Friday, 17 January 2020
Friday, 17 January 2020 23:24

Google is now a $1 trillion company

Google has recorded a milestone achievement of $1 trillion, joining the likes of Apple, Microsoft, and Amazon.

The search engine company was able to achieve the feat on Thursday, after its parent company, Alphabet ended the day’s trading at $1,451.70 per share, up 0.87 percent.

With Thursday’s achievement, Google became the fourth S&P 500 component to top the lofty level. Business Insider reported that while Apple and Microsoft are still valued at more than $1 trillion, Amazon which was the second US firm to ever hit the $1 trillion level back in September 2018 has since fallen below the number.

This is the first time that three American companies are worth at least $1 trillion at the same time. The most valuable company on the planet is still the oil giant Saudi Aramco, who went public last month at a valuation of $2 trillion and is currently worth around $1.8 trillion.

Alphabet’s record market valuation came after a historic change in leadership at the company. Recall that Sundar Pichai became the CEO of both Google and Alphabet after co-founders Larry Page and Sergey Brin announced that they would step back from the company which they founded in 1998.

Published in Business

Ecobank Nigeria Ltd is partnering with the Nigeria Incentive-based Risk-Sharing System for Agricultural Lending (NIRSAL), United States Agency for International Development (USAID), Development Bank of Nigeria (DBN) and other developmental partners to double the amount of credit it provides to the agricultural sector over the next two/three years.

Some of the partners will be providing guarantee on loans granted by Ecobank to Nigerian farmers and processors. Mojisola Oguntoyinbo, the head of Agric Business Department of Ecobank Nigeria, said in Lagos. Separately, we are exploring partnership across the globe to support cheaper lines of credit to players in the industry through Export Credit Agencies.

The Bank plans to increase loan portfolio to the agricultural sector by N70 billion within the next 2- 3 years and the lender will hold an Agribusiness summit next month themed – “Unlocking Productivity and Investment opportunities across Nigeria’s Agribusiness value chain” Oguntoyinbo said. It will target all players in all value-chain of the sector (input suppliers, crop and livestock producers, processors, commodity exporters etc).

Banks in Africa’s biggest oil producer are increasing lending to the agricultural industry amid a push by President Muhammadu Buhari’s government to diversify the economy away from crude. The Central Bank of Nigeria has regulated banks to maintain a minimum loan-to-deposit ratio of 65% or face penalties, while supporting the government’s drive to produce more food locally and curb imports.

While Ecobank has a loan-to-deposit ratio of more than 65% in Nigeria, it is targeting agriculture to boost its “return on investment,” according to Oguntoyinbo. “Small and medium enterprises are growing rapidly in the agricultural sector and there are opportunities there, which we desire to nurture for growth and development.”

Published in Agriculture

Africa’s richest woman and Angola’s ex-first daughter Isabel dos Santos expressed interest on Thursday in running for the presidency despite an asset freeze and accusations of diverting more than a billion dollars of state money.

It was the first time the daughter of former president Jose Eduardo dos Santos, who ran Angola for 38 years until Joao Lourenco took the helm in 2017, has mooted entering politics.

Asked in an interview with Portuguese TV channel RTP whether she would be interested in the role of president, which is next up in 2022, dos Santos said: “It’s possible”.

Lourenco has cracked down on the role of his predecessor’s children, firing dos Santos from her job chairing oil firm Sonangol and her brother from the sovereign wealth fund.

The 46-year-old businesswoman nicknamed “The Princess” at home is estimated by Forbes magazine to be worth more than $2 billion, while two thirds of her compatriots live on less than $2 a day, according to the World Bank.

In the past, she has consistently identified herself as an entrepreneur, not a politician.

Dos Santos, her husband Sindika Dokolo and associate Mario Leite da Silva were subject to an asset freeze on Dec. 31 after accusations of steering more than $1 billion from Sonangol and official diamond trader Sodiam to firms where they held stakes.

She denies the allegations as a “witch hunt” forming part of an attempt to erase her father’s legacy and distract from failures under the new government.

In the RTP interview, she framed the accusations not just as an attack on her family but as a campaign against future candidates for office.

“We cannot use corruption, or the supposed fight against corruption, in a selective way to neutralise who we think could be future political candidates,” she said.

“It’s about the fight for power.”

Internal leadership elections for the ruling MPLA party, from which Lourenco and the dos Santos family hail, are set for 2021. Dos Santos told Reuters in an interview last week that economic doldrums mean a candidate from the rival UNITA party stands a real chance of winning the national poll in 2022.

Dos Santos, who lives abroad, divides opinion in Angola.

Supporters see her as an inspiring entrepreneur, while detractors say she embodies African corruption, with her fortune and Instagram-published jet-setting offensive to the poor.

Dos Santos holds significant stakes in several important Portuguese firms, including in Eurobic bank, telecoms company NOS, engineering company Efacec, and oil and gas company Galp Energia.

 

Reuters

Published in Economy

Data gathered and calculated by Learnbonds.com indicates that Japan has the highest national debt per person. With a population of 126,847,639, each Japanese national owes 89,525.51 of the $11.4 trillion national debt.

High National Debt per Person

Compared to the United States, Japan’s national debt per citizen is more by $19,345 representing a difference of 24%. Globally, the US has the highest national debt at $23.2 trillion with a population of 330,315,550.

China emerges as the only country with a significant lower national debt when ranked against other leading economies. China’s $5,866 national debt per person is over 15 times lower than in Japan and over 11 times lower than the US. China has a population of about 1.4 billion with a national debt of $8.4 trillion.

Other heavily indebted countries include Belgium ($50,462), the United Kingdom ($49,211), Italy ($47,147), and Canada ($46,035).  

Justinas Baltrusaitis, LearnBonds.com editor noted,

"An overview of the national debt shows that many states are surviving on borrowed money. Borrowing enables governments to cover budget shortfalls without raising taxes or cutting back public spending."

On the lower side, Nigeria and Indonesia are among the least indebted countries with each citizen owing $707 and $1,283 respectively.

 Data Table1

Data Table2

 

Published in Economy
  1. Opinions and Analysis

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