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Good morning. “I was in Forbes magazine listed as a billionaire, which really, really pissed me off,” Ex-billionaire Yvon Chouinard said. So, in a move with no precedent in the business world, he unbillionaire’d (we made up that word hehe) himself by forfeiting all his shares worth $3 billion to a climate change trust.
I also want to be a billionaire so I can be pissed off.
Ukraine. President Volodymyr Zelensky was involved in a traffic accident on Thursday but only sustained minor injuries. Zelensky was returning to Kyiv after visiting a battlefield when the car he was traveling in collided with another vehicle.
China. President Xi Jinping traveled outside China for the first time since the pandemic began, first to Kazakhstan, then to Uzbekistan, where he met one-on-one with Vladimir Putin to discuss the Ukraine war. The pair had last met in February, promising that the Russia-China relationship would be “without limits”.
Technology. Adobe has agreed to buy design platform Figma for $20B in cash and stock. The deal is expected to close in 2023, and Figma co-founder CEO Dylan Field will stay on as the company's leader. As part of the agreement, either party will have to pay a $1B termination fee if they decide to abandon the deal.
Tennis. Roger Federer said he will retire from professional tennis after next week's Laver Cup in London. The Swiss player, with 20 Grand Slam singles titles, and more than 100 titles in total, said he has decided to retire due to "injuries and surgeries" that have tested his ability to play professional tennis. He has undergone three knee surgeries since January 2020.
1908 William Durant creates General Motors
Buick Motor Company head William Crapo Durant spends $2,000 to incorporate General Motors in New Jersey. Durant, a high-school dropout, had made his fortune building horse-drawn carriages, and in fact he hated cars–he thought they were noisy, smelly, and dangerous. Nevertheless, the giant company he built would dominate the American auto industry for decades.
NIGERIA
Cashless PTA, BTA
The Story
Commercial banks are exploring new ways to address Nigeria's lingering Foreign Exchange challenge.
What are they doing?
International travellers in need of dollars for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) will now have to procure travel debit cards as banks commence card-based dollar disbursements. The new procedure has been announced by many banks, including FirstBank and Access Bank.
How does this improve the forex situation in the country?
The objective of the new policy is to address the rising cases of abuse by travellers who take forex for trip-related purposes, but use it for other things, including trading the funds at black markets. It is also a part of measures introduced by the Bankers’ Committee to digitally track forex transactions, stop abuse of the system, and save scarce forex for the economy.
Access limit included
According to the Central Bank of Nigeria (CBN) guidelines, a company can access up to $5,000 BTA per quarter while an individual can access up to $4,000 PTA per quarter, which gives them access to up to $20,000 and $16,000 respectively per year. But in addition to the card-based disbursement, some banks are also limiting the number of times customers can access forex per year. In its notification to customers, titled “Updates on FX Purchase reads:”, FirstBank further indicated that PTA/BTA sales are limited to two quarters per year and that only applicants with approved Form A are eligible for payout. Source
AFRICA
Ram'ming into Trouble
The Story
An independent commission has been set up by the South African parliament to look into a burglary case involving the country's president, Cyril Ramaphosa.
What's the case about?
The burglary took place in 2020 at one of Ramaphosa's properties and in the process, large sums of cash were found hidden in furniture. The burglary remained unknown to the authorities until a complaint in June by the country's former intelligence chief, Arthur Fraser. Ramaphosa is accused of possible wrongdoing for not reporting the burglary to the police and for concealing the money found there from the tax authorities. He is also accused of organising the abduction and interrogation of the burglars and then bribing them to keep quiet.
What does this mean for the president?
Made up of former Constitutional Court president Sandile Ngcobo, a former judge and a university professor, the commission is to report its findings, and conclusion on possible wrongdoing by Ramaphosa, within 30 days. If found guilty, Ramaphosa faces a possible impeachment vote in the parliament. The case leaves the president's bid for a second term hanging in the balance, just months before his party (ANC) decides whether to present him as a candidate in the 2024 presidential elections.
What's his response to the allegations?
Ramaphosa denies the kidnapping and bribery allegations, and maintains that the money found was from the sale of livestock. Following a public enquiry launched against him in June, Ramaphosa suspended the country's top anti-corruption watchdog, Busisiwe Mkhwebane - a suspension that has been deemed "inappropriate" and overturned last week by a court. Source
TOGETHER WITH EDEN POWER
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In fact, you can easily move it around.
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GAMES
Chessy Scandal
The Story
Upset in the sporting world is not unusual. There have been several occasions where legends taste defeat in the hands of newbies, something that often adds to the beauty of sports. But since the recent defeat of the world's best Chess player to an unlikely opponent, the chess world has not remained the same.
What's happening there?
Magnus Carlsen achieved the highest rank possible in Chess - chess grandmaster - when he was only 13 years old. The 31-year-old five-time World Champion threw the chess world into turmoil after he was defeated by 19-year-old Hans Niemann at the Sinquefield Cup in St. Louis, Missouri, USA. Though shocking, his defeat was, however, not the concern for observers. Carlsen subsequently announced his withdrawal from the remainder of the tournament, a move never seen before from the top player, at least not without a genuine reason - leading to questions in the chess world.
What was his reason?
In response to pressure from the Chess community, Carlsen tweeted a video of football's most controversial manager, Jose Mourinho, in which the former Tottenham Hotspur boss suggested that officials in the Premier League were involved in 'behind the scene' manipulation but he [Mourinho] chose to keep quiet to avoid "trouble". Though he made no direct claim of cheating, Carlsen's tweet led to more questions in the Chess world, with many suggesting he must have had evidence of wrongdoing by his opponent.
Did Carlsen explain what the tweet meant?
No, he didn't. "I've withdrawn from the tournament. I've always enjoyed playing in the @STLChessClub, and hope to be back in the future", Carlsen tweeted with the video. Unsatisfied with Carlsen's suspense, other chess grandmasters began analyzing the Carlsen-Niemann match to see if there was any evidence of foul play. In one of the analyses, American grandmaster Hikaru Nakamura - via a YouTube video - suggested that Niemann played in a strange manner, and thus concluded that Niemann had outside help.
The match was streamed live and nobody was seen feeding Niemann information, leaving observers to wonder how he could have cheated without being caught. Observers have, however, been reminded of a July article, in which the author claimed to have figured out a way to communicate with a chess engine in real time through his socks - through which he could receive tips on his opponent's moves and how to respond, all without being noticed. Though no evidence of cheating was found on Niemann, a history of cheating allegations in online tournaments, which resulted in his ban by "chess.com", has left questions hanging over his famous win. Source
NATIONAL ESSAY COMPETITION
UBA Foundation National Essay
The UBA National Essay Competition, targeted at senior secondary students in Nigeria is organized annually, as part of UBA Foundation’s education initiative which is aimed at promoting the reading culture and encouraging healthy and intellectual competition amongst secondary school students in Nigeria and across Africa.
Essay Topic: “ASUU Strikes have often cost Nigerian students time. Advise the Nigerian government on how they can reach an agreement with ASUU to improve tertiary education in the country.”
The first prize for the UBA National Essay Competition is a N5 million educational grant to any African University of their choice, while the second and third prizes are N3 million and N2.5 million in educational grants to African Universities, respectively.
Application Deadline: Friday, October 14th, 2022. Apply Here
Nigeria’s inflation climbs to 20.52%, nears two-decade high
Udom, Makinde lead Atiku’s 326-member campaign team
Relocate to avert disaster, Lagos tells flood-prone communities
Why Nigeria rejected Telsa’s bid to mine raw lithium
Tears flow as traffic offenders beg bidders at Lagos auction
CWG: Buhari rewards Team Nigeria with national honours, N200m
Kenya’s new president scraps petrol subsidy
Lebanese dance act crowned winners of America’s Got Talent show
Sweden election: PM Magdalena Andersson resigns
Anger among MPs as Chinese vice-president to attend Queen’s funeral
ENTRY LEVEL RECRUITMENT
Graduate Trainee Recruitment at Creditville Limited
Creditville Limited is looking for confident, highly motivated and self-driven young graduates wishing to make a career in the financial services sector of the economy. Selected candidates will be hired as Management Trainees, and undergo a structured training and competence-building program to equip them for top-level performance.
Creditville has evolved into a proprietary fintech firm offering a variety of services (loans, leases, finance, investment, asset management, banking, foreign exchange, and real estate).
Applicants should be no more than 28 years old, and hold a Bachelor's Degree, passed at minimum of Second-Class Upper division level in Social Sciences, Management Sciences, Information Technology, Humanities and Arts. Previous work experience is not required.
Salary: N100,000 monthly.
Method of Application: Interested and qualified candidates should send their CV to: recruitment@creditville.ng using the Job position as the subject of the email.
Time Out With Faruk
Faruk, an ardent reader of Freshly Pressed jumped on this random question session with us.
Faruk Abdullahi Onah, an indigene of Nasarawa State in the North Central part of Nigeria, with enviable academic awards in his portfolio is an academician and a research enthusiast. He works with the Nasarawa State Ministry of Education, and partners with the National Bureau of Statistics and other NGOs for varying research projects. He also has a side hustle that he didn't disclose (Big Man).
A detribalized Nigeria through and through, you can catch him on Facebook posting memes, and defending Man U while unleashing 'vawulence' on Arsenal fans.
What do you think is the silliest song but you like singing it anyway?
Right now? That would be "Last Last" by Burna boy. I don't drink or smoke but then I keep singing "I need Igbo and Shayo"
What real person do you wish were fictional?
Real person I wish was fictional, let me see, President Buhari? Because if he were fictional at least I would know everything happening right now isn't real?
How would you explain Tiktok to your great grandparents
Lmao. I wouldn't even know how to explain the concept of a phone.
Why INEC invalidated 1m new voter registrations. The Cable
The best bird images of the year. DWL
Waste pickers in Lagos tell their stories. The Conversation
Try these 100 questions to get to know someone better. Today
Celebrity couples who don't live together. Insider
TRIVIA
FRIDAY, we binge!
Nollywood-wise, how Nigerian are you?
0-5 Hello Foreigner!
6-10 Nigerian by proxy. Ok!
11-20 Hi-five, Citizen!
21-25 Our Leader! We hail ye.
- People with poor mental health are violent. True/False?
- Mental illness is caused by..?
INTERNET GIGGLES
OUR ARCHIVE
Written by Seun, Mercy, Kingsley, and Tosin.
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