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FG Debunks Procuring Radio Spectrum Equipment for N654bn

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By Frank Momoh

The federal government through the Ministry of Communications and Digital Economy on Friday debunked allegations that it procured hybrid radio spectrum monitoring equipment for N654 billion.

Mrs. Philomena Oshodin, the Director of Public and Press Affairs in the ministry, in a statement made available to SHARPEDGENEWS Online, said the ministry sought approval before one hybrid radio spectrum monitoring equipment for Anambra State was bought for N654 million, to reduce coverage areas for both Ogoja and Abuja.

Beneath is the Ministry’s Full and Unedited Statement:

The attention of the Ministry of Communications and Digital Economy, has been drawn to the misrepresentation of the approval granted to the Ministry to purchase and deploy Radio Spectrum Monitoring Equipment to the South-East Geo-political Zone of the Country.

The issues raised by some of the socio-cultural organizations to the approval granted for the procurement of the Hybrid Mobile Radio Spectrum Monitoring Equipment are that:

The approval was intended to monitor illegal radio communications in the South-East Zone.

The purpose was to curb the activities of the Indigenous People of Biafra (IPOB) in order to monitor and shut down their communication.

The amount approved is a humongous sum of N654 billion.

All the issues raised in Paragraph 2 above are false and a complete misrepresentation of the facts.

There is the need to state the facts as follows:

Radio Spectrum Frequency is a scarce natural resource of a country and is allocated after payment of fees for use by individuals, corporate and government organisations including security agencies after the application and approval by the Ministry of Communications and Digital Economy. This is done after the payment of relevant fees.

The Licence is renewable every year.

To ensure compliance by users of assigned frequencies, the ministry obtained an approval in 2017 to acquire 5 Radio Spectrum Monitoring Equipment and two (2) Denial of Service Equipment.

The 5 Radio Spectrum Monitoring Equipment were deployed to monitor the whole Country as follows:

Azare – to cover Bauchi, Borno, Kano, Jigawa, Adamawa,

Taraba, Gombe and Yobe States

Gusau – to cover Zamfara, Sokoto, Kebbi, Kwara, Katsina

and Kaduna States.

Ogoja – to cover Cross River, Rivers, Akwa-Ibom, Ebonyi,

Benue, Enugu, Abia and Imo States.

Lagos – to cover Lagos, Ondo, Ogun, Oyo, Ekiti and Osun

States

Abuja – to cover FCT and Niger, Plateau, Nasarawa, Kogi,

Edo, Bayelsa, Anambra and Delta States.

During the Monitoring Exercise, it was discovered that the Abuja and Ogoja Stations were being over stretched as coverage areas was too large for effective and efficient monitoring.

Consequently, the Ministry of Communications and Digital Economy sought and obtained approval to acquire 1 additional Hybrid Mobile Radio Spectrum Monitoring System in the sum of N654 million to be sited in Anambra State to reduce the coverage area for both Abuja and Ogoja Stations.

This will reduce Abuja Station coverage and enable Abuja to cover Kwara and Ekiti thereby reducing the coverage areas for Lagos and Gusau Monitoring Stations.

These monitoring systems can and will actually detect any un-licenced frequency user. However, any intended user (Individual, Corporate and Government Organisations) is required to apply and obtain Licence to operate within their assigned frequency range without any hindrance. The purpose of the Licence is to avoid the incidence of harmful interferences to duly licenced users.

The public may wish to note that the Ministry of Communications and Digital Economy does not have the mandate of monitoring radio broadcasting stations and their services.

Nothing in the above narration has anything to do with activities of any socio-cultural organisation(s). (sharpedgenews)

Pantami Insists NIPOST Should Collect Stamp Duty

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The Minister of Communications and Digital Economy Dr Isa Ali Ibrahim Pantami on Friday insisted that the Nigerian Postal Service (NIPOST) is the right agency to be in charge of postage stamp and stamp authentication on transactions.

Pantami at the 2020 World Post Day and Launching of Compendium of Nigeria Postage Stamps (100years)1914 -2014, said he would continue to fight to revert the decision that gave collection of stamp duty to Federal Inland Revenue Service (FIRS).

“We will continue to fight within the confine of the law to get NIPOST what belongs to it. I have written to my boss Mr. President (Muhammadu Buhari) five times, I have raised the issue at FEC meeting four times and I have written to the Minister of Finance three times over the issue. We will not stop until justice is done”, the minister said.

He said the federal government had commenced reforms in NIPOST to make it a huge revenue generating agency.

According to him, two limited liability companies have been carved out of the postal service and a third one would come up before December.

In his address, the Postmaster General of the Federation, Dr Ismail Adebayo said the Post Service occupies a very unique position in every country.

“To underscore that the Post continues to serve as an essential instrument of economic and social development in Nigeria, the Federal Government has embarked on a comprehensive reform of the Postal Sector to make it responsive to customers’ demands through provision of high quality and affordable universal postal service to the citizenry”, he said.

He however said the reform has brought positive changes in NIPOST operations.

He said in the last three years, over 120 motor bikes were purchased for the last mile delivery and 32 Toyota Corolla vehicles were purchased with the IGR of the organization and distributed to the Zonal Heads and District Managers for marketing purposes.

He said a total of 5,310 metric tons of mail items were redistributed across the country in the last one year.

Vijah Opuama Files 30 Billion Fundamental Right Enforcement Suit Against Bayelsa State Chief Of Staff

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Mr. Vijah Eldred Opuama has dragged Chief Benson Agadaga (the Chief of Staff, to the Bayelsa State Government) to court in a bid to enforce his Fundamental Human Right.

The application with suit number FHC/ABJ/CS/1325/2020, and which was filed at the Abuja division of the Federal High Court also has ASP Mohammed Gimba (IPO, IGP monitoring unit) Adamu Abdullahi Ellesman, ACP (Head, IGP monitoring unit), the Inspector General of Police and the Attorney General of the Federation; as 2nd, 3rd, 4th, and 5th defendant respectively.

Opuama who is asking the court for a N30 billion naira damages against the defendants alleged that his Human Rights as recognized and protected by sections 34, 35, 37, 39, and 41 of the 1999 constitution, as well as Articles 5, 6, 9, and 12 of African Charter on Human and People’s Right; were all breached by the actions of the Respondent.

The Fundamental Rights application which was taken out by the Abuja based law firm of Messrs P. D. Pius & Associates has the Applicant praying the court for the following reliefs;

1) A DECLARATION that the arrest and handcuffing of the Applicant at the Bayelsa State Governorship Election Tribunal at Wuse zone 5, Abuja, by the Respondent is illegal, unlawful, and unconstitutional and a breach of his right to dignity, personal liberty, movement, private life and fair hearing.

2) A DECLARATION that the detention of the Applicant at the will of the Respondents from the 15th of August 2020, until his release by an order from the Federal High Court on the 10th of September, 2020 was unlawful, illegal and unconstitutional.

3) An ORDER that the Respondents pay the Applicant the sum of Thirty Billion Naira (N30,000,000,000) for breaching his fundamental Rights.

4) An ORDER OF PERPETUAL INJUNCTION restraining the Respondents, their agents, officers from ever arresting or detaining the applicant.

Mr. Opuama alleged that, in exercise of his constitutional Rights he had initiated an election Petition seeking to disqualify and remove Governor Doue Diri of Bayelsa State from office. However, he was arrested and handcuffed in the Tribunal and later detained.

As at the time of filing this report, the suit is yet to be assigned for hearing.

Atiku Asks Buhari To Recall 2021 Budget For Contravening Fiscal Responsibility Act

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ATIKU Abubakar, a former Nigerian Vice President has asked President Muhammadu Buhari to withdraw the 2021 budget proposal which he presented to the National Assembly on Thursday for consideration and passage into law.

Ahmad Lawan, Senate President had already assured Buhari of a quick passage of the budget but Abubakar, in a statement he personally signed on Friday, said the proposed 2021 appropriation bill should be recalled and revised for contravening provisions of the Fiscal Responsibility Act, 2007.

Buhari proposed N13.08 trillion total expenditure for 2021. Total federally distributable revenue for 2021 is estimated at N8.433 trillion, while the total revenue available to fund the budget, including grants and aid of N354.85 billion as well as the revenues of 60 Government-Owned Enterprises, is estimated at N7.886 trillion.

The N5.21 trillion deficit in the 2021 budget, representing 3.64 per cent, is to be financed with new borrowings amounting to N4.28 trillion.

Described as a budget for ‘Economic Recovery and Resilience’, the proposed 2021 appropriation bill is based on an estimated oil price benchmark of 40 dollars per barrel, daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day) and an exchange rate of N379 per dollar. Oil revenue is projected at N2.01 trillion and non-oil revenue is estimated at N1.49 trillion.

A total of N3.12 trillion was earmarked for debt servicing in 2021, rising with about 50 per cent from the sum of N2.1 trillion allocated for the same purpose in 2020.

However, although some experts had already raised concerns over Nigeria’s public debt stock, with the country certain to sink deeper into debt with the planned N4.28 trillion new borrowings that will fund the 2021 budget deficit, Abubakar weighed in on the matter with an unusual call for the withdrawal of the budget.

“I call on the President, to recall this budget, and recalibrate it to reflect the provisions of the Fiscal Responsibility Act of 2007, and the current economic realities of the nation.”

“To do otherwise will not only be unpatriotic, it will also be catastrophic for our nation’s economy,” the former Vice President said in the statement entitled ‘2021 budget proposal contravenes Fiscal Responsibility Act, by Atiku Abubakar’.

Arguing his case for the withdrawal of the budget, Abubakar said the proposed 2021 appropriation bill gave rise to a number of ‘very grave and perhaps disturbing issues’.

Specifically, he noted that the N5.21 trillion budget deficit amounted to just over 3.5 per cent of Nigeria’s 2019 GDP, and thereby contravening provisions of the Fiscal Responsibility Act, 2007.

The Fiscal Responsibility Act, 2007, provides in Part II, Section 12, sub-section 1 that “Aggregate Expenditure and the Aggregate amount appropriated by the National Assembly for each financial year shall not be more than the estimated aggregate revenue plus a deficit, not exceeding three per cent of the estimated Gross Domestic Product or any sustainable percentage as may be determined by the National Assembly for each financial year”.

Abubakar added, “Nigeria had a GDP of approximately $447 billion in 2019. Three percent (3%) of this amount is $13. 3 billion, which at the current official exchange rate of N379 to $1, gives you a figure of N5.07 trillion. So clearly, the budget deficit of N5.21 trillion, as announced by President Muhammadu, is above three per cent of our GDP and is therefore in contravention of the Fiscal Responsibility Act of 2007.”

“Even more disturbing is the fact that our GDP has fallen sharply from its 2019 figures, and has been projected by the World Bank and other multilateral institutions at somewhere between $400 billion and $350 billion. Meaning that in actual sense, the N5.21 trillion budget deficit is actually far above the three per cent threshold stipulated by the Fiscal Responsibility Act,” he observed.

The former Vice President, who lost the 2019 presidential election against the incumbent, Buhari, of the All Progressives Congress (APC), while contesting as the candidate of the Peoples Democratic Party (PDP), expressed concern that the Buhari-led Federal Government could not spot the violation of provisions of the FRA, 2007, in the proposed 2021 budget.

He also used the opportunity to knock Buhari for engaging a series of borrowings that had dragged the country into massive debt. Nigeria’s debt stock has risen from N12.12 trillion in June 2015 to N31 trillion ($85 billion) as of June 30, 2020, according to data from the Debt Management Office.

The amount includes N11 trillion external debt stock, and N19 trillion domestic debt portfolio.

The country’s debt stock is certain to continue rising with the new borrowings planned to fund the 2021 budget deficit.

Hitting Buhari for not taking provisions of the FRA, 2007, into consideration in the preparation of the budget, Abubakar said, “That this escaped the notice of the Buhari administration shows a glaring lack of rigour in the formulation of the budget. A very disturbing development.

“Furthermore, this deficit shows the precarious state of our national finances, which have since been overburdened by excessive borrowing on the part of the Buhari administration.”

The former Vice President went ahead to caution the National Assembly against raising the threshold of the budget deficit to a higher figure, an action which they are entitled to take by virtue of provisions of the FRA, 2007.

Should the National Assembly exercise the power, Abubakar argued that they would only be serving the interests of the Buhari government, and not that of the nation.

He said, “It has not escaped my attention that the Fiscal Responsibility Act of 2007 makes provision for the National Assembly to raise the threshold of the budget deficit from 3 per cent to a higher figure. However, if this is done, they will be serving this administration’s interests, not Nigeria’s, because the Act says that such a threshold must be sustainable. Is it sustainable when our budget makes almost as much provision for debt servicing, as it does for capital expenditure?”

Abubakar was Vice President of Nigeria from 1999 to 2007, during the presidency of former President Olusegun Obasanjo.

Although he has not formally declared his intention to contest in 2023, all indications suggest that Abubakar, who has contested in all elections since Nigeria returned to democratic rule, would run for president again in the next general election.

One of his sons, Adamu Atiku-Abubakar, said Abubakar will contest for the number one office in 2023, and PDP National Chairman, Prince Uche Secondus, had said the floor is open for the former vice president to seek the party’s presidential ticket, once again, for the next election.

In what appears to be a calculated move to water the grounds for another bid for the presidency in 2023, Abubakar has, of late, been speaking out on most national issues.

thenigerialawyer

How Data Protection Regulation Created 2,686 Jobs In One Year – FG

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The National Information Technology Development Agency (NITDA) has disclosed recorded created 2,686 new jobs I’m less than 24 months through the Nigeria Data Protection Regulation (NDPR).

The Agency who made this known on Friday at its first annual NDPR Performance Report 2019-2020, said that 76% of Data Protection Compliance Organisations (DPCOs) complied with the regulation.

At the unveiling of the Report, the Minister of Communications and Digital Economy, Dr Isa Ali Pantami, expressed satisfaction on how NITDA provided support for industry adoption of the NDPR. He said: “I have reviewed the report and I am proud to see that we have through the NDPR, 2,686 job roles, thereby creating massive opportunities for young Nigerians to be recruited as Data Protection Officers, Data Protection Compliance Organisations, Compliance officers among others.

“The DPCOs have also earned over N2 billion in the first year of implementation. This is the intent of our digital economy policy- empowering Nigerians in a way that ensures global competitiveness.”

While giving his speech, the Director-General of NITDA, Mallam Kashifu Abdullahi, stated that the goal of the report is to give all stakeholders the opportunity to understand how the agency has fared in the implementation of the NDPR. He added that understanding between industry players would generate further research and provide guidance to other regulators, partners, data controllers, data processors and other stakeholders.

He said NITDA made a compilation of all the organisations who filed their annual audit report for the year 2019.

“Submission of an audit report does not conclusively indicate compliance with all tenets of data protection, this list shows organisations who have complied with the audit filing requirement of the NDPR, which is a key milestone towards compliance. It is important to note that non-filing of the NDPR audit report is a breach of the Regulation,” he said.

The DG added that, “the Report, being the first of its kind is aimed at highlighting key initiatives, successes and challenges of implementing the Regulation. The NDPR being a flagship of the NDEPS, is expected to be used as a learning curve for Nigeria and Africa on how to effectively implement global laws with due consideration of local peculiarities and opportunities.”

The NDPR was issued on 25th January, 2019 pursuant to Section 6(a,c) of the NITDA Act, 2007. The Regulation covers every person subject to the laws of Nigeria, whether resident in Nigeria or not. It is aimed at safeguarding the rights of persons to privacy; fostering safe conduct for the transactions involving the exchange of personal data; preventing manipulation of personal data; and ensuring that Nigerian businesses remain competitive in international trade through the safeguards afforded by a just and equitable legal regulatory framework.

FG to Matawalle: We own the gold deposits in Zamfara

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The federal government has cautioned the Zamfara state government over making impressions of owning gold deposits in the state.

Olamilekan Adegbite, minister of mines and steel development, who issued the warning on Friday, said mineral products remain exclusively that of the federal government.

Zamfara government on Tuesday said it started its gold reserve to reduce dependence on federal allocations.Rabiu Garba, the state commissioner for finance, told journalists that, though, there was a federal government ban on mining activities in the country, “the state government was able to purchase the commodity from licensed miners”.“At the moment, we have a pure gold reserve of over 30 kilos and as time goes by, we will continue to invest in this regard so that, like other states and other nations, we will be having our mineral reserves and ours will be in gold,” Garba said.“When the ban is lifted and mining activities resume fully, we are hopeful that we will be receiving royalties from miners while the federal government will also be giving us something.”Joseph Onu Silas, a lawyer, had accused the Central Bank of Nigeria (CBN) of trading in gold with the state government, seeking the cancellation of the purchase of gold worth N5 billion from Zamfara by the apex bank.But while briefing the press on the forthcoming 5th Nigerian mining week, Adegbite said what the state government is doing is right but the portrayal to the public is wrong.

“I had a meeting with the Zamfara people yesterday or day before yesterday, they need to get their narrative right to the public,” Adegbite said.

“We have what we call private mineral buying centres, we issue licences, in fact, anybody that is interested should come to us and once you meet the criteria, we give you a licence to purchase the mineral and that is the angle the Zamfara Government is exploiting.

“From their own fund, they are buying gold from their people and I spoke with the governor, you need to explain these to the people properly. It’s not as if they are cornering the resources that belongs to the federal government.

“All mineral resources in country is vested in the federal government and that is in the exclusive list and that stays. And the right royalty should be paid to the federal government.

“People feel that some parts of the nation are cornering the wealth of the nation to themselves which belongs to all of us and I will always say this, everybody has partake in the lunch of the Niger Delta’s people, we have taken from the oil and gas and it has been used to develop this country and the mineral wealth of this country will also be used collectively to develop this country and not exclusively by one section.”

The state government has denied the allegations against it.

Zailani Baffa, spokesperson to Bello Matawalle, the state governor, said the state government is not directly mining the gold by itself.

“It will rather purchase the gold from the mining companies registered by the Federal Government in the state,” Baffa said in a statement.

He also said the CBN did not enter into any trade agreement with the state government as claimed by the lawyer.

“The fact is that the CBN, just like in agriculture, is willing to invest in mining, as part of its Anchor Borrowers’ Programme whereby the apex bank will invest an amount for the state government to supply it with the gold as proceeds of the investment,” he said.

“This is aimed at boosting the mining sector in the country which is within the provisions of the scheme.” (thecable)

FG approves N5.1bn for Aba, Kano shoes, garments processing hubs

The Federal Executive Council, FEC, have approved the setting up of two shoes, garments, and leather processing hubs in Aba and Janguza, in Abia and Kano states respectively, under a Private, Public Partnership, PPP, arrangement.

Speaking at the briefing, the Minister of Interior, Rauf Aregbesola, said the project, which would cost N5.1 billion in investment, would be managed by two companies; a Nigerian and Chinese and will provide about 4,330 direct and indirect job opportunities.

He said, “The Council approved the Full Business Skills Compliance Certificate issued by Infrastructure Concession Regulatory Commission (ICRC), Abuja, for the design, finance, upgrade, operate, and transfer of the Nigeria Correctional Service Shoe, Garment, and Leather Processing Factory located in Aba, Abia State as well as Janguza, Kano State under a Public-Private Partnership (PPP).

“This full business skills certificate and the investment that will come there amounts to 5 billion, 100 million naira (N5,100,000,000). Invariably, when the partnership comes into effect, the benefit is enormous. About 1,330 people will have direct employment, while about 3,000 people will have indirect employment.

“The benefit besides the employment of Nigerians is the opportunity for training of the inmates of our correctional facilities in Janguza, Kano State, and Aba in Abia State. The contract for full business skills compliance certificate is given to Messrs LG Investment Limited, a Nigerian company which is partnering with a Chinese company, Full Technology Incorporated from Beijing, China”, he explained.

On his part, the Minister of Industry, Trade and Investment, Niyi Adebayo said that the council approved the contract for the procurement and installation of automotive/mechatronics equipment in special centers in six geopolitical zones, as well as three pilot workshops and automotive service hubs for the National Automotive Design and Development Council, NADDC, at the cost of N1.8 billion.

He explained that the reason for the project “is that with the kind of vehicles being manufactured today, we need training institutes that will train our mechanics and our youths how to maintain and service these vehicles.”

The Minister of Information and Culture, Alhaji Lai Mohammed, who briefed on behalf of the Minister of the Federal Capital Territory, FCT, Mohammed Bello, the Minister of Works and Housing, Babatunde Fashola, the Minister of Aviation, Hadi Sirika, and the Secretary to the Government of the Federation, SGF, Boss Mustapha, said that the memos from the ministries were also approved by the FEC.

He said, “I will start with the Honorable Minister of the Federal Capital Territory Administration whose memo for the award and contract of the final design of engineering infrastructure and production of tendered documents for Kabusa district phase three of the FCT, Abuja an area of about 850 hectares which will be a mixed-use of both private and government, residential and offices. It was approved for the sum of N183, 709, 480, 50k to Messrs Techno Engineering, and Consult Limited.

“The Minister of Aviation also presented a memo seeking approval for the rehabilitation of the various screening machines nationwide at the cost of N654 million. You would notice that with the incident of the COVID-19 pandemic, a new protocol sanctioned by IATA and other Aviation authorities has now come into our airports which entails more of social distancing. So you need more points to screen passengers and their luggage. So this is what has necessitated for the rehabilitation of those screening machines that have broken down.

“Also on behalf of the Minister of Works and Housing, I want to report that his memo for the completion of the rehabilitation of the Abeokuta-Ibadan road, a distance of 72 kilometers was approved today. It was a memo asking for augmentation by N788 million to bring the project cost to N4.78 billion-plus six months extension time for construction. So we hope that by 2021, this road will be completed. You need to note also that this was a contract that was awarded in 2010 but due to the paucity of funds and other constraints, we have to take it over.

“The SGF on behalf of Mr. President also presented a memo which was approved seeking Council’s approval for the purchase of 21 operational vehicles for the Federal Road Safety Corps in favour of Messrs Pan Nigeria Ltd in the total sum of N292, 615 million. The purpose of the memo is to enhance the operational capability and capacity of the Corps so that we can stop the carnage on our roads and also secure our roads better.

“The unique thing about this memo is that these vehicles are being sourced from one of our local assemble plants, Peugeot Nigeria Ltd in Kaduna.” NIPC INTELLIGENCE

Huawei releases global banking sector response to Covid-19

At Huawei Connect 2020, International Data Corporation (IDC), the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications and consumer technology markets, along with Huawei, have released a major White Paper titled “Banking Industry Rises up to the New Normal”. In this paper, IDC and Huawei survey the impact that Covid-19 has had on the banking industry and outlines steps that should be taken by banks to ensure their future success. As part of this report, IDC and Huawei has developed a Banking Resilience Index, which quantifies the current status of banking by region in terms of six key measures. This Index shows major regional differences and can be used by banks to assess their own Resilience and provides guidance for where to focus for future success.

At HUAWEI CONNECT 2020, Huawei and its partners are showing the wide range of FSI solutions, including Financial Cloud, smart branches, digital CORE and intelligent data platforms. These solutions allow banks to reduce costs, increase agility to the rapidly changing FSI environment, attract and retain customers and position themselves against emerging competitors. The recent disruptions to everyday life have moved the focus of financial services to Mobile and Huawei has been a leader in supporting the move to mobile interactions globally, based on the early experiences in China. The insights we are sharing are allowing financial customers globally to respond and support customers in these trying times.

These experiences led Huawei to work with IDC on this report. Some of the major findings in the report concern the financial impact of the pandemic on bank’s balance sheets, the exponential increase in digital payments from mobile devices and the dramatic shift in the role of branches in banking services. In looking to the future, IDC finds that efforts should concentrate on:

  • Channel Upgrades – moving to a completely digital customer journey,
  • Communication Rethink – changing how services are delivered to customers,
  • Infrastructure Overhaul – building on hybrid cloud and microservices,
  • Data and Analytics Redefinition – building robust data lake and AI capabilities,
  • Workflow Reimagining – moving beyond paper and PCs to mobile workflows, and
  • Platform Transformation – incorporating emerging technologies such as 5G, AI and IoT, etc.

Taken together, the Banking Resilience Index and the focus areas, provide guidance for banks as they deal with the continuing challenges of “The New Normal”.

Huawei will continue to expand its engagement with the world’s leading financial organizations and the insights provided by this report will provide a solid foundation for that work.

Distributed by APO Group

World richest billionaires got richer amid Covid-19

The wealth of the world’s billionaires reached record heights this year despite the global coronavirus crisis, led by tech, health and industry “innovators and disruptors” like Elon Musk, said a report published Wednesday.

By the end of July, the cumulative wealth of billionaires stood at around $10.2 trillion, according to a study by Swiss bank UBS and accounting giant PricewaterhouseCoopers.

That exceeded the previous peak of $8.9 trillion recorded in 2017.

https://d-27045118901469589205.ampproject.net/2009190410002/frame.html The annual inventory of the super-rich’s fortunes identified 2,189 dollar billionaires at the end of July — 31 more than in 2017.

The report noted that the coronavirus crisis accelerated a trend in this select club that is seeing “innovators and disruptors” in the technology, healthcare and industry sectors edge out those in more traditional areas like entertainment or real estate.

But it gave rise to some sharp criticism at a time of pandemic-led economic hardship.

“Billionaires doing very nicely out of the #Covid_19 pandemic, ordinary people left with debt, businesses collapsing, unemployment rocketing, people suffering and making huge sacrifices whilst the worlds richest laugh all the way to the bank!,” tweeted Angela Rayner, deputy leader of Britain’s Labour Party.

The report nevertheless said billionaires had “given more than ever before in a space of a few months.”

– ‘Fortunes are polarising’ –

According to the report, the pandemic initially had an impact on the world’s billionaires.

Their wealth fell 6.6 percent in February and March as the world feared for economic growth.

A stock market crash in March saw some tumble out of the billionaires’ club, before a sharp rebound in technology and health stocks began.

Soon, their wealth had bounced back by 27.5 percent between April and the end of July.

“Fortunes are polarising as business innovators and disruptors deploy technology to be among the leaders of today’s economic revolution,” the report said.

“The Covid-19 crisis just accentuated this divergence” with other billionaires who are “on the wrong side of economic, technological, societal and environmental trends” and are becoming less wealthy.

Ambani, he tops billionaires’ earning in 2019

The report pointed for instance to South African-born innovator Elon Musk, whose companies Tesla and SpaceX “are respectively pioneering the mass-market electric car and private space travel.”

According to Forbes, Musk briefly joined the very select group of $100-billion men in August — coming in fifth — as share prices in Tesla soared.

It also singled out China’s Zhong Huijuan, a former chemistry professor who is worth $20.4 billion according to Forbes after her drug company Hansoh Pharmaceutical listed last year.

Across 2018, 2019 and the first seven months of 2020, the fortunes of four billionaires in the tech sector increased by 42.5 percent, putting their cumulative fortune at an estimated $1.8 trillion.

Health sector billionaires recorded an increase of 50.3 percent, with a cumulative fortune estimated at $658.6 billion.

These were “boosted by a new age of drug discovery and innovations in diagnostics and medical technology, as well as latterly Covid-19 treatments and equipment,” the report said.

By comparison, the net worth of billionaires in industries such as entertainment, real estate and financial services increased by no more than 10 percent.

Yahoo.com

Future phone screens could be made of new and unbreakable transparent wood material

When smartphone manufacturers are busy with perfecting their folding smartphones, or the under-display camera, someone has found a new kind of material that can be made into phone screens in the future. A team of researchers has discovered that the balsa wood can become transparent and even made into phone screens after processed in a certain way.

A researcher, Junyong Zhu from the Forest Products Laboratory, has teamed up with colleagues from the University of Maryland and the University of Colorado to work on this project. The team uses balsa wood as the base material, which is then subjected to a room-temperature oxidizing bath that makes it almost transparent. After that, the wood is filled with a synthetic polymer called polyvinyl alcohol (PVA), and that’s how it becomes glass-like transparent.

Besides being transparent, it is said that the glass made with the wood is more durable and lighter than regular glasses. Not to mention that it is also bendable, which makes it perfect to be used with foldable smartphones. When it is dropped, the material will splinter and it can withstand much stronger impacts compared to conventional glasses. Another highlight of the material is that it’s cheap to be mass-produced.

Let us know what you think about this transparent wood material on our Facebook page. Stay tuned to TechNave.com for more exciting news.

SOURCE:technave.com