US - Twitter Inc.’s initial public offering documents suggested a valuation of $12.8 billion for the microblogging service, underscoring the seven-year rise of a still unprofitable company that has helped revolutionize how people share information. In the most anticipated technology offering since Facebook Inc. (FB), San Francisco-based Twitter made public its S-1 prospectus today and said it’s seeking to raise $1 billion. Twitter pegged the fair value of its common stock at $20.62 a share. There are 620 million shares outstanding, according to people familiar with its financials, who asked not to be named because the number was not included in the filing.
Updated 7 Years ago

During a visit last week to his swanky, glass-walled office in Tokyo's Roppongi neighborhood, Nobuyuki Idei said his tenure as Sony CEO had taught him at least one thing: Innovation doesn't come from the big guys.
Updated 7 Years ago

Galaxy Entertainment Group Ltd. (27) founder Lui Che-Woo’s wealth has leaped by $10.2 billion this year -- and $1 billion in just one day yesterday -- as Macau draws record gaming revenue and his shares hit a new high. Lui has a net worth of $22.1 billion, according to the Bloomberg Billionaires Index, and is ranked as the second-richest individual in Asia, trailing only fellow Hong Kong developer Li Ka-Shing. His fortune is now bigger than Lee Shau-Kee, Cheng Yu-Tung, Mukesh Ambani and Gina Rinehart; all overtaken by Lui in 2013. Only Facebook Inc.’s Mark Zuckerberg and Ikea founder Ingvar Kamprad have made more money this year.
Updated 7 Years ago

Samsung Electronics Co. (005930), the world’s biggest maker of smartphones, posted record profit that beat estimates as sales of cheaper handsets in emerging markets cushioned the impact of slowing demand for high-end devices. Operating profit rose to about 10.1 trillion won ($9.4 billion) in the three months ended September from 8.06 trillion won a year earlier, the Suwon, South Korea-based company said in a statement today. That compares with the 9.96 trillion-won average of 32 analyst estimatescompiled by Bloomberg.
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Officials say a chartered airplane carrying 20 passengers crashed into the bush and burst into flames after taking off from Lagos domestic airport. They say there are casualties but would not confirm reports of deaths.
Updated 7 Years ago

Many Nigerians will remember a time when private power generators were largely unheard of and most people enjoyed a steady supply of power to their households. The country built its first power plant in 1896 with a 20 megawatt (MW) power station at Ijora, near Lagos, and in 1929, the Nigeria Electric Supply Company (NESCO) was established to manage it and other power sources.
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Leading Nigerian online shopping mall Konga.com, today announced it has relocated to a 120,000 sq ft fulfillment centre which is the largest warehouse of any e-commerce firm in Africa, tromping Jumia Nigeria’s record warehouse launch in July by 30,000 sq ft. The Lagos-based e-retailer made the announcement on Tuesday during Nigeria’s 53rd Independence Anniversary adding that it just hired a new COO Alex Kamara.
Updated 7 Years ago

The Best Bank in West Africa, First Bank of Nigeria Limited, and 27 other companies have been awarded the best places to work in Nigeria on account of their strong ethical standards and work-friendly environment. The companies were honoured by the 2013 Great Place To Work Nigeria (GPTWN) Awards, an affiliate of the global research, consulting and training institute, Great Place to Work, San Francisco, US.
Updated 7 Years ago

The Nigeria Deposit Insurance Corporation, NDIC has disclosed that plans are underway to prosecute operators and debtors who contributed to the collapse of 103 Micro Finance Banks (MFBs) in 2012. The Managing Director / Chief Executive Officer, Alhaji Umaru Ibrahim, who revealed this, said NDIC in collaboration with judiciary and the police authorities had concluded plans to prosecute operators and debtors who were culpable for the breach of trust and abuse of office that contributed to the collapse of the 103 MFBs in 2010.
Updated 7 Years ago

The Chairman Advertising Practitioners Council of Nigeria, APCON, Lolu Akinwumi has said that the introduction of a new code of advertising practice would help to strengthen regulation and ensure professionalism in the industry. He stated this during a presentation of corporate licences and certificates to organisations under the new APCON regime in Lagos.
Updated 7 Years ago