FTX investors have been warned that the crypto exchange may be forced to file for bankruptcy protection if it doesn’t get a cash infusion, Bloomberg reported Wednesday.

The news follows reports that Binance balked at an earlier promise to buy the troubled trading empire after looking at its books. Bloomberg reported the FTX exchange faces an $8 billion shortfall.

SAM Bankman-Fried told FTX.com investors on Wednesday (Nov 9) that without a cash injection the company would need to file for bankruptcy, according to a person with direct knowledge of the matter.

Read Also – US elections: Biden hails better-than-expected midterms results

Before Binance pulled an about-face and bailed on its takeover offer, Bankman-Fried informed investors his crypto exchange faced a shortfall of up to US$8 billion, said the person, who requested anonymity discussing private talks. FTX is attempting to raise rescue financing in the form of debt, equity, or a combination of the two, the person said.

FTX has been on a tailspin for a week following CoinDesk’s reports of the blurred lines in the books of Sam Bankman-Fried’s once-mighty empire.

Bankman-Fried’s acknowledgement of his firm’s deep financial hole and limited options reflects the uncertain fate of FTX and its clients. It’s the latest twist in a stunning turn of events for the crypto industry’s onetime wunderkind, who was once worth US$26 billion and likened to John Pierpont Morgan.

Still, Bankman-Fried remained defiant during a hectic period of roughly 24 hours that included mounting speculation that Binance wouldn’t go through with the deal.

He repeatedly told investors during a conference call on Wednesday afternoon that it was simply not true that Changpeng Zhao was walking away from the takeover, the person said.

See also

FTX Warns of Bankruptcy Without Rescue for $8 Billion Shortfall
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Swansea – Access to solar panels and a home battery has reduced energy bill worries for Nikita Harris on one of Europe’s largest green retrofit projects.

“Where I used to worry going to bed, I don’t have to worry now,” said Nikita, 26, whose home in Swansea now runs partially on a battery.

Some 644 properties are being connected to a unique energy-sharing scheme, social housing provider Pobl said.

Housing Minister Julie James has called the scheme “transformational”.

Power from linked solar panels on roofs across the Penderi estate is used to charge batteries in homes.

Nikita’s battery is fitted to a wall just inside the entrance of her terraced property.

By limiting the use of her big appliances to when the sun is up, the mother-of-two said she had cut her electricity bills significantly.

“I used to spend £20 a week on my electric,” she said, “now with the solar panels and battery I’m putting in £10 a week.

“By having the battery in my home… I feel calmer,” she said, explaining how sad she is for other people faced with having to limit their electricity use.

With energy storage and smart energy management technology now installed in 200 homes, Pobl said the estate had already started to cut the amount of power being drawn from the national grid.

Source – https://www.bbc.co.uk/

Swansea estate cuts bills by generating energy
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The newly inaugurated Nigeria Egypt Cultural and Socio Economic Forum (NECSEF) is a model business association focused on promoting successful economic relations between Nigeria and Egypt.

NECSEF’s aspiration is to be the one stop organisation and preferred gateway for conducting business in Nigeria by Egyptians, providing trust and the ability to engage with highly influential people who can provide access and market intelligence into every aspect of the Nigerian market.

NECSEF organised its first conference in collaboration with Nigeria Embassy in Cairo, and strategic partners Egyptian African Businessmen’s Association (EABA) on the 10^th – 12^th October 2022 to a roaring success.

The conference titled Nigeria – Egypt Trade Conference & B2B Meeting attracted over 300 high level business leaders and government officials. The event took place at the conference halls of the stunning St. Regis hotel Almasa, in the new federal capital territory, Cairo Egypt.

The idea for the conference according to Mr. Mahmood Ahmadu, chairman of NECSEF and OIS, the main organisers, was to strengthen bilateral trade relations between the two largest African economies, Nigeria and Egypt with the aspiration to boost trade from the current of circa $180 million US.

The NECSEF chairman Mr Ahmadu and Dr Yousry El Sharkawi EABA chairman made a joint announcement that an agreement of $30 million dollars was signed during the conference as part of strengthening bilateral relations.

Nigeria is Africa’s most populous country with over 225 million people, and Egypt is the third most populous country in Africa with over 104 million people. Egypt enjoys a mixed economy strong in tourism, agriculture, construction, fossil fuels with an emerging ICT sector.

Nigeria on the other hand has a mixed economy focused upon petroleum, and a growing agriculture sector, it also has an emerging market with expanding technology, service, financial and communications sectors.

There is great demand in Nigeria for Egyptian products and it’s really a promising market for Egyptian investments with some great Egyptian companies already operating in Nigeria.

A great percentage of Nigeria’s exports to Egypt are petroleum and gas products followed by agricultural commodities.

The objectives of the conference in part was to reach a new and viable vision with a view of mobilizing the private sector, civil society and business community of both countries to increase trade and actively participate in African development.

The well attended event was spaced out over three days; with the first day being the main conference with many high level speakers, attended by government leaders, senior members of several diplomatic missions, and leaders from the business sector.

The second day was a highly interactive B2B session, matchmaking several sectors with hundreds of the delegates where Nigerian and Egyptian business people participated in pitching and introducing their various businesses.

The third day was all about tours and external visits to some of Egypt’s most iconic centers. Delegates chose from one of two tour options, either a visit to the world famous Suez Canal Economic Zone, an innovative and self-sustaining industrial development and commercial hub, or the world class International Medical Center, a military hospital that is one of the largest in the Middle East.

Read Also – Nigerian tech company OIS opens latest offices in Cairo to offer Visa, Passport, BVN, NIN services in Egypt.

The dignitaries who graced the event included Governor Nasir El-Rufai of Kaduna State, Minister of Water Resources Suleiman Adamu, Minister of State Works and Housing, Minister of State Industry, Trade and Investment, Ambassador Mariam Katagum, H.E Nura Abba Rimi, Nigerian Ambassor in Egypt, Mr Anthony Nwachukwu, Vice President of Innovate 1 Pay, Mr Babatunde Irukera, CEO Federal Competition & Consumer Protection, Mr Khalifa Abdullahi, Chairman KK Kingdom Group, Dr Kassim Gidado from Nigeria Arab Gulf Chamber of Commerce.

Also in attendance was Dr Yousry El-Sharkawi, chairman Egyptian African Businessmen’s Association (EABA) Walid Gamal El Din, Chairman of the General Authority Economic Zone, Suez Canal, Dr Sherif El-Gabaly, chairman African Affairs, Egyptian House of Representatives, Eng. Ahmed Sameer,

Egyptian Ministry of Trade & Industry, Mr Walid Jamal Eldin, chairman of the Egyptian Nigeria Business Council among many others.

There were senior representatives from Nigeria Export Promotion Council, Nigeria Investment Promotion Commission, Nigerian Ministry of Foreign Affairs, African Export & Import Bank (Afreximbank), PWC, AFDB and others.

Source – https://expressday.ng/

<strong>$30m trade agreement signed at the recently concluded Nigeria – Egypt Trade Conference in Cairo Egypt</strong>
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The Nigerian technology firm Online Integrated Solutions (OIS), founded by Mr. Mahmood Ahmadu opened its newest office in Cairo, Egypt, to facilitate important administrative tasks relating to visa and passport applications, Bank Verification Number (BVN), and national identity enrolment services for Nigerians living in Egypt and the neighbouring Arab countries.

The Centre was opened as part of activities of the Nigeria–Egypt Trade Conference and Exhibition organised by the newly formed Nigeria Egypt Cultural & Socio-Economic Forum (NECSEF), which took place in Cairo, Egypt, on the 10th – 12th October 2022.

The office was formally opened by Nigeria’s Minister of State for Works and Housing, Umar Ibrahim El-Yakub and Senator Zaki Abas of the Egyptian Parliament and Ambassador Nura Rimi, the Nigerian Ambassador to Egypt, alongside many other dignitaries.  

The new building is situated at 51 Michel Bakom Street Dokki, Cairo, and serves as the Secretariat of the Nigeria-Egypt Cultural and Socio-Economic Forum (NECSEF), co-locates OIS, which provides services for Nigerian Foreign missions and Nigerians in the Diaspora.

Mr. Mahmood Ahmadu, who is also the chairman of NECSEF, explained that the building is an important symbol in promoting Nigeria-Egypt economic and business relations.

He said with the presence of OIS in Egypt, Nigerians in the country can now enroll and obtain BVN and National Identity Number (NIN) without having to travel to Nigeria.

The firm, he said, also provides administrative and payment support for Nigeria passport applications.

According to the founder of the leading software solutions provider, established in 2012, the company also supports and facilitates a wide range of online applications across 34 major cities around the world.

Read Also – Mahmood Ahmadu and Robert Jreissati Signs MOU to Boost Trade Opportunities Between Nigeria and Poland

‘‘Our services also include the provision of biometric visa administrative services, financial services, bank verification number, account opening services (for Nigerian banks), national ID biometric capture, and medical tourism,’’ he said.

On NECSEF, Ahmadu explained that it is a model business association devoted to promoting successful economic relations and business relationships between Nigeria and Egypt.

He said that the Forum aims to promote its members in Nigeria and Egypt and facilitates the establishment of mutually beneficial partnerships between Nigerian and Egyptian businesses.

According to Ahmadu, the objectives of the Forum is to organize conferences, lectures, seminars, exhibitions, and other business activities while also encouraging economic development and trade relations between citizens living in both countries.

High-level Egyptian business executives and officials were also present at the inauguration of the building.

Source – https://www.vanguardngr.com/

<strong>Nigerian tech company OIS opens latest offices in Cairo to offer Visa, Passport, BVN, NIN services in Egypt.</strong>
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Expo 2020 Dubai – The Nigerian Arabian Gulf Chamber of Commerce (NAGCC) hosted the last instalment of the Nigerian Trade & Investment Forum as part of the ongoing and soon to be concluded Expo 2020 Dubai.

The event featured senior government ministers from the ministries of Power, Water resources and the Federal Capital Territory, showcasing unique investment opportunities to the global audience. The Hon. Minister of Water Resources H.E ENGR. Suleiman Adamu presented the attractive investment opportunities in the water sector, H.E Muhammad Musa Bello, Hon. Minister Federal Capital Territory (FCT) delivered a compelling and comprehensive presentation unveiling powerful opportunities in the FCT, and the ministerial segment was rounded up with a presentation by H.E Goddy Jedy Agba Hon Minister of State for Power.

The panel discussions focused on Renewable Energy and African Continental Free Trade Area (ACFTA) opportunities featuring senior directors from the Ministry of Water Resources, Power and the Nigerian Investment Promotion Commission alongside many other experts.

The Expo 2020 Dubai has over 190 countries participating and driven by a vision to “Connect Minds, and Create the Future” with a mission to offer a global platform for “cross-pollination” between different cultures from around the world. The expo as of February last month had recorded over 13.5 million unique visitors. It combines innovation, technology, art and culture to offer a superior experience with different countries showcasing their very best ideas to the world.

Read Also – Mahmood Ahmadu and Robert Jreissati Signs MOU to Boost Trade Opportunities Between Nigeria and Poland

It will be recalled that the NAGCC in collaboration with the Federal Ministry of Industry, Trade & Investment, and the Nigerian Investment Promotion Commission hosted its first and hugely successful Nigerian Trade & Investment Forum as part of the Expo on the 4^th of December 2021 with a Presidential Dinner on the 3^rd. His Excellency, Muhammadu Buhari GCFR, President of the Federal Republic of Nigeria was the special guest of honour at that event, and in his speech he wooed investors informing them that Nigeria remains the viable and most attractive investment destination in Africa. 

There were no less than 16 senior ministers and Governors from Nigeria along with high-level Emirati delegates led by – His Excellency Dr Thani Bin Ahmed Al Zeyoudi, Honourable Minister of State for Foreign Trade, UAE who also attended that event with the President all making powerful cases for investment in Nigeria to the global audience.

Chairman of the organizing committee of the NAGCC Mahmood Ahmadu in his final remarks spoke of his excitement at the success of the event, he further added how elated and encouraged he is by the growing confidence that investors and businesses from the UAE and the Gulf region are entrusting to the NAGCC as the primary gateway into the huge Nigerian market.

About the NAGCC

The Nigerian– Arabian Gulf Chamber of Commerce (NAGCC) is a model bilateral trade association dedicated to the development of prosperous business relationships and economic contacts between Nigeria and all the Arabian Gulf countries (Saudi-Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait & Oman). Its board and members are leading entrepreneurs and companies who enjoy excellent business relations in Nigeria and the Arabian Gulf Countries.

The objectives of the Chamber are to promote its members in Nigeria and the Arabian Gulf States, to facilitate the economic relations between Nigerian and Arabian Gulf companies, and to provide trade information and business consultancy services to its members and other potential partners. NAGCC’s primary focus is to act works as a platform for global business leaders.

Expo 2020 Dubai – An Exciting and Final Segment of the Nigerian Trade & Investment Forum
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Dubai Expo 2020, initially scheduled for 20th October 2020 to 10th April 2021, was postponed to 1st October 2021 and will run until 31st March 2022 due to the COVID-19 pandemic. Despite being postponed, the organizers retained the theme “Expo 2020” for marketing and branding purposes. The event brought 192 countries together with a sole vision of connecting minds and Creating the Future.

The special guest of honour at the Nigerian Trade & Investment Forum which took place at the Jumeirah Emirates Tower hotel was the President of the Federal Republic of Nigeria – President Muhammadu Buhari GCFR. Speaking at the event, President Buhari commended captains of industry and entrepreneurs who had shown interest in further enhancing trade and investment relations with Nigeria. The Nigerian leader also stressed the need for world leaders to work together and reinforce partnerships to limit the catastrophic consequences of the global surge in cases of COVID-19.

Also in attendance were the Governors of Kaduna and Zamfara States, and a strong contingent of senior ministers representing various
ministries – including Industry, Trade & Investment, Power, Agriculture, Transport, Petroleum, water, Finance, Communication & Digital Economy, Mines & Steel, Humanitarian Affairs & Disaster Management all showcasing the huge opportunities in Nigeria to the high-level attendees.

Read Also – Mahmood Ahmadu Wins Big in Forbes 2021 Awards

It was a hugely successful and breakthrough event as billions of investment dollars was committed by many foreign investors.
Mahmood Ahmadu, chairman of the influential Nigerian-Arabian Gulf Chamber of Commerce – (NAGCC) organisers of the Presidential Dinner, and the Trade and Investment Forum also urged investors to take turns in harnessing the virgin and untapped opportunities, especially in Nigeria.

The Dubai based entrepreneur with a global business interest rekindles his passion for showcasing Nigerian innovations and industry to the world through this forum. Mahmood also expressed joy and anticipation toward the positive outcome of such a breathtaking/creative event.

While appreciating everyone who attended, he stressed the need for unity and continual implementation of the peace policy to enhance infrastructural growth.

President Buhari, Governors, Senior Ministers and Business Leaders grace The Nigerian Trade & Investment Forum at the Dubai Expo 2020
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Facebook-owned WhatsApp, a messaging service used by billions of people around the world, isn’t as private as Facebook says it is.

The service touts privacy at its core, and Facebook says it can’t read messages sent between users. But Facebook is reportedly paying teams of contractors around the world to read through WhatsApp messages and moderate the content therein — reading and moderating their supposedly private messages.

As a new ProPublica investigation highlights, Facebook employs, “more than 1,000 contract workers filling floors of office buildings in Austin, Texas, Dublin and Singapore, where they examine millions of pieces of users’ content.” 

Those contractors, which Facebook acknowledges, reportedly spend their days sifting through content that WhatsApp users and the service’s own algorithms flag.

A Facebook representative told Insider that it allows users to report abuse, and those reports are then reviewed by contractors. When a user reports abuse, WhatsApp moderators are sent “the most recent messages sent to you by the reported user or group,” according to WhatsApp’s FAQ.

Read Also – Mahmood Ahmadu Wins Big in Forbes 2021 Awards

Facebook is still unable to listen to personal calls or read messages sent through WhatsApp, according to Facebook, due to the service’s use of encryption.

WhatsApp is founded on so-called “end-to-end” encryption, which means that messages are scrambled before being sent and only unscrambled when they’re received by the intended user. But when a user reports abuse, unencrypted versions of the message are sent to WhatsApp’s moderation contractors, ProPublica reports.

“Every day WhatsApp protects over 100 billion messages with end-to-end encryption to help people communicate safely. We’ve built our service in a manner that limits the data we collect while providing us the ability to prevent spam, investigate threats, and ban those engaged in the worst kind of abuse,” a WhatsApp spokesperson at Facebook said in a statement sent to Insider. “We value our trust and safety team who work tirelessly to provide over two billion users with the ability to communicate privately.” 

Facebook has owned WhatsApp since 2014, when the social media giant purchased the then-nascent messaging app for $19 billion.

Source – https://www.businessinsider.com/

Facebook reads WhatsApp messages, an investigation found
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Bitcoin tumbled just about 5% in the previous 24 hours, dipping under $54,000 per coin again subsequent to coming to as high as $57,800 over the course of the end of the week.

Bitcoin was last trading hands for about $53,700 per coin, as per Coinbase information.

A US weekend rally moved bitcoin to its most exorbitant cost since mid-May, however, the crypto is still right around 40% underneath its pinnacle of almost $88,000 per coin in April.

The most recent episode of descending exchanging comes after the most recent adaptation of the US Senate’s foundation charge left inquiries looming over what it may mean for cryptocurrencies, particularly concerning charges.

At the core of the matter is whether the bill will grow the meaning of “agent” to incorporate different gatherings associated with the market for cryptocurrencies.

As indicated by Coinbase, the most recent cycle of the bill, which was delivered on Sunday, incorporates a smaller meaning of the term than has recently been drifted, however it actually left open the likelihood that some crypto entertainers could be hit with new expense commitments if and when the bill passes.

Last week, the cost of bitcoin pushed above $54,000 after Amazon posted a task advertisement for a “computerized cash and blockchain item lead”.

“As one of the biggest internet business organizations on the planet, Amazon measures billions of secure online exchanges through various installment techniques and capacities all throughout the planet,” the advertisement says.

“The Payments Acceptance and Experience group is looking for an accomplished item pioneer to foster Amazon’s advanced cash and blockchain methodology and item guide,” it adds.

Read Also – Hushpuppi: Nigerian influencer pleads guilty to money laundering

An Amazon representative affirmed that the organization is searching for freedoms to take part in the crypto space.

“We’re roused by the advancement occurring in the digital money space and are investigating what this could resemble on Amazon,” the representative said.

“We accept the future will be based on new innovations that empower present day, quick, and cheap installments, and desire to carry that future to Amazon clients as quickly as time permits.”

What’s more, finally month’s “The B-Word” meeting, Twitter CEO Jack Dorsey, Tesla CEO Elon Musk and ARK Invest CEO Cathie Wood helped flash some financial backer fervor, as well.

At the gathering, Mr Musk said Tesla will “doubtlessly” begin tolerating bitcoin again as more sustainable power is being utilized to mine the advanced money.

He likewise repeated that he’s not selling his own possessions of bitcoin any time soon and uncovered that his organization SpaceX additionally claims bitcoin.

Source – https://www.news.com.au/

Bitcoin tumbles five per cent after harsh new tax rules
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NatWest (NWG.L) has become the latest financial institution to freeze out cryptocurrency trading platform Binance.

This follows moves from peers Santander (SAN.MC) and Barclays (BARC.L) after the Financial Conduct Authority (FCA) issued a warning to consumers that one of the world’s largest bitcoin (BTC-USD) exchanges is not permitted to undertake regulated activities in the UK.

Binance Markets was ordered to remove all advertising and financial promotions by 30 June.

The company has been required to make clear on its website, social media platforms, and all other communications, that it is no longer permitted to operate in the UK, and must not carry out any regulated activities in Britain without prior consent.

A NatWest spokesperson said the bank has seen a high level of cryptocurrency investment scams targeting customers across retail and business banking, particularly through social media sites.

“To protect our customers from the criminals exploiting these platforms, we’re temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers,” they said. 

Read Also – Binance Users from Europe and UK React to Recent Restrictions

“Our customers will still be able to accept cryptocurrencies as forms of payment.”

Read more: From Binance to Coinbase: The rise of cryptocurrency exchanges

It has been a turbulent few weeks for the exchange. Last week, Binance suspended GBP and EUR withdrawals after payments provider Clear Junction stopped facilitating them.

A statement on Clear Junction’s website confirmed the move, citing an FCA ruling on the exchange.

At the time Binance said it was working to correct the problem and that it is committed to working with regulators to protect consumers. 

Watch: What are the risks of investing in cryptocurrency?

Source – https://uk.finance.yahoo.com/

NatWest blocks payments to crypto platform Binance
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Binance users from Europe and the U.K. feel let down by both the exchange and their local financial institutions.

On Thursday, Italy’s financial authority joined a growing list of regulators warning the cryptocurrency exchange Binance is not authorized to provide investment services in the country.

Filippo Cappella, a 25-year-old full-time crypto investor based in Italy. had been using Binance for some time, certain it was safe and regulated. But since Thursday’s warning, he’s not sure he wants to keep using the platform.

“I read the news, and it’s not that great … [N]ow I’m thinking of moving my funds out of Binance,” Cappella said.

Binance, one of the largest crypto exchanges in the world, is facing heat from a number of regulators across the globe from the Cayman Islands to Thailand, with much of the scrutiny and restrictions concentrated in Europe and the U.K. The platform announced Friday that it will end support for tokens linked to stocks effective immediately. Some crypto investors based in the U.K. and Europe, like Cappella, are frustrated with the recent developments with Binance but don’t feel they will have a lasting impact on the future of crypto in the region. 

For instance, Llovonne Norfolk-St George, a U.K.-based swimming teacher turned crypto day trader, says she has not been able to deposit any funds to Binance since June 28.

After the U.K’s Financial Conduct Authority warned on June 26 that Binance’s global affiliate, Binance Markets Ltd., isn’t authorized to operate in the country, British banks Barclays, Santander and Clear Junction suspended payments to the crypto platform, while Nationwide said it is reviewing its policy on cryptocurrencies to help protect customers. Meanwhile, the European Union’s Single Euro Payments Area (SEPA) appeared to have also blocked payments to Binance. 

Binance is also shut off from the U.K.’s Faster Payments network.

“As a U.K. banking client, the [effect] of SEPA’s decision to prevent investors from moving money out of the banks and into [Binance] has absolutely cost me hundreds, if not thousands, of pounds in investment,” Norfolk-St George said, adding that it prevented her from topping up her account and taking advantage of the recent price fluctuations in crypto markets.

In April, Norfolk-St George transferred all of her crypto investments to the Binance platform, including a new investment of £20,000 (around US$28,000).

“The FCA Notice does not apply to the products and services provided through www.binance.com, nor does it change any arrangement with our users,” the statement said.

But a couple of days prior to publishing the statement, Binance U.K. users said that pound sterling deposits and withdrawals had been blocked by the exchange, although services were quickly reinstated.  

Read Also – Cybercrime ETFs Sputter as Meme Stocks Absorb Market’s ‘Oxygen’

A few days later, Binance CEO Changpeng “CZ” Zhao published an open letter, stating that compliance is a journey. By July 13, however, the platform had once again suspended withdrawals. 

Chris Peake, a small crypto investor based in North West England, said that although he admires Zhao, he has removed all his funds from Binance until further clarity is provided to investors on where things stand. 

Source – https://www.coindesk.com/

Binance Users from Europe and UK React to Recent Restrictions
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