides an address book, People also provides integrated services with social media, such as Facebook and Twitter.[80] The service was rebranded to its current name in 2012, introducing a new interface based on the Metro design language that had already been introduced with Outlook.com.

Contacts are automatically updated in real-time, and the service allows for the removal of duplicated contact entries when imported with Profile. Users can also set limits on what parts of their contact details can be seen by others.

Dangote refinery announces reduction in petrol price

“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices,” he said.

He said Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

In addition, he said Dangote Petroleum Refinery calls upon marketers to collaborate in this effort to ensure that these benefits are passed on to the Nigerian populace.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” he added.

Dangote refinery is a major supplier of petrol for local consumption. The NNPC also supplies from its refinery while some marketers still import the product.

Dangote said this strategic adjustment is a direct response to the positive outlook within the global energy and gas markets.

Dangote Refinery has announced a reduction of its selling price of petrol to retailers: from N950 per litre to N890 per litre.

The company’s Group Chief Branding and Communication Officer, Anthony Chiejina, disclosed this in a statement on Saturday night.

“Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025,” Mr Chiejina said.

The announcement means marketers will now buy petrol from Dangote at N890. They will be expected to add their own expenses such as transportation, as well as their profit margin, to determine the final selling price to consumers at filling stations. However the final selling price to consumers is expected to reduce from about N1,000 to around N950 at filling stations that buy from Dangote refinery.

On 17 January, the company announced an upward adjustment in the gantry price of petrol for marketers.

According to the company, at quantities ranging from 2 million to 4.99 million litres, customers would pay N955 per litre, up from N899.5. However, for 5 million litres and above, the price would be N950 per litre, up from N895.

In its statement on Saturday, the company said the latest price reduction is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.

Burrhus Frederic Skinner (March 20, 1904 – August 18, 1990) was an American psychologist, behaviorist, inventor, and social philosopher.[2][3][4][5] He was the Edgar Pierce Professor of Psychology at Harvard University from 1958 until his retirement in 1974.[6]

Skinner developed behavior analysis, especially the philosophy of radical behaviorism,[7] and founded the experimental analysis of behavior, a school of experimental research psychology. He also used operant conditioning to strengthen behavior, considering the rate of response to be the most effective measure of response strength. To study operant conditioning, he invented the operant conditioning chamber (aka the Skinner box),[8] and to measure rate he invented the cumulative recorder. Using these tools, he and Charles Ferster produced Skinner's most influential experimental work, outlined in their 1957 book Schedules of Reinforcement.[9][10]

Skinner was a prolific author, publishing 21 books and 180 articles.[11] He imagined the application of his ideas to the design of a human community in his 1948 utopian novel, Walden Two,[3] while his analysis of human behavior culminated in his 1958 work, Verbal Behavior.[12]

Skinner, John B. Watson and Ivan Pavlov, are considered to be the pioneers of modern behaviorism. Accordingly, a June 2002 survey listed Skinner as the most influential psychologist of the 20th century.

B. F. Skinner

Biography

Skinner was born in Susquehanna, Pennsylvania, to Grace and William Skinner, the latter of whom was a lawyer. Skinner became an atheist after a Christian teacher tried to assuage his fear of the hell that his grandmother described.[14] His brother Edward, two and a half years younger, died at age 16 of a cerebral hemorrhage.[15]

Skinner's closest friend as a young boy was Raphael Miller, whom he called Doc because his father was a doctor. Doc and Skinner became friends due to their parents' religiousness and both had an interest in contraptions and gadgets. They had set up a telegraph line between their houses to send messages to each other, although they had to call each other on the telephone due to the confusing messages sent back and forth. During one summer, Doc and Skinner started an elderberry business to gather berries and sell them door to door. They found that when they picked the ripe berries, the unripe ones came off the branches too, so they built a device that was able to separate them. The device was a bent piece of metal to form a trough. They would pour water down the trough into a bucket, and the ripe berries would sink into the bucket and the unripe ones would be pushed over the edge to be thrown away.

Later life

Skinner received a PhD from Harvard in 1931, and remained there as a researcher for some years. In 1936, he went to the University of Minnesota in Minneapolis to teach.[18] In 1945, he moved to Indiana University,[19] where he was chair of the psychology department from 1946 to 1947, before returning to Harvard as a tenured professor in 1948. He remained at Harvard for the rest of his life. In 1973, Skinner was one of the signers of the Humanist Manifesto II.[20]

In 1936, Skinner married Yvonne "Eve" Blue. The couple had two daughters, Julie (later Vargas) and Deborah (later Buzan; married Barry Buzan).[21][22] Yvonne died in 1997,[23] and is buried in Mount Auburn Cemetery, Cambridge, Massachusetts.[17]

Skinner's public exposure had increased in the 1970s, he remained active even after his retirement in 1974, until his death. In 1989, Skinner was diagnosed with leukemia and died on August 18, 1990, in Cambridge, Massachusetts. Ten days before his death, he was given the lifetime achievement award by the American Psychological Association and gave a talk concerning his work.

The gravestone of B. F. Skinner and his wife Eve at Mount Auburn Cemetery

Verbal Behavior

Challenged by Alfred North Whitehead during a casual discussion while at Harvard to provide an account of a randomly provided piece of verbal behavior,[34] Skinner set about attempting to extend his then-new functional, inductive approach to the complexity of human verbal behavior.[35] Developed over two decades, his work appeared in the book Verbal Behavior. Although Noam Chomsky was highly critical of Verbal Behavior, he conceded that Skinner's "S-R psychology" was worth a review.[36] Behavior analysts reject Chomsky's appraisal of Skinner's work as merely "stimulus-response psychology," and some have argued that this mischaracterization highlights a poor understanding of Skinner's work and the field of behavior analysis as a whole. [36][37]

Verbal Behavior had an uncharacteristically cool reception, partly as a result of Chomsky's review, partly because of Skinner's failure to address or rebut any of Chomsky's criticisms.[38] Skinner's peers may have been slow to adopt the ideas presented in Verbal Behavior because of the absence of experimental evidence—unlike the empirical density that marked Skinner's experimental work

About Bitcoin

Bitcoin (BTC) is a decentralized, peer-to-peer digital currency and monetary system created in 2009 by a person or group using the pseudonym Satoshi Nakamoto.

It’s referred to as a cryptocurrency because it uses cryptography to secure and verify transactions and create new units.

Bitcoin can be separated into two distinct parts. The first part is the larger conceptand system (or network) representing a decentralized digital currency, the underlying technology that powers it, the community that uses it, and the broader ecosystem that supports it.

When referring to this aspect of Bitcoin, the word is usually capitalized as the entire concept, and infrastructure is a proper noun.

The second part of Bitcoin is the individual unit of the cryptocurrency, and it’s often written with a lowercase “b” denoting a specific amount of the digital currency.

It’s an important distinction that helps clarify whether one refers to the broader concept of Bitcoin or a specific amount of the cryptocurrency itself.

Bitcoin Price

Overview of Bitcoin

Bitcoin is the first and best-known cryptocurrency and has served as a blueprint for creating thousands of other digital currencies collectively known as altcoins. At its core, Bitcoin runs on blockchain technology, a transparent and tamper-proof ledger that records every transaction made with the cryptocurrency across a distributed network of computers.

One of Bitcoin’s key features is its scarcity. Its total supply is pegged at 21 million coins, with new units created through a process called “mining.”

Bitcoin mining involves powerful computers churning huge amounts of data to find valid solutions for incredibly complex mathematical problems within parameters set by the Bitcoin network. Participants in the exercise, often referred to as miners, earn newly minted bitcoins and transaction fees if they are the first to solve the mathematical problems.

BTC transactions are peer-to-peer,meaning they are conducted directly between two parties without intermediaries. The transactions are also pseudonymous in that the personal details of the parties involved are never revealed. Instead, they are identified by unique cryptographic keys.

Another key BTC feature is its high divisibility. One bitcoin can be broken down into 100 million of its smallest units called satoshis, making it more practical for everyday transactions than fiat currency.

Founders of Bitcoin

The true identity of Bitcoin’s founder is shrouded in mystery. Publicly available information shows that, in 2008, an individual or group of people using the pseudonym Satoshi Nakamoto published a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” which introduced the concept of Bitcoin to the world.

A year later, the mysterious entity released the original version of the BTC software and even mined the first batch of bitcoins. Satoshi was actively involved in Bitcoin’s nascent years. But in late 2010, they withdrew from the project and cut off all communication, leaving Bitcoin’s subsequent development in the hands of its community.

Over the years, there have been concerted efforts to uncover the identity of Bitcoin’s founder, with several individuals claiming they were Satoshi Nakamoto. Some of the more notable people who’ve been speculated to be Satoshi include Australian businessman Craig Wright, Japanese-American physicist Dorian Nakamoto, computer scientist Nick Szabo, and Hal Finney, recipient of the first-ever Bitcoin transaction. But as of the time of writing, there’s been no conclusive proof of Satoshi Nakamoto’s real identity.

Bitcoin as a store of value

Many Bitcoin proponents often refer to the cryptocurrency as a store of value, given its supposed ability to retain its purchasing power over long periods.

In the years it has existed, Bitcoin has shown some characteristics similar to traditional stores of value like gold, including scarcity and durability. Only 21 million bitcoins will ever exist, creating a perception of scarcity akin to precious metals.

Furthermore, the decentralized nature of Bitcoin, coupled with the security measures mentioned above, has made it one of the more durable digital assets in existence today.

Nonetheless, Bitcoin’s status as a store of value is still the subject of furious debate in crypto and financial circles. The biggest stain on its reputation is its price volatility, which has fluctuated between rapid growth and sharp corrections on numerous occasions over the years.

Management of Bitcoin

Being a distributed system, Bitcoin operates without the need for a central authority. However, it’s managed through a combination of decentralized processes and the consensus of its network participants.

These participants, who include developers, miners, and general users, collectively make decisions affecting the network, including proposed upgrades or changes to its protocol. They discuss and debate proposed changes, ultimately putting them to a vote, with those receiving majority votes getting passed, adopted, and implemented. The implementation of an approved proposal may be done through a hard or soft fork, where a soft fork introduces backward-compatible changes and a hard fork introduces changes that are not backward-compatible and may even result in the creation of a new branch of the Bitcoin ledger as well as new cryptocurrencies such as Bitcoin Cash (BCH) and Bitcoin SV (BSV).

It’s important to note that while the management of Bitcoin is decentralized, there are several major stakeholders, including developers, miners, exchanges, and large private holders of the coin, also known as whales, who play key roles in its development and ecosystem, and who may have far greater influence in its growth, governance, and direction.

Bitcoin’s energy consumption

Bitcoin’s energy consumption is determined by examining its hash rate, which means the combined processing power utilized to mine bitcoin and process transactions. In 2022 BTC used about 110 Terawatt Hours or about 0.55% of the world’s electrical output.

Where to buy Bitcoin (BTC)

Purchasing BTC involves some easy steps. First, choose a cryptocurrency exchange based on location, payment options, and security measures. You can also buy bitcoin on decentralized exchanges (DEX) which allow users to be anonymous and don’t require providing personal information. In some countries, it’s possible to buy BTC in bitcoin ATMs.

If you choose to buy bitcoin on a centralized exchange, register and verify your identity, and link your payment methods, such as a bank account, debit/credit card,or PayPal account.

Order placement varies with different exchanges, but it generally involves entering the amount of bitcoin you want to buy before confirming your purchase. Once the purchase is complete, transfer the bitcoin to a secure wallet.

Binance, Coinbase, and Kraken are examples of popular centralized exchanges where you can buy bitcoin. Major decentralized exchanges include UniSwap, PancakeSwap, and Curve.

The exchange rate between the naira and dollar dropped to about N1,745/$1 on the parallel market on Wednesday, The PUNCH reports.

This is a sharp reversal from the N1,600 levels recorded at the end of last week.

While some P2P exchanges quoted N1,715/$, some International Money Transfer Operators checked quoted N1,745/$.

Stock trading apps like Bamboo and Trove are quoted for N1,730/$ and N1,736/$, respectively.

Meanwhile, the exchange rate between the naira and dollar in the official market closed at around N1,545/$ on Wednesday, depreciating by 1.31 per cent from N1,525/$ recorded the previous day.

At the black market, the naira settled at N1,685/$ on Wednesday among Bureau de Change operators from N1,630/$ recorded a day earlier.

The disparity between the official and black market rates has now widened to about N140, highlighting a disconnect between the central bank-managed official market and the black market, where most retail trades occur.

The PUNCH earlier reported that the naira appreciated by N137.69 against the United States dollar within a week following the introduction of the Central Bank of Nigeria’s new foreign exchange platform.

Data obtained from the CBN’s website on Sunday showed that the closing exchange rate, which was N1672.69 per dollar on Friday, November 29, 2024, rose to N1,535/$ at the end of the week on Friday, December 6, 2024, representing an 8.24 per cent gain.

Naira falls to N1,745/$ on parallel marke

As the official market experienced rapid gains in the exchange rate, the parallel market, where forex is sold unofficially, presented an even more unsettling scenario for speculators.

By the end of the week, the exchange rate was trading at N1,570/$ at the parallel market, a sharp decline from N1,700/$ earlier in the week, as the naira continued its strong recovery against the dollar.

Over the weekend, the naira rose sharply in the parallel market, peaking at N1,530/$ on Saturday morning before settling at N1,580/$ on Sunday.

This came as some members of the Organised Private Sector urged the CBN to sustain the naira gain, stressing that this would benefit the Nigerian economy.

The currency’s improvement is attributed to the operationalisation of the new FX platform, as well as higher liquidity and stability in the foreign exchange market

The CBN’s platform has facilitated more transparent trading, which has helped bridge the gap between the official and parallel markets, thereby stabilising the naira.

Throughout the week, the naira saw a steady boost in its exchange rate, with fluctuations each day.

However, it appears these gains are fading this week, especially on the parallel market.

History

The history of the currency according to the government.[9]

The naira was introduced on 1 January 1973,[9] replacing the Nigerian pound at a rate of £1 = ₦2.[10] The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the colonial government of the Federation of Nigeria in 1959, with the name of Queen Elizabeth II on the obverse.[11] This also made Nigeria the last country in the world to abandon the £sd currency system in favour of a decimal currency system. There was a government plan to redenominate the naira at 100:1 in 2008, but the plan was suspended. The currency sign is U+20A6 ₦ NAIRA SIGN.

The name "Naira" was coined from the word "Nigeria" by Obafemi Awolowo.[12][13] However, Naira as a currency was launched by Shehu Shagari as minister of finance in 1973.

The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to a reduction in fuel subsidies.[14]

From 20 June 2016, the naira was allowed to float, after being pegged at ₦197 to US$1 for several months.[15] Trade[according to whom?] speculated the natural range of the naira would be between ₦280 and ₦350 to the dollar.[16][needs update]

In October 2021, the eNaira, the digital version of the state currency, was officially launched in Nigeria by President Muhammadu Buhari.[17]

The 2023 Nigerian currency crisis was precipitated in January 2023 by a shortage of naira cash amid an attempt by the Nigerian government to force citizens to use newly-designed notes, which the government said would help stem the tide of vote-buying in the lead-up to the 2023 general elections. This led to extensive street protests throughout January and February 2023.[6][7][8] The country's Supreme Court later invalidated the government's pronouncement that the previous notes had ceased to become legal tender.[18]

On 14 June 2023, the Naira fell 23% in a day, to a rate of ₦600 to US$1, as the central bank abandoned its currency peg and allowed the naira to trade freely.[19] On 19 July 2023, the Naira fell to a new record low of ₦853 to US$1.[20]

Between the 1st Feb 2024 and the 5th Feb 2024, the currency fell again, more than 50%, from NGN 898 to NGN 1,400, before drifting down to NGN 1,600 as of 30 July 2024.

Nigerian naira

The naira (sign: ₦; code: NGN; Yoruba: náírà, Hausa: نَيْرَ, romanized: naira, Igbo: naịra, Tyap: nera) is the currency of Nigeria. One naira is divided into 100 kobo.[2]

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria.[3][4] It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, reissue and disposal or disintegration of bank notes and coins.[5]

A major cash crunch occurred in February 2023 when the Nigerian government used a currency note changeover—delivering too few of the new notes into circulation—to attempt to force citizens to use a newly-created government-sponsored central bank digital currency. This led to extensive street protests.

Banknotes of Nigeria

On 1 January 1973, the Central Bank of Nigeria introduced notes for 50 kobo, ₦1, ₦5, ₦10 and ₦20: in April 1984, the colors of all naira banknotes were changed in an attempt to control money laundering.[12] In 1991, ₦50 notes were issued, while the 50 kobo and ₦1 notes were replaced by coins in 1991. This was followed by ₦100 in 1999, ₦200 in 2000, ₦500 in 2001 and ₦1,000 on 12 October 2005.[33]

On 28 February 2007, new versions of the ₦5 to ₦50 banknotes were introduced. Originally the ₦10, ₦20 and ₦50 were to be polymer banknotes,[34] but the ₦5, ₦10 and ₦50 were delayed to late 2009 and only the ₦20 was released in polymer. The notes are slightly smaller (130 × 72 mm) and redesigned from the preceding issues. In mid-2009 when Sanusi Lamido Sanusi took over as CBN Governor,[35] The Central Bank of Nigeria changed the ₦5, ₦10 and ₦50 to polymer notes.

On the ₦1,000 notes, there is a subtle shiny strip running down the back of the note to prevent counterfeiting. The strip is a shimmery gold color showing ₦1,000 and has a triangular shape in the middle of the front of the note which changes its color from green to blue when tilted. The main feature on the front is the engraved portraits of Alhaji Aliyu Mai-Bornu and Dr. Clement Isong, both of which are former governors of the Central Bank of Nigeria.[36]

On the first prints of the ₦100 notes issued starting 1 December 1999, Zuma Rock was captioned as located in Federal Capital Territory, while actually it is situated in Niger State. Later prints removed the reference to FCT, ABUJA.[37]

In 2012, the Central Bank of Nigeria was considering the introduction of new currency denominations of ₦5,000. The bank also made plans to convert ₦5, ₦10, ₦20 and ₦50 into coins which are all presently notes.[38]

The Central Bank of Nigeria announced[when?] that it would no longer issue banknotes on polymer citing higher costs and environmental issues.[39][40][41]

On 12 November 2014, the Central Bank of Nigeria issued a ₦100 commemorative note to celebrate the centennial of Nigeria's existence. The notes are similar to its regular issue with the portrait of Chief Obafemi Awolowo on the front, but are redesigned to include a new color scheme, revised security features, and the text "One Nigeria, Great Promise" in microprinting. On the back is a QR code (Quick Response code) which when scanned leads users to a website about Nigeria's history.[42][43]

In 2019, the naira attained a landmark when it featured the signature of Priscilla Ekwere Eleje, the new Director of Currency operations of the Central Bank of Nigeria and the first woman to hold the post.[44] and now in Nigeria there are two #200 notes, two #500 notes and two #1000 notes

2022 redesign

See also: 2023 Nigerian currency crisis

In 2022, the Central Bank of Nigeria (CBN) under President Muhammadu Buhari led administration expressed the decision to redesign the naira as a statutory responsibility and a way to curb the increased circulation of counterfeit notes in the country.[58] The CBN Governor, Mr. Godwin Emefiele expressed that the approval for the redesign was granted by the president of the country in fighting corruption, terrorism, kidnapping and other unlawful practices. He said the higher naira denominations have been the denomination mostly used by the perpetrators of the acts which includes ₦200, ₦500 and ₦1,000 notes.[59][60] President Muhammadu Buhari officially unveiled the new notes at the state house after 19 years since the naira was redesigned.[61] The newly redesigned naira notes were planned to be printed by The Nigerian Security Printing and Minting Company Limited which will make the country one out of the four Africa countries who print their currencies locally and not import from foreign countries.[62][63][needs update]

In November 2022, CBN, Nigeria's central bank, informed the citizens that the new notes will be issued from 15 December 2022 onward, and that old naira notes need to be returned to the banking system before 31 January 2023 when they will cease to be legal tender.[64][65] The deadline to exchange banknotes was extended[when?] to February 2023.[66]

The redesign is controversial. There have been shortages of the new bank notes at ATMs, necessitating some Nigerians to wait in long lines or sleep on the sidewalk waiting for ATMs to be reloaded

Forbes

Forbes (/fɔːrbz/) is an American business magazine founded by B. C. Forbes in 1917 and owned by Hong Kong–based investment group Integrated Whale Media Investments since 2014.[3][4] Its chairman and editor-in-chief is Steve Forbes.[5] The company is based in Jersey City, New Jersey. Sherry Phillips was slated to become the new CEO at Forbes on January 1, 2025.[6]

Published eight times per year, Forbes features articles on finance, industry, investing, and marketing topics. It also reports on related subjects such as technology, communications, science, politics, and law. It has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine is known for its lists and rankings, including its lists of the richest Americans (the Forbes 400), of 30 notable people under the age of 30, of America's wealthiest celebrities, of the world's top companies (the Forbes Global 2000), of the world's most powerful people, and of the world's billionaires.[7] The motto of Forbes magazine is "Change the World

Forbes.com

David Churbuck founded Forbes's web site in 1996. The site uncovered Stephen Glass's journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism.[45] At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010, it exposed the California "runaway Prius" as a hoax, as well as running five other articles by Michael Fumento challenging the entire media premise of Toyota's cars gone bad. The website (like the magazine) publishes lists focusing on billionaires and their possessions, especially real estate.[46][47][20]

Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics. Together these sites reach more than 27 million unique visitors each month. Forbes.com employs the slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most widely visited business web site.[48] The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $70 million to $80 million a year in revenue, [it] never yielded the hoped-for public offering".[17]

Forbes.com uses a contributor network in which a wide network of freelancers ("contributors") writes and publishes articles directly on the website.[49] Contributors are paid based on traffic to their respective Forbes.com pages; the site has received contributions from over 2,500 individuals, and some contributors have earned over US$100,000, according to the company.[49] The contributor system has been criticized for enabling "pay-to-play journalism" and the repackaging of public relations material as news.[50] Forbes currently allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 percent of its digital revenue.[51] In July 2018 Forbes deleted an article by a contributor who argued that libraries should be closed, and Amazon should open bookstores in their place.[52]

As of 2019 the company published 100 articles each day produced by 3,000 outside contributors who were paid little or nothing.[53] This business model, in place since 2010,[54] "changed their reputation from being a respectable business publication to a content farm", according to Damon Kiesow, the Knight Chair in digital editing and producing at the University of Missouri School of Journalism.[53] Similarly, Harvard University's Nieman Lab deemed Forbes "a platform for scams, grift, and bad journalism" as of 2022.[50]

In 2017 the website blocked internet users using ad blocking software from accessing articles, demanding that the website be put on the ad blocking software's whitelist before access was granted.[55] Forbes argued that this is done because customers using ad blocking software do not contribute to the site's revenue. Malware attacks have been noted to occur from the Forbes site.[56]

Forbes won the 2020 Webby People's Voice Award for Business Blog/Website.

Company history

Forbes Building on Fifth Avenue in New York City, the former headquarters of Forbes in Manhattan (now owned by New York University)

Forbes Media headquarters at 499 Washington Blvd, Jersey City since 2014

B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street,[9] founded Forbes magazine on September 15, 1917.[10][11] Forbes provided the money and the name and Drey provided the publishing expertise. The original name of the magazine was Forbes: Devoted to Doers and Doings.[9] Drey became vice-president of the B.C. Forbes Publishing Company,[12] while B.C. Forbes became editor-in-chief, a post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Forbes (1919–1990).

Bruce Forbes took over after his father's death, and his strengths lay in streamlining operations and developing marketing.[10] During his tenure, from 1954 to 1964, the magazine's circulation nearly doubled.[10]

On Bruce's death, his brother Malcolm Forbes became president and chief executive officer of Forbes, and editor-in-chief of Forbes magazine.[13] Between 1961 and 1999 the magazine was edited by James Michaels.[14] In 1993, under Michaels, Forbes was a finalist for the National Magazine Award.[15] In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now a part.[13][16] A 2009 New York Times report said: "40 percent of the enterprise was sold... for a reported $300 million, setting the value of the enterprise at $750 million." Three years later, Mark M. Edmiston of AdMedia Partners observed, "It's probably not worth half of that now."[17] It was later revealed that the price had been US$264 million.[18]

In 2021, Forbes Media reported a return to profit, with revenue increasing by 34 percent to $165 million. Much of the revenue growth was attributed to Forbes' consumer business, which was up 83 percent year-over-year.[19] CEO Mike Federle says that Forbes is built on an audience and business scale with 150 million consumers

Babylon

Babylon was an ancient city located on the lower Euphrates river in southern Mesopotamia, within modern-day Hillah, Iraq, about 85 kilometres (55 miles) south of modern day Baghdad. Babylon functioned as the main cultural and political centre of the Akkadian-speaking region of Babylonia. Its rulers established two important empires in antiquity, the 19th–16th century BC Old Babylonian Empire, and the 7th–6th century BC Neo-Babylonian Empire. Babylon was also used as a regional capital of other empires, such as the Achaemenid Empire. Babylon was one of the most important urban centres of the ancient Near East, until its decline during the Hellenistic period. Nearby ancient sites are Kish, Borsippa, Dilbat, and Kutha.

The earliest known mention of Babylon as a small town appears on a clay tablet from the reign of Shar-Kali-Sharri (2217–2193 BC), of the Akkadian Empire.[3] Babylon was merely a religious and cultural centre at this point and neither an independent state nor a large city, subject to the Akkadian Empire. After the collapse of the Akkadian Empire, the south Mesopotamian region was dominated by the Gutian Dynasty for a few decades, before the rise of the Third Dynasty of Ur, which encompassed the whole of Mesopotamia, including the town of Babylon.

The town became part of a small independent city-state with the rise of the first Babylonian Empire, now known as the Old Babylonian Empire, in the 17th century BC. The Amorite king Hammurabi founded the short-lived Old Babylonian Empire in the 16th century BC. He built Babylon into a major city and declared himself its king. Southern Mesopotamia became known as Babylonia, and Babylon eclipsed Nippur as the region's holy city. The empire waned under Hammurabi's son Samsu-iluna, and Babylon spent long periods under Assyrian, Kassite and Elamite domination. After the Assyrians destroyed and then rebuilt it, Babylon became the capital of the short-lived Neo-Babylonian Empire, from 626 to 539 BC. The Hanging Gardens of Babylon were ranked as one of the Seven Wonders of the Ancient World, allegedly existing between approximately 600 BC and AD 1. However, there are questions about whether the Hanging Gardens of Babylon even existed, as there is no mention within any extant Babylonian texts of its existence.[4][5] After the fall of the Neo-Babylonian Empire, the city came under the rule of the Achaemenid, Seleucid, Parthian, Roman, Sassanid, and Muslim empires. The last known habitation of the town dates from the 11th century, when it was referred to as the "small village of Babel".

It has been estimated that Babylon was the largest city in the world c. 1770 – c. 1670 BC, and again c. 612 – c. 320 BC. It was perhaps the first city to reach a population above 200,000.[6] Estimates for the maximum extent of its area range from 890 (3½ sq. mi.)[7] to 900 ha (2,200 acres).[8] The main sources of information about Babylon—excavation of the site itself, references in cuneiform texts found elsewhere in Mesopotamia, references in the Bible, descriptions in other classical writing, especially by Herodotus, and second-hand descriptions, citing the work of Ctesias and Berossus—present an incomplete and sometimes contradictory picture of the ancient city, even at its peak in the sixth century BC.[9] UNESCO inscribed Babylon as a World Heritage Site in 2019. The site receives thousands of visitors each year, almost all of whom are Iraqis.[10][11] Construction is rapidly increasing, which has caused encroachments upon the ruins

A reconstructed portion of the ruins of Babylon

Show map of Iraq

History

The first attested mention of Babylon was in the late 3rd millennium BC during the Akkadian Empire reign of ruler Shar-Kali-Sharri one of whose year names mentions building two temples there. Babylon was ruled by ensi (governors) for the empire. Some of the known governors were Abba, Arši-aḫ, Itūr-ilum, Murteli, Unabatal, and Puzur-Tutu. After that nothing is heard of the city until the time of Sumu-la-El. After around 1950 BC Amorite kingdoms will appear in Uruk and Larsa in the south.

Middle Babylon

In 1595 BC,[a] the city is thought to have been sacked by Mursili I, ruler of the Hittite Empire sometime during the 31 year reign of Samsu-Ditana, last ruler of the First Dynasty of Babylon. This is based on a line in the century later Telepinu Proclamation reading "Subsequently he marched to Babylon and he destroyed Babylon, and defeated the Hurrian troops, and brought captives and possessions of Babylon to Hattusa.".[86] Originally it was thought that cult statues of Babylon, including Marduk, were carried off to the Kingdom of Khana but the source Agum-Kakrime Inscription is now generally considered a much later forgery.[87] Thereafter, the Kassite dynasty took power in the city of Babylon, renaming it Karduniash, ushering in a dynasty that lasted for 435 years, until 1160 BC.

Babylon was weakened during the Kassite era, and as a result, Kassite Babylon began paying tribute to the Pharaoh of Egypt, Thutmose III, following his eighth campaign against Mitanni.[88] Kassite Babylon eventually became subject to the Middle Assyrian Empire (1365–1053 BC) to the north, and Elam to the east, with both powers vying for control of the city.

By 1155 BC, after continued attacks and annexing of territory by the Assyrians and Elamites, the Kassites were deposed in Babylon. An Akkadian south Mesopotamian dynasty then ruled for the first time. However, Babylon remained weak and subject to domination by Assyria. Its ineffectual native kings were unable to prevent new waves of foreign West Semitic settlers from the deserts of the Levant, including the Arameans and Suteans in the 11th century BC, and finally the Chaldeans in the 9th century BC, entering and appropriating areas of Babylonia for themselves. The Arameans briefly ruled in Babylon during the late 11th century BC.

Naira closes flat across FX market as CBN extends dollar access to BDCs

The naira on Tuesday closed flat across foreign exchange (FX) markets following reduced demand and improved liquidity as the Central Bank of Nigeria (CBN) extended dollar access to the Bureau De Change (BDC) operators.

After trading on Tuesday, the naira steadied at N1,499 per dollar at the Nigerian Foreign Exchange Market (NFEM), the official FX platform of Africa’s fourth largest economy, data from the CBN showed.

Authorised dealers quoted the dollar at the highest rate of N1,502/$, slightly lower than N1,500 seen on the previous day. The market witnessed the currency dealers offering the dollar at the rate of N1,494, lower than N1,480 offered on Monday.

Data from the FMDQ Securities Exchange Limited revealed that the naira, which opened at N1,496.50/$1, closed at N1,498.95 per dollar, marking a 0.22 percent depreciation compared to N1,495.60 closed on Monday at the NFEM. The data was computed based on FMDQ Exchange FX Closing Rate Methodology using data from Bloomberg BMatch.

The local currency closed flat at an average rate of N1,600 per dollar on Tuesday as against N1,599.33 quoted on Monday, at the parallel market, also known as black market. In some areas of street trading, the dollar sold for N1,595 and N1,605 in other areas.

CBN) has extended the temporary access granted to Bureau De Change (BDC) operators to purchase foreign exchange from the Nigerian Foreign Exchange Market (NFEM) to meet retail market demand for invisible transactions, until May 30, 2025.

This extension, which was disclosed in a circular issued on Monday by W. J. Kanya, acting director of the Trade and Exchange Department, allows existing BDCs to continue accessing the market under the same terms and conditions previously set by the apex bank.

The circular, addressed to all BDC operators and the general public, referenced an earlier directive issued on December 19, 2024, under circular number TED/FEM/PUB/FPC/001/030. The directive had initially permitted BDCs to buy foreign exchange from authorised dealers, with a weekly cap of $25,000.09. The initial expiration date of January 31, 2025, has now been officially extended.

In the circular, the CBN stated: “The expiry date of January 31, 2025, which was granted in the above-mentioned circular, has been extended to May 30, 2025. All other terms and conditions in the above-mentioned circular remain unchanged.”

Last week, the Berachain Foundation was formally announced, serving as one of the final steps in the launch sequence for the BERA token.

The BERA token distribution includes an airdrop of 15.75% to Berachain community members, applications, liquidity providers and more as recognition of their contributions to an incredibly robust pre-launch ecosystem, and their role in helping to make the fake chain real.

This post serves to provide a breakdown of the eligibility criteria for receiving an airdrop, and a walkthrough of the claims process for different portions of the airdrop

Berachain Airdrop Overview

Testnet Users - 8,250,000 $BERA

The Berachain Foundation is excited to allocate 8,250,000 BERA tokens towards its testnet users.

Over the past year, Berachain released two public testnets, Artio and bArtio, used to evaluate robustness of the network’s architecture and dApp design. Despite Smokey’s self-fud on the timeline, clickers continued to utilize the testnet. You are now officially allowed to post #berascam at full speed!

These testnets became a key part of the ecosystem’s development, and allowed hundreds of applications to prototype their products while building massive userbases. Despite Smokey’s self-fud on the timeline, clickers continued to utilize the testnet. You are now officially allowed to post #berascam at full speed!

Users were awarded tokens based on interactions with different native or ecosystem dApps and unique activities within the Berachain ecosystem (minting $HONEY, claiming fees, posting incentives for reward vaults, converting $BGT to $BERA, delegating $BGT, etc), with a small boost given to Binance Web3Wallet users.

Request for Brobosal (RFB) - 11,730,000 $BERA

In a similar vein to the testnet allocation, Berachain’s RFB program encouraged dApps and community groups / leaders from the ecosystem to apply to receive portions of the BERA token upon launch, drawing a degree of inspiration from LayerZero’s RFP program. The Berachain Foundation has allocated 11,730,000 BERA tokens to the RFB recipients, split between the recipient teams, and the testnet users of RFA project according to their submitted breakdowns.

The Request for Applications (RFA) rewarded groups who had deployed apps on one or more of Berachain’s testnets, assessing allocations based on the novelty, Bera-nativeness, token issuance plans and expected use of the allocation. It’s important to note that for RFA, up to 15% of the allocation may be used for the protocol’s treasury, while a minimum of 70% must be used towards initiatives on mainnet, and the remainder (10-15% as determined by the team) was used to reward testnet users, and included in the Berachain genesis file based on CSV’s submitted from teams within the ecosystem. While no extra points were awarded for projects which had a “Bera” somewhere in their name, it’s hilarious to scroll through the RFA blog and see how many project names started with a “B”, in a truly culturally appropriate manner.

The Request for Community (RFC) rewarded community groups or individual creators for their contributions to the Berachain community over time, which has gained fame for its lively, collaborative and often outright comical nature. RFC allocations were assessed based on their contributions towards the community to date, whether that be in the form of regional hubs, public goods, social network formation, content creation, or anything in between, along with their long term plans around how to continue similar efforts following launch. God bless to anyone who made tutorials or content on how to use Artio because I sure couldn’t figure it out.

RFB airdrop recipients may verify their airdrop using the airdrop checker, then associate a wallet address (a Safe for RFA teams) with their X. The allocation will be claimable by Feb 10th.

Binance HODLers Airdrop - 10,000,000 $BERA

The Chain with a Bear on it has a lot of respect for the chain with a big yellow B on it.

The Berachain Foundation has allocated 10,000,000 $BERA to be distributed amongst Binance’s HODLers as part of the subsequent listing process. The Foundation expects to see many collaborations between Binance and Berachain in the future, starting with some of our work on the Web3Wallet side and hopefully culminating in even more ecosystem crosspollination.

Disclaimer

We strongly advise our community members to exercise caution and be wary of potential scams. Always ensure any webpages related to Berachain that you visit have the .berachain.com domain. Berachain community moderators will never message you first or ask you for personal information.

Strategic Partners - 2,000,000 $BERA

Berachain has often toed the line between a general purpose L1 and an appchain given the presence of inbuilt primitives like a decentralized exchange (BeraSwap), which is expected to expand in the future with the release of a lending platform.

The Foundation has allocated 2,000,000 $BERA to the strategic partners whose infrastructure was used to build these applications (namely Morpho for lending and Balancer for BeraSwap), or other key services necessary for Berachain’s launch (like Clique, powering Berachain’s airdrop).

To be explicit, these aren’t tokens given to these applications in exchange for deploying on Berachain. Rather, they’re closer to licensing fees for powering the enshrined Berachain applications which utilize their tech stack.

Overview

United Bank For Africa is a large financial services group in Nigeria and on the African continent. As of September 2024, the group's financial assets were valued at ₦31.801 trillion (US$18.9 billion), with shareholders' equity of ₦3.585 trillion (US$2.0 billion). At that time the group employed in excess of 25,000 staff worldwide and its customer base exceeded 45 million accounts.[9] The group maintains subsidiaries in Nigeria, Ghana, Benin, Ivory Coast, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, DR Congo, Congo Brazzaville, Mali, the United States of America, the United Kingdom, France, and United Arab Emirates.[10] In November 2024, with worldwide staff numbering in excess of 25,000, the group opened full banking operations in France. At that time its global customer base exceeded 45 million accounts.[11]

History

The British and French Bank Limited (BFB) commenced business in Nigeria in 1948. BFB was a subsidiary of Banque nationale pour le commerce et l'industrie (BNCI) in Paris, which transformed its London branch into BFB as a separate subsidiary. Banque Nationale de Credit and two British investment firms, S.G. Warburg and Company and Robert Benson and Company, held shares in BFB.

Following Nigeria's independence from Britain, UBA was incorporated on 23 February 1961 to take over the business of BFB.

In 1970, UBA listed its shares on the Nigerian Stock Exchange and became the first Nigerian Bank to undertake an Initial Public Offering (IPO).

Today's UBA emerged from the merger of the dynamic and fast-growing Standard Trust Bank, incorporated in 1990, and UBA, one of the biggest and oldest banks in Nigeria. The merger was consummated on 1 August 2005, and was one of the largest mergers completed on the Nigerian Stock Exchange (NSE).

Following the merger, UBA further expanded its brand through acquiring Continental Trust Bank that same year. In 2006, UBA acquired Trade Bank, which was under liquidation by the Central Bank of Nigeria at the time.

UBA had another successful combined public offering rights issue in 2007 and made further acquisitions of three liquidated banks: City Express Bank, Metropolitan Bank, and African Express Bank. UBA also acquired Afrinvest UK, rebranding it UBA Capital, UK. The quest to build a strong domestic and African brand intensified in 2008 when UBA made further acquisitions of two liquidated banks: Gulf Bank and Liberty Bank.

United Bank for Africa

United Bank for Africa Plc (UBA) is a multinational pan-African financial services group headquartered in Lagos Island, Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in London, Paris and New York.[3] In December 2021, UBA received its banking license to commence operations in the UAE.[4] It is listed as commercial bank by the Central Bank of Nigeria.[5] The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA.[6] The Group Chairman of the bank is Tony Elumelu and the GMD/CEO is Oliver Alawuba.

The Nigerian National Petroleum Company (NNPC) Limited is a state-owned oil company in Nigeria. Still a fully-owned government company, it was transformed from a corporation into a limited liability company in July 2022.[1] NNPC Limited is the only entity licensed to operate in the country's petroleum industry. It partners with foreign oil companies to explore Nigeria's fossil fuel resources. The NNPC, with an asset of $153B (USD), is the largest national oil company in Africa. The company boasts of extensive infrastructure and investment in the downstream, midstream and upstream of the Nigerian petroleum industry.

NNPC Limited

History

[2] NNPC by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, ExxonMobil, TotalEnergies, Chevron, and Texaco (now merged with Chevron). Through collaboration with these companies, the Nigerian government conducts petroleum exploration and production.[2]

The NNPC Towers, located in Abuja, serves as the headquarters of the Nigerian National Petroleum Corporation (NNPC). The complex consists of four identical towers and is situated on Herbert Macaulay Way in the Central Business District of Abuja. NNPC also maintains zonal offices in cities including Lagos, Kaduna, Benin City, Port Harcourt, and Warri. Additionally, it operates an international office in London, United Kingdom.[3]

In October 2019, NNPC announced the signing of a $2.5 billion pre-payment agreement with Nigeria LNG to fund upstream gas development projects.[4]

In December 2021, the Federal Government of Nigeria and NNPC Ltd signed a ₦621 billion Memorandum of Understanding to finance the construction of critical road infrastructure across the country.[5]

Following passage of a Petroleum Industry Act in August 2021, NNPC now operates as a commercial entity without relying on government funding and direct controls. NNPC was established as a limited liability corporation in the hopes that a private entity will find it easier to access international capital markets. The company will continue to ensure energy security in Nigeria.[6] On 27 June 2024, it delivered its first DES LNG Cargo at Futtsu, Japan

Installations

NNPC has sole responsibility for upstream and downstream developments. In 1988, the corporation was commercialised into 11 strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments.[15]

Legal premise

According to the Nigerian constitution, all minerals, gas, and oil the country possesses are legally the property of the Nigerian Federal Government. The revenue gained by the NNPC accounts for 76% of federal government revenue[16] and 40% of the entire country's GDP. As of 2000, oil and gas exports account for 98% of Nigerian export earnings.[17]

Transparency at the NNPC

NNPC Bags Transparency Award

The efforts of the Mallam Mele Kyari-led Management of the Nigerian National Petroleum Corporation (NNPC) to entrench the culture of transparency in the system have begun to receive recognition with the Corporation named as the “Government Agency of the Year 2020 (Transparency)” by the New Telegraph.[18]

NNPC, NEITI Set Up Joint Committee to Strengthen Transparency

In keeping with the Transparency, Accountability, and Performance Excellence (TAPE) agenda of the Mele Kyari-led management of the Nigerian National Petroleum Corporation (NNPC), the corporation and the Nigeria Extractive Industries Transparency Initiative (NEITI) have set up a joint committee to deepen collaboration in order to promote transparency in the Oil and Gas Industry.

Speaking at the inauguration of the NNPC-NEITI Joint Committee on Mainstreaming and Remedial Issues, group managing director of NNPC, Kyari, said the joint committee was part of efforts to further deepen the robust history of collaboration that both organisations had enjoyed over the years.

He said NNPC was in complete sync with the activities of NEITI because it was the right of the over 200 million Nigerians who are the shareholders of the corporation to know everything about the operations of their company.[19]

Mele Kyari: Matching action with words 365 days on

Stakeholders continue to commend the commitment and speed with which the NNPC boss has been carrying out his assignment.

According to the head of Nigeria's extractive industry watchdog NEITI, Waziri Adio, the decision of NNPC to make public its audited accounts on its website for the first time in its history is laudable. Just as the executive director of the global Extractive Industries Transparency International's (EITI), Mr. Mark Robinson, commended the corporation for setting a new standard of reporting.

Also, Publicity Secretary of the Nigerian Association of Petroleum Explorationists (NAPE), Mr. Lateef Amodu, said, in one year, Kyari has been able to stabilise the industry through robust policies that have helped stakeholders make informed investment decisions.[20]

NNPC Limited is ranked seventh (7th position) on LinkedIn's 25 best companies to work in Nigeria in 2023.

Leadership

President Buhari appointed Mele Kyari as the new group managing director (GMD) now known as the group chief executive officer(GCEO) of NNPC.[8] Kyari replaces Maikanti Baru.

Late Dr. Maikanti Baru (7 July 1959 – 29 May 2020) was the former group managing director (GMD). He was appointed group managing director on 4 July 2016, under the presidency of Muhammadu Buhari; he succeeded Dr. Emmanuel Ibe Kachikwu, the Nigerian Minister of State for Petroleum (2015–2019).

Organisational structure

The NNPC's business operations are managed through Strategic Business and Corporate Services Units (SBUs/CSUs) in diverse locations across Nigeria. In that case; The Nigerian National Petroleum Corporation initiated a recruitment scheme and since then, until date the NNPC recruitment have been a yearly scheme.[12]

The NNPC Group comprises the NNPC Board, the group managing director's office, Five directorates as listed below. Each of the directorate is headed by an executive vice president (EVP). Its divisions are headed by chiefs, while its subsidiary companies are headed by managing directors

Nigeria’s banking regulator has issued a sweeping directive mandating commercial banks to comply with stricter insider lending limits or risk regulatory sanctions.

In a letter to banks, the Central Bank of Nigeria (CBN) set a 180-day deadline for financial institutions to regularize all insider-related credit facilities that exceed the statutory limits prescribed under the Banking and Other Financial Institutions Act (BOFIA) 2020.

The move is part of broader efforts to rein in governance lapses and curb excessive exposure to politically connected or influential insiders, a long-standing issue in Nigeria’s financial sector.

CBN orders Nigerian Banks to cut insider loans within six months

Crackdown on Insider Lending

Insider lending where banks extend credit to their directors, top shareholders, or affiliates—has long been a source of corporate governance risk in Nigeria.

The CBN, wary of the impact on financial stability, has now made it clear that banks must bring all insider-related exposures within regulatory limits within six months.

• At the heart of the directive is Section 19 of BOFIA 2020, which caps lending to insiders at a percentage of a bank’s total loan book.

• However, in recent years, some banks have received CBN approvals for insider-related facilities without clear timelines for compliance, leaving room for regulatory arbitrage.

• The latest directive closes that loophole, ensuring that all insider loans are brought into compliance without exception.

In addition to compliance, banks are now required to submit periodic reports to the CBN, detailing the status of their insider lending portfolios and actions taken to conform with the new requirements.

What this means for Banks

For Nigeria’s top-tier lenders, the new rules are unlikely to pose a significant challenge, as many have spent the past decade cleaning up their books and strengthening corporate governance structures. However, smaller and mid-sized banks—where insider lending tends to be more prevalent—could struggle to meet the deadline without significant balance sheet restructuring.

“There’s no doubt that some banks will be forced to unwind large insider positions or seek creative refinancing solutions to meet the deadline,” said a senior banking executive who asked not to be named. “The days of unchecked insider lending are clearly over.”

The directive could also prompt banks to reassess their risk management frameworks, particularly in related-party transactions. Analysts believe that non-compliance could expose banks to heightened regulatory scrutiny, capital adequacy concerns, and potential penalties, further compounding an already challenging macroeconomic environment.

The Bigger Picture

The timing of the CBN’s directive is significant. Nigeria’s banking sector is undergoing a major transformation, with a recapitalization drive expected to reshape the industry.

The regulator is keen to ensure that banks operate with stronger governance structures ahead of anticipated industry consolidation.

Furthermore, the crackdown on insider lending aligns with broader financial reforms aimed at curbing systemic risks in the wake of previous banking crises. The 2009 banking sector meltdown, triggered in part by reckless insider lending and lax oversight, remains a cautionary tale.

“Limiting insider-related credit exposure is a fundamental step towards entrenching discipline and accountability in the banking sector,” said a Lagos-based financial analyst. “The CBN’s latest directive signals a shift toward tighter oversight at a time when the industry is preparing for the next phase of growth.”

One of the biggest implications of the CBN’s directive is its potential effect on bank directors who hold significant ownership stakes.

• Under the insider lending rules, these directors—who may have previously secured large credit facilities from their own banks—will now face increased pressure to either bring their loans within regulatory limits or step aside from the board to retain access to credit.

• Given that BOFIA 2020 imposes strict caps on insider-related loans, directors with substantial borrowing may find themselves at a crossroads: pay down the loans, restructure them under different terms, or exit board positions to avoid breaching compliance rules.

This could lead to a wave of boardroom shakeups, particularly in banks where influential shareholders also serve as executive or non-executive directors.

What Happens Next?

With the 180-day clock now ticking, banks must act swiftly to comply. The coming months could see a flurry of loan restructuring, potential debt sales, or even equity injections to dilute excessive insider exposure.

• For some banks, the impact could extend beyond regulatory compliance, influencing lending policies, risk appetite, and strategic planning.

• Ultimately, while the directive may pose short-term challenges, it is a necessary step toward fortifying Nigeria’s banking system, ensuring that banks lend based on merit rather than connections.

Bottom Line

The CBN’s stance is clear: banks must curb insider lending or face the consequences. As the deadline looms, Nigeria’s financial institutions are now racing to adjust, reinforcing the regulator’s commitment to a more transparent, resilient banking sector.

PwC

History

The firm was created in September 1998 when Coopers & Lybrand merged with Price Waterhouse.[1]

Coopers & Lybrand

In 1854, William Cooper founded an accountancy practice in London. It became Cooper Brothers seven years later when his three brothers joined.[1]

In 1898, Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery in the United States.[1]

In 1957, Cooper Brothers, along with Lybrand, Ross Bros & Montgomery and a Canadian firm (McDonald, Currie and Co.), agreed to adopt the name Coopers & Lybrand in international practice.[1] In 1973, the three member firms in the UK, US and Canada changed their names to Coopers & Lybrand.[12] Then in 1980, Coopers & Lybrand expanded its expertise in insolvency substantially by acquiring Cork Gully, a leading firm in that field in the UK.[13] In 1990, in certain countries, including the UK, Coopers & Lybrand merged with Deloitte, Haskins & Sells to become Coopers & Lybrand Deloitte;[1] in 1992 they reverted to Coopers & Lybrand.[14]

Price Waterhouse

In 1849, Samuel Lowell Price, an accountant, founded an accountancy practice in London.[15] In 1865, Price went into partnership with William Hopkins Holyland and Edwin Waterhouse.[15] Holyland left shortly afterwards to work alone in accountancy and the firm was known from 1874 as Price, Waterhouse & Co.[15] The original partnership agreement, signed by Price, Holyland, and Waterhouse could be found in Southwark Towers.[16]

By the late 19th century, Price Waterhouse had gained recognition as an accounting firm. They opened an office in New York City in 1890, and the American firm expanded. The original British firm opened an office in Liverpool in 1904, and then elsewhere in the United Kingdom and worldwide, each time establishing a separate partnership in each country: the worldwide practice of Price Waterhouse was, therefore, a federation of collaborating firms that had grown organically, rather than the result of an international merger.[15]

In a further effort to take advantage of economies of scale, PW and Arthur Andersen discussed a merger in 1989[17] but the negotiations failed, mainly because of conflicts of interest such as Andersen's strong commercial links with IBM and PW's audit of IBM, as well as the two firms' radically different cultures. It was said by those involved with the failed merger that at the end of the discussion, the partners at the table realized they had different views of business, and the potential merger was scrapped.[18]

1998 to present

In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers (written with a lowercase "w" and a camel case "C").[19] At that time, MCS was the largest and fastest growing division.[20]

The fallout from the Enron, Worldcom and other financial auditing scandals led to the demise of Arthur Andersen, reducing the count of the Big Five accounting firms down to the Big Four and spurring passage of the 2002 Sarbanes–Oxley Act (SOX). Among other restrictions, SOX severely limited the overlap between management consulting and auditing services. PwC Consulting continued to split itself off, conducting business under its name and branding rather than as the MCS division of PwC. Around July 2000, PwC began to prepare for either an acquisition or IPO by developing separate financial records that would be required for due diligence. PwC leadership began to seek buyers, with an initial interest by Hewlett-Packard for a reported $17 billion, but negotiations broke down in 2000.[21] Almost a year after the collapse of Arthur Andersen in 2001, Arthur Andersen, LLP affiliates in Hong Kong and mainland China completed talks to join PricewaterhouseCoopers, China.[22]

In 2000, PwC acquired Canada's largest SAP consulting partner, Omnilogic Systems, to expand its developing consulting presence in Canada.[23] PwC announced in May 2002 that PwC Consulting would be spun off as an independent entity and filed with the SEC for an initial $1B IPO to trade in August.[24] Because PwC accounting partners owned 60% of PwC Consulting, an IPO or acquisition was seen as the only way to split the two firms without decimating the consulting arm's working capital.[25]

PwC Consulting leadership continued to fluff financials by expanding across-the-board pay cuts, terminating its variable compensation program, and furthering deep layoffs, all rare actions in the industry. In June 2002, PwC Consulting hired Continental Airlines' Greg Brennerman as CEO to run the global division.[26] A week later, it was announced that an outside consultancy, Wolff Olins, had created new branding for the consulting group, called "Monday".[27] The firm's CEO, Greg Brenneman described the unusual name as "a real word, concise, recognizable, global and the right fit for a company that works hard to deliver results."[28] In July 2002, it was rumored that PwC was in talks with an unknown public company, as no PR space or announcement for the impending IPO had been set. Those rumors were confirmed in August 2002, when PwC announced it sold Monday to IBM for approximately $3.5 billion in cash and stock. Monday was consolidated into IBM Global Business Services while partners became employees for the first time. The acquisition had a modest increase in the size and capabilities of IBM's growing consulting practice, as IBM had 150,000 employees at the time. At the same time, Monday carried just 30,000 at the time.[29] However, it was seen as a win by IBM since PwC Consulting/Monday's valuation had suffered after the post-9/11 recession.[30]

PwC began rebuilding its consulting practice with acquisitions such as Paragon Consulting Group and the commercial services business of BearingPoint in 2009.[31] The firm continued this process by acquiring Diamond Management & Technology Consultants in November 2010,[32] and PRTM in August 2011.[33] In 2012, the firm acquired Logan Tod & Co, a digital analytics and optimisation consultancy,[34] and Ant's Eye View, a social media strategy development and consulting firm to build upon PwC's growing Management Consulting customer impact and customer engagement capabilities.[35]

In April 2014,[36] Booz & Company combined with PwC to form Strategy&.[37][38] In 2013, PwC acquired BGT Partners.[39] In 2016, PwC acquired technology/consulting firm NSI DMCC.[40] In January 2017, PwC announced a five-year agreement with GE to provide managed tax services to GE on a global basis, transferring more than 600 of GE's in-house global tax team to PwC.[41] In November 2017, PwC accepted bitcoin as payment for advisory services, the first time the company, or any of the Big Four accounting firms, accepted virtual currency as payment.[42] Veritas Capital acquired PwC's US public sector business in 2018, and branded the new company as Guidehouse.[43][44] The Academy of Motion Picture Arts and Sciences (AMPAS) has utilized the services of PwC to tally the votes for the Academy Awards since 1935.[45] In addition, the company oversees AMPAS elections, prepares its financial documents, and is responsible for the group's tax filings.[46] In 2023, PwC acquired Surfaceink, a hardware designer.[47]

In May 2024, PwC became ChatGPT Enterprise's biggest customer and will also start reselling OpenAI's service for other large businesses.

PricewaterhouseCoopers International Limited[4] is a British multinational professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world[5] and is considered one of the Big Four accounting firms, along with Deloitte, EY, and KPMG.[6]

PwC firms are in 149 countries, with 370,000 people.[3] As of 2019, 26% of the workforce was based in the Americas, 26% in Asia, 32% in Western Europe, and 5% in Middle East and Africa.[7] The company's global revenues were US$50.3 billion in FY 2022, of which $18.0 billion was generated by its Assurance practice, $11.6 billion by its Tax and Legal practice and $20.7 billion by its Advisory practice.[8] The firm in its recent actual form was created in 1998 by a merger between two accounting firms: Coopers & Lybrand, and Price Waterhouse.[1] Both firms had histories dating back to the 19th century. The trading name was shortened to PwC in September 2010 as part of a rebranding effort.[9]

The firm has been embroiled in a number of corruption controversies and crime scandals. The firm has on multiple occasions been implicated in tax evasion and tax avoidance practices. The firm has frequently been fined by regulators for performing audits that fail to meet basic auditing standards. Amid Russia's war in Ukraine, PwC assisted Russian oligarchs to hide their wealth and contributed to bypassing global sanctions placed on Russia over its invasion of Ukraine

Corporate affairs and culture

The company employs large numbers of young workers, with 80% of their workforce millennials as of 2017.[82] According to PwC, the company uses education to bridge the culture gap between generations.[82] The firm also implements a three-step "Connect-Embed-Improve" plan to promote employee engagement.[83] The company requires senior-level staff to continue to train and learn; PwC also created a social collaboration platform called Spark to enable employees to access course materials and assignments, complete prerequisites and access reinforcement materials.[84]

In 2016, Tim Ryan, PwC's chairman, helped launch the CEO Action for Diversity and Inclusion coalition, the largest CEO-driven business commitment to advance diversity and inclusion in the workplace.[85][86][87]

Employees at PwC generally have flexibility in choosing their own working hours provided that senior management deems the arrangement acceptable.[88][89] In 2002, PwC published the accounting profession's first global "Code of Conduct".[90][91] Strategy& and PwC publish Strategy+Business, a print and online business magazine focusing on management issues and corporate strategy.[92] In June 2021, PwC together with Edelman, the company's agency partner, launched a program, The Trust Leadership Institute.[93][94]

PwC developed a ColourBrave Charity Committee, made up of employees from across the organisation, as part of its commitment to continue to build an inclusive culture and address racial disparity. The Committee chose 25 Black-led organisations and civil society organisations to join the PwC Foundation and PwC Social Entrepreneurs Club's existing list of beneficiaries.[95][96]

As of 2021, PwC is the fourth-largest privately owned company in the United States.[97]

Reports on PwC's involvement in the Australian tax scandal revealed an alternate "shadow culture" that operates separately from its public-facing culture. The "shadow culture" prioritizes loyalty to superiors, unquestioning acceptance of the status quo, and a mentality of revenue "growth at all costs", even to the point of rulebreaking.

Edukoya, which raised Africa’s largest pre-seed funding of $3.5 million in 2021, cited market readiness, widespread connectivity issues, and limited access to devices as key challenges. It also highlighted the lack of disposable income and broader macroeconomic conditions, which made mass-market adoption difficult.

"Edukoya encountered significant market readiness challenges in scaling our synchronous learning model," the email read.

The company concluded that it was ahead of its time and decided to wind down operations, returning capital to investors.

Edukoya's mission

Launched in 2021, Edukoya set out to redefine online K-12 learning in Africa by providing digital education content and online tutoring for students and parents.

Founder and CEO, Honey Ogundeyi, was inspired to tackle the educational challenges she experienced growing up in Nigeria. Having had the opportunity to study in the UK, she observed stark contrasts between Nigeria’s education system and that of the West.

"Even the most brilliant students can be let down by the system," she said in a 2021 interview with TechCrunch.

“If my parents hadn’t made the sacrifice for me to go abroad, all the successes I’ve had in my career would have been completely different. Now, I have two kids, and seeing that same problem of going to school and struggling with some subjects made me look into getting after-school teachers. It struck me that this issue has remained largely unchanged for the last 50 years. Despite innovations across different industries, Africa’s education system has stagnated."

According to its email to stakeholders, Edukoya made notable progress in its mission to redefine online learning.

"We achieved significant impact: over 80,000 students used our platform, more than 15 million questions were answered, and thousands of daily live classes were conducted."

Edukoya shuts down, to return investment after three years in Nigeria's edtech space

Shutting down instead of burning funds

Despite its user base and integration of artificial intelligence into its product, Edukoya ultimately decided that shutting down and returning capital was the best course of action.

The company explained that it preferred to wind down operations "rather than deplete resources chasing scale in a challenging market."

Although the amount to be returned to investors is unknown, an investor who requested anonymity told Techpoint Africa that Ogundeyi’s decision to shut down "demonstrates an ability to recognise when market forces make VC-scale outcomes unviable and return investor capital, thus upholding investor confidence."

The startup, which operated for nearly three years, explored partnerships, mergers and acquisitions (M&A), and business model pivots before reaching its decision.

Its choice to shut down instead of exhausting its funding suggests that the company still had the capital to continue operating. However, reports of layoffs and a potential pivot to fintech indicate that the startup may have been struggling for some time.

When asked about this, Edukoya denied pivoting to fintech, clarifying that Koya App—a platform that helps children learn about saving while providing them with a debit card—was not a pivot but a separate initiative.

While the company did not comment on the reported layoffs, sources told Techpoint Africa that they were due to over-hiring. They also shared that the startup's office had been closed for over six months.

The state of edtech in Africa

While startups like Quizac and Edukoya have shut down, there are still optimistic projections for Africa’s edtech sector, with the market expected to reach $400 million in 2024.

Education has long been ripe for disruption in Africa, yet few edtech platforms have managed to scale successfully, even with funding.

According to a Techpoint Africa analysis of the edtech market, improvements in internet connectivity and infrastructure would significantly enhance the reach of edtech platforms.

Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, emphasised this point at the 2024 Mastercard Foundation Edtech conference, stating:

"Inclusion is the cornerstone of edtech. If we fail to reach all learners, we fail to fulfil our potential to revolutionise education."

Black money

A black market[a] is a clandestine market or series of transactions that has some aspect of illegality, or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution are prohibited or restricted by law, non-compliance with the rule constitutes a black-market trade since the transaction itself is illegal. Such transactions include the illegal drug trade,[clarification needed] prostitution (where prohibited), illegal currency transactions, and human trafficking.[1][2][3]

Participants try to hide their illegal behavior from the government or regulatory authority.[4] Cash is the preferred medium of exchange in illegal transactions, since cash transactions are less easily traced.[5] Common motives for operating in black markets are to trade contraband, avoid taxes and regulations, or evade price controls or rationing. Typically, the totality of such activity is referred to with the definite article, e.g., "the black market in bush meat".

The black market is distinct from the grey market, in which commodities are distributed through channels that, while legal, are unofficial, unauthorized, or unintended by the original manufacturer, and the white market, in which trade is legal and official.

Black money is the proceeds of an illegal transaction, on which income and other taxes have not been paid. Black money is often associated with money laundering, a process used to conceal the illegitimate source of the money. Because of the clandestine nature of the black economy, it is not possible to determine its size and scope.

Laws and regulations

A classic example of new regulation creating a black market is the prohibition of alcohol. When such a law disappears, so does the black market. Sin taxes – taxes levied on products deemed harmful such as alcohol and tobacco – may increase the black market supply.[60] One argument for legalizing marijuana is the elimination of the black market, and taxes from that economy becoming available for the government

Definition

Mercado Negro, so called "Black Market", in La Paz, Bolivia

The literature on the black market has not established a common terminology and has instead offered many synonyms including subterranean, hidden, grey, shadow, informal, clandestine, illegal, unobserved, unreported, unrecorded, second, parallel, and black.[4]

There is no single underground economy; there are many. These underground economies are omnipresent, existing in market oriented as well as in centrally planned nations, be they developed or developing. Those engaged in underground activities circumvent, escape, or are excluded from the institutional system of rules, rights, regulations, and enforcement.

Pricing

Goods and services acquired illegally and/or transacted for in an illegal manner may exchange above or below the price of legal market transactions:

• They may be cheaper than legal market prices. The supplier does not have to pay for production costs and/or taxes. This is usually the case in the underground economy. Criminals steal goods and sell them below the legal market price, but there is no receipt, guarantee, and so forth. When someone is hired to perform work and the client is unable to write off the expense (particularly common for work such as home renovations or cosmetologically services), the client may be inclined to request a lower price (usually paid in cash) in exchange for foregoing a receipt, which enables the service provider to avoid reporting the income on his or her tax return.

• They may be more expensive than legal market prices. For example, if the product is difficult to acquire or produce, dangerous to handle, is strictly rationed, or is not easily available legally if at all. If the exchange of goods is made illegal by some sort of state sanction, such as with certain drugs or wildlife trafficking,[14] their prices will tend to rise as a result of that sanction.

Lyon[c] (Franco-Provençal: Liyon) is the second-largest city in France by urban area and the third largest by city limits.[14] It is located at the confluence of the rivers Rhône and Saône, to the northwest of the French Alps, 391 km (243 mi) southeast of Paris, 278 km (173 mi) north of Marseille, 113 km (70 mi) southwest of Geneva, Switzerland, 58 km (36 mi) northeast of Saint-Étienne.

The City of Lyon had a population of 522,250 at the Jan. 2021 census within its small municipal territory of 48 km2 (19 sq mi),[15] but together with its suburbs and exurbs the Lyon metropolitan area had a population of 2,308,818 that same year,[7] the second most populated in France. Lyon and 58 suburban municipalities have formed since 2015 the Metropolis of Lyon, a directly elected metropolitan authority now in charge of most urban issues, with a population of 1,424,069 in 2021.[16] Lyon is the prefecture of the Auvergne-Rhône-Alpes region and seat of the Departmental Council of Rhône (whose jurisdiction, however, no longer extends over the Metropolis of Lyon since 2015).

The capital of the Gauls during the Roman Empire, Lyon is the seat of an archbishopric whose holder bears the title of Primate of the Gauls. Lyon became a major economic hub during the Renaissance. The city is recognised for its cuisine and gastronomy, as well as historical and architectural landmarks; as such, the districts of Old Lyon, the Fourvière hill, the Presqu'île and the slopes of the Croix-Rousse are inscribed on the UNESCO World Heritage List. Lyon was historically an important area for the production and weaving of silk. Lyon played a significant role in the history of cinema since Auguste and Louis Lumière invented the cinematograph there. The city is also known for its light festival, the Fête des lumières, which begins every 8 December and lasts for four days, earning Lyon the title of "Capital of Lights".

Economically, Lyon is a major centre for banking, chemical, pharmaceutical and biotech industries. The city contains a significant software industry with a particular focus on video games; in recent years it has fostered a growing local start-up sector.[17] The home of renowned universities and higher education schools, Lyon is the second-largest student city in France, with a university population of nearly 200,000 students within the Metropolis of Lyon.[18] Lyon hosts the international headquarters of Interpol, the International Agency for Research on Cancer, as well as Euronews. According to the Globalization and World Rankings Research Institute, Lyon is considered a Beta city, as of 2018.[19] It ranked second in France and 40th globally in Mercer's 2019 liveability rankings.[20]

Toponymy

The name of the city has taken the forms Lugdon, Luon, and since the 13th century, Lyon. The Gallic Lugdun or Lugdunon that was Latinized in Roman as Lugdunum is composed of two words. The first may be the name of the Celtic god Lug (in charge of order and law), or the derived word lugon, meaning "crow" (the crow being the messenger of Lug), but might also be another word lug, meaning "light". The second is dunos ('fortress', 'hill'). The name thus may designate the hill of Fourvière, on which the ancient city of Lyon is founded, but could mean "hill of the god Lug", "hill of the crows" or "shining hill".

Alternatively Julius Pokorny associates the first part of the word with the Indo-European radical *lūg ('dark, black, swamp'), the basis of the toponyms Ludza in Latvia, Lusatia in Germany (from Sorbian Łužica), and several places in the Czech Republic named Lužice;[23] it could then also be compared to Luze in Franche-Comté and various hydronyms such as Louge.

Further down, in the current Saint-Vincent district, was the Gallic village of Condate, probably a simple hamlet of sailors or fishermen living on the banks of the Saône. Condate is a Gallic word meaning "confluence", from which the Confluence district gets its name.

In Roman times the city was called Caput Galliæ, meaning "capital of the Gauls". As an homage to this title, the Archbishop of Lyon is still called the Primate of Gaul.

During the revolutionary period, Lyon was renamed Commune-Affranchie ("Emancipated Commune") on 12 October 1793 by a decree of the Convention Nationale. It resumed its name in 1794, after the end of the Terror. Lyon is called Liyon in Franco-Provençal

Geography

The Saône-Rhône confluence

The Rhône and Saône converge to the south of the historic city centre, forming a peninsula – the "Presqu'île" – bounded by two large hills to the west and north and a large plain eastward. Place Bellecour is located on the Presqu'île between the two rivers and is the third-largest public square in France. The broad, pedestrian-only Rue de la République leads north from Place Bellecour.

The northern hill is La Croix-Rousse, known as "the hill that works" because it is traditionally home to many small silk workshops, an industry for which the city has long been renowned.[35]

The western hill is Fourvière, known as "the hill that prays" because it is the location for Basilica of Notre-Dame de Fourvière, several convents, and Archbishop residence. The district, Vieux Lyon, also hosts the Tour métallique (a highly visible TV tower, replicating the last stage of the Eiffel Tower) and one of the city's railways.[36] Fourvière, along with portions of the Presqu'île and much of La Croix-Rousse, is designated as a UNESCO World Heritage Site.[37]

East of the Rhône from the Presqu'île is a large flat area upon which sits much of modern Lyon and contains most of the city's population. Situated in this area is La Part-Dieu urban centre, which clusters the landmark structures Tour Incity, Tour Part-Dieu, Tour Oxygène, and Tour Swiss Life, as well as the city's primary railway station, Gare de Lyon-Part-Dieu.

North of this district lays the sixth arrondissement, which is home to one of Europe's largest urban parks, the Parc de la Tête d'or, as well as Lycée du Parc and Interpol's world headquarters.

Lyon

Ancient Lyon

According to the historian Dio Cassius, in 43 BC, the Roman Senate ordered the creation of a settlement for Roman refugees of war with the Allobroges. These refugees had been expelled from Vienne and were now encamped at the confluence of the Saône and Rhône rivers. The foundation was built on Fourvière hill and officially called Colonia Copia Felix Munatia, a name invoking prosperity and the blessing of the gods. The city became increasingly referred to as Lugdunum (and occasionally Lugudunum[25]).[26] The earliest translation of this Gaulish place-name as "Desired Mountain" is offered by the 9th-century Endlicher Glossary.[27] In contrast, some modern scholars have proposed a Gaulish hill-fort named Lug[o]dunon, after the Celtic god Lugus (cognate with Old Irish Lugh, Modern Irish Lú), and dúnon (hill-fort).

The Romans recognised that Lugdunum's strategic location at the convergence of two navigable rivers made it a natural communications hub. The city became the starting point of main Roman roads in the area, and it quickly became the capital of the province, Gallia Lugdunensis. Two Emperors were born in this city: Claudius, whose speech is preserved in the Lyon Tablet in which he justifies the nomination of Gallic Senators, and Caracalla.

Early Christians in Lyon were martyred for their beliefs under the reigns of various Roman emperors, most notably Marcus Aurelius and Septimius Severus.[28] Local saints from this period include Blandina, Pothinus, and Epipodius, among others. The Greek Irenaeus was the second bishop of Lyon during the latter part of the second century.[29] To this day, the archbishop of Lyon is still referred to as "Primat des Gaules".[30]

Burgundians fleeing the destruction of Worms by the Huns in 437 were re-settled in eastern Gaul. In 443 the Romans established the Kingdom of the Burgundians, and Lugdunum became its capital in 461. In 843, under the Treaty of Verdun, Lyon went to the Holy Roman Emperor Lothair I. It later was made part of the Kingdom of Arles which was incorporated into the Holy Roman Empire in 1033. Lyon did not come under French control until the 14th century.

Modern Lyon

Fernand Braudel remarked, "Historians of Lyon are not sufficiently aware of the bi-polarity between Paris and Lyon, which is a constant structure in French development...from the late Middle Ages to the Industrial Revolution".[31] In the late 15th century, the fairs introduced by Italian merchants made Lyon the economic counting house of France. Even the Bourse (treasury), built in 1749, resembled a public bazaar where accounts were settled in the open air. When international banking moved to Genoa, then Amsterdam, Lyon remained the banking centre of France.

During the Renaissance, the city's development was driven by the silk trade, which strengthened its ties to Italy. Italian influence on Lyon's architecture is still visible among historic buildings.[32] In the late 1400s and 1500s Lyon was also a key centre of literary activity and book publishing, both of French writers (such as Maurice Scève, Antoine Heroet, and Louise Labé) and of Italians in exile (such as Luigi Alamanni and Gian Giorgio Trissino).

Lyon under siege in 1793

Massacre during the Canut rebellion of 1834

In 1572, Lyon was a scene of mass violence by Catholics against Protestant Huguenots in the St. Bartholomew's Day Massacre. Two centuries later, Lyon was again convulsed by violence during the French Revolution, when the citizenry rose up against the National Convention and supported the Girondins. The city was besieged by Revolutionary armies for over two months before it surrendered in October 1793. Many buildings were destroyed, especially around the Place Bellecour, and Jean-Marie Collot d'Herbois and Joseph Fouché administered the execution of more than 2,000 people. The Convention ordered that its name be changed to "Liberated City", and a plaque was erected that proclaimed "Lyons made war on Liberty; Lyons no longer exists". A decade later, Napoleon ordered the reconstruction of all the buildings demolished during that period.

The convention was not the only target within Lyon during the French Revolution. After the Convention faded into history, the French Directory appeared and days after the 4 September 1797 Coup of 18 Fructidor, a Directory's commissioner was assassinated in Lyon.

The city became an important industrial town in the 19th century. In 1831 and 1834, the canuts (silk workers) of Lyon staged two major uprisings for better working conditions and pay. In 1862, the first of Lyon's extensive network of funicular railways began operation.

During World War II, Lyon was a centre for the occupying Nazi forces, including Klaus Barbie, the infamous "Butcher of Lyon". However, the city was also a stronghold of the French Resistance, the many secret passages known as traboules, enabled people to escape Gestapo raids. On 3 September 1944, Lyon was liberated by the 1st Free French Division and the Forces Françaises de l'Intérieur. The city is now home to a Resistance museum.

A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles on a boom to bust cycle.

Some economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include Berkshire Hathaway board member Warren Buffett and several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors.

History

2011 booms and crashes

In February 2011, the price of Bitcoin rose to US$1.06, then fell to US$0.67 that April. This spike was encouraged by several Slashdot posts about it.[1] In June 2011, Bitcoin's price again rose, to US$29.58. This came after attention from a Gawker article about the dark web market Silk Road. The price then fell to US$2.14 that November.[1]

2013 boom and 2014–15 crash

In November 2013, Bitcoin's price rose to US$1,127.45. It then gradually declined, bottoming out at US$172.15 in January 2015.

2017 boom and 2018 crash

The 2018 cryptocurrency crash[3][4][5][6][7] (also known as the Bitcoin crash[8] and the Great crypto crash[9]) was the sell-off of most cryptocurrencies starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the dot-com bubble's 78% collapse.[9] By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week.

A January 2018 article by CBS cautioned about possible fraud, citing the case of BitConnect, a British company which received a cease-and-desist order from the Texas State Securities Board. BitConnect had promised very high monthly returns but had not registered with state securities regulators or given their office address.

In November 2018, the total current value for Bitcoin fell below $100 billion for the first time since October 2017,[12][13] and the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January.[14] Bitcoin reached a low of around $3,100 in December 2018.

Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman, Robert J. Shiller, Joseph Stiglitz, Richard Thaler, James Heckman, Thomas Sargent, Angus Deaton, and Oliver Hart; and by central bank officials including Alan Greenspan, Agustín Carstens, Vítor Constâncio, and Nout Wellink.

The investors Warren Buffett and George Soros have respectively characterized it as a "mirage" and a "bubble", while the business executives Jack Ma and J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble" and a "fraud", respectively. However, Dimon said later he regrets calling Bitcoin a fraud.

Other notable skeptics are Bill Gates, Microsoft co-founder and philanthropist;[133] Bruce Schneier, cryptographer, computer security expert, and public policy lecturer at Harvard University;[134] and Molly White, author of the Web3 Is Going Just Great website.

It has been suggested by Lee Reiners, a former Federal Reserve economist, that "when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto”.

Cryptocurrency bubble