(Brands & Consumers)
Three years after reaching unprecedented heights with a market valuation surpassing Apple’s, DNA-testing firm 23andMe now finds itself in a struggle to survive. Once celebrated for its innovation in consumer genetic testing and its high-profile clientele, 23andMe has seen its stock price plummet to just under $5, a mere fraction of its peak at $321….
Dangote Refinery has raised concerns over a nearby facility allegedly involved in the blending and sale of substandard petroleum products in Nigeria. The company claims that an international trading firm recently acquired a depot adjacent to its own premises, reportedly to produce and distribute low-quality fuel to the Nigerian market in direct competition with Dangote’s…
Nvidia (NVDA), known for its revolutionary GPUs (graphics processing units), has delivered exceptional returns over the past decade, transforming modest investments into substantial wealth. A $4,000 investment in Nvidia stock ten years ago, held through market fluctuations, could have yielded a million-dollar outcome today. Despite this recent surge, Nvidia’s growth story is far from recent;…
The iconic American dining chain TGI Fridays has filed for Chapter 11 bankruptcy protection, citing lasting impacts from the Covid-19 pandemic as a significant factor in its financial troubles. The move aims to stabilize the business and explore future options to preserve the brand, which has been a staple in casual dining since its inception…
The quest to uncover the identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto, has once again fallen short, leaving the cryptocurrency world with more questions than answers. A recent press event held in London promised a grand unveiling, with organisers claiming the real Satoshi would finally step forward. Yet, the event ultimately left attendees unconvinced and…
Intel Corporation, a long-standing member of the Dow Jones Industrial Average, will be replaced by Nvidia after a 25-year tenure, S&P Dow Jones Indices announced on Friday. This shift underscores a challenging period for Intel, which, despite its early leadership in semiconductor manufacturing, has struggled to keep pace with rivals like Taiwan’s TSMC and missed…
Wendy’s has announced plans to close 140 restaurants over the coming months, aiming to replace these locations with new outlets in areas projected to yield stronger business results. CEO Kirk Tanner explained during a recent earnings call that the closures target “outdated and underperforming” locations with financial performance falling “well below the system average.” While…
Coca-Cola has relaunched the beloved Mexican soft drink Barrilitos in select U.S. markets, beginning with California and Texas, and potentially expanding to Nevada and Oklahoma in the near future. Barrilitos, which was originally introduced in Monterrey, Mexico, in 1938 and acquired by Coca-Cola in 2008, is known for its vibrant flavours and heritage appeal. The…
Soda is making a notable resurgence in the U.S., as consumers return to classic beverages like Coca-Cola and Dr Pepper, according to recent quarterly earnings reports. Both soda giants reported increased sales volumes in the third quarter, with Evercore ISI data showing a 1.3% rise in soft drink consumption compared to last year, indicating a…
Apple’s latest iPhone 16, enhanced with Apple Intelligence AI features, may be the key to revitalizing its smartphone sales, which have faced a downward trend in recent years. CEO Tim Cook introduced Apple Intelligence as a game-changing technology that could “supercharge” the iPhone lineup, and the initial sales figures released this Thursday offer a first…
Starlink, the satellite internet pioneer, has issued a strong advisory to its customers, warning against purchasing satellite kits from unauthorized grey markets. Each Starlink kit is designed with a unique serial number that aligns with its specific country of activation, ensuring optimal functionality and support. According to Starlink, kits sourced through unverified channels will not…
A former Disney employee allegedly hacked the company’s internal systems to alter restaurant menus, including falsifying allergen details and adding offensive language, according to a federal complaint filed in Florida. The complaint, submitted to the U.S. District Court for the Middle District of Florida on October 23, does not explicitly name Disney. However, David Haas,…
In a bid to win back customers, Starbucks is reintroducing handwritten names on cups and self-serve stations for cream and sugar. CEO Brian Niccol, who took the helm of the coffee giant in September, announced the initiatives during the company’s recent earnings call. “We’re reintroducing hand-written names and messages to bring back a more personal,…
The Nigerian government has announced a significant partnership with Google, securing a N2.8 billion support grant to enhance Artificial Intelligence (AI) talent across the country. The grant was announced by the Minister of Communications, Innovation, and Digital Economy, ‘Bosun Tijani, during a joint unveiling event in Abuja. The initiative is part of Google’s $5.8 million…
In an exclusive interview, Theophilus Akhimie, host of Swish Fusion Talks and the Swish Fusion: Media + Tech Summit, shared insights on this year’s Swish Fusion Talks theme: “Dismantling the Barriers and Hubris Hindering Western and Indigenous Collaboration.” Akhimie highlighted the persistent challenges in bridging gaps between Western and African markets, including cultural misunderstandings and…
Russia has imposed an unprecedented fine on Google, demanding two undecillion rubles – roughly $20.5 decillion – due to YouTube’s continued blocking of Russian channels, according to recent reports. The astronomical figure is more than 200 billion times the global GDP, showcasing an extreme stance in Russia’s ongoing confrontation with Western tech companies. The massive…
Starbucks will discontinue its Oleato range of olive oil-infused coffees in the U.S. and Canada starting in early November, as the coffee chain’s new leadership moves to simplify its offerings. The decision follows the appointment of new CEO Brian Niccol, who has promised to streamline the menu to attract customers amid a challenging economic climate….
The World Bank Group has committed a substantial $38 billion to support Africa in 2024, marking the continent’s largest allocation from the institution’s $117.5 billion global investment budget. Outlined in its recently published Annual Report, the World Bank detailed how these funds will be directed towards poverty reduction, climate resilience, and economic expansion across Africa,…
Swish Fusion, a premier event platform at the forefront of Africa’s media, retail, and tech markets, is set to host two game-changing events aimed at bridging the gap between Western and Indigenous collaboration. With its innovative platform designed to connect international and local businesses, Swish Fusion continues its commitment to fostering partnerships that drive societal…
Zhang Yiming, co-founder of ByteDance, the parent company of the popular social media app TikTok, has ascended to the top of China’s wealth rankings, with his fortune now valued at $49.3 billion, according to the Hurun Research Institute’s latest report. Zhang, 41, has seen his wealth grow by 43% over the past year, making him…
Aliko Dangote, Chairman of Dangote Group, has attributed Nigeria’s ongoing fuel scarcity to retailers’ inaction, asserting that over 500 million litres of refined fuel remain uncollected in his refinery’s storage. Despite the refinery’s capacity to produce over 30 million litres daily, Dangote says distributors are failing to collect and deliver the fuel to the market….
Apple has launched its new suite of artificial intelligence tools, known as Apple Intelligence, for iPhones. The AI features, announced earlier in June, began rolling out to users on Monday but are exclusive to the latest devices, including all iPhone 16 models and the iPhone 15 Pro and Pro Max. This limited release highlights Apple’s…
McDonald’s has resumed sales of its Quarter Pounder burgers across the United States, following confirmation that its beef patties were not linked to a recent E. coli outbreak that led to at least one death and sickened dozens. Tests conducted by the Colorado Department of Agriculture (CDA) cleared McDonald’s beef patties of contamination, allowing the…
Lagos Fashion Week 2024 showcased the best of Nigerian innovation and style, with Heineken taking centre stage through the launch of its stylish 45cl bottle and the exclusive Heineken 45 Collection. The dual unveiling reflects Heineken’s commitment to shaping culture beyond drinks, blending premium taste with a distinctively Nigerian flair. The new 45cl bottle, designed…
Three of America’s iconic brands – Starbucks, Nike, and Boeing – are grappling with significant challenges as they aim to restore their standing in their respective markets. With new CEOs in charge, each company is confronting unique obstacles to rekindle the brand loyalty and strength they once commanded. Starbucks’ Brewing CrisisStarbucks’ latest earnings report, released…
Delta Air Lines has filed a lawsuit against cybersecurity firm CrowdStrike in Georgia’s Fulton County Superior Court, seeking damages exceeding $500 million. The suit follows a software update from CrowdStrike in July that Delta claims triggered a mass outage, leading to widespread flight cancellations that affected the travel plans of 1.3 million passengers and disrupted…
In a landmark case for tech regulation, British entrepreneurs Shivaun and Adam Raff took on Google over practices they say destroyed their price comparison site, Foundem. The couple’s legal crusade culminated in a €2.4 billion (£2bn) fine levied on Google in 2017, with the European Court of Justice upholding the ruling last month. The Raffs…
Bitcoin’s price has surged to a six-month peak, surpassing $73,500 in the final week before the U.S. presidential election. This latest rise marks Bitcoin’s highest value since April and reflects a 6% gain as of Tuesday, October 29, at 3 p.m. EDT. According to Forbes, the cryptocurrency’s value has jumped by 13% throughout October, outpacing…
A federal jury in Delaware awarded Apple $250 in damages after finding that Masimo, a health-monitoring tech firm, infringed on two of Apple’s design patents with its W1 and Freedom smartwatches. Apple argued that Masimo’s smartwatch models, along with their chargers, intentionally copied its patented designs, and the jury sided with Apple on this claim….
In a landmark settlement, mining giants BHP and Vale have agreed to pay nearly $30 billion in compensation to the Brazilian government for the 2015 Mariana dam collapse, a tragedy that stands as Brazil’s worst environmental disaster. Brazilian President Luis Inacio Lula da Silva presided over the signing of the settlement on Friday, emphasizing the…
Guinness Nigeria Plc, a prominent player in the Total Beverage Alcohol market, reported a 111% revenue surge in its unaudited financial results for the quarter ending September 30, 2024. This substantial growth, fueled by innovative product offerings, stronger consumer engagement, and an expanded retail network, saw revenue rise from N59.5 billion to N125.9 billion year-on-year….
Infinix, a tech brand known for its youthful appeal and cutting-edge devices, has named rising African music sensation Ayra Starr as the ambassador for its HOT Series. The partnership, announced on Thursday, highlights Infinix’s dedication to connecting with a bold, creative young audience, aligning perfectly with Ayra Starr’s vibrant energy and fearless approach to music…
Moniepoint, a fast-growing Nigerian fintech startup, has secured $110 million in Series C funding, with backing from a Google-affiliated African investment fund and Development Partners International LLP. The fresh capital injection aims to fuel Moniepoint’s plans for cross-border remittances and entry into French-speaking African markets, according to the company’s founder and CEO, Tosin Eniolorunda. Moniepoint…
Adidas and Kanye West, now known as Ye, have reached an out-of-court settlement, officially ending a prolonged legal standoff that began after the sportswear giant severed ties with the rapper over antisemitic remarks he made in 2022. The announcement marks the conclusion of lawsuits spanning nearly two years. The former partnership, which produced the widely…
Microsoft’s CEO, Satya Nadella, received a $79.1 million compensation package for the past fiscal year, marking a 63% increase from the previous year, despite his personal request for a reduction due to cybersecurity incidents. The pay package includes a substantial $71.2 million in stock options, with a reduced cash component of $5.2 million—over half of…
The US government has secured a $100 million settlement from the owners of the container ship Dali after a tragic collision with Baltimore’s Francis Scott Key Bridge led to the deaths of six construction workers and caused widespread damage. Grace Ocean Private Limited and Synergy Marine Private Limited, the companies responsible for the Dali, agreed…
Apple and Goldman Sachs have been ordered to pay a combined $89 million in penalties by the U.S. Consumer Financial Protection Bureau (CFPB) due to mishandling issues related to the Apple Card. The companies were found to have mishandled customer disputes and credit reports, leading to financial harm for many users. As a result, Goldman…
A radio station in Poland has ignited a national debate after replacing its human journalists with AI-generated “presenters” in a move aimed at attracting younger audiences. OFF Radio Krakow, based in the southern city of Krakow, recently relaunched with virtual characters powered by artificial intelligence, marking what it calls “the first experiment in Poland where…
A Colorado man has filed the first lawsuit against McDonald’s following an E. coli outbreak connected to the fast-food chain’s Quarter Pounder, which has so far resulted in 49 reported cases of illness across 10 states and one death. The lawsuit was filed shortly after the US Centers for Disease Control and Prevention (CDC) issued…
Starbucks’ new CEO, Brian Niccol, has vowed to simplify the company’s “overly complex” menu in a bid to attract customers and boost falling sales. Niccol announced the coffee giant will review its pricing strategy as part of a broader effort to address sluggish performance, particularly in key markets like China, where sales dropped 14% between…
The battle for dominance in India’s satellite broadband market has intensified as two of the world’s wealthiest men, Elon Musk and Mukesh Ambani, prepare to face off. The competition between Musk’s Starlink and Ambani’s Reliance Jio comes in the wake of India’s decision to allocate satellite spectrum for broadband administratively rather than through an auction,…
Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has dropped a money laundering case against Tigran Gambaryan, a senior cryptocurrency executive at Binance, to allow him to seek medical treatment abroad. Gambaryan, a U.S. citizen, was arrested during a business trip to Nigeria in February and was later charged alongside Binance, the world’s…
Alcon Entertainment, the production company behind Blade Runner 2049, has filed a lawsuit against Tesla, Elon Musk, and Warner Bros Discovery, alleging unauthorized use of imagery from the film during Tesla’s recent robotaxi launch event. The lawsuit asserts that Alcon explicitly denied a request from Warner Bros to incorporate material from Blade Runner 2049 at…
Starting November 1, 2024, Air Peace will raise the cost of a one-way flight ticket from Lagos to Abuja to N200,000, marking a significant fare increase in Nigeria’s domestic aviation market. The decision comes as airlines grapple with the ongoing economic challenges affecting the aviation sector, prompting many to adjust their prices. Passengers have expressed…
A solar mini-grid initiative, spearheaded by the Global Energy Alliance for People and Planet (GEAPP) with support from the Rockefeller Foundation and the Bezos Earth Fund, aims to address Nigeria’s persistent power supply issues, as reported by Bloomberg. This project seeks to provide a sustainable energy solution for the country, which struggles with erratic electricity…
Starlink, the satellite internet service led by billionaire Elon Musk, has reversed its recent price increase in Nigeria, responding to widespread customer criticism. The company also announced it will issue refunds to those charged at the higher rate. The initial price hike drew significant backlash from Nigerian users, who argued the increase added to their…
ByteDance, the parent company of TikTok, has dismissed an intern for allegedly sabotaging the training of one of its artificial intelligence (AI) models. The company acknowledged the intern’s interference but disputed claims about the scale of the impact, calling reports on the matter “exaggerated and inaccurate.” The incident came to light after social media reports…
Dangote Refinery has filed a legal case at the Federal High Court in Abuja, challenging the import licences granted to the Nigerian National Petroleum Company Limited (NNPCL), Matrix Petroleum Services Limited, A. A. Rano, and others. The refinery is seeking the annulment of these licences, claiming that they were issued despite its capacity to meet…
India’s aviation sector is grappling with an unprecedented rise in hoax bomb threats, causing widespread flight disruptions, diversions, and delays. These false alarms have created significant setbacks for airlines, passengers, and airport operations. In one recent incident, an Air India flight from Mumbai to Chicago was diverted to Iqaluit, a remote Canadian city, after a…
Netflix has started raising its subscription prices in several countries as the surge in growth from its password-sharing crackdown begins to ease. Over the past month, the streaming giant has increased fees in Japan, parts of Europe, the Middle East, and Africa, with changes now being introduced in Italy and Spain. In its latest quarterly…
